Senate Leader, Senator Opeyemi Bamidele, has disclosed that investigation of alleged economic sabotage in the petroleum sector by Ad hoc committees separately set up by both the 10th Senate and the House of Representatives in July, will now be jointly handled by both chambers. Senator Bamidele, who doubles as the Chairman of the investigative Adhoc committee, stated this in an issued press statement personally signed by him on Monday. He says: As we return fully to the parliamentary sessions on Tuesday this week, the National Assembly will without ambiguity,…
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Fuel Queues Resurface: Petrol sells up N300/litre as scarcity forces return of black marketers
The scarcity of petrol witnessed in many parts of Lagos and some other States is forcing many to turn to the black market where petrol now sells above N300 per litre. Petrol queues around filling stations have seen an upsurge in the activities of black marketers. It was observed that in many parts of Lagos, the few fuel stations dispensing petrol had long queues while some have adjusted their prices to sell at N200/litre. It was also observed on Monday that some filling stations around Lagos environs were shut down…
Read MoreTompolo exposes IOCs, security officials, oil bunkerers behind Nigeria’s oil theft
Uncovers 16 hidden tapping points on transit pipelines The Niger-Delta ex-militant leader, Government Ekpemupolo, better known as Tompolo, says surveillance outfit Tantita Security Services Limited, has discovered major tapping points on the Trans-Forcados/Ramos Pipeline in Delta State, through which International Oil Companies (IOCs), foreign ships, security officials, oil bunkerers, and locals have colluded to bleed the country over the years. The ex-militant strongly accused the security agencies of being behind the stealing of Nigerias crude oil. According to him, he discovered the breaches after the Nigerian National Petroleum Corporation Limited,…
Read MoreFalana drags NNPC to EFCC, calls for probe on fraudulent oil importation, exportation, smuggling
Human rights activist and lawyer, Femi Falana, has dragged the Nigerian National Petroleum Company Limited (NNPCL) before the Economic and Financial Crime Commission (EFCC) calling for investigation into fuel importation and smuggling of petroleum products to Nigerias neighbours. Falana, in the petition dated September 15, said the anti-financial crime agency needs to urgently investigate the discrepancies observed in the daily consumption figures of PMS declared by the corporation at different public fora. He explained that the investigation has become necessary following indictment on the Corporation and the Ministry of Petroleum…
Read MoreFuel Subsidy MDAs conflicting figures: NMDPRA gives new figure of 66.8m litres daily petrol consumption in Nigeria
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has given a new figure of what it says is the amount of petrol distributed across the country daily. The agency said Nigeria consumes 66.8 million litres of petrol daily, not 62.9 million it earlier quoted. However, both the previous figure and the new one contradict the quantity announced by the State-owned oil company, Nigerian National Petroleum Company (NNPC) Limited, as the volume consumed in the country. Recall that the NNPC had last Sunday insisted that the country consumes 68 million…
Read More‘NNPCs support key to Nigerias tankers fleet implementation drive’ – Transport Minister
The Minister of Transportation, Muazu Jaji Sambo, has said that Nigerias effort toward a sustainable national fleet implementation is subject to support from the Nigerian National Petroleum Company Limited, (NNPC). Disclosing this in Abuja, on Tuesday, when he received an interim report on the need to establish a strong and sustainable national fleet by the Nigerian Fleet Implementation Committee, the minister stated that, Nigeria is a maritime country, and if Nigeria gets its acts together the country will have no business looking for money from the oil sector as a…
Read MoreAcquisition Disputes: N1.3bn Exxon Mobil/Seplat Energy deal: “I wasnt consulted” Justice Minister, Malami
As the disputes over the acquisition of the Exxon Mobil shares by Seplat Energy limited continues, Minister of Justice, Abubakar Malami on Thursday, said he is yet to be consulted over the stalled deal. Recall that President Muhammadu Buhari had on Monday approved the deal that allowed Seplat Energy to acquire the shares. The President, while consenting to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Ltd, said he acted in his approval in his capacity as Minister of Petroleum Resources, and…
Read More‘How govt. officials facilitated $1.2bn crude oil, gas theft’ Source
Security sources have disclosed that the real looting of Nigerias crude oil and its by-products is neither through illegal bunkering, refining, nor pipeline vandalism, but via highly placed government officials-enabled undocumented shipments of large-scale hydro-carbon products worth over $1.2 billion to Europe and the Americas. The sources noted that while all eyes are on the fight against illegal oil bunkering and pipeline vandalism, top government officials of agencies expected to perform supervisory and due diligence roles in the sale and shipment of the nations vast hydrocarbon resources are trading away…
Read MoreIn defiance of Buhari, NUPRC rejects Seplat, Mobil Oil assets deal
In defiance of Buhari, NUPRC rejects Seplat, Mobil Oil assets deal, Seplat, Mobil, the Nigerian Upstream Petroleum Regulatory Commission, (NUPRC), has rejected President Muhammadu Buharis approval of Seplat Energys acquisition of the shares of Exxon Mobil Corporation, insisting that status quo remains. Recall that NUPRC had in May declined to approve the proposed acquisition, citing overriding national interest. However, exercising his capacity as minister of petroleum, President Muhammadu Buhari, on Monday, approved the acquisition deal. But in a turn of events, Gbenga Komolafe, chief executive, NUPRC, in a statement on…
Read MorePetroleum Minister Buhari overrides NNPC, approves Seplats acquisition of Mobil Producing Oil assets
President Muhammadu Buhari has approved the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc despite moves by the State-owned oil company to block the deal. Recall that in February, Seplat had entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria (MPNU) from Exxon Mobil. However, the deal was blocked by Nigerian National Petroleum Company (NNPC) Limited. Regulatory authorities also declined consent to the transaction. In July, Seplat Energy informed investors that NNPC blocked the deal through a court injunction restraining Exxon Mobil from selling…
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