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…

Read More

ICPC institutes anti-graft monitoring unit in EKSU

Towards building capacity for corruption-free and transparent system, the Independent Corrupt Practices Commission (ICPC) has inaugurated the Ekiti State University (EKSU) chapter of the Anti-Corruption and Transparency Monitoring Unit (ACTMU). The inauguration of the unit, according to the university, is in line with the vision of the Vice-Chancellor, Prof. Samuel Oye Bandele, to run a corruption-free system and transparent financial operations. The vice-chancellor, during his meeting with the unit, expressed satisfaction with the establishment and operation of the anti-corruption and transparency monitoring unit, even as he commended their efforts towards…

Read More

‘Fleet mgt firms rake in N1.7bn yearly’

The management of Rosabon Financial Services has said that fleet management and other corporate lease solutions made on average return of about N1.7 billion annually from companies in the country. Head, Communication, Kehinde Ruth Onasoga, in a statement, said: “Recent statistics have shown that companies in Nigeria, on the average, spend at least N1.7 billion annually on fleet management and other corporate lease solutions just to be able to address their logistical challenges. “Even at that, combining daily business activities with fleet management operations is becoming an increasingly difficult task…

Read More