NEWS REVIEW FOR THURSDAY, NOVEMBER 30, 2017

Oil & Gas

Fuel scarcity looms as IPMAN threatens showdown with NNPC in Lagos

Independent petroleum marketers in Lagos State have threatened to withdraw their services from Dec. 11 over NNPC’s breach of bulk purchase agreement to sell fuel to them at N133.28k per litre.

https://www.dailytrust.com.ng/fuel-scarcity-looms-as-ipman-threatens-showdown-with-nnpc-in-lagos.html

http://punchng.com/breaking-oil-marketers-threaten-service-withdrawal-in-lagos-ogun/

 

NNPC GMD, Baru, gets Forbes nomination

The Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, has been nominated as Forbes Best Africa Oil and Gas Man of the Year 2017.

http://punchng.com/nnpc-gmd-baru-gets-forbes-nomination/

https://www.vanguardngr.com/2017/11/baru-clinches-forbes-oil-gas-award/

 

Hungary shows interest in Nigerian crude oil, LNG

The Hungarian government has indicated interest in purchasing crude oil and Liquefied Natural Gas from Nigeria.

http://punchng.com/hungary-shows-interest-in-nigerian-crude-oil-lng/

 

Nigeria’s LNG sale to Japan falls by 49%

Nigeria’s sale of Liquefied Natural Gas to Japan plunged last month, as the Asian country’s total LNG imports slipped  by 2.3 per cent year on year to 6.1 million metric tonnes, data released by the Ministry of Finance showed on Wednesday.

http://punchng.com/nigerias-lng-sale-to-japan-falls-by-49/

 

NNPC Targets $5bn Cash-for-Crude Prepayments

The Nigerian National Petroleum Corporation (NNPC) is targeting up to a $3.5-$5 billion cash-for-crude prepayments from some of the world’s top commodity traders to fund oil and gas upstream projects as well as related infrastructure.

https://www.thisdaylive.com/index.php/2017/11/30/nnpc-targets-5bn-cash-for-crude-prepayments/

 

Senate probes $60bn loss in 24-year-old oil deal

The Senate has begun investigation into the alleged loss of about $60bn to the non-enforcement of the terms of Production Sharing Contracts signed between the Federal Government, through the Nigerian National Petroleum Corporation, and International Oil Companies in 1993.

http://punchng.com/senate-probes-60bn-loss-in-24-year-old-oil-deal/

 

2 oil wells in Shell’s field shut down in Bayelsa by community members

Some members of a community in Bayelsa on Wednesday disrupted oil production at Adibawa Oil field operated by Shell Petroleum Development Company (SPDC), shutting two oil wells.
https://www.vanguardngr.com/2017/11/2-oil-wells-shells-field-shut-bayelsa-community-members/

 

Paris Club refund: NUPENG seeks independent team to monitor disbursement

THE Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday pleaded with President Muhammadu Buhari, to set up an independent team to monitor how the state governments will disburse the 50 percent Paris Club refund money to the 36 states Governors to enable them pay salary and pension arrears before Christmas.
https://www.vanguardngr.com/2017/11/paris-club-refund-nupeng-seeks-independent-team-monitor-disbursement/

 

Senate amends NDDC Act, Reps flay violation on board appointment

The Bill for an Act to amend the Niger Delta Development Commission (Establishment) Act 2000 and for other matters connected therewith, was yesterday read the third time and passed by the Senate.

https://guardian.ng/news/senate-amends-nddc-act-reps-flay-violation-on-board-appointment/

 

New NDDC Bill: Gas firms’ll remit 3 percent to N-Delta

THE Senate, yesterday, finally reviewed and amended the Niger Delta Development Commission, NDDC, Establishment Act of 2000, to make it mandatory for International Oil and Gas Companies to set aside three percent of their budget for the development of the Niger Delta region.
https://www.vanguardngr.com/2017/11/new-nddc-bill-gas-firmsll-remit-3-percent-n-delta/

 

‘Why NDDC board’s tenure can’t expire in Dec’

A legal practitioner, Mr. Jesutega Onokpasa, has described calls for termination of the tenure of the present board of Niger Delta Development Commission, NDDC, as “a most perplexing trend” by “rabble-rousers” who want “to unilaterally rewrite the enabling law for the National Assembly.”
https://www.vanguardngr.com/2017/11/nddc-boards-tenure-cant-expire-dec/

 

FG disengages SCC from maintenance of 75km Gurara pipeline contract

THE Federal Government Wednesday announced that it has disengaged SCC limited from the maintenance of the 75km Gurara pipeline project.
https://www.vanguardngr.com/2017/11/fg-disengages-scc-maintenance-75km-gurara-pipeline-contract/

 

Shareholders insist on interim management for Oando

As the crisis rocking Oando Plc continues,  the company’s shareholders have advised the current management under the leadership of Mr Wale Tinubu to step down in the interest of all stakeholders.

https://www.dailytrust.com.ng/shareholders-insist-on-interim-management-for-oando.html

 

Other News

Labour to African leaders: No industry, no sustainable jobs

FEW days ago affiliates of IndustriALL Global Union, African region, gathered in Abuja, Nigeria, to mark the 2017 Africa industrialization Day, AID. AID is an annual event declared by the United Nations Industrial Development Organisation, UNIDO, for governments, businesses and organized labour linked to industrial development to examine ways and means to stimulate African industrialization process.
https://www.vanguardngr.com/2017/11/labour-to-african-leaders-no-industry-no-sustainable-jobs/

 

FAAC disburses N4.54trn to FG, others in 9 months – NEITI

The Federation Account Allocation Committee (FAAC) disbursed a total of N4.545 trillion to the federal, states and local governments as allocations between January and September 2017.

https://www.dailytrust.com.ng/faac-disburses-n4-54trn-to-fg-others-in-9-months–neiti.html

 

Train, retrain to save jobs, IndustriALL urges Unions

“Whatever forms of Industrialization, 1st or fourth industrial revolution there must be decent sustainable jobs for the workers with job security, living wages and living pensions.”
https://www.vanguardngr.com/2017/11/train-retrain-save-jobs-industriall-urges-unions/

 

ILO decries weak recovery in youth labour markets

Young people are estimated to account for over 35 per cent of the unemployed population worldwide in 2017.
https://www.vanguardngr.com/2017/11/ilo-decries-weak-recovery-youth-labour-markets/

 

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NEWS REVIEW FOR WEDNESDAY, NOVEMBER 29, 2017

Oil workers seek FG’s commitment on refineries’ repair

Oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria are seeking the Federal Government’s commitment to the repair of the nation’s ailing refineries.

http://punchng.com/oil-workers-seek-fgs-commitment-on-refineries-repair/

PENGASSAN to FG: Implement Policies to Create Employment

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the federal government to implement improved policies and regulations that can grow investments in the oil and gas sector which will, in return, create more employment for Nigerians while securing existing ones.

https://www.thisdaylive.com/index.php/2017/11/29/pengassan-to-fg-implement-policies-to-create-employment/

 

OPEC to debate capping Nigerian, Libyan oil output – sources

OPEC will debate this week whether to cap oil output from Nigeria and Libya, which have so far been excluded from supply curbs due to falling production amid unrest, two sources with knowledge of the matter said on Wednesday.
https://www.vanguardngr.com/2017/11/opec-debate-capping-nigerian-libyan-oil-output-sources/

https://www.dailytrust.com.ng/opec-to-back-9-month-extension-of-oil-production-cut-as-meeting-begins-tomorrow.html

 

NNPC Targets 15% Downstream Market Share, Builds Three New Mega Stations

The Managing Director of the Nigerian National Petroleum Corporation (NNPC) Retail Limited, Mr. Yemi Adetunji, on Tuesday disclosed that the downstream retail subsidiary of the corporation has set its sights on taking and satisfying about 15 per cent of Nigeria’s downstream petroleum market share in the next one year.

https://www.thisdaylive.com/index.php/2017/11/29/nnpc-targets-15-downstream-market-share-builds-three-new-mega-stations-2/

 

Oil Revenue Has Exceeded 2017 Budget Benchmark by 18%, Says NNPC

The Nigerian National Petroleum Corporation (NNPC) has stated that oil revenue in the first ten months of the year has exceed the 2017 budget oil benchmark of $44.50 per barrel by 18 per cent, revealing that oil has sold at an average of $52.49 per barrel between January and October.

https://www.thisdaylive.com/index.php/2017/11/28/oil-revenue-has-exceeded-2017-budget-benchmark-by-18-says-nnpc/

 

DPR harps on safety in downstream oil, gas sector

Royal Dutch Shell on Tuesday announced plans to resume all-cash shareholder dividends, as group profitability improves thanks to recovering oil prices and cost-cutting.

http://punchng.com/shell-resumes-all-cash-dividend-as-oil-price-recovers/

 

Physically challenged persons’ protest at NNPC turns rowdy

The second day of the protest by some physically challenged persons at the Abuja headquarters of the Nigerian National Petroleum Corporation turned rowdy on Tuesday morning.

