The Head of Transparency International (TI) Nigeria and Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), Comrade Auwal Musa Rafsanjani, has thrown his support behind calls for a full-scale investigation into the Nigerian National Petroleum Company Limited (NNPCL). Speaking to Channels Television on the sidelines of the Spring Meetings of the World Bank Group (WBG) and the International …

The International Monetary Fund (IMF) has advised Nigeria to enhance transparency in the oil sector to ensure that the subsidy removal savings are transferred to the government’s budget. The director of the African department at the IMF, Abebe Selassie, gave the advice on Friday while presenting the findings of the Regional Economic Outlook for Sub-Saharan Africa report at the IMF …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), along with major stakeholders in the country’s oil and gas sector, met in Abuja on Wednesday to discuss and fine-tune issues related to domestic crude supply obligations between producers and refiners. The meeting aimed to enhance Nigeria’s energy security. The gathering, which has become routine, presented a platform for the management of NUPRC, …

The Abia State Government has announced plans to soon commence the construction of the Abia Medical City project, designed to reverse medical tourism and attract patients to the state. The Commissioner for Information, Okey Kanu, disclosed this on Tuesday while briefing journalists on the outcomes of this week’s State Executive Council meeting, presided over by Governor Alex Otti. He stated …

In a landmark development for Nigeria’s oil and gas sector, Oriental Energy Resources Limited has launched a $315 million Floating Production, Storage and Offloading (FPSO) vessel designed to significantly enhance the nation’s crude oil production. The FPSO vessel, with a storage capacity of one million barrels, which will kick off with an initial production of 17,000 barrels per day before …

President Bola Ahmed Tinubu, speaking on Tuesday in Abuja, commended the Implementation Committee on the Naira-based sales of crude oil and refined products and asked the members to resolve any teething problems. In a review meeting at the State House, the President said that using the Naira was conceived to remove the exchange rate hurdle. “Whatever solution we proffer in …

Despite efforts by the government to attract more foreign investors into the oil and gas sector, the nation’s foreign capital investments in the industry nosedived from $720 million in 2016 to $3.64 million in the entire 2023. The country also recorded no foreign capital investment in the first quarter of 2024, a report by the National Bureau of Statistics (NBS) …

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, on Monday, announced that about $16.6 billion investments had been committed to Nigeria’s oil and gas sector in the past one year. He spoke in Abuja while providing updates on achievements in the oil sector since President Bola Tinubu assumed office on 29 May 2023. On what was being …