The Court of Appeal, Abuja Division, on August 8, upheld the Nigerian National petroleum Company (NNPC) Limited’s appeal against the Federal High Court’s April 2023 judgment that annulled Sen Ifeanyi Araraume’s removal as non-executive Chairman of the NNPC Board and awarded him ₦5 billion in damages. With this judgment, the Court of Appeal thus spared…
The Nigerian government has moved to ensure that all contracts awarded by Ministries, Departments, and Agencies (MDAs) are backed by available funds before any legal commitments are made. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this in Abuja during the Stakeholders’ Engagement on the Implementation of the 2025 Capital…
The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out sale of the Port Harcourt Refining Company (PHRC), reaffirming its commitment to completing high-graded rehabilitation and retention of the plant. Its Group Chief Executive Officer (GCEO), Bayo Ojulari, announced this at a company-wide town hall meeting at the NNPC Towers, Abuja. NNPCL made…
Dangote Petroleum Refinery and Petrochemicals has withdrawn its lawsuit against the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company Limited (NNPCL), and five other petroleum companies. The case, filed at the Federal High Court Abuja, was formally withdrawn by the plaintiff’s legal team. According to a notice of discontinuance filed…
A private entity, Backbone Infrastructure Nigeria Limited (BINL), has expressed its readiness to build $15 billion 500,000 barrels per day (bpd) refinery and establish a Free Trade Zone (FTZ) in Ondo State. It said it has concluded plans to construct and operate the plant at the Sunshine Industrial Park in Ogboti, Eruuna and Sunshine FTZ…
The Federal Government has said it remained committed to deploying innovative and fiscally responsible financing strategies to optimise Nigeria’s oil assets, enhance external liquidity, and strengthen macroeconomic stability. The government made the clarification as conversations continue around a proposed crude-for-loan arrangement with Saudi oil giant, Aramco. In a statement, the Federal Ministry of Finance addressed…
The Nigerian Maritime Administration and Safety Agency (NIMASA) has reaffirmed its commitment to fostering a level playing field and creating an enabling environment to strengthen businesses in the maritime sector. The Director-General of NIMASA, Dr Dayo Mobereola, gave the commitment while receiving the Executive Members of the Nigerian Merchant Navy Officers and Water Transport Senior…
The Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari has condemned talks about the existence of sub-standard fuel in the country, describing it as unfortunate drama and bad marketing practice. Kyari, who was speaking while fielding questions at a fireside chat during the 60th Nigeria Mining & Geosciences Society (NMGS) Conference in Abuja…
Between 2014 and 2024, Nigeria, Africa’s largest economy, earned $305billion as revenue inflows from the oil and gas sector according to the Nigeria Extractive Industries Transparency Initiatives (NEITI). It disclosed this when its executive secretary/national Coordinator, Dr Orji Ogbonnaya Orji appeared before the Senate Public Accounts Committee (SPAC) in Abuja. According to Orji in his…