http://punchng.com/physically-challenged-persons-protest-at-nnpc-turns-rowdy/

 

Continued importation of dirty fuel raises fears

Millions of Nigerians risk health and economic consequences following Federal Government’s failure to meet deadline on importation of high sulphur (dirty) fuels.

https://guardian.ng/news/continued-importation-of-dirty-fuel-raises-fears/

 

Pakistan begins importation of Nigeria’s liquefied natural gas

Pakistan has begun the importation of Nigeria’s Liquefied Natural Gas (LNG) as part of efforts to deepen the economic relationship between the two nations.

https://guardian.ng/news/pakistan-begins-importation-of-nigerias-liquefied-natural-gas/

 

Barkindo Seeks Long Term Stability of Oil Market

The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Mohammad Barkindo, has stated that the focus of discussion among the cartel’s ministers that gathered in Vienna, Austria, yesterday was finding a way to stabilise the market over the long term.

https://www.thisdaylive.com/index.php/2017/11/28/barkindo-seeks-long-term-stability-of-oil-market/

 

Shell Nigeria Faults Amnesty International’s Report on Ogoniland

Shell Petroleum Development Company (SPDC) has denied a report by the Amnesty International alleging that a cache of thousands of internal documents suggested that the Anglo-Dutch oil giant’s complicity in crimes committed by the Nigerian military in the 1990s.

https://www.thisdaylive.com/index.php/2017/11/29/shell-nigeria-faults-amnesty-internationals-report-on-ogoniland/

 

 

Other news

Uproar as Senate debates 2018 budget proposal

Debate on the general principles of the 2018 budget proposal began on a heated note at the Senate yesterday, with some members describing the fiscal document as “unrealistic, ” “fictional” and “imaginary.”

https://guardian.ng/news/uproar-as-senate-debates-2018-budget-proposal/

 

Workers won’t vote for governors who owe salary – Labour leader

The General Secretary, Textile Union Workers, Mr Isa Aremu, on Wednesday, said the 2019 election would be determined by the dignity of labour and commitment in payment of workers’ salary.

http://punchng.com/workers-wont-vote-for-governors-who-owe-salary-labour-leader/

 

Budget: FG adjusts 2018-2020 MTEF/FSP by N1.5tn

The Federal Government on Monday gave details of the adjustments it made to the 2018-2020 Medium-Term Expenditure Framework and Fiscal Strategy Paper, explaining that they were incorporated in the 2018 budget proposal presented to the National Assembly on November 7 by President Muhammadu Buhari.

http://punchng.com/budget-fg-adjusts-2018-2020-mteffsp-by-n1-5tn/

 

Economy attracted $4.14bn investment in third quarter – NBS

The Nigerian economy attracted a total investment inflow of $4.14bn in the third quarter of this year, the National Bureau of Statistics has said.

http://punchng.com/economy-attracted-4-14bn-investment-in-third-quarter-nbs/

 

Senators, Reps pick holes in 2018 budget proposal

Both chambers of the National Assembly have berated the Federal Government’s 2018 budget proposal, saying its assumptions are unrealistic.

http://punchng.com/senators-reps-pick-holes-in-2018-budget-proposal/

 

Salary: Govs pledge to make workers smile before yuletide

THE 36 governors under the umbrella of Nigeria Governors Forum, NGF, yesterday, denied reports that President Muhammadu Buhari gave them an order to pay workers their salary arrears before Christmas.
https://www.vanguardngr.com/2017/11/salary-govs-pledge-make-workers-smile-yuletid

 

Financial Clout of States Should Determine Next Minimum Wage, Says Buhari

President Muhammadu Buhari has said the new minimum wage for workers in the country must take into consideration the ability of each tier of government to pay its workers.

https://www.thisdaylive.com/index.php/2017/11/28/financial-clout-of-states-should-determine-next-minimum-wage-says-buhari/

 

Clear Workers’ Salaries Before Christmas, Buhari Challenges Governors

President Muhammadu Buhari monday challenged the governors of the 36 states of the federation to pay up all salaries and arrears they owe their workers this festive season so they can have a befitting Christmas.

https://www.thisdaylive.com/index.php/2017/11/28/clear-workers-salaries-before-christmas-buhari-challenges-governors/

 

Senators Say 2018 Budget Projections Are Unrealistic

Debate on the N8.612 trillion 2018 Appropriation Bill opened Tuesday in both chambers of the National Assembly with senators faulting some of its projections, describing them as unrealistic.

https://www.thisdaylive.com/index.php/2017/11/29/senators-say-2018-budget-projections-are-unrealistic/

 

 

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NEWS REVIEW FOR MONDAY, NOVEMBER 27, 2017

 

Oil & Gas

 

NNPC to name core investor for Benue biofuel project

The Nigerian National Petroleum Corporation said on Sunday that it would soon name a core investor for the proposed biofuel plant in the Agasha Guma area of Benue State.

http://punchng.com/nnpc-to-name-core-investor-for-benue-biofuel-project/

https://guardian.ng/news/nnpc-to-select-core-investor-for-benue-bio-fuel-project-says-baru/

 

Oil production from indigenous firms rises by 214%

Indigenous oil companies have recorded significant increases in their crude oil production, with their total output rising by 214 per cent in one month, the latest report from the Nigerian National Petroleum Corporation has indicated.

http://punchng.com/oil-production-from-indigenous-firms-rises-by-214/

 

NNPC, FAAC to parley on Monday over discrepancies

The Nigerian National Petroleum Corporation (NNPC) and the Federation Accounts Allocation Committee (FAAC) will tomorrow meet to reconcile the discrepancies in data submitted at its last meeting.

https://guardian.ng/news/nnpc-faac-to-parley-on-monday-over-discrepancies/

 

Obaseki: We Made Major Oil Investment Decisions with IOCs at Abuja Golf Course

A former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Jackson Gaius-Obaseki, has disclosed that a lot of the investment decisions that were made with International Oil Companies (IOCs) in his time at the helm of affairs of the state-run oil company, were reached during a periodic golf tournament he initiated in Abuja.

https://www.thisdaylive.com/index.php/2017/11/26/obaseki-we-made-major-oil-investment-decisions-with-iocs-at-abuja-golf-course/

 

IEA: Lower Supply from Nigeria, Algeria, Iraq Dipped October OPEC Output by 80,000bpd

Due mainly to lower supply from Nigeria, Algeria and Iraq, the OPEC crude output in the month of October dropped by 80,000 barrel per day, the Oil Market Report for November has revealed.

http://www.thisdaylive.com/index.php/2017/11/26/iea-lower-supply-from-nigeria-algeria-iraq-dipped-october-opec-output-by-80000bpd/

 

NNPC fails to remit N1.7tr into Federation Account

The Federation Account Allocation Committee ( FAAC ) meeting was called off last Thursday over the non-remittance of about N1.78 trillion into the government’s coffers by the Nigerian National Petroleum Corporation ( NNPC ), The Nation learnt yesterday.

http://thenationonlineng.net/nnpc-fails-remit-n1-7tr-federation-account/

 

Oil firm advocates synergy among host communities

Heritage Energy Operational Service Limited (HEOSL) at the weekend called for synergy between host communities and stakeholders in OML 30 to prevent vandals from tampering with oil facilities.

http://thenationonlineng.net/oil-firm-advocates-synergy-among-host-communities/

 

Other News

Domestic debt payment gulps N3.49tn in 32 months

In this report, captures the nation’s current dilemma of dwindling revenues and increasing debt burden, which has inspired debate on the country’s debt sustainability

http://punchng.com/domestic-debt-payment-gulps-n3-49tn-in-32-months/

 

PenCom releases new guidelines for voluntary contribution withdrawal

New guidelines to regulate Additional Voluntary Contributions’ withdrawals by workers have been released by the National Pension Commission.

http://punchng.com/pencom-releases-new-guidelines-for-voluntary-contribution-withdrawal/

 

Labour hopeful FG will give workers living wage

Labour leaders on Sunday expressed optimism that the Federal Government would give workers a living wage.

https://guardian.ng/news/labour-hopeful-fg-will-give-workers-living-wage/

 

The Monetary Policy Dilemma

Contrary to expectations by some market analysts that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) would cut its policy rate, the committee rose from its last meeting for the year held last Tuesday and retained the Monetary Policy Rate (MPR) at 14 per cent.

http://www.thisdaylive.com/index.php/2017/11/27/the-monetary-policy-dilemma/

 

Unemployment: Ekweremadu Urges FG, States to Invest in Vocational Training Programmes

Irked by the increasing rate of unemployment in the country, the Deputy Senate President Ike Ekweremadu at the weekend in Enugu asked the federal and state governments to invest in vocational training and skill acquisition programmes in order to meaningfully engage the youths.

https://www.thisdaylive.com/index.php/2017/11/26/unemployment-ekweremadu-urges-fg-states-to-invest-in-vocational-training-programmes/

 

