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Nigeria’s National Petroleum Corporation Spent Trillions Illegally

AFRICANGLOBE - Nigerian National Petroleum Corporation (NNPC) spent nearly half of the money it earned in three years and remitted the other half to the federation account, it was revealed yesterday. The corporation earned N8.1trn from crude oil sales from 2012 to 2015, withheld N3.8trn and paid only N4.3 trillion to the national treasury.

Missing $20 Billion – Nigeria Approves Forensic Audit Of Corrupt Oil...

AFRICANGLOBE - Nigeria's Federal Government may soon commence the forensic audit of the accounts of the Nigerian National Petroleum Corporation, NNPC, as President Goodluck Jonathan has approved the engagement of reputable international firms to handle the exercise.

Shell to Sell Off More Oil Blocs in Nigeria

AFRICANGLOBE - Shell plans to sell at least four more oil blocs in Nigeria due to increasing crude theft, oil spills, community challenges and its inability to renew the licenses of some of the fields.

Nigerian Firms Buying Out Foreign Oil Companies

AFRICANGLOBE - Three international oil companies (IOCs) - Shell, Total and Eni (Agip) - have raked in $2.569 billion (N411.04 billion) from the sale...

China Replaces United States As Nigeria’s Number One Crude Oil Importer

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu, has said China had become the alternative market for Nigeria's...

Nigerian Oil Production Hits Record 2.7 Million Barrels

The Nigerian National Petroleum Corporation (NNPC) has said that Nigerian oil production has risen from 2.4 million barrels per day (mbpd) to 2.7 mbpd...

Oil Firms Underpay Nigeria Billions

Nigeria Extractive Industry Transparency Initiative, NEITI, has disclosed that from its audit report between 2006 and 2008, the Nigerian National Petroleum Corporation, NNPC, received...

Will Nigeria’s Petroleum Industry Bill Increase Govt Revenues

Nigeria's Federal Government has approved the Petroleum Industry Bill (PIB), which as part of its provisions will provide for the unbundling of the Nigerian...

Nigeria’s Massive Kerosene Fraud

Nigerians have been forced to pay as much as N150/litre of kerosene instead of the government subsidised rate of N50 because the Nigerian National...

India Displaces U.S. as Nigeria’s Number One Trading Partner

India has overtaken the United States of America (USA) to become Nigeria's number one trading partner, according to the First Quarter 2012 Trade Statistics...

Nigeria Tightens Conditions for Oil Lifting Contracts

The Nigerian National Petroleum Corporation (NNPC) has modified the conditions that will be met by companies wishing to bid for the lifting of Nigeria's...

Investors to Pump $150 Billion Into Nigeria’s Oil Sector – FG

Nigeria expects $150 billion Foreign Direct Investor (FDI) into the oil and gas sector in the next five years, Minister of Petroleum Resources Mrs....