OIL SECTOR ACCOUNTS FOR 80% OF NIGERIA'S CORRUPTION

Nigeria’s oil and gas sector accounts for about 80 per cent of the total corruption-related issues across the country, the Independent Petroleum Marketers Association of Nigeria has said.

 

According to IPMAN, although some cases of corruption may not be seen as involving the oil sector at the surface level, in-depth analysis of most of such cases normally have direct or indirect links to the oil and gas industry.

 

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BUHARI FIRES MDS OF NNPC SUBSIDIARIES

President Muhammadu Buhari on Tuesday evening fired the managing directors of the subsidiaries of the Nigerian National Petroleum Corporation and retired 38 top management staff of the firm, trimming down their number from 122 to 83.

 

The President also approved four new directorates for the national oil corporation and appointed four directors to man them.

 

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STOP POLITICAL INTERFERENCE IN NNPC —PENGASSAN

The Petroleum and Natural Gas Senior Staff Association of Nigeria has urged President Muhammadu Buhari to halt political interference in the operations and activities of the Nigerian National Petroleum Corporation, as part of the ongoing reforms in the oil and gas industry.

 

Its President, Mr. Francis Johnson, said only this step would make the corporation efficient and enable it to compete favourably among its peers in the world, such as the Saudi Aramco of Saudi Arabia, Petronas of Malaysia and Petrobras of Brazil.

 

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NIGERIA OIL INDUSTRY AWAITS BUHARI PLAN

When Nigeria’s president Muhammadu Buhari last week named a Harvard-trained lawyer as head of a state-run oil company notorious for its mismanagement, industry observers saw the move as a sign of his commitment to reform a sector where crude theft and government corruption has been rampant.

 

Read more @ Businessday Online

DPR BEGINS IMPLEMENTATION OF GAS TRANSPORTATION CODE

The Department of Petroleum Resources (DPR) has stated that it had commenced the implementation of Nigeria Gas Transportation Network Code (NGTNC).

This is coming as the Nigeria Gas Company (NGC) has hinted that gas supply to power plants would increase to 800 million standard cubit feet by the end of 2016.

 

Read more @ Thisdaylive

MASSIVE FUEL IMPORTS CONTINUE AS REFINERIES FAIL

Despite claims that Nigeria’s refineries are now operational, the country will have to depend largely on imported petrol in the third quarter of 2015.

 

It was learnt on Monday that import allocation for petrol was given to importers of the product last week.

 

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PRESIDENT TO HEAD MINISTRY OF PETROLEUM FOR 18 MONTHS

President Muhammadu Buhari on Sunday ordered all ministries, agencies and departments of government to stop forthwith the operation of multiple bank accounts for the purpose of keeping revenues and incomes.

 

The Presidential order affects the Nigerian National Petroleum Corporation, the Central Bank of Nigeria, the Federal Airports Authority of Nigeria and the Nigerian Maritime Administration and Safety Agency.

 

Read more @ Punch Online