Unemployment Reaching Dangerous Dimension in Nigeria, Says Niger Gov

The Niger State Governor, Alhaji Sani Bello, has raised the alarm that only 50 out of every 250,000 graduates across the country secure employment after their National Youth Service Corps (NYSC) year.

https://www.thisdaylive.com/index.php/2017/11/26/unemployment-reaching-dangerous-dimension-in-nigeria-says-niger-gov/

 

600 sacked Aero workers yet to get severance packages 8 months after — union

The National Union of Air Transport Employees (NUATE) on Sunday said the more than 600 employees sacked by Aero Contractors Ltd. in March were yet to get their severance packages.

https://www.dailytrust.com.ng/600-sacked-aero-workers-yet-to-get-severance-packages-8-months-after-union.html

 

 

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NEWS REVIEW FOR WEDNESDAY, NOVEMBER 15, 2017

Oil & Gas

13 countries shun Nigeria’s crude

Thirteen countries may have shunned Nigeria’s crude oil as data obtained from the Nigerian National Petroleum Corporation, NNPC, shows they have not purchased the product since 2016.
https://www.vanguardngr.com/2017/11/13-countries-shun-nigerias-crude/

 

Nigeria’s oil sales suffer, US exports rise

More than two dozen Nigerian crude oil cargoes were left unsold on Monday amid a supply glut of light sweet crude in the market.

http://punchng.com/nigerias-oil-sales-suffer-us-exports-rise/

OML 34 workers demand Buhari’s intervention in engagement status

OIL Mining Lease 34 Host Staff Welfare Forum has appealed to President Muhammadu Buhari to prevail on the management of Nigeria Petroleum Development Company, NPDC/ND Western Nigeria Limited to engage its members as permanent staff of the company.
https://www.vanguardngr.com/2017/11/oml-34-workers-demand-buharis-intervention-engagement-status/

 

Oil market rebalancing very fast – OPEC boss

There are indications that the crude oil market is rebalancing at an accelerating pace and stability is fast returning, the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo has said.

https://www.dailytrust.com.ng/oil-market-rebalancing-very-fast-opec-boss.html

 

Portugal, others buy Nigerian crude oil first time

Nigerian crude cargoes found their way to Portugal for the first time this year, crude export destination data released by the Nigerian National Petroleum Corporation (NNPC) showed.

https://www.dailytrust.com.ng/portugal-others-buy-nigerian-crude-oil-first-time.html

 

Local content board lists 2017 achievements

The Nigerian Content Development and Monitoring Board (NCDMB) accomplished all the targets set for 2017, the Executive Secretary, Engr. Simbi Wabote has said.

https://guardian.ng/energy/local-content-board-lists-2017-achievements/

 

Stakeholders task government on budget implementation

Stakeholders in the Nigeria’s oil sector have emphased the need for the Federal Government to ensure full implementation of the 2018 budget.

https://guardian.ng/energy/stakeholders-task-government-on-budget-implementation/

 

Oil Falls for Third Day over Rising US Shale Output

Crude oil prices dropped for a third day from close to two-year high yesterday as rising United States output hampers efforts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC to cut output and rebalance the oil market.

https://www.thisdaylive.com/index.php/2017/11/15/oil-falls-for-third-day-over-rising-us-shale-output/

 

FG Justifies Oil Exploration in North, to Reinvest Proceeds from JV Assets

Despite its campaign for economic diversification, increasing global shift towards alternative and cleaner energy sources, and futile attempts in the past discovering oil in commercial quantities in Northern Nigeria, the federal government Tuesday justified the continuing search for oil in the Northern part of the country.

https://www.thisdaylive.com/index.php/2017/11/15/fg-justifies-oil-exploration-in-north-to-reinvest-proceeds-from-jv-assets/

 

FG needs to do more on oil prospecting in inland basins – Nwosu

Mr Chikezie Nwosu is the chairman of Society of Petroleum Engineers (SPE), Nigeria Council as well as the Deputy Managing Director (Technical) at Addax Petroleum. In this interview, he speaks on the nation’s economy and the benefits of exploring for oil in the North among others.

https://www.dailytrust.com.ng/fg-needs-to-do-more-on-oil-prospecting-in-inland-basins-nwosu.html

 

NPDC worst debtor in oil and gas – DPR

The Department of Petroleum Resources (DPR) yesterday said the National Petroleum Development Company (NPDC), a subsidiary of the Nigeria National Petroleum Corporation (NNPC), is the worst debtor in the oil and gas sector.

https://www.dailytrust.com.ng/npdc-worst-debtor-in-oil-and-gas-dpr.html

 

DPR indicts CBN, NPDC in alleged N6tr revenue leakages

The Department of Petroleum Resources (DPR) has indicted the Central Bank of Nigeria (CBN) for determining the rate at which royalties paid in dollars are converted to naira before remitting into the Federation Account.

https://guardian.ng/news/dpr-indicts-cbn-npdc-in-alleged-n6tr-revenue-leakages/

 

SON intensifies checks for substandard LPG products with new equipment

The Standards Organisation of Nigeria (SON), through an Ad-hoc committee made up of its top officials and other experts in the Oil and Gas sector, has intensified its sanitisation operations in the nation’s Liquefied Petroleum Gas (LPG) industry.

https://guardian.ng/business-services/industry/son-intensifies-checks-for-substandard-lpg-products-with-new-equipment/

 

Hope rises for local content as ExxonMobil, NCDMB provide $975m, N61.18bn

There are indications that local content would be enhanced in Nigeria’s oil and gas industry as ExxonMobil and the Nigerian Content Development and Monitoring Board (NCDMB) have provided $975 million and N61.18 billion respectively to support indigenous operators.
https://www.vanguardngr.com/2017/11/hope-rises-local-content-exxonmobil-ncdmb-provide-975m-n61-18bn/

 

Reps to probe oil firms for violating Local Content Act

THE House of Representatives yesterday resolved to probe the contracting of vessels by foreign oil and gas companies operating in Nigeria.
https://www.vanguardngr.com/2017/11/reps-probe-oil-firms-violating-local-content-act/

 

OML 34 workers demand Buhari’s intervention in engagement status

OIL Mining Lease 34 Host Staff Welfare Forum has appealed to President Muhammadu Buhari to prevail on the management of Nigeria Petroleum Development Company, NPDC/ND Western Nigeria Limited to engage its members as permanent staff of the company.
https://www.vanguardngr.com/2017/11/oml-34-workers-demand-buharis-intervention-engagement-status/

 

Other news

Government’s debts profile hits N20tr in Q3

The nation’s debt profile has again increased by about N740 billion to N20.37 trillion, nearly three times the national budget for 2017.

https://guardian.ng/news/governments-debts-profile-hits-n20tr-in-q3/

 

JAMB fixes dates for 2018 examination

The Joint Admissions and Matriculation Board said on Wednesday morning that the Unified Tertiary Matriculation Examination in 2018 would hold on March 9 to March 17, 2018.

http://punchng.com/breaking-jamb-fixes-dates-for-2018-examination/

 

2018 budget: FG targets N311bn from asset sale, privatisation

The Federal Government is aiming to generate of N311bn from privatisation of public properties and the sale of national assets next year to partly finance the 2018 budget.

http://punchng.com/2018-budget-fg-targets-n311bn-from-asset-sale-privatisation/

 

ILO urges stronger global collaboration to eradicate child labour by 2025

The International Labour Organisation (ILO) has called for stronger global collaboration among stakeholders to ensure total eradication of child labour by 2025.
https://www.vanguardngr.com/2017/11/ilo-urges-stronger-global-collaboration-eradicate-child-labour-2025/

 

Senate approves $5.5bn FG to finance 2017 budget, refinance foreign debts

THE Senate has approved an External loan of $5.5 billion to enable the Federal government finance the 2017 budget and refinance the foreign debts.
https://www.vanguardngr.com/2017/11/senate-approves-5-5bn-fg-finance-2017-budget-refinance-foreign-debts/

 

Budget funding, our biggest problem – Udoma

Funding is the greatest challenge the current administration is facing in implementing budgets, the Minister of Budget and National Planning Sen. Udoma Udo Udoma has said.

https://www.dailytrust.com.ng/budget-funding-our-biggest-problem–udoma.html

 

Again, Airport Workers Kick against Concession

Despite the determination of the federal government to concession Nigeria’s major airports as a way to find alternative source of funding for them, workers of the Federal Airports Authority of Nigeria (FAAN), industry unions yesterday kicked against the process of the planned concession of four airports.

http://www.thisdaylive.com/index.php/2017/11/15/again-airport-workers-kick-against-concession/

 

Ambode Urges Employers to Prioritise Workers’ Welfare

Lagos State Governor, Akinwunmi Ambode, has emphasised the need for both the public and private sector employers to accord priority to the welfare of their employees in order to win their loyalty and gain their optimal performance.

https://www.thisdaylive.com/index.php/2017/11/15/ambode-urges-employers-to-prioritise-workers-welfare/

 

