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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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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
The Nigerian National Petroleum Corporation (NNPC) says its sales revenue from crude oil and gas export rose to $470 million in August from $391.91 million in July. [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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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