Nigeria's state oil company failed to transfer 4.9 trillion naira ($25 billion) to the public purse between January 2011 and December 2015, an official body said today.
Nigerian President Muhammadu Buhari has urged banks in his country to boost lending to agriculture as the region looks to diversify away from oil and gas.
Oil major Shell has invested in a new subsurface research centre in Nigeria to help boost the country's further development in the oil and gas industry.
MX Oil today confirmed it has successfully raised £2.5million by placing 333,333,333 ordinary shares at a price of 0.75 pence per share.
As canoes glide past mangroves blackened by oil in the Niger River delta, two dozen children splash around in a creek covered by a sheen of crude while families take shelter from the punishing midday sun in half-built houses.
Oil headed for the longest run of weekly gains since May as Nigeria said key members of OPEC intend to meet with other producers in Russia this month to renew talks on an agreement to freeze output.
Nigeria's Petroleum Minister said some OPEC members plant to meet with other producers in Russia later this month.
Tens of thousands of Nigerian fishermen and farmers are suing multinational oil giant Shell in two new lawsuits in a British court alleging decades of uncleaned oil spills have destroyed their lives.
Nigeria is deploying more troops to protect oil installations to curb sabotage after a leak forced crude loadings to be suspended last month at a major export terminal.
MX Oilhas agreed terms on the sale of its investment in the Aje field offshore Nigeria to GEC Petroleum Development.
French oil services company Bourbon continues to liase with the families of two crew members kidnapped from its Bourbon Liberty 251 supply vessel off the coast of Nigeria.
Nigeria backed Saudi Arabia and Russia in freezing oil production while giving Iran and Iraq a way out to regain some of their lost market share due to sanctions and war.
Guaranty Trust Bank Plc, Nigeria’s largest lender by market value, said it will target the consumer industry and small to medium-sized companies for growth as a plunge in oil prices and foreign-exchange restrictions limit opportunities in the West African nation.
San Leon Energy will submit its payment for the acquisition of Canada's Mart Resources later than originally planned it confirmed today.
Oil major Shell has launched an investigation into the source of a crude oil spill observed around water at the Forcados Terminal in Nigeria.
Eland Oil & Gas said it aims to significantly improve production from the Opuama field at a low cost by conducting workovers on its existing wells.
Nigeria has recommitted itself to meeting its target for the year of boosting daily oil production amid its current challenges.
Nigerian President Muhammadu Buhari’s 2016 budget proposals are riddled with errors and provisions that may undermine his anti-graft war, civic groups say. In some instances, the same purchase of vehicles, computers and furniture are replicated 24 times, totaling 46.5 billion naira ($234 million), 795 million naira is set aside to update the website of one ministry, while no purpose is assigned to a 10 billion naira provision in the education ministry’s spending plan, according to Oluseun Onigbinde, partner and co-founder of BudgIT, a Nigerian group that campaigns for transparency in public spending.
MX Oil has signed terms with an international oil and gas group to buy its Nigerian assets in the proven offshore Aje field.
Oil major Chevron has handed over the producing assets in a number of oil mining leases to Seplat Petroleum Development Company following a Supreme Court judgement.
Nigeria’s government is set to carry the burden of boosting the economy as the central bank signaled it won’t ease currency controls that are hurting businesses. President Muhammadu Buhari is seeking to compensate for plunging oil revenue and the slowest growth in 16 years by boosting spending by a fifth to 6.1 trillion naira ($30.6 billion) this year. With Governor Godwin Emefiele on Tuesday resisting pressure to ease foreign-exchange restrictions and devalue the naira, fiscal stimulus may need to take the lead in sparking a rebound.
Seplat Petroleum has seen its working interest production for last year boosted by more than 40%. The Nigeria and London Stock exchanged firm said its current daily production interest was sitting at around 55,000boepd (barrels of oil equivalent per day) with both its oil and gas rates strong.
Nigeria plans to sell as much as $1 billion of Eurobonds to help fund a record budget deficit this year, Finance Minister Kemi Adeosun said. Officials from Africa’s biggest oil producer plan to hold non-deal roadshows to meet investors and explain the government’s policies to revive economic growth, Adeosun said Friday in an interview at the World Economic Forum in Davos, Switzerland.
OPEC will soon make efforts to convene before the next scheduled meeting in June as the slump in oil prices is hurting producers, including the world’s biggest exporter, Saudi Arabia, said Emmanuel Kachikwu, Nigeria’s minister of state for petroleum resources.
The head of the International Monetary Fund (IMF) has endorsed Nigeria’s efforts to tackle corruption in the country. Christine Lagarde said the country needed to reduce its reliance on oil as a sharp drop in prices has already taken its toll on the economy.