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In a presentation to the Senate Committee on Petroleum Downstream, the Managing Director of the Pipelines and Product Marketing Company, a subsidiary of the NNPC, Esther Nnamdi-Ogbue, stated that the losses, which chiefly accrued from the incessant hacking of the pipeline at the notorious Arepo to Mosimi axis of the pipeline artery, has made the task of providing seamless flow of petroleum products to retail outlets more burdensome

Korodo said the traffic gridlock would have been checked if the Nigerian National Petroleum Corporation was using over the 50 private depots in Lagos to distribute the product

The statement said Odu joined the board of UBN Plc in 2012 following the $500 million investment in the bank from Union Global Partners Limited, a private equity consortium

Governor Ambode, who was accompanied to the forum by a strong contingent consisting of Commissioners and a Special Advisers from the State Executive Council, intimated investors to various investment opportunities in Lagos State

He said the company inherited a customer population of 636,160, with only 495,549 on its billing platform.
About 58,000 out of the 138,000 pre-paid metres inherited by the the company had been compromised, with the regime of estimated billing nationwide in force, adding that 20per cent of the PPM then were even obsolete

This even as the Petroleum Pricing Monitoring Company revealed that the country has lost N50 billion to pipeline vandals within 10 months

Beale said it is not everyone that is not paying that should be perceived to be trying to steal, but because of the complexity of the tariff regime used for the billing

The Federal Government two weeks ago wrote the Senate demanding for a supplementary budget to take care of, among other things, a petroleum subsidy of N413 billion

Eyewitnesses told The Eagle Online that the fire, which broke out around 4am, was caused by an upsurge from the transformer in the market

Speaking on the topic: “Nigeria: Facilitating resilient and sustainable infrastructural development,” Olawepo-Hashim urged the Federal Government to “make Sovereign Guarantee available to all PPAs that the Nigeria Bulk Electricity Trading Company concludes and with the requisite 90-120 days LC to ensure bankability of such agreements

Traders at the market were optimistic that the sale of forex by the Central Bank of Nigeria would boost activities at the market

he News Agency of Nigeria reports that the market indices appreciated by 0.53 per cent on Wednesday against the steady depreciation in the last one week

This was contained in a circular dated November 9 and signed by the Director of Airworthiness Standards, Benedict Adeyileka, on behalf of the Director General of the NCAA, Captain Mukhtar Usman

The event, recently held at Four Points by Sheraton Hotel, Victoria Island, was an interactive feedback session aimed at engaging customers in order to serve them better

It is the biggest shopping day of the year that retailers offer drastic discount on products to kick-start the Christmas shopping season

Akpan also accused international oil companies of deliberately flouting various rules regulating the sector because the country was not enforcing its law guiding the gas sector of the economy

Udemba said the two per cent reduction announced by the Monetary Policy Committee would not have much impact on bank lending rates

The TMG said beyond wasting man hours at filling stations across the country waiting for petrol, the scarcity is breeding inflation with the rising cost of transport in turn impacting on the cost of goods and services

The engagement of the security agencies is also meant to assist in the monitoring of nationwide fuel truck-out to retail outlets

NACCIMA’s Vice-President, Jani Ibrahim, told the News Agency of Nigeria in Lagos that the decision would spur the growth of the real sector and boost investors’ confidence