Court documents filed by the US Department of Justice in Houston have revealed that Nigeria’s former oil minister, Diezani Alison-Madueke, allegedly tried to warn Kola Aluko and Jide Omokore, her business partners, against lavish spending, including splashing millions of dollars on a yacht.

A SURPLUS of Nigerian car-go for July loading is getting smaller after a drop in differentials boosted demand, traders said on Tuesday. According to Reuters, there were six to seven cargo of Nigerian crude for July loading, down from Monday’s estimate of 10-15.

Crude oil price has dropped by 10 per cent in the international market as a result of excess supply and speculation, thus constituting a new threat to the generation of adequate funds for the implementation of Nigeria’s N7.28 trillion 2017 budget.

It has been a swath of revelations, since the House of Representatives’ adhoc committee on the alleged $17billion undeclared crude oil and gas revenue started the second phase of its investigative hearing to unravel how Nigeria’s crude oil was stolen along with revenues that were supposed to have accrued therefrom, between 2011 and 2014 – how the funds can be tracked and possibly returned.

In 2014 Usman Bugaje, raised a controversial issue on the ownership of Nigeria’s crude oil domiciled majorly in the Niger Delta region during the Northern Leaders’ Conference he said “What they claim is the off shore oil is actually the oil of the North”

Nigeria’s excess crude oil revenue has dropped by five per cent as oil prices fell to $49.26 per barrel yesterday, posing fresh threat to implementation of the yet unsigned 2017 budget and the exchange rate of the naira.

The Nigerian National Petroleum Corporation (NNPC) said Indonesia has indicated its interest in increasing its purchase of crude oil from Nigeria.

The Supreme Court on Thursday fixed Nov. 14 to hear a suit on alleged outdated oil revenue sharing formula instituted against the Federal Government.

CRUDE oil fell slightly yesterday on signs that the United States is continuing to add output largely counteracting the Organisation of Petroleum Exporting Countries, OPEC, efforts to cut production.

Professor Nuhu Obaje, the director of the Ibrahim Badamasi Babaginda University Research Centre, Lapai, made this known on Thursday in Lagos.

Nigeria recorded slight improvement in crude oil revenue in 2016, as total export appreciated by 0.75 per cent to N6.997 trillion at the end of 2016, according to data obtained from the National Bureau of Statistics, NBS.

The National Chairman of the All Progressives Congress, APC, Chief John Odigie-Oyegun, yesterday, welcomed ongoing bilateral discussions between Nigeria and the Republic of Niger which will result in piping crude oil from the Republic of Niger for refining at the Kaduna Refining and Petrochemical Company, KRPC.

The new year looks promising for Nigeria and other oil producing countries as oil prices hit 18-month high yesterday, the first trading day of 2017, buoyed by hopes that a deal between the Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC members to cut production, which kicked in on Sunday, January 1, 2017, will drain a global supply glut.

Oil prices rose on Tuesday, the first trading day of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production would drain a global supply glut.

The U.S. Ambassador to Nigeria, Mr James Entwistle, has said that there is no hidden agenda behind his country’s decision to stop crude oil purchase from Nigeria.