Thursday, January 17, 2019

Tag "NNPC"

    Atiku: NNPC is a mafia organisation… I’d privatise it even if they’d kill me

Atiku: NNPC is a mafia organisation… I’d privatise it even if they’d kill me

Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), has described the Nigerian National Petroleum Corporation (NNPC) as a “mafia organisation”, vowing to privatise it if elected.Speaking in Lagos during an interactive session with the business community on Wednesday, Atiku said he would take the step even if doing so would cost him his life.He explained that he sold [...]

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    Reinventing the false narrative about PPPFM and OMS

Reinventing the false narrative about PPPFM and OMS

On September 16, 2015, an online news platform published an exclusive report regarding the domestic transportation of crude oil contract of PPP Fluid Mechanics (PPPFM) and Ocean Marine Solutions (OMS) Limited with the Nigerian National Petroleum Corporation (NNPC). But in a swift riposte, the management of PPPFM attacked the report on the grounds that it contained, "largely in all material [...]

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    Kachikwu: We’ve generated over $2bn from oil block licences to fund 2019 budget

Kachikwu: We’ve generated over $2bn from oil block licences to fund 2019 budget

Ibe Kachikwu, minister of state for petroleum resources, says the federal government has generated over $2 billion from the renewal of oil block licences.The former group managing director the Nigerian National Petroleum Corporation (NNPC) said the funds will be used to implement the nation's budget.“We have actually asked for early renewals, because we needed to get money out of it [...]

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    Obono-Obla: Oil companies contributing to Nigeria’s economic woes

Obono-Obla: Oil companies contributing to Nigeria’s economic woes

Okoi Obono-Obla, chairman, special presidential investigation panel for recovery of public property, says oil companies are contributing to Nigeria’s economic woes.Obono-Obla made the remark on Monday during a press briefing where he spoke on recent activities of the panel.According to him, some of the international oil companies (IOCs) have not paid income taxes or royalties on oil blocs they’ve been [...]

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    Senate committee: NNPC used NLNG’s $1.05bn dividend to support fuel import

Senate committee: NNPC used NLNG’s $1.05bn dividend to support fuel import

The Nigerian National Petroleum Corporation (NNPC) says the senate has confirmed that $1.05 billion from Nigeria Liquefied Natural Gas (NLNG) is not missing.According to a statement signed by the NNPC spokesman, Ndu Ughamadu, the funds were used to support the importation of petroleum products into the country."The Chairman of the Senate Committee on Gas, Senator Bassey Albert, Thursday in Abuja, clarified [...]

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    FG: We’ll pay oil marketers N236bn on Friday

FG: We’ll pay oil marketers N236bn on Friday

The federal government says oil marketers would be paid N236 billion out of N348 billion approved by the national assembly as outstanding subsidy claims on Friday, December 14.  [...]

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    Rewane: Atiku must tell us who he’s planning to sell NNPC to

Rewane: Atiku must tell us who he’s planning to sell NNPC to

Bismarck Rewane, the chief executive of Financial Derivative, says Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), must tell Nigerians, who he is planning to sell the Nigerian National Petroleum Corporation (NNPC) to.The Atiku policy document, released on Monday, highlights that the presidential candidate is seeking partial privatisation of the NNPC, regarded as Nigeria's cash cow.Reacting to [...]

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    Botswana halts under recoveries, raises petrol pump price twice in a month

Botswana halts under recoveries, raises petrol pump price twice in a month

The Republic of Botswana has raised the retail pump prices for petrol, diesel and illuminating paraffin for the second time in the space of a month.In a statement on Wednesday, the Botswana Energy Regulatory Authority (BERA) said the retail pump prices for petrol, diesel, and illuminating paraffin will all be increased from 00:01 on Thursday, November 15.The country had increased the [...]

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    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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Exchange Rates

January 16, 2019USDGBPEUR
INTERBANK306397354
LAGOS362463411
KANO361465413
PH361462412
ABUJA362462413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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