By Udeme Akpan
The National Petroleum Investment Management Services, NAPIMS, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, invested N21.47 billion to rehabilitate the nation’s refineries, the Nigeria-Morocco gas pipeline and oil search in the frontier basins, among others in January 2021.
In its February 2020 presentation to the Federation Account Allocation Committee, FAAC, NAPIMS also mentioned the National Domestic Gas Devt.; Gas Infrastructure Development; Renewable Energy Development, RED; Crude Oil Pre-Export Inspection Agency Expenses and pre-export financing as some other projects funded during the period.
The report, which disclosed that in January 2021, rehabilitation of the refineries gulped N8.33 billion; pre-export financing received N5 billion; National Domestic Gas Devt. – N3.17 billion; and Gas Infrastructure Devt.- N2.39 billion, added that the Frontier Exploration Services, which also involves the search for hydrocarbons in inland basins
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Oluwatosin Omojuyigbe
A firm, B4G Consulting Limited, has urged the Lagos State High Court to restrain the banks operated by the Systems Applications Products Nigeria Limited from releasing the total sum of $3,371,945.27 and N5m to SAP and other instruments belonging to it pending the hearing and determination of an alleged contract breach suit.
The firm, in a suit marked LD/ADR/519/2016, and reassigned to Justice Ezekiel Ashade, sought an order of the court directing the banks to file and serve affidavits before the court within seven days of the grant of the prayers of the firm to disclose an account of all money, funds or other instruments belonging and payable to SAP held with them.
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Leke Baiyewu, Abuja
The House of Representatives Committee on Public Accounts, on Thursday, strongly criticised the failure by the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, and heads of the corporation’s subsidiaries to appear before it.
The committee decried that it was the tenth time the officials would write to defer their appearance at its investigative hearing on the audit queries issued against them by the Office of the Auditor General of the Federation, including unaccounted proceed of oil sales amounting to about N3.9tn.
Those with queries against them are the Nigerian Petroleum Development Company Limited, Petroleum Products Marketing Company Limited, Petroleum Products Pricing Regulatory Agency, NNPC Retail Limited, National Petroleum Investment & Management Services, National Petroleum Exchange, Nigerian Gas Company, NNPC Pension Limited, Kaduna Refining and Petrochemical Company, Warri Refining and
Nigeria plans contract reforms in bid to cut upstream costs
Nigeria has launched an exercise to cut upstream production costs, with an eye on securing the country’s energy future.
Updated: 10/02/2021, 9:57 am
Launching NUCOP
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Nigeria has launched an exercise to cut upstream production costs, with an eye on securing the country’s energy future.
Industry bigwigs attended the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP) on February 9. At the heart of the push was a focus on reducing operating expenditure.