Energy
Malabu scandal: Italian court acquits Eni, Shell of corruption
Getty Images An Italian court has acquitted Shell and Eni of corruption charges in the $1.1 billion OPL 245 deal in Nigeria. Marco Tremolada, the judge, delivered the decision on Wednesday. Italian prosecutors had alleged corruption in the deal while campaigners said the Nigerian government was short-changed. After years of trial, the court in Milan has now determined that Shell and Eni are not guilty of the the charges. Get more stories like this on Twitter You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Gani Adams: Pan-Yoruba Congress is work in progress
File Photo The Aare Ona Kakanfo of Yorubaland, Iba Gani Adams, on Wednesday, restated his beliefs in the unity and progress of the Yoruba nation, maintaining that with the success of the Pan Yoruba congress, there is no doubt that the unity of the Yoruba nation’s is a collective project and it is surely, a work in progress. Speaking at the Pan Yoruba Congress held at Mapo Hall, Ibadan, Oyo state, Iba Adams said the gathering is geared towards focusing the race’s energy and strengths in securing the Southwest against criminal race, and also strategise in bolstering southwest’s agric and economic prospects. The Yoruba generalissimo also added that Congress offered a bigger platform for all groups to meet minds and discuss the way forward for the Yoruba nation. His words: “Today’s event is a ...
Grammy: Young Nigerians redefining global music space – APC
The All Progressives Congress (APC) has congratulated Nigerian Afrobeat star, Damini Ogulu popularly known as Burna Boy, and hip hop artist, Ayodeji Balogun musically known as Wizkid, for winning awards at the 63rd 2021 Grammys held in Los Angeles, United States of America. The National Secretary of the Caretaker/Extraordinary Convention Planning Committee, Senator John Akpanudoedehe, in a statement issued yesterday, said the awards crowned the efforts of Nigerian superstars such as Fela Anikulakpo Kuti and others, who were the main progenitors of Afrobeat/Afropop that has become the mainstream music all over the world. According to Akpanudoedehe, “As a party, we are immensely proud that the country’s musical stars are leading the pack of young Africans who are redefining the global music ...
Petrol pump price: DPR monitors Lagos filling stations
The Department of Petroleum Resources (DPR) says it has intensified surveillance of filling stations in Lagos State to ensure compliance with the approved pump price band for Premium Motor Spirit (PMS). Mr Ayorinde Cardoso, Zonal Operations Controller, DPR, Lagos, made this known after an inspection visit to some petrol stations located in Ikoyi, Victoria Island and Lekki areas of the state. Newsmen report that the Federal Government had on March 12 denied the increment of petrol to N212 per litre and had directed marketers to revert to the old price regime. Cardoso said the seven petrol stations inspected were selling fuel to customers between N162 to N165 per litre which was the approved price band. “This surveillance visit is part of our regular function and we are coming out today to c...
Electricity customers fault DisCos move to phase out obsolete meters
Electricity consumer groups on Thursday faulted directive by the Nigerian Electricity Regulatory Commission (NERC) to power Distribution Companies (DisCos) to replace obsolete meters under their networks. The groups in an interview with newsmen in Lagos, urged the DisCos to focus on issuing meters to unmetered customers under the ongoing National Mass Metering Programme of the Federal Government. Adeola Samuel-Ilori, the National Coordinator, All Nigeria Electricity Consumers Forum, said the directive by NERC was not a priority for the Nigerian Electricity Supply Industry. “The DisCos have a history of not complying with NERC’S directive and giving them power to take away customers meters under the guise of being obsolete is not the right way to go. “This will only lead to more customers b...
Eko DisCo explains outage in Badagry
The management of Eko Electricity Distribution Company (EKEDC) has attributed the outage in Badagry and its environs to early downpour, which destroyed over 20 electric poles along Agbara-Badagry expressway. The General Manager, Corporate Communications, EKEDC, Mr Godwin Idemudia, said on Thursday in Lagos that the March 8 morning rainfall caused serious damage, which damaged the company’s installation in the area. Idemudia said fallen poles had been removed and the company’s technical team was already working hard resolve the problem. The general manager assured residents that electricity supply would be restored to the affected communities after the repair. According to him, the affected areas in Badagry town, Ajara communities, Vrekete, Cele Keta, Poshukor, Zogbakame, Finayon, Vetho, Iy...
