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………DIPO OLADEHINDE…….. States along Nigeria’s land borders are consuming more refined petroleum products, especially Premium Motor Spirit (PMS), compared to some states with higher economic activities or higher Internally Generated Revenue (IGR), a development that questions the country’s effort in curbing petrol smuggling to neighbouring countries. Globally, Energy consumption most especially petrol is an important indicator of the level of ...

……by James Ikenna……..Indigenous Capacity Action Committee, an Oil and gas Industry group has kicked against President Muhammadu Buhari’s directive to restore back an earlier cancelled Oil Mining Licences (OMLs) 123, 124, 126 and 137 to Addax/Sinopec. This, they said is a contradiction to the nation’s local Content drive The group commended the earlier decision by the Department of Petroleum Resources ...

President Muhammadu Buhari has directed the Nigerian Sovereign Investment Authority (NSIA) to review the progress made on the Mambilla Hydro Electric Power Project, a statement from the power ministry has said. The statement by Mr Aaron Artimas, Special Adviser, Media and Communications, to the Minister of Power, in Abuja said the president also directed NSIA to carry out value engineering ...

The Nigeria Liquefied Natural Gas (NLNG) Limited says it is targeting to make its host community, Bonny Island in Rivers State, free of Malaria by 2030 towards its vision of developing the island into a megacity. A statement posted on the NLNG website on Thursday said the Managing Director of NLNG, Mr Tony Attah, made this known during a recent ...

…………Pledges to Optimize Cost, Boost Remittance to FAAC……… The Nigerian National Petroleum Corporation (NNPC) has clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media pertains only to the Federation revenue stream being managed by the Corporation and not a reflection of the overall financial performance of the Corporation. ...

The Nigerian National Petroleum Corporation has warned that it would not make any remittance to the Federation Account Allocation Committee in the month of May after spending N111.966 billion to subsidy petrol consumption in March. NNPC’s Chief Financial Officer, Umar Isa in a letter to the Accountant General of the Federation explained that the amount spent on subsidy in March ...

The international oil benchmark, Brent crude, reached its highest in six weeks on Thursday as strong US economic data, a weak dollar and overall expected recovery in demand outweighed worries about the impact of increased COVID-19 cases in Brazil and India. Brent crude rose by $1.2 to $68.47 per barrel by 6:59pm Nigerian time, while the United States West Texas ...

The Nigerian National Petroleum Corporation (NNPC), Total Upstream Nigeria Limited and their partners have donated a medical oxygen plant to the Gbagada General Hospital, Lagos. The plant was inaugurated on Wednesday by the Lagos State Governor, Mr Babajide Sanwo-Olu. Sanwo-Olu said one of the most outstanding lessons from the coronavirus pandemic was the need to build stronger and more resilient ...

………Adopts quarterly dividend policy, pays 2.5 cents per share in Q1…….. Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has announced its announces its unaudited results for the three months ended 31 March 2021, recording a rise in revenue ...

Following the removal of the chairmen and directors of the First Bank Plc and First Bank Holdings on Thursday night, the Central Bank of Nigeria (CBN) has announced new appointments in the organisations. For the First Bank Holdings, Mr Remi Babalola was appointed as the chairman while Mr U.K. Eke was named as the Managing Director. Others appointed as directors ...