Current Affairs

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Nigerian oil labour union calls for Exxon Mobil shutdown over sacking of colleagues

May 19, 2017 | Employment, Nigeria

Lagos, Nigeria | – A Nigerian labour union on Friday called for the shutdown of all Exxon Mobil Corporation facilities in the Niger Delta, a union representative said. Reuters was unable to independently verify whether union members had shut down the company’s facilities. Oil industry sources said there had been no impact on production. Madubuezi Azubuike, who chairs the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Rivers state, said the call followed the breakdown of talks with the company over sackings …

Nigeria’s ex-NNPC Boss loses bid to reverse forfeiture order on $9.8million

May 11, 2017 | Legal, Management, Nigeria

Abuja, Nigeria | – A Nigerian Federal High Court in Kano has dismissed the application filed by a former Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, seeking to quash an interim order of forfeiture secured by the Economic and Financial Crimes Commission, (EFCC). Ruling on the application filed by the counsel to Yakubu, Ahmad Raji, Justice Zainab Abubakar said the court has jurisdiction to hear the case, contrary to the argument of Raji. The judge, according to our reporter, also ruled that the …

Nigeria’s government revenues rise in March due to higher oil royalties

April 26, 2017 | Earnings Reports, Nigeria, OPEC

Abuja, Nigeria | –  Nigeria’s distributable government revenues rose to 467.81 billion naira ($1.53 billion) in March from 429 billion naira in February due to higher royalties from oil production, a government statement said on Tuesday. Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils. The revenues were boosted by “a noteworthy increase in revenue from oil royalty,” said the statement. However, the rise was slightly offset by low levels of …

Massive shake-up In Nigerian National Petroleum Corporation (NNPC)

April 26, 2017 | Government & Regulations, Management, Nigeria

Abuja, Nigeria | – The Nigerian government has ratified a massive management shake-up of the  state-owned energy group, the Nigerian National Petroleum Corporation (NNPC). The group general manager, public affairs division of the NNPC, Ndu Ughamadu, said  in line with the ongoing reforms in the Nigerian National Petroleum Corporation (NNPC), the Management has announced the retirement of some staff and the deployment of others. The retired staff  are: Mrs. Esther Nnamdi-Ogbue, Managing Director, NNPC Retail Ltd; Mr. Alpha P. Mamza, Executive Director, Operations, NNPC Retail …

Sacked NNPC MD, Esther Nnamdi-Ogbue denies ownership of $50m found in Lagos apartment

April 13, 2017 | Management, Nigeria

Lagos, Nigeria | – A former Director of Nigeria National Petroleum Corporation, (NNPC), Esther Nnamdi-Ogbue, has denied owning the apartment where the Economic and Financial Crimes Commission, EFCC, uncovered over $50million in Ikoyi, Lagos State. Reports had earlier filtered online that the former NNPC Director owned the apartment the huge sums was recovered from. However, Nnamdi-Ogbue while speaking through her lawyer, Emeka Etiaba frowned at the report, saying there was no need for “conjecture.” In a statement by Etiaba, the former NNPC Director expressed hope …

Nigeria’s NNPC confirms sack of officials, replacements to be announced soon

April 13, 2017 | Downstream, Government & Regulations, Management, Nigeria

Abuja, Nigeria | – Nigeria state-owned oil company, the Nigerian National Petroleum Corporation (NNPC), on Thursday, confirmed the disengagement of officials linked with missing 130 million litres of petrol. A high ranking source in the ministry, who did not wish to be named, made the confirmation to the Nigerian News agency, NAN  in Abuja. The source said: ”A committee has submitted it’s report and NNPC has recommended their disengagement”. The affected officials were linked to the missing petrol stored at private depots through a thorough …

Nigeria’s military destroys 13 illegal oil refineries

April 13, 2017 | Nigeria, Politics & Social Unrest

Port Harcourt, Nigeria | – Nigeria’s military said on Thursday that it had destroyed 13 illegal refineries in the restive Niger Delta oil hub, in an operation in which two soldiers died in clashes with “sea robbers”. Military authorities say there are hundreds of illegal refineries in the region, which process stolen crude from oil company pipelines. The Nigerian government said last week that it plans to legalise illicit refineries as part of an attempt to bring peace to the production heartland of crude oil, …

Oil stocks rose despite OPEC cut, IEA says

April 13, 2017 | Commodities & Oilprice, OPEC

London, UK | – Global oil inventories probably increased in the first quarter despite OPEC’s near-perfect implementation of production cuts aimed at clearing the surplus, the International Energy Agency said. While cutbacks by OPEC and Russia since January have brought world markets “very close to balance” and should deplete stockpiles in the second quarter, inventories nonetheless expanded “marginally” because of production increases just before the deal took effect, the IEA said in its monthly report on Thursday. The agency lowered estimates for global demand growth because …