NUPRC, not delaying $1.3bn ExxonMobil assets deal By Ibrahim Musa There are indications that the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the regulator of Nigeria’s upstream oil sector, is not responsible for the alleged delay in granting consent to the sale of $1.3 billion ExxonMobil’s 40 percent stake in Mobil Producing Nigeria Unlimited, MPNU’s assets…
IMF Explains Rationale Behind Insistence on Fuel Subsidy Removal in Nigeria The International Monetary Fund (IMF) has provided insights into why it strongly advocated for the removal of fuel subsidies in Nigeria, a move that has sparked significant debate and controversy within the country. During the ongoing Spring Meetings of the IMF and World Bank…
FAAC Allocates N1.123 Trillion for March 2024 The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.123 trillion to the Federal, State, and Local Government Councils for the month of March 2024. This allocation was disclosed in a communique issued at the conclusion of FAAC’s April 2024 meeting. The distributed revenue of N1.123…
Nigeria Customs Slashes Exchange Rate for Import Duty The Nigeria Customs Service (NCS) has announced a reduction in the exchange rate for import duty collection, setting it at N1,147 per dollar compared to the previous rate of N1,238 per dollar. This latest adjustment reflects a decrease of N91.1 since the last revision made on April…
CNL Warns Against False Recruitment Information Chevron Nigeria Limited (CNL), the operator of the Nigerian National Petroleum Company Limited (NNPCL) and CNL Joint Venture, has issued a cautionary statement regarding the circulation of false recruitment information purportedly originating from CNL and Chevron Corporation. Reports have emerged of misleading job advertisements and fraudulent job offers being…
Shell Agrees to Supply Methanol to $3.8 Billion Brass Methanol Plant in Bayelsa In a crucial development for Nigeria’s energy sector, Ekperikpe Ekpo, the Minister of State for Gas, announced that the Federal government has secured an agreement with Shell (SHEL.L) to provide gas supply to its proposed $3.8 billion methanol plant in Brass, Bayelsa…
Federation Account Sees Significant Increase in Revenue, Over N7 Trillion Collected in Six Months The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has announced a substantial increase in revenue collection for the Federation Account. A total of N7.31 trillion was accrued between July and December 2023, reflecting a positive trend compared to the N5.244 trillion…
YEAC-Nigeria Launches Off-Grid Electricity Initiative for Niger Delta Communities In a bid to provide sustainable livelihoods and deter illegal oil activities, the Youth and Environmental Advocacy Centre (YEAC-Nigeria) has introduced solar-powered mini off-grid electricity to communities in the Niger Delta region. The unveiling of the YEAC-Nigeria Community Energy and Development Ltd/Gte in Port Harcourt saw…
Oil Prices Surge Amid Reports of Israeli Strike on Iran Oil prices soared on Friday following reports of a significant escalation in tensions between Israel and Iran, raising concerns about potential disruptions to oil supplies from the Middle East. Benchmark contracts experienced a sharp increase of over $3 before slightly retracting. As of 0615 GMT,…
PRESS RELEASE: NCDMB Lauds SNEPCO, Bayelsa Govt, as Digital Library Is Inaugurated at Niger Delta University The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe has commended Shell Nigeria Exploration and Production Company (SNEPCo) and the Bayelsa State Government for the completion and inauguration of a Learning Centre and…
