Author Archives: steph

Africa’s richest man arranges $4.5 bln of financing for oil refinery

  Africa’s richest man, Aliko Dangote, has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020, he told Reuters.   Dangote, who built his fortune in cement, is building the world’s largest single oil refinery with capacity of 650,000 barrels per day […]

How to protect Nigeria’s oil industry as a critical national asset

  The Spy Policemen, who have blockaded the Company’s Corporate headquarters and official residential quarters in Lagos and Eket respectively since their disengagement on July 13, 2018, claim they were dismissed without entitlement after a Supreme Court judgement in their favour. ExxonMobil has made several official statements to the effect that they fully complied with […]

We Were Entitled to Only N58bn of CBN’s Power Sector Fund

  The electricity distribution companies (Discos) have said the Central Bank of Nigeria (CBN) reserved just about N58.45 billion or 27.75 per cent of its N213 billion power sector intervention fund for the Discos, while the balance went to generation companies (Gencos) and gas suppliers.     The Discos also alleged that despite the federal […]

Appear next week or face arrest, Senate tells NNPC, IOCs

  THE Senate yesterday asked the Nigeria National Petroleum Company, NNPC, as well as oil and gas companies involved in the execution of the Obite-Ubeta-Rumuji (OUR) and North Option Pipeline (NOPL) Gas Pipelines Projects to appear before it to explain the astronomical cost of completing the two major gas pipeline projects by Ethese companies. Subsequently, […]

Nigeria’s fuel consumption: Wilderness of unknowns

  When the Nigerian National Petroleum Corporation (NNPC) stated the other day that daily consumption of Premium Motor Spirit (petrol) in the country is unknown due to smuggling of the product into other West African countries, there could not have been a better way to illustrate how shrouded in various mysteries operations in the oil […]

OGTAN appeals to NNPC to spearhead in-country trainings

  To boost local capacity building in the oil and gas sector and other technical discipline, the Oil and Gas Trainers Association of Nigeria (OGTAN) has called on the Nigerian National Petroleum Corporation (NNPC) to champion the cause of retaining local trainings in country instead of imposing on oil companies to train abroad.   The […]

Market competition in Nigeria

  Pedro Omontuemhen, partner and Africa oil and gas industry leader at PwC Nigeria, talks to TOGY about the outlook for the country’s downstream sector, natural gas development and competition for investment in the region. International accounting and consulting firm PwC’s involvement in Nigeria includes performing assurance, consulting and tax services for many international oil […]