The $1 billion debt hanging on Nigeria’s downstream sector operators has dipped the credit rating of oil marketers with banks. The fuel importers, it was gathered, have renewed pressure on the Federal Government, which has held back over N650 billion as subsidy payment and taxes of the debts they incurred from banks. Banks have since…
The Department of Petroleum Resources (DPR) in Niger State has sought the technical advice from a “standard laboratory” in Kaduna over the contamination of water sources in three communities in Takogi ward in Doko area of Lavun Local Government of Niger State. Samples of the water taken from hand dug wells, boreholes and stream were…
As the outcry from electricity consumers over ‘crazy’ bills continues to rage almost five years after the privatisation of the power sector, the Nigerian Electricity Regulatory Commission is considering putting limits on estimated billing. NERC noted that the issue of estimated billing had continued to constitute a major source of complaint by customers of all…
The Federal High Court in Abuja has granted leave permitting a civil society group, Kingdom Rights Foundation International, to commence a suit which centres on allegations of money laundering, operation of a foreign bank account, corruption and assets declaration irregularities against the Minister of State for Petroleum Resources, Dr Ibe Kachikwu. An enrolled order of…
Oil surrendered most of its early gains after tensions appeared to ease between the U.S. and Saudi Arabia amid growing international outrage over the disappearance of one of the kingdom’s most prominent critics. Oil futures earlier rose almost 2% as the U.S. and Saudi Arabia traded barbs over the fate of journalist Jamal Khashoggi. Trump…
Nigeria’s power grid collapsed twice last month as the quantum of electricity generated kept wobbling between 2,100 megawatts and 4,500MW. Data obtained from the Federal Ministry of Power, Works and Housing on Friday in Abuja showed that the grid collapse had persisted despite efforts by the Transmission company of Nigeria to ensure its stability. Findings…
The Minister of State for Mines and Steel Development, Abubakar Bawa Bwari, has said the future of mining in Nigeria is very bright and there is no better time to invest in the sector than now. The minister said this in a speech he delivered to mark the 2018 Nigerian Mining Week which began in…
OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output. Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering…
The Standards Organisation of Nigeria (SON) has advised users of concrete electric poles within Rivers and Bayelsa States axis to be cautious in making purchases of the product to avoid patronage of substandard and life-endangering poles. SON also advised electricity distribution companies and individuals to patronize only certified concrete electric poles under the Mandatory Conformity…
Saipem SpA, the Italian oil-services provider, which builds projects for the fossil-fuel industry, says it may get more than half its work from clean-energy clients in a decade. That reflects a persistent lack of oil-company investment in the wake of crude’s crash, and a boom in renewables. “In 10 years, green energy could account for…