Oil

Oil marketers demand forex from govt, else…

Following the payment of a total of N48.2 billion as arrears of outstanding 2015 subsidy claims to oil marketers, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has asked the government to make foreign exchange available so they can import fuel. The marketers made their request in a meeting which was chaired by the Minister... Read More

Featured, The News Blog

adeosun, Finance, Kemi, Marketers, Oil, subsidy

Just in: Nigeria’s GDP is the lowest in 25 years

by Chi Ibe The Nigerian Bureau of Statistics (NBS) today issued Nigeria’s gross domestic product (GDP) Report, and it doesn’t have good news. The countries GDP, sum total of economic activities, crashed to its lowest since 1991 in the first quarter of this year. According to the NBS, the country’s economy crashed to a 25-year... Read More

1991, economy, GDP, gross national product, manufacturing, NBS, Oil, Power, Yemi Kale

Opinion: Not on fuel subsidy, Buhari!

“The royalists of the economic order have conceded that political freedom was the business of government, but they have maintained that economic slavery was nobody’s business.” – Franklin D. Roosevelt, 1936 President Buhari was in faraway London to attend an Anti-Corruption Summit when the British Prime Minister, David Cameron, made a statement that Nigeria and... Read More

Buhari, drown, Fuel, international, Kachikwu, nigeria, Oil, subsidy

Morning Devotion: Chibok Girl found/rescued, NLC strike flops & Lagos strikes oil

Something good happened yesterday. One of the over 200 abducted girls was rescued yesterday regardless of every other thing that came with the release. Joachim Mac-Ebong, in the episode, celebrates the good news but then gets serious on deeper issues such as the NLC strike action and Lagos oil strike. Take a listen. https://soundcloud.com/user-437826269/podcast-for-may-19th

Featured, The News Blog

chibok, Girl, joachim macebong, Kachikwu, lagos, NLC Strike, Oil, rescued, strike

Nigerian militants

New militant group wants Biafra leader, Nnamdi Kanu and Dasuki released in 2 weeks or else…

The Niger Delta Avengers apparently are not the only group angry at President Muhammadu Buhari and threatening to destroy pipelines and shut down Niger Delta operations. A new group, Egbesu Mightier Fraternity yesterday issued a 2-weeks ultimatum to the Federal Government to release leader of the Indigenous People of Biafra, Nnamdi Kanu and embattled former... Read More

Avengers, Buhari, Chevron, force, Militants, Niger Delta, Oil

Opinion: Feyi Fawehinmi reviews Buhari’s one year of handling the economy

by Feyi Fawehinmi *This is the third of a 3-part series Let us first set out the marking scheme. Anti-corruption carries 15 marks. Security carries 15 marks. The Economy carries 70 marks. To pass this exam, you must score 40 marks at least. Yes, because a bad economy cannot reduce corruption or insecurity — it must necessarily... Read More

2019, Buhari, central bank of Nigeria, economy, Godwin Emefiele, Marketers, markets, nigeria, nnpc, Oil, Osinbajo, subsidy

“It simply doesn’t work” | British Foreign minister disagrees with Buhari’s Niger-Delta strategy

In the wake of the increased vandalism of oil installations and pipelines by militant group, the Niger Delta Avengers, and the Presidency’s decision to quell the violence with more violence, the British Foreign Minister Philip Hammond, on Saturday, called on the Nigerian President to consider alternative actions. “The idea that your answer is by moving... Read More

Militants, Military, nigeria, Oil, pipeline, uk, violence

‘They are looking for an excuse to burn our town down’- Tompolo’s townsmen cry out

The Gbaramatu Traditional Council has raised alarm that the Nigerian Army are just looking for an excuse to burn down the Oporoza community after about 30 heavily armed soldiers invaded the town in search of pipeline bombing militants. Oporoza is the traditional headquarters of Gbaramatu kingdom, the hometown of ex-militant boss, Government Ekpemupolo also known as Tompolo.... Read More

Avengers, Chevron, clean up, government, Niger Delta, Oil, spill, Tompolo

NLC says you guys should stockpile food in preparation for national shut down

The National Labor Congress, NLC and the Trade Union Congress, TUC have been breathing fire out of their mouths since the Federal Government announced the removal of the subsidy on petrol. The unions had announced that a nationwide strike action would be carried out on Wednesday, May 18 to protest against the seeming insensitivity of... Read More

Buhari, Fuel, government, Labour, Oil, subsidy, TUC, union, wabba

This is why fuel price is up – Vice President Osinbajo just confused everyone

You thought the sharp increase in fuel prices was due to ‘fuel subsidy removal’. Well, someone made a different case just this evening. Vice President Yemi Osinbajo has written a letter to Nigerians attempting to explain why the subsidy placed on petrol was removed by the Federal Government on Wednesday, May 12. The vice president,... Read More

