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.
The head of the International Monetary Fund (IMF) has arrived in Nigeria to meet with President Muhammadu Buhari as the country continues to feel the brunt of low oil price.
Eland Oil and Gas, the West African-focused exploration firm has made several changes to its board of directors, with co-founder Harry Wilson retiring as chairman.
Nigerian's went to the ballot box this year to elect a new leader of the West African country.
Nigeria will reduce gasoline costs and scrap a fuel subsidy under a pricing mechanism to come into effect from January, Petroleum Minister of State Emmanuel Kachikwu said.
An explosion at a gas plant in southern Nigeria has killed an injured tens of people, according to reports.
Crude oil exports in Nigeria are under force majeure, according to reports.
A Dutch appeals court ruled on Friday that Shell may be held liable for oil spills at its subsidiary in Nigeria, potentially opening the way for other compensation claims against multinationals in the Niger Delta and elsewhere.
Music superstar and solar entrepreneur Akon joined Shell to officially open a solar and human powered football pitch in the Nigerian capital Lagos at the Federal College of Education.
Nigeria’s government said it will boost spending by a fifth in next year’s budget without overstepping borrowing targets, even as oil revenue in Africa’s largest economy is set to fall. Under a three-year economic plan approved by the cabinet, expenditure will rise to 6 trillion naira ($30.2 billion), Budget and Planning Minister Udoma Udo Udoma told reporters late Monday in the capital, Abuja. Lawmakers last week authorized an increase of 466 billion naira in this year’s budget of 4.5 trillion naira to pay for fuel subsidies and troops fighting an Islamist insurgency in the northeast.
San Leon Energy's seismic subsidiary NovaSeis has signed a memorandum of understanding with Nigeria's Northbridge Energy to provide seismic acquisition and interpretation services.
Subsea contractor Ocean Installer has been awarded a contract for field development work in Nigeria for Folawiyo Aje Services Limited.
“On the brink of a boom,” was the banner on PricewaterhouseCoopers LLP’s review of Africa’s oil industry 16 months ago. Now, oil below $50 has made more than two out of three investment projects on the continent non-viable. “Capital markets are effectively closed to the oil and gas industry” in Africa, Tony Hayward, former head of BP Plc and now chairman of Genel Energy Plc, said at a conference in Cape Town last month. “A decade of exploration, with billions of dollars invested and only limited commercial success.”
Revelations that top officials are suspected of pilfering the equivalent of almost the entire annual defense budget would cause shock waves in most countries. Not in Nigeria, where the public sees political power and graft as bedfellows. The novelty this time is that President Muhammadu Buhari immediately ordered the arrest of a former national security adviser, after a government commission found that he and other officials allegedly misappropriated as much as $5.5 billion that was supposed to buy equipment to fight Islamist militant group Boko Haram. “I don’t think Nigerians would be very surprised about somebody stealing $5 billion at all,” Boye Gbadebo, a Nigerian national who works as an Africa analyst at consultancy Ake Partners, said by phone from Johannesburg.
Eland Oil & Gas' successful workover has boosted production in its West African assets.
SacOil has said it is committed to recovering more than $12.5million from one of its former partners in Nigeria, after the partner initiated court proceedings over a dispute over the farm-out agreement.
Nigeria’s President has sacked the head of the EFCC (Economic and Financial Crimes Commission). Ibrahim Lamorde had been chairman of the country’s anti-corruption agency. It comes after Lamorde denied allegations $5billion had gone missing from the commission back in August.
Norwegian operator Statoil said it has received an expert calculation of revised tract participation's for the Agbami field in Nigeria. The calculation will result in a reduction of 5.17% in Statoil’s equity interest in the field from 20.21% to 15.04%. The company previously initiated arbitration proceedings to set aside interim decisions made by the expert.