News - Kachikwu

Kachikwu’s Letter: Group Demands Suspension Of NNPC GMD, Baru

2 years ago /
Nation 

The Socio-Economic Rights and Accountability Project has demanded that President Muhammadu Buhari, suspends the Group Managing Director of the Nigerian National Petroleum Corporation, Mr. Maikanti Baru pending the outcome of the investigation. Executive Director of SERAP, Mr. Adetokunbo Mumuni, on Thursday, requested the Commander-in-Chief to direct the anti-graft agencies to swing...

Senate To Investigate Allegations Of Corruption In NNPC

2 years ago /
Nation 

The Senate has set up an Ad-Hoc committee to conduct a holistic investigation into allegations of corruption in the Nigeria National Petroleum Corporation (NNPC). The committee will also investigate the issues raised in a memo said to be written by the Minister of State for Petroleum, Ibe Kachikwu. The Chairman of the...

Senate Wades Into Kachikwu, Baru Feud

2 years ago /
Nation 

The senate on Wednesday began investigation into allegations of insubordination and controversial appointments against the group managing director of Nigerian national petroleum corporation (NNPC), Maikanti Baru with the set up of a committee to investigate and report back with immediate effect.  In a leaked letter dated 30th august, 2017, minister of...

Kachikwu/Baru Face-Off

2 years ago /
Nation 

The President Muhammad Buhari-led administration since assuming office has been hailed for reducing corruption in the country. One sector a lot of analysts agree the administration made strides in the fight against corruption is the petroleum sector in which the president also doubles as minister. So when the news of a leaked memo...

Good News For Nigeria As Oil Prices Hit $57

2 years ago /
Nation 

Oil prices hit $57 on Monday after the Organisation of Petroleum Exporting Countries (OPEC) maintained the decision to exempt Nigeria and Libya from the oil production cut.

FG Unveils $200m Bailout For Oil, Gas Firms

2 years ago /
Business and Economy  

The Federal Government on Thursday launched a fund with an initial value of $200m to support local oil and gas firms. The intervention fund, according to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, is part of measures to improve access to low-cost credit for oil and gas firmsl...

High Cost May Force Nigeria To Stop Oil Production – Kachikwu

2 years ago /
Nation 

The Minister of State for Petroleum Resources, Dr Ibe kachikwu, says Nigeria will be forced to stop the production of crude oil if the cost of doing that remains high. Dr kachikwu made the statement today at the opening ceremony of the Nigeria Annual International Conference and Exhibition organised by the...

Federal Executive Council Approves The Nigerian Petroleum Policy

2 years ago /
Nation 

The Federal Executive Council has approved the Nigerian petroleum policy document, which will help the country to exit the importation of petroleum products by 2019. Briefing state house correspondents after the weekly federal executive council meeting on Wednesday, minister of state for petroleum, Ibe Kachikwu, said the document was last reviewed...

FG To Stop Fuel Importation In 2019 With New Oil Policy

2 years ago /
Nation 

The Federal Government is set to stop the importation of fuel by 2019 with the approval of a new National Oil Policy by the Federal Exective Council. The Minister of State for Petroleum, Mr Ibe Kachikwu told journalists that the policy is geared towards re-organising the NNPC for greater efficiency and...

Libya, Nigeria May Attend OPEC, Non-OPEC July Meeting

2 years ago /
Business and Economy  

Libyan and Nigerian officials may attend a joint meeting between OPEC and non-OPEC nations later this month as oil producers look for ways to cap rising production to help support oil prices. Both countries have boosted production since they were exempted from an OPEC-led deal to cut output, weighing on global...

No Plans To Concession Nigeria’s Oil Refineries – Kachikwu

2 years ago /
Nation 

The Federal Government has refuted allegations of an improper concession of the Port Harcourt Refinery, following an oversight hearing at the National Assembly. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, made the clarification on Thursday in Abuja. Dr. Kachikwu was speaking while addressing a press conference at the Nigerian...

Niger Delta Peace Initiatives Boost Oil Production, Refining - NNPC

2 years ago /
Nation 

The Nigerian National Petroleum Corporation has said that the peace initiative of the Federal Government has raised the capacity utilization of its three refineries in Port Harcourt, Warri and Kaduna in recent times. NNPC Group Managing Director, Dr. Maikanti Baru disclosed this in Abuja on Tuesday during an interactive session with...

Senate warns Kachukwu to Stop Making Unmerited Claims on PIB

2 years ago /

The Senate has warned Minister of State for Petroleum Resources, Ibe Kachikwu, to stop making false claims on the on-going process of passing into law the Petroleum Industry Bill (PIB). In a statement by its spokesman, Senator Aliyu Sabi Abdullahi, the Senate said the PIB which has got to the final...

Nigerian Government Won’t Interfere In Malabu OPL 245 Corruption Probe – Kachikwu

2 years ago /
Nation 

The Nigerian government has said that it will not interfere in the on-going court actions in respect of the Malabu Oil Prospecting Lease, OPL 245 scandal. The Minister of State for Petroleum, Ibe Kachikwu, made this known in a letter addressed to the Chairman of the Civil Society Network Against Corruption,...

FG To Build New 150,000bpd Refinery In The Niger-Delta Through AGIP Partnership

2 years ago /
Nation 

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Tuesday disclosed that the Federal Government and Italian oil giant, Agip, had reached an agreement for the firm to build a new refinery in the country. He added that the firm was building the second largest power plant in the...

 

Relocate to Akwa Ibom or face our wrath – Youths warn Exxon-Mobil

2 years ago /
Environment  Nation 

Youths in Akwa Ibom State, weekend, continued their protest over alleged refusal by Exxon-Mobil to relocate its headquarters to the state, disrupting socio-economic activities at Ibeno, the operational base of the company. The youths, under the umbrella of Ibeno Youth Presidents’ Forum, Ulok Ulok People’s Assembly and Ibeno Chapter of Ijaw...

Petroleum Tanker Drivers Call Off Strike

2 years ago /
Nation 

Striking petroleum tanker drivers have called off their strike less than 24 hours after it commenced. The Petroleum Tankers Drivers, PTD section of the Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, commenced the strike on Monday. NUPENG President, Igwe Achese, announced on Monday evening the decision to immediately call off the strike following...

Reps Committee Summons Emefiele, Kachikwu Over Allegation Of Forex Diversion

2 years ago /
Nation 

The House of Representatives on Thursday invited the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, and the Minister of State for Petroleum Resources, Dr Ibe Kachikwu  to appear before it on Monday, April 7. The House ad hoc Committee on the Review of Petroleum Pump Price, which issued...

OPEC Loses $1trn To Oil Decline In Two Years

2 years ago /
Business and Economy  

The Secretary General of the Organization Of Petroleum Exporting Countries (OPEC),  Mohammed Barkindo, says member countries have lost one trillion dollars worth of oil revenue to the fall in global oil prices between 2014 and 2016. The OPEC scribe, added that these losses were in terms of deferred and outright cancellations...

NEC Endorses Alternative Funding For Oil & Gas

2 years ago /
Nation 

The National Economic Council (NEC), presided over by Nigeria’s Vice President, Professor Yemi Osinbajo, has endorsed a new funding regime for the oil and gas industry. This will in turn, eliminate the often arduous and onerous cash call regime which has stalled  growth in the industry. The alternative funding stream had been...