Featured, The News Blog

Buhari, life, Oil, president, price, subsidy

Reno Omokri always has something to say, and so he has attacked #OccupyNigeria protesters

Former social media aide to ex-president Goodluck Jonathan and founder of Mind of Christ Christian Center, Reno Omokri has attacked the #OccupyNigeria protests which erupted in January 2012 following the announcement of the removal of subsidy by the Federal Government on the first day of the year. Reno’s attack is a reaction to the recent... Read More

#OccupyNigeria, nigeria, nnpc, occupynaija, Oil, pppra, Reno Omokri, subsidy, subsidy regime

Oby Ezekwesili takes a stand on why #OccupyNigeria was more than about fuel subsidy

Following the removal of the subsidy placed on petrol by the Federal Government on Wednesday, May 11, many Nigerians have taken a bitter trip down memory lane to January 2012 when the Goodluck Jonathan administration announced the removal of subsidy. Millions of Nigerians had trooped to the street to protest against removal using the tag... Read More

#OccupyNigeria, nigeria, Oby Ezekwesili, occupynaija, Oil, petrol, subsidy, twitter.

‘Economic terrorists’, ‘supervillains’; Niger Delta Avengers strike again

As if dealing with the scourge of the terrorist sect, Boko Haram and the rampaging Fulani herdsmen is not enough for the country, a new group of militants has reared its head in the Niger Delta. The group, which tagged itself ‘Niger Delta Avengers’ has claimed responsibility for the bombing of pipelines that link both Warri... Read More

Avengers, Chevron, Militants, Niger Delta, Oil, superheroes

Dangote Group to become largest producer of cement, oil and gas in Africa

“The only way we can help the continent is to be self-sufficient and also export. What we have been able to achieve is that in the next two years, Nigeria will be the highest exporter of cement,” says Africa’s richest man and chairman of Dangote Group, Aliko Dangote. Dangote, who revealed this while receiving the... Read More

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cement, Dangote, largest producer, Oil

‘Corruption is when you appoint people to do what they’re not capable of’ – Emir of Kano

The Emir of Kano Muhammadu Sanusi II, on Sunday, has described the inability of Nigeria to save money from oil revenue when the cost of the product was high and the accompanying wastage of public funds – as a huge disservice to the next generation. This is coming on the heels of last week’s disclosure... Read More

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corruption, emir, nigeria, Oil, sanusi

Unremitted N3.2trn: ‘Audit report is erroneous’ – NNPC

The Nigerian National Petroleum Corporation has reacted to the alleged N3.235 trillion that was not remitted to the federation account in 2014. In a statement released on Wednesday, March 16, by Isiaka Abdulrazaq, Group Executive Director and Chief Financial Officer of NNPC, it was revealed that the report of the Auditor-General of the federation (AuGF)... Read More

audit, forensic, Fuel, nnpc, Oil

Dangote to generate 12,000 megawatts for Nigeria

The richest African alive and also president of Dangote group, Aliko Dangote has predicted that his business estate would start selling foreign exchange to the Central Bank of Nigeria by 2020. Speaking at The Nigeria Summit hosted by The Economist, Dangote stated that the problems facing the Nigerian economy should not be blamed on the... Read More

Featured, The News Blog

billionaire, economy, generation, nigeria, Oil, Power

February 29, 2016

‘Price of crude oil to rise to $50 per barrel’ – Ibe Kachikwu

Despite the falling price of crude in the international market and the disagreement among the members of the Organisation of Petroleum Exporting Countries (OPEC), the Nigerian Minister of Petroleum Resources, Ibe Kachikwu, has stated that the price of crude will rise to $50 per barrel in the next few days. The minister stated this while... Read More

50, Kachikwu, Oil, OPEC

February 29, 2016

Opinion: Buhari’s futile quest for oil in the North and the promise of diversification

The Nigerian government led by President Muhammadu Buhari allocated a whopping sum of 39.4 billion naira (almost $200 million) for oil exploration in the Lake Chad basin in the proposed 2016 budget. While presenting the budget before the National Assembly last December, the president assured Nigerians that the 2016 budget is unlike any other before... Read More

diversification, economy, north, Oil

February 25, 2016

Opinion: Nigerian leaders and the curse of oil boom

From all indications worldwide, the era of the petroleum boom is over. The era started in the opening years of the last century, the years of the great discoveries that have shaped the modern world – namely electricity (and its applications in lighting, radio, television and, ultimately, the computer), the internal combustion engine (and its... Read More

dubai, nigeria, Oil, Petroleum

February 24, 2016

‘Purchase of 25 exotic cars’ | Why EFCC arrested PDP chieftain, Uche Secondus

Deputy National Chairman of the PDP, Elder Uche Secondus who has been in the custody of the Economic and Financial Crimes Commission since Tuesday, February 23. He’s reportedly being quizzed about an alleged fleet of 25 exotic cars bought for top officials of the Peoples Democratic Party by the promoter of Atlantic Energy Concepts Limited,... Read More

