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Wednesday, September 23, 2020

Nigeria seeks $1.1 billion advance payment from Eni, Shell in graft case

MILAN (Reuters) – Nigeria asked a Milan court on Wednesday to order Eni and Royal Dutch Shell to pay $1.092 billion as an immediate advance payment for damages in one of the oil industry’s biggest-ever corruption scandals. At a hearing into alleged corruption linked to...

Fuel, electricity subsidies no longer feasible – FG

Abuja, Sept. 7, 2020 The Federal Government says under the prevailing economic conditions it can no longer afford fuel subsidy and supplementing electricity tariff.The Minister of Information and Culture, Alhaji Lai Mohammed, who disclosed this at a media briefing in Abuja said the nation’s...

NCC remits N362.34bn into FG’s Consolidate Revenue Fund in 5 years – Danbatta

By Obike Ukoh Abuja, Sept. 4, 2020 The Nigerian Communications Commission (NCC), remitted N362.34 billion into the Federal Government Consolidate Revenue Fund (CRF), from 2015 to date, Prof. Umar Danbatta, Executive Vice Chairman of NCC, has said. Danbatta, who spoke at an interactive session on...

DPR generates N673.7bn revenue in 1st half of 2020

by Asowata Omosuri Lagos, Sept.2, 2020 The Department of Petroleum Resources (DPR) has generated a total sum of N673.7 billion in the first half of this year. Its Spokesman, Paul Osu, said in a statement that the Director of DPR, Mr Auwalu Sarki, disclosed this during...

Nigeria saves $2bn on LNG Train 7 through local content dev’t -Board

By Solomon Asowata Lagos, Aug. 29, 2020 Nigeria has saved $2 billion on Engineering Procurement and Construction (EPC) contract for Nigeria LNG Train 7 Project through the Nigerian Oil and Gas Industry Content Development (NOGICD) Act implementation. Mr Simbi Wabote, Executive Secretary, Nigeria Content Development and...

Nigerian lawmakers order probe into $18 bln NLNG dividend

ABUJA - Nigerian lawmakers have instructed the country’s most senior accountant to investigate payments totalling $18 billion as dividends from Nigeria’s investment in Nigeria Liquefied Natural Gas (NLNG) between 2004 and 2019, a Senate statement said. NLNG is a consortium between state-run Nigerian National...

Lagos records 81% revenue performance in first half of 2020

By Florence Onuegbu Lagos, Aug. 27, 2020 The Lagos State Government says it recorded 81 per cent of the projected revenue for the first half of 2020, in spite the scourge of COVID-19 pandemic on economic activities. The Commissoner for Budget and Economic Planning, Mr Sam...

NLNG dividend: Senate asks OAGF to investigate payment of $18bn to NNPC

By Kingsley Okoye Abuja, Aug. 26,2020 The Joint Senate Committee on Finance and National Planning has asked the Office of Account General of the Federation (OAGF) to investigate the payment of 18 billion dollars by Nigerian Liquefied Natural Gas (NLNG) to the Nigerian National Petroleum...

Senate queries NTA over 11yrs non- profitable venture with StarTimes

By Naomi Sharang Abuja, Aug. 24, 2020 The Senate on Monday queried the management of the Nigerian Television Authority (NTA) over what it called 11 years non-profitable venture with StarTimes StarTimes is a Chinese electronics and media company with strong presence in Africa. StarTimes offers digital terrestrial...

Senate queries DPR on remittance shortfall of N2.4 trillion target

By Naomi Sharang Abuja, Aug. 21, 2020 Officials of Department of Petroleum Resources (DPR) were on Friday queried by the Senate on Friday for remitting only N44. 5 billion into the Consolidated Revenue Fund in 2019 out of N2.4 trillion generated. This is as heads...
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