Corrupt Oil Trader Turns On Colleagues in Massive Africa Bribe Case

Corrupt Oil Trader Turns On Colleagues in Massive Africa Bribe Case

When Anthony Stimler left Glencore Plc in August 2019, he had two big secrets: For a dozen years, he’d paid millions in bribes to African officials and intermediaries. And he was now helping a U.S. Justice Department investigation into the company and numerous former colleagues. Corruption isn’t exactly unheard of in the extraction and trading of commodities, especially in the developing world. But details of Stimler’s cooperation deal, obtained from the U.S. attorney’s office in Manhattan and which haven’t been reported before, offer a rare opportunity to see how it…

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NNPC Refineries Generate Zero Revenue, Pay Workers N69bn – Financial Report

NNPC Refineries Generate Zero Revenue, Pay Workers N69bn – Financial Report

Workers at the government-owned refineries were paid a total of N69.07bn last year, even as the plants generated zero revenue as they did not process a single barrel of crude oil. The refineries suffered a combined loss of N108.29bn in 2020, compared to N162.22bn in the previous year, according to data collated from their audited financial statements released by the Nigerian National Petroleum Corporation (NNPC) on Wednesday. The plants, which are located in Port Harcourt, Kaduna, and Warri, have a combined installed capacity of 445,000 barrels per day but have…

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Why There’s Hike In Price Of Cooking Gas – NNPC

Why There’s Hike In Price Of Cooking Gas – NNPC

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, says the challenges in sourcing an adequate supply of cooking gas have led to the increase in prices of the commodity. Kyari disclosed this during a working visit to the headquarters of the Department of Petroleum Resources (DPR) in Abuja on Tuesday. “Today, this country is under-supplied with gas. I can tell you that we are having difficulty feeding our network across the country with gas, every day, it is a trouble to deliver gas. Once…

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Oil Rises As European, Chinese Drive Demand For W.Africa Crude Grades

Oil Rises As European, Chinese Drive Demand For W.Africa Crude Grades

Oil prices rise on Wednesday as European, Chinese demand drive West Africa crude grades while supplies in the US Gulf of Mexico are yet to recover in the aftermath of Hurricane Ida. Offer prices for a range of West African crude grades continued to receive support from a pick-up in sales to Europe and China for October-loading exports. Recent loading issues on Nigerian oil streams including Qua Iboe, Forcados and Bonga coupled with renewed buying interest from Europe pushed up offer levels. In addition, offers for light sweet Qua Iboe and…

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AfDB President Commends Sahara Group’s Commitment To Promoting Electricity Access In Africa

AfDB President Commends Sahara Group’s Commitment To Promoting Electricity Access In Africa

African Development Bank Group (AfDB) President Dr. Akinwumi A. Adesina has commended the Sahara Group, the largest privately-owned power generation and distribution business in sub-Saharan Africa, for boosting power supply in Nigeria, through its Egbin Power Plant and Ikeja Electric Plc. Speaking at Sahara Group’s 25th Anniversary celebration, Adesina emphasized the need for Africa to achieve universal access to electricity as soon as possible.   He urged Sahara Group to sustain its role in setting industry standards for environmental sustainability, spearheading the transition to renewable energy, and accelerating affordable electricity access…

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NNPC Earned N4.61tr, Spent N4.52tr In 2020 — BudgIT

NNPC Earned N4.61tr, Spent N4.52tr In 2020 — BudgIT

The Nigerian National Petroleum Corporation (NNPC) earned revenue of N4.61tn and spent N4.52tn in 2020, according to a report released on Friday. The report, titled ‘2020 NNPC Annual Performance Review’, was developed by BudgIT in partnership with Oxfam. According to the organizations, NNPC’s revenue in 2020 showed a 23.8 percent decrease from the N6.05tn it earned in 2019. The report said, “The expenditure of all its subsidiaries stood at N4.52tn. Total crude oil production suffered an 11.61 percent decrease, from the 734.27 million barrels produced in 2019 to the 649.00…

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Govt Plans To Cut Gas Price For Power Producers

Govt Plans To Cut Gas Price For Power Producers

The Federal Government has said it is working towards reducing the cost of gas for power generation in the country as part of efforts to boost the manufacturing sector. The Minister for Industry, Trade and Investments, Otunba Niyi Adebayo, said this at a roundtable discussion on the industrialization of Africa organized by the Manufacturers’ Association of Nigeria. He said the cost competitiveness of the manufacturing sector was a major challenge identified by industry players. According to Adebayo, Africa contributes less than two percent to international trade, pushing it to the…

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LNG Denies Responsibility For Hike In Cooking Gas Price

LNG Denies Responsibility For Hike In Cooking Gas Price

The Nigeria Liquefied Natural Gas (NLNG) Limited has denied any complicity in the rising price of Liquefied Natural Gas (LPG), commonly known as cooking gas. NLNG said it was erroneous that it contributed to the supply shortfall of cooking gas in Nigeria and consequent hike in the price of the product in Nigeria. The continuous rise in the price of cooking gas has plunged many users of the product, particularly the low-income earners and rural residents into using firewood and charcoal to cook. A 12.5 kilogram (kg) of LPG now…

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PENGASSAN Blames Forex For Rising Cooking Gas Price

PENGASSAN Blames Forex For Rising Cooking Gas Price

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said that the greatest problem causing the rise in the cost of Liquefied Petroleum Gas, popularly called cooking gas, is the fall of the naira against the United States dollar. This came as a renowned petroleum engineer and energy analyst, Bala Zaka, stated that the dormancy of Nigeria’s refineries had warranted massive import of LPG into the country. The price of LPG had jumped by over 100 percent within eight months as the Federal Government recently implemented a…

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IPMAN Strike: Imo Residents Groan As Petrol Sells N500 Per Litre

IPMAN Strike: Imo Residents Groan As Petrol Sells N500 Per Litre

The economic hardship being experienced in Imo State has been compounded following the strike by the Independent Petroleum Marketers Association as Premium Motor Spirit (PMS) now sells for N500 per litre at the black market. This situation has consequently caused over a hundred percent rise in transport fares across the state. Members of the Imo State chapter of IPMAN had on Wednesday commenced a strike over the refusal of the Imo State government to honour a court judgment to pay compensation to a member of the association whose fuel station was…

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