Business

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 …

First Bank Holdings, Nigeria’s oldest bank, a battle of titanic proportions is brewing over the single largest shareholder of the bank. First Bank Holdings in its audited accounts for 2023 puts Femi Otedola, the bank’s chairman, as the single largest shareholder with a 9.41 percent stake in the financial institution. However, data from the Central Securities Clearing System (CSCS), the …

WE’VE NOT FIXED OUR PETROL PRICE – DANGOTE REFINERY Reports had claimed that oil marketers projected that petrol from Dangote Refinery and Petrochemical would be sold at N600 per litre. However, Anthony Chiejina, group chief branding and communications officer of Dangote Group, said the Independent Petroleum Marketers Association of Nigeria (IPMAN) is not its business partner yet. “We have never …

TOP TEN LARGEST OIL REFINERIES IN THE WORLD Top 10 Largest Oil Refineries in the WorldOil refineries are large plants where crude oil is turned into products like gasoline, diesel, and kerosene. Each refinery handles a different amount of oil daily, with some processing hundreds of thousands of barrels. The oldest refining techniques were developed by the Chinese and Persians. …