Orjiako To Step Down As Chairman Of Seplat Energy

Seplat Energy Plc has announced the decision of its Chairman Dr. A.B.C. Orjiako to step down as Chairman of the Board of Directors of Seplat Energy Plc. Orjiako notified the Board of Directors of his decision yesterday, November 17, 2021. According to a statement from the company, in order to facilitate an orderly transition Orjiako will remain as Chairman until the next Annual General Meeting in May 2022, when an Independent Chairperson will take over. Orjiako is the co-founder and pioneer of Seplat Energy. Since 2009, as Chairman of the…

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NNPC Advises Tanker Drivers To Shelve Planned Strike

The Nigerian National Petroleum Corporation (NNPC) on Sunday in Abuja called on petroleum tanker drivers to call off its planned strike in the interest and welfare of Nigerians. “The strike is about the condition of roads in various parts of Nigeria used for the distribution of goods and services including petroleum products. “While it is not the responsibility of the NNPC to build or rehabilitate roads, any disruption in the distribution of petroleum products will adversely affect the business of the NNPC. “It will also endanger energy security, which the…

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Power: NERC faults report on ECR suspension

Following reports making the rounds that the Eligible Customer Regulation (ECR) has been suspended, the Nigerian Electricity Regulatory Commission (NERC) said that it was not true and that at no time had the commission issued a directive for discontinuation of service to any customer. In a statement made available to journalists yesterday, the commission said that its attention was drawn to the report in both electronic and print media that the ECR issued by the commission in 2018 had been suspended. The ECR was designed to provide a very simple process…

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OPEC sees steeper oil demand drop as virus remains challenging

World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year, OPEC said on Monday, potentially making it harder for the group and its allies to support the market.     World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year, OPEC said on Monday, potentially making it harder for the group and its allies to support the market.   World oil demand…

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Subsidy: CSOs seek targeted projects for N15.4bn

  Following revelation by the Federal Government that fuel subsidy removal had taken a burden of N15.4 billion of its shoulders monthly, a group of civil society organisations has advised that the money be deployed in targeted projects rather than keeping it in the federation account.   The advice was given during a virtual workshop in Abuja that was hosted by Media Initiative on Transparency in Extractive Industries (MITEI), a non-profit group of media practitioners committed to the promotion of transparency in the extractive industries and facilitated by Facility for…

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Oil super major deepens asset sale in Nigeria 

  International oil companies (IOCs) at the weekend deepened plans for sale of more assets in Nigeria as they slashed $12 billion off their global investment portfolios.   Blaming price rout buoyed by Coronavirus pandemic for the move, the IOCs including Shell, ExxonMobil, Total and Aker declared that they had already announced the slash in their investments to survive the big threat posed to their fortunes by the pandemic.   “The IOCs will be putting more of their assets up for sale,” an industry source told New Telegraph,  adding, “they…

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NNPC slahses ex- depot price of petrol

The Nigerian National Petroleum Corporation (NNPC) Wednesday announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its through put operations. A release in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying that the new ex-depot price of Premium Motor Spirit (PMS), otherwise called petrol, reflects the company’s market strategy to make…

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Oil bid round: Coalition of civil society groups seeks transparency

    PRECISION Oversight of the processes should be provided by the National Assembly and auditing by NEITI     Following Federal Government’s intention to conduct fresh licensing bid round for Nigeria’s marginal oil fields, Civil Society Organisations (CSOs) and extractive industry media group, Media Initiative on Transparency in Extractive Industries (MITEI) have advised the Federal Government to ensure transparency in the entire process. The advice formed part of the resolution reached at the end of a one-day workshop on “Improving Transparency in the Oil licensing Process organised by the…

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Nigeria should take advantage of AfCFTA delay’

    As reactions continue to trail the recent announcement by the Secretary-General of the African Continental Free Trade Area (AfCFTA) secretariat, Wamkele Mene, that the implementation of the agreement will not begin on July 1, 2020 as planned due to disruptions caused by the coronavirus (COVID-19) pandemic, analysts at CSL Research have urged Nigeria to take advantage of the development to speed up growth in critical infrastructure.   The analysts stated this in a note obtained by New Telegraph yesterday.   The AfCFTA agreement, which is aimed at boosting…

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Report attributes decline in Nigeria’s PMI to COVID-19

    The recently released April version of the Stanbic IBTC Bank’s Nigeria Purchasing Managers’ Index (PMI) has said that the decline in activities in the private sector is due to disruptions caused by the coronavirus (COVID-19) pandemic.   According to the report, the Nigeria PMI headline sank to 37.1 index points in April 2020 compared to 53.8 index points recorded in March. New orders, output and employment witnessed sharp falls as prices rise amid supply chain disruption.   The Nigeria PMI report reflects economic indicators gotten from monthly surveys…

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