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Non-review of PSCs causes Nigeria $16b loss- NEITI

Non-review of PSCs causes Nigeria $16b loss- NEITI

A quantitative study by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria lost at least $16b over a ten-year period (2008 – 2017) due to non-review of the 1993 Production Sharing Contracts (PSCs) with oil companies.  The study, which was done in conjunction with Open Oil (a Berlin-based extractive sector transparency group) […] …

FG to recover $7bn CBN bailout to banks

FG to recover $7bn CBN bailout to banks

“If you recall, in 2006, the Central Bank of Nigeria (CBN) gave out bailout funds to banks to the tune of $7 billion.” Iheanacho Nwosu and Isaac Anumihe, Abuja Federal Government has launched investigation into the over $7 billion bailout funds given to commercial banks in 2006. READ ALSO: Excess charges: Enugu Assembly urges FG, CBN to put […]
The post FG to recover $7bn CBN bailout to banks appeared first on The Sun Nigeria. …

Ogoni clean-up commences in 2 weeks – FG

Ogoni clean-up commences in 2 weeks – FG

“The governance structures that have been put in place, the opening of the Ogoni Trust Fund has been able to mobilise $180 million from the oil companies.” Juliana Taiwo-Obalonye, Abuja The Federal Government yesterday announced that 21 firms are to mobilise to site in the next two weeks following the contribution of $180 million by […]
The post Ogoni clean-up commences in 2 weeks – FG appeared first on The Sun Nigeria. …

NNPC, oil companies owe Nigeria $22.06bn – NEITI

NNPC, oil companies owe Nigeria $22.06bn – NEITI

Another loss from NNPC was $723,285,929.70 from Offshore Processing Arrangement (OPA) and crude for product swap arrangement. Uche Usim, Abuja The Nigerian National Petroleum Corporation (NNPC), the Nigerian Petroleum Development Company (NPDC) and other oil companies operating in the country are yet to remit $22.06 (dollar component) and N481.75 billion (naira component) into the federation […]
The post NNPC, oil companies owe Nigeria $22.06bn – NEITI appeared first on The Sun Nigeria. …

Oil companies enjoying undue advantage over Nigeria — NEITI

Oil companies enjoying undue advantage over Nigeria — NEITI

Nigeria Extractive Industries Transparency Initiative, NEITI, yesterday, stated that oil and gas companies were enjoying an unfair advantage over Nigeria, over the country’s failure to review Deep Offshore and Inland Basin Production Sharing Agreement, also known as Production Sharing Contracts, PSC, between Nigeria and oil companies.
The post Oil companies enjoying undue advantage over Nigeria — NEITI appeared first on Vanguard News. …

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