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NEITI: Nigeria, Not IOCs, Guilty of Delayed Review of 1993 Oil PSCs Terms

NEITI: Nigeria, Not IOCs, Guilty of Delayed Review of 1993 Oil PSCs Terms

The Nigeria Extractive Industries Transparency Initiatives (NEITI) thursday said it was Nigeria and not the International Oil Companies (IOCs) operating in the country that should be held responsible for the delay or lack of review of the terms contained in ...

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US, Korean Consortium to Invest $10bn in 4,185MW Ebonyi Power Project

US, Korean Consortium to Invest $10bn in 4,185MW Ebonyi Power Project

A consortium of investors from the US and South Korea has offered to invest the sum of $10 billion in the Ebonyi Independent Power Project (EIPP) by the end of September. The investors made commitment to invest in the Nigerian ...

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Currency Swap: CBN to Incentivise Importers Who Tender Chinese Renminbi

Naira Gains as CBN Injects $210m into FX Market

Following the $2.5 billion bilateral currency swap agreement signed last month between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC), the CBN has said it will incentivise importers and traders who tender their invoices in ...

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FOU Ikeja Nabs 12 Suspects, Makes 112 Seizures Worth N1.3 Billion

FOU Ikeja Nabs 12 Suspects, Makes 112 Seizures Worth N1.3 Billion

By Oyeniyi Iwakun About 112 different Seizures with the Duty Paid Value of one billion, three hundred and forty five million, five hundred and seventy two thousand, three hundred and thirteen naira has been made by Federal Operations Unit (FOU), ...

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NIMASA takes delivery of N49 billion floating dockyard

NIMASA takes delivery of N49 billion floating dockyard

• Nigeria to save $100m yearly Nigeria is at the verge of saving as much as $100 million dollars yearly, as the Nigerian Maritime Administration and safety Agency (NIMASA) took delivery of a floating dockyard in Lagos. The facility, rated ...

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Dangote deep-sea pipeline to boost Nigeria’s power generation by 12,000mw

Dangote deep-sea pipeline to boost Nigeria’s power generation by 12,000mw

The Dangote Group’s sub-sea pipeline infrastructure is expected to augment the natural domestic gas supply and add an estimated 12,000 Mega Watts (MW) to Nigeria’s power generation capacity.  Dangote also has plans to construct a 570 MW power plant within ...

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Government cautions IOCs against flouting local content act

Government cautions IOCs against flouting local content act

International oil companies have been urged to stop flouting the Nigeria local content law and thwarting maximum utilisation of Nigerian services and assets. The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, gave the assurance that his ...

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Inflation drops for 16th consecutive month to 11.61%

Inflation drops for 16th consecutive month to 11.61%

The National Bureau of Statistics on Wednesday said the Consumer Price Index, which measures inflation rate, dropped by 0.87 percentage points from 13.34 in April to 11.61 in May. The bureau said this in the CPI report, which was made ...

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Malabu: Italy’s Supreme Court rejects Shell’s appeal

Court orders Shell to pay $3.6bn fine to NOSDRA

Italy’s Supreme Court threw out an appeal by Shell and four of its former managers to stymie a trial on alleged corruption in Nigeria, which also sees Eni’s chief on the bench, legal sources said on Wednesday. The long-running graft ...

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ICYMI: Ghana, others to import fuel from Dangote’s refinery

ICYMI: Ghana, others to import fuel from Dangote’s refinery

Ahead of the completion of the Dangote Oil Refinery, petroleum importing African nations and bulk oil distributors based in Ghana have expressed eagerness to patronise the Nigerian plant when production starts. The oil buyers said arrangements had been put in ...

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Senegal Holds Dialogue on Oil, Gas

Senegal Holds Dialogue on Oil,Gas

Senegal has launched a national dialogue on oil and gas as it expects to begin export in four years’ time – between 2021 and 2023. President Macky Sall launched the dialogue on Tuesday saying: “As far as I know, Senegal ...

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Breaking!!! Massive Demolition At Apapa As FG Sanitizes Port Environment

Breaking!!! Massive Demolition At Apapa As FG Sanitizes Port Environment

By Kenneth Jukpor As part of efforts to sanitize the nation’s port environment, the Federal Ministry of Environment in collaboration with Lagos State Government is currently demolishing all unapproved shops, kiosks and hangouts in the Apapa port environs. A joint ...

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No Major Growth in ECA Despite Oil Price Surge, Experts Lament

No Major Growth in ECA Despite Oil Price Surge, Experts Lament

Nigeria has not made any significant deposit into her Excess Crude Account (ECA) between July 2017 and January 2018, when crude oil price began to rise, experts have observed. According to these experts which included a former Vice President (Africa ...

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All-Index Gains 0.45% as Market Opens Week on Bullish Note

All-Index Gains 0.45% as Market Opens Week on Bullish Note

Trading at the stock market resumed for the week on a positive note yesterday, with the Nigerian Stock Exchange (NSE) All-Share Index rising by 0.45 per cent to close at 38,844.32. The market had recovered N700 billion last week after ...

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TCN Raises $1.57bn to Build Critical Transmission Infrastructure

TCN Raises $1.57bn to Build Critical Transmission Infrastructure

The Managing Director and Chief Executive Officer of Transmission Company of Nigeria (TCN), Mr. Usman Gur Mohammed has stated that the company has raised a total of $1.57 billion to build critical infrastructures across the country. Speaking in Lagos at ...

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Nigeria’s Oil Exports to Fall to 2018 Low in July

Nigeria’s Oil Exports to Fall to 2018 Low in July

• Aiteo shuts down Nembe Creek Trunk Line for repairs Nigeria’s oil exports are expected to fall in July to 1.43 million barrels per day (bpd), according to the loading plans, the lowest level so far this year. This is ...

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Stakeholders To Brainstorm On Ease Of Doing Business Policy Regime

Stakeholders To Brainstorm On Ease Of Doing Business Policy Regime

Stakeholders in the Nigerian maritime industry will this Wednesday converge in Lagos to discuss the gains and challenges of the Executive Order on Ease of Doing Business as the order clocks one year. The event which is being organized by ...

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Shippers’ Council Seals PS Maritime, Reopens Cosco Shipping

Shippers’ Council Seals PS Maritime, Reopens Cosco Shipping

By Kenneth Jukpor Nigerian Shippers Council (NSC) has sealed PS Maritime Company for dishonouring the Council’s resolution that the company refunds N200,000.00k it received from T. Time Petroleum Services for barges. Following a mediatory meeting convened by the Council on ...

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Three Police Officers Arrested Over Illicit Deals At Lagos Ports

Three Police Officers Arrested Over Illicit Deals At Lagos Ports

By Kenneth Jukpor Three Policemen were arrested and detained in connection to sharp practices at the Lagos ports last week. The Assistant Inspector General of Police in charge of the Marine Command, Mr. Alkali Baba Usman revealed this when he ...

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World Environment Day: FG Must Protect Shorelines When Dredging – PCC

World Environment Day: FG Must Protect Shorelines When Dredging - PCC

· NAGREEN to address Nigeria’s environmental problems · Senate to increase tax on plastic bags, bottles · NPA sensitizes public on plastic pollution danger to maritime operation By Kenneth Jukpor & Sunny Edemenang As the world celebrated the annual World Maritime Day on ...

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