Category: Business News

By Oke Peter Oil search in the nation’s inland basins received a fresh impetus following the commencement of exploration activities in the Benue Trough by the Nigerian National Petroleum Corporation (NNPC).  Group Managing Director of the Corporation, Dr. Maikanti Baru, announced this development during a visit to the Governor of Nasarawa State, Alhaji Umaru Tanko…

Oando Plc has obtained an ex-parte order from the Federal High Court (FHC)  restraining the Nigerian Stock Exchange (NSE) from implementing a technical suspension of its shares. The company’s Head, Corporate Affairs, Mrs Alero Balogun, disclosed this on Tuesday that the ex-parte order was obtained on October 23. Balogun said the order also restrained the…

By Oke Peter CNOOC Limited has announced its key operational statistics for the third quarter of 2017. In a statement made available to newsmen on Wednesday by the company, for the third quarter of the year, the Company has achieved a total net production of 116.2 million barrels of oil equivalent (“BOE”), representing a decrease…

The management of the Ibadan Electricity Distribution Company (IBEDC) has reiterated that it is fully committed to metering all her customers in the shortest possible time future. As part of this commitment, the company has metered over 300,000 customers across its coverage area. In Ogun state, it has metered about 70,000 customers with over 23,000…

By One Peter The Organisation of Petroleum Exporting Countries (OPEC) Secretary General, Mohammad Sanusi Barkindo, has sent a letter to the Secretary General of the United Nations (UN), HE António Guterres, in which he congratulated the UN family on UN day. The occasion has offered an opportunity to reflect on the success of OPEC’s cooperation…

By Oke Peter The Nigerian Association of Energy Economics (NAEE) said the Nigerian government will need estimated 1.6 billion dollars to complete critical infrastructure in generation, transmission and distribution of power between 2017 and 2020. The President of the association, Professor Wumi Iledare disclosed this in Abuja to mark the 2017 World Energy Day with…

By Oke Peter Vice-President Yemi Osinbajo on monday in Jakarta, Indonesia, said Nigeria was yet to overcome the consequences of the shady award of OPL 245 to Malabu Oil and Gas Limited in 1998. Osinbajo made the remark while addressing the conference on beneficial ownership organised by the Extractive Industries Transparency Initiative (EITI). Malabu, which…

By Oke Peter An international coalition that promotes public debate on the reforms in the extractive sector, Publish What You Pay, has disclosed that the Nigerian National Petroleum Corporation (NNPC) is still not transparent enough despite the various reforms introduced by the Federal Government to make the corporation accountable to Nigerians. According to the report,…

By Oke Peter The Federal Ministry of Power, Works, and Housing, the Nigerian Electricity System Operator (NESO) and Transmission Company of Nigeria (TCN), have contradicted one another over how much power Nigeria currently generates and transmits. NESO is a semi-autonomous sector under TCN, responsible for operating the transmission system, while TCN was recently transferred back to…

By Oke Peter The Organisation of Petroleum Exporting Countries’ Non-OPEC producing countries’ Joint Ministerial Monitoring Committee (JMMC) has disclosed that based on the report of its Joint Technical Committee (JTC) for the month of September 2017, OPEC and participating Non-OPEC producing countries have achieved a record high conformity level with the voluntary production adjustments, reaching…