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New NNPC GMD Not Related To Buhari’s Chief Of Staff, Says Presidency

Following conflicting information on social media, the presidency has on Thursday, June 20, cleared the air on the appointment of Mele Kyari as the group managing director of the Nigerian National Petroleum Corporation (NNPC). According Bashir Ahmad, personal assistant to President Muhammadu Buhari on new media, the new NNPC GMD Mele Kyari is not in any way related to Mallam ...

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Oil Climbs To 5-month High Amid OPEC Cuts, U.S. Sanctions, Libya Fighting

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data. International benchmark Brent futures were at $70.62 per barrel at 0716 GMT on Monday, up 28 cents, or 0.4 per cent from their last close. ...

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Oil Marketers Reduce Petrol Price To N140/litre For Buhari

In what could be termed a soothing development, the Independent Petroleum Marketers Association of Nigeria (IPMAN), has directed its members nationwide to crash the pump price of petrol from N145 to N140/litre with effect from Wednesday, February 20 and Saturday, February 22, being the eve of the presidential and National Assembly elections. The move serves a twin effect of pooling ...

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Blackout: Don’t Renew BEDC License, Oba Of Benin Tells Buhari

The Benin Monarch, Oba Ewuare II, has asked President Muhammadu Buhari not to renew the license of the Benin Electricity Distribution Company (BEDC) for its inability to provide electricity. Oba Ewuare II appealed to Buhari to support Governor’s Godwin Obaseki’s quest to seeking an alternative sources of providing electricity to meet the demand of the people of the state. Ewuare ...

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Femi Otedola Dumps Forte Oil, Notifies The Exchange

Nigerian billionaire businessman, Femi Otedola is set to sell his 75 per cent direct and indirect shareholdings in Forte Oil. This was revealed by the Nigerian Stock Exchange in a statement on its website on Monday. The statement was signed and made available to reporters by Akinleye Olagbende, the  General Counsel of the company. The statement entitled ‘notification of divestment by the ...

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It’s Not Govt’s Problem If You Don’t Have Power – Fashola

Babatunde Fashola, minister of power, works and housing, says the federal government should not be blamed for the problems in the power sector. Fashola made the remark at the Nextier Power Dialogue in Abuja on Wednesday. The minister reportedly blamed the past administration for selling assets that would have been used to rehabilitate the sector, adding that the generating and ...

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Fuel Crisis Looms As Oil marketers Give FG Seven-Day To Settle N800b Subsidy Debts

Oil marketers have issued a seven-day ultimatum, demanding the Federal Government to settle their outstanding debts, totaling N800 billion. In a statement on Sunday in Lagos, the oil marketers stated that they would shut down depots, thus disrupting fuel distribution, should the government fail to comply. The marketers, made up of Major Oil Marketers Association of Nigeria, Depot and Petroleum ...

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Nauseating Pride Of BEDC’s Boss

*In Edo, where Osibodu-led BEDC holds sway, customers have had enough. In 2017, something happened in Ekpoma, Edo State… “If you buy a transformer or anything, the DISCO is supposed to pay you back in a way. You are not supposed to give anything to DISCO for free. There is a regulation. The regulation is that everybody must be metred. ...

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Nigeria Exported N7.3trn Crude In First 6 Months Of 2018 – NBS

Nigeria’s crude oil export appreciated by 17.38 per cent to N7.308 trillion in the first six months of 2018 from N6.226 trillion recorded in the last six months of 2017, according to data obtained from the National Bureau of Statistics (NBS). The NBS, in its Second Quarter 2018 Foreign Trade Statistics, stated that first half 2018 crude oil export figure ...

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U.S. Overtakes Russia, S. Arabia As world’s Largest Oil Producer – EIA

The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in ...

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