The Nigerian Ports Authority (NPA) has ordered Intels Nigeria Limited (Intels) to pay an outstanding $48 million debt into the Treasury Single Account (TSA) of the agency within two weeks. The Managing Director, NPA, Hadiza Usman, disclosed this during an interview with CNBC Africa. Usman added that the NPA would execute the notice of termination on Intels if it did ...

An administrative panel of inquiry set up last November to investigate allegations of financial impropriety and abuse of office against the suspended Director-General of the Securities & Exchange Commission (SEC), Mounir Gwarzo, has recommended his immediate dismissal from the public service. A copy of the panel’s report which is to be presented to President Muhammadu Buhari was seen by PREMIUM ...

The Minister of State for Aviation, Hadi Sirika, has said that Nigeria would soon have a full private sector-driven national carrier. He made the remark, while addressing journalists in Addis Ababa, Ethiopia, on the sidelines of 30th Ordinary Session of the Assembly of Heads of State and Government of the African Union. Stressing that the government would provide enabling environment ...

The dearth of new investments in Nigeria’s upstream oil sub-sector may soon be a thing of the past, as Total Exploration and Production Company in Nigeria and the Nigerian National Petroleum Corporation (NNPC) are set to take the final investment decision (FID), on the Ikike oil field. Giving the indication at the arrival ceremony of the Egina floating production storage ...

The Federal Government has recovered 500 “stranded’’ containers belonging to the Transmission Company of Nigeria (TCN). The Minster of Power, Works and Housing, Babatunde Fashola, made this known, while receiving a 20-year Transmission Expansion Master Plan presented by the Interim Managing Director of TCN, Usman Gur Mohammed. Fashola said that the containers containing transmission equipment had been deployed to TCN sites. He ...

The Nigerian National Petroleum Corporation (NNPC) has blamed security challenges for the non-commencement of oil exploration in the Chad Basin. The General Manager, Frontier Exploration Services of NNPC, Mazadu Bako, stated this at the 50th anniversary celebration of Geology Department, Ahmadu Bello University (ABU), Zaria. The golden jubilee was marked in honour of the pioneer Head of the Geology Department, ...

Worried by excess bank charges and illegal deductions by commercial banks in the country, the Senate, on Tuesday, summoned the governor of Central Bank of Nigeria (CBN) Godwin Emefiele, his officials, forensic auditors, Managing Directors of banks and Bankers Committee to give detailed accounts of why such issues were so appalling. Consequently, it mandated the  Committee on Banking, Insurance and ...

Explorationists, under the aegis of the Nigerian Association of Petroleum Explorationists (NAPE), have advocated a new paradigm in oil and gas operations in order to align with current trends of technology in the industry. The Association said, during its January edition of the Monthly Technical Meeting in Lagos, that the business of exploration had evolved, hence changes in the current ...

The Minister of State for Industry, Trade and Investment, Aisha Abubakar, has revealed that Nigeria accounts for about 57 percent of the world shea production. She said this at the introduction of the upcoming 11th Annual International Shea Conference themed: “Shea 2018” focused on “Going Further Together” on Tuesday, in Abuja. She said that Nigeria stood to benefit immensely from ...

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to commence work on its proposed $3 billion (N1.08 trillion) refinery in two states of the federation. The National President of the association, Chinedu Okoronkwo, made the disclosure, in Lagos, on Wednesday. IPMAN had in July 2014, acquired over 1,000 hectares of land to build refineries that would produce 200,000 ...