The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Monday said multinational oil firms would not be allowed to export all the crude oil they produce in Nigeria. Kachikwu said this in Abuja at a break-out session of the maiden Nigeria International Petroleum Summit (NIPS) titled “Deepening collaboration in the African oil and gas industry – challenges and opportunities for investment”.

Foreign capital inflows into the economy rose by 148 percent to $4.15 billion, according to a report released yesterday. The Financial Derivatives Monthly Economic Update titled: “Hot Money: Foreign Direct Investment and the Central Bank of Nigeria’s Monetary Policy” attributed the increase to renewed investors’ confidence in the economy. It said a further breakdown showed that foreign portfolio investment (FPI) — hot money —accounted for 67 percent of inflows; foreign direct investment (FDI) and others accounted for the rest.

The western zone of the Independent Petroleum Marketers Association of Nigeria [IPMAN], has advised the Federal Government to increase the importation of fuel to meet the local demands.

The group also called on the government to deregulate the sector and ensure the full capacity of the depots across the country in order to permanently eradicate the constant shortage of fuel across the country.

Emerging report from United Kingdom's Charity Commission reveals that the UK branch of Christian Embassy, a church owned by Nigerian Pastor, Chris Oyakhilome has gone bankrupt and unable to pay its debts. The report said the ministry’s annual return for the years 2013 to 2014 indicated that a total of N7.6 billion (£15.1million) was paid to the interim manager. The church still has an outstanding fee of N1.1 billion (£2215, 914) to pay the interim manager in 2015.

Minister of Finance, Mrs. Kemi Adeosun, has revealed that the African Continent loses a whooping $80 billion, annually, to Illicit Financial Flows (IFF).

The minister disclosed this at the on-going conference of the Organisation for Economic Cooperation and Development (OECD) Platform for Collaboration on Tax in New York, United States of America.

In a statement signed by the Special Adviser on Media to the minister, Mr. Yinka Akintunde, Adeosun said Nigeria accounted for a significant percentage of the illicit financial flows out Africa.

India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed.

The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed.

The Infrastructure Concession Regulatory Commission (ICRC) has said that Nigerian ports were now witnessing more efficiency following the reforms of the Federal Government.

Mr Chidi Izuwah, Acting Director-General of the commission said this during an inspection tour of facilities of the Nigeria Port Authority (NPA) in Rivers state.

The acting DG said that the policy of Federal Government on port reform was achieving its targets which includes which includes; increased efficiency, reducing cost of services to port users.

Trial will begin in Italy on March 5 in a corruption case that could prove one of the biggest in the oil industry's history.

The case centers on Royal Dutch Shell PLC and Eni SpA's decade long negotiations for a joint license to the offshore oil field known as OPL 245, located in Nigerian waters. Prosecutors say company executives were aware that the $1.3 billion paid for the license would end up as bribes for a former Nigerian oil minister and Nigerian officials.

The Central Bank of Nigeria (CBN), says it has disbursed N55 billion to more than 250,000 farmers within two years of implementation of the Anchor Borrowers Programme (ABP).

The Acting-Director, Corporate Communications Department, CBN, Isaac Okorafor confirmed the figure on Wednesday in Abuja during a media briefing on the implementation of the programme.

The Director of Department of Petroleum Resources (DPR), Mr. Mordecai Ladan says his organization has fined 20 marketers N2.5 billion over the diversion of nine million litres of Premium Motor Spirit. Mr. Ladan stated this on Wednesday on the sidelines of a meeting of Zonal Controllers from 28 states and heads of divisions in the Federal Capital Territory. The Head of Public Affairs Unit who spoke on behalf of Ladan disclosed that the marketers diverted products meant for intervention in areas that recorded acute shortage.