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Buhari reappoints 3 Chief Executives of agencies under Federal Ministry of Petroleum

3 Chief Executive Officers of agencies under the Federal Ministry of Petroleum Resources have been reappointed.

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President Muhammadu Buhari has renewed the appointment of 3 Chief Executive Officers of parastatals under the Federal Ministry of Petroleum Resources with immediate effect.

The appointments that were renewed by the president include that of Dr Bello Aliyu Gusau as the Executive Secretary of Petroleum Technology Development Fund (PTDF), Ahmed Bobboi as the Executive Secretary/Chief Executive Officer of Petroleum Equalization Fund (PEF) and Simbi Wabote as Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB).

The disclosure was made through a series of tweet posts by the presidency on its official Twitter handle on Friday, September 25, 2020.

The statement disclosed that the renewal of the appointments followed recommendations to the President by the Minister of State Petroleum Resources, Timipre Syla.

It stated that Dr Aliyu Gusau was credited to have run the PTDF successfully in the past four years, keeping faith with the Seven Strategic Priorities he had introduced in January 2017.

These are Domestication, Cost cutting, Sustainable funding, Efficient internal processes, Linkages with the industry, Utilization of centres of excellence, and Pursuit of home-grown research.

It also stated that Bobboi got his reappointment for having run PEF in a way that made it a key and strategic player in the administration’s oil and gas reforms, especially in stabilizing the supply and distribution of petroleum products across the country, among others.

Going further, it stated that the NCDMB boss, Wabote, won his pips for managing the NCDMB and completing its headquarters building. Wabote was also credited to have initiated many landmark projects that were widely commended by industry players.

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ENERGY

#EndSARS: IPMAN warns of looming fuel scarcity across the country

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned of a looming petroleum scarcity in the country, following attacks on fuel tankers and the disruption of depot operations across the country by hoodlums who had hijacked the #EndSARS protests.

This disclosure was made by the Chairman of IPMAN in Rivers State, Dr. Joseph Obele, while speaking on a live radio program in Port Harcourt on Friday, October 23, 2020.

Obele disclosed that about 10 petroleum tankers belonging to its members were attacked and destroyed across the country by these hoodlums during the protests, although he noted that there had been no fatalities.

He said the scarcity of petroleum products could be inevitable if the situation failed to improve before filling stations exhausted their stocks.

Obele said, “About 10 of our trucks have been attacked nationwide by protesting youths, although there have not been casualties.

“Supply and distribution of petroleum products haven’t really been smooth, reason arising from the fact that 90% of our supply came from Lagos and there has been a skeletal supply schedule in Lagos for the past one week.

“Thursday’s case was worse, [as] all the depots in Nigeria were shut down. We don’t produce these products; we buy from depots and tank farms, and if these depots do not give us products, we fear that when we run out of stock, petroleum scarcity will happen.”

Backstory

Recall that the #EndSARS protest against police brutality and extra-judicial killings, which started peacefully about 2 weeks ago, was taken over by hoodlums who meted out violence with the looting and destruction of public and private properties across the country. This has also led to the loss of lives and disruption to socio-economic activities.

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ENERGY

FG hires litigation firm, Franklin Wyatt, in legal battle with Eni S.p.A

The Ministry of Petroleum Resources has hired a litigation firm to assist in its dispute with Eni S.p.A over oil rights and bribery allegations.

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The Federal Ministry of Petroleum Resources has employed the services of Franklin Wyatt, a litigation settlement specialist, to take part in the talks with Eni S.p.A in a long-running dispute over oil rights and bribery allegations.

According to Bloomberg, the London-based consultancy, Franklin Wyatt, was contracted by the Minister of State for Petroleum Resources, Timipre Sylva, to represent and advise the Federal Government on outstanding commercial and legal issues over Oil Prospecting License 245 (OPL 245), through a letter dated June 29 and addressed to Matthew Carey, the Managing Partner of the firm.

This disclosure was made by the spokesman for the Minister of State for Petroleum, Garba Deen Muhammad.

The letter to the firm partly reads, “This serves as confirmation that Franklin Wyatt’s recruitment was approved by Nigeria’s president, Muhammadu Buhari, and may be produced as evidence of the firm’s authority to represent the ministry in discussions with relevant counterparties.”

Backstory

It was reported earlier that the Nigerian government, at a hearing into the alleged corruption linked to Eni and Shell’s acquisition of OPL 245, called for a guilty verdict and an advance payment of about $1.1 billion for damages, in one of the oil industry’s biggest-ever corruption trials.

Eni has also accused both Nigeria and US investment firm for assisting the country with its litigation against the Italian oil firm and accused Royal Dutch Shell of a lack of transparency in the $1.1 billion energy deal.

What you should know

  • The 2011 purchase of OPL 245 by Eni and Royal Dutch Shell Plc has been subject to years of legal wrangling. The two companies, as well as some current and former executives, are on trial in Milan for allegedly making corrupt payments during the deal.
  • Italian prosecutors have accused the companies of moving $1.1 billion into a Nigerian government escrow account to obtain the license in 2011, about $800 million of which was then used to pay bribes into private pockets.
  • The current Nigerian government, which came to power five years ago, joined the case in 2018 as a civil party and asked for at least $1.1 billion in damages, while prosecutors are seeking a jail term of eight years for Eni Chief Executive Officer Claudio Descalzi. The tribunal is expected to rule early next year.
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BREAKING: It makes no sense for Petrol to be cheaper in Nigeria than Saudi Arabia – President Buhari

Nigeria sells petrol at N161 per litre when the same is sold at higher in Saudi Arabia, Egypt, Ghana, Chad, and Republic of Benin.

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The Federal Government has said that it does not make sense for oil to be cheaper in Nigeria than Saudi Arabia, Egypt, Niger Republic and Republic of Benin, other oil-producing nations.

This was disclosed by President Muhammadu Buhari during his Diamond Jubilee Presidential Broadcast to mark the nation’s 60th independence anniversary on Thursday.

He said, “We sell petrol at N161 per litre when same is sold at N168/litre in Saudi Arabia, N211/litre in Egypt, N362/litre in Ghana, N362 in Chad, and N346 in Niger Republic among others.

“It does not make sense for petrol to be cheaper in Nigeria than Saudi Arabia.

Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.”

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