Barely a month after the pipeline vandals were dislodged in Ogun and Lagos creeks by the military through aerial bombardments, they again regrouped and attempted to invade some areas in Lagos. The vandals were said to have attempted to storm areas like Igando, Iba, FESTAC Town and Monkey village through the waterways, simultaneously, but they were repelled by the superior … Read More
Lack of Investors’ Confidence Responsible for Economic Challenges – LCCI
The Lagos Chamber of Commerce and Industry, LCCI, yesterday, blamed the current lull in Nigerian economy on inability to regain the confidence of investors, both local and foreign, which had resulted in uncertainty in foreign exchange market. Director General, LCCI, Muda Lawal, who stated this in his comment on the state of the economy, said: “Regrettably, the instability and inconsistency … Read More
UK to Receive First Cargo of Lagos Oil in September
The much anticipated first ever crude oil export cargo from the Aje field, offshore Lagos, will be shipped to the United Kingdom in September. Following the commencement of the first oil production at the Aje field in May 2016, Panoro Energy, the London-based energy firm in partnership with operator Yinka Folawiyo Petroleum Company Limited (YFP), announced in July that the … Read More
Crude Oil Production Commences Outside the Niger Delta Basin
The federal government has said that four of the five oil wells discovered in Badagry legitimately belong to Lagos State, for which the state would be entitled to 13 per cent derivation from the Federation Account. However, it disclosed that Aje 3 oil well falls beyond the 200-mile isobaths and therefore cannot be legitimately attributed to the state. The Chairman … Read More