Energy Correspondent, London
Julia's Feed
Oct 14, 2015

Exclusive – Nigeria revamps oil exploration firms in first step to reform

ABUJA (Reuters) – Nigerian President Muhammadu Buhari has taken his first steps towards overhauling the country’s troubled state oil firm by giving its exploration joint ventures control over their own budgets as a way to overcome chronic cash shortages.

Corruption and mismanagement at the Nigerian National Petroleum Corporation have hampered an industry that provides 70 percent of state income. NNPC has been accused of failing to account for tens of billions of dollars, while no new exploration blocks have been sold since 2007.

Oct 14, 2015

Nigeria revamps oil exploration firms in first step to reform

ABUJA, Oct 14 (Reuters) – Nigerian President Muhammadu
Buhari has taken his first steps towards overhauling the
country’s troubled state oil firm by giving its exploration
joint ventures control over their own budgets as a way to
overcome chronic cash shortages.

Corruption and mismanagement at the Nigerian National
Petroleum Corporation have hampered an industry that provides 70
percent of state income. NNPC has been accused of failing to
account for tens of billions of dollars, while no new
exploration blocks have been sold since 2007.

Oct 6, 2015

Nigeria arrests oil tycoon as corruption probe widens

ABUJA, Oct 6 (Reuters) – Nigeria has arrested the chairman
of a local oil firm, a security official said on Tuesday, as
part of a widening graft investigation in Africa’s biggest
petroleum producer that has also netted former oil minister
Diezani Alison-Madueke.

Days after British police detained Alison-Madueke, one of
Africa’s most powerful women, the official said their
counterparts in Nigeria’s Economic and Financial Crimes
Commission (EFCC) had arrested Atlantic Energy chairman Olajide
Omokore on corruption and money laundering charges.

Oct 6, 2015

sue/UPDATE 2-Nigeria arrests oil tycoon as corruption probe widens

ABUJA, Oct 6 (Reuters) – Nigeria has arrested the chairman
of a local oil firm, a security official said on Tuesday, as
part of a widening graft investigation in Africa’s biggest
petroleum producer that has also netted former oil minister
Diezani Alison-Madueke.

Days after British police detained Alison-Madueke, one of
Africa’s most powerful women, the official said their
counterparts in Nigeria’s Economic and Financial Crimes
Commission (EFCC) had arrested Atlantic Energy chairman Olajide
Omokore on corruption and money laundering charges.

Oct 2, 2015

Nigeria’s former oil minister Diezani Alison-Madueke arrested in London: sources

LAGOS/ABUJA (Reuters) – Nigeria’s former oil minister Diezani Alison-Madueke was arrested in London on Friday, a source from Nigeria’s presidency circle and another with links to her family said.

She was minister under former president Goodluck Jonathan from 2010 until May 2015.

Sep 24, 2015

Nigerian firms in trouble as central bank measures backfire

ABUJA, Sept 24 (Reuters) – Nigerian companies making
anything from soap to tomato paste could run out of raw
materials and be forced to shut down as Africa’s top oil
producer has effectively banned the import of almost 700 goods
to prevent a currency collapse.

Selected luxury items such as make-up or brown bread
imported from Europe have become scarce in some shops as the
central bank denies importers dollars, seeking to stem the
fallout from a crash in vital oil revenues hammering Africa’s
largest economy.

Sep 17, 2015

Exclusive: “Don’t panic,” Nigerian central bank head urges banks

ABUJA (Reuters) – Nigerian central bank Governor Godwin Emefiele ruled out on Thursday a naira devaluation and told people not to panic about the government shifting its bank accounts to the central bank, a move that drains billions of dollars from the financial system.

In an interview with Reuters, Emefiele said he was ready to inject liquidity if needed into the interbank market, which dried up this week following a directive to government departments to move their accounts into a “Treasury Single Account” at the central bank.

Sep 17, 2015

“Don’t panic,” Nigerian central bank head urges banks

ABUJA, Sept 17 (Reuters) – Nigerian central bank Governor
Godwin Emefiele ruled out on Thursday a naira devaluation and
told people not to panic about the government shifting its bank
accounts to the central bank, a move that drains billions of
dollars from the financial system.

In an interview with Reuters, Emefiele said he was ready to
inject liquidity if needed into the interbank market, which
dried up this week following a directive to government
departments to move their accounts into a “Treasury Single
Account” at the central bank.

Sep 4, 2015

Lack of policy hurts Nigeria’s economy as Buhari marks 100 days

LAGOS/ABUJA (Reuters) – Nigerian President Muhammadu Buhari has made sweeping changes in the oil sector and armed forces during his first 100 days in office but done little to convince experts that he has a clear strategy for Africa’s biggest economy.

Buhari, a former military ruler, made Nigerian history in March by becoming the first candidate to defeat an incumbent president at the polls, after promising to crack down on corruption and crush a bloody insurgency by the Islamist militant group Boko Haram.

Aug 14, 2015

Where’s Shekau? Chad president messes with Boko Haram’s mind

ABUJA (Reuters) – If Chadian President Idriss Deby is to be believed, Abubakar Shekau, the bearded and bandoliered leader of Islamist militant group Boko Haram, is no more.

Given the many previous reports of Shekau’s demise, followed soon after by videos of him brandishing automatic weapons and spouting invective against the Nigerian state, analysts and diplomats are treating the claims with caution.