Business

NNPCL TO HAND OVER WARRI, KADUNA REFINERIES TO PRIVATE OPERATORS The Nigerian National Petroleum Company Limited says it is seeking to engage reputable and credible Operations and Maintenance companies, to operate and maintain the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company. This was disclosed in a statement on Friday on its official social media handle. …

BOOST FOR DANGOTE REFINERY OVER CRUDE OIL WAR WITH IOCs Africa’s richest man, Alhaji Aliko Dangote, has brushed off local and international oil-producing firms’ resolve to starve his mega refinery of the much-needed crude feedstock, Business Hallmark can report. According to findings, the mega oil refinery, the largest single-train refinery in the world, is gradually overcoming the initial obstacles mounted …

WE’LL CLOSE ANY FILLING STATION SELLING FUEL AT N1,000 PER LITRE – NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has threatened to take action against filling stations selling Premium Motor Spirit (PMS) above the approved price. The agency regretted that it received reports of some stations operated by independent marketers are selling PMS for N900 and N1000 …

PETROL HIKE IMMINENT AS GOVT, DANGOTE REFINERY CONCLUDE CRUDE OIL DEAL The Federal Government’s committee, established to facilitate crude oil sales to local refineries in naira, is set to discuss the pricing of Premium Motor Spirit (PMS) from the Dangote Petroleum Refinery, scheduled for release in September 2024, as reported by Punch on Monday, August 26,2024.Sources within the oil industry …

NNPC HAS NO FUNDS TO FIX OLD PIPELINES – HEINEKEN LOKPOBIRIThe Federal Government has declared that the Nigerian National Petroleum Company Limited does not have the funds required to rebuild old pipelines.The Minister of State for Petroleum Resources, (Oil), Heineken Lokpobiri, stated this at the just concluded Energy and Labour Summit 2024 organised by the Petroleum and Natural Gas Senior …

FIRST BANK SACKS 100 WORKERS OVER ALLEGED FRAUD First Bank has terminated over 100 employees and imposed an embargo on their accounts due to alleged fraud involving approximately N40 billion. The bank’s actions are part of an effort to address the significant financial misconduct. The N40 billion alleged fraud at First Bank was uncovered when a customer complaint led to …

NNPC FAILS TO ADDRESS KEY ISSUES ABOUT TINUBU’S INVOLVEMENT IN OVH DEALThe Nigerian National Petroleum Company Limited (NNPC Ltd) on Thursday said President Bola Tinubu is not involved in the OVH Energy Marketing Limited acquisition deal. How ever, NNPC Ltd’s statement by its chief corporate communications officer, Olufemi Soneye, on Thursday failed to address the key issues raised about the …

DANGOTE REFINERY TO COMMENCE PETROL SUPPLY IN SEPTEMBER Dangote Petroleum Refinery is undergoing test runs for petrol production, with full operation expected to commence by mid-September, Reuters is reporting. Citing a note by IIR Energy, an oil industry monitor, the publication on Wednesday said the date could be extended further. According to the report, IIR said in a note to …

CONTROVERSY OVER NNPC’S DECISION TO TRANSFER ALL RETAINED ASSETS TO TINUBU’S NEPHEW The Nigerian National Petroleum Company Limited (NNPCL) has transferred all its retained assets to OVH Energy Marketing Limited, the operator of Oando Petroleum and a company owned by President Bola Tinubu’s nephew Wale Tinubu. The NNPCL can now transfer its Retail ownership and assets to OVH following a …

TINUBU’S SON, SEYI, LEBANESE FRIEND, OWN COMPANY AWARDED $13B LAGOS -CALABAR HIGHWAY CONTRACT The Chagoury brothers’ company, Hitech Construction Company Ltd., recently received a contract to build a 700-kilometer coastal highway in Nigeria without a public bidding process.Leaked documents reveal that the son of Nigeria’s president co-owned an offshore company with the son of billionaire brothers Ronald and Gilbert Chagoury.The …