Djibouti opens new port

Djibouti has today opened the country’s latest mega project -the Doraleh Multipurpose Port (DMP). The official opening ceremony was held under the auspices of Djibouti’s President His Excellency Ismail Omar Guelleh, together with His Excellency Hailemariam Desalegn, Prime Minister of Ethiopia. The new 690 hectare facility is equipped with ultra-modern facilities that can accommodate 100,000 […]

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Chad Basin exploration suffers setback

Four months after the Federal Government said it was going to intensify the search for oil in the Chad Basin in 2015, nothing has yet to happen in this regard, according to a report by The Punch. In the face of dwindling oil reserves, the Federal Government, through the National Petroleum Investment Management Services (NAPIMS), had […]

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CBN Governor proposes sale of JVs with IOCs

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has proposed that the incoming government to be led by Major-General Muhammadu Buhari (rtd) consider selling down its majority stakes in joint ventures with multinational oil companies to shore up state finances and raise funding for infrastructure development. According to the UK-based Financial […]

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Buhari’s oil policy likely to focus on structural reforms first, taxes last – APC

Nigeria’s president elect Muhammadu Buhari’s priorities for the oil sector may be focused on ending corruption and reforming the opaque national oil company as opposed to fiscal related issues, All Progressives Congress (APC) sources have confirmed to Reuters. Senator Bukola Saraki, whose APC party controls both houses of parliament after a landslide win, told Reuters; “We need […]

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World Bank supports Buhari’s probe of NNPC

The World Bank has declared its support for President-elect, General Muhammadu Buhari for the probe of the Nigerian National Petroleum Corporation (NNPC) over allegations of missing funds. This was disclosed by top officials of the bank during a video conferencing from Washington to journalists from across Africa on the release of the bank’s analysis of […]

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