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Civil society groups in Nigeria have urged the Nigerian government to compel Shell to clean up the massive pollution its extractive activities have created in the Niger Delta and cautioned that the company’s plans to move offshore is only targeted at evading the scrutiny that its onshore activities have attracted. Three organisations – Health of Mother Earth Foundation (HOMEF), Corporate ...

Nigerian Agip Oil Company (NAOC), a unit of Italy’s Eni, has closed the Idu Well 11 in Bayelsa state following an oil spillage. The oil spill occurred on 7 May at the Idu Well 11, which is located at the Egbebiri community, Biseni Kingdom in Yenagoa Local Government Area of Bayelsa state. The cause of the leakage was attributed to ...

Members of the House of Representatives in an investigative hearing disagreed with the management of Addax Petroleum over the transfer of ownership of its assets to a Chinese company, SINOPEC, without the consent of the Ministry of Petroleum. Minister of Petroleum Resources, Timipre Sylva, had accused Addax of selling the assets offshore to SINOPEC without the ministerial consent. He said ...

The Federal Government has signed the Engineering, Procurement and Construction contract for the Gurara II Dam project as part of plans to raise the country’s power generation by about 360MW. Nigeria’s power generation hovers around 4,500MW and 5,000MW for a population of about 200 million people. Operators and experts have repeatedly called for an increase in power generation and distribution. ...

The Minister of State for Petroleum Resources, Chief Timipre Sylva has reiterated that it has become necessary to assure Nigerians that despite the huge burden of under-recovery, the Federal Government is not in a hurry to increase the price of Premium Motor Spirit (petrol) to reflect current market realities. The current price of petrol will be retained in the month ...

The Nigerian National Petroleum Corporation (NNPC) has once again remit zero Revenue to Federation Accounts Allocation Committee (FAAC) for the month of April. The corporation, yesterday, made good its threat of a zero remittance at FAAC, as it deducted its subsidy payment for products importation, the implication of which is that the needed increase in prices of petrol might be ...

The lawmakers say NERC should suspend the planned increase slated for June in view of the current harsh economic situation in Nigeria. Lawmakers kick Against Plan by NERC to Further Hike Tarrif on Electricity in June The House of Representatives members are kicking against plans by the Nigerian Electricity Regulatory Commission (NERC) to further increase electricity tariff in June. The ...

Following two days of virtual consultations chaired by the United Kingdom, environment and climate ministers from Germany, France, Italy, Japan, Canada, the United States, the United Kingdom and the EU have agreed on ambitious joint goals and measures, chief amongst which is a pledge to cease investments in coal. This is the first time that combating climate change has been ...

………by Jennifer Dike…………to change to Seplat Energy Plc…….. Seplat Petroleum Plc has now joined the fray to preach for energy transition even as it’s debt profile stands at $440 million (N211.2 billion) and only returned $344 million as dividends after it had raised $535 million from shareholders in form of public offering in the year 2014. The company’s capital expenditure ...

Polaris Bank Limited has released its full-year audited financial results for the year ended December 2020 posting a Profit Before Tax (PBT) of N28.9billion. The results which show the Bank’s second year performance scorecard after two years of operation, have further consolidated the Bank’s position as focused on the path of profitability, growth, and value creation. Details of the results ...