The Chairman Board of Directors, First Bank Plc, Mrs Ibunkun Awosika, has urged the Federal Government to diversify its economic resource into agriculture. Awosika, who was the Guest Lecturer at the Agricultural and Rural Management Institute (ARMTI), made the call on Saturday in Ilorin at the 20th Annual lecture of the Institute. Her paper presentation […]
Senate President Bukola Saraki Monday drew attention to huge capital flight in the oil and gas sector and described the situation as worrisome. Saraki said the Senate was determined to halt the huge sum of $380 billion the country had lost in the last 50 years in the nation’s oil and gas sector. Saraki, who […]
The Nigeria National Petroleum Cooperation (NNPC) has said that it has started the process leading to the exploration of oil and gas in the Sokoto basin. Group Managing Director, Maikanti Kachalla Baru, said this when he received the Governor of Sokoto State, Aminu Waziri Tambuwal, who paid him a visit at the NNPC Towers in […]
The candidate of the All Progressive Congress (APC) for November 26th governorship election in Ondo State, Mr Oluwarotimi Akeredolu has taken a swipe at the outgoing governor of the state, Dr. Olusegun Mimiko over what he described as “reckless neglect of agriculture especially cocoa to focus on oil boom.” Speaking at Idanre when his campaign […]
The Nigerian National Petroleum Corporation (NNPC) is set to resume its search for crude oil in the Chad Basin, its spokesman Ohi Alegbe disclosed on Monday. The development is in line with a recent declaration by the President-elect, Major General Muhammadu Buhari. Previous search for oil in the area had drawn blank. On Monday, the […]
GBUBEMI GOD’S COVENANT SNR visited the home of foundries recently and reports a skill inherent in the ancestry of Nnewi indigenes. As one enters Nnewi from Nnobi town you will not need any introduction to know this is the home of metal fabricators and skilled technical craftsmen; from welders, aluminium technicians, refrigeration repair shops, bolts […]
A business mogul, Prince Arthur Eze, has said that the recent victory of General Muhammadu Buhari, at the presidential election has given more confidence to many oil companies to return to the country. Eze, who is also an oil magnet, revealed that all of them, in the oil industry, would support the Buhari administration, “because […]
The Central Bank of Uganda said it remains uncertain whether the country will be able to produce its first commercial oil by 2018 as previously forecast due to a slump in global prices as well as the higher costs of developing its waxy reserves. The Bank was quoted in a report seen by Platts that […]
Shell Petroleum Development Company, (SPDC) has alleged sabotage as the cause for the Kolo Creek oil spill in Bayelsa State. The leak discharged an unquantified volume of Shell’s crude into the environment on April 15, 2015. In a statement on Tuesday by Shell spokesperson, Joseph Obari, the company said the report of the Joint Investigation […]
Pakistan sought to alleviate China’s concerns on terrorism as President Xi Jinping wrapped up his two-day trip to the South Asian country. While the two countries focused on China’s projected $46 billion of investment and loans to develop an economic corridor through Pakistan, terrorism and militancy also featured heavily in their discussions. Addressing the Pakistani […]
In line with his resolve to boost the socio-economic fortunes of the country, the President-elect, General Muhammadu Buhari, (retired) has declared his intention to resume oil exploration in the Chad Basin. General Buhari, who spoke on Sunday, added that his incoming administration would also focus on bringing stability to the North East. Buhari spoke […]
Governor of Delta State, Dr. Emmanuel Uduaghan, has said that Nigeria’s President-elect, General Muhammadu Buhari, cannot afford to ignore the South South region. Uduaghan, who spoke in Warri, on Wednesday, noted that the region remained important in the country “because the oil revenue from the area is sustaining the country”. He noted the fact that […]
The latest petroleum products price build-up schedule released by the Ghana Petroleum Authority revealed that Ghana has opted to maintain pump prices of petroleum products for April 2015, while South Africa has chosen to increase same for the period. Ghana Petroleum Authority sets the ex- pump price of a litre of Premium Motor Spirit (or […]
Oil prices rose for the fourth straight week as reports from the United States of America revealed further closures of oil drilling rigs. Oil-field-services firm Baker Hughes Inc. said Friday that the number of rigs drilling for oil in the U.S. fell by 42 to 760 in the latest week, the largest drop in four […]
An expert in the maritime and oil sectors, Mr. Emeka Akabogu, has urged Nigeria’s President-Elect, Muhammadu Buhari, to address challenges mitigating against the growth of the maritime and shipping sector such as operational efficiency and massive outsourcing of services to foreigners. Akabogu, who is the Chairman, OTL Africa Downstream, noted that if the two major […]
Ibrahim al-Muhanna, Saudi Arabia’s oil minister said the decline in oil prices is “temporary,” and crude is steadying at $55–60/bbl amid stronger global demand. The oil Minister made this remark in a speech he gave in Riyadh, adding that economic expansion in the U.S. and many developing countries together with growth in populations and […]
Fears that introduction of one million barrels of Iranian oil into the already saturated crude market would force further depression of oil price, peaked Tuesday – the self-imposed deadline by involved parties for a deal to lift sanctions on Iran. The marathon negotiations have been going on for some time now between Iran and foreign […]
The New Minister of State for Industry, Trade and Investment, Chief Kenneth Kobani has assumed duty at the Headquarters of the Ministry in Abuja, pledging to give priority attention in line with the ministry’s mandate to growing the economy through promotion of non-oil and industrial sectors. On arrival the Kobani was received by the Permanent […]