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NNPC Crashes prices of diesel across Nigeria by 42 per cent

  The Nigerian National Petroleum Corporation (NNPC) has crushed the price of diesel by 42 per cent – This was disclosed by Mr Ndu Ughamadu, the group general manager, public affairs division of the NNPC – The news will no doubt bring smile to the faces of Nigerians Mr Ndu ...

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FG to sanction DISCOs for flouting metering mandate

        Minister of Power, Works and Housing, Babatunde Fashola has mandated the National Electricity Regulatory Commission (NERC) to sanction any DISCO that fails to meet up with its metering commitment. Speaking at the 16th monthly meeting of operators in the electricity industry, at the Ugwuaji 330/132 Kv ...

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NNPC’s Need of a Stability Dividend

    In March the NNPC reduced its operating deficit from N14.1bn the previous month to N5.6bn (US$18m), its best performance since the token profit of N0.3bn in May 2016. The driver was the Nigerian Petroleum Development Company (NPDC), the corporation’s most profitable unit, which pushed its revenue up by ...

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Forte Oil to inject N20 billion fresh capital to boost operation

      Poised to place its company in a better position that will bring substantial return to its shareholders, Oil major, Forte Oil Plc  has revealed plans to inject N20 billion fresh capital into its business to boost operations According to the Group Executive Director, Finance and Risk Management, ...

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We Are Not Owning Govt Outstanding Dividend Payments- Says NLNG

The Nigeria LNG Limited (NLNG), has  explained that it has no outstanding dividend payments to Government and “continues to conduct its business in accordance with regulation and the laws of the Federal Republic of Nigeria”. A statement issued by General Manager, External Relations Division, Kudo Eresia-Eke, the company said it ...

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SEPLAT Issues Operations Update

Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, today issues an operations update. Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian indigenous oil and gas company ...

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Seplat Petroleum Devt Company Q4 2016 & Q1 2017 Results Review – A Change in Fortunes on the Cards

Seplat Petroleum Development Company’s (Seplat) Q1 2017 results were hurt by disruptions to the third-party operated Trans Forcados System (TFS), the company’s major export pipeline route. Seplat posted a loss before tax of –US$18.3m. This marked the fifth consecutive quarter of losses. The TFS which had been out of operation ...

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Hike in fuel price and insensate Senate

The Trade Union Congress of Nigeria on Friday warn the Senate against further plans to impoverish Nigerians with the recent move to hike the prices of fuel, diesel, and even factor in other assorted charges and surcharges ‘to fund the a Proposed National Roads Fund’. The Congress in joint statement ...

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Mixed Outlook for Petroleum Marketers

    FBNQuest Research On Tuesday the National Bureau of Statistics (NBS) released the latest report in its premium motor spirit (PMS) price watch series. This shows the average monthly price for PMS (petrol/gasoline) paid by households across the country. In April it averaged N149.9/litre (l) for the 36 states ...

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Nigeria seeks $5.2 billion from World Bank for electricity

    Nigeria is seeking $5.2bn from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years. The bank’s private-sector lending arm, the International Finance Corporation, may invest about $1.3 billion in power projects and electricity distribution companies. Its political-risk insurer, ...

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