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Browsing the "Economy" Category

Why we pay ‘subsidy’ without National Assembly’s permission – NNPC

The Nigeria National Petroleum Corporation, NNPC, has explained why it pays ‘subsidy’ on petrol without appropriation from the National Assembly. Managing Director of the Petroleum Products Marketing Company, PPMC, an NNPC arm, Umar Ajiya, said the NNPC Act is a [...]

January 19, 2018 Economy

Council boss speaks on ritual cleansing of Bodija market

Chairman, Caretaker Committee of Aare Latosa Local Council Development Area, in Oyo State, Bashorun Adekunle Oladeji has debunked reports that the popular Bodija market would be closed for two days in order to perform some rituals. Oladeji described the purported [...]

January 19, 2018 Economy

Residents groan as fuel crisis worsens in FCT

Though the fuel crisis, which surfaced across major cities last month has subsided in some states, residents of the Federal Capital Territory (FCT) are yet to see relief as the situation continues to worsen. Residents said the situation is now [...]

January 19, 2018 Oil & Gas

Meet Nigeria’s first female combatant pilots in history

Nigeria’s first female combatant pilots in history: The Nigerian Air Force (NAF) has disclosed on Wednesday, January 17, 2017, during commissioning of 11 young pilots that the two female combatants among the pilots are the first in Nigerian history. The [...]

January 19, 2018 Transportation

Beware of foreign portfolio investments-driven growth, Nigerian experts warn

Economic experts have warned Nigeria not to be carried away by the influx of foreign portfolio investment dominating the Nigerian Stock Exchange (NSE), noting that a combination of highly mobile portfolio investments and unreliable crude earnings could unravel without warning, [...]

January 18, 2018 Business

‘How blockchain will affect oil, gas sector in Nigeria’

As emerging frontiers, especially digital ledger system also called blockchain become a more globally recognised solution, experts have called for frameworks that will enable Nigeria’s oil and gas sector to benefit from the innovation. With a new $2.5million funding secured [...]

January 17, 2018 Oil & Gas

Nigeria’s crude oil production hit 2.057mbpd in December

Nigeria’s crude oil production, including condensate hit 2.057 million barrels per day (bpd) in the month of December 2017. This is higher than the 1.93 million bpd including condensate recorded at the end of the third quarter in September. The [...]

January 16, 2018 Business

We’ve no land for cattle colony, Benue leaders tell Buhari

Benue leaders led by Governor Samuel Ortom yesterday declared that their state had no empty land to be designated as a cattle colony as being proposed by the Federal Government. They made the declaration at a meeting with President Muhammadu [...]

January 16, 2018 Agriculture

Court awards $10 million damages against Shoprite for contract breach

After seven years of legal battle, a Lagos High Court, Igbosere has awarded the sum of $10 million against South African retail giant, Shoprite Checkers (PTY) Limited and its business partner, Retail Supermarkets Nigeria Limited for a breach of contract [...]

January 15, 2018 Business
Power Supply Nigeria

BUSINESS 2018 ‘Expect Electricity Tariff Increase’

The chief executive officer of Benin Distribution Company, BEDC, Mrs. Funke Osibodu has said that electricity tariff increase is inevitable and Nigerians should expect an adjustment which will come at any time. The present tariff structure she argued is not [...]

January 12, 2018 General, Power

Reps move against NNPC over fuel subsidy payment

Knocks await the Nigerian National Petroleum Corporation (NNPC) on Tuesday, next week, when the House of Representatives reconvenes.   The Maikanti Baru-led agency will be pummelled for illegally subsidising the pump price of fuel at billions of naira. Speaker Yakubu [...]

January 10, 2018 Oil & Gas

Only one out of nine storage facilities functional at Ejigbo Depot, says IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has decried the situation whereby only one storage tank out of nine installed at the Ejigbo Depot was working. It appealed to the Nigerian National Petroleum Corporation (NNPC) to rehabilitate all the [...]

January 8, 2018 Oil & Gas

Government to prosecute marketers selling petrol above N145

The Federal Government would prosecute any marketer that sells petrol above the recommended N145per litre, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has warned. Speaking yesterday during a meeting of the committee set up by government to [...]

January 6, 2018 Oil & Gas

WAIPEC 2018 to focus on driving oil, gas through innovative strategies

The second edition of the West African International Petroleum Exhibition and Conference (WAIPEC) 2018 will focus on new ventures in West Africa by driving oil and gas production through innovative strategies. The organisers of the conference have unveiled an overview [...]

January 5, 2018 Oil & Gas

Fuel scarcity: Marketers, FG finally agree on price

Fuel scarcity:  Oil marketers have agreed with the Federal Government to keep the pump price of petrol at N145 per litre. The marketers softpedaled on Wednesday, reversing their previous stance on the pricing of the product. The Chairman of the [...]

