Tag: Oil Sector

Kuwait’s Al-Ghais replaces Barkindo as OPEC Secretary-General

Aminu Imam

The Organisation of the Petroleum Exporting Countries, (OPEC), has voted for Kuwait’s candidate, Haitham al-Ghais as the cartel’s next Secretary-General, to replace Nigerian Mohammad Barkindo in July, according to Reuters news agency. The new Secretary-General will have to balance OPEC revenue needs against pressures from the United States to pump more oil to help to meet demand as it recovers from the Covid-19 pandemic. “He knows OPEC inside and out,” according to the chairman of consultant JBC Energy Group in Vienna, Johannes Benigni, adding that, “At the same time, he…

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Disquiet in Niger Delta over plot to cancel 13% derivation fund

Aminu Imam

An alleged plot by some northern members of the House of Representatives to expunge the 13 percent Derivation Fund from the 1999 Constitution has ignited tension in the Niger Delta region. The leadership of the Pan-Niger Delta Forum, (PANDEF) on Friday convened an emergency General Assembly meeting of leaders of the South-South region to deliberate on and take possible actions over the plan. According to an invitation letter to the South-South General Assembly meeting, signed by PANDEF’s National Chairman, Senator Emmanuel Ibok Essien, who is a former Deputy Chief Whip…

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$69bn illegal NNPC oil shipment deals’ funds during Jonathan’s govt. uncovered in US Banks 

Aminu Imam

A disclosure by a US-based asset recovery firm, Forensic Assets Investigation and Recovery Services LLC (FAIR), saying it has uncovered $69 billion (about N28.3tn) in illegal oil deals by the Nigerian National Petroleum Corporation, (NNPC), stuck in American banks. The firm said the funds were believed to have been siphoned from undeclared crude oil sales under the Goodluck Jonathan administration allegedly by the NNPC officials and their collaborators in the Central Bank of Nigeria, (CBN). Out of the stash, $9bn was reportedly traced to a Texas bank account allegedly belonging…

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Nigeria’s oil-producing States increase to 10

Aminu Imam

…As Bauchi, Gombe continue to wait Anambra State was formally admitted as oil-producing state, following an approval from the Revenue Mobilisation Allocation and Fiscal Commission, (RMAFC), which ratified the attribution of eleven oil wells to the State. This is just as Bauchi and Gombe States continue to wait for recognition as oil-producing States, Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia, and Lagos welcomed the new arrival. With the Commission’s approval, which was held at its 139th plenary session, held in July, the South-eastern State is anticipated to be eligible…

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Oil Sector: APC Governors hail Buhari for signing PIB into law

Ishaku Yohanna

…Say act presents party’s commitment to restructure economy Godwin Amunde The Progressive Governors Forum (PGF), the umbrella body of Nigerian governors elected on the platform of the ruling All Progressives Congress (APC), has commended President Muhammadu Buhari for signing the Petroleum Industry Bill into law. The APC Governors said the signing of the Bill into law presents a convincing credential of the commitment of APC to restructure Nigerian economy through democratic process in line with provisions of the 1999 Nigerian Constitution as amended This was contained in a statement titled ‘Petroleum Industry Act: Democratically Changing Nigeria,’ signed by…

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