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US Department of Justice Seeks Recovery Of Almost $150M Corruptly Obtained By Ex-Oil Minister Alison-Madueke, Kola Aluko And Jide Omokore From Nigeria’s Oil Industry

US Department of Justice Seeks Recovery Of Almost $150M Corruptly Obtained By Ex-Oil Minister Alison-Madueke, Kola Aluko And Jide Omokore From Nigeria’s Oil Industry

Officials of the United States Department of Justice (DoJ) yesterday announced that they were filing a civil complaint seeking the forfeiture and recovery of approximately $144 million in assets that were allegedly the proceeds of foreign corruption offenses and were laundered in and through the U.S. The announcement was jointly made by acting Assistant Attorney… READ MORE

Nigerian Oil Company Oando Under Probe By Nigeria’s Securities and Exchange Commission

Nigerian Oil Company Oando Under Probe By Nigeria’s Securities and Exchange Commission

Nigeria’s Securities and Exchange Commission (SEC) is probing Oando, an oil company owned and run by Wale Tinubu, a cousin of former Governor Bola Tinubu of Lagos State. Mr. Bola Tinubu, the national of the All Progressives Party (APC), is also in business partnership with Mr. Wale Tinubu. A petition by two of Oando’s shareholders… READ MORE

Rig owners seek alternative funding for oil industry

Rig owners seek alternative funding for oil industry

Rig owners in Nigeria have tasked the Federal Government to implement the alternative funding stream for joint venture operations it approved in November last year.The operators regretted that the inability of government to execute the plan has further thrown the industry into instability, which has drastically affected the nation’s economy. This was stated in Port… READ MORE

OPEC to ask Nigeria, Libya to cut oil production

OPEC to ask Nigeria, Libya to cut oil production

Indications have emerged that Libya and Nigeria, both oil producing nations exempted from production cut agreement reached by the Organisation of Petroleum Exporting Countries, OPEC, may be asked to cap their crude output soon. Kuwait Oil Minister, Issam Almarzooq, said the decision would be in an effort to help rebalance the oil market. Bloomberg reports… READ MORE

Global Oil Supply Concerns Mount As Libya, Nigeria Gain Traction

Global Oil Supply Concerns Mount As Libya, Nigeria Gain Traction

While the whole world talks about how the global supply glut needs to come down, oil production is actually expected to increase, and soon, says a new report from Platts. The OPEC production survey released by Platts on Thursday said that Libya and Nigeria—the African duo exempt from the bloc’s production cut—could continue to increase oil production… READ MORE

‘Nigeria’s crude oil production hit 2.025mbpd in June’

‘Nigeria’s crude oil production hit 2.025mbpd in June’

• Refineries yet to secure financiers for rehabilitation • Govt approves national gas policy The Federal Ministry of Petroleum Resources has put Nigeria’s crude oil production, including condensate at 2.025 million barrels per day in June 2017.Besides, the agency said the Federal Government is yet to secure funding for the rehabilitation of the country’s refineries…. READ MORE

FG To Save $1.5bn Annually On Nigerian Gas Project

FG To Save $1.5bn Annually On Nigerian Gas Project

The federal government would be saving about $1.5 billion annually if the Natural Gas Vehicles project, an initiative that was first introduced by Nigerian Gas Company, NGC, in 1989 is sustained The Project reportedly achieved a modest success with the only downside being the unavailability of Compressed Natural Gas (CNG) stations. It was learnt that… READ MORE

NLNG Upgrades Three Jetties in Lagos to Boost Cooking Gas Supply – Tony Attah

NLNG Upgrades Three Jetties in Lagos to Boost Cooking Gas Supply – Tony Attah

The Managing Director of Nigeria LNG Limited, Mr. Tony Attah has stated that the company has invested N150million to upgrade three jetties in Lagos to boost Liquefied Petroleum Gas (LPG) supply to domestic market. Speaking when he visited cooking gas terminal facilities in Lagos yesterday, Attah said the money was used for the refurbishment and… READ MORE