firms

FG Unveils 270 Mining Licences, 56 Oil Firms’ Owners

December 13, 2019 5:20 am

There is no more hiding place for the real owners of crude oil and gas and mining assets in Nigeria as the Nigeria Extractive Industries Transparency Initiative, NEITI, has finally begun unveiling the extractive sector Beneficial Ownership Register for Nigeria on Thursday.

The disclosure began with the unveiling of the real owners of 270 licences in the mining sector, the owners of 61 assets and 56 companies in the oil and gas sector.

Speaking at the launch of the extractive sector Beneficial Ownership Register for Nigeria, the Executive Secretary of NEITI, Mr. Waziri Adio, said the register was a way …

Oil

NCDMB Urges Oil Firms To Prepare For Automation Of Rigs

December 2, 2019 6:38 am

The Nigerian Content Development and Monitoring Board (NCDMB) has advised firms in the oil and gas industry to brace up for the full automation of operations at oil rigs.

The Executive Secretary of NCDMB, Simbi Wabote, said this in Port Harcourt, at the foundation laying ceremony of PE Energy Centre of Excellence at Trans Amadi Industrial Layout.

Wabote, after inspecting facilities under construction at the centre, noted that most players in the industry employ about 100 people in each rig today.

He, however, said with advancement in technology and trends in the industry, most rigs would run on full automation …

Oil

Revealing Owners Of Oil Firms Is Anti-Corruption Measure

December 1, 2019 3:53 am

The extractive industry in Nigeria is one of the most opaque industries, often shrouded in secrecy. A recent announcement by NEITI that it will make public names of big players in the oil and gas sector may put an end to the opacity by opening a beneficial ownership register. NEITI’s Executive Secretary, Mr. Waziri Adio, speaks to that in an interview with Nosa James-Igbinadolor 

NEITI announced it will open a beneficial ownership register for the oil and gas industry as soon as mid-December. What exactly does the register entail?

The register is designed to ensure ownership transparency. The quest …

How 2 UK firms outsmarted Nigeria with Yar’Adua on sick bed

How 2 UK firms outsmarted Nigeria with Yar’Adua on sick bed

August 18, 2019 12:02 pm

The several months late President Umaru Yar’Adua spent on the sick bed prior to his demise on May 5, 2010, paved the way for Process & Industrial Developments Limited (P&ID), a tiny natural gas company to hoodwink the federal government into allegedly signing a gas supply and processing agreement (GSPA) which may cost the country a whopping $9 billion following last week’s British Commercial Court ruling, THISDAY findings have shown.

If the judgment is executed and the aforementioned amount is to be paid, the UK firm might walk away with 20 per cent of Nigeria’s external reserves, which stood at …

China to impose sanctions on US firms in Taiwan arms sale

China to impose sanctions on US firms in Taiwan arms sale

July 12, 2019 9:28 am

China on Friday said it would impose sanctions on US companies involved in a potential arms sale worth $2.2 billion to self-ruled Taiwan — a move that has infuriated Beijing.

“The US arms sale to Taiwan has severely violated the basic norms of international law and international relations,” said Chinese foreign ministry spokesman Geng Shuang in an online statement.

“In order to safeguard national interests, China will impose sanctions on US enterprises participating in this sale of weapons to Taiwan,” he said.

The planned weapons sale, the first transfer of big-ticket United States military gear to democratically-governed Taiwan in decades, …

Nigeria, others lose $1tr yearly to untidy firms’ ownership

Nigeria, others lose $1tr yearly to untidy firms’ ownership

June 12, 2019 12:46 am

The Nigeria Extractive Industry Transparency Initiative (NEITI) yesterday said secret ownership of companies, especially in the oil, gas and mining sectors, was costing Nigeria and other developing countries about $1 trillion yearly. The revelation comes as the December 31, 2019 deadline for the most populous black nation to implement the Extractive Industry Transparency Initiative (EITI) beneficial ownership standard approaches.

Though it was acknowledged that efforts were being made by the Department of Petroleum (DPR), NEITI, Mining Cadastre Office as well as other key ministries and government agencies to sanitise the industry, stakeholders, at a workshop in Port Harcourt, have, however, …

NNPC: Nigeria daily oil production reaches 2.3mbpd – Baru

132 firms offer to buy 14 cargoes of Nigerian crude monthly

May 2, 2019 12:52 pm

132 local and international companies on Thursday offered to buy 14 cargoes of Nigerian crude oil monthly in the Nigerian National Petroleum Corporation (NNPC) 2019/2020 Direct Sale and Direct Purchase bid opening ceremony in Abuja.

The Group Managing Director (GMD) Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, who presided over the opening, said that the corporation would receive about 14 billion litres in a year as exchange for the crude.

“Well, we are looking about 14 cargoes a month kind of situation and about 14billion litres of in a year of products,” he said.

He said the occasion marked …

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