Introduction to Petroleum Industry

“The Kingdom of Heaven runs on righteousness, but the Kingdom of Earth runs on OIL!” Quote by Ernest Bevin at the British Parliament during a heated discussion concerning the Middle East.   Petroleum, or crude oil, is a naturally occurring oily bituminous liquid, which forms the raw material for a wide range of fuels and other products. Modern industrial civilisation, with its mega-cities and sprawling suburbs, replete with labour-saving appliances and electronic gadgets, is possible largely because of the ample and inexpensive supply of petroleum and its products. This dependency…

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How to Convert your Facebook Likes, Comments and Shares into Money in your Bank Account

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Following the recent visit of the world’s 6th and youngest billionaire Mark Zuckerberg to Nigeria and the current economic recession, it is pertinent to write this article to show how easy it is to convert a social life into an economic gain. Almost everyone these days is on Facebook and we put up Pictures, Posts and Comments which attract likes, comments and shares from friends but very few people know that these likes, comments and shares we do for fun can actually be turned into money. This article focuses on…

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Buying and Selling Agricultural Produce in Nigeria

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With the current drive by the Federal Government to diversify the economy and shift its major source of revenue away from oil, there has been a rapidly increasing interest by the government in Agriculture, this has led to the creation of several incentives to boost investment in agriculture at all levels. This is eminent if one visits farms across the country especially in the Northern parts, records so far can show that there will be a boom in agricultural production this year as a lot of people got involved in…

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The “Petrol Station” Business

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“My wife always complains that I don’t take her anywhere expensive… So I take her to a gas [petrol] station.” –Unknown– A filling station is a facility from which fuel, lubricants and other products for motor vehicles are sold. Most common of fuels sold are: Gasoline, which is generally referred to as gas in the U.S. and Canada, or petrol in most other countries. In the Nigerian industry it is known as Premium Motor Spirit (PMS). Diesel, which is known in the Nigerian industry as Automotive Gas Oil (AGO). Kerosene,…

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Going Into the Oil Business In Nigeria

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“The Kingdom of Heaven runs on righteousness, but the kingdom of earth runs on oil!” –Ernest Bevin– The Right Honourable Ernest Bevin, British Foreign Secretary (1945 – 1951), can be forgiven for making the cynical statement above during a heated debate in the British Parliament, given the dominance of oil in human affairs for the past one hundred years or more. Petroleum, or crude oil, is a naturally occurring oily bituminous liquid, which forms the raw material for a wide range of fuels and other products. Modern industrial civilisation, with…

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Registering Your Business

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“The first step in making rabbit stew is catching the rabbit.” –Isaac Asimov– The first step in the voyage to actualizing your concepts, plans and visions is registering your business. In Nigeria, that starts at the Corporate Affairs Commission (CAC), which has its headquarters at: Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja. Nigeria. Website: new.cac.gov.ng Registration of Businesses with the Corporate Affairs Commission (CAC) Business activities may be undertaken in Nigeria through any of the following vehicles: Sole Proprietorship; Partnership; Private or Public limited liability Company; Unlimited…

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The Nigerian Youth and Entrepreneurship

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My son is now an ‘entrepreneur.’ That’s what you’re called when you don’t have a job. -Ted Turner (founder of CNN)- The concept of entrepreneurship (as distinct from other forms of labour) was first established in the 1700s, and the meaning has evolved ever since. There are many descriptions of the entrepreneur, but the one we find most appropriate for our circumstances is from business expert, Peter Drucker (1909-2005): “The entrepreneur always searches for CHANGE, responds to it, and exploits it as an opportunity.” Thus, every change (whether generally perceived…

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