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PIB hearing: PENGASSAN, NUPENG fault Senate over exclusion

Jul 29, 2013

Oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria and the National Union of Petroleum and Natural Gas Workers have condemned their exclusion from  the public hearing organised by the Senate Joint Committee on Petroleum Industry Bill. The workers’ unions, in a statement on Sunday, chided the Senate…

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NEITI to present oil, solid minerals audit reports

Jul 29, 2013

The Nigeria Extractive Industries Transparency Initiative will on Monday (today) present to the public its audit reports of the solid minerals and oil and gas sectors. It said the audit of the oil and gas sector covered 2009 to 2011; while that of the solid minerals was from 2007 to 2010. The Director, Communications, NEITI,…

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Nigeria earns N305 billion from non-oil exports in first quarter of 2013 – NBS

Jul 26, 2013

Nigeria earned about N305.1billion within the first three months of 2013, figures obtained from the National Bureau of Statistics indicate. A breakdown of the figures highlighted under “2013 Export First Quarter” in the NBS’ report on ‘Merchandise Trade’, showed that export from natural rubber was N158.38 billion; raw cocoa beans attracted N62.198 billion; Sesame seeds,…

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Brent holds above $107 on weak dollar, supply cuts

Jul 26, 2013

Brent crude held steady above $107 a barrel on Friday as a weak dollar and supply disruptions at some Middle Eastern and African oil producers offset worries about China’s economic slowdown and decades-high oil output in the United States. The dollar hovered near a more than one-month low against a basket of major currencies, encouraging…

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Oil marketer forged certificate of cargo transfer to claim fuel subsidy

Jul 26, 2013

The Branch Manager of the Lagos office of Inspectorate Marine Services Nigeria Limited, Mr. Chidi Onyejekwe, Thursday told an Ikeja High Court that an oil marketing firm, Rocky Energy Limited forged the Certificate of Cargo Transfer purportedly issued by his firm (Inspectorate Marine Services). Onyejekwe, a prosecution witness, made the allegation before Justice Lateefa Okunnu…

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NERC orders electricity distribution firms to instal meters

Jul 26, 2013

The Nigerian Electricity Regulatory Commission on Thursday ordered electricity distribution companies that had failed to install meters paid for by customers since January 2011 to stop collecting the new tariff. The commission said it had issued a 14-day ultimatum to the distribution companies that were in violation of its order to submit the list of…

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Senate probes Malabu oil deal

Jul 26, 2013

The Senate Thursday mandated its committees on finance and upstream petroleum to investigate the $1.092 billion Malabu oil deal. While explaining the necessity to look into the matter, Senate President, David Mark, insisted that investigation be conducted into the matter with the aim of unravelling the circumstances revolving around the Malabu saga. The House of…

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Nigeria’s global GDP ranking now 36th – Jonathan

Jul 26, 2013

The Federal Government on Thursday said the nation had witnessed improvement in the global Gross Domestic Product ranking from number 44th in 2010 to 36th in 2012 and had recorded significant improvements in economic fundamentals as a result of the reform embarked upon by it. While calling on Nigerians in the Diaspora to bring their…

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CBN may devalue Naira over dwindling foreign reserves, oil decline

Jul 25, 2013

The Central Bank of Nigeria will probably lower its targeted trading range for the naira as dwindling foreign exchange reserves and falling oil prices undermine its ability to halt the currency’s slide, according to the FBN Capital Limited. Policy makers may adjust the exchange rate to within a three percentage-point band of 160 per dollar…

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17 PHCN successor companies to list on the Nigerian Stock Exchange – BPE

Jul 25, 2013

The Bureau of Public Enterprises (BPE),  said it would  ensure  that  the 17 Power Holding Companies of Nigeria (PHCN) successor companies and a good number of other companies are  brought  to the floor of the Nigerian Stock Exchange (NSE) for listing . Speaking on the floor of NSE, the director- general of BPE, Mr. Benjamin…

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