New Blood Pressure Guidelines Lower Hypertension Threshold to 130/80

New guidelines have lowered the threshold for high blood pressure, adding 30 million Americans to those who have the condition, which now plagues nearly half of U.S. adults, a new report published by Yahoo News has shown.

https://www.thisdaylive.com/index.php/2017/11/15/new-blood-pressure-guidelines-lower-hypertension-threshold-to-13080/

 

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NEWS REVIEW FOR MONDAY, NOVEMBER 13, 2017

Oil & Gas

 

Gas flaring rises by 27%, says NNPC

The volume of natural gas flared by oil and gas companies in the country has hit its highest level in more than a year, as it increased to 27.4 per cent in August.

http://punchng.com/gas-flaring-rises-by-27-says-nnpc/

 

35 apply to build modular refineries in Niger Delta

The Presidency on Sunday disclosed that the Federal Government received 35 applications for the establishment of modular refineries in the Niger Delta as part of the present administration’s efforts aimed at repositioning the region.

http://punchng.com/35-apply-to-build-modular-refineries-in-niger-delta/

 

Stakeholders raise the alarm over illegal refineries in Niger Delta

Stakeholders have expressed fears that operation of illegal refineries in Niger Delta has become an unwholesome practice that would be difficult to stop.

https://guardian.ng/news/stakeholders-raise-the-alarm-over-illegal-refineries-in-niger-delta/

 

$25B NNPC Contract: Why probe is yet to take off one month after

Thirty-eight days after the Senate resolved to investigate the alleged abuse of due process in the award of contracts worth $25b by the Nigerian National Petroleum Corporation (NNPC), the investigation is yet to commence in earnest.

https://guardian.ng/news/25b-nnpc-contract-why-probe-is-yet-to-take-off-one-month-after/

 

Editors caution Avengers over threat to resume attack on oil facilities in Niger Delta

The Nigerian Guild of Editors (NGE) has expressed worry over the threat by the Niger Delta Avengers to resume attacks on oil facilities in the oil-rich Niger Delta region.The Guild calls on the Avengers to drop the threat and embrace dialogue in resolving their grievances.

https://guardian.ng/news/editors-caution-avengers-over-threat-to-resume-attack-on-oil-facilities-in-niger-delta/

 

As Oil Facilities, Economy Face New Threat…

As armed groups in the Niger Delta threaten to resume attacks on oil infrastructure, Olaseni Durojaiye examines the looming danger to the economy.

http://www.thisdaylive.com/index.php/2017/11/12/as-oil-facilities-economy-face-new-threat/

 

FG Unfolds Fresh Plans for Niger Delta Devt

In view of the recent threat by the Niger Delta Avengers (NDA) to resume attacks on oil installations, the federal government at the weekend released plans for the development of the volatile oil-rich Niger Delta region.

https://www.thisdaylive.com/index.php/2017/11/13/fg-unfolds-fresh-plans-for-niger-delta-devt/

 

As the Debate on Oil Exploration in the North Intensifies

Like a premeditated incident, last week, three stories were published by different newspapers on this subject; one by this author, deepening the debate on the viability of the renewed push for oil exploration in the frontier basins in the North

https://www.thisdaylive.com/index.php/2017/11/12/as-the-debate-on-oil-exploration-in-the-north-intensifies/

 

FG needs to do more on oil prospecting in inland basins – Nwosu

Mr Chikezie Nwosu is the chairman of Society of Petroleum Engineers (SPE), Nigeria Council as well as the Deputy Managing Director (Technical) at Addax Petroleum.

https://www.dailytrust.com.ng/fg-needs-to-do-more-on-oil-prospecting-in-inland-basins-nwosu.html

 

Other News

2018 Budget: Another round of motion without movement

“It’s a cycle and the movement around it must return to the same point. The Sayers will not go wrong and the outcome must be the same,” says a retiree from the Federal Ministry of Education, Mr. Mike A. Iheaka.

https://guardian.ng/business-services/2018-budget-another-round-of-motion-without-movement/

CBN writes banks, requests for accounts without BVN

The Central Bank of Nigeria has written a letter to the Deposit Money Banks in the country, asking them to submit list of customers and bank accounts without bank verification number.

http://punchng.com/cbn-writes-banks-requests-for-accounts-without-bvn/

 

Banks weigh recapitalisation options as pressure mounts

Pressure is mounting on banks in the country to bolster their capital base as a result of developments in the economy

http://punchng.com/banks-weigh-recapitalisation-options-as-pressure-mounts/

NCAA warns airline operators of imminent harmattan haze

The Nigerian Civil Aviation Authority has issued a weather alert to all airline operators in the country.

http://punchng.com/ncaa-warns-airline-operators-of-imminent-harmattan-haze/

 

Federal retirees demand pension arrears review

Federal retirees have called on the Federal Government to urgently pay their outstanding 18 per cent of the 33 per cent pension increase.

http://punchng.com/federal-retirees-demand-pension-arrears-review/

 

2018 budget cannot grow Nigeria’s economy – Rewane, others

The 2018 budget recently presented by President Muhammadu Buhari to the National Assembly lacks the capacity to grow the economy, the Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, and other stakeholders in the academia and industry have said.

http://punchng.com/2018-budget-cannot-grow-nigerias-economy-rewane-others/

 

 

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NEWS REVIEW FOR FRIDAY, NOVEMBER 10, 2017

Oil & Gas

Budget: PENGASSAN kicks against oil assets sale

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has cautioned the Federal Government against selling profitable oil and gas assets to fund the 2018 budget.

https://www.dailytrust.com.ng/budget-pengassan-kicks-against-oil-assets-sale.html

 

Nigeria, a potential global crude oil refining hub, say experts

Experts have urged the Federal Government to put in place a clear policy to promote private sector involvement in commercial exploitation of opportunities in building modular refineries.

https://guardian.ng/news/nigeria-a-potential-global-crude-oil-refining-hub-say-experts/

 

National Assembly defers passage of PIB to first quarter of 2018

The National Assembly has moved the passage of the other three versions of the Petroleum Industry Bill (PIB) to the first quarter of 2018.

https://guardian.ng/news/national-assembly-defers-passage-of-pib-to-first-quarter-of-2018/

https://www.thisdaylive.com/index.php/2017/11/10/passage-of-pib-in-2017-not-realistic-says-alasoadura/

 

Guidelines for New Oil Lifting Term Contracts Out Soon

The Nigerian National Petroleum Corporation (NNPC) would invite new tenders from the prospective bidders for the sale and purchase of Nigerian crude oil grades in a matter of weeks, a reliable source within the state-owned oil company has disclosed.

https://www.thisdaylive.com/index.php/2017/11/10/guidelines-for-new-oil-lifting-term-contracts-out-soon/

 

“Nigeria Has Lost $380bn, Two Million Jobs in Oil and Gas Sector in 50 Years’

About $380 billon is said to have been lost in the nation’s oil and gas operations in areas of fabrication, engineering procurement and training in the last 50 years.

https://www.thisdaylive.com/index.php/2017/11/10/nigeria-has-lost-380bn-two-million-jobs-in-oil-and-gas-sector-in-50-years/

 

FG to approve three modular refineries in Edo

The Federal Government is processing applications received for the establishment of seven modular refineries in Edo State, Minister of State, Petroleum Resources, Dr. Ibe Kachikwu has said.

http://citybusinessnews.com/fg-to-approve-three-modular-refineries-in-edo/

https://www.vanguardngr.com/2017/11/fg-approve-3-modular-refineries-edo-kachikwu/

 

Petrobras, BTG Pactual to sell Nigerian oil venture

State-controlled oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), after being joined in the sale by shareholders Grupo BTG Pactual SA and Helios Investments.

http://punchng.com/petrobras-btg-pactual-to-sell-nigerian-oil-venture/

 

 

DPR Affirms Compliance with Process Safety Implementation in Upstream

The Director of the Department of Petroleum Resources, (DPR), Mr. Mordecai Ladan, has stated that process safety implementation in the upstream sector of the oil and gas industry has witnessed relative compliance, when compared with the downstream sector.

http://www.thisdaylive.com/index.php/2017/11/10/dpr-affirms-compliance-with-process-safety-implementation-in-upstream/

 

NNPC, huge cost centre, says ex-presidential adviser

A former Special Adviser to former Presidents Olusegun Obasanjo and late Umaru Yar’Adua on Petroleum Matters, Dr. Emmanuel Egbogah, has described the Nigerian National Petroleum Corporation as a huge cost centre to the country.

http://punchng.com/nnpc-huge-cost-centre-says-ex-presidential-adviser/

 

Oil dips on lower China imports

Oil prices fell on Wednesday as Chinese crude imports slipped to their lowest level in a year, although traders said the overall market remains well supported because of Organisation of the Petroleum Exporting Countries (OPEC-led) supply cuts.

https://guardian.ng/business-services/oil-dips-on-lower-china-imports/

 

