Precious Nwonu, Enugu Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has criticised the Federal Government over the high cost of petrol, questioning the management of revenues following the removal of fuel subsidy. Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, said Nigerians were now … [Read more…]
The House of Representatives Public Accounts Committee has opened an investigation into outstanding regulatory debts owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority by the Nigerian National Petroleum Company Limited and oil companies, with liabilities under review put at ₦432.07bn. The investigation followed findings in the Auditor-General’s annual audit reports on unpaid petroleum-related … [Read more…]
NNPC Limited remains the Concessionaire of the assets in line with extant laws and regulations. The Nigerian National Petroleum Company (NNPC) Limited has taken over the assets of Addax Petroleum Development (Nigeria) Limited. This is coming three months after the execution of the Addax Transfer, Settlement, and Exit Agreement (ATSEA) for the PSC Oil blocks, … [Read more…]
The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria ended 2022 as Africa’s largest oil producer. According to OPEC, Nigeria in the month of December recorded a four percent increase in oil production to 1.235 million barrels per day, from 1.186 mb/d in November 2022. While on Year-on-Year, YoY performance, the nation’s oil … [Read more…]
Justice E. A Obile of the Federal High Court sitting in Port Harcourt, Rivers State on Tuesday sentenced one Sa’adu Isa to two years in prison for dealing in petroleum products without licence. Isa was given summary judgement after he pleaded guilty in the case brought against him by Economic and Financial Crimes … [Read more…]
The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded a total of ₦158.04 billion from the sales of white products in the month of October 2020. The Corporation disclosed this on its October Monthly and Financial Operation Report (MFOR) in Abuja, on Thursday. … [Read more…]
The sustained increase in global crude oil prices has pushed up the landing cost of imported petrol closer to the current pump prices of the product in Nigeria, and appears to have triggered a return to petrol subsidy era, ’FEMI ASU reports Since November 13, 2020 when the pump prices of Premium Motor Spirit … [Read more…]