Nigeria has discovered a discrepancy of more than $4 billion a year between the amount of motor fuel it subsidises and actual consumption, a legislative committee said, supporting the idea of massive corruption in the government subsidy scheme. When President … read more
In Nigeria, 2012 started with a bang. On January 1, the Nigerian government announced its plan to cut a critical fuel subsidy and, almost overnight, gas prices across the country increased by 50 percent. And although President Goodluck Jonathan has … read more
Nigeria is to produce a new draft of a law to overhaul its oil and gas industry, following the controversy that dogged an earlier bill which has been with parliament since 2008, Oil Minister Diezani Alison-Madueke said. Alison-Madueke who said … read more
Chevron Corp. says it is still trying to extinguish a five-day old fire on its rig off Nigeria’s coast after presuming two foreign workers dead. Chevron said Friday it is preparing to drill a relief well to fight the fire. … read more
Bombings and shootings by the militant Islamic group Boko Haram – also known as Jama’atu Ahlus Sunnah Lid Da’awati Wal Jihad – have increased sharply in recent months, leaving many worried that wide-scale sectarian violence could break out. Some 80 … read more
The Nigerian House of Representatives is considering legislation which will bring to an end the long-standing monopoly held by the Power Holding Company of Nigeria (PHCN) in the country’s energy sector. Leading debate on the bill here, Patrick Ikhariale said … read more
An offshore rig exploring possible oil and gas fields off Nigeria’s coast for Chevron Corporation caught fire on Monday, and the oil company said officials were still trying to account for all those working there. Chevron said two workers were … read more
Nigeria’s oil minister, Deziani Allison-Madueke, has set up a committee to speed up the passing of an oil law meant to completely overhaul Africa’s biggest energy industry, her permanent secretary said in a statement on Monday. The Petroleum Industry Bill, … read more
After a week-long strike called by labour and backed by civil society, Nigerians and indeed the economy are the worse for it, as losses arising from the shutting down of the business are estimated at several billions of naira. Labour … read more
Oil traders face lower profits or potential losses as a gasoline glut of around 1 million tonnes builds offshore Nigeria due to a dispute over a cut in petrol subsidies, which labour called off yesterday. Around 30 vessels are now … read more