RMAFC Says Petroleum Act Won’t Stop IOCs’ Nigeria Divestments   The Petroleum Industry Act 2021 may not stop the trend of divestments by international oil companies operating in the Nigerian oil and gas sector, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said. In August 2021,...

Senate To NUPRC: Stop IOCs Evading Tax From Lifting Crude Oil   The Senate Committee on Finance has asked the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to stop international oil companies (IOCs) evading tax from lifting crude oil. The panel said the move has become imperative...

FG Cuts JV Cash Call Arrears By Additional $300m, Outstanding Balance Slumps To $1.163bn   The federal government through the Nigerian National Petroleum Corporation (NNPC) has made an additional payment totalling $300,964,270 out of the Joint Venture (JV) cash call arrears owed some International Oil Companies...

Companies May Raise N1trn Corporate Debts In 2021       Commercial banks, international oil companies (IOCs), multinational companies, leaders in fast-moving consumer goods (fmcg) and financial technology (Fintech) firms may issue more than N1trillion corporate debts before year-end. Head, Research and Consulting, Agusto & Co, Prof. Jimi Ogbobine,...

NNPC Shrinks Cash-call Debts To IOCs By $3.11bn       The Nigerian National Petroleum Corporation (NNPC) has so far paid a total of $3.118 billion cash-call debts owed the five major international oil companies (IOCs), leaving an outstanding debt of $1.570, according to statistics released by the...

NNPC Reduces Debts To IOCs To $1.58bn, Pays Off Mobil       Out of about $4.6 billion negotiated joint venture (JV) oil production debt Nigeria was owing international oil companies (IOCs), about $3.02 billion has been paid by the Nigerian National Petroleum Corporation (NNPC), leaving about $1.58...