January 4, 2018 Oil & Gas

Senate flays presidency, fuel marketers seek tax holiday

The Senate yesterday condemned reports attributed to President Muhammadu Buhari’s Chief of Staff, Abba Kyari, suggesting that the failure to pay subsidy debts owed oil marketers was due to the chamber’s refusal to approve a loan request. In a statement, [...]

January 4, 2018 Oil & Gas

Abuja airport’s new terminal to gulp additional $400m

Minister of State for Aviation Hadi Sirika yesterday said the new Nnamdi Azikiwe International Airport terminal would cost additional $400million to be completed. Sirika who disclosed this while inspecting the new terminal expressed regretted that government was unable to keep [...]

January 3, 2018 Transportation

Nigeria’s Bonny Light crude oil hits $67.10 a barrel

The price of Nigeria’s Bonny Light crude oil reached $67.10 per barrel to emerge the highest priced product among members of Organisation of the Petroleum Exporting Countries (OPEC). Apart from Bonny Light crudes, other Nigeria’s oil grades such as Brass [...]

January 3, 2018 Oil & Gas

Buhari vows to deal with fuel hoarders who blackmail Nigerians

President Muhammadu Buhari has vowed to deal with those responsible for the fuel scarcity that inflicted severe hardship on Nigerians, especially during the yuletide. Buhari promised to probe the development, which he said was a “blackmail of all Nigerians,” and [...]

January 1, 2018 Oil & Gas

Fuel scarcity: Drop Petroleum Minister portfolio now – NANS warns Buhari

National Association of Nigerian Students, NANS, Zone B, has told President Muhammadu Buhari to disengage himself from the Ministry of Petroleum Resources as Minister. This is contained in a statement by zonal coordinator, Comrade Pedro Obi.  NANS noted that [...]

December 30, 2017 Oil & Gas

NLC gives condition for protest against fuel scarcity

The Nigeria Labour Congress (NLC) has vowed not to organise any protests against the current fuel crisis in the country until Nigerians are prepared to offer tangible support. Deputy President of the Congress, Peters Adeyemi, made this known yesterday in [...]

December 30, 2017 Oil & Gas

Green energy gets nod to establish LPG extraction plant in Niger Delta

The operator of the Otakikpo marginal field in OML 11, Green Energy International Limited has gotten the nod of the Federal Government to establish a Liquefied Natural Gas (LPG) extraction plant at Ikuru town in River state. The License to [...]

December 30, 2017 Economy

Why we subsidise petrol – Baru

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, yesterday said the corporation was subsidising fuel because government was not favourably disposed to having the pump price exceed the N145 per litre. Fielding questions from [...]

December 30, 2017 Oil & Gas

It’s shameful Buhari, APC cannot solve Nigeria’s fuel crisis – ADP

The Action Democratic Party (ADP) yesterday said it was a shame that President Muhammadu Buhari and the ruling All Progressives Congress (APC) cannot find lasting solution to the recurring incidence of fuel scarcity in the country. The ADP national chairman, [...]

December 29, 2017 Oil & Gas

Senate summons Kachikwu, Baru, others over fuel crisis

The Senate yesterday summoned the Minister of State for Petroleum, Ibe Kachikwu, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, and other industry stakeholders over the ongoing fuel scarcity. They are to appear before its [...]

December 29, 2017 Oil & Gas

Stranded Med-View passengers protest at Lagos, London airports

Scores of Med-View Airlines’ passengers yesterday staged a protest at the international wing of the Murtala Muhammed Airport, Lagos, over alleged rescheduling or cancellation of flights. The passengers, numbering about 200 were angered over the rescheduling of their Lagos-London and [...]

December 29, 2017 Transportation

NNPC owes Petrol marketers N800b

The Nigerian National Petroleum Corporation, NNPC is owing the Depot and Petroleum Products Marketers Association (DAPPMA) N600billion. Executive Secretary of the association, Mr Olufemi Adewole, revealed in a statement on Thursday, but the assurance of members readiness to help the [...]

December 29, 2017 Oil & Gas

I did not steal motorcycles – Innoson boss

The embattled Chairman of Innoson Group, Innocent Chukwuma, has faulted the fraud charge slammed on him and two others by the Economic and Financial Crimes Commission (EFCC). He also denied stealing containers of motorcycle spare parts and raw materials. Chukwuma, [...]

December 28, 2017 Technology

Motorists decry crisis as illegal vendors make fortune in FCT

As the effects of the lingering fuel scarcity bite harder on the citizenry, some unpatriotic Nigerians have made and still making huge fortunes from this unsavoury situation by vending the product at very exorbitant rates in the Federal Capital Territory. [...]

December 28, 2017 Oil & Gas

No fuel in our depots – DAPPMA

Depot and Petroleum Products Marketers Association, (DAPPMA) on Tuesday said none of its members have fuel in their depots and tanks nationwide. DAPPMA, disclosed this  in a statement signed by its Executive Secretary, Mr. Olufemi Adewole. He said  “While we [...]

December 27, 2017 Oil & Gas