Nigerian Gasoline Shortages Persist
Nigeria's state oil firm said on Tuesday it had spent $5.8 billion on fuel imports since late 2017, as it combats a fuel shortage that has left people queuing for hours at filling stations and hobbled an already-struggling economy. "The corporation's intervention became necessary following the inability of the major and independent marketers to import the product because of the high landing cost which made cost recovery and profitability difficult," the Nigerian National Petroleum Corporation (NNPC) said in a statement.
Former Nigerian Oil Firm Head Charged with Money Laundering
The former head of Nigeria's state oil company was charged in court on Thursday with money laundering and five counts of fraud, the country's anti-corruption watchdog said. The Economic and Financial Crimes Commission (EFCC) said last month it had arrested Andrew Yakubu and seized $9.8 million from the former head of the Nigerian National Petroleum Corporation (NNPC) in the northern city of Kaduna. "Former GMD, NNPC, Andrew Yakubu who was arraigned today…
Nigeria Arrests Oil Tycoon
Nigeria has arrested the chairman of a local oil firm, a security official said on Tuesday, as part of a widening graft investigation in Africa's biggest petroleum producer that has also netted former oil minister Diezani Alison-Madueke. Days after British police detained Alison-Madueke, one of Africa's most powerful women, the official said Nigeria's Economic and Financial Crimes Commission (EFCC) had arrested Atlantic Energy chairman Olajide Omokore on corruption and money laundering charges.
Nigeria's Former Oil minister Arrested in London
Nigeria's former oil minister Diezani Alison-Madueke was arrested in London on Friday, a source from Nigeria's presidency circle and another with links to her family said. She was minister under former president Goodluck Jonathan until May 2015. A police spokesman in London said he had no record of such an arrest. The National Crime Agency did not immediately respond to a request for comment. (Reporting By Felix Onuah and Julia Payne, Additional reporting by Reuters UK newsroom; Editing by Janet Lawrence)
Nigeria Ramps up Push to Eradicate Oil Theft
Nigerian authorities hope to put an end to rampant oil theft in eight months by increasing drone and naval monitoring of territorial waters and working with local communities, the state oil company chief said on Tuesday. The Niger delta has been plagued by oil theft for years that has left the region heavily polluted and prompted foreign oil companies, particularly Shell, to sell onshore assets. "We must eradicate oil theft in eight months ...
Nigeria Subsidy Fears Threaten Worse Fuel Shortage
Fuel shortages are set to worsen in Nigeria as international traders and local marketers back away from imports over fears that the cash-strapped new government will halt costly subsidy payments. Already, lines at petrol stations in the major cities are blocking traffic as Africa's largest crude oil exporter runs out of domestic fuels. The shortage in some rural areas is even more acute due to a payment battle between independent retailers and the government.
Nigeria to Cut Petrol Subsidy by Half
Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards, data from the revised budget seen by Reuters showed on Friday. President Goodluck Jonathan submitted the revised budget figures to lawmakers this week, proposing to spend 458.68 billion naira ($2.59 bln) on petrol subsidy in 2015, down from 971.14 billion naira presented for 2014.
Nigeria Energy Sector Closing the Gender Gap
As Nigeria's oil and gas industry flourishes, businesswomen across the country are finding greater opportunities to carve out their place in this male-dominated field. Since 2010, federal initiatives, such as the Nigerian Oil and Gas Industry Content Development Act, have paved the way for Nigeria's energy industry to shift ownership from international oil companies to domestic investors. Organizations, such as the Society of Petroleum Engineers Nigeria Council…
Nigeria Faces Twin Currency, Budget Woes As Oil Price Slumps
A sharp drop in global oil prices has raised the twin spectres of a potential currency devaluation and budget shortfalls in Nigeria just as Africa's biggest economy gears up for a closely fought and costly presidential election in February. Nigeria, the continent's top producer, relies on oil for only 14 percent of its gross domestic product (GDP) but crude makes up 95 percent of foreign exchange and about 80 percent of government revenues…
Nigerian Minister Pledges $1.3 bln for Power Companies
Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised. Despite holding the world's ninth largest gas reserves, Nigeria only produces a tenth of the amount of electricity as South Africa for a population three times the size, and in an effort to end decades of debilitating power shortages President Goodluck Jonathan handed ownership of the moribund state electricity company to private buyers last November.
President of Nigeria Dismisses Heads of State Oil
Nigerian President Goodluck Jonathan has replaced the top four executives of Nigeria National Petroleum Corporation, according to his office said Saturday, speaking on one of the most powerful institutions in the country and source of 80 percent of state revenues. Joseph Thlama Dawha replaces Andrew Yakubu as CEO of NNPC Group. Reuben Abati, spokesman cabinet Goodluck Jonathan, declined to give further details. A senior source in the presidency…
Nigeria Losing $35m a Day from Oil Theft - Report
Nigeria is losing an estimated $35 million a day from oil theft and needs to put a "full, final stop" to the growing black market for crude exports, according to a national conference report seen by Reuters on Tuesday. Africa's largest economy and top oil producer has been struggling with oil theft for years, with much of the stolen crude leaving the country in tankers. The energy committee of Nigeria's national conference said in a report submitted this week the losses were "equivalent to $35 million each day…
Foreign Investors Reduce Exposure to Nigeria Risk
Foreigners stayed away from Nigeria's latest Treasury bill auction, the first since the suspension of the central bank's graft-fighting governor, in a sign that investor confidence is yet to recover after the banker's removal. Nigeria offered 180 billion naira ($1.1 billion) in Treasury bills on Wednesday, with a similar amount maturing this week. It sold 275.09 billion naira, with yields on the 182- and 364-day papers rising further above 13 percent, the central bank said on Thursday.
