Business

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 …

NIGERIAN GOVT BEGINS SALE OF CRUDE OIL IN NAIRA TO DANGOTE REFINERY OCTOBER The President Bola Tinubu-led Nigerian government has announced that the sale of Crude Oil to Dangote refinery in naira will commence on October 1. This was posted on the official X (formerly twitter) handle of the Federal Ministry of Finance on Monday. “The Honourable Minister of Finance …

NNPC DECLARES N3.3 TRILLION PROFIT FOR 2023 AMIDST FUEL SCARCITY The Nigerian National Petroleum Company Ltd (NNPCL) has achieved a profit after tax of N3.3 trillion for the 2023 financial year. On Monday, Chief Pius Akinyelure, Chairman of the NNPC Ltd Board, disclosed this news during a media briefing. Akinyelure, pioneer Vice Chairman of Nigeria’s ruling party – the All …

Barely 10 months after a court overturned $11 billion damages against Nigeria in the controversial Process & Industrial Developments (P&ID) deal, the federal government is facing another legal battle involving a Chinese firm, Zhongshan Fucheng Industrial Investment Co. Limited, which is seeking to enforce a $70 million arbitration award against Nigeria.  But does the federal government stand a chance of …

WHY FUEL IS EXPENSIVE – IPMAN The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the cost of buying 45,000 litres of a truck of fuel has risen from N9.6million to currently between N34 million and N36 million at the depots of private owners. The Chairman, IPMAN, NNPC Depot, Ore Western Zone of Nigeria, Engineer Shina Amoo, also …

Nigeria was awash with news recently about the quantum leap in the quantity of fuel imports from Malta after revelations by Aliko Dangote, chairman of Dangote Petroleum Refinery.In 2023Nigeria’s petroleum importation from Malta surged significantly to $2.8 billion, compared to zero between 2017 and 2022, and a mere $13.32 million in 2016.Mele Kyari, the group chief executive officer (GCEO) of …

NNPC DISCOVERS 63 ILLEGAL REFINERIES The Nigerian National Petroleum Company Limited (NNPCL) has announced the discovery and confiscation of products from 63 illegal refineries in the past week. The development was revealed in a documentary released by the oil company on Wednesday, which highlighted the ongoing battle against crude oil theft in the country. According to the NNPCL, a total …

NNPC OPENS UP AS OPEC DATA DISPUTES TINUBU’S 1.6M BARRELS PER DAY OIL PRODUCTION CLAIM The Nigerian National Petroleum Company claims that there has been a notable improvement in Nigeria’s crude oil production It credited ongoing military operations against pipeline damage and oil theft for this development According to data from OPEC, Nigeria produced 1.386 million barrels of oil on …

AGAIN, PORT HARCOURT REFINERY FAILS TO MEET COMMENCEMENT DATE The Port Harcourt Refining Company, a refinery under the management of the Nigerian National Petroleum Company Limited in Rivers State, has again failed to commence operations after about six postponements. It was observed that promises made to Nigerians by the Federal Ministry of Petroleum Resources and NNPC about the refinery have …