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Profligacy: How states squandered the future
Some states cede 30% allocation to creditors Sopuruchi Onwuka Nigeria’s independent resource wealth auditor, the Nigerian Extractive Industries Transparency Initiative (NEITI), has declared that the 36 states of the federation conceded princely N129.6 billion or significant 15.8 percent of statutory…
NAOC Divestment: Time to dismantle transaction clogs
Sopuruchi Onwuka It has become necessary and even urgent for regulators in the industry to evolve a smooth process for implementation of the relevant sections of the Petroleum Industry Act relating to entry and exit of investors in the upstream…
Saudi Aramco targets $50 billion from shares
Saudi Aramco is considering selling a stake worth as much as $50 billion through a secondary share offering on the Riyadh bourse after consultations with advisers, the Wall Street Journal reported. The sale could happen before the end of the…
China to haul $40 bn at chip industry competition
China’s government is working to push massive 300 billion yuan, the equivalent of $41 billion, into its semiconductor sector as the country ramps up efforts to catch up with the U.S. and other rivals. The cash haul to be raised…
Africa Climate Summit unveils renewable powerhouse
Sopuruchi Onwuka, with agency reports Delegates at the first African Climate Change Summit in Nairobi, Kenya, have been told to stop bickering over the cause and cost of climate change impact on the continent and concentrate on capturing the new…
Nigeria becomes global LNG market laggard
Sopuruchi Onwuka Global supply of liquefied natural gas or LNG jumped by significant 5.0 percent in 2022 as increased flow of supply manly from the United States and Middle East shifted from China to Europe where pipeline gas from Russian…
Nigeria’s energy trade charts show internal strategy mess
Sopuruchi Onwuka Nigerian energy trade losses entered a deceleration mode not because the volumes of imports championed by the Nigerian National Petroleum Company (NNPC) Limited reduced, but because the spirited audacity of private local businessmen that risked billions of Naira…
NCDMB deploys initial Project 100 firms, targets annual N1.6 trn value
Sopuruchi Onwuka The Nigerian Content Development and Monitoring Board (NCDMB) has deployed the first set of 17 firms from its Project 100 programmes into building local capacity for technological innovation for the domestic petroleum industry services. The agency which regulates…
NCDMB’s NCIF supports local businesses with N259 bn
Lays funding model forAfrican energy industry Sopuruchi Onwuka The Nigerian Content Intervention Fund (NCIF) of the Nigerian Content Development and Monitoring Board (NCDMB) has delivered commitment of $324 million or N38.4 billion to significant 69 local businesses in the country….
BRICS expansion draws new market pattern, away from energy transition
Sopuruchi Onwuka The selection of new members into the bloc of developing countries hosted in BRICS will not only cause name change in the group whose name is an acronym of the five founding members: Brazil, Russia, India, China and…
