By Kingsley Okoye/08067555610
Abuja, July 14, 2021 The Senate on Wednesday at plenary faulted the Nigerian National Petroleum Corporation (NNPC) over alleged under-remittance of N3.8 trillion revenue from domestic crude oil sales to the Federation Account between January and December 2015.
It therefore urged the corporation to desist from further deduction at source, as the practice contravened Section 162(1) of the 1999 Constitution (as amended).
It also mandated the Federation Accounts Allocation Committee (FAAC) or any other approving authority to urgently approve agreed percentage which should be allocated to NNPC monthly, as operational cost to prevent its operations from been affected adversely.
Senate’s decision was sequel to the adoption of 59 recommendations contained in the report of its Committee on Public Accounts on the Annual report of the Auditor-General for the Federation on the Accounts of the Federation for the year ended Dec. 31, 2015.
Senate faults NNPC over under-remittance of N3 8trn from crude oil sales guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.
NDEP set to inaugurate 11,000bpd refinery The Punch
Published 8 July 2021
The Niger Delta Exploration & Production Plc, an independent integrated energy company, has said its refinery, with a processing capacity of 11,000 barrels per day, will be inaugurated soon.
The company also announced the Department of Petroleum Resources’ approval for the introduction of hydrocarbon to the Train 3 of its Ogbele refinery.
Niger Delta Petroleum Resources, a subsidiary of NDEP, had in 2010 inaugurated a 1,000bpd mini refinery for the extraction of diesel from crude oil produced from the Ogbele field.
The Chairman of NDEP, Mr Ladi Jadesimi, was quoted in a statement as saying that this would make the full-fledged refinery ‘the first of such privately owned and operated in Nigeria’.
02/20/2021 | Press release | Distributed by Public on 02/20/2021 12:31
Local content: DPR counsels Nigerians to invest in oil and gas production
Mr Auwal Sarki, the Director, Department of Petroleum Resource (DPR), has urged Nigerians to invest in the downstream oil and gas sector to boost the country s crude oil production capacity.
He made the remark in Ogbele community, Ahoada East Local Government Area of Rivers, at a meeting with the management of ND Petroleum Resources, a private sector investor in oil and gas in the area.
Sarki said that DPR was on an Executive Management facility visit to the privately-owned Nigerian company to ascertain its production, refining and distribution capacity.
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Various business regulatory agencies regulate the activities of
companies in Nigeria. While some of the agencies apply to all
businesses regardless of the sector, the nature of the business,
others are specific to a particular sector. This write-up will give
a brief overview of the regulatory agencies and identify whether
such agency applies to all business or a particular sector.
The agencies and their functions concerning businesses in
Nigeria will be briefly discussed below.
The Corporate Affairs Commission (CAC)
This is usually the first and foremost agency every proposed