Against clamour from both major marketers and independent marketers for full deregulation of the petroleum industry, expert in the industry have called on the Federal Government to disregard plans, saying such actions could trigger more hardship for the citizens as well as the economy. This call was made at the 6th Emmanuel Egbogah Legacy Lecture Series, themed: Managing Petroleum Revenue … Read More
Federal Government Sues Agip and Total for $635m
The Federal Government is demanding $635 million from two multinational oil companies, Agip and Total, for undeclared crude oil shipped out of the country between 2011 and 2014. Two cases have been filed at the Federal High court in Lagos by senior lawyer and Senior advocate of Nigeria, Professor Fabian Ajogwu, who had handled several cases for the Federal Government … Read More
FG Stops Customers From Buying Transformers
The federal government has ordered electricity Distribution companies (Discos) to stop customers from buying transformers, saying that is the Discos’ responsibilities. The Minister of Power, Works and Housing, Babatunde Fashola, issued the order when he received the new Managing Director of Abuja Electricity Distribution Company (AEDC), Mr Ernest Mupwaya, yesterday. He said: “Private purchase of transformers must stop because that … Read More
FG Okays Loans From World Bank, China, Japan.
The Federal Government has approved plans for external loans from the World Bank, China and Japan. It specifically said Nigeria would take loans from institutions such as the World Bank, African Development Bank, Japan International Cooperation Agency, and Export-Import Bank of China, Bloomberg reported on Thursday. This will include low-cost and long-term loans with interest rates of 1.25 per cent … Read More
FG Targets 70% Petroleum Products Export – Ibe Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has restated government’s commitment to increase petroleum products exports by 70 per cent as a measure to earn more foreign exchange. Kachikwu, who made this commitment during his maiden visit to the Department of Petroleum Resources (DPR), said government is preparing a robust policy document that is focused on repositioning … Read More