Despite the claims by the Nigeria Extractive Industries Transparency Initiative (NEITI) that the defunct Nigeria National Petroleum Corporation (NNPC) did not remit $1.9bn to the federation account in 2021 before transitioning to a commercial venture, the federal government has the biggest indebtedness to the national oil company with about N4.1trn ($9.74bn) for subsidy payment.
NEITI had last Monday disclosed in its 2021 oil and gas report unveiled in Abuja that NNPC failed to remit $1.9bn to the Federation Account Allocation Committee (FAAC) before the transition.… Read the rest
Explosion at an illegal fuel depot in Cotonou, the Republic of Benin, has killed 34 people.
A government official confirmed the incident to newsmen today, Saturday.
The government official said no fewer than 34 people were killed when a contraband fuel dump burst into flames in southern Benin near the border with Nigeria.
“A serious fire occurred in the town of Seme Podji,” Interior Minister, Alassane Seidou told reporters.… Read the rest
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has disclosed that the Agency is set to reopen the Lokoja office, as part of efforts towards harnessing the Blue Economy, enhancing collaboration, while also promoting Research and Development.
The DG who made this known when he played host to the Executive Secretary of the Kaduna State Emergency Management Agency (KADSEMA), Mal.… Read the rest
The Special Adviser to the President on Energy, Mrs. Olu Verheijen, in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has wrapped up a series of strategic engagements with fifteen (15) leading international and independent Oil and Gas Companies operating in Nigeria. These sessions, held in Lagos and Abuja, were carefully chosen after a detailed review process by NUPRC and the Office of the Special Adviser to the President on Energy and included Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, First E&P, among others.… Read the rest
The retail price of diesel is expected to surge to N1500 per litre in the coming days amid naira depreciation and rising global oil prices, BusinessDay findings have shown.
“With the geopolitics in the global oil sector and Nigeria’s foreign exchange crisis, the price of diesel will top N1500,” a top official of one of the oil marketers with the pseudonym, Abigail Rice, told BusinessDay on Friday.… Read the rest
Madaki Ameh, the managing partner at BBH Consulting, has said that reducing unit operating expenses (OPEX) per barrel when getting oil from the ground in Nigeria, will reduce fuel pump prices.
He said this during a September 21 interview via Arise News when addressing the issue of the return of fuel subsidy payments.
During the interview, he said the subsidy payments in the country were once defended as being necessary to cushion the vagaries of the international market.… Read the rest
Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies, according to Olu Verheijen, the Special Adviser on Energy to Nigeria’s President Bola Tinubu.
Verheijen and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have recently met with representatives of 15 oil and gas companies operating in Nigeria and have secured their commitment to invest in Nigerian oil and gas, the adviser said in a statement on Friday sent to the Nairametrics outlet in Nigeria.… Read the rest
An All Progressive Congress (APC), chieftain, Professor Yusuf Magaji, has extolled President Bola Ahmed Tinubu for considering Prof. Abiodun Sule for the coveted office of Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA).
The politician in a statement, yesterday, described the maritime expert as fit for the responsibility.
Magaji said while Sule is the best man for the job, the Presidency should overlook and dismiss spurious charges made against the knowledgeable marine specialist, despite the fact that he has never been invited or indicted by any security or financial institution.… Read the rest
The Federal Government may spend about N1.68tn as subsidy on Premium Motor Spirit, popularly called petrol, from September to December this year, an analysis of data provided by oil marketers and the sector has shown.
PMS dealers stated on Thursday that the pump price of petrol should be between N890 to N900/litre based on the fall of the naira against the United States dollar and the surge in the price of crude in the international market.… Read the rest
An expert in the maritime sector and member of the International Chartered Institute of Logistics and Transportation, Mr. Adeniyi Adeoye has raised alarm on the areas identified by him as possible obstacles to the effective implementation of the Export Processing Terminal (EPT).
Adeoye, who stated this in Ibadan on Wednesday after delivering paper at a seminar titled Assessing Economic Benefits of Maritime and Blue Economy in Nigeria organised by the Research Center for Integrity Assessment and Evaluation (RCIAE) commended President Bola Tinubu for the establishment of a new federal Ministry to take care of maritime sector, Ministry of Maritime and Blue Economy.… Read the rest