On Thursday, Nigeria’s Nigerian National Petroleum Company Limited (60 percent) and TotalEnergies (40 percent), the operator of Oil Mining Lease 58 onshore license in Nigeria, signed a $550 million Final Investment Decision for the development of the Ubeta gas field. Located about 80 km northwest of Port Harcourt in Rivers State, the OML 58 licence…
Ali Bello, the governor of Kogi State’s chief of staff, and Dauda Sulaiman, his co-defendant, will face amended money laundering charges in their trial, which was postponed until July 15 by Federal High Court Judge James Omotosho on Thursday. The charge was instituted by the Economic and Financial Crimes Commission. The defendant, who is a…
The $550 million final investment decision for the Ubeta Field Development Project has been announced by the NNPC-TotalEnergies JV, which is a significant step towards increasing Nigeria’s oil and gas production. This milestone, according to NNPC aligns with President Bola Tinubu’s Presidential Executive Order on Oil and Gas Reforms, designed to improve the investment climate…
Following the Central Bank of Nigeria’s March mandate on recapitalization, Fidelity Bank Plc became the first bank to go public on Thursday when it began its N127.10 billion rights issuance and public offer. Fidelity Bank on Thursday commenced its public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share and…
The Federal High Court in Lagos, which met on Thursday, scheduled a second hearing for June 27, 2024, regarding the contempt case that Guaranty Trust Bank Plc filed against the directors of AFEX Exchange Commodities Limited for a loan of N17.81 billion. Justice Chukwujekwu Aneke who presided over the court fixed the date after hearing…
The Debt Management Office (DMO) says Nigeria’s total public debt stock hit N121.67 trillion (91.46 billion dollars) in March. The Director-General of the DMO, Patience Oniha, made this known in a statement on Friday in Abuja. Oniha said that the debt stock comprised the total external and domestic debts of the Federal Government, the 36…
The Kano State Government has directed the Commissioner of Police to eject the 15th Emir of Kano, Aminu Bayero, from the Nasarawa Palace where he currently resides. Governor Abba Yusuf gave the directive via the state Attorney General and Commissioner for Justice, Haruna Dederi. Dederi, while conveying the directive at a news conference on Thursday…
The Federal Government has begun the proposed audit of the N2.7tn fuel subsidy claim by the Nigerian National Petroleum Company Limited, according to a report by The PUNCH. An audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to N2.7tn. However, in the new audit, the government said it had approved…
The Gombe Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned one Usman Mallam for allegedly tearing the agency’s official investigation activities’ letters and obstructing investigation before the Federal High Court sitting in Gombe, Gombe State. Mallam, a desk officer in charge of responding to official correspondence in the office of the…
