Nigerian govt eats its words on fuel subsidy removal, blames speculation
Charles Abuede
January 20, 2022
The Nigerian federal government appears to have eaten its widely circulated position on the elaborate plan it was flying to remove petroleum subsidy from February. Ahmed Lawan, president of the Nigerian senate, the legislative arm of the government appears to suggest that when he assured Nigerians that the plan will not go on for now […]
Nigeria to benefit as oil seen rallying to $100
Phillip IsakpaJanuary 19, 2022
Nigeria could be in line for a windfall from a rally in oil prices this year if all the projections by analysts come to pass. It will be good for an economy that has been seriously squeezed by shortfalls in revenues since 2015 and hit by a double whammy recession, which it just barely managed […]
Nigeria to benefit as oil seen rallying to $100
Phillip IsakpaJanuary 19, 2022
Nigeria could be in line for a windfall from a rally in oil prices this year if all the projections by analysts come to pass. It will be good for an economy that has been seriously squeezed by shortfalls in revenues since 2015 and hit by a double whammy recession, which it just barely managed […]
Kyari talks up NNPC as Africa’s most profitable firm
Businessam StaffJanuary 16, 2022
South Africa top earners Ab inbev: Rev. $40bn; PAT: $3.7bn Glencore: Rev $93.8bn; PAT: $1.27bn Anglo: Rev $217bn; PAT $5.2bn Mele Kyari, chief executive officer of NNPC Limited used the weekend to talk up the reemerging national oil company as potentially Africa’s most profitable company. Kyari appears to be cutting out his work […]
Go make profit for Nigeria, Buhari charges NNPC new board
Olusola BelloJanuary 7, 2022
By Olusola Bello Visions making petroleum industry, competitive, commercially viable President Muhammadu Buhari has charged the new members of the board of directors of Nigerian National Petroleum Company (NNPC) Limited, to go and make profit for Nigeria, signposting the commercial remit expected from the new national oil company that has emerged after the […]
Seplat Energy’s former CEO responds to termination of contract by oil firm
Charles AbuedeDecember 24, 2021
Austin Avuru, the immediate past chief executive officer of Seplat Energy, has responded to the announcement by the oil company of the termination of his contract as a non-executive director over what the company alleged to be governance infractions. The board of the Lagos and London quoted indigenous oil and gas exploration and production company, […]
PPMC, NNPC subsidiary, sells 1.544bn litres of products for N203bn in July
Businessam StaffDecember 23, 2021
232.69 BCF of gas produced, up 4% in July The Petroleum Products Marketing Company (PPMC), a subsidiary of Nigerian National Petroleum Company (NNPC) Limited sold a total of 1.544 billion litres of petroleum products for ₦203.73 billion in the month of July 2021, a report reviewing the activities of the state-owned oil giant […]
Nigeria’s biggest dispute award: Can Shell come clean of culpability in N800bn spill judgment debt?
Maduabuchi EfegadiDecember 21, 2021
By Maduabuchi Efegadi 10% post-judgement interest takes payment northward of N1trn Appeal Court rules in Jan. 2022 Shell paid N45bn for Ejama-Ebubu spill after 31 years The jury is nearly out in the biggest dispute award ever in Nigeria’s volatile oil industry. But can Shell Petroleum Development Company Limited, along with its two […]
Nigeria’s SAPZ project gets AfDB board’s approval for $210m loan
Onome AmugeDecember 14, 2021
The African Development Bank (AfDB) has approved a $210 million loan to co-finance the first phase of the Nigeria Special Agro-Industrial Processing Zone Programme (SAPZ). The board of directors of the board gave approval for the facility to be made available to Nigeria, the development finance institution said in a statement made available to Business […]
Top banker, Osadolor, leads rescue board for electricity utility, AEDC
Chris IkosaDecember 13, 2021
Victor Osadolor, a top Nigerian banking executive and chartered accountant, is now understood to be leading a board of directors on a rescue mission for troubled electricity utility company, Abuja Electricity Distribution Company (AEDC), whose coverage includes the Federal Capital Territory of Abuja, Nigeria’s capital city, and Nasarawa, Niger, and Kogi states. The new board […]