Nigeria, others need $100bn annual investment to fix energy woes By Cynthia Egboboh, Abuja
Nigeria and other African countries will require over $100 billion in annual investment in the power sector by 2030 to address their electricity woes which continues to minimise the continent’s economic growth. This was disclosed by Amina Benkhadra, the director general of the Office National des Hydro- carbures et des Mines (ONHYM), the national oil […]
NNPC withdraws suit against Exxon Mobil over $1.28bn asset sale to Seplat By Cynthia Egboboh
The Nigerian National Petroleum Company Limited (NNPC) has discontinued its legal action against Mobil Nigeria subsidiaries, clearing the path for their $1.28 billion sale to Seplat Energy Offshore Limited. The application, which was presented by the company’s legal counsel Afe Babalola & Co., on June 11, 2024, requests the court to grant leave for discontinuance […]
Customs moves against illegal export of petrol through nation’s border , intercepts PMS worth N197m
ADEWALE Adeniyi, Comptroller General of the Nigeria Customs Service, (NCS) has declared a total war against the smugglers of Premium Motor Spirit (PMS), petrol out of the country, saying a combined diversion of over of 280,135 litres of PMS valued at about N197 million was recently intercepted by the Customs operatives. Adewale, who stated this […]
Oil-bearing communities should benefit directly from derivation fund – Eno
GOVERNOR Umo Eno of Akwa Ibom State has advocated the payment of the derivation fund directly to the oil-bearing communities to enable them be the beneficiaries of the scheme. Akwa Ibom is a major oil producer but is yet to set up an oil- producing community development commission as it was done in other oil-bearing […]
Port Harcourt refinery and Nigeria petroleum products’ sufficiency – Call on OPEC
THE persistent and severe economic damage caused by the scarcity of petroleum products, particularly premium motor spirit, diesel, and aviation kerosene, continues to plague the Nigerian economy. Despite the anticipation surrounding the Port Harcourt refinery, the situation remains dire. Instead, a wave of misleading information about the refinery is spreading, worsening concerns and leaving the […]
Post-subsidy PMS import t costs rise by 31% – Report
NIGERIA’S cost of petrol importation has continued to rise despite an almost 50 per cent drop in the nation’s consumption rate, reports by the Nigeria Bureau of Statistics have shown. The PUNCH reports that N2.63tn was spent on the importation of Premium Motor Spirit in the first quarter of 2024, which was 31.4 per cent […]
MEMAN advocates ethanol as alternate fuel, plans $7bn yearly savings
The Major Energues Marketers Association of Nigeria has stated that ethanol could be adopted as a biofuel to help Nigeria in reducing energy poverty and emissions. According to MEMAN during a recent quarterly press webinar and engagement, about $7.4bn could be saved annually by taking advantage of Nigeria’s ethanol resources as a biofuel to support […]
Dangote plans London trading firm for refinery- Report
President of Dangote Group, Aliko Dangote, is planning to set up an oil trading firm that would be based in London as part of strategies to help run crude and product supply for the Dangote Petroleum Refinery located in Lekki, Lagos, Nigeria. Six sources familiar with the matter told Reuters on Tuesday that “the giant […]