Category: West Africa

Nigeria’s state oil company failed to remit 4.9trn naira ($25bn) to the public purse between January 2011 and December 2015, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) said on Tuesday. It is the latest announcement on the issue of remittance by the Nigerian National Petroleum Corporation (NNPC) in recent days. Last Monday the auditor-general…

Abuja — The World Bank yesterday said despite improvement in Internet penetration worldwide, there was still wide digital divide in both access and capacity while its anticipated dividends in terms of growth and massive jobs creation remained unseen. It said Internet access remained highly discriminatory and has not really contributed to poverty reduction. World Bank…

Barely a week after the dispute between the Nigerian National Petroleum Corporation, NNPC and the Auditor General of the Federation, Samuel Ukura, over alleged unremitted N3.235 trillion oil revenue to the Federation Account in 2014, the Revenue Mobilization Allocation and Fiscal Commission, RMAFC, on Monday confirmed that total unremitted revenue could be as high as…

While Shell Petroleum Development Corporation (SPDC) works towards the rehabilitation of the Forcados Export Terminal pipeline damaged by vandals, Nigeria would have lost about 25 million barrels of crude oil before it’s repaired. The Forcados Terminal in Delta State, which is one of Nigeria’s biggest terminals with the capacity to export about 400,000 barrels of…

Nigeria is set to ramp up the amount of crude oil it swaps for vital petrol imports by more than a third as it grapples with the worst economic crisis in years and upheaval in its graft-ridden energy sector. A more than 60 per cent drop in global oil prices since 2014 has hammered Nigeria’s…

The Central Bank of Nigeria has said it opted for a secret process of hiring new staff in the past two years because the bank was doing “targeted recruitment”. The apex bank is at the centre of a recruitment scandal exposed by two newspapers. A news report published Wednesday by Daily Trust, said the CBN…

NIGERIA’s state oil company has not reported annual financial data on its profits, losses or spending for a decade. But eight months after the election of President Muhammadu Buhari, the Nigerian National Petroleum Corporation (NNPC), which oversees production of 1-million barrels of oil a day, has promised to come clean. On its official Twitter feed,…

MTN Group said Nigerian regulators had lifted a suspension on services to the cellphone firm, in an indication relations between the two sides are thawing, as they negotiate the payment of a record $3.9bn fine. The Nigerian Communications Commission “has lifted the suspension on regulatory services to MTN Nigeria”, the company said on Tuesday. The…