Italian prosecutors are widening an investigation into suspected obstruction of justice by officials of oil group Eni, sources said, threatening to open a new legal front for the company as it defends itself in a major corruption trial. The inquiry is preliminary and has been overshadowed by the ongoing trial, which centres on the 2011 […]
Nigerian state oil company NNPC on Wednesday said it had fully settled its debts to ExxonMobil’s local subsidiary with a payment of $833.57 million. NNPC said the money to Mobil Producing Nigeria (MPN) settled long-standing debts owed via “cash calls,” or costs that it is obligated to pay to joint-venture partners in oil and gas […]
Stuart Symington, US ambassador to Nigeria, has advised the federal government to get rid of fuel subsidy. The advice is coming a week after Muhammad Sanusi, emir of Kano, said heavy subsidy is leading Nigeria into bankruptcy. Wale Tinubu, managing director of Oando Plc, had also called on the government to cease subsidy. Speaking during […]
OPEC is dusting off plans for a new metric to measure the success of its ongoing output cuts, but the main option on the table — targeting lower stocks — means the group would need much deeper and longer curbs to rebalance the global oil market. From their inception in late 2016, the OPEC-led production […]
Troubled by chaos behind the scenes, played in baking heat against a backdrop of empty stadiums, the Africa Cup of Nations (AFCON) has still managed to serve up some entertainment and drama in its expanded 24-team group stage. World class players such as Sadio Mane, Mohamed Salah and Riyad Mahrez have shared the stage with […]
The family of Muyiwa Olushola is in mourning after the computer programmer allegedly committed suicide by taking a drink suspected to be laced with an insecticide, Sniper, at Mosadolorun in the Iba Local Council Development Area of Lagos State. PUNCH Metro gathered from neighbours that the deceased’s mother had gone for a vigil, leaving him […]
Maritime Workers Union of Nigeria (MWUN), the umbrella union of maritime workers on Wednesday followed up with their earlier warning to shut down the ports over unpaid entitlements by the International Oil Companies (IOC) by paralyzing port operations. The protesting workers ensured that no single vehicle entered the port when they started in the morning. […]
Nigeria will sign an Africa free trade agreement at the coming African union summit, according to a statement posted on the Nigeria presidency’s Twitter feed on Tuesday. Nigeria, the largest economy on the continent, was one of the last countries that had not committed to signing the deal and its decision to join the bloc […]
The special presidential investigation panel for the recovery of public property (SPIP) has arrested Goddy Nnadi, general manager (corporate services) of the Petroleum Equalisation Fund (Management) Board. TheCable reports that Nnadi was taken into custody on Monday. A presidency source confirmed Nnadi’s arrest, saying he is being investigated for “breach of civil service rules, corrupt […]
Russia and nine other non-OPEC producer allies Tuesday approved a nine-month extension of their output cuts at the same levels, joining OPEC in its market rebalancing efforts, ministers said after exiting their meeting. OPEC had ratified the agreement on Monday. The deal, which had expired Sunday, calls on the 24-country OPEC/non-OPEC coalition to cut 1.2 […]