Local oil firms walking a tight rope

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 terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

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Fate of the Furious breaks global box office record

The Fate of the Furious has raced to the top of the box office chart – breaking an international record in the process. The eighth film in the action thriller franchise took an estimated $532.5m (£424.7m) globally over Easter weekend. The figure makes it the strongest worldwide debut ever – marginally overtaking the $529m (£421.8m) taken by Star Wars: The Force Awakens. However, the film’s US takings were down sharply on the previous movie. Furious 7 took $147.2m (£117.3m) in the US when it was released in 2015 – but…

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Report: With Nigeria’s northeast facing famine, WFP funds could dry up

  The United Nations’ World Food Programme could in a few weeks run out of funding to feed millions living on the brink of famine in Nigeria, four people familiar with the matter said, intensifying one of the world’s largest humanitarian crises. In the northeast, 4.7 million people, many of them refugees from the conflict with Islamist insurgency Boko Haram, need rations to survive, according to the World Food Programme (WFP), one of the main aid groups handing out food. Many of those living in camps for displaced people say…

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Federation Elections: Guidelines split aspirants, administrators

Sports administrators and aspirants into the boards of the National Sports Federations are sharply divided over the guidelines released for the forthcoming elections. The guidelines emerged after a stakeholders’ meeting with sports minister, Solomon Dalung, on Thursday where June 9 was also picked as the date for the polls. The guideline stipulated that people who have served two terms as presidents cannot contest while those who are either presidents or vice presidents of international sports bodies are not eligible to contest for federation presidency. A former member of the Nigeria…

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$100m oilfield chemical investments at risk

The over $100 million investments in oilfield chemical sub-sector of Nigeria’s oil and gas industry is on the brink of collapse, New Telegraph has learnt. Investigations revealed that stakeholders in sub-sector are rising against this major threat to business exasperated by longerthan- necessary tendering cycle in Nigeria, which is six times longer than that of its rival oil producer in Africa, Angola. Former President, Nigerian Society of Chemical Engineers, Dr. John Erinne, has also confirmed this challenge. He told this newspaper on the side-line of Second National Oil and Gas…

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