Department of Petroleum Resources
Senator: NNPC’s audit report underscores readiness for transparency
Sen. Bassey Akpan, Chairman, Senate Committee on Petroleum Upstream, says the published Audited Financial Statement of the Nigerian National Petroleum Corporation (NNPC) is an indication of its readiness to ensure transparency in its operations. Akpan made this known while briefing newsmen in Abuja on Tuesday. “The recently published audited financial statement of the NNPC, also goes a long way to underscore the readiness of the new management under the GMD, Malam Mele Kyari, toward pursuing transparency, good governance and also accountability in the industry. “Nobody used to know what happens in the NNPC; but I think we are beginning to see results, and we can actually attest to the fact that this is in line with the new spirit. “I must commend President Muhammadu Buhari for the trust an...
Federal, states, local government share N606 billion for April
The three tiers of government on Friday shared about N606.196 billion as federal allocation for April 2020. Details of the allocation were contained in a Secretariat report released by the Office of the Accountant-General of the Federation at the end of the online meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja. The meeting was presided by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse. The communique showed the allocation included revenue from the Value Added Tax (VAT) collection, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Crude Oil Revenue. The breakdown of the allocations showed the federal government received about N169.831 billion, the states N86.140 billion, local government counc...
Nigeria drags Kase Lawal to court over $35 million debt
Nigeria has sued an oil exploration production company, ALLIED ENERGY PLC, owned by Texas-based billionaire Kase Luqmon Lawal to demand $35.7 million debt. The suit was filed at a Federal high Court in Lagos by the oil minister, which is President Muhammadu Buhari. The amount in question was for royalty on oil and gas production, concession rental and gas flaring penalty. In a statement of claim, assistant director, planning Division of the Department of petroleum resources Efe Bassey, alleged that Allied Energy PLC in receivership, in the course of it’s mainstream business, applied for and was granted an oil mining lease number 120(OML120) and oil mining lease number 121(OML121) for the exploration and production of petroleum oil and gas assets. Upon the grant of the aforesaid OMLS by min...
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