Business Hilights

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Energy

Reps revisit controversial $1.1bn Malabu oil deal

An ad hoc committee of the House of Representatives on Wednesday reopened investigation into the controversial $1.1bn award of Oil Prospecting Licence 245, better known as ‘Malabu Oil Deal.’ Lawmakers said Nigeria could not afford to lose an equivalent of…

Petroleum sector to get $70bn investment from China – Minister

The Minister of State for Petroleum, Dr Ibe Kachikwu, yesterday revealed that Chinese private sector companies had pledged an additional investment of $70bn to the Nigerian economy. Kachikwu said this while addressing State House correspondents on the outcome of the…

Release approved N30bn for Prepaid Electricity Meters, CRADO tells PMB

The leadership of Consumer Rights Advancement Organisation (CRADO) has appealed to President Muhammadu Buhari to release the N30bn given to Nigerians by former President Goodluck Jonathan allegedly kept in Skye bank for the delivery of prepaid meters for electricity consumers…

FG fingers Shell in crude oil theft, demands $406 million

Less than one week after the federal government sued two international oil giants, Total and Chevron over under-declaration in crude exports for some years, it is now demanding $406.75 million minimum from Shell Petroleum Development Company of Nigeria Limited and…

I’m Not Interested In NLNG, Other National Assets—Dangote

Finally, the President/Chief Executive of Dangote Group, Alhaji Aliko Dangote, has said his advocacy for the sale of the assets was never self-serving, stressing that “he was not interested in any of the assets”. Before now, there has been massive…

General Electric to invest N46bn in Nigeria next year—Report

General Electric, a United States’ electrical industrial firm, on Monday announced its plans to invest about $150m (N45.8bn) in Nigeria next year. The group said on its website that “There are development projects where we are investing,” the Chief Executive…

Good News As OPEC Exempts Nigeria, 2 Others From Reducing Oil Production

At a time Nigeria economy is battling economic recession, analysts have seen the move by the Organization of Petroleum Exporting Countries (OPEC), to exempt Nigeria, from cutting production output given the peculiar internal challenges they found themselves. Pundits say the…

PIB Passage Delaying Licensing Round For 11 Oil Blocks

The non-passage of the Petroleum Industry Bill (PIB) at National Assembly may compound the economic woes of the country early next by frustrating the needed licensing round for oil blocks this year. Already, about 11 Oil Processing Lease (OPL) and…

Shell Shuts Down Nigerian Oil Pipeline After Fire Outbreak

Integrated energy major Royal Dutch Shell plc’s RDS.A Nigerian division, Shell Petroleum Development Company, has shut down its Trans Niger Pipeline at Gio in Ogoni due to a recent fire. This pipeline feeds into Nigeria’s strategic Bonny Export Terminal.  …

FG Alerts H/Court How Chevron, Total Under-declared Crude Export 

Federal High Court seating in Lagos has started hearing on a suit brought forward by the Federal Government against two multinational oil giants, Total E&P Nigeria and Chevron. Whereas the government claimed that Total E&P Nigeria shortchanged Nigeria to the…