OIL MARKETERS CRY OUT OVER 2BIL DOLLARS BANK DEBT

•Thousands of jobs on the line •Banks reject requests Oil marketers are set to send thousands of workers away – unless the Federal Government pays its debts. The debts are owed on importation of petroleum products, accrued interest on loans from banks and exchange rate differential. Major Oil Marketers Association of Nigeria (MOMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Products Marketers Association (DAPPMA)  and  Independent Petroleum Products Importers (IPPIs), in a joint communiqué yesterday after a meeting in Lagos, said many marketers and oil companies were…

Read More

EX MINISTER BARTH NNAJI FAULTS RENO OMOKRI, SAYS HE RESIGNED AS MINISTER

A former Minister of Power, Professor Bart Nnaji, has condemned a statement by the former aide to ex-President Goodluck Jonathan on new media, Reno Omokri, that he was fired over allegation of corruption. Nnaji told newsmen in Lagos that he resigned honourably from the Jonathan administration to protect his integrity and without any corruption allegation. His words: “If you want to defend your boss, defend your boss correctly with facts. Do not go to impugn people’s character in order to defend your boss. I have not made any statement against…

Read More

CHINESE BANKS TO FINANCE OIL PROJECTS IN NIGERIA SAYS NNPC GMD

Okechukwu Nnodim, Abuja The Nigerian National Petroleum Corporation on Friday announced that Chinese banks had made commitment to finance oil and gas projects in Nigeria. The NNPC Group Managing Director, Maikanti Baru, who disclosed this when a delegation of the Nigerian Gas Association paid him a courtesy visit in Abuja, recalled that Chinese organisations had recently committed $250m to some projects following a financing agreement signed in London. In a statement by the spokesperson of the corporation, Ndu Ughamadu, the GMD was quoted as saying, “On that occasion, I did…

Read More

I DIDNT WASTE 11 TRILLION POWER SECTOR MONEY – JONATHAN

Former president, Goodluck Jonathan, has reacted to report that his administration alongside that of Olusegun Obasanjo and Umaru Musa Yar’Adua wasted money from the power sector. In a statement signed by Reno Omokri on Thursday, August 10 and shared by the former president on his official Facebook page, Jonathan said while he cannot speak for his predecessors, he can provide his own angle. In the statement, it was argued that Jonathan could not have wasted such money but instead saved the country more money from the privatisation. Read the statement…

Read More

-PHOTO: EFCC ARRAIGNS EIGHT SUSPECTED OIL THIEVES

The EFCC today, August 1st, arraigned eight suspected oil bunkerers before Justice H.I. Oshoma of the Federal High Court sitting in Port Harcourt, Rivers State on a 2-count charge, bordering on conspiracy and dealing in petroleum products without a licence. The suspects: Christian Nwankoafor (Captain); Solomon Avwenaghagha; Egwiniwin Felix; Anthony Onyenedum; Bassey Akpan; Ezra Njoku, Moses Jonah and Imeh Michael, were arraigned with their vessel: MT Rockfish. They were arrested by the Nigerian Navy Pathfinder, around Jonny River, Port Harcourt, Rivers State, on 24 March and 20 April, 2017 for suspected…

Read More

FG AWARDS OIL BLOC LICENCE TO ONDO STATE, READ WHY

The federal government of Nigeria has awarded an oil block licence to Ondo state government for bitumen exploration The state government has also signed a memorandum of understanding with an agricultural company for the planting of rice in over 5,000 hectares of land Governor Akeredolu announced that the state has also signed an MoU with ministry of Niger/Delta and NDDC for the funding of 50km Araromi road in Ilaje LGA of the state to Ibeju/Lekki, Lagos In efforts to diversify the economy and boost the country’s foreign exchange, the federal…

Read More

NNPC ASKS REPS TO INVESTIGATE DPR OVER IMPORT OF ADULTERATED KEROSENE INTO THE COUNTRY

Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) has asked an investigative committee of the House of Representative Committee on Petroleum Resources (Downstream) to shift its investigations on the influx of adulterated kerosene into the Nigerian market to the Department of Petroleum Resources (DPR), the petroleum industry’s regulator. Speaking at a recent two-day public hearing by the committee to address the challenges hampering kerosene availability and use in Nigeria, the Group Managing Director of NNPC, Dr. Maikanti Baru, said the NNPC was only a market player and not…

Read More

NIGERIAN REFINERIES NOW PRODUCING 60% KEROSENE CONSUMED LOCALLY NNPC

Okechukwu Nnodim, Abuja The Nigerian National Petroleum Corporation on Sunday said that its refineries in Port Harcourt, Warri and Kaduna were now supplying 60 per cent of the Dual Purpose Kerosene being consumed in the country. This, it said on Sunday, was in line with the 2019 target date by the Federal Government to stop the importation of petroleum products. A statement by the corporation quoted the Group Managing Director, NNPC, Dr. Maikanti Baru, as stating this at a two-day public hearing of the House of Representative Committee on Petroleum…

Read More

OPEN MARKET PRICE OF PETROL NOW 148 NAIRA PER LITRE SAYS BUREAU OF STATISTICS

The Nigeria’s downstream petroleum industry lost about N884.8 million in seven days to the high cost of importing Premium Motor Spirit (PMS), also known as petrol, resulting from a differential of N3.16 per litre. PHOTO: GOOGLE.COM/SEARCH Import differentials result in N884.8m losses weekly The Nigeria’s downstream petroleum industry lost about N884.8 million in seven days to the high cost of importing Premium Motor Spirit (PMS), also known as petrol, resulting from a differential of N3.16 per litre. Besides, Nigeria’s crude oil production, excluding condensate increased by 168,800 barrels per day…

Read More

NNPC OWING CAPITAL OIL 16BIL SAYS IFEANYI UBAH

The Chairman of Capital Oil, Ifeanyi Ubah, on Thursday disputed claims that he was owing the Nigerian National Petroleum Corporation N11 billion. Ubah made the disclosure at the ongoing public hearing organised by the House of Representatives Committee on Petroleum Downstream. The committee is investigating the alleged disappearance of 82 million metric litres of petrol belonging to NNPC that was stored at Capital Oil tank farm in Lagos. Ubah said that instead, the national oil corporation was owing him N16 billion. According to him, NNPC blew the entire incident out…

Read More