Lagos moves to avert hostilities associated with oil exploration

Governor Akinwunmi Ambode of Lagos State yesterday inaugurated a 45-member committee to address oil exploration issues.The governor spoke in Badagry at the inauguration of the ‘state oil producing areas community relations committee.’

https://guardian.ng/news/lagos-moves-to-avert-hostilities-associated-with-oil-exploration/

 

Reps query Agip over unpaid penalties, royalties

THE House of Representatives Ad-hoc Committee probing N6 trillion revenue leakages in the oil sector, yesterday, queried Agip Nigeria Oil Limited over alleged unremitted royalties and penalties arising from gas flaring.
https://www.vanguardngr.com/2017/11/reps-query-agip-unpaid-penalties-royalties/

 

Niger Delta: Nigeria at brink of anarchy —INYC

PRESIDENT of Itsekiri National Youth Council, INYC, Mr Esimaje Awani, has warned that if care was not taken, the approach of the Federal Government to the resolution of the Niger Delta crisis would exacerbate it.
https://www.vanguardngr.com/2017/11/niger-delta-nigeria-brink-anarchy-inyc/

 

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Other News

FG raises infrastructure allocation by 75% in two years

The Federal Government has in the last two years increased the capital allocation to five key ministries by 75 per cent, an analysis of the 2018 budget provisions before the National Assembly has shown.

http://punchng.com/fg-raises-infrastructure-allocation-by-75-in-two-years/

 

Budget: N2tn debt service provision unsustainable, says LCCI

The Lagos Chamber of Commerce and Industry has described as unsustainable the debt service provision of N2.014tn in the 2018 budget proposal submitted by President Muhammadu Buhari to the National Assembly on Tuesday.

http://punchng.com/budget-n2tn-debt-service-provision-unsustainable-says-lcci/

 

Experts trace loophole in contributory pension, accrued rights payment

There is a loophole in the Contributory Pension Scheme (CPS) with respect to the accrued rights of some pensioners who worked with the Federal Government before the new scheme came into being.

https://www.dailytrust.com.ng/experts-trace-loophole-in-contributory-pension-accrued-rights-payment.html

 

Number of registered pensioners rises in Q3 of 2017 – NBS

The National Bureau of Statistics has revealed that The Pension Asset and Retirement Savings Account (RSA) Membership Data from Q1 – Q3 of  2017 indicated that 7,710,564 workers have been registered under the Contributory Pension Scheme (CPS) compared to 7,589,936 590 registered workers in Q2 of 2017

https://www.dailytrust.com.ng/number-of-registered-pensioners-rises-in-q3-of-2017-nbs.html

 

2018 budget: GDP growth target, oil output unrealistic says Expert

A financial expert, Dr Uche Uwaleke says the Federal Government Gross Domestic Product (GDP) figure of 3.5 per cent and oil output benchmark of 2.3 million barrels per day in the 2018 budget is unrealistic.

https://www.dailytrust.com.ng/2018-budget-gdp-growth-target-oil-output-unrealistic-says-expert.html

The Do’s and Don’ts of the Economic Partnership Agreement

Being a position paper on the Economic Partnership Agreement (EPA) submitted to the High-level roundtable on the EU-West Africa Economic Partnership Agreement EPA on the 24th October, 2017, Lagos

http://www.thisdaylive.com/index.php/2017/11/10/the-dos-and-donts-of-the-economic-partnership-agreement/

 

Kaduna teachers and the dilemmas of reform

On Monday, in an update of the raging feud between Kaduna State Governor, Mallam Nasir el-Rufai, and the Nigeria Union of Teachers, the union handed down a two-week ultimatum to the governor to reverse the planned sack of close to two-thirds of primary school teachers in the state.

http://punchng.com/kaduna-teachers-and-the-dilemmas-of-reform/

 

El-Rufai flays workers’ protest, insists on sacking teachers

The Kaduna State Governor, Nasir El-Rufai, yesterday condemned the protest by the Nigerian Labour Congress (NLC) against the planned sacking of teachers in the state.

https://guardian.ng/news/el-rufai-flays-workers-protest-insists-on-sacking-teachers/

 

Labour insists on fair trade, national development
https://www.vanguardngr.com/2017/11/labour-insists-fair-trade-national-development/

 

Inflation rate to decline marginally in October — FSDH

RESEARCH analysts at FSDH Merchant Bank Limited have forecasted a marginal decline in the headline inflation rate for the month of October 2017 to 15.91 percent against 15.98 percent recorded in preceding month.
https://www.vanguardngr.com/2017/11/inflation-rate-decline-marginally-october-fsdh/

 

MAN, TUC, Falana, others oppose Morocco’s admission into ECOWAS

The Manufacturing Association of Nigeria (MAN) has stoutly opposed on-going moves to admit Morocco into the Economic Community of West African States (ECOWAS).

https://guardian.ng/news/man-tuc-falana-others-oppose-moroccos-admission-into-ecowas/

 

Another strike looms in varsities over threat by NASU, others

There are indications that the three non-academic unions in the university may declare a fresh strike over the non-implementation of agreements reached with the Federal Government.

https://guardian.ng/news/another-strike-looms-in-varsities-over-threat-by-nasu-others/

 

 

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NEWS REVIEW FOR WEDNESDAY, NOVEMBER 8, 2017

 

 

Oil & Gas

 

Nigeria’s refineries lose N4.54b in one month

The Nigerian National Petroleum Corporation (NNPC) has put the losses made by Nigeria’s three refineries in the month of August at N4.54 billion.

https://guardian.ng/energy/nigerias-refineries-lose-n4-54b-in-one-month/

Senate rejects probing excess crude account, seeks abolition

The Senate has thrown out a motion seeking a thorough investigation into alleged abuse of the Excess Crude Account (ECA) from 2004 to date.

https://guardian.ng/news/senate-rejects-probing-excess-crude-account-seeks-abolition/

https://www.vanguardngr.com/2017/11/senate-scraps-excess-crude-account-says-illegal/

 

Oil remains relevant, demand to rise by 35% – OPEC

Despite the threat posed by electric vehicles (EV) and targets set by countries to halt petrol-fueled cars, oil will still remain a fuel of choice at least for the foreseeable future, the Organisation of Petroleum Exporting Countries (OPEC) said yesterday.

https://www.dailytrust.com.ng/oil-remains-relevant-demand-to-rise-by-35–opec.html

 

Nigeria records highest oil production since 2016 –Data

For the first time in the last one year, crude oil and condensate production in Nigeria reached its highest level of 62.46 million barrels in July 2017, latest data from the Nigeria National Petroleum Corporation (NNPC) has shown.

https://www.dailytrust.com.ng/nigeria-records-highest-oil-production-since-2016-data.html

 

NNPC allays fear of petrol scarcity during festive season

The Nigerian National Petroleum Corporation (NNPC) has dispelled fear of possible scarcity of petroleum products as the festive period approaches.

https://guardian.ng/news/nnpc-allays-fear-of-petrol-scarcity-during-festive-season/

http://punchng.com/there-wont-be-fuel-queues-in-december-nnpc/

 

Key into $200m intervention funds, NCDMB charges oil/gas firms

THE Nigerian Content Development and Monitoring Board, NCDMB, has advised the Nigerian oil and gas service providers to key into the $200 million intervention fund earlier launched by the board to grow their local content capability in the country.
https://www.vanguardngr.com/2017/11/key-200m-intervention-funds-ncdmb-charges-oilgas-firms/

 

Avengers: Military deploys helicopters in N’Delta, destroys oil storage

Residents of Oporoza, the traditional headquarters of Gbaramatu Kingdom, and home town of wanted former Niger Delta militant leader, Chief Government Ekpemupolo, in the Warri South West Local Government  Area of Delta State, were on Tuesday thrown into panic when they saw two military helicopters hovering round the community.

http://punchng.com/avengers-military-deploys-helicopters-in-ndelta-destroys-oil-storage/

 

HOSCON demands release of N98bn gas flare penalty owed oil producing communities

Host Communities of Nigeria Producing Oil and Gas has called on the Federal Government to release N98bn gas flare penalty money owed oil producing communities.

http://punchng.com/hoscon-demands-release-of-n98bn-gas-flare-penalty-owed-oil-producing-communities/

 

NCDMB moves to enforce R&D components in industries

The Executive Secretary of the Nigerian Content Development and Monitoring Board, (NCDMB), Simbi Wabote, said the board would henceforth,  enforce and monitor effectively the research and development component of projects in the oil and gas industry.

https://guardian.ng/energy/ncdmb-moves-to-enforce-rd-components-in-industries/

 

OPEC Seeks Consensus on Duration of Oil Cut Pact Ahead of Nov 30 Meeting

The Organisation of Petroleum Exporting Countries (OPEC) is seeking to achieve consensus agreement before a meeting on November 30, 2017 on how long to extend a global pact to curb oil production, OPEC’s Secretary General, Mohammed Barkindo has said, with no country opposing an extension of the accord.

https://www.thisdaylive.com/index.php/2017/11/08/opec-seeks-consensus-on-duration-of-oil-cut-pact-ahead-of-nov-30-meeting/

