Tag: economy
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Militant Group Claims Attack on Major Nigeria Oil Pipeline
PRESS RELEASE April 13, 2025 – MEDIA RELEASE Under the aegis of the Movement for the Emancipation of the Niger Delta (M.E.N.D), forces of the Liberation Army of the Niger Delta and Bakassi (L.A.N.D. & B) attacked and destroyed 1. Ogada Brass Agip trunk line running from Omouku to Brass Agip terminal 0200hr 2. Oron river back…
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IMF in Article IV Consultation With Nigeria’s Petroleum Ministry, NNPC
PRESS RELEASE April 11, 2025 – The Ministry of Petroleum Resources (MPR), alongside three agencies under its supervision—the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian National Petroleum Company Limited (NNPCL), recently participated in the ongoing International Monetary Fund (IMF)…
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Okah Files New Application to Declare His Imprisonment in South Africa Unlawful
Press Release Okah Files New Application to Declare His Imprisonment in South Africa Unlawful Henry Okah, the leader of the Movement for the Emancipation of the Niger Delta, who is currently serving a 24-year prison sentence in South Africa, has filed a fresh application to that country’s Constitutional Court to…
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South Africa’s Constitutional Court Paves the Way for Okah to Make Fresh Filings
Press Release (Updated) South Africa’s Constitutional Court on February 18, 2025, made two orders which essentially pave the way for Henry Okah, the imprisoned leader of the Movement for the Emancipation of the Niger Delta (MEND), to file fresh applications in that court, likely to be considered urgently, challenging his…
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Helicopter Incident En-Route to NNPC’s FPDO – Nuims Antan
Press Release October, 24 – On the 24th of October 2024, about 11:22am, we lost contact with the Helicopter – Register Number: 5NBQG, engaged by NNPC Limited, that took off from Port Harcourt NAF Base en route the FPSO – NUIMS ANTAN. The helicopter was operated by East Winds Aviation.…
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NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability
PRESS RELEASE Sept. 1, 2024 – NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat…
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CBN Prohibits Use of Foreign-Currency Denominated Collaterals for Naira Loans
LETTER TO ALL BANKS Abuja, April 8 – THE USE OF FOREIGN-CURRENCY-DENOMINATED COLLATERALS FOR NAIRA LOANS The Central Bank of Nigeria has observed the prevailing situation where bank customers use Foreign Currency (FCY) as collaterals for Naira loans. Consequently, the current practice of using foreign currency-denominatedcollaterals for Naira loans is…
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NERC Fines AEDC ₦200 Million for Violation of the New Tariff Order, Directs Customer Refunds
Press Release Abuja, April 5 – The Nigerian Electricity Regulatory Commission (“Commission”) has taken enforcement action against the Abuja Electricity Distribution Plc (“AEDC”) for non-compliance with the Supplementary Order to the April 2024 Multi-Year Tariff Order 2024 for AEDC (the “Order”). AEDC has been fined ₦200,000,000 (Two Hundred Million Naira) for…
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FAAC Meeting: FG, States and LGCs Share 1.152 Trillion Naira for February 2024
Press Release Abuja, March 22 – The Federation Account Allocation Committee (FAAC), at its February 2024 meeting chaired by the Honourable Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, shared a total sum of N1,152.756 trillion to the three tiers of government as Federation Allocation for the month…
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Transparency, Research, Innovation, Driving NNPC Ltd. Transformation —EVP Gas, Power & New Energy
Press Release Abuja, March 21 – The Executive Vice President, Gas, Power and New Energy, Nigerian National Petroleum Company Ltd., Mr. Olalekan Ogunleye, has identified transparency, accountability, research, technology and innovation as key drivers of the ongoing transformation in the company. Ogunleye disclosed this while speaking during a Panel Session…
