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President Muhammadu Buhari has appointed Mr. Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).

OPEC, others commend President Buhari for appointing Mele Kyari as NNPC chief

The Organisation of the Petroleum Exporting Countries (OPEC) and the Nigerian Extractive Industries Transparency Initiative have commended Mr Mele Kolo Kyari’s appointment as NNPC boss.

NEITI wants new GMD to push for more reforms in NNPC

The Nigeria Extractive Industries Transparency Initiative (NEITI) on Thursday hailed the appointment of Mele Kyari as the new Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC).

Oil slump: FAAC disbursements drop in Q1 2019

The fall in oil prices slightly affected government earnings in the first quarter of 2019 as the Federation Allocation Account Committee disbursed N1.929tn between January and March this year.
Modibbo Hamman Tukur

Official: NFIU impounds N10bn suspected criminal funds

Nigerian Financial Intelligence Unit, NFIU, by the Egmont Group of Financial Intelligence Unit yesterday, said it had impounded N10 billion suspected criminal funds.

NEITI: Nigeria loses $16 billion to production sharing contracts

The Nigeria Extractive Industries Transparency Initiative (NEITI) said that Nigeria lost at least $16 billion in ten years due to non-review of the 1993 Production Sharing Contracts, (PSC), with oil companies.

Nigeria becomes first country in anglophone Africa to attain EITI’s highest rating

The Board of the Extractive Industries Transparency Initiative (EITI) has ranked Nigeria as having made ‘Satisfactory Progress’ in the implementation of its principles in the country’s oil, gas and mining sector.

EITI ranks Nigeria, Norway highest in extractive sector transparency

The board of the global Extractive Industries Transparency Initiative (EITI) Wednesday said Nigeria and Norway have achieved the highest level of transparency marks against the EITI standard in pushing for

FIRS remitted N4.63 trillion to FAAC between January and November 2018

The Federal Inland Revenue Service (FIRS) remitted about N4.63 trillion to the Federation Account between January and November this year, revenue collection figures submitted to the Federal Ministry of Finance have shown.

NNPC subsidiary, 22 others owing $49 million in gas flare fines, under-payments

The Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), and 22 other oil companies are yet to pay to the federation $3,632,075 as fines for flaring gas beyond their allowed thresholds.

NEITI: Oil revenue plunged by $51.39 billion

The total financial flows from Nigeria’s oil and gas sector slumped to $17.05bn in 2016, a 31 per cent decline on the $24.79bn generated in 2015, and a 75 per cent plunge on the sector’s peak earnings of $68.44bn in 2011.

NEITI: Nigeria’s oil sector realised $17.05 billion in 2016

The total financial flows from Nigeria’s oil and gas sector in 2016 was the lowest in a decade and the fifth lowest since the return of democracy in 1999, the latest Nigeria Extractive Industries Transparency Initiative (NEITI) Oil & Gas Industry Audit report has revealed.
Sonni Ogbuoji

Sonni Ogbuoji: I’ll explore 26 solid minerals, others to benefit Ebonyi people

The 2019 governorship candidate of the All Progressives Congress (APC), in Ebonyi State, Sen. Sonni Ogbuoji, on Sunday, lamented that despite the commercial quantity of 26 solid minerals found in the state, it was yet to benefit from it.
Zainab Ahmed

NEITI: FAAC revenue disbursements grew by 13.5% in Q3, 2018

Revenue disbursements by the Federation Account Allocation Committee (FAAC) to the three tiers of government has continued to witnessed a steady increase in three consecutive quarters of this year with N2.28 trillion shared in Q3 of 2018.

SERAP: Tax evasion fueling poverty in Nigeria

A report by the Socio-Economic Rights and Accountability Project (SERAP), realised in Lagos yesterday, has revealed how failure of multinational companies to pay Capital Gains Tax (CGT) on over $8 billion oil and gas assets sold to Nigerian entities fuels poverty, underdevelopment and inequality in Nigeria

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.

NEITI: NNPC, oil companies owe Nigeria $22.06 billion

The Nigerian National Petroleum Corporation (NNPC), the Nigerian Petroleum Development Company (NPDC) and other oil companies operating in the country are yet to remit $22.06 (dollar component) and N481.75 billion (naira component) into the federation account as at end of 2015.

Federation Account: NNPC, oil companies yet to remit $22 billion, N481 billion – NEITI

The Nigeria Extractive Industry Transparency Initiative says the Nigerian National Petroleum Corporation and other stakeholders in the industry have yet to remit 22.06 billion dollars and N481.75 billion to the Federation Account.

NEITI wants immediate action on remediation issues from audit report

The Nigerian Extractive Industry Transparency Initiative (NEITI) on Monday called for urgent action on some of the remediation issues identified in its audit reports on the industry to ensure value on investment.

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