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corruption, deals, EFCC, Oil, scam, trial

February 23, 2016

Buhari turns down Saudi Arabia’s offer to join ‘coalition of Islamic states against terror’

President Muhammadu Buhari has rejected the offer given to Nigeria by Saudi Arabia to join forces as a coalition of Islamic states against terrorism. President Buhari jetted out to Saudi Arabia on Monday, February 22 to meet with King Salman Bin Abdul-Aziz in bilateral talks in the bid to stable the plummeting price of oil.... Read More

boko haram, Oil, saudi arabia, terrorism

February 8, 2016

Past leaders stole N900 billion in the search for oil in Northern Nigeria – Shehu Sani

Nigeria has reportedly spent over N900 billion in the search for crude oil in the North. Senator Shehu Sani, Chairman, Senate Committee on foreign and domestic debts has declared the the money spent on the search for oil in the Northern parts of the nation, was wasted. Speaking to the members of the Kaduna State... Read More

crude, economy, Oil

February 4, 2016

Niger Delta pipeline bombers ‘arrested by JTF’

Nigeria troops operating in the Niger Delta region, on Thursday, disclosed that they have arrested suspected bombers of oil installations and pipelines within the region. The Joint Task Force operation, code named ‘Operation Pulo Shield’, made the revelation through the Commander, Maj-Gen. Alani Okunlola, in a statement signed by the Coordinator, Joint Media Campaign Centre,... Read More

militancy, Niger Delta, Oil, pipeline

December 15, 2015

FG to remove oil subsidy, petrol may sell for N97 per litre

The argument on whether or not to remove the subsidy has been ongoing for a long time as the price of crude oil in the international market continues its downward plummet. Hard times loom for Nigerians as the Federal Government has yielded to pressure to remove the subsidy on fuel next year. This is coming as... Read More

2016, brent price, Federal Government, fuel scarcity, nnpc, Oil

December 13, 2015

Is Nigeria truly broke? See how much the country made and spent in the past few months

According to the Medium Term Expenditure Framework and Fiscal Strategy Paper (2016-2018) sent by the president to the National Assembly, the Federal Government has spent N3.42tn out of the total N4.493tn spending approved in the 2015 budget in nine months. The spending of the government in the last nine months have largely been on recurrent expenditures while... Read More

Buhari, economy, Federal Government, Finance, fiscal, Ministry of Finance, money, naira, Oil, revenue

December 8, 2015

World Bank to Buhari: ‘This is the best time to remove fuel subsidy’

President Muhammadu Buhari has been advised by the World Bank to act now if his government is seriously in removing fuel subsidy. The Buhari government had initially intimated Nigerians on its plan to remove fuel subsidy which led to an ongoing debate as well as vehement rejection from the National Labor Congress. The World Bank’s Lead Economist, John Litwack, said... Read More

More, The News Blog

Buhari, economy, fuel subsidy, Oil, Petroleum, World Bank

November 18, 2015

These are the Nigerians who made Forbes’ 50 richest Africans list

Forbes has released a list of the top 50 moneybags in the continent. Trust Nigerians to be well represented on the list. Here are the Nigerians that made the top 50 list. Holding down the number one spot is Aliko Dangote. He is worth $16.7 billion and is into cement, sugar and flour business. Sitting comfortably on... Read More

Adenuga, Dangote, forbes list, Oil, otedola, richest africans

September 2, 2015

NNPC vows to end oil theft in 8 months

The Nigerian National Petroleum Corporation, has promised to end oil theft in the country, within the next 8 months. Group Managing Director of the NNPC, Dr Emmanuel Kachikwu disclosed that the corporation has put in place measures to eradicate the stealing of oil as well as to punish the perpetrators. Kachikwu said this on Tuesday,... Read More

Ibe Kachikwu, nigeria, nnpc, Oil, Oil theft

Buhari says politicians involved in illegal oil deals will be prosecuted

President Muhammadu Buhari has said the federal government is looking into evidences that would lead to the arrest and prosecution of some former ministers and other government officials believed to be corrupt. Buhari said this at the Nigerian Embassy in Washington while answering questions at an interactive session with Nigerians in the Diaspora. He lamented that... Read More

.US, arrest, Buhari, ministers, nigeria, Oil, Washington

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