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NERC suspension order: IBEDC gets temporary reprieve

By Energy Worth Ibadan Electricity Distribution Company Limited, IBEDC, Monday got a temporary reprieve from the 21 days ultimate order given to it by the Nigerian Electricity Regulatory Commission, NERC within which to dissolve its present Board of Directors. Ruling in a case with suit no: FHC/ABJ/CS/665/18 between Ibadan Electricity Distribution Company Plc (IBEDC) &…

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World Bank, NNPC, finance ministry probe petrol consumption figure

The World Bank, Federal Ministry of Finance and the Nigerian National Petroleum Corporation (NNPC) have commenced investigations to determine the actual volume of Premium Motor Spirit, popularly known as petrol, being consumed in the country. According to the Chief Operating Officer, Downstream, NNPC, Henry Obih, the National Executive Council has directed the corporation to work…

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World Bank to support Nigeria on human capital, energy, others

The World Bank approved today seven projects to support Nigeria’s investment in nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion. “The Federal Government of Nigeria’s Economic Recovery and Growth Plan identifies human capital investment, restoring growth, and building a competitive…

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Oil magnate, Batista bags 30 years imprisonment

By Irina Slav One of Brazil richest men, Eike Batista, has received a 30-year prison sentence for bribes given to the former governor of Rio de Janeiro, Sergio Cabral, Reuters reports, citing a federal court document. Cabral was also convicted. The federal court found Batista—whose business was mainly in oil and metals—guilty of paying US$16.5…

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NNPC advocates recourse to capital market funding

The Nigerian National Petroleum Corporation (NNPC) is set to hit the Capital market to fund its new projects which include the NNPC/NAOC JV Idu-Re-development, South Gas Project, North Gas Project and Central Gas Project. Group Managing Director of the corporation, Dr. Maikanti Baru, made this disclosure at the ongoing Nigeria Oil and Gas Strategic Conference…

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