The United Kingdom’s Serious Fraud Office, on Monday, said two former top executives of a collapsed oil company, Afren Plc, were sentenced to up to six years in prison after they were found guilty of fraud and money laundering offences over a $300m business deals in Nigeria. Afren, an oil and gas exploration and production…
The Nigerian Navy said its men have begun an investigation and search and rescue operation for the 11 crew of MV Pomerania Sky, a container ship. The men were kidnapped in the attack by pirates, operating off-Lagos. A Navy spokesman said an update would be provided soon. Pirates boarded the container ship off the coast…
By Irina Slav Iraq should be exempted from United States sanctions against Iran because of the heavy reliance of the former on the latter for gas and electricity supplies, a senior Iraqi official told a Kuwaiti newspaper, as quoted by news agency Mehr. “Iraq is connected to Iran given the longest common borders, high trade…
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) is to pay about $8 billion in arbitration claims to some of its Production Sharing Contractors (PSC). Group General Manager, Corporate Planning and Strategy (CP& S) of the Corporation, Mr. Bala Wunti, disclosed this in the 2018 quarter two publication of the NNPC. PSC was…
Depot and Petroleum Products Marketers Association (DAPPMA), said on Sunday, that unpaid subsidy arrears of over N650 billion by the Federal Government posed huge financial challenges to the downstream operations. DAPPMA Executive Secretary, Mr Olufemi Adewole, told the News Agency of Nigeria (NAN) in Lagos that the settlement of the debts owed them would save…
The lack of timely investments in building the LNG carrier fleet threatens market development and security of supply, which could materialize earlier than insufficient liquefaction capacity, Keisuke Sadamori, Director of the Office for Energy Markets and Security at the International Energy Agency, said earlier this week. The Paris-based energy watchdog’s comments come against the backdrop…
By Nixar Manek A self-declared republic in Somalia asked Ethiopia to reroute its nascent oil and gas exports via a proposed new pipeline, challenging Djibouti’s long-held plans for a conduit. The overture from Somaliland comes as Ethiopia begins exploiting an estimated 8 Tcf of natural gas and test-drilling for oil in its restive east. It’s…
Genera Manager, Engineering Services of Ajaokuta Steel Company, Babajide Suru, says another $652million would be required to complete the project. The Punch has reported. Suru also disclosed that about $6billion has already been sunk into the project, which puts it at 95 per cent completion. He disclosed this while briefing newsmen at the weekend, when…
By Martin Tillier Out of context, it seems slightly ridiculous, but many trading decisions come down to what I refer to as the “magic number” theory. Whether said number is derived from a complex calculation or simple observation, the fact is that a lot of trades are based on the belief that proximity to a…
Esther Abiola -Lagos In a bid to solve the problem of insufficient power in the nation’s private sector, the vice president, Professor Yemi Osinbajo has commissioned a 1.5Megawatt independent power project at the Sura shopping complex in Lagos. According to him, the project, which has the full support of the Federal Government through its energising…
