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The Nigerian National Petroleum Company has denied that it exported 17.877 million barrels of crude oil without proper documentations “Our attention has been drawn to an online publication, alleging that NNPC Limited exported 17.877 million barrels of crude oil without proper documentation in four years (2016 to 2020).” The company stated. “The Auditor General’s report in reference did mention 32 ...

The Organised Labour has faulted the over N3 trillion bailout granted to generation and distribution companies in the power sector by Federal Government after they have been privatised. The National Union of Electricity Employees especially criticised the government for injecting funds into companies owned by individuals without a commensurate increase in electricity generation and supply in the last 10 years. ...

Power distribution companies raked in about N296bn as electricity bills from customers in the first quarter of 2022, the Nigerian Electricity Regulatory Commission said on Thursday. In its just released first quarter 2022 report, the power sector regulator stated that the collection efficiency of the Discos was 67.36 per cent during the quarter under review. This came as the Transmission ...

Electricity distribution companies have quietly increased the payable by power consumers across the country. Although most of the Discos did not make this public, power users have kicked against the move, describing it as fleece amidst the harsh economic reality in Nigeria currently. Reacting to the price hike, a resident of Lagos highbrow estate, Mr. Oye Sola, lamented the increase. ...

The Central Bank of Nigeria has said 25 firms were invited to participate in the sale process of Polaris Bank Limited via the execution of a non-disclosure agreement. The Director of Corporate Communications, CBN, Osita Nwanisobi, said this in a statement titled, ‘Sale of Polaris Bank: CBN sets record straight’. He said the attention of CBN had been drawn to ...

Petroleum Tanker Drivers Branch of National Union of Petroleum and Natural Gas Workers, (PTD– NUPENG) has threatened strike over the illegal activities and high-handedness of some security agents, particularly the Military Task Force in the Port Harcourt zone of the Union. This may end the relief being experienced by Nigerians at Premium Motor Spirit (PMS) petrol retail outlets across the ...

OPEC’s production for the month of December increased by 150,000 bpd over November figures, the Bloomberg survey showed, with Nigeria instrumental in this increase. Nigeria, which for decades has struggled with oil theft, has said it has effectively cracked down on these rogue activities, allowing it to increase its actual oil production. In October, Nigerian authorities discovered an illegal underwater ...

The Central Bank of Nigeria has said the use of cash payment will naturally reduce 2025 as the new naira notes circulate in the economy. The apex bank made this known in its Payments Vision 2025 document. It said by 2025, the country aspired to have a cashless and efficient electronic payment system infrastructure that would facilitate financial services in ...

Leading energy and infrastructure conglomerate Sahara Group has flagged off the “Responsibly Sahara” initiative to enhance the organisation’s sustainability footprint across Africa, Asia, Europe, and the Middle East. Ejiro Gray, Director, Governance and Sustainability, Sahara Group, said the initiative would embody Sahara Group’s march towards greening its operations progressively to promote access to clean energy and environmental sustainability. “The Responsibly ...

Personnel of over 50 indigenous oil and gas contracting firms have completed a two-week intensive course on ‘entrepreneurship skills development and access to finance’ sponsored by the Nigerian Content Development and Monitoring Board (NCDMB). A statement from the board, said the training was held in Port Harcourt, Rivers state, and is part of a holistic project-based package toward building the ...