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Nigeria loses ₦2 billion daily to petrol smuggling

Nigeria loses ₦2 billion daily to petrol smuggling

September 9, 2019 2:38 am

The Nigerian National Petroleum Corporation (NNPC) has confirmed that the nation’s economy loses ₦2 billion daily to fuel smuggling.

This comes as the Federal Government said its border closure decision had led to a reduction in the demand for the product, even as prices for rice and frozen foods keep rising due to restricted supplies.

Indeed, the national oil company submitted that it had witnessed a significant drop in Premium Motor Spirit (popularly called petrol) evacuation from the depots since August 22.

There had been concerns about the nation’s daily fuel demand, especially when the amount used to offset subsidy …

BBC, Channels TV celebrate professional partnership

BBC, Channels TV celebrate professional partnership

September 4, 2019 9:20 am

Six months after a partnership for the co-production of’ “Gist Nigeria”, BBC and Nigeria’s Channels Television on Tuesday night in Lagos celebrated the programme’s success.

Gist Nigeria, a 30-minute studio show, inaugurated six months ago by BBC and Channels, focuses on stories behind the news, with original story telling and audience interaction.

Mr Jamie Angus, BBC’s Director of World Service group, said at the celebration ceremony that the partnership with Channels was the
first of such co-production in Africa.

Angus said that the BBC and the Channels shared the same commitment to promoting ambitious journalism.

He said: “We are particularly …

Breaking: MTN Nigeria closes shops nationwide

Breaking: MTN Nigeria closes shops nationwide

September 4, 2019 9:05 am

South Africa owned telecommunications giant, MTN has announced the closure of all its shops in Nigeria.

This may not be unconnected with the threat by some Nigerians to reciprocate the Xenophobic attacks on Nigerians in South Africa.

The News Agency of Nigeria (NAN) reports that there had been series of attacks on Nigerians and their businesses in South Africa.

An action which the minister of Foreign Affairs Geoffrey Onyeama says the South African government was not doing enough to quell.

The attacks by South Africans also led to an attempt by some Nigerians to raze some South African owned companies …

Nigeria’s crude oil production to witness 8 percent decline

Nigeria’s crude oil production to witness 8 percent decline

September 4, 2019 5:00 am

Nigeria’s crude oil production may witness a steady decline to approximately 7.93 per cent before 2025, a new research, conducted by U.S.-based Orbis Research has said.Being the same year Nigeria has targeted to increase oil reserve to about 40 billion and daily production to about three million barrels per day, the current revelation raises doubts over the achievement of the target.

Nigeria has been facing reduction in investments into the oil and gas sector due to unaddressed uncertainties in regulations, as well as growing security tension in the country.

The Nigerian Natural Resource Charter (NNRC), had earlier disclosed that Foreign …

How Nigeria loses over ₦1tr to defective building code

How Nigeria loses over ₦1tr to defective building code

September 3, 2019 1:57 am

Nigeria might be losing trillions of naira to the non-review and non-domestication of its national building code. The loss includes the cost of rescue operations and deployment of emergency equipment during building collapse, and the cost of building materials, and treatment of injuries.

Besides, over 309 deaths, preventable by a functional building code, have been reported following structural collapse in the last 10 years.

What is currently regarded as a national building code was bequeathed to the country by colonialists and is no longer applicable for modern-day construction.

A building code, also known as building control or building regulation, is …

NNPC reports $226m oil revenue drop in June

NNPC reports $226m oil revenue drop in June

September 2, 2019 10:15 am

Earnings from oil and gas production in June were down by 44.65 per cent, indicating a value reduction of about $226.38 million between May and June 2019, data from the Nigerian National Petroleum Corporation (NNPC) have shown.

NNPC, in its June 2019 monthly financial and operations report, stated that in May, the sales value of oil and gas production in Nigeria was $547.61 million. This, however, dropped to $321.23 million in June.

The full content of the report was posted on the NNPC webpage.

