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Nigeria Spends 40% of FX on Importation of Petrol

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, yesterday lamented that the country spends almost 40 per cent of its scarce foreign exchange (FX) on the importation of petroleum products as well as petrochemicals, which continues to put pressure on the naira exchange rate. Speaking during a media briefing on the sidelines of the

With N200bn Capitalisation, President Tells NNPC to Compete with Global Best

The newly incorporated Nigerian National Petroleum Company (NNPC) Limited has a capitalisation of N200 billion. This emerged yesterday in Abuja when President Muhammadu Buhari received the certificate of incorporation of the firm. Under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC) was expected to transform to a limited liability company,

N2.65tn Unremitted Funds: Buhari Approves NEITI, Others’ Plan to Go After 77 Defaulting Oil Firms

President Muhammadu Buhari has given the go-ahead to a coalition of anti-graft agencies, including the Nigeria Extractive Industries Transparency Initiative (NEITI), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to recover about N2.65 trillion unremitted funds by 77 oil companies

Guinea-Bissau, Boosting Oil & Gas and Industry Development While Promoting Local Content

Although the oil and gas industry in Guinea Bissau is still nascent in comparison to other countries in the region such as Senegal, which is on schedule to deliver first oil in 2023, there has been growing interest from a number of independent exploration and production (E&P) companies who are working in partnership with the