NEWS REVIEW FOR MONDAY, OCTOBER 23, 2017

Oil & Gas

PENGASSAN rejects plan to tax pensions, terminal benefits

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has rejected the plan by the governments at both the federal and state levels to tax pensions, gratuities and terminal benefits of workers in the country.

https://dailytrust.com.ng/pengassan-rejects-plan-to-tax-pensions-terminal-benefits.html

Oil prices to rise above $60 on tightening supply, strong demand

Oil prices rose on Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising. http://punchng.com/oil-prices-to-rise-above-60-on-tightening-supply-strong-demand/  

Kaduna refinery dormant, PH, Warri producing below 30% — NNPC

There seems to be no end in sight to the downward operational performance of Nigeria’s refineries since the beginning of 2017 despite several interventions made to reinvigorate the facilities by the Nigerian National Petroleum Corporation.. http://punchng.com/kaduna-refinery-dormant-ph-warri-producing-below-30-nnpc/  

Don’t sell marginal oil fields to Individuals, Falana tells FG

A senior advocate of Nigeria (SAN), Femi Falana (SAN) has advised the Federal Government against selling the country’s marginal oil fields to individuals, saying they should be shared with a view to redistributing national wealth. https://guardian.ng/news/dont-sell-marginal-oil-fields-to-individuals-falana-tells-fg/  

Federal Government targets N3.6 trillion investments in oil, gas infrastructure

Federal Government has renewed its commitment to attract over $10 billion (N3.6 trillion) to the Niger Delta between 2017 and 2019 through investments in infrastructure. https://guardian.ng/business-services/federal-government-targets-n3-6-trillion-investments-in-oil-gas-infrastructure/  

NNPC $25b Contract: Ethnic, religious sentiments threaten Senate probe

Vested interests, religious and ethnic sentiments could frustrate attempts by the Senate to unravel the true position of the alleged $25b contracts, awarded by the Nigerian National Petroleum Corporation (NNPC). https://guardian.ng/news/nnpc-25b-contract-ethnic-religious-sentiments-threaten-senate-probe/  

Nigeria must look beyond oil, says Okowa

Governor Ifeanyi Okowa of Delta State on Sunday called on Nigerians to embrace agriculture and its allied businesses to fully grow the country’s economy. http://punchng.com/nigeria-must-look-beyond-oil-says-okowa/  

Kachikwu/Baru: Senate panelists deny pressure from Presidency

Members of the Senate ad hoc committee set up to investigate the contract  crisis in the Nigerian National Petroleum Corporation, have denied being under pressure from the Presidency to “manage” their recommendations. http://punchng.com/kachikwubaru-senate-panelists-deny-pressure-from-presidency/  

We contributed $29bn to Nigeria in four years – Shell

Shell Petroleum Development Company has said that its economic contribution to the Nigerian government in four years is $29bn. http://punchng.com/we-contributed-29bn-to-nigeria-in-four-years-shell/ https://guardian.ng/business-services/fg-gets-29-billion-from-spdc-as-nddc-gulps-1-8b-in-four-years/  

Other News

Pension assets rise to N7tn

The total assets under the Contributory Pension Scheme rose to N7.09tn as of the end of August, this year. http://punchng.com/pension-assets-rise-to-n7tn/  

Federal Government lowers 2017 economic growth projection

Global Markets:   Global markets were mixed this past week amidst continued geopolitical tensions, macro-economic events and earnings releases. http://punchng.com/federal-government-lowers-2017-economic-growth-projection/  

Implementing the budget as legislated

The Central Bank of Nigeria has stepped up insensitive campaign to sell unwavering implementation of the flawed monetary and usurped fiscal measures that have underdeveloped the national economy through systematic undermining of the productive sectors to the advantage of interloping corrupt domestic and foreign elements. https://guardian.ng/opinion/implementing-the-budget-as-legislated/  

N2bn fraud: Arrest ex-pension boss now, Sagay, Falana tell Buhari

The Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay (SAN), and prominent lawyer, Femi Falana have called on the President Muhammadu Buhari-led administration to arrest immediately the wanted ex-chairman of the defunct Presidential Task Force on Pension Reforms, Abdulrasheed Maina, who has returned to Nigeria. http://punchng.com/n2bn-fraud-arrest-ex-pension-boss-now-sagay-falana-tell-buhari/  

Unpaid salaries: Security guards shut down primary schools in Rivers

Security guards on Monday barred pupils and teachers from getting access into some public primary schools in Port Harcourt over unpaid salaries. https://www.dailytrust.com.ng/unpaid-salaries-security-guards-shut-down-primary-schools-in-rivers.html  

PenCom explains delay in gratuity payment

Some retirees under the Contributory Pension Scheme (CPS) have yet to receive gratuity due to unfunded Defined Benefit Scheme (DBS) backlog owed by the Federal Government. https://guardian.ng/news/pencom-explains-delay-in-gratuity-payment/       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