It said within the month under review, its under-recovery – a term it uses in place …

How Nigeria lost $9.6b gas contract award suit in UK

How Nigeria lost $9.6 billion gas contract award suit in UK

September 2, 2019 5:36 am

The Irish gas firm involved in the $9.6 billion asset controversy with Nigeria at the weekend blamed President Muhammadu Buhari’s government for the nation’s precarious situation in the matter.

According to P&ID, the current administration failed to take a conciliatory stance and was negligent in the processes leading to the confirmation of the award by the English Court.

A court in the United Kingdom had, two weeks ago, affirmed the right of P&ID to seize at least $9.6 billion (about N2.9 trillion in the official exchange rate of N305/$) of Nigeria’s assets as arbitration award because the country failed to …

$9.6bn judgement debt: Experts proffer solution to Nigeria

$9.6bn judgement debt: Experts proffer solution to Nigeria

August 31, 2019 4:51 am

Although the Federal Government is reportedly considering negotiating its way out of the $9.6 billion United Kingdom (UK) judgment debt, stakeholders in the oil and gas industry, including legal experts, yesterday discussed a multidimensional approach that may enable the government reverse or manage the judgment, which may cost the nation about N3 trillion.

While some legal experts called on the government to immediately file a stay of execution of the judgment, other stakeholders believed that the judgment could be re-negotiated, reduced and settled in a way of investment that would be beneficial to Nigeria and ease the level of impact …

Nigeria loses 22mb of crude oil in 6 months – Gov. Obaseki

Nigeria loses 22mb of crude oil in 6 months – Gov. Obaseki

August 30, 2019 8:36 am

Edo Governor,  Godwin Obaseki said the nation lost about 22 million barrels of its crude oil production to oil theft between January and June 2019.

Obaseki disclosed this in a statement issued by Mr Ndu Ughamadu, the Spokesman for the Nigerian National Petroleum corporation( NNPC) in Abuja on Thursday.

He said that if nothing was done to curtail the ugly trend, the figure could double by the end of the year.

The governor, also the Chairman of the Ad-hoc Committee of the National Economic Council on Crude Oil Theft spoke at a stakeholders meeting held at the NNPC towers .…

AfDB sets aside $25bn for Agriculture in Africa

AfDB sets aside $25bn for Agriculture in Africa

August 29, 2019 1:37 pm

The African Development Bank (AfDB), says it is currently investing 25 billion dollars to help make agriculture and agribusiness Africa’s biggest industry.

The statement by the bank’s Communication and External Relations Department on Thursday, said the AfDB’s president, Dr. Akinwumi Adesina made the disclosure at the ongoing Tokyo International Conference of African Development (TICAD) in Japan.

Adesina said the reason was not far-fetched and predicted that the size of food and agriculture would rise to one trillion dollars by 2030.

According to him, a lot of progress has been made in this renewed drive to transform agriculture on the continent.…

Africa unite

African leaders to invest $1 trillion on infrastructure

August 26, 2019 9:41 am

African nations are targeting to invest $1 trillion over the next 10 years to bridge the worrisome infrastructure gap on the continent.

This is as the Executive Chairman of the Federal Inland Revenue Service

(FIRS), Mr Tunde Fowler revealed that effective 2020, Nigerian banks will commence charging Value Added Tax (VAT) on local and foreign transactions.

The infrastructure funding, which will spring from a plethora of onshore and offshore investors will see the continent extracting its Value Added Tax (VAT) from the investments to address other concerns.

The Executive Secretary, African Tax Administration Forum (ATAF), Mr Logan Wort made the …

Kenya ships first-ever export of crude oil

Kenya ships first-ever export of crude oil

August 26, 2019 8:56 am

Kenya exported its first-ever batch of crude oil Monday, with President Uhuru Kenyatta declaring the shipment of 200,000 barrels a “special moment” in the country’s history.

The president unfurled the Kenyan flag aboard a tanker at the Indian Ocean port of Mombasa that will be carrying the oil to Asia.

“There are special moments that mark a turning point in the destiny of our nation,” Kenyatta said at the ceremony.

“The first export of crude oil by our nation, therefore, marks a special moment in our history as a people and as a country.”

The maiden shipment was purchased for …

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