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The Nigerian Content Development and Monitoring Board (NCDMB) has warned one of the international oil companies operating in Nigeria, Chevron Nigeria Ltd, over its perceived discrimination against Nigerian shipping firms in awarding its oil lifting bus...
The Nigerian National Petroleum Corporation (NNPC) has shut down the System 2B pipeline at Arepo village in Ogun for repairs, an official of the corporation said.
The News Agency of Nigeria (NAN) reports that the latest explosion, suspected to have been caused by vandals, happened in the early hours of Wednesday.
A top management official of the Nigerian National Petroleum Corporation (NNPC), who preferred anonymity, confirmed the shutdown of the network in Lagos.
He said that the corporation had suspended pumping of products from Atlas Cove through System 2B to allow for repairs of the vandalised pipeline.
The source said that maintenance and service management team of the corporation had to wait for the fire to die out subside before they embarked on the repairs.
He explained that engineers from the corporation and other stakeholders were waiting for fire to subside to access the level of damage.
``Pumping of petroleum products had been suspended at the early hours of the day when it was observed that the line has been vandalised again to allow for repairs.
``No causality was recorded in the acts but we are going to ensure prompt repairs of the line to commence pumping of product to the line,’’ the source said.
He said that the management of the corporation had resolved to install the vandalised pipeline in a vertical directional position to restrain vandals from getting access to the line.
While assuring prompt repairs of the line to commence pumping of products, he added that adequate product have been pumped to Mosimi before the system was vandalised, .
Mr Ibrahim Farinloye, the South West Zonal Public Relations Officer of the National Emergency Management Agency (NEMA), also confirmed that there was no causality in the explosion.
Farinloye said that the line had been shut down to allow for repairs of the pipeline, adding that the remains of the product that was in the pipeline was the one burning.
``There is no causality, while all stakeholders are presently on ground to see the last of the fire before we embark on the repairs,'' Farinloye said.
NAN reports that this is the second time this year that the pipeline had been vandalised at Arepo.
Mr Jingdong Hua, Vice President, the International Finance Corporation(IFC), on Wednesday said that the corporation would issue a five-year naira denominated 50 million dollar (N7.86 billion) bond to boost the nation's bourse.
Hua, who stated this in Lagos during a visit to the Nigerian Stock Exchange (NSE), said that the proceeds of the bond would be used for local private sector investments.
He said that the corporation first naira denominated bond would be tagged "Naija Bond" to represent the spirit of Nigerian people who are hardworking, confident and optimistic of the future.
Hua, who is also the corporation's Treasurer, added that the bond would offer domestic investors the opportunity to tap into the fixed income security.
He noted that the inclusion of the nation's bond into the JP Morgan's emerging market index was timely due to emergence of Nigeria as a choice of destination for investment.
The vice president, who disclosed that the Nigerian bond market had been functioning for decades , added that the corporation would float more issues in future.
Mr Solomon Adegbie-Quaynor, the Country Manager, Nigeria Africa Department of IFC, said that the issue was a fall out of its five years business strategy.
Adegbie-Quaynor said that the corporation had been working with the regulatory authorities to ensure a right environment for the bond issuance.
Transactions on the Nigerian Stock Exchange (NSE) continued on the upward trend on Wednesday as some highly capitalised firms recorded price gain. The News Agency of Nigeria (NAN) reports that as a result of the gains, the market capitalisation appreci...
The investors net worth on the Nigerian Stock Exchange (NSE) on Tuesday appreciated by 0.45 per cent as the market closed on a positive note. The News Agency of Nigeria (NAN) reports that this followed the impressive rally recorded by most capitalised ...
For several years the Federal Airport Authority of Nigeria (FAAN) has been under pressure to evacuate abandoned/unserviceable aircraft from the airport environment. This has resulted in the issuance of several threats and ultimatums notices to owners o...
Sales in the personal computer (PC) market fell by 4.9 per cent in the fourth quarter of 2012, when compared to the same quarter in 2011, as the introduction of Windows 8 failed to invigorate the market and tablets computers continue to grow, according...
The introduction of Pre-arrival Assessment Report (PAAR), an internal initiative of the Nigeria Customs Service, will usher in a more transparent culture in the management of cargoes at the nation’s seaports, says Awwal Bello. According to him, &...
A competition and consumer protection law that will enable businesses to operate more effectively in the Nigerian market place is underway. Minister of Trade and Investment, Mr. Olusegun Aganga, made this known in Abuja during the maiden edition of the...
Trading activities on the floor of the Nigerian Stock Exchange (NSE)yesterday opened the week in negative trajectory following price losses suffered by major blue chip stocks. The downside effect resulted in depreciation of market capitalisation&...
The Oredo Integrated Gas Handling Facility (IGHF) in Edo State has been completed and is expected to supply gas to the National Independent Power Projects (NIPPs). Mrs Diezani Allison-Madueke, the Minister of Petroleum Resources commended Mr. Clifford ...
Preparation is in top gear for a befitting outing for Nigeria at this year’s annual tourism, hospitality ant travel fair known as FITUR holding in Madrid Spain at the end of January to early February. In a press release issued in Abuja at the wee...
The Kano Sate Head of Service, Alhaji Umar Minjibir, has commended Gov. Rabi’u Kwankwaso, for approving N5,000 as minimum entitlement for pensioners in the state. Minjibir made the commendation in Kano on Friday during the closing ceremony of the...
Kaduna State Government is to spend over N11 billion this year to improve health care services, the Commissioner for Health, Mr Turaki Kalik has said.
Kalik said while defending the budget at the State House of Assembly on Friday that, N4 billon of the amount would be spent on capital projects while N6.1 billion would be for recurrent expenditure.
Kalik said part of the amount would be used to upgrade some primary health centres, as well as the Barau Dikko Specialist Hospital being upgraded to a teaching hospital.
He said the recurrent budget size when compared to 2012, had risen from N5.5 billion to N6.7 billion, due to plans to recruit more doctors, nurses and other health workers.
He said the ministry had established a monitoring and evaluation department to supervise health workers and healthcare facilities.
He added that the state had provided N1 billion to fund the new free health services programme for children and pregnant women.
The Chairman, House Committee on Health, Alhaji Shehu Adamu expressed satisfaction with the ministry's presentation.
Adamu assured that the assemby would appropriate the funds requested in order to enhance healthcare delivery in the state.
In a related development, the state government said it would spend N5.6 billion on the digitisation of its broadcast stations, and an additional N341 million for other works on the state radio.
The Commissioner for Information, Alhaji Saidu Adamu said while defending the budget of the ministry at the assembly that the aim was to fully equip the stations to provide quality services to the people. (NAN)
For a loan deal the federal lawmakers described as “illegal,” the House of Representatives yesterday ordered the Nigerian National Petroleum Corporation (NNPC) to stop further action on the contentious $1.5 billion syndicated credit obtaine...