FORMER Nigerian National Petroleum Corporation (NNPC) managing director Andrew Yakubu has been acquitted by an Abuja high court of a $9.8m corruption charge brought against him by the Economic and Financial Crimes Commission (EFCC).
In February 2017, Mr Yakubu was arrested after the sums of $9.8m and £74,000 were recovered...
NIGERIAN airline operators are now going to be given licences by the Nigerian National Petroleum Corporation (NNPC) to enable them import aviation fuel to prevent them folding as a result of domestic shortages.
Over recent weeks, Nigeria has been reeling from the effects of a chronic shortage of petroleum products including...
AIR Peace chairman Allen Onyema has warned that all local airlines operating within Nigeria will have to shut down their operations in three days time as a result of the ongoing fuel scarcity.
Over recent weeks, Nigeria has been plagued by a chronic shortage of petroleum products like petrol, kerosene and aviation fuel....
NIGERIA'S justice minister and attorney-general Abubakar Malami could soon be summoned before the House of Representatives over his role in ordering a commercial bank to convert petro dollars into naira before remittance in breach of government policy.
Apparently, Mr Malami instructed Keystone Bank to remit part of the $136m...
PAN Niger Delta Forum (Pandef) leader Chief Edwin Clark has rejected the recently-passed Petroleum Industry Bill (PIB) saying the new piece of legislation only gave oil host communities 3% of the revenue accrued against their requested 10%.
Last week, Nigeria's National Assembly passed the long-awaited PIB, which among other...
AFRICA'S richest man Alhaji Aliko Dangote has expressed concern about plans by the Nigerian National Petroleum Corporation (NNPC) to purchase a 20% stake in his newly-opened Lekki refinery.
A 650,000 barrels per day integrated refinery and petrochemical project, the Dangote refinery in the Lekki suburb of Lagos costs $12bn...
STATE-owned oil conglomerate the Nigerian National Petroleum Corporation (NNPC) has expressed an interest in purchasing a 20% stake in the new Dangote Refinery that has just been commissioned in Lagos State.
Due to be a 650,000 barrels per day integrated refinery and petrochemical project, the Dangote refinery in the Lekki...
NIGERIA'S economy has enjoyed a minor boost after global crude oil prices rose to almost $70 a barrel amid signs that the world economy is slowly picking up resulting in increased petroleum product consumption.
As a result of the coronavirus pandemic, oil prices collapsed but over the last year, they have gradually rallied...
NIGERIA spent a total of $1.32bn on the importation of petrol and other petroleum derivatives in 2020 according to recent data just published by the Central Bank of Nigeria (CBN) despite being the world's sixth largest crude oil exporter.
Historically, Nigeria has produced 2.5m barrels of crude oil a day, the bulk of which...
NIGERIA'S finance minister Zainab Ahmed has dismissed recent claims by Governor Godwin Obaseki of Edo State that the federal government printed N60bn ($157m) to help fund the 2021 budget saying such allegations were not only untrue but unfortunate.
Last week, Governor Godwin Obaseki of Edo State reported that Nigeria was in...
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