Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in […] Read more
The recent payment of over $202 million to the Nigerian National Petroleum Corporation (NNPC) downstream entities by Aiteo Energy Resources Limited for fraudulent deals under the scrapped crude oil swap arrangement has reaffirmed the need to fully unravel all transactions surrounding the controversial barter plan during the last administration. The amount includes Aiteo’s share of […] Read more
The Nigerian National Petroleum Corporation (NNPC) has recouped $202 million as outstanding payment on crude for product swap from Aiteo Group. The corporation, which confirmed this yesterday, stated that it would continue to go public on recovery process for product under-deliveries in the $184 million crude swap racket, which rocked the corporation up till August […] Read more
The banks’ loans to Nigeria’s energy sector is going bad, putting recovery move by the lenders in jeopardy and the country’s economy in more trouble, reports Adeola Yusuf The banking sector, it was, that first gave signs that Nigeria’s economy is in trouble; the Bankers’ Committee saw the problem coming, but all […] Read more
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