By Oke Peter The nation’s power generation fell to a record low on Tuesday following the collapse of the national grid on Monday night. Data from the Nigeria Electricity System Operator (NESO), an arm of the Transmission Company of Nigeria (TCN), stood at 1,675MW as of 6.00 am on Tuesday. “System disturbance: This is to…
A High Court of the Federal Capital Territory (FCT) in Jabi has ordered the arrest of two former ministers – Mohammed Adoke (Justice) and Deazia Louya Etete (aka Dan Elete) (Petroleum Resources). The News Agency of Nigeria (NAN) has reported. Also to be arrested are Raph Wezels, Casula Roberto, Pujato Stefeno and Burrato Sebastino, who…
Damilola Shittu with Agency Report The Senate, Wednesday bowed to President Muhammadu Buhari’s positions on Petroleum Industry Governance Bill (PIGB) and six others he had vetoed, reviewing and passing them in accordance with the observations and recommendations of the president. The president had, exercising his powers under the 1999 Constitution, refused assent to the PIGB,…
A New York-based Natural Resource Governance Institute (NRGI) yesterday stated that the financial reports of the Nigerian National Petroleum Corporation (NNPC) do not contain systematic financial information that would enable the Federal Government to demand for accountability in its operations. In its latest report titled: ‘Resource Governance Index: From Legal Reform to Implementation in Sub-Saharan…
By Tsvetana Paraskova The United States sanctions on Venezuela’s oil industry have tightened the global heavy to medium crude oil market, sending oil buyers scrambling for alternatives to the heavy Venezuelan oil. Refiners in the United States and Europe have started to replace Venezuela’s oil with some of the crudes produced closer to their home,…
Damilola Shittu – Abuja The Federal Government has given its nod to three firms to proceed with the financial bids opening in the bid to acquire Afam Power Plc, an electricity generation company. It has also given approval to one firm, Quest Electric Nigeria Limited, to proceed with financial bid opening for Yola Power Plc,…
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) says it has reduced cash call arrears owed to international oil companies, its Joint Venture partners, by $1.5bn. The corporation has cash call arrears of $5.1bn. Group Managing Director of NNPC, Dr Maikanti Baru, said this at the 12th National Conference of the Nigerian Association…
Agency Report The Minister of Finance, Mrs. Zainab Ahmed has disclosed that the federal has commenced discussion with the World Bank with a view to take a $1 billion loan for the development of the power sector. Also, Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, has said that the current foreign…
Construction of a US $75m liquefied petroleum gas (LPG) plant in Liwatoni area of Mombasa, a coastal city in Kenya, has commenced. According to the Construction Review, the onshore storage and filing facility, whose construction works shall be overseen by Mansa East Africa Ltd, a two firms’ joint venture by US company Petredec and Kenya’s…
The managing director of the Transmission Company of Nigeria (TCN), Usman Mohammed, has revealed that the company has begun the execution of a $170 million power transmission project called the Abuja Feeding Scheme. Mohammed said TCN targets to build five new transmission substations under this programme, which will be built over a period of 24…
