NEWS REVIEW FOR MONDAY, APRIL 24, 2017  

Oil & Gas

Kachikwu, others condole NNPC GMD over mum’s death

The remains of late Hajiya Fatima Baru, mother of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), was laid to rest in her hometown of Misau in Bauchi State on Friday. https://www.dailytrust.com.ng/news/general/kachikwu-others-condole-nnpc-gmd-over-mum-s-death/194735.html  

Senate to pass Petroleum Industry Bill soon

Senator Clifford Odia (PDP-Edo Central) on Monday said that the Senate would soon pass the Petroleum Industry Bill (PIB). https://guardian.ng/news/senate-to-pass-petroleum-industry-bill-soon/ https://www.dailytrust.com.ng/news/general/senate-to-pass-petroleum-industry-bill-soon-lawmaker/194847.html  

Kachikwu: Working Hard to Ensure Stability in Oil Sector

The survival of Nigeria as a sovereign country is largely dependent on the petroleum sub-sector, as it derives its revenue mainly from crude oil exports. https://www.thisdaylive.com/index.php/2017/04/23/kachikwu-working-hard-to-ensure-stability-in-oil-sector/  

Nigeria LNG Pays $5.5 Billion in Taxes

The Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Mr. Tony Attah, has stated that the company has paid $5.5billion as taxes since the 10 years tax holidays granted by the NLNG Act for Company Income Tax expired. https://www.thisdaylive.com/index.php/2017/04/24/nigeria-lng-pays-5-5-billion-in-taxes/  

NLNG Act: Nigeria may lose $3bn

Nigeria may lose investments up to $3billion annually in the upstream sector if the National Assembly amends Nigeria Liquefied Natural Gas Act. https://www.dailytrust.com.ng/news/business/nlng-act-nigeria-may-lose-3bn/194599.html  

Federal Government urged to set up committee on local refineries

As the federal government continues to fine tune arrangements for the establishment of modular refineries in oil producing communities, a group under the auspices of the Niger Delta Youth Coalition for Peace and Progress (NDYCPP), on Sunday urged the government to set up a committee to identify and document local refineries operations in the region. https://guardian.ng/news/federal-government-urged-to-set-up-committee-on-local-refineries/

Federal Government votes $190 million for Ogoni clean-up

The Federal Government has earmarked $190 million towards the implementation of the United Nations Environment Programme (UNEP) on Ogoniland.Senator Magnus Abe, representing Rivers South East Senatorial district revealed this in Port Harcourt at the weekend. https://guardian.ng/news/federal-government-votes-190-million-for-ogoni-clean-up/  

Alleged unfulfilled promises: N’Delta militants threaten to resume bombings

A coalition of militant groups in the Niger Delta region have threatened to resume attacks on oil installations in the region over alleged unfulfilled promises by the Federal Government to the people of the oil rich region.

http://punchng.com/alleged-unfulfilled-promises-ndelta-militants-threaten-to-resume-bombings/

Act on NEITI reports

In its own words: “In 2003, Nigeria voluntarily signed up to the global Extractive Industries Transparency Initiative (EITI)… Besides being an integral part of the global EITI, the Nigeria Extractive Industries Transparency Initiative (NEITI) is a Federal Government of Nigeria agency established by law, monitored, supervised by the Office of the President of Nigeria through the Office of the Secretary to the Government of the Federation. https://guardian.ng/opinion/act-on-neiti-reports/  

No fuel crises under my watch, says IPMAN boss

Newly elected President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Engr Sanusi Abdufari has assured Nigerians that there would be no fuel crises under his watch. https://guardian.ng/business-services/no-fuel-crises-under-my-watch-says-ipman-boss/  

NCDMB boss assures local oil, gas firms of support

Indigenous oil and gas firms have been assured of support by the Executive Secretary of Nigerian Content Development Board (NCDMB), Simbi Kesiye Wabote.Wabote spoke when he visited AOS Orwell’s Titan Tubular Division in Onne in Rivers State as part of his facility tour of selected companies in Onne Trade Free Zone. https://guardian.ng/business-services/ncdmb-boss-assures-local-oil-gas-firms-of-support/   Give 80 % of crude oil swap contracts to N-Deltans —PANDEF A member of Pan Niger Delta Forum, PANDEF, Mr. Famous Daunemgha, has lamented that the people of the Niger Delta have been sidelined under the Federal Government’s new crude oil swap deal otherwise known as Direct Sale and Direct Purchase, DSDP.
Give 80 % of crude oil swap contracts to N-Deltans —PANDEF
 

Nigeria faces competition as gas export contracts expire

The effort by the Nigeria LNG Limited to remarket the nation’s Liquefied Natural Gas volumes, whose contracts are nearing expiration, is facing a challenge, which is the growing supply of the commodity in the global markets. http://punchng.com/nigeria-faces-competition-as-gas-export-contracts-expire/  

$17bn stolen crude: Chinese firm denies DPR’s $2.6bn claim

The House of Representatives has uncovered more crude oil transactions in excess of $2.6bn, which the committee alleged looked suspicious. http://punchng.com/17bn-stolen-crude-chinese-firm-denies-dprs-2-6bn-claim/   FG cracks down on illicit oil refineries Nigerian commander Remi Fadairo points to the roiling plume of black smoke blotting the morning horizon in the Niger Delta -— the unmistakable sign of an illicit oil refinery.
FG cracks down on illicit oil refineries
  Groups urge FG to end gas flaring in N-Delta THE Federal Government has been urged to end gas flaring in the Niger Delta region in order to save lives and maintain a healthy environment.
Groups urge FG to end gas flaring in N-Delta
  Abe assures on inclusion of Ogoni clean-up, others in 2017 budget Senator Magnus Abe has assured people of his Rivers South-East senatorial district that the Ogoni clean-up, Bodo-Bonny Road, Andoni/Oyigbo Power projects and water projects in the district are all captured in the 2017 appropriation bill.
Abe assures on inclusion of Ogoni clean-up, others in 2017 budget
  Ogboru calls on Chevron, Seplat, others to relocate to Delta State Following the order by the Vice President, Prof. Yemi Osinbajo, requesting all oil and gas companies operating in Nigeria to relocate their headquarters to the Niger Delta Region, Olorogun Great Ovedje Ogboru has called on Chevron to relocate its headquarter to Delta State where it has majority of its operations.
Ogboru calls on Chevron, Seplat, others to relocate to Delta State
 

