• FG should diversify away from oil – Ajibola

    FG should diversify away from oil – Ajibola

    In order to find solution to the economy downturn, the Federal government has been advised to diversify the economy.

    The President of Chartered Institute of Bankers of Nigeria (CIBN), Professor Segun Ajibola suggested that Nigeria has great capacity for diversification of its economy, even though most of the strategies targeted towards the achievement of this objective have not yielded the desired results over the years.

    Ajibola, who stated this at  80th anniversary of International Commercial Terms (INCOTERMS) in Lagos,  said that  there […]

  • Oil got us where we are today, it will get us out – Minister assures

    Oil got us where we are today, it will get us out – Minister assures

    Dr Emmanuel Ibe Kachikwu, the Minister of State for Petroleum, has advised the newly-inaugurated council on hydrocarbons to speedily formulate policies that will address challenges in the oil and gas sector.

    Kachikwu gave the advice in Abuja on Tuesday at the resuscitation of the council.

    The Federal Executive Council presided over by President Muhammadu Buhari, on October 5, gave the nod for the resuscitation of the council which had been in existence for sometime.

    He said that the council acts as an ombudsman […]

  • Nigerian NAF Destroys Another Set of Illegal Oil Barges in Rivers State

    Nigerian NAF Destroys Another Set of Illegal Oil Barges in Rivers State

    According to report, the Nigerian Air Force (NAF), says it has destroyed another set of illegal oil barges in Rivers.

    Group Capt. Ayodele Famuyiwa, NAF Director of Public Relations and Information, in a statement issued on Sunday in Abuja, said the barges were filled with stolen oil.

    According to Famuyiwa two of the latest barges filled with stolen oil were set ablaze by NAF Helicopters on armed patrol around Okoromabie in the South-East of Port Harcourt Refinery.

    Famuyiwa explained that the third barge, […]

  • Buhari begs Niger Delta militants – Stop destroying oil pipelines

    Buhari begs Niger Delta militants – Stop destroying oil pipelines

    President Muhammadu Buhari has appealed to the people of the Niger Delta to embrace peace and focus on agriculture for sustainable economic development and wealth creation.

    Buhari urged them to take advantage of the huge potential in agriculture and stop the destruction of oil and gas pipelines which only served to destroy the country’s ecosystem and economy.

    The President, represented by the Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, made the appeal on Saturday at the 20th anniversary […]

  • Everything under Buhari is upside down, his only focus is oil – Iyabo Obasanjo

    Everything under Buhari is upside down, his only focus is oil – Iyabo Obasanjo

    Senator Iyabo Obasanjo, daughter of former president Olusegun Obasanjo, has lamented how old people are being allowed to spearhead the affairs of Nigeria.

    Iyabo, who served as a Commissioner for Health in Ogun State between 2003 and 2006, lamented that the younger generation is not allowed to hold leadership positions.

    On the state of the country under the leadership of President Muhammadu Buhari, Iyabo said “I have no idea but it is not only about the PDP, almost everything in the country […]

  • Reps panel decries non-patronage of Nigerians in oil and gas sector

    Reps panel decries non-patronage of Nigerians in oil and gas sector

    It was gathered that the House of Representatives committee on local content has decried the non-patronage of qualified Nigerians in the oil and gas sector.

    Chairman of the committee, Mr. Emmanuel Okon, spoke on the issue during a stakeholders meeting on expatriate quota in the sector. He remarked that most oil firms have no quota approvals for the expatriates working them.

    He further stated that findings by the committee indicated that some of the firms engaged expatriates that are not qualified to […]

  • Reps direct oil and gas company to obtain local content approval

    Reps direct oil and gas company to obtain local content approval

    According to reports, the House of Representatives on Thursday directed oil and gas companies seeking expatriate quota get approval from Nigeria Content Development Management Board (NCDMB) before application to the Ministry of Interior.

    The Chairman, House Committee on Local Content, Hon Emmanuel Ekon, gave the directive yesterday at a stakeholders meeting on expatriate quota for Oil and Gas companies in Nigeria.

    Ekon who decried the violation of the Local Content Act by Oil and Gas companies operating in the country, said many […]

  • Government can no longer depend on oil for revenues, says Saraki

    Government can no longer depend on oil for revenues, says Saraki

    According to reports, the President of the Senate, Dr. Abubakar Bukola Saraki has re-echoed his stance on the diversification of the nation’s source of revenue, to continue funding the budget.

    Senator Saraki made this remark on Wednesday while declaring open, the second edition of the National Assembly interactive session with Civil Society Organizations (CSOs) on Nigeria’s budget.

    According to him, Nigerians should “look beyond the expenditure side of the budget and pay particular attention on our revenue generating capacities and alternatives”.

    He, however, […]

  • Stop destroying oil pipelines – Bishop warns Avengers

    Stop destroying oil pipelines – Bishop warns Avengers

    According to reports, the Bishop of Calabar Diocese, Anglican Communion, Rt. Rev. Tunde Adeleye, has warned members of the Niger Delta Avengers to stop destroying oil facilities in the region because of its adverse effect on the environment.

    The Bishop also took a swipe at the Federal Government for paying little or no attention to the violence perpetuated by Fulani herdsmen across the country.

    Adeleye said this in Calabar, Cross River State during a press briefing on the second session of the […]

  • Crude oil price gears towards $60 per barrel

    Crude oil price gears towards $60 per barrel

    OPEC’s proposed deal to cut production has “put a floor” under the oil price at around $50 a barrel, Reuters reports.

    International benchmark Brent crude dropped to a little above $52 from nearly two per cent gain of $52.67 last night.

    West Texas Intermediate, hit a year-high of close to $52 at one point last night and was holding above $51 a barrel this morning.

    Optimism is growing for future trading, too, BMI Research says it sees “significant potential for an upwards break […]

  • Meet the Brazilian Bodybuilder Who Injected Himself with Oil to Look Like the Incredible Hulk (Photos)

    Meet the Brazilian Bodybuilder Who Injected Himself with Oil to Look Like the Incredible Hulk (Photos)

    A Brazilian construction worker who injects himself with synthol, which is made up of 85% oil, 7.5% lidocaine and 7.5% alcohol, has vowed never to stop until he become the most feared monster in the street.

      

    A 48-year-old identified as Beefcake Valdir Segato, whose huge biceps measure a staggering 23 inches as a result of painful synthol injections, have doubled this size of his 12 inches arm after he began injecting the potentially lethal oil substance five years ago and […]