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Between January 1 and March 6, 2021 Nigeria’s power sector lost N59.33bn but posted its highest ever peak generation of 5,802 megawatts during the period. Documents obtained from the Federal Ministry of Power on the sector’s performance for the months of January, February and the few days in March showed that the industry was still losing billions daily. This, however, ...

The Minister of State for Petroleum Resources, Chief Timipre Sylva, says the Petroleum Industry Bill (PIB) currently before the National Assembly will resolve the issues under the Production Sharing Contracts (PSC) on gas. Sylva made this known at a National Assembly Public Hearing organised by the Joint Committee on Gas Resources, Petroleum Resources, Upstream and Downstream, on Monday, in Abuja. ...

A former Minister of State for Power, Muhammed Wakil, has been arraigned before the Federal High Court in Abuja for alleged N148 million graft.. Wakil was arraigned alongside two companies, Corozzeria Nigeria Limited and Pikat Properties Nigeria Limited, by the Economic and Financial Crimes Commission before Justice S. B. Belgore on two counts of corruption and abuse of office. The ...

The Federal Government is set to Raise N1.50 on petroleum products through the Nigerian Customs Services. This proposal on new levies and taxes will include taxes on non-alcoholic beverages and telecommunications service providers. This proposal by the Nigerian Custom is a moves to increase the federal government revenue-generating capacity to fund the 2021 Appropriation Act. This disclosure was made by ...

The Nigerian National Petroleum Corporation (NNPC) has said that it spent N966bn to repair pipelines in five years between 2010 and 2015. NNPC explained in it’s response to the query raised in the 2016 report of the Auditor General for the Federation (AuGF). explanation is coming on the heels of the current examination by Senate Committee on Public Account which ...

The Central Bank of Nigeria (CBN) has introduced a ‘Naira 4 Dollar Scheme’ for diaspora remittances, which offers recipients of diaspora remittances through CBN’s IMTOs to be paid N5 for every $1 received as remittance inflow. The scheme takes effect from Monday, March 8, 2021, and ends on Saturday, May 8, 2021. This was disclosed by CBN in a circular ...

The Nigerian Electricity Regulatory Commission (NERC) is compelling electricity distribution companies (DISCOs) to replace faulty and obsolete meters for their customers with effect from March 4, 2021. This is to remove the bottlenecks that had previously impeded the rapid deployment of meters to unmetered customers and the receipt of complaints from metered customers in fourth-quarter 2020, that they had been ...

The Nigeria Sovereign Investment Authority (NSIA) has signed pacts with the OCP of Morocco, Nigerian National Petroleum Corporation (NNPC) and some parties for the development of a $1.4 billion plant to produce Ammonia and Diammonium Phosphate. Other parties to the agreement are the Nigerian Content Development & Monitoring Board (NCDMB), GACN (Gas Aggregation Company Nigeria Limited), Akwa Ibom State Government, ...

The Nigerian National Petroleum Corporation (NNPC) and the Usmanu Danfodiyo University, Sokoto, have pledged to collaborate on the development of energy inter-conversion and storage as a catalyst for Nigeria’s economic development and transformation. Group Managing Director of the NNPC, Mallam Mele Kyari, and the Vice Chancellor of the University, Professor Lawal Suleiman Bilbis, made the commitment during a visit by ...

Oil major ExxonMobil has revealed its capital spending in 2021 will be in the range of $16 billion to $19 billion as well as its plans to focus on developing technologies to reduce emissions, especially carbon capture and storage technology, and eliminate routine flaring by 2030. ExxonMobil’s 2021-2025 capital program has been optimized to the current market outlook with an ...