All posts by David Abellegah

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  Jonathan Seeks Legislative Approval for $1.1 billion Bond Sale

  In a bid to continue a programme initiated under the administration of President Umar Musa Yar’Adua,” President Goodluck Jonathan has requested permission from the house to issue bonds worth $1.1 billion. Earlier the president wrote three letters...

  • Posted November 14, 2012
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  Oil Bunkering, Theft, Costs Government an Estimated $7 billion Yearly – IEA

  The International Energy Agency, yesterday disclosed that Nigeria loses about $7 billion to oil theft every year. This information was contained in the agency’s monthly report released on Tuesday, it said, “Oil bunkering, or theft, costs the...

  • Posted November 14, 2012
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  Oil Marketer Arraigned for N272.5m fraud, Remanded in Prison Custody

    An Oil marketer, Mr. Adejugbe Anthony and his company, Tonique Oil Services Limited were yesterday arraigned before  Justice Lateefa Okunnu of the Lagos High Court, Ikeja by the Economic and Financial Crimes Commission (EFCC) on a...

  • Posted November 14, 2012
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  NCC Bans Telcos from Marketing Promotions and Lotteries

    The Nigerian Communications Commission (NCC) yesterday banned telecoms operators from running promos and lotteries. The telecom regulator attributed network congestion to the promos. This was disclosed by the Director, Public Affairs of the commission, Tony Ojobo,...

  • Posted November 13, 2012
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  Ex-Militants N5.6 billion Pipelines Security Contracts Face Imminent Termination

  The contentious N5.6 billion pipeline surveillance contracts awarded to ex-Niger Delta militant leaders is at the verge of termination following rising oil theft. It could be recalled that at the peak of militant activities in the Niger...

  • Posted November 13, 2012
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  Shell and Eni in Trouble over Violation of UK Laws in Malabu Oil Deal

  Royal Dutch Shell and Eni may be in trouble with British law enforcement over a $1.1 billion Nigerian offshore oil block the companies bought last year. The OPL 245 block was the asset fraudulently acquired by Dan...

  • Posted November 13, 2012
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  Ribadu Task Force Finds NNPC “Not Guilty” of Non-remission of Crude Receipts

  The Nigeria National Petroleum Corporation (NNPC) has been cleared of allegations of non-remission of crude oil sales as at when due by the Ribadu Task Force Report. The report was submitted to President Goodluck Jonathan last week...

  • Posted November 12, 2012
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  Oil Wells: Bayelsa State, Others to Refund N17.5 billion to Rivers

  The Federal Government has ordered seven states to refund N17.5 billion to Rivers State following a chain of controversies over the ownership of some wells involving Rivers and Bayelsa States. The affected states are Akwa Ibom, Delta,...

  • Posted November 12, 2012
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  Shell Shuts in 25,000 Barrels Over Crude Theft

  The Shell Petroleum Development Company of Nigeria Ltd (SPDC) has shut down the Imo River Trunk line in its Eastern operations after several crude theft points were found on it. The production of 25,000 barrels of oil...

  • Posted November 12, 2012
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  Wema Bank Plans Return to National Bank Position

  Wema Bank has announced plans to return to national bank status by December 2012. The bank announced its plans to reapply for National Banking License in view of a proposed tier 1-capital injection of around N35 billion...

  • Posted November 12, 2012
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