Nigeria loses N8bn to gas pipeline vandalism

Nigeria has lost a minimum of N8.04 billion since January, to the incessant vandalism of the country’s gas pipelines, according to the Nigerian Gas Company, NGC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC. - See more

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Missing $20bn: Reps gives Okonjo-Iweala one-week ultimatum to submit forensic audit

The House of Representatives has yesterday issued a one week ultimatum to the Minister of Finance and Coordinating Minister of the economy Ngozi Okonjo-Iweala to submit the report of the forensic audit on the alleged missing $20bn The mandate followed a resolution, passed last week by the House at plenary which directed its Committee on Public Accounts, to investigate the matter. read more

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Corruption Has Impacted Negatively On Governance In Nigeria – Rev David Ugolor

In this interview, with our Asst. Chief Editor, TUNDE EIGBIREMOLEN, Rev. Ugolor comments on the forthcoming presidential poll and the issues likely to determine who becomes Nigeria’s President from May 29, 2015. It’s explosive. - Read more

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Files Open New Window on $182-Million Halliburton Bribery Scandal in Nigeria

Leaked records from HSBC, a huge global bank based in London, reveal new details about the bank’s role as a conduit for the bribes — and new details about how Tesler operated. The files, obtained by the French newspaper Le Monde and the International Consortium of Investigative Journalists, show ties between Tesler and high-ranking Nigerians not previously named publicly in connection with the scandal, raising the possibility of renewed questions

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Vandalism can increase risk in oil price instability — NAPE

The Nigerian Association of Petroleum Explorationists, NAPE, has called for stricter sanctions on oil vandals, if the target in production of crude in the country has to be met. President of NAPE, Mrs. Adedoja Ojelabi, said the challenges in the industry would be worse if sanctions are not put in place to discourage theft and pipeline vandalism, as a larger percentage of the economy revenue is tied to oil production. Read more

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Afren sacks CEO, others over Nigerian oil scandal

Exactly two weeks after Italian prosecutors accused Eni of paying $533m bribe to Nigerian politicians and others to purchase an oil field in 2011, United Kingdom-listed independent oil and gas producer, Afren Plc, has dismissed its chief executive officer, Osman Shahenshah, and two others over payments involving Nigerian oil firm, Oriental Energy Resources. Read more

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N7bn tax evasion: Petitioner tackles Shell, EFCC

Chidi Adebanya, a former Interface Manager of Shell Production Development Company (SPDC), has said he fears for his safety after accusing his former employer of N7 billion tax evasion in Gbaran Ubie Intergrated Oil Gas project in Bayelsa State and alleging that operatives of the Economic and Fi­nancial Crimes Commission (EFCC) demanded N120 million bribe from him over the issue. In a press statement, Adebanya insisted that the anti-graft commission

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Eni paid $533m bribe to Nigerian politicians – Prosecutors

Italian oil and gas major, Eni, the parent company of Nigeria Agip Oil Company, has been alleged to have used at least half of the $1.1bn paid to purchase a Nigerian oil field in 2011 to bribe local politicians, intermediaries and others, according to official documents and a person close to the investigation. Read more

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Politician vandalises pipeline to raise campaign funds

Operatives of the Inspector General of Police Task Force on Anti-Pipeline Vandalism have arrested a self-confessed politician, Wahab Junaid, for vandalising a Nigerian National Petroleum Corporation pipeline in the Obafemi/ Owode Local Government Area of Ogun State Read more

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Petroleum products pricing riddled with corruption – Group

The country’s current petroleum products pricing model, which is based on import parity and the Petroleum Support Fund, is riddled with corruption, a new report produced under the project, Transparency and Accountability in the Oil and Gas Sector in Nigeria, has stated. The report by the African Centre for Leadership and the Strategy and Development, with support from the Open Society Initiative for West Africa, stated that a mechanism that would

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