THE announcement by the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, that the nation’s four refineries would not be sold, has continued to draw knocks, as well as commendations from different strata of the country’s economy. A former Senate Committee Chairman on Petroleum Resources, Senator Lee Maeba, insisted that government is not in a position to run the refineries efficiently.

EFFORTS geared towards blocking leakages in the petroleum industry seem not to be yielding the desired results, as pipeline vandalism and crude oil theft had over the years served as a major setback in the sector, disrupting businesses, discouraging investments and increasing expenses. The Nigerian National Petroleum Corporation, NNPC, in its Annual Statistic Bulletin 2015, disclosed that a total of N242.778 billion was lost to pipeline vandalism in different parts of the country.

THE low price of crude oil has taken a toll on the finances of Seven Energy International Limited, as the company posted a loss after tax of $53 million, about N10.6 billion in six months, between January and June 2015. The company, in its financial statement for the half year, HY1 2015, released to its investors and other stakeholders, disclosed that the loss, compared to a profit of $27 million, about N5.4 billion recorded in the same period of 2014, was primarily due to the fall in oil price.

SEVEN months after the take of the transitional electricity market, TEM, generation and distribution companies, GENCOs and DISCOs are yet to meet the contractual terms for the implementation, the Transition Company of Nigeria, TCN, has said. The Executive Director, the Nigerian Electricity Market, an arm of the TCN in charge of systems operations, Mrs. Ngozi Osuhor, said that the DISCOs are not prepared for the take-off of TEM, as they continue to circumvent its contractual demands.

THE declining price of crude oil in the international market has continued to take its toll on the Nigerian oil and gas sector, as no employment has been created in three months, between April and June 2015, the National Bureau of Statistics, NBS, said. Oil and gas companies globally are threatening to reduce their workforce significantly, as low oil price has started to take its toll on the companies.

PRESIDENT Muhammadu Buhari’s government needs to do a lot more to make its impact felt in the oil and gas sector, the mainstay of the nation’s economy, as stakeholders insist that nothing significant has been done in the first 100 days in office. An industry expert, Mr. Sergius Ogun, believes that the President is shying away from the promises made during the campaign days.

NIGERIA earned N3.797 trillion from the export of crude oil in six months, between January and June 2015, data obtained from the National Bureau of Statistics, NBS, has revealed. The amount earned from crude oil export is 84.57 per cent of the country’s 2015 budget of N4.49 trillion passed by the National Assembly. But it is also 146 per cent higher than the N2.61 trillion voted for recurrent expenditure in the budget and about six times the country’s capital expenditure of N556.9 billion.

Regional Director, West Africa, Afrocet Montgomery, George Pearson has said that trade exhibitions held in Nigeria provide a veritable platform to raise Nigeria’s profile as an investment destination.

FBN Holdings Plc, Monday evening announced major changes to its leadership team that will take effect January 1 2016. A statement signed by Folake Ani-Mumuney

“I have always had this passion for baking. I have baked at every stage in my life, from primary school to the university. My parents are professionals but they encouraged us. My mother bought from icing pumps, to baking pans and the ingredients as well so everybody in the house used to bake for fun but at an early age, I realised I could make some money out of it so I took cakes to school and my friends would buy and ask for more.