Court refuses to unblock Shell’s bank accounts
Getty Images Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos on Tuesday declined to vacate an interim injunction directing 20 banks to block Shell Petroleum Development Company of Nigeria (SPDC) and its subsidiaries’ bank accounts. The court also insisted that two of the banks’ secretaries and chief financial officers accused of disobeying the order made on January 25, 2021 must appear before it on March 29, 2021. The affected banks and their officials are: Citi Bank Ltd, its Company Secretary Sola Fagbure and Chief Financial Officer, Sharaf Mohammed; United Bank For Africa (UBA) Plc, its Company Secretary Bill Andrew Odum and Chief Financial Officer, Ebenezer Kolawole. The judge threatened to issue a warrant of arrest against them if they failed to appear before her on the ...
Minister: PIB will address production sharing contracts issues on gas
The Minister of State for Petroleum Resources, Chief Timipre Sylva, says the Petroleum Industry Bill (PIB) currently before the National Assembly will resolve the issues under the Production Sharing Contracts (PSC) on gas. Sylva made this known at a National Assembly Public Hearing organised by the Joint Committee on Gas Resources, Petroleum Resources, Upstream and Downstream, on Monday, in Abuja. The hearing was on the topic: “Inclusion of Gas Terms in Production Sharing Contracts by the Nigerian National Petroleum Corporation (NNPC).” He said that issues on gas terms was not captured under the PSC especially with the commercial aspect. “Issues on gas terms was not captured in the PSC because at the time, the offshore was just a frontier territory, today, it is no longer frontier, it is a...
NGA chief: Nigeria’s gas reserve can sustain West African market
Nigeria has abundant gas resources which, if harnessed, will meet the energy demand of over 350 million people and the industrial needs in the West African sub-region. According to the newly inaugurated president of the Nigeria Gas Association (NGA), Ed Ubong, “Nigeria, which ranks as the 9th largest gas reserve in the world and clearly the largest in West Africa, needs to develop this resource base and connect the existing local supply and demand with physical and virtual pipeline infrastructure, while also exploring closer integration of roads, seaports and rail infrastructure.” Speaking, at the just concluded NGA’s 12th International Conference and Industry Awards in Lagos last week, Ubong who is also the managing director, Shell Nigeria Gas Limited, however, advocated an improved inves...
PIB: Rivers governor supports allocation of 10 per cent oil revenue to host communities
Rivers State Governor, Nyesom Ezenwo Wike, has advocated not less than 10 percent fund allocation to host communities in the Petroleum Industry Bill that is still before the National Assembly. Governor Wike said it is also necessary that the bill state in clear terms what specific development projects that the allocated fund should be spent on, so that development of host communities can be truly actualised. The governor gave the charge when the members of the National Assembly Committee on the Petroleum Industry Bill, visited him at Government House, Port Harcourt, on Thursday. Governor Wike stated that oil bearing communities have suffered the loss of their livelihood, good drinking water and their socio-cultural life disrupted because of the insensitivity of the International Oil compan...
Bayelsa governor: 2.5% revenue for host communities ‘unacceptable’ to Niger Delta
Gov. Douye Diri of Bayelsa on Tuesday proposed that 10 per cent of derived oil revenue be provided in the Petroleum Industry Bill (PIB) for the host communities. Mr Diri, in a statement by his Chief Press Secretary, Daniel Alabrah, said this on Tuesday during a townhall meeting on the bill with members of the National Assembly in Yenagoa. The governor said the 2.5 per cent revenue proposed for the host communities in the PIB was grossly inadequate and unacceptable to the people of the Niger Delta. He argued that if the National Assembly members saw firsthand the level of environmental degradation and its attendant effects on the people, they would not hesitate to increase it from 10 per cent. Mr Diri stressed that the PIB was critical in addressing issues such as unemployment, lack of tran...
Energy firms’ bank debts rise to N5.94 trillion
The debts owed to Nigerian banks by oil and gas operators as well as power companies in the country rose to N5.94tn at the end of 2020 from N5.25tn in December 2019. The N5.94tn represents 29.16 per cent of the N20.37tn loans advanced to the private sector by the banks as of December, according to the sectoral analysis of banks’ credit by the Central Bank of Nigeria. Oil and gas firms, which received the biggest share of the credit from the banks, increased their debt by N600bn to N5.18tn in December 2020 from N4.58tn in December 2019. The debt owed by power firms to the banks rose to N763.22bn in December 2020 from N671.45bn in December 2019, the CBN data showed. Oil firms operating in the downstream, natural gas and crude oil refining subsectors owed N393tn as of December, up from N3.42t...
