FINANCING

The Central Bank of Nigeria (CBN) on Friday devalued the naira by N6 to dollar. The naira devaluation has brought the local currency closer to the exchange rate unification agenda of the apex bank as recommended by the International Monetary Fund (IMF) and World Bank. In a weekly exchange rate for disbursement of proceeds of International Money Transfer Service Operators ...

………by Musa Ibrahim………… The National Assemble has applauded the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC) Mallam Mele Kyari for the courage borne out of transparency to present the Corporation budget for the first time after four decade. Kyari, told the Joint Committee on Petroleum Upstream, Petroleum Downstream, and Gas, Thursday, at a 2021 budget defence that ...

The Nigerian National Petroleum Corporation ( NNPC) has secured about S3.15 billion as alternative funding facility for its subsidiary, the National Petroleum Development Company (NPDC) with Sterling Exploration and Energy Production Company limited as well as other partners of the corporation for the development of the NPDC’s OML13. According to the Group Managing Director of NNPC, Mallam Mele Kyari, who ...

The Nigerian National Petroleum Corporation (NNPC), at the weekend, said the oil firm would declare profit by year-end after decades of barely staying afloat as the corporation has so far reduced losses by a whooping N803 billion. Specifically, the Group’s performance-to-date operating surplus hit N20.23b in August, as against the projected N691.8b for the year, giving an indication that its ...

……insist NNPC, NPA, NIMASA accounts x-rayed…….. by Musa Ibrahim………… The Senate, has kicked against non-audit of top government agencies, frowning at deliberate efforts of the Auditor-General not looking the way of some government super agencies but focusing more on small agencies. The Senate apart from insisting that these government super agencies accounts should be x-rayed it also sought the comprehensive ...

by Musa Ibrahim.,………………. Nigeria’s energy sector is about to receive a major boost from huge investment decisions from China, which is eyeing key exploration operations in the oil and gas sector in Africa. According to a Modern Diplomacy report, China has a whopping USD$15 billion worth of investments planned in Africa’s oil sector. This massive price tag is split between ...

The House of Representatives has issued a summon on the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the alleged non-remittance of $19.25bn (about N3.24 trillion) revenue that accrued from sales of crude oil in 2014. The summons were issued by the Chairman ...

The Nigerian National Petroleum Corporation (NNPC) has denied allegations it did not remit N21bn revenue from Nigeria Liquefied Natural Gas (NLNG) to the Federation Account. Its Group Managing Director (GMD) Mele Kyari dismissed the allegation as pedestrian and false. The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) had in a report submitted to the House of Representatives Committee on Public ...

………by Musa Ibrahim……….. African oil and gas industry will lose about $80 billion in which 30 percent of this loss ($24 billion) will be in the Nigerian oil and gas industry. The the African Energy Chamber, (AEC) in its African Energy Outlook 2021, obtained weekend, disclosed that with the $80 billion loss of investments in the African oil and gas ...

….. by Musa Ibrahim………….. The House of Representatives Committee on Public Accounts has expressed dissatisfaction over the refusal of the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari to appear before the House to explain allegations of illegal withdrawals from the NIgeria Liquified Natural Gas (NLNG) dividend account s. The committee is insisting that the NNPC ...