FG hires KPMG, PwC to audit NNPC, others

Aug 14, 2015

Two international audit firms, KPMG and PricewaterhouseCoopers (PwC), were yesterday appointed by the Federal Government to examine the books of the Nigerian National Petroleum Corporation (NNPC) and other revenue generating agencies, The Nation reports. They are to forensically audit the accounts of the NNPC, Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS) and other…

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DPR shuts down 8 petrol stations in Kwara

Aug 13, 2015

The Department of Petroleum Resources (DPR) has sealed eight petrol stations in Ilorin, the Kwara State capital, The Punch reports. The Kwara State Controller, DPR, Mr. Amos Jokodola, said five of the stations were sealed for allegedly selling premium motor spirit, popularly called petrol, above N87 per litre. The petrol stations are: S.O.T., Rockfield, Opeyemi,…

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Mart Resources announces operating and financial results for H1 2015

Aug 13, 2015

Mart Resources, Inc. is pleased to announce its financial and operating results (all amounts in United States dollars unless noted) for the six months ended June 30, 2015, including the Company’s outlook and operations update: Mart’s share of average daily oil produced and sold for the three months ended June 30, 2015 (“Q2 2015”) from…

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Producers call for improved pricing and regulation in gas sector

Aug 13, 2015

Amid growing demand for natural gas in Nigeria, especially for power generation, gas producers have said that the current regulatory framework and gas pricing in the country remains a significant drawback to investment, The Punch reports. The Managing Director, Oando Gas and Power, and President of the Nigerian Gas Association, Mr. Bolaji Osunsanya, who spoke…

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Nigerians paid an average of N107 for fuel in July – NBS

Aug 13, 2015

The National Bureau of Statistics (NBS) has said that Nigerians paid an average of N107.41 per litre of Premium Motor Spirit (petrol) across the 36 states of Nigeria in July, Daily Trust reports. This average was N20.41 more than the government approved pump price of N87 per litre for the product. The report released yesterday,…

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Oil rig workers killed in Lagos helicopter crash

Aug 13, 2015

The Nigerian Civil Aviation Authority (NCAA) has confirmed a helicopter crash which happened on the outskirts of Lagos yesterday. Four passengers were said to have died when a Bristow Helicopters chopper plunged into the Lagos Lagoon, The Nation reports. On board were 12 people, including two crew members. Six others, who were injured, were rescued from…

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IPMAN asks PPMC for 70% PMS allocation to its members

Aug 12, 2015

The Independent Marketers Association of Nigeria (IPMAN) has asked the Pipelines and Products Marketing Company (PPMC) to increase allocation of petroleum products to its members from 50 to 70 percent of daily supply as opposed to the current 50-50 sharing ratio between IPMAN and major marketers, Daily Independent reports. The IPMAN President, Lawson Obasi said the…

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NNPC to be solely responsible for petroleum products imports – Emefiele

Aug 12, 2015

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has stated that the Federal Government is putting structures in place to ensure that only the Nigerian National Pe­troleum Corporation (NNPC) will henceforth import petroleum products. Emefiele, who spoke in an interview with Financial Times of London recently, said; “The president came on board and…

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NNPC’s past audits lack due process, questionable – NRGI

Aug 12, 2015

The Natural Resource Governance Institute (NRGI), in a report titled, “Inside NNPC Oil Sales: A Case for Reform in Nigeria,” has faulted past audits of the Nigerian National Petroleum Corporation (NNPC), describing them as questionable and marred by irregularities as well as lacking due process, Vanguard reports. The report said; “Periodically, though perhaps not regularly,…

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Nigeria requires N453bn for investment in gas pipelines

Aug 12, 2015

A recent study conducted by the Centre for Social Justice has revealed that the Federal Government would require a total amount of $2.3bn (N453.1bn) for about 2,300 kilometers of pipelines identified under the Nigeria Gas Master Plan, The Punch reports. The report  revealed that depending on the terrain, it would cost between the sum of…

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