Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Ibe Kachukwu on Nigeria’s efforts to clean up corrupt oil sector

Emmanuel Abara Benson by Emmanuel Abara Benson
October 30, 2018
in Business News, Politics
Subsidy removal in Nigeria, Petrol price, Crude oil, Dangote Refinery, Oil and Gas license renewal, Ibe Kachikwu, Oil and Gas, Licence, Shell, Total, Oilfields

Ibe Kachikwu

Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachukwu, yesterday granted an interview to Bloomberg TV during which he spoke about a number of issues, including efforts being made by the Nigerian Government to clean up the deeply-rooted corruption in the country’s energy sector.

The Minister, who was responding to specific questions about oil contracts at a time when Nigeria is seriously exploring offshore exploration, said that the Government “absolutely respects contracts.”

He also stated that the President Buhari-led Government has been dedicated to fighting corruption in the oil sector. This is because the fight against corruption is a mantra under which the administration was built.

RelatedPosts

Crude oil prices record 11% drop in June on fears of recession

OPEC increases Nigeria’s crude oil production quota to 1.799mbpd in July 

According to him, every time the Government has had any reason to suspect that corruption has occurred in the sector, swift actions were always taken towards addressing it.

“In Nigeria, an oil contract is something we absolutely respect. As a lawyer, for instance, I understand that keeping to contract is key. In terms of fighting corruption, you know that that is the mantra on which Mr President ran for office. It will continue to be one of his laudable achievements during his tenure.” -Kachukwu

He went further to assure that several investigations are into corruption cases are currently ongoing. Some of these cases happened before the present administration came to power, he said.

He also stated that the Government is cooperating with the international agencies and countries who are also pushing persecution of those convicted of corruption.

He expressed optimism that in the next five years, Nigeria will witness less corruption, a greater emphasis for due process, “due compliance, and deliveries on expectations in terms of legal requirements.”

His thoughts on the future of global oil

The Minister also spoke about developments in the international oil market, asserting that there is an unnecessary emphasis on the Iran-Venezuela shortfall. In order words, he believes that there has been an overestimation of the possible drop in the production and supply of crude.

According to him, the Organisation of Petroleum Exporting Countries (OPEC) has the capacity to cover some of the shortages that could result.

On whether oil demand is vulnerable…

The Minister said there is nothing to worry about as far as the demand for crude oil is concerned. This is because, despite the developments in solar and other forms of cleaner energy, several projections show that in the next ten years, “crude is what to what”.

Related

Tags: Emmanuel Ike KachukwuNigeria's oil sectorOPEC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • TrustBanc raises N5.85bn from Series 7 and 8 Commercial Papers; Issue Achieves 117% subscription
    • FIRS extends deadline for filing of 2022 Companies Income Tax returns to 31st August 2022
    • Lagos state government shuts down Redeemers School over death of pupil

    Follow us on social media:

    Recent News

    TrustBanc pays N4.2bn Commercial Paper proceeds at maturity

    TrustBanc raises N5.85bn from Series 7 and 8 Commercial Papers; Issue Achieves 117% subscription

    July 4, 2022
    FIRS calls for comprehensive revenue aggregation

    FIRS extends deadline for filing of 2022 Companies Income Tax returns to 31st August 2022

    July 4, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com