Business articles

PIB: NNPC recommends splitting of petroleum licences

PIB: NNPC recommends splitting of petroleum licences

The Nigerian National Petroleum Corporation (NNPC) has recommended the splitting of petroleum licences into two components for prospecting and production phases under the draft Petroleum Industry Administrative legislation currently before the National Assembly. In a presentation at the Public Hearing organized by the House of Representatives Committee on the Petroleum Industry Administrative Bill (PIAB), Petroleum

UTILIZATION OF RETURNED LOOT: ANEEJ applauds Buhari for including CSOs

The Africa Network for Environment & Economic Justice, ANEEJ, has applauded the plan by the Buhari administration to expend the $320million loot returned from Switzerland to Nigeria on the poorest of the poor through a conditional Cash Transfer Programme. In a statement released to the media after 8th Commonwealth Conference on Anti-Corruption, organized by the

INVESTIGATION: Cartels, empty stations and dashed hopes in the quest for kerosene

Driving through the dusty, uneven and untarred roads filled with brick red sand and pot holes as deep as craters, Mosimi, in the Sagamu area of Ogun state, seems like a million miles away. Navigating sharp bends on winding roads, driving slowly behind heavily loaded trucks and maneuvering between oil-bearing tankers is a travelers’ nightmare

SEC restates commitment to ensuring fairness and transparency in Capital Market transactions

The Securities and Exchange Commission (SEC) has restated its determination to ensure that every shareholder is fairly, equitably and similarly treated and given sufficient information regarding transactions in the capital market. Acting Director General of SEC, Ms. Mary Uduk stated this while delivering a keynote address at the 1st Annual Seminar of the Committee on

World Bank: Despite exit from recession, Nigeria’s poverty increased in 2017

The World Bank says unemployment and poverty rates increased in Nigeria despite an exit from recession in 2017. The Bretton Wood institution made these remarks in a report released on Monday. The report titled ‘Nigeria Bi-annual Economic Update: Fragile Recovery’ read: “The decline in the non-oil, non-agriculture sector, however, continued, as aggregate demand remained weak

OTC no longer jamboree says Baru

The Group Managing Director of the Nigeria’s National Petroleum Corporation, (NNPC), Dr. Maikanti Baru said Nigeria’s participation at the annual Offshore Technology Conference (OTC) in Houston, Texas, United States of America, had grown from mere jamboree-like activity in the 1990’s to a fully-fledged engagement where indigenous oil services companies parade their competencies and proven job

Tinubu, Adenuga, Elumelu, others own 49 expired oil block licences — Investigation

Nigerian billionaires, international oil companies and other operators have been identified as owners of the 49 oil block licences some of which expired since 2010. Our correspondent gathered that nine Oil Mining Leases (six of which are currently producing) and 40 Oil Prospecting Licences, many of which were awarded during the administration of President Olusegun

Okonjo-Iweala chairs Commonwealth session attended by world leaders — including three African presidents

Ngozi Okonjo-Iweala, former coordinating minister of the economy, chaired a session of the Commonwealth Business Forum attended by many world leaders. Some of the presidents at the session tagged ‘Is the Africa growth story still alive?’ were Paul Kagame of Rwanda; Cyril Ramaphosa of South Africa; and Uhuru Kenyatta of Kenya. On Friday, she took

Trump berates OPEC for ‘artificially’ high oil prices — and Barkindo responds

US President Donald Trump has accused the Organisation of Petroleum Exporting Countries (OPEC) of “keeping oil prices artificially very high.” In tweet, Trump said the cartel’s pricing cycle “will not be accepted” as there is no scarcity of oil supply to warrant such “high prices.” Looks like OPEC is at it again. With record amounts

Oando shareholders want Adeosun sacked

Some Oando Plc shareholders on Sunday demanded the immediate sack of the Minister of Finance, Kemi Adeosun, accusing her of “unwholesome interference in the smooth operation of the capital market.” The aggrieved investors also accused Mrs Adeosun of meddling with the functions of the Securities & Exchange Commission (SEC), causing “severe damage to the capital

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