Fuel Scarcity: Senate reads riot act to NNPC, DPR others

Against the backdrop of the lingering fuel crises across the country, the Nigerian Senate on Thursday read the riot act to the Nigerian National Petroleum Corporation (NNPC), the Department of Petroleum Resources (DPR) and security agencies to ensure adequate supply of Premium Motor Spirit (PMS) also known as petrol and the disappearance of queues nationwide within seven days.

The resolution of the Senate in Thursday’s plenary stemmed from the recurring incidents of fuel scarcity that have threatened to cripple business activities and destabilise the polity.

FG approves Integrated Maritime Security Strategy

---Dakuku assures of zero tolerance to piracy in Gulf of Guinea

Following increased incidents of piracy attacks and criminal activities in the Gulf of Guinea (GoG) in 2017, despite the marked reduction of similar activities in other piracy hot spots around the world, the Federal Government has approved an Integrated National Security Strategy (INSS) to tackle the threat to Nigeria's Blue Economy.

NPDC targets 500,000bpd crude oil production

The Nigerian Petroleum Development Company (NPDC), one of the upstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC), will increase its daily crude oil production to 500,000 barrels per day before 2022.
This target was announced by the Group Managing Director of the NNPC, Dr. Maikanti Baru, during the inauguration of the board of directors of the company in Abuja.

NNPC raises alarm over cross-border petrol smuggling syndicates

…Baru says NNPC can’t guarantee effective fuel distribution under porous borders
The Nigerian National Petroleum Corporation (NNPC) on Wednesday raised alarm over the sustained nefarious activities of some cross-border fuel smuggling syndicates and hoarders which have so far impeded efforts by the Corporation to sanitize the fuel supply and distribution matrix across the country.

FG may terminate Webb Fontaine contract agreement

There are strong indications that the Federal Government may grant approval for the termination of an agreement reached with Webb Fontaine to develop a single platform for a general Custom transaction through the Automated Systems for Customs Data (ASYCUDA).
According to findings, Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, and her Transportation counterpart, Mr. Chibuike Rotimi Amaechi, have written a letter to the Presidency, seeking approval for the establishment of a National Trade Platform (NTP).

Higher oil prices boost hopes of stronger naira

The recent rally in crude oil prices to about $70 per barrel has sparked speculation in industry circles that an appreciation of the naira could be imminent, findings by New Telegraph have shown.
In separate interviews last weekend, analysts told this newspaper that with the Central Bank of Nigeria (CBN) having essentially achieved its objective of rates convergence, it is not inconceivable that the soaring price of oil will eventually lead to the apex bank introducing forex measures that would be primarily aimed at further strengthening the naira.

Senate probes NNPC over $141m in private account

THE Senate, on Tuesday, resolved to investigate the Nigeria National Petroleum Corporation (NNPC), to know how Brass Liquefied Natural Gas, LNG, account worth $141 million allegedly ended in a private account domiciled with Keystone Bank.

The decision of the Senate was sequel to a Point of Order by Senator Dino Melaye, who begged that the Senate should as a matter of urgency, confirm the veracity of the alleged ‘monumental corruption’ in NNPC.

NNPC board to decide on refinery investors this month

The Nigerian National Petroleum Corporation’s (NNPC) board will decide on the investors for its three major refineries this month, the Managing Director of the corporation, Dr. Maikanti Baru said on Tuesday.
NNPC launched a bidding process in 2016 to find partners to overhaul ailing refineries that produce very little petrol because of decades of mismanagement, leaving OPEC member, Nigeria, reliant on imported oil products.