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Electricity tariff is fair, reasonable – NERC

Jul 16, 2013

The Nigerian Electricity Regulatory Commission (NERC)  Monday asked the Nigeria Labour Congress (NLC) to substantiate its claims of arbitrary increase in electricity tariff as well as its accusation of the commission for including fixed charges as a component in the new electricity tariff. NERC, which responded to comments attributed to the President of NLC, Abdulwaheed…

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PIB: Service providers want single regulator

Jul 16, 2013

The Oil and Gas Service Providers Association of Nigeria (OGSPAN) has canvassed the provision of one strong, viable and independent regulator for both the upstream and downstream sectors of the petroleum industry in the Petroleum Industry Bill (PIB); as opposed to the two regulators proposed in the reform bill. (OGSPAN) is a body incorporated under…

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Oil producing firms in N Delta face possible losses over 2015 elections

Jul 16, 2013

Oil producing firms in the Niger Delta risk losing their investments to pre- and post-2015 election conflicts unless urgent steps are taken to avert such crises, the United States Institute for Peace, has said. In a special report, titled: What next for security in the Niger Delta, the group said major conflict drivers were still…

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Senate won’t rush into passing PIB, says panel

Jul 16, 2013

The Senate will not rush the passage of the Petroleum Bill (PIB) into law to avoid shortchanging Nigerians, the Chairman of its Committee on Gas Resources, Senator Nkechi Nwaogu, has said. She said efforts were being made to ensure the speedy passage of the Bill, adding that it was the desire of the committee to ensure that…

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FAAC distributes N718.1bn to FG, states, LGs

Jul 16, 2013

The Federation Accounts Allocation Committee on Monday distributed the sum of N718.10bn among the three tiers of government. The allocation, which is for the month of June, represents an increase of N27.60bn over the N620.56bn shared in the month of May. The Minister of State for Finance, Dr. Yerima Ngama, who briefed journalists at the…

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BPE to hand over distribution firms to investors soon

Jul 16, 2013

The Bureau of Public Enterprises (BPE) will soon hand over the distribution companies to core investors that met the capital requirement. The companies include: Abuja Electricity Distribution Company Plc, Benin Electricity Distribution Company Plc and Eko Electricity Distribution Company Plc. Others are: Enugu Electricity Distribution Company Plc, Ibadan Electricity Distribution Company Plc, Ikeja Electricity Distribution Company Plc,…

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Nigerian economy to remain vulnerable to crude oil prices

Jul 16, 2013

The continued dominance of Nigeria’s total exports by petroleum products, will make the country remain highly exposed to the risks in global oil market, a report has warned. The report also insisted that the development in the United States’ shale oil and gas industry would in the long-run lead to deterioration in the country’s earnings…

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Malabu oil deal – Reps report indicts Adoke, Shell, Agip

Jul 15, 2013

Ten months after its inauguration, the House of Representatives committee which investigated the transaction involving the Federal Government and Shell/Agip Companies and Malabu Oil and Gas Limited in respect of the Sale of Oil Bloc OPL 245 investigating has fingered the attorney- general of the federation (AGF), Mr. Mohammed Adoke (SAN), Shell Nigeria Exploration and…

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NEITI pushes for contract transparency clause in PIB

Jul 15, 2013

The Nigeria Extractive Industries Transparency Initiative (NEITI) has asked the National Assembly to insert a clause for contract transparency in key provisions in the Petroleum Industry Bill (PIB) that is before it. Executive Secretary of NEITI, Mrs. Zainab Ahmed, in defence of the transparency agency’s position as contained in a memo it had earlier sent…

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House summons Shell, others over Bonga oil spill

Jul 15, 2013

The House of Representatives Committee on Environment has summoned the management of Shell Nigeria Exploration and Production Company (SNEPCO) and the National Oil Spill Detection and Response Agency (NOSDRA) over an oil spill that occurred at Shell’s Bonga Field in December 2011. Also summoned are the Nigeria Maritime Administration and Safety Agency (NIMASA) as well…

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