 

Bonga Oil Spill Victims Slam $3.6bn Suit Against Shell in the UK

Oil spill victims under the aegis of Oil Spill Victims Vanguard (OSPIVV) have initiated a lawsuit in the United Kingdom against Shell Nigeria Exploration and Production Company (SNEPCO), a subsidiary of the Royal-Dutch Shell Plc., over alleged $3, 600,191, 206 compensation to 168,000 persons and 350 communities affected by the December 20, 2011 spill from its Bonga Oil Field in Delta State.

https://www.thisdaylive.com/index.php/2017/11/08/bonga-oil-spill-victims-slam-3-6bn-suit-against-shell-in-the-uk/

 

Government tasks oil companies on renewable energy

The Federal Government has emphasized the need for oil companies in Nigeria to invest heavily in research and development initiatives focused on renewable energy.

https://guardian.ng/energy/government-tasks-oil-companies-on-renewable-energy/

 

Oil Spills Linked to Infant Deaths in Niger Delta

Babies in Nigeria are twice as likely to die in the first month of life if their mothers were living near an oil spill before falling pregnant, researchers have found.

https://www.thisdaylive.com/index.php/2017/11/08/oil-spills-linked-to-infant-deaths-in-niger-delta/

 

Lagos Midstream Jetty To Save N43bn Annually

ASPM Limited, a subsidiary of OVH Energy Limited, has achieved a ground-breaking milestone as it launched its Lagos Midstream Jetty (LMJ) located at the Lagos Apapa Harbour.

https://www.thisdaylive.com/index.php/2017/11/08/lagos-midstream-jetty-to-save-n43bn-annually/

 

Other news

Buhari cuts deficit, presents N8.6trn budget 2018

President Muhammadu Buhari, yesterday, presented the 2018 budget to the National Assembly, indicating a 15 per cent scale back on total deficit at N2.005 trillion, down from N2.36 trillion stated in 2017 budget.
https://www.vanguardngr.com/2017/11/buhari-cuts-deficit-presents-n8-6trn-budget-2018/

 

2018 budget presentation: How Executive sessions saved planned protest

FACTS emerged, yesterday, why lawmakers at the Senate and House of Representatives, especially those on the platform of Peoples Democratic Party, PDP, failed to protest against President Muhammadu Buhari’s presentation of 2018 Appropriation Bil.
https://www.vanguardngr.com/2017/11/2018-budget-presentation-executive-sessions-saved-planned-protest/

 

2018 budget: FG’s non-oil revenue projection impresses expert

The President, Institute of Fiscal Studies of Nigeria, Mr Godwin Ighedosa, has commended the Federal Government for making non-oil sector as the centre of its revenue projections to execute its plans in 2018.
https://www.vanguardngr.com/2017/11/2018-budget-fgs-non-oil-revenue-projection-impresses-expert/

 

2018 budget implementation crucial, experts tell Buhari

Economic and financial experts have expressed concerns over the Federal Government’s ability to implement the 2018 proposal, saying the current year’s budget performance has been below average.

http://punchng.com/2018-budget-implementation-crucial-experts-tell-buhari/

 

NERC to unfold guidelines for consumers to buy electricity from GenCos

Barely six months after the declaration of four categories of eligible customers in the Nigeria Electricity Supply Industry (NESI), the Nigeria Electricity Regulatory Commission (NERC), is today (Monday), expected to unfold the regulatory and operational guidelines for the eligibility operations.

https://guardian.ng/business-services/nerc-to-unfold-guidelines-for-consumers-to-buy-electricity-from-gencos/

TRCN opposed to sacking of unqualified teachers – Registrar

The Teachers Registration Council of Nigeria (TRCN) said on Tuesday in Kaduna that it would not support the sacking of unqualified teachers.

https://guardian.ng/news/trcn-opposed-to-sacking-of-unqualified-teachers-registrar/

 

Our budget system won’t turnaround economy – Osinbajo

Vice President Professor Yemi Osinbajo has said that spending nine months on different budget-related processes before projects are carried out will not lead to a turnaround in the economy.

https://www.dailytrust.com.ng/our-budget-system-won-t-turnaround-economy-osinbajo.html

 

Bank fees you need to stop paying

Banks still earn plenty of money, and fees are an important source of profits.

http://punchng.com/bank-fees-you-need-to-stop-paying/

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NEWS REVIEW FOR TUESDAY, NOVEMBER 7, 2017

Oil & Gas

Osinbajo Blames NAPIMS for Long Contracting Cycle in Oil and Gas Industry

The Vice President of Nigeria, Prof. Yemi Osinbajo has blamed the National Petroleum Investment Management Services (NAPIMS), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) for the long contracting cycle in the Nigerian oil and gas industry.

https://www.thisdaylive.com/index.php/2017/11/07/osinbajo-blames-napims-for-long-contracting-cycle-in-oil-and-gas-industry/

 

OPTS: Costs of Nigeria’s Oil and Gas Projects Higher By 100% .Over $500m spent on security in 2016

A new report released by oil and gas companies operating in Nigeria has shown the existence of a Nigeria-specific cost premium for the petroleum sector, with operating costs and projects costs significantly higher than in other countries by as much as 100 per cent.

https://www.thisdaylive.com/index.php/2017/11/07/opts-costs-of-nigerias-oil-and-gas-projects-higher-by-100-over-500m-spent-on-security-in-2016/

 

Effective Legislation Needed for Gas Devt

The absence of legislation meant to encourage gas development has continued to hamper the implementation of the country’s gas-to-power agenda

http://www.thisdaylive.com/index.php/2017/11/07/effective-legislation-needed-for-gas-devt/

 

Be patient with us, FG begs Avengers

THE Federal Government, yesterday, pleaded with militant groups in the Niger Delta region, especially the Niger Delta Avengers, NDA, to be patient with government as efforts were being made to address all their grievances.
https://www.vanguardngr.com/2017/11/patient-us-fg-begs-avengers/

 

Niger Delta indigenes give terms to avert hostilities

Some indigenes of the Niger Delta have given conditions to avert fresh hostilities that will disrupt crude oil production in the region.

https://guardian.ng/news/niger-delta-indigenes-give-terms-to-avert-hostilities/

 

NNPC’s IDSL begins sea data search after 30 yrs operations

The Integrated Data Services Limited (IDSL), the seismic data gathering arm of the Nigeria National Petroleum Corporation (NNPC) is set to venture into marine or offshore seismic data capturing for the oil industry.

https://www.dailytrust.com.ng/nnpc-s-idsl-begins-sea-data-search-after-30-yrs-operations.html

Barkindo unveils OPEC’s 2017 Oil Outlook

The Organization for Petroleum Exporting Countries (OPEC) will unveil its annual World Oil Outlook in Vienna today, Tuesday.

https://www.dailytrust.com.ng/barkindo-unveils-opec-s-2017-oil-outlook.html

 

Crude oil prices hit two-year high

Crude oil prices yesterday hit the highest in two years as Organisation of the Petroleum Exporting Countries (OPEC) experienced highest-ever conformity with voluntary production adjustment.

https://guardian.ng/news/crude-oil-prices-hit-two-year-high/

 

‘Aiteo not selling stake in oil block’

An indigenous oil and gas company, Aiteo Group, has said it has not considered, initiated, or announced the commencement of any plans to sell off any of its stake in Oil Mining Lease 29.

http://punchng.com/aiteo-not-selling-stake-in-oil-block/

 

Tompolo, militants clash over Avengers’ threats to attack oil facilities

An embattled former Niger Delta militant leader, Chief Government Ekpemupolo, alias Tompolo, on Monday warned Niger Delta Avengers to desist from associating him with planned attacks on oil and gas installations in the region.

http://punchng.com/tompolo-militants-clash-over-avengers-threats-to-attack-oil-facilities/

https://www.vanguardngr.com/2017/11/breaking-tompolo-replies-rnda-count-pipeline-bombing/

 

Oil price rises to $62.53

OIL price rose further, yesterday, with Brent climbing 46 cents to $62.53, while West Texas Intermediate, WTI rose 23 cents to $55.87 a barrel, the highest since July 2015 as Saudi Arabian King Salman’s anti-corruption drive shook the world’s biggest crude exporter.
https://www.vanguardngr.com/2017/11/oil-price-rises-62-53/

 

Amnesty: 400 militants to surrender arms in Ondo

No fewer than 400 members of a militant group in Ondo State, United Sea Wolf Avengers, have announced plans to surrender arms in order to be included in the Federal Government’s Amnesty programme.
https://www.vanguardngr.com/2017/11/amnesty-400-militants-surrender-arms-ondo/

 

 

Other News

 

Threat to 2018 budget presentation thickens

STRONG indications emerged, yesterday, that the presentation of the 2018 Appropriation Bill by President Muhammadu Buhari to the Senate and House of Representatives may be threatened as lawmakers are poised to create tension and make the session very rowdy.
https://www.vanguardngr.com/2017/11/threat-2018-budget-presentation-thickens/

