FINANCING

……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 ...

……..by Abisoye Shola………. The Board of Conoil Plc is to pay about N1.2 billion dividend to shareholders. The downstream oil company has adopted unanimously the proposed resolution that a dividend of 200 Kobo per share, amounting to N1.388 billion be declared payable to the shareholders. This disclosure was made at the Annual General Meeting on Friday, 23rd October 2020 by ...

Last month, Nigeria’s national oil company – the Nigerian National Petroleum Corporation (NNPC) – published its group-level audited financial statement for the first time in the corporation’s 43-year history. These were published alongside the 2019 audited accounts of its subsidiaries, following the disclosure of the 2018 audited accounts in June. The move represents a significant milestone for NNPC. Since Mele ...

The Nigeria Extractive Industries Transparency Initiative (NEITI) says it will unveil a platform that automates data gathering component of its extractive industry audit process. NEITI disclosed this in statement by Dr Orji Ogbonnaya Orji, its Director, Communications and Advocacy, in Abuja, on Wednesday. He said that the platform which will be unveiled on Nov. 6, was developed after series of ...

The Central Bank of Nigeria has expressed concern over the rising cost of debt service being incurred by the Federal Government. The CBN, in its half-year 2020 economic report, said the trajectory of Federal Government’s debt further constrained fiscal policy during the period, as interest payment obligations amounted to N1.15tn in the first half of 2020. “This suggested that, despite ...