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Kapital FM 92.9 The Station that Rocks!
Gas prices have spiked and global stock markets tumbled as the conflict in the Middle East intensified and concerns grew over how long it will last. The UK gas price surged to its highest level for three years on Tuesday, following sharp gains on Monday, while Brent crude oil benchmark briefly rose above $85 a barrel for the first time since July 2024. Meanwhile, the share prices of companies on […]
The House of Representatives' Public Accounts Committee has ordered OML18 Resources Limited to pay $4 million in oil royalties and gas flare penalties within five days. The directive was issued during a committee hearing as part of an ongoing investigation into outstanding debts owed by oil companies to the Federation Account. The investigation, based on findings from the 2021 Audit Report and data from the Nigerian Upstream Petroleum Regulatory Commission, […]
The Public Accounts Committee, PAC, of the House of Representatives has revealed that two oil companies indebted to the Federation Account have refunded about N28.7 billion to the government. The committee is investigating the audit report of the Office of the Auditor General for the Federation for the 2021 financial year. In a statement in Abuja by the House spokesperson, Akintunde Rotimi, Chorus Energy Limited settled its outstanding liability of […]
The House of Representatives has secured commitments from seven oil and gas processing companies to remit a total of $37.43m to the Federation Account before August 2025. This follows an ongoing investigation into financial records by the Nigerian Upstream Petroleum Regulatory Commission, which uncovered significant lapses in royalty payments and reconciliation processes within the oil and gas sector. The pledged repayment is part of a N9tr outstanding liability flagged by […]
The Nigerian Armed Forces says its troops have recorded significant successes in their ongoing operations against terrorists, kidnappers, oil thieves, and other criminal elements across the country. According to a statement by the Director, Defence Media Operations, Major General Markus Kangye says over the past week, security forces neutralized 27 terrorists, arrested 62 suspects, and rescued 44 kidnapped victims. It explained that during various offensive operations, troops engaged terrorists […]
Benin has prevented neighbouring Niger from using its port to export its first crude oil, as a border dispute rages between the two nations. President Patrice Talon's government is demanding that landlocked Niger reopens its side of the border if it wants to use Benin's ports. Mr Talon accused Niger of treating its neighbour like an “enemy”. Relations between the two nations soured after the military staged a coup in […]
The Joint House Committees on Environment, Petroleum Resources Upstream, Petroleum Resources Downstream and Climate Change says that the oil-producing communities in Nigeria have experienced environmental degradation and socio-economic marginalisation sequel to decades of oil exploration and exploitation. The Chairman of the Joint Committee on Environment, Mr. Julius Pondi, revealed this in Abuja during his opening remarks at the public hearing on the need to investigate the service and unprecedented environmental […]
An oil tanker is on fire in the Gulf of Aden, its operator says, after Houthis said they hit it with a missile. The Yemeni movement said it targeted the Marlin Luanda on Friday evening. Operator Trafigura told the BBC the strike caused a fire in one of the ship's cargo tanks and firefighting equipment was being used to contain it. The US military said the Houthis hit the tanker […]
The House of Representatives is set to wade into the frequent clashes between officers and men of the Nigerian Navy and private security firms protecting oil and gas facilities in the Niger Delta region. The resolution by the lawmakers followed the adoption of a motion of urgent public importance by the lawmaker representing Ilaye/Ese-Odo Federal Constituency, Ondo State, Mr Donald Ojogo, during plenary session on Thursday. His motion […]