I did not lead team that brokered Malabu Oil block ideal, says Adoke

Former Minister of Justice and Attorney General of Federation, Mr. Mohammed Bello Adoke has refuted reports that he led the team that brokered the Malabu oil deal. https://guardian.ng/news/i-did-not-lead-team-that-brokered-malabu-oil-block-ideal-says-adoke/ https://www.thisdaylive.com/index.php/2017/04/24/adoke-i-did-not-lead-the-team-that-brokered-malabu-deal/  

Other News

FG plans fresh upgrade of 22 airport terminals

With the failure of the airports remodelling project of the former administration, there are indications that the government intends to replicate the facelift currently ongoing at the Lagos airport terminal in other airports across the country http://punchng.com/fg-plans-fresh-upgrade-of-22-airport-terminals/   Nigeria Police to be funded by states if … The Inspector General of Police, IGP, Idris Abubakar, has presented a bill before the National Assembly seeking the deduction of one percent of the total budget of every state in the country to fund the Nigeria Police Force.
Nigeria Police to be funded by states if …
 

Nigeria loses 10% in $575 billion global remittances

Nigeria had its fair share of the global economic challenges and frequent regulatory intervention aimed at taming money laundering, as its remittance record in 2016 declined by 10 per cent out of the $575 billion global figure. https://guardian.ng/business-services/money/nigeria-loses-10-in-575-billion-global-remittances/  

Despite CBN Market Forays, External Reserves Stand at $30.6bn

Despite all the dollars pumped into the foreign exchange (FX) market by the Central Bank of Nigeria (CBN) since February 20when it announced its new FX policy measures, the country’s external reserves have remained relatively robust. https://www.thisdaylive.com/index.php/2017/04/24/despite-cbn-market-forays-external-reserves-stand-at-30-6bn/  

Experts react as FG’s 60-day plan on ease of doing business ends

The 60-day National Action Plan on Ease of Doing Business launched by Vice President Professor Yemi Osinbanjo ended last Friday. The plan which targeted reducing difficulties in doing business in the country was inaugurated on February 21st and concluded its cycle last Friday, April 21st , 2017. https://www.dailytrust.com.ng/news/business/experts-react-as-fg-s-60-day-plan-on-ease-of-doing-business-ends/194820.html  

72,113 retirees ineligible for pension – PenCom

About 72,113 retirees who subscribed to the Contributory Pension Scheme have got refunds of N17.3bn from their Pension Fund Administrators after they were declared not eligible for pension payment, investigation has revealed. http://punchng.com/72113-retirees-ineligible-for-pension-pencom/  

FG expresses concern over inflation of project costs

The Federal Government has expressed concern over the corruption in the construction sector, particularly the deliberate inflation of project costs for pecuniary gains. http://punchng.com/fg-expresses-concern-over-inflation-of-project-costs/  

Stanbic Pension boss advises employers on workers’ pension

The Chief Executive officer, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, has said employers are the plank upon which the sustainability of the pension scheme rests. http://punchng.com/stanbic-pension-boss-advises-employers-on-workers-pension/  

N’Assembly includes Abuja airport second runway in 2017 budget

The National Assembly has included the construction of a second runway for the Nnamdi Azikiwe International Airport, Abuja, in the 2017 Appropriation Bill, it was reliably learnt on Sunday. http://punchng.com/nassembly-includes-abuja-airport-second-runaway-in-2017-budget/  

CBN suspends cashless policy in 30 states

The Central Bank of Nigeria on Friday announced the immediate suspension of the implementation of the Cashless Nigeria Policy in 30 states of the federation. http://punchng.com/cbn-suspends-cashless-policy-in-30-states/ https://guardian.ng/business-services/money/cbn-reverses-self-on-cashless-rules/  

Nigeria may benefit from multi-million dollar Africa initiatives

Nigeria is in line to benefit from series of multilateral initiatives brokered by the International Monetary Fund (IMF), Germany, the International Finance Corporation (IFC) and leaders of the top Multilateral Development Banks (MDBs). https://guardian.ng/business-services/money/nigeria-may-benefit-from-multi-million-dollar-africa-initiatives/  

Whistleblowing and values

“The Federal Ministry of Finance’s whistleblowing programme is designed to encourage anyone with information about a violation of financial regulations, mismanagement of public funds and assets, financial malpractice, fraud and theft to report it.” – www.whistle.finance.gov.ng http://punchng.com/whistleblowing-and-values/  

What to do about a lost ATM card

Smart consumers are careful to keep track of their cash and plastic cards that function as money. http://punchng.com/what-to-do-about-a-lost-atm-card/  

IMF: To Tackle Poverty, Nigeria Must Invest More in Infrastructure

The International Monetary Fund (IMF) advised the federal government to give more priority to investment in infrastructure so as to address the high level of poverty in Nigeria. https://www.thisdaylive.com/index.php/2017/04/23/imf-to-tackle-poverty-nigeria-must-invest-more-in-infrastructure/   This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system