Govs Accuse NNPC of Non-remittance of Full JV Proceeds for Five Years

  The Nigeria Governors’ Forum (NGF) thursday in Abuja accused the Nigerian National Petroleum Corporation (NNPC) of short-changing the country by failing to remit to the entire joint venture proceeds from the sale of crude oil to the Federation Account for a period of five years.   Briefing State House correspondents after a closed-door meeting […]

Petrol scarcity pushes Nigeria’s daily consumption to 55m litres

  According to the Nigerian National Petroleum Corporation (NNPC), Nigeria’s daily petrol consumption has gone up to 55 million litres from the 35 million litres that it used to be due to petrol scarcity in the country and smuggling across its borders, The Punch reports.   The NNPC in a statement also explained that at […]

Oil prices rise to $70 on strong economy amid OPEC cuts

  Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia.     Oil pipeline Spot Brent crude oil futures, the international benchmark for oil prices, were at 70 […]

NLPGA to partner regulatory agencies on safety as DPR probes Lagos gas explosion

  The Nigeria Liquefied Petroleum Gas Association (NLPGA), the umbrella body for the LPG industry in Nigeria, is collaborating with government regulatory agencies to prevent the incidence of explosion in gas plants across the country. Besides, the Department of Petroleum Resources (DPR), said it has commenced an inquest into the fire incident that claimed two […]

Oil prices rise attracting foreign investors, says Afrinvest

The upturn in commodity prices, impressive performance in the oil sector, and adoption of pro-market forex reforms by the Central Bank of Nigeria (CBN) have made Nigeria’s financial market attractive to investors, Afrinvest (West Africa) Limited has said.   Speaking during the release of its 2018 Outlook for the Nigerian Economy and Financial Market in […]

Senate raises alarm over NNPC’s alleged N42b illegal account

The Senate has indicted the Nigeria National Petroleum Corporation (NNPC) of allegedly operating a N42. 005 billion illegal account. The account, according to Senator Dino Melaye, (APC Kogi West), who raised the alarm through a point of order is being operated by NNPC and some expatriates in the oil industry under the name of a […]