 

Buhari presents 2018 budget to N’Assembly today

President Muhammadu Buhari will present the 2018 Appropriation Bill to a joint session of the National Assembly today (Tuesday).

http://punchng.com/buhari-presents-2018-budget-to-nassembly-today/

 

Threat to 2018 budget thickens in National Assembly

Less than 24 hours to President Muhammadu Buhari’s planned presentation of the 2018 budget estimates to the joint session of the National Assembly, lawmakers have intensified their opposition to the exercise.

https://guardian.ng/news/threat-to-2018-budget-thickens-in-national-assembly/

 

Pension fund assets grow by N332b in Q3

The National Bureau of Statistics (NBS) has disclosed that the pension fund assets under management has increased by N332 billion to N7.164 trillion in the third quarter of this year, from N6.832 trillion in the second quarter, the National Bureau Statistics has revealed.

https://guardian.ng/news/pension-fund-assets-grow-by-n332b-in-q3/

 

Civil servants urge National Assembly to ensure early release of salary arrears, pensions of workers

The Association of Senior Civil Servants of Nigeria (ASCSN) has urged the National Assembly to drop the idea of querying the legality of the bailout funds to the state governments but rather join hands with the federal government, the trade union movement, and other Nigerians to ensure that arrears of salaries and pensions were paid to affected workers and pensioners.

https://guardian.ng/news/civil-servants-urge-national-assembly-to-ensure-early-release-of-salary-arrears-pensions-of-workers/

 

FG: Delay in budget approval unacceptable

The Federal Government declared Monday that budgetary delay in a situation of national economic emergency and the hardship encountered by so many is wrong and unacceptable.

https://www.dailytrust.com.ng/fg-delay-in-budget-approval-unacceptable.html

 

Inflation rate to further in October – Analysts

FSDH Research expects the inflation rate (year-on-year) to drop marginally to 15.91% in October 2017 from 15.98% reported in the month of September 2017.

https://www.dailytrust.com.ng/inflation-rate-to-further-in-october-analysts.html

 

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NEWS REVIEW FOR MONDAY, NOVEMBER 6, 2017

Oil & Gas

Nigeria should refine petrol for Africa – Mahama

Former Ghanaian President, Mr. John Mahama, yesterday, said African leaders must be bold and take the destiny of the region into the hands of Africans.
https://www.vanguardngr.com/2017/11/nigeria-refine-petrol-africa-mahama-tells-buhari/

 

Oil prices hit highest levels since 2015 amid tightening markets, Saudi purge

Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.

http://punchng.com/oil-prices-hit-highest-levels-since-2015-amid-tightening-markets-saudi-purge/

 

$3b down the drain, oil in north remains elusive

Stakeholders remain divided about the wisdom in the continued search for hydrocarbon resources in the north, especially as $3 billion has already been sunk without making a commercial find.

https://guardian.ng/news/3b-down-the-drain-oil-in-north-remains-elusive/

 

Tension heightens as Niger Delta Avengers suspend ceasefire

Friday’s suspension of ceasefire with the Federal Government, by the Niger Delta Avengers, and the possible resumption of attacks on oil installations has brought about heightened tension in the Niger Delta.

https://guardian.ng/news/tension-heightens-as-niger-delta-avengers-suspend-ceasefire/

 

Give peace talks a chance, Community leaders beg Niger Delta Avengers

Community leaders in Nigeria’s oil-rich south on Monday urged militants not to resume attacks on pipelines but give peace talks with the government another chance.

http://punchng.com/give-peace-talks-a-chance-community-leaders-beg-niger-delta-avengers/

 

Nigeria not an oil economy – Adeosun

Bureau Chief Nigeria is not an oil economy, the Minister of Finance, Mrs. Kemi Adeosun, has said.
https://www.vanguardngr.com/2017/11/nigeria-not-oil-economy-adeosun/

 

Other News

Nigeria’s external reserves to hit 3yr high of $35bn

 

THE nation’s external reserve will this month hit $35 billion, the highest in three years.The last time the nation had $35 billion external reserve was end of November 2014, when it dropped to $35.24 billion from $36.25 billion at end of October 2014.
https://www.vanguardngr.com/2017/11/nigerias-external-reserves-hit-3yr-high-35bn/

 

BVN: Banks move to stop deposit forfeiture, lobby AGF

Deposit Money Banks in the country are lobbying the Office of the Attorney General of the Federation to back down on the plan by the Federal Government to seize monies in the bank accounts of customers without the Bank Verification Number, it has been learnt.

http://punchng.com/bvn-banks-move-to-stop-deposit-forfeiture-lobby-agf/

 

Debt servicing gulps N928bn in six months

Amidst increasing anxiety of the nation’s indebtedness to local and foreign creditors, the Federal Government is spending huge sums to service loans from different sources

http://punchng.com/debt-servicing-gulps-n928bn-in-six-months/

 

Many federal workers have no insurance cover –Investigation

Relatives of many deceased federal workers may not be entitled to any form of insurance claims because of the consistent delay by the government in paying premiums for the cover to the underwriting firms, investigation has revealed.

http://punchng.com/many-federal-workers-have-no-insurance-cover-investigation/

 

Why 2018 budget is threatened, by lawmakers

The Federal Government’s gross lack of know-how and poor handling of budgeting procedures is responsible for the very poor implementation of the country’s spending plan, as witnessed in the outgoing year.

https://guardian.ng/news/why-2018-budget-is-threatened-by-lawmakers/

 

New report says 3.15m Nigerians face food crisis situation

The Cadre Harmonise report for food security situation across 17 states of the federation has revealed that 3.15 million Nigerians are experiencing food insecurity, emergency and famine.

https://guardian.ng/news/new-report-says-3-15m-nigerians-face-food-crisis-situation/

 

MAN seeks review of Common External Tariff

The Manufacturers Association of Nigeria has called for a review of the Common External Tariff to be introduced by the Economic Community of West African States in 2019.

http://punchng.com/man-seeks-review-of-common-external-tariff/

 

Competency test failure: Kaduna orders recruitment of 25, 000 teachers

Kaduna State Executive Council has approved the outcome of the primary four teachers’ competency test and directed immediate process for recruiting 25,000 teachers to replace those who failed the examination.

http://punchng.com/competency-test-failure-kaduna-orders-recruitment-of-25-000-teachers/

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NEWS REVIEW FOR THURSDAY, NOVEMBER 2, 2017

Oil & Gas-

Nigeria spent N9tr on fuel subsidy in 10 years – PPPRA

The Petroleum Products and Pricing and Regulatory Agency (PPPRA) has said that over N8.97 trillion has been expended on fuel subsidy under Petroleum Support Fund (PSF) scheme between 2006 to 2016.

https://www.dailytrust.com.ng/nigeria-spent-n9tr-on-fuel-subsidy-in-10-years-pppra.html

 

Nigeria, two others drive world gas reserves higher

World gas reserves increased by 0.9 per cent last year, driven by the United States, Nigeria and Iraq, according to the newly released World Oil and Gas Review by Italian oil major, Eni.

http://punchng.com/nigeria-two-others-drive-world-gas-reserves-higher/

 

Oil: Nigeria, others face regulatory challenges, says PwC

The oil and gas industry in Nigeria and other African countries continues to face market challenges arising from low oil price, competition for revenue growth and local talent together with new expectations from investors and regulators.

http://punchng.com/oil-nigeria-others-face-regulatory-challenges-says-pwc/

 

Bonga oil spill victims drag Shell to UK court

A GROUP, under the aegies of Oil Spill Victims Vanguard, OSPIVV, has dragged Royal-Dutch Shell Plc, Shell Nigeria Exploration and Production Company, SNEPCO, to court in the United Kingdom over its failure to pay N3,600,191,206.00 compensation to affected victims and communities of the Bonga Oil Field.
https://www.vanguardngr.com/2017/11/bonga-oil-spill-victims-drag-shell-uk-court/

 

Ondo, NNPC sign MoU on biofuel plant

The Nigerian National Petroleum Corporation on Wednesday announced that it had signed a Memorandum of Understanding with the Ondo State Government to establish a 65 million litres per annum biofuel plant in Okeluse, Ondo State.

http://punchng.com/ondo-nnpc-sign-mou-on-biofuel-plant/

https://www.thisdaylive.com/index.php/2017/11/02/nnpc-begins-oil-exploration-biofuel-projects-in-benue-ondo/

 

Other News

 

TSA probe: Reps threaten Emefiele, Baru with arrest

The House of Representatives on Wednesday summoned the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, and the Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, over the total accruals into the Treasury Single Account since inception.

http://punchng.com/tsa-probe-reps-threaten-emefiele-baru-with-arrest/

 

Apapa Gridlock: FG moves cargo delivery from Lagos ports to Ogun State

THE Federal Government has concluded plans to make importers take delivery of their cargoes cleared from Lagos ports at Papalanto in Ogun State via rail lines
https://www.vanguardngr.com/2017/11/apapa-gridlock-fg-moves-cargo-delivery-lagos-ports-ogun-state/

