* Royal Dutch Shell confirms it lifted force majeure on Nigerian Bonny Light crude oil exports on Friday * The company says it “lifted the force majeure on Bonny Light exports following the repair and reopening of the Nembe Creek Trunkline by the operator, Aiteo Eastern E&P Company Limited.” * Shell’s local subsidiary SPDC declared […]
Nigerian film star Chinedu Ikedieze, popularly known as “Aki”, says he has been recognised as a distinguished visitor by Miami-Dade County in the US state of Florida. The 40-year-old Nollywood actor posted a photo of himself on Instagram with the certificate, given to him by the mayor and county commissioners, along with the the words: […]
Nearly ten years ago the Central Bank of Nigeria conducted a deep assessment of the country’s banks. The 2009 exercise exposed large-scale fraud committed by a number of CEOs. To save the banking system from collapse, the Central Bank took over a number of institutions and spent billions saving others. In addition, criminal charges were […]
OPEC ministers announced a deal on Friday that will increase oil supplies from the producer group. Producers agreed to start pumping more so that they are no longer overshooting the production limits they agreed to in November 2016. Analysts say the agreement is likely to add around 600,000 to 800,000 barrels a day to the […]
Italy’s Supreme Court threw out an appeal from Shell and four former Shell managers to stymie a trial on alleged corruption in Nigeria, which also sees Eni’s chief on the bench, legal sources said on Wednesday. The long-running graft case revolves around the 2011 purchase by Eni and Shell of Nigeria’s OPL-245 offshore oilfield for […]
By Foster Obi The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, has implored the private sector to take advantage of the enabling environment created by the Muhammadu Buhari administration and invest in the nation’s Maritime sector. Usman was speaking in Onne, over the weekend shortly before she commissioned the new acquired […]
A Niger Delta group, under the aegis of Niger Delta Activist Forum, has threatened to shut down the Nigeria Agip Oil Company (NAOC) if it fails to induct some junior production staff recruited in 2014 and 2015. The group gave the company a 14 day ultimatum to induct the staffers who were predominantly drawn from […]
…Charges members to Consider Geopolitical peculiarities in Reviewing Labour Convention By Foster Obi Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has stressed the importance of human factor to successful shipping, stating that it is one of the most important elements in achieving competitive edge and safety in the […]
The new excise duty for alcoholic beverages and cigarette earlier approved by President Muhammadu Buhari will take effect from today, finance minister, Kemi Adeosun said. Under the new rates for tobacco, each stick of cigarette will attract one naira specific rate per stick; that is N20 per pack of 20 sticks in 2018. In 2019, […]
OPEC oil output fell to a 13-month low in May due to declining Venezuelan production, Nigerian outages and strong compliance with a supply-cutting deal, a Reuter’s survey found. The Organization of the Petroleum Exporting Countries pumped 32.00 million barrels per day in May, the survey found, down 70,000 bpd from April’s revised figure. The May […]