By Yemie Adeoye & Luka Binniyat As a fallout of the just concluded 2005 audit of the oil and gas sector by the Nigerian Extractive Industry Transparency Initiative (NEITI), Nigeria will this year recover $553 million from oil firms who underpaid various oil taxes in 2005.NEITI said it would prosecute any firms that refuses to […]

IN order to end gas flare in the country and meet up with the domestic gas requirement Shell Petroleum Development Company (SPDC) has urged the federal government to consider proper structuring of the Independent Joint Ventures (IJVs) and ensure that the it is not bedeviled by the problem of underfunding, a situation which crippled the JV structure with the NNPC.

THE Petroleum Equalization Fund (PEF) has announced that machineries are in motion to bring about reduced prices of petroleum products in the riverine areas of the Niger Delta.

African cabbage farms ravaged by Diamondback moth (DBM), Plutella xylostella, are set to make a come back as a biocontrol-pesticide (Beauveria bassiana) developed by scientists at the International Institute of Tropical Agriculture records a huge success in the control of the pest.

IN an apparent move to deregulate the oil sector by allowing prices of petroleum products to be controlled by prevailing market realities, the Product and Pipeline Marketing Company (PPMC) appears to have announced new increase in the prices of some oil products for the month of September.

THE shareholders of Juli lc, last week, endorsed proposed plan by its Board of Directors to raise capital by way of a non-convertible bond.

The Management of the Nigerian National Petroleum Corporation (NNPC) has assured Nigerians that the current bank crises currently ravaging the country would in no way affect the supply and distribution of petroleum products across the country.

The widespread illiquidity problem in the microfinance bank industry has been attributed to haste for profit and wrong lending practices.

A new Chairman has been appointed for Governing Council of the Nigerian Accounting Standards Board.
He is Mr. Michael Adebisi Popoola, a veteran chartered accountant and former Managing Partner of KPMG Nigeria. Popoola, the seventh Chairman of the NASB, succeeded Mr. Olugbenga Olaofe.

Manufacturers Association of Nigeria (MAN), has called on the Federal Government to grant operators in the industrial sector of the economy a 5-7 years tax break for them to stimulate investments in the sector.

In apparent bid to compliment their quest for global expansion, Nigeria banks have began to enter into partnership with international media organisations to project the African economy.

Standard & Poor’s on Friday called for industry-wide regulation to restore confidence in rating agencies, giving its initial take on a draft bill that would put credit raters on a short leash.

Oceanic Bank Interna tional Plc has restated its commitment to excellent customer service with the adoption of a new corporate campaign tagged today is a good day.

To meet the escalating demand for content and connectivity across Africa, SES WORLD SKIES, a division of SES S.A), says Netcom Africa has signed a multi-year deal to expand its delivery of telecom and broadcast television services throughout Nigeria and West Africa.

The object of the earlier articles in this series is to show that the Central Bank’s (CBN) condemnation and indictment of banks is as hypocritical as the proverbial ‘pot calling the kettle black’! Indeed, the CBN’s posturing assumes an immoral colouration, because in reality, the malaise in the banks was actually instigated by the failure of the apex bank to effectively perform its secondary role as the official regulator and supervisor of the money market.