Thursday, November 15, 2018

Tag "Nigerian National Petroleum Corporation"

    FAAC shares N668.8bn despite deadlock

FAAC shares N668.8bn despite deadlock

The federation accounts allocation committee (FAAC) has disbursed N668.8 billion between the three tiers of government as revenue generated in May despite disputes between the committee members and the Nigerian National Petroleum Corporation (NNPC).Hassan Dodo, director of information at the federal ministry of finance, said the disbursement did not signify an end to the dispute.Governors had accused the NNPC of [...]

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    Civil servants’ April salary may be delayed as FAAC rejects NNPC revenue figures again

Civil servants’ April salary may be delayed as FAAC rejects NNPC revenue figures again

Payment of April salary to civil servants may be delayed as the Federation Accounts Allocation Committee (FAAC) has for the second month in a row rejected the revenue figures presented by the Nigerian National Petroleum Corporation (NNPC).In March, the FAAC meeting had ended in a deadlock because of a shortfall of N37.7 billion in NNPC remittances until Kemi Adeosun, minister [...]

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    FG to woo modular refinery investors with tax waivers

FG to woo modular refinery investors with tax waivers

The federal government says investors in modular refineries will get tax relief and other waivers to reduce their costs.Speaking at the ongoing Nigerian International Petroleum Summit on Wednesday, Rabiu Suleiman, a government official, said the federal government is ready to assist investors.Sulaiman is the senior special adviser on refinery, downstream and infrastructure to the minister of state for petroleum resources.He [...]

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    PPMC: We don’t need to consult national assembly over fuel subsidy

PPMC: We don’t need to consult national assembly over fuel subsidy

Umar Ajiya, the managing director of the Petroleum Products Marketing Company (PPMC), says the act establishing the NNPC covers for any extra cost incurred on importation.Ajiya was speaking on Sunrise Daily, a programme on Channels TV, on Friday.PPMC, a subsidiary of NNPC, handles the distribution of petroleum products.Senators had described the extra payments on petrol as illegal because the oil [...]

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    Mobil ‘underpaid’ for renewal of three OMLs

Mobil ‘underpaid’ for renewal of three OMLs

The Human and Environmental Development Agenda (HEDA), a non-governmental organisation, has alleged that Mobil Producing Nigeria underpaid for the renewal of three oil mining leases (OMLs). [...]

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    Osinbajo: NNPC, not FG, bears cost of subsidy

Osinbajo: NNPC, not FG, bears cost of subsidy

Vice-President Yemi Osinbajo says the Nigerian National Petroleum Corporation (NNPC) bears the cost of fuel subsidy and not the federal government.NAN reports that the vice-president clarified this on Monday while answering questions from journalists after visiting the Oando and Total depot in Apapa, Lagos."NNPC is trading in fuel; the federal government is not, at the moment, paying for any subsidy. [...]

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    We can now account for every barrel of oil sold, says NNPC

We can now account for every barrel of oil sold, says NNPC

The Nigerian National Petroleum Corporation (NNPC) says it can now account for every barrel of oil sold as it has achieved 98 percent automation of all its transactions.The corporation said the automation included supply, marketing and sale of the various grades and blends of Nigeria’s crude oil across the world.Mele Kyari, group general manager, crude oil marketing division of the corporation,  [...]

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    NNPC promises transparency as 577 firms bid for renewal contract

NNPC promises transparency as 577 firms bid for renewal contract

The Nigerian National Petroleum Corporation (NNPC) says 577 firms have indicated interest to secure the insurance renewal contract for its oil and non-oil assets.In a statement signed by Ndu Ughamadu, its spokesman, the corporation said the bidding is part of its efforts to ensure transparency.According to the statement, Modupe Bameke, NNPC group general manager, risk management and insurance, said the [...]

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    13 countries ‘have not purchased’ Nigeria’s crude since 2016

13 countries ‘have not purchased’ Nigeria’s crude since 2016

Thirteen countries have not purchased Nigeria's crude since 2016, according to information made available by the Nigerian National Petroleum Corporation (NNPC).According to the latest Crude Oil by Destination report of the NNPC, Poland, Colombia and Uruguay have not purchased crude from Nigeria since June 2016.Cape Verde has not purchased any crude from Nigeria since November 2016 while Cotonou, Tunisia and [...]

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    NNPC to begin oil exploration in Nasarawa

NNPC to begin oil exploration in Nasarawa

Maikanti Baru, group managing director of the Nigerian National Petroleum Corporation (NNPC), says the company will soon begin oil exploration activities in Nasarawa state.According to Ndu Ughamadu, Baru said this when he paid a visit to the governor of the state, Umaru Tanko Almakura, on Thursday.Baru said the visit was in fulfilment of the presidential mandate to resume oil exploration activities [...]

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    Beware! Fraudsters allocating crude oil contracts on paper

Beware! Fraudsters allocating crude oil contracts on paper

The Nigerian National Petroleum Corporation (NNPC) has alerted members of the public of fraudsters purportedly assigning crude oil contracts on paper.In a statement signed by Ndu Ughamadu, its spokesperson, the corporation said the suspects specialise in circulating letters of crude oil allocation with the intent of defrauding unsuspecting would-be buyers or members of the public.At the presentation of commendation letters [...]

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    Beware of fraudsters! NNPC is NOT recruiting

Beware of fraudsters! NNPC is NOT recruiting

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    NNPC returns to losing ways as Kaduna refinery produces at zero percent

NNPC returns to losing ways as Kaduna refinery produces at zero percent

The Nigerian National Petroleum Corporation (NNPC) has returned to operating losses in June, after recording a N274 million surplus in May 2016.While refining capacity fell to a new low, the corporation lost N26.505 billion in June but paid N55.96 billion into the federation account.According to NNPC's June financial statement, NNPC lost N4.69 billion to the country’s underwhelming refineries.Warri and Port Harcourt [...]

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    APC to release full report of NNPC audit

APC to release full report of NNPC audit

The All Progressives Congress (APC) says it will publish the full audit report of the Nigerian National Petroleum Corporation (NNPC) and expects it will need to repay the government more than previously recommended. This was revealed by Kayode Fayemi, the party’s policy director and former governor of Ekiti state, in an interview at his residence in Lagos. The party expressed belief that the [...]

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    NNPC disclaims ‘authorisation letter’ on crude oil lifting

NNPC disclaims ‘authorisation letter’ on crude oil lifting

The management of the Nigerian National Petroleum Corporation (NNPC) has raised an alarm over the circulation of fake letters of authorisation purportedly from the corporation to buy and sell Nigerian crude oil, its spokesman Ohi Alegbe, said on Monday.It urged members of the public to be wary of persons with fraudulent intents circulating letters authorising the lifting of Bonny Light crude [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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