Tag: OIL

‘IOCs owe Nigeria $6bn in taxes’- Falana

Aminu Imam
Femi Falana

Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has raised serious concerns over the country’s weak tax enforcement system, revealing that oil and gas companies owe Nigeria a staggering $6 billion in unpaid taxes. Speaking yesterday, during a paper presentation titled: ‘Tax Law and Administration: Challenges of Compliance’, at the ongoing 27th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, Falana criticised the Federal Government for allowing such massive revenue losses while continuing to borrow to fund national budgets. He described…

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Ɗangote in court, seeks revocation of NNPCL, others’ import licenses 

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20250119 164100

…As NMDPRA defends decision The Nigeria Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA), has defended its decision to issue petroleum import licenses to various oil marketers, citing the need to bridge shortfalls in national supply.  This defense was presented before Justice Inyang Ekwo, of the Federal High Court, Abuja, in response to a suit filed by Ɗangote Petroleum Refinery and Petrochemicals FZE. In a counter-affidavit submitted by a Senior Regulatory Officer at NMDPRA, Idris Musa, the Authority argued that the Ɗangote Refinery’s current production levels are insufficient to meet Nigeria’s…

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HEDA writes AGF, urges recovery of over $55bn owed Nigeria by IOCs

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HEDA writes AGF on IOCs

The Human and Environmental Development Agenda (HEDA Resource Centre) has called on the Attorney-General of the Federation (AGF) Lateef Fagbemi, to take immediate action to recover over $55 billion owed to the Nigerian government by International Oil Companies, (IOCs). This demand is based on the Supreme Court ruling which mandates the recovery of additional revenue under the Deep Offshore and Inland Basin Production Sharing Contract Act. In a formal letter addressed to the AGF on behalf of HEDA Resource Centre by its Solicitor, Bolarinwa Aidi, it emphasised the urgent need…

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Nigerias oil-dependence straining economic growth, widening inequalities’ AfDB

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The Nigerian National Petroleum Corporation has said it would resume oil search in the Chad Basin

Senior Special Adviser to the president of African Development Bank (AfDB), Oyebanji Oyelaran-Oyeyinka, has raised concerns that Nigerias continued dependence on oil revenues will make it vulnerable to economic shocks, exacerbating poverty and widening inequalities. Speaking at the honorary symposium held in Lagos to celebrate the 70th birthday of Gboyega Fatimilehin, the co-founder of Diya, Fatimilehin & Co, Oyelaran-Oyeyinka said oil dependence has encouraged overconsumption during peak oil prices periods which has stunted the countrys economic growth. While delivering his lecture, titled The Paradox of a Rich Country and its…

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?’Oil smugglers buy cheap fuel in Nigeria to sell for N1,700/litre in Benin, W’African markets’ – Customs

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petrol price hike1

Concerns have been raised over the renewed smuggling of Premium Motor Spirit (PMS), otherwise known as petrol, among Nigerias West African neighbours such as Benin Republic, Cameroun, and others. The petrol price in Nigeria is around N701 per litre, while it is being sold at 1,700 per litre in some West African nations. This difference in pricing has led to an increase in the product’s smuggling out of Nigeria over the last two weeks. Comptroller-General of the Nigeria Customs Service, (NCS), Adewale Adeniyi, who revealed this during a press conference…

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“North has oil in Nasarawa; more than in South, S’East” – Sani Zangon-Daura

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Sani Zango Daura

Co-founder of the National Party of Nigeria (NPN), Alhaji Sani Zangon Daura, hasreacted to the claims that other regions in Nigeria are better endowed in terms of natural resources than the North. The elder statesman stated that the North has more oil in Nasarawa than the entire South and South-East has, and that the North also has gas in Bauchi. He acknowledged that Allah has blessed the North with numerous natural resources, like gold, coal, and the rest. Speaking in an interview during a television programme, he stated that the…

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‘Nigeria to end fuel imports by June’ – ?angote

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?angote Refinery

Africas richest person, Aliko ?angote, has announced that Nigeria will cease importing petrol by June. Speaking at the ‘Africa CEO Forum Annual Summit’ in Kigali, capital of Rwanda, Dangote revealed that his refinery will commence production next month, meeting Nigerias petrol needs and eliminating the need for imports. He said, Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldnt import anything like gasoline; not one drop of litre. The refinery will also produce…

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Nigeria tops Africas oil production, with 1.28m bpd in April

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Nigeria oil production

The Organisation of Petroleum Exporting Countries (OPEC) has said Nigerias average daily crude oil production increased to 1.28 million barrels per day (bpd) in April. This was contained in its latest monthly oil market report, released on Tuesday. OPEC gathers data on crude oil production from two sources: direct communication from member countries and secondary communication, such as energy intelligence platforms. The report indicates that Nigerias current output marks a 4.07 percent increase from the 1.23 million bpd recorded in March, representing the first month-on-month production growth in the year.…

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Kaduna Refinery to resume 60% production capacity by December – MD

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Kaduna Refinery

The management of the Nigerian National Petroleum Company Limited, (NNPCL), has said that the rehabilitation of the Kaduna Refining and Petrochemicals Company, (KRPC), would be completed by the end of 2024. Managing Director of KRPC, Mustafa Sugungun, made this disclosure on Monday, during an oversight visit to the refinery by members of the Senate Ad Hoc Committee on Petroleum Downstream, led by Senator Ifeanyi Ubah. He pointed out that the 110,000-barrel-per-day refinery will start producing at 60 percent capacity by the end of the year, while full production will take…

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NNPCL, partner begin oil production at OML 85

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NNPCL

Target 20,000bpd The Nigerian National Petroleum Company Limited (NNPCL) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Ltd, have commenced oil production from the asset, also known as Madu Field. This was contained in a statement by the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, yesterday. Production from the field, which is located in shallow waters offshore Bayelsa State and operated by First E&P, is expected to be at an average of 20,000 barrels per day, (bpd). Speaking on the development, the NNPCL Group…

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