Fuel theft: Senate calls for major shake-up in NNPC

The Senate has advised the Nigerian National Petroleum Corporation (NNPC) to go beyond the sacking and redeployment of a few officials involved in fuel theft and other sharp practices in the industry. The upper legislative chamber gave the advice in a statement issued yesterday in Abuja by its spokesman and chairman, Senate Committee on Media and Public Affairs, Aliyu Sabi. The Senate tasked the NNPC to initiate a comprehensive restructuring of its operations which currently allowed officials and other firms to appropriate national resources for their personal use, thereby contributing…

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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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Firm gets GMD, acting DMD, ED

As part of its restructuring, Japaul Oil and Maritime Services (JOMS) Plc has appointed Mr. Kayode Olusegun-Ojo as its group managing director. Also, Mr. Akinloye Oladapo, according to a statement, has been appointed as acting deputy managing director, while Mr. Olubunmi Falua took over as executive director, finance and planning. Olusegun-Ojo started his career with Lafenwa Osiberu & Company as an audit trainee before he joined Aba Ogunsola & Associates. He joined JOMS as the deputy group managing director in November 23, 2015 and was promoted to acting group managing…

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Liberty’s N3.72bn stake for UNIC nears completion

                     …as NSE delists underwriter   The move by South Africa’s Liberty Holdings to acquire 75 per cent majority equity stake in UNIC Insurance Plc for 160 million Rands (N3.72 billion) is gaining momentum as the Nigeria Stock Exchange (NSE) has delisted the ailing insurance firm. Liberty Holdings is an investment holding company with existing investment interest in the Nigerian market through Total Health Trust. As part of the arrangement, UNIC was last week delisted and replaced by UNIC Diversified Holdings (UDH) Plc at the NSE as the insurance company…

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