Federal Government-owned refineries, located in Port Harcourt, Kaduna and Warri, lost over N231bn in the last four years as the proposed rehabilitation of the plants suffered a setback. The Port Harcourt Refining Company has two refineries, while the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company …
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The Special Presidential Investigation Panel for the Recovery of Public Property says the Nigerian Petroleum Development Company Ltd and one of its Joint Venture partners, Seplat Petroleum Development Company Plc, have short-changed the Federal Government by $1.8bn and N8.8bn from 2013 to 2017. Responding to The PUNCH’s inquiry on Sunday, the …
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Oil prices rose on Thursday lifted by a sustained decline in inventories and Saudi Arabia’s preparedness to cut crude supplies to its prized Asian customers. Brent crude futures were 52.99 dollars a barrel by 0855 GMT, while US West Texas Intermediate crude was up 17 cents at 49.73 dollars. Crude …
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The Buhari Media Support Group (BMSG) on Thursday in Abuja, said the stolen funds traced to former Petroleum Minister, Diezani Alison-Madueke, could fund infrastructure development in the country. Specifically, the group said in a statement by its Chairman, Austin Braimoh, and Secretary, Cassidy Madueke, that government could build six world-class …
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N47.2 Billion and $487.5 Million in cash and properties have so far been traced to the former Minister of Petroleum Resources in the Ex-President Goodluck Jonathan’s administration, Mrs. Diezani Alison-Madueke. This followed painstaking investigations by operatives of Nigeria’s Economic and Financial Crimes Commission, EFCC These are some of the top properties purchased from …
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Mobil Producing Nigeria Unlimited and Shell Petroleum Development Company of Nigeria Limited recorded the biggest decline in production from joint venture assets in the first quarter of this year. The subsidiary of the United States-based ExxonMobil Corporation saw its JV output drop from 11.646 million barrels in January last year …
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The Nigerian National Petroleum Corporation, NNPC, and its subsidiary, the Pipeline and Products Marketing Company, PPMC, earned N680.1billion from the sale of 5.5 billion litres of white petroleum products in the first four months of the year, between January and April 2017. White products comprise Premium Motor Spirit, PMS, Automotive …
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An investigative officer of the Economic and Financial Crimes Commission (EFCC), Usman Zikari, has revealed to the Federal High Court in Ikoyi, Lagos how former Minister of Petroleum Diezani Alison-Madueke shared $115 million with politicians and influential figures across Nigeria, including former Minister for National Planning Abubakar Suleiman. Mr. Zikari, …
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An advocacy group in the Niger Delta, the Grassroots Initiative for Peace and Social Orientation, has advised the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to stop frustrating the peace process in the region. GIPSO said the minister’s alleged selective town hall meetings with some groups and ex-militant …
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The Economic and Financial Crimes Commission has discovered a $37.5m (N11.75bn) luxury high-rise building on Banana Island, Ikoyi, Lagos, allegedly belonging to the embattled former Minister of Petroleum Resources, Diezani Alison-Madueke. This is just as the EFCC revealed on Friday that it discovered $9.3m and £74,000 belonging to a former …
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