 

Labour urges FG to include governors, workers in NIC

‘INDUSTRY and investment are too important to be left with investors alone.” These were the words of Organised Labour while calling on the Federal Government to expand the membership of the National Industrial Council, NIC, to include labour and state governors for the council to deliver on its mandate.
https://www.vanguardngr.com/2017/11/labour-urges-fg-include-governors-workers-nic/

 

Labour to employers: Retrain, don’t sack workers

I N recent times, new lexicons have been creeping into the nation’s industrial relations practice with words such as redundancy, rightsizing, downsizing, restructuring and the likes now as euphemism instead of sack.
https://www.vanguardngr.com/2017/11/labour-employers-retrain-dont-sack-workers/

 

Malami Given Mandate to Recover $321m Abacha Loot from Switzerland

The federal government Wednesday empowered the Attorney-General of the Federation (AGF) and Minister of Justice Abubakar Malami (SAN) to sign an agreement between Nigeria and Switzerland for the repatriation of $321 million linked to former military Head of State, the late Gen. Sani Abacha, at the forthcoming global forum in the United States in December.

https://www.thisdaylive.com/index.php/2017/11/02/malami-given-mandate-to-recover-321m-abacha-loot-from-switzerland/

 

‘National minimum wage lower than N60,000 insult to workers’

Comrade Mohammed Yunusa is the President General of the Senior Staff Association of Statutory Corporations and Government Owned Companies (SSASCGOC).

https://www.dailytrust.com.ng/-national-minimum-wage-lower-than-n60-000-insult-to-workers.html

 

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NEWS REVIEW FOR WEDNESDAY, NOVEMBER 1, 2017

 

Oil & Gas

Oil prices surpass World Bank’s forecast at over $60 a barrel

Global crude oil benchmark -Brent has increased from $58.15 a barrel to $60.75 a barrel while West Texas Intermediate (WTI) from $51.61 to $54.19 a barrel as at yesterday.

https://guardian.ng/business-services/oil-prices-surpass-world-banks-forecast-at-over-60-a-barrel/

 

‘Petroleum laws not in favour of host communities’

The speaker of the Rivers State House of Assembly,  Hon. Ikuinyi Owaji-Ibani, has lamented that the laws backing the activities of multinational oil companies have never favoured the host communities in the state.

https://guardian.ng/energy/petroleum-laws-not-in-favour-of-host-communities/

Stakeholders proffer solutions to downstream challenges

Lack of access to loans, inconsistency in government policies, infrastructural decay, and political interference are some of the challenges identified by stakeholders at the just concluded Oil Trading and Logistics Africa Downstream Week in Lagos.

https://guardian.ng/energy/stakeholders-proffer-solutions-to-downstream-challenges/

 

NNPC denies trying to influence, subvert Senate probe

The Nigerian National Petroleum Corporation, NNPC, Tueday, denied trying to influence members of the National Assembly and subvert the planned probe of its activities and its Group Managing Director, Mr. Maikanti Baru, by the senate.

NNPC denies trying to influence, subvert Senate probe

 

Nigeria’s crude oil production dips by 70, 000 bpd

Nigerian crude oil output slipped by 70,000 bpd, last month, as exports of Bonny Light crude were under force majeure for part of the month, even as traders said loadings of some other grades, including Qua Iboe and Forcados, also faced delays.

Nigeria’s crude oil production dips by 70, 000 bpd

NNPC’ll find crude in commercial quantities in inland basins’

The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, on Tuesday announced that the aggressive exploration of the inland basins would soon yield result with hydrocarbon finds in commercial quantities.

http://punchng.com/nnpcll-find-crude-in-commercial-quantities-in-inland-basins/

Oil price rises to $61 per barrel

Global oil benchmark, Brent crude, rose above $61 per barrels on Tuesday after a week of gains as the prospect of increasing United States exports dampened bullish sentiment that has driven Brent crude to more than two-year highs above $60 per barrel.

http://punchng.com/oil-price-rises-to-61-per-barrel/

 

NNPC: Why We Went Back to Oil Exploration in Benue Trough

The Nigerian National Petroleum Corporation (NNPC) has given reasons why it went back to search for oil in the Benue trough, saying that Total, Chevron and Shell Nigeria Exploration and Production Company (SNEPCO) which had previously explored the region did not drill deep enough in their search for oil.

https://www.thisdaylive.com/index.php/2017/11/01/nnpc-why-we-went-back-to-oil-exploration-in-benue-trough/

 

Shell, Eni may face trial over $1.3bn Nigerian deal

An Italian judge is expected to decide on December 20 whether to send two oil majors, Eni and Shell, to trial over alleged corruption in Nigeria, two legal sources said on Tuesday.

http://punchng.com/shell-eni-may-face-trial-over-1-3bn-nigerian-deal/

 

Nigeria, Iraq, others lead OPEC oil output fall in October

OPEC oil output fell this month by 80,000 barrels per day (bpd), a Reuters survey found, as exports from northern Iraq dropped and other producers maintained adherence to a supply cut deal.

https://www.dailytrust.com.ng/nigeria-iraq-others-lead-opec-oil-output-fall-in-october.html

 

Senate probes abuse of expatriate quota

The Senate yesterday mandated its committees on interior and employment, labour and productivity to investigate alleged abuse of expatriate quota by foreign multinationals operating in the country.

https://guardian.ng/news/senate-probes-abuse-of-expatriate-quota/

 

Other news

NLC takes Nigeria to ILO over minimum wage

The Nigeria Labour Congress (NLC) has dragged Nigeria to the International Labour Organisation (ILO) for non-payment of salaries and proscription of trade unions in Kogi State.

https://guardian.ng/news/nlc-takes-nigeria-to-ilo-over-minimum-wage/

 

Buhari to present 2018 budget tomorrow

President Muhammadu Buhari will tomorrow present the 2018 budget estimates to a joint session of the National Assembly, Daily Trust learnt yesterday.

https://www.dailytrust.com.ng/buhari-to-present-2018-budget-tomorrow.html

 

Buhari: More ministers coming

President Muhammadu Buhari yesterday in Abuja disclosed that he would expand the Federal Executive Council (FEC).

https://www.dailytrust.com.ng/buhari-more-ministers-coming.html

 

N797bn VAT revenue recorded in 10 months – Adeosun

The Federation Account recorded a revenue inflow of N797.51bn from Value Added Tax between January and October this year, the Minister of Finance, Mrs. Kemi Adeosun, has said.

http://punchng.com/n797bn-vat-revenue-recorded-in-10-months-adeosun/

 

Tax holidays: OPS faults IMF’s position

THE Organised Private Sector, OPS, yesterday, faulted the call on the Federal Government by the International Monetary Fund, IMF, to scrap tax holidays and exemptions given to companies. The Senior Resident Representative and Mission Chief for Nigeria, Africa Department, IMF, Mr. Amine Mati, had described the tax holidays and exemptions as forms of corruption while making a presentation at a forum organised by the Chartered Institute of Bankers of Nigeria, CIBN, recently.

Tax holidays: OPS faults IMF’s position

 

2018 budget: We’ll receive Buhari when he’s ready – Saraki

SENATE President, Bukola Saraki last night said that the National Assembly was ready to receive President Muhammadu Buhari whenever he was ready for the presentation of the 2018 Appropriation Bill.

2018 budget: We’ll receive Buhari when he’s ready – Saraki

 

Nigeria Moves up 24 Places in World Bank’s Doing Business Report

Nigeria has moved up 24 places in the World Bank’s Doing Business report released Tuesday and was also recognised as one of the top 10 most improved economies in the world.

https://www.thisdaylive.com/index.php/2017/11/01/nigeria-moves-up-24-places-in-world-banks-doing-business-report/

 

Again, Nigeria’s Manufacturing Index Sustains Expansion

The Manufacturing Purchasing Managers’ Index (PMI) stood at 55 index points in October 2017, indicating an expansion in the manufacturing sector for the seventh consecutive month.

https://www.thisdaylive.com/index.php/2017/11/01/again-nigerias-manufacturing-index-sustains-expansion/

 

Pension Fund Key to FG PPP Plan, Says ICRC Boss

The acting Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Chidi Izuwah, has said that private capital funds as well as the pension fund are key drivers to federal government’s Public Private Partnership (PPP) plan.

https://www.thisdaylive.com/index.php/2017/11/01/pension-fund-key-to-fg-ppp-plan-says-icrc-boss/

 

Is Nigeria Ripe for Another Round of Banking Sector Consolidation?

With the weakness in Nigeria’s macroeconomy and the attendant strain on the banking sector, Obinna Chima wonders if the Central Bank of Nigeria should raise the minimum capital base for Nigerian banks, 12 years after a similar exercise was carried out

http://www.thisdaylive.com/index.php/2017/11/01/is-nigeria-ripe-for-another-round-of-banking-sector-consolidation/

 

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