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NNPC threatens court action over withdrawal of $1.05 billion

Nigerian National Petroleum Corporation (NNPC) threatens to seek legal interpretation on whether it has right to withdraw funds from Nigeria LNG Dividend Account without the approval of National Assembly
Ibrahim Magu . EFCC

Nigeria to lose $4.5 billion in Malabu Oil deal as EFCC receives document from...

The Acting Chairman, Economic and Financial Crimes Commission, Ibrahim Magu, has given assurances that the Commission is revving up its investigations into the Malabu Oil scandal and those complicit will be prosecuted.

Nigeria loses $6 billion from ‘corrupt’ oil deal linked to fraud

A court in Milan is considering charges of corruption against Eni and Shell in a controversial oil deal that led to Nigeria losing an estimated $6 billion.

CBN: $3.2 billion withdrawn from NLNG dividend account in three years

The Central Bank of Nigeria (CBN) says 22 withdrawals totalling $3.12 billion were made from the Nigerian Liquefied Natural Gas (NLNG) dividends account domiciled in the apex bank in the last three years.

Central bank confirms withdrawal of $3.2 billion from NLNG dividend account in three years

Twenty-two withdrawals totalling 3.12 billion dollars were made from the Nigerian Liquefied Natural Gas (NLNG) dividends account domiciled in the Central Bank of Nigeria (CBN) in the last three years.
Turkish President Recep Tayyip Erdogan has inaugurated a massive new airport project in Istanbul, which, once complete, is expected to become one of the world's largest.

Recep Erdogan warns ‘sea bandits’ over Cyprus energy exploration

Turkish President Recep Tayyip Erdogan on Sunday warned foreign oil companies over energy exploration off Cyprus, describing those who defy Ankara as "bandits of the sea" who would face a similar response as its foes in Syria.
Iran Oil and Gas

US Iran sanctions move hits European companies

US President Donald Trump's decision to pull the United States out of the 2015 nuclear accord with Iran and reimpose a raft of sanctions puts European businesses on the spot.

Oando posts N10.4 billion profit after tax

Oando Plc has posted an impressive results for the nine months period ended September 2018, with a profit of N10.4 billion, representing a 46 per cent increase, compared with N7.1 billion it recorded in same period of 2017.

Femi Falana: It’s a shame we don’t know how much oil Nigeria is producing

Human Rights Lawyer, Femi Falana, said it was shameful that there was no accurate record of the volume of crude oil being produced in Nigeria daily.

Shell: Nigerian oil deal may last several months

Royal Dutch Shell has said the corruption trial over a Nigerian oil deal may last several months, warning staff of continued critical media coverage in the $1.3 billion case.

Italian court convicts two in Malabu oil scandal

A Milan judge on Thursday sentenced two men to four years in prison in the first ruling of a corruption case involving oil giants Eni and Shell in Nigeria, a judicial source said.

AC Milan name new chairman as Elliott take control

AC Milan have announced the appointment of Paolo Scaroni as chairman as the club heralded the "dawn of a new era" under new owners Elliott Management.

NNPC chief commends NLNG N1.98 trn shareholders loan repayment

The Nigerian National Petroleum Corporation (NNPC), has commended the Nigeria LNG Limited (NLNG) on its successful repayment of 5.45 billion dollars (N1.98 trillion) loan on Train 1 to 6 investments.

Malabu scam: Supreme Court rejects appeal to stop Shell, Eni corruption trial

The oil majors are accused of corruption in the 2011 purchase of Oil Prospecting Licence 245, an offshore oil block in Nigeria estimated to hold nine billion barrels of crude.

Minister Kachikwu calls for sustainability of West African gas pipeline project

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has called for sustainability of the West African Gas Pipeline Project to increase supply of gas to West African countries and boost power supply.

House of Representatives begins probe of $22 billion NNPC’s Brass Liquefied Natural Gas project

The House of Representatives, on Thursday, resolved to set an ad hoc committee to investigate the expenditure and implementation of the $22 billion Brass Liquefied Natural Gas (LNG) project.

Malabu scandal: Trial of nine Shell, Eni executives starts June 20

The trial of nine current and former executives or contractors from Italy’s Eni and British-Dutch giant Royal Dutch Shell, including ENI Chief Executive Claudio Descalzi, over a 1.3 billion dollars oil deal in Nigeria, will begin in Milan on June 20.

Shell, Eni trial on Nigeria corruption re-adjourned to June

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.

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The National Union of Textile Garment and Tailoring Workers of Nigeria held a peaceful protest in Lagos on Tuesday to mark the 40th anniversary of the organisation.

NLC: N30,000 minimum wage must be paid before 2019 elections

Waheed Olojede, Chairman, Nigeria Labour Congress, Oyo state chapter, has assured workers of the payment of N30,000 new minimum wage before the 2019 general election.
Atiku Abubakar

Atiku Abubakar: Why I shunned the 2019 elections peace pact signing

The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, said he did not attend the signing of a peace pact for 2019 presidential elections in Abuja because he “did not receive any formal invitation.”
Tunde Ayeni

EFCC detains ex-Skye Bank chief Tunde Ayeni for alleged fraud

The Economic and Financial Crimes Commission has detained a former Chairman of Skye Bank Plc (Now Polaris Bank), Mr. Tunde Ayeni, for fraud.

VON chief, others call on mainstream media to counter fake news

The Director-General, Voice of Nigeria, (VON), Mr Osita Okechukwu, has called on mainstream media organisations in the country to establish ‘Social Media Desks’ that would track and counter fake news disseminated on social fora.

Plateau PDP accuses APC of buying voters cards

The People’s Democratic Party (PDP) in Plateau State has accused the All Progressives Congress (APC) of buying voters cards especially in the PDP strongholds as part of its plan to win 2019 election at all levels even as the governor stated that PDP was merely playing to the gallery and engaging in diversionary tactics to misinform and mislead the public.