Thursday, November 15, 2018

Tag "NNPC"

    Report: NEC, FAAC approved use of $1bn NLNG dividend for subsidy payment

Report: NEC, FAAC approved use of $1bn NLNG dividend for subsidy payment

The National Economic Council (NEC) and the Federation Allocation Accounts Committee (FAAC) approved the Nigerian National Petroleum Corporation’s (NNPC) use of Nigeria Liqueifed Natural Gas (NLNG) dividends for financing petrol subsidy. [...]

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    Senate will probe diversion of NLNG dividend, says Saraki

Senate will probe diversion of NLNG dividend, says Saraki

Senate President Bukola Saraki says the upper legislative chamber will probe the alleged diversion of the Nigerian Liquified Natural Gas (NLNG) dividend.Last week, Maikanti Baru, group managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), told an ad hoc committee of the senate that in response to a call by the national assembly to put a stop to the [...]

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    ‘60% of marketers forced out of business’– DAPPMA condemns unpaid subsidy arrears

‘60% of marketers forced out of business’– DAPPMA condemns unpaid subsidy arrears

The Depot and Petroleum Products Marketers Association (DAPPMA) says 60% of marketers have been forced out of business as a result of unpaid subsidy arrears by the federal government.Speaking to NAN in Lagos on Sunday, Olufemi Adewole, DAPPMA's executive secretary, said that the debt had led to huge financial challenges to the downstream operations.According to him, the downstream sector petroleum was [...]

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    NNPC denies funding Buhari’s campaign

NNPC denies funding Buhari’s campaign

The Nigerian National Petroleum Corporation (NNPC) has described as false, reports that Maikanti Baru, its group managing director, authorised cash transfers  to the President Muhammadu Buhari campaign organisation.The NNPC denied the allegation in a statement Ndu Ughamadu, its spokesman, issued on Friday.According to the statement, the GMD never authorised any “phantom cash transfer” for the purpose of sponsoring publicity for [...]

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    Falana: $12.7bn worth of crude oil stolen from Nigeria under Jonathan

Falana: $12.7bn worth of crude oil stolen from Nigeria under Jonathan

Femi Falana, human rights lawyer, says $12.7 billion worth of crude oil was stolen from Nigeria between 2011 and 2014.Goodluck Jonathan was president during the three years mentioned by the senior advocate of Nigeria (SAN).According to THISDAY, Falana made the comment on Thursday while speaking at the 40th anniversary celebration of the Petroleum and Natural Gas Senior Staff Association of [...]

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    NNPC: We don’t have $3.5bn subsidy fund in our custody

NNPC: We don’t have $3.5bn subsidy fund in our custody

The Nigerian National Petroleum Corporation (NNPC) says it does not have a $3.5 billion subsidy fund.On Tuesday, the senate resolved to probe the subsidy recovery fund said to be managed by Maikanti Baru, group managing director (GMD) of the NNPC, and the corporation's finance officer.In a statement on Tuesday, Ndu Ughamadu, spokesman of the NNPC, said the corporation raised $1.05 [...]

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    Ndume, Marafa, Lawan clash over probe of $3.5bn ‘subsidy fund’

Ndume, Marafa, Lawan clash over probe of $3.5bn ‘subsidy fund’

Three senators, Ahmed Lawan, Ali Ndume and Kabir Marafa, clashed on Tuesday over an ad hoc committee set up to probe a "$3.5 billion subsidy fund" belonging to the Nigeria National Petroleum Corporation (NNPC).Biodun Olujimi, senate minority leader, had sponsored a motion on the need to probe the subsidy recovery fund being "managed by two people".Reacting to the allegation, Ndume said [...]

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    Senate probes $3.5bn subsidy recovery fund ‘managed by two people’ in NNPC

Senate probes $3.5bn subsidy recovery fund ‘managed by two people’ in NNPC

The senate has set up an ad hoc committee to probe a $3.5 billion "subsidy recovery fund" said to be managed by Maikanti Baru, group managing director (GMD) of the Nigeria National Petroleum Corporation (NNPC), and the corporation's finance director.The decision of the senate was sequel to a motion on matters of national importance sponsored by Biodun Olujimi, minority [...]

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    Death toll in Abia pipeline explosion hits 24

Death toll in Abia pipeline explosion hits 24

The death toll from an oil pipeline explosion in two Abia communities in Osisioma local government area of the state has risen to 24.NAN reports that as at Friday when the incident occurred, 19 persons, including a nursing mother, died on the spot.Anthony Ogbizi, Abia commissioner of police, gave the new figure during a press briefing in Umuahia on Saturday.“When we [...]

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    Tambuwal: I will tackle issues of secrecy in NNPC if elected president

Tambuwal: I will tackle issues of secrecy in NNPC if elected president

Aminu Tambuwal, a Peoples Democratic Party (PDP) presidential aspirant, says he will tackle "secrecy" in the Nigeria National Petroleum Corporation (NNPC) if elected president.Tambuwal said this on Saturday in Calabar when he paid a visit to Ben Ayade, governor of Cross River.The governor said he would ensure that there is transparency in the corporation in terms of its operations and [...]

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    REVEALED: How Obasanjo ran NNPC as ‘one-man business’ for eight years

REVEALED: How Obasanjo ran NNPC as ‘one-man business’ for eight years

A new book has told of how ex-President Olusegun Obasanjo ran the Nigerian National Petroleum Corporation (NNPC) as a "sole administrator" for the eight years he led the country.According to the book titled ‘Too Good to Die: Third Term and the Myth of the Indispensable Man in Africa’, while serving as minister of petroleum resources, the former president never discussed [...]

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    CSO asks EFCC to probe NNPC over 2016 audit report

CSO asks EFCC to probe NNPC over 2016 audit report

The Civil Society Network Against Corruption (CSNAC) has asked the Economic and Financial Crimes Commission (EFCC) to commence investigation into allegations of missing and unremitted funds levelled against some agencies, including the Nigerian National Petroleum Corporation (NNPC).The civil society organisation (CSO) based its demand on an audit report of some ministries and agencies by Price WaterHouse Coopers in 2016.In a petition to [...]

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    ‘Tales by moonlight’ — NNPC dismisses Baru’s alleged funding of plot to unseat Saraki

‘Tales by moonlight’ — NNPC dismisses Baru’s alleged funding of plot to unseat Saraki

The Nigerian National Petroleum Corporation (NNPC) says Maikanti Baru, its group managing director, is not involved in any plot to impeach Senate President Bukola Saraki.Saraki defected from the All Progressives Congress (APC) to the Peoples Democratic Party (PDP) on Tuesday, after which the ruling party said he should step down as senate president.The NNPC said the allegation that Baru is [...]

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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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