Tag Archives: Oil

The Central Bank of Nigeria (CBN) has released a new guideline for exporters repatriating export proceeds under a rebate scheme. In a circular to all authorized dealers signed by CBN Director, Trade and Exchange Department, O.S Nanji, the bank directed that export of products in their raw form will now be eligible for rebate. He said a rebate amount of ...

The Shell Petroleum Development Company of Nigeria Limited (SPDC) has announced the resumption of oil exports from the Bonny Crude Oil Export Terminal. The resumption from the facility follows the lifting of ‘Force Majeure’ on oil exports due to a blast on a pipeline feeding the terminal on March 3, 2022. Force Majeure is a legal clause inserted in contracts ...

As the Russian invasion of Ukraine rages, and with the global sanction on the Kremlin’s crude oil, the price of the Brent crude hss hit an all-time high of $112 per barrel, just as the WTI hit $110.67 per barrel. Despite that the sanctions against Russia carved out energy and energy payments out of the SWIFT restrictions and bans, Russian ...

A top commercial bank, Fidelity Bank Plc has reaffirmed its commitment to support the Central Bank of Nigeria’s (CBN) efforts to achieve its goal of $200 billion in Foreign Exchange (FX) repatriation from non-oil exports over the next five years. The bank’s Executive Director, Northern Businesses, Hassan Imam spoke at a workshop for exporters and investors on the implementation and ...

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation. Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the ...

Renowned lawyer Femi Falana has urged the Federal Government to make it compulsory for the Nigerian National Corporation (NNPC) to return unremitted money between 2010 and 2014 and another N94 trillion oil money held by oil operators. The lawyer stated that the explanation of the NNPC that there was no money to remit into the federation account next month is ...

Nigeria revenue profile may get a further boost in the days ahead as oil prices near $60 per barrel in a move propelled by the Organisation of Petroleum Exporting Countries (OPEC). U.S. West Texas Intermediate crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel ...

Operatives of the Nigeria Customs Service in Sokoto have intercepted a petrol tanker conveying 446 kegs of vegetable oil, with duty value of about N5.7m. They also arrested the driver of the tanker and his escort. The NCS Area Comptroller in charge of Sokoto, Kebbi and Zamfara states, Nasir Ahmed, said Bamus Global Co. Ltd. was written on the tanker, ...

Former Military Head of State, Yakubu Gowon, has said that Nigeria must take decisive steps to plan beyond oil so as to reposition the nation’s economy for international competitiveness. Gowon states this in a presentation at the 39th Kaduna International Trade Fair Seminar with the theme, “Promoting Commerce, Industry and Agriculture for International Competitiveness”. Gowon, who chaired the event said ...

There are indications that the United States may halt crude oil import from Nigeria by 2022, as it moves closer to becoming a net exporter of petroleum products. The United State Energy Information Administration (EIA) has projected that the United States would become a net energy exporter in 2022 in the newly released Annual Energy Outlook 2018, primarily driven by ...