Tag: Oil companies

Oil companies reject mandate to sell crude to ?angote

Aminu Imam
IOCs on ?angote

President Bola Tinubus directive to the Nigerian National Petroleum Company Limited (NNPCL) and other oil producers to sell crude oil to ?angote Refinery and other upcoming refineries in naira may come to naught. Tinubu had on July 29 directed NNPCL as well as oil majors like Mobil, Shell, Total and others to sell crude oil to the ?angote Refinery. This is to ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate. The owner of the Dangote Refinery, Aliko ?angote and other local refineries had…

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Forex Market: Oil companies resume dollar sales to banks

Aminu Imam

The Central Bank of Nigeria (CBN) has permitted International Oil Companies (IOCs) to resume the sale of US dollars to banks in a move aimed at injecting liquidity into the Investors & Exporters (I&E) foreign exchange market. Developments in the foreign exchange market yesterday suggest that the restriction placed on the IOCs from selling dollars to dealing with member banks had been lifted, according to a source familiar with the matter. We expect this to inject additional liquidity into the Investors & Exporters window and help address the existing backlog…

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“NNPC N6trillion fuel subsidy is a fraud” – Customs Boss, Hameed Ali

Aminu Imam

…Says over 38m litres of petrol leave Nigeria daily The Comptroller-General of Nigerian Customs Service (NCS), Hameed Ali, yesterday faulted the over N6 trillion allegedly being paid as fuel subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, in 2022 fiscal year by the Nigerian National Petroleum Company (NNPC) Limited. The Customs Boss, who disclosed this while defending the NCS presentation on the 2023-2025 Medium-Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP), held at the instance of the House Committee on Finance, chaired by Hon. Abiodun James Faleke,…

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Senate investigates how DPR, despite Buharis directive, illegally awarded oil field to Halkin Oil

Aminu Imam

The Nigerian Senate is investigating how an oil field, OML 46, was illegally awarded to Halkin Exploration and Production Company Limited, by the defunct Department of Petroleum Resources (DPR), in contravention of a Presidential directive. The Senate Committee on Ethics, Privileges and Public Petitions, while interfacing with the groups involved at a public hearing on Tuesday, was informed that after the revocation of the oil field, the presidency intervened, considered the numerous petitions from the various marginal owners, and directed that the fields be re-awarded on a discretionary basis with…

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77 oil companies owing FG N2.7trillion – NEITI Audit Report

Aminu Imam

The Executive Secretary of Nigeria Extractive Industries Transparency Initiative, (NEITI), says seventy-seven oil companies owe the Federal Government N2.659 trillion. Addressing a press conference in Abuja yesterday, Orji said NEITIs findings are contained in its 2019 audit reports of the oil and gas sector. The ES said the sum owed the government could fund 46 percent of Nigerias 2021 budget deficit of N5.6 trillion. The NEITI reports based on findings in its 2019 audit reports of the oil and gas sector show that oil and gas companies in Nigeria owe…

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