The Central Bank of Nigeria (CBN) has asked a Lagos High Court to dismiss a suit brought before it by MTN Nigeria, seeking to stop the bank’s directive to it (MTN) to return to the coffers of the apex bank, $8.1billion alleged to have been improperly repatriated by the telecom firm and unpaid taxes of…
The Governor of CBN, Mr. Godwin Emefiele, has said that the apex bank may alter the $8.134 billion fines imposed on MTN Nigeria for illegal repatriation of funds from the country. Reuters quoted Emefiele as saying this yesterday in London. “I don’t think it will be staying at $8.1 billion. This issue will be dealt with…
Polish oil refiner PKN Orlen expects to receive a first ever shipment of Nigerian crude oil next month, its CEO said, as Poland seeks to reduce its reliance on Russian supplies. State-run PKN Orlen, Poland’s biggest refiner, and smaller rival Lotos, which it is taking over, rely mostly on Russian oil delivered via pipelines built…
The Standards Organisation of Nigeria (SON) has commenced the certification phase of Techno Oil LPG cylinders, a crucial process in the anticipated roll out of cylinders from Nigeria’s flagship indigenous LPG manufacturing plant. The certification process is part of the Mandatory Conformity Assessment Programme of SON, the high point of processes required for Techno Oil…
The massive investment that Pan Ocean, a leading indigenous oil and gas sector player has made in its Amukpe-Escravos Pipeline Project (AEPP) is set to begin to pay off in 2019 and beyond as the project enters completion stage. The 67-kilometer pipeline project was jointly initiated by state-owned oil company, the Nigerian National Petroleum Corporation…
Hopes have been reignited that a 40-year treaty signed 17 years ago for a Joint Development Zone (JDZ) between Nigeria, and Sao Tome & Principe, may become economically viable going by the level of renewed efforts by the countries. Such efforts will lead to further review of the commercial viability of over 500 million barrels…
Shipments of West African oil to Asia are set to hit a two-month high in October as Chinese refineries scramble for alternatives to Iranian crude before U.S. sanctions take effect on Nov. 4. Other buyers across Asia and Europe have also said they would cut back on purchases of Iranian oil, unleashing a burst of…
AIM-listed Sirius Petroleum, the Nigeria-focused oil and gas development and production company, has decided, by mutual agreement with COSL, to abrogate its agreement with COSL for the supply of a jack-up rig for the drilling programme on the Ororo field, OML 95. Sirius has sourced and signed an agreement with Shelf Drilling to supply its Adriatic I jack-up rig which is scheduled…
Bonny7JV (B7JV), a UK-based joint venture led by KBR, JGC and TechnipFMC have awarded a $10 million contract to NDIC, a Nigerian-based consortium lead by Netco, DeltaAfrik, IESL and Crestech for design services. The signing took place recently in Lagos at the FMDQ OTC securities exchange. It would be recalled that B7JV was awarded an LNG FEED contract by…
The Managing Director, Nigeria Electricity Management Service (NEMSA), Engr. Peter Ewesor Thursday explained why some electricity meters were rejecting low voltage. Ewesor, who is the Chief Electrical Inspector of the Federation, said that the meters were programmed to reject low current in order to avoid damage to the appliances the current was supposed to power….
