Executive Secretary/CEO of Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, has said Nigeria lost over N16.25 trillion due to oil theft in the country.

Orji in a report to the report to the Chairman, House Committee on Public Accounts, Bamidele Salam, during an interactive session in Abuja, also claimed that $74.386 billion was spent on fuel subsidy by successive administrations since 2011.… Read the rest

Petroleum producers in Nigeria have called on the Federal Government to offset the $1.3 billion owed to gas producers to stimulate new opportunities in the industry and boost the nation’s Gross Domestic Product (GDP) and power generation.

Speaking during the oil and gas industry policy roundtable in Abuja on Monday, Nathaniel Oyatogun, head of the subcommittee on gas at the Oil Producers Trade Section (OPTS), said that despite the various interventions by the Central Bank of Nigeria (CBN), some companies who produced gas from as far back as 2012 were yet to be paid.… Read the rest

Amid rising unemployment, sky-high energy costs, painful interest rate hikes, and a shrinking economy, Germany’s exceedingly unpopular left-liberal chancellor touched down in Africa over the weekend with the hope of inking an energy deal with Nigeria, which has the continent’s largest natural gas reserves.

Still reeling a year and a half later from the effects of having cut itself off from an abundant supply of cheap Russian gas, Germany—Europe’s largest consumer of energy due to its industrial production—is in desperate need of new energy and economic partnerships to help diversify its critical energy supply, the daily newspaper Der Spiegel reports.… Read the rest