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FG reduces mining licences award timeframe to 40 days.

Aug 09 2016
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FG reduces mining licences award timeframe to 40 days.  Vanguard Online

The Federal Government has vowed to checkmate the actions of unscrupulous individuals in the Solid Minerals sector, who are fuelling insecurity in the country.


The Minister of Solid Minerals Development, Mr. Kayode Fayemi, in a statement signed by his Special Assistant on Media, Mr. Yinka Oyebode, said this became necessary following the recent clampdown of an importer and seller of explosives in Koko, Delta State, Nigerian Development and Construction Company, NDCC.


Fayemi also ordered the immediate recall of all federal mines officers across the 36 states and the Federal Capital Territory, FCT.  Read more


Conduct ‘energy audit’ of electricity consumers, Fashola tells DISCOs.  Guardian Online

Minister of Power, Housing and Works, Babatunde Raji Fashola, has tasked electricity distribution companies (DISCOs) to conduct “energy audit” of consumers, before transmission and distribution of electricity could be improved.


Fashola, who stated this yesterday in Maiduguri at the monthly meeting with power sector stakeholders and participants at Baga Road power sub-station, said besides the non-audit of energy, vandalisation of electricity equipment in Borno State has also deprived residents and companies of regular supply of power.


He said: “You have to shed power because equipment has been damaged for years, and nobody seems to be responding to it. That will change from today (Monday). “We cannot increase power supply without actually knowing what the energy needs of the people are. We expect the DISCOs to conduct an energy audit of all their consumers.  Read more


Dollar scarcity: Petrol price hike looms, marketers say.  Punch Online

Nigerians should prepare for another increase in the pump prices of petrol, due to the continued scarcity of foreign exchange to finance the importation of the product, oil marketers have said.


According to them, the United States dollar hit an all-time high last week, as it exchanged for N400 at the parallel market.


Worried by the development, the marketers say if not urgently addressed, the pump prices of petrol will not remain at the approved rates.  Read more


IOCs, marginal fields’ operators fingered in oil industry woes.  Vanguard Online

Stakeholders in the Nigerian petroleum industry have blamed the woes currently befalling the industry on the lack of transparency displayed in the activities of International Oil Companies, IOC, and marginal fields’ operators.


This view, among others, was expressed by the stakeholders at the just concluded Nigeria Annual International Conference and Exhibition, NAICE, 2016, in Lagos.


They claimed that these sharp practices have deprived the country of proceeds that would have helped cushion the impact of the low crude oil price on the Nigerian economy. Specifically, Chairman, Energy Institute, and former Director of the Department of Petroleum Resources, DPR, Mr. Osten Olorunsola, maintained that ethics and transparency gaps, supply security and others are major hindrances robbing the country of potential benefits in the petroleum industry.  Read more


Reps, NNPC, DPR Begin Verification of Oil Blocks’ Owners.  Thisday Online

The House of Representatives and the Department of Petroleum Resources (DPR) have begun verification of authentic holders of oil blocks licenses in Nigeria, chairman of an adhoc committee set up for that purpose, Hon. Gideon Gwani has disclosed.


Gwani said recently in Abuja that the Speaker of the House of Representatives, Hon. Yakubu Dogara had set up an ad-hoc committee to investigate all the holders of Oil Mining Leases (OML) and Oil Prospecting Licenses (OPL) in the country with a view to making appropriate recommendations to the federal government as revenue accruing from oil sales dwindles.


According to him, the committee was undertaking the verification with the DPR, and the Nigerian National Petroleum Corporation (NNPC).  Read more

Last changed: Aug 09 2016 at 1:17 PM