Energy

The Lagos Chamber of Commerce & Industry (LCCI) has called on the Federal Government to liberalise the power sector for efficient service delivery.

The National Economic Council (NEC) presided over on Thursday by Vice President Yemi Osinbajo has said the final report on the forensic audit of revenue accruals by revenue generating agencies confirmed massive under-remittances to the Federation Account to the tune of N8.1 trillion.

Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market.

At least 198 Kaduna State indigenes have benefited from scholarship programmes initiated by the Texaco Nigeria Outer Self, a Chevron Company, between 2013 and 2017.

The Nigerian National Petroleum Corporation, NNPC, yesterday, called for a downward review of the duration of petroleum licences as stipulated in the draft Petroleum Industry Administrative legislation, PIAB, currently before the National Assembly.

The Presidency has said the Petroleum Industry Governance Bill (PIGB) which was harmonised on March 28, is yet to get to the desk of President Muhammadu Buhari.

Some shareholders of Oando Plc on Wednesday cautioned its management against moves to reconcile with Ansbury Investments Incorporated, owned by Mr Gabriele Volpi.

The federal government has provided more details on the N72 billion financial facility it plans to provide for the 11 electricity distribution companies (Discos) in Nigeria to upgrade and expand their networks.

It was gathered that as part of the efforts to encourage local participation in the lifting contracts, the corporation selected 20 Nigerian companies, unlike in the 2017/2018 contracts where 18 Nigerian companies made the list.

Sahara Power, an affiliate of Sahara Group will join other power sector leaders to address the industry’s challenges and opportunities at the 2018 edition of Light Up Nigeria Energy Conference.

Following the recent blackout witness in some part of Anambra and Enugu State, Enugu Electricity Distribution Company (EEDC) has installed a brand new 15MVA power transformer at its Nibo Injection Substation in Awka, Anambra State.

ExxonMobil affiliate, Mobil Producing Nigeria Unlimited, operator of the Nigerian National Petroleum Corporation/Mobil Producing Nigeria Joint Venture, has concluded plans to execute three projects worth over N13 billion (US$43 million) in Akwa Ibom State within the next 18 months.

About 290 local contractors have received loans worth more than N470 billion under the Shell Contractor Support Fund set up by Shell Companies in Nigeria to help vendors and suppliers in the oil and gas industry secure funds at reduced interest rates, relaxed collateral requirements and quicker processing time.

The Nigeria National Petroleum Corporation (NNPC) said it has issued crude export contracts that are expected to last two years instead of the usual one year.

The trial of top executives from oil majors Eni and Shell over alleged corruption in Nigeria kicked off on yesterday with a brief procedural hearing and a decision to re-adjourn next month.

The Federal Government on Monday said that it had restored 80 per cent of the electricity transmission and distribution installations damaged by insurgents in the North-East.

The average price per litre paid by consumers for petrol decreased by 7.3 per cent to N151.4 in April 2018 from N163.4 recorded in March 2018, the National Bureau of Statistics (NBS) has said.

Some shareholders of Oando Plc have asked the company to settle its Ansbury Investments Incorporated.