……Event To Become Annual Gathering Of Stakeholders Yemisi Izuora The federal government has given its approval to the Nigeria International Petroleum Summit, a forum that is designed to promote potentials in the industry and exchange of ideas among sector operators across the globe. The summit which is Nigeria’s official oil and gas industry trade show event will undoubtedly be the Africa’s largest and most important industry platform and linkage to the world where engineering and technological breakthroughs, bid rounds, bid sign-off, major contract signing and sites conferences would meet other developmental and economic diversification initiatives of the country. Oriental News…
Author: Orientalnews Staff
….As Future Energy Nigeria Prepares Ground For Another Summit Yemisi Izuora Stakeholders in the Nigeria’s power sector would be discussing the country’s energy crises and the future of the industry, as Future Energy Nigeria Initiative gathers operators and policy makers to congregate at the yearly power forum in Lagos. Director of Future Energy Nigeria Initiative, Ade Yesufu commenting on the summit said, “I’m excited about Nigeria’s energy future, Nigeria is the future, we have to restore investor confidence”. As the Global Business Director for the upcoming Future Energy Nigeria, an event that has a solid reputation as a longstanding, high-level gathering place…
Mr Eddy van den Broeke, Chairman of Greenville, an oil and gas company, has disclosed that his company would invest $500 million in the nation’s gas sector, adding that the investment would be in collaboration with NNPC/Total Joint Venture and Gas Aggregation Company of Nigeria. Van den Broeke made this disclosure to journalists after the signing of the Gas Sales and Aggregation Agreement, GSAA deal at the Nigerian National Petroleum Company, NNPC headquarters, Abuja. According to him, Greenville will invest in the first three mini Liquefied Natural Gas, LNG, plants in Africa. He said: ”The big challenge today is that no…
Nigeria’s Access Bank said on Wednesday it had booked a 4 billion naira ($13 million) impairment on its loan to troubled telecoms firm 9mobile, formerly known as Etisalat Nigeria. Access Chief Executive Herbert Wigwe said the bank had a direct exposure of 11 billion naira to 9mobile, as well as an exposure of 35-39 billion naira to the telecoms firm’s suppliers. Wigwe told an analysts’ call that Access hoped to recover the debt once 9mobile was sold to new investors. – Rueters
The management of United Bank for Africa Plc, has said that it had applied to the Financial Services Authority of the United Kingdom for a banking license in its bid to further connect Africa to the world through global financial centres, complementing its existing presence in New York and Paris. Reuters quoted the group’s Chief Executive, Kennedy Uzoka, as saying during a conference call on Tuesday following the release of its audited half-year financials that UBA made provision for its N38bn exposure to 9mobile, the mobile operator formerly known as Etisalat Nigeria, but failed to give details of the provision. He…
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has said that the entry of Nigerian Independent Petroleum Company (NIPCO) into the cooking gas market had broken the monopoly of International Oil Companies (IOCs) through their affiliates in Nigeria. Mr Nosa Ogieva-Okunbo, the association’s President, disclosed this during a courtesy visit to NIPCO management in Lagos. Ogieva-Okunbo said major marketers hitherto had almost total control of the LPG business prior to the entry of the company in 2009. NIPCO is a private company operating in the downstream sector of the oil and gas business in Apapa. He said that…
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has stated that an effective application of the $200 million Nigerian Content Development Fund (NCDF) will contribute positively to Nigeria’s plan to reduce the cost of producing oil from $32 per barrel to $15 per barrel. Kachikwu has also explained that at a single-digit lending interest, the fund, which is domiciled with the Bank of Industry (BoI), would address the funding challenges which he said has hampered the growth and success of indigenous manufacturers, service providers and other key players in the country’s oil sector. Speaking at the signing of…
Governor Abubakar Sani Bello of Niger State will deliver the News Express 5th Anniversary Lecture on Thursday, September 28, 2017, its management has said. A statement issued by the Publisher of News Express, Isaac Umunna said that Governor Bello would speak on “National Unity and the Demand for Restructuring — A Governor’s Perspective.” “We are delighted to have His Excellency, Governor Abubakar Sani Bello, deliver the News Express 5th Anniversary Lecture. Perhaps no issue is engaging the attention of Nigerians at the moment more than national unity and restructuring. “We have chosen the right man to speak on this crucial issue…
The Director General of the Bureau of Public Enterprises (BPE), Alex Okoh has visited the Skyway Aviation Handling Company Limited, SAHCOL, as part of the bureau post privatization monitoring programme. After the physical inspection of SAHCOL facilities, Alex Okoh could not hide his admiration for SAHCOL, when he revealed that the initial briefing he had was that the SAHCOL facilities were ‘world class’, and that he was not expecting much as the term was usually used loosely, but what he saw after the inspection truly matches the description of “world class”, hence, quite pleased. Alex Okoh, who was accompanied…
As part of efforts to improve tax compliance levels, the Federal Government has commenced reviewing the tax compliance records of all contractors who received payments from the Federal Government and its various agencies in the last 7 years. This follows the results of a sampling exercise conducted by the Ministry of Finance which found that less than 20% of contractors reviewed accurately stated the income received from the Federal Government in their tax returns, whilst many made no declaration at all. A prominent result of the sampling exercise showed that some Tax Clearance certificates which were presented at the…