laws and Regulations

Multinationals aiding oil theft in Nigeria – Naval chief

The Chief of Naval Staff, Vice Admiral Usman Jibrin, has accused International Oil Companies operating in Nigeria of complicity in the theft of the nation’s crude oil. He also said that the Navy would not pretend about the involvement of the oil companies in crude oil theft. Read more

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$1bn Chevron suit: Brittania-U lawyer cautions minister, NNPC against contempt

Minister of Petroleum, Diezani Alison-Madueke and the Nigerian National Petroleum Corporation (NNPC) have been cautioned not to allow themselves to be lured into pursuing extra-judicial advantage in contempt of court in the case involving Brittania-U on the one hand and Chevron Nigeria Ltd as well as Seplat Petroleum Development Company Ltd, on the other. Continue Reading

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$49.8 billion oil revenue not missing – Makarfi

Senate Committee Chairman on Finance and former governor of Kaduna State, Senator Ahmed Makarfi, throws light on how his committee handled investigation into the controversial unremitted US$49.8 billion crude oil revenue funds by the Nigeria National Petroleum Corporation (NNPC). continue reading

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Alleged $620 Bribe: Farouk Lawan, Emenalo Re-arraigned

Former Chairman, House of Representatives Ad-hoc Committee on Fuel Subsidy Regime, Farouk Lawan and the committee secretary, Boniface Emenalo, were re-arraigned Wednesday before an Abuja High Court of the Federal Capital in Gudu. They were arraigned on a seven-count charge bordering on receipt of bride and abuse of office in relation to the allegation that they collected $620, 000 as bribe from the Chairman, Zenon Oil and Gas, Femi Otedola, in order

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Audit reports non-implementation responsible for challenges in oil, gas sector

STAKEHOLDERS, including civil society organisations, in the oil and gas sector on Tuesday said the non-implementation of its audit reports was responsible for the challenges in the industry. This submission was made in Abuja at a capacity-building workshop on Nigeria Extractive Industry Transparency Initiative (NEITI) Audit Reports and Remediation Issues organised for the media.  Read more

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Corruption in the oil sector: The facts and fiction

If there is one thing that has defined the 7th National Assembly it is its penchant for probes. It must however be stated upfront that there is nothing wrong or illegal in the National Assembly carrying out probes as it deems fit. Apart from its primary role of making laws for the good governance of the nation, it is constitutionally empowered to carry out oversight functions to ensure that government ministries, department and agencies carry out

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PIB: Oil companies accused of sabotage

FOLLOWING the delay in the passage of the Petroleum Industrial Bill, PIB, into Law, the Coordinator, Host Communities Network of Nigeria, Prince Preye Pawuru, has accused oil multinationals operating in the Niger Delta of sabotaging the bill. Pawuru told Sweetcrude that Nigeria’s petroleum sector had remained unregulated over the years, and as such was imperative that the PIB is passed into law. This, he said, is to enable proper regulation, accountability

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Nigeria’s Petroleum industry stuck in corruption morass

Nigerians may not have seen the end of the recent hullabaloo arising from allegations of misuse of $49.8 billion subsidy fund launched by the now-ostracised Governor of the Central Bank, Mallam Sanusi Lamido, against the Nigerian National Petroleum Corporation, NNPC, and other agencies within the nation’s oil and gas industry. Ever since the first salvo was launched by the ebullient banker a few months back, several parleys have been held between

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PIB: Legacy legislation begging for passage

Last year’s admission by Senator Magnus Abe that the continued delay in passing the Petroleum Industry Bill, PIB, is on account of extraneous factors beyond the control of Nigeria’s upper legislative chamber, gave many Nigerians quite a scare. Abe told journalists at a conference in Lagos that “the Senate experienced some delays in dealing with the bill because of events outside the control of the lawmakers.” This sounded more like echoes

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NLC demands urgent passage of PIB

NIGERIA Labour Congress, NLC, has declared as unacceptable the fact that the Nigeria’s petroleum sector is still regulated by the old Petroleum Act of 1969, calling on the National Assembly to immediately pass the protracted Petroleum Industry Bill, PIB. NLC in a New Year message to Nigerian workers by its President and Acting General Secretary, Abdulwaheed Omar and Chris Uyot, said the body threw its weight behind the demand by the oil sector

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