Nigeria said Monday that oil companies should be obliged to pay compensation for degradation resulting from their exploration and production activities particularly in the oil-rich Niger Delta region. “The companies have an obligation beyond their exploration and production to restore … read more
About two months after he was arrested and detained in Kaduna Prisons, a respite of sort came yesterday for the former governor of Delta State, Chief James Ibori. The Federal High Court sitting in Kaduna and trying him for alleged … read more
The Nigerian National Petroleum Corporation (NNPC) has instructed Shell Petroleum Development Company (SPDC) to stop the present downsizing of its staff. The NNPC said transparency would not be followed if SPDC was allowed to continue with the exercise. Appearing before … read more
Nigerian leaders have embezzled about $400 billion between 1960 and now and most of them are still not being challenged. This was disclosed by the acting chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Lamorde, at the … read more
The epileptic power supply being experienced at present in the country may further worsen as power generation has dropped. Honorary Strategic Adviser to President Umaru Musa Yar’Adua on Energy, Dr. Rilwanu Lukman, has said at the weekend that the generating … read more
Many companies which have virtually no investment in Nigeria have again been favo-ured to import petroleum products into the country this year. THISDAY had reported last Friday that 28 companies had been given approval to lift Nigeria ‘s crude oil … read more
Nigeria�s external reserves rose to $54.63 billion by February 1 due to higher crude oil price in the international market, the Central Bank of Nigeria (CBN) has reported. The reserves had stood at $54.43 billion during the week-ended January 25 … read more
The controversy over the reorganisation in the Shell Petroleum Development Company has continued to linger as the National Assembly has summoned the management of the Dutch oil multinational over the exercise. Investigation by our correspondent showed that the SPDC management … read more
Unidentified assailants on Monday attacked a Naval vessel escorting petroleum-industry watercraft in chaotic southern Nigeria, killing one sailor and injuring another, officials said. The gunmen fired on the boats serving the natural gas industry as they headed toward an island … read more
The management of the Nigeria National Petroleum Corporation (NNPC) is not comfortable with the ongoing restructuring at the Shell Petroleum Development Company of Nigeria (SPDC). An NNPC official said yesterday that the corporation, as the principal partner with a 51 … read more