NEWS REVIEW FOR WEDNESDAY, JANUARY 31, 2018

NEWS REVIEW FOR WEDNESDAY, JANUARY 31, 2018

 

Oil & Gas

 

NNPC Staff, Seven Others Killed by Herders in Benue, Nasarawa

The Benue State Police Command has confirmed that suspected herdsmen may have killed a staff of the Nigerian National Petroleum Corporation (NNPC) working on a pipeline along the border of Benue and Nasarawa States in Guma Local Government Area.

https://www.thisdaylive.com/index.php/2018/01/31/nnpc-staff-seven-others-killed-by-herders-in-benue-nasarawa/

 

Insecurity stalling oil exploration in Chad Basin, says NNPC

The Nigerian National Petroleum Corporation (NNPC) has said that, there is prospect in the exploration of oil in the Chad Basin, but security challenge has been the major impediment to the success of the project.

https://guardian.ng/news/insecurity-stalling-oil-exploration-in-chad-basin-says-nnpc/

 

Nigeria produces 236.97bcf gas in November

Nigeria’s gas production stood at 236.97 billion cubic feet (bcf), translating to an average daily output of 7,899.01 million standard cubic feet per (mmscfd) in November, 2017.

https://guardian.ng/energy/nigeria-produces-236-97bcf-gas-in-november/

 

Oil companies not paying gas flaring penalties — Adeosun

THE Federal Government has accused oil companies of not paying stipulated gas flaring penalties, amounting to loss of revenue in billions of dollars into government coffers.
https://www.vanguardngr.com/2018/01/oil-companies-not-paying-gas-flaring-penalties-adeosun/

 

Nigeria raises hope on end to gas flaring by 2020

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has renewed the Federal Government’s commitment to end gas flaring by 2020.

https://guardian.ng/energy/nigeria-raises-hope-on-end-to-gas-flaring-by-2020/

 

Explorationists advocate change in regulations for oil, gas operations

Explorationists, under the aegis of the Nigerian Association of Petroleum Explorationists (NAPE) have advocated a new paradigm in oil and gas operations in other to align with current trends of technology in the industry.

https://guardian.ng/energy/explorationists-advocate-change-in-regulations-for-oil-gas-operations/

 

Nigeria records 40% local content with $3.3bn Egina FPSO – NAPIMS

National Petroleum Investment Management Services (NAPIMS) said that Nigeria achieved about 40 percent local content with the Total’s $3.3 billion Egina Floating, Production, Storage and Offloading (FPSO).
https://www.vanguardngr.com/2018/01/nigeria-records-40-local-content-3-3bn-egina-fpso-napims/

 

DPR debunks existence of 2,000 illegal filling stations

Mr Abba Misau, Abuja Zonal Controller of the Department of Petroleum Resources (DPR) on Monday challenged the claim that there were over 2,000 illegal filling stations operating across the country.

https://www.dailytrust.com.ng/dpr-debunks-existence-of-2-000-illegal-filling-stations.html

 

Other news

 

Infrastructure deficit jeopardises ease of doing business

The Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup has said that Nigeria will continue to rank poorly on the global Ease of Doing Business Index until critical infrastructural deficits are addressed by government.

https://guardian.ng/business-services/infrastructure-deficit-jeopardises-ease-of-doing-business/

 

Labour Asks FG Not to Transfer Wages to States

Organised labour, under the aegis of Association of Senior Civil Servants of Nigeria (ASCSN), has asked the federal government not to consider issues related to the deregulation of wages under the guise of restructuring the polity.

https://www.thisdaylive.com/index.php/2018/01/31/labour-asks-fg-not-to-transfer-wages-to-states/

 

Employers urged to let workers ‘rest’ during working day

Workers should be given places to rest at work to help boost productivity, according to new official guidance, and as reported by the British Broadcasting Corporation.

http://punchng.com/employers-urged-to-let-workers-rest-during-working-day/

 

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NEWS REVIEW FOR TUESDAY, JANUARY 30, 2018

NEWS REVIEW FOR TUESDAY, JANUARY 30, 2018

Oil & Gas

Fuel subsidy payment rises to N17bn in one month

Fuel subsidy payment incurred by the Nigerian National Petroleum Corporation, NNPC, rose by N9.94 billion to N16.785 billion. This was to ensure that the price of Premium Motor Spirit, also known as petrol, did not rise above the official rate of N145 per litre.
https://www.vanguardngr.com/2018/01/fuel-subsidy-payment-rises-n17bn-one-month/

 

CISLAC Seeks Expeditious Passage of All PIB Components

The Civil Society Legislative Advocacy Centre (CISLAC) has again called for expeditious passage of the remaining components of the Petroleum Industry Bill (PIB), in order to attract significant new investments into the oil and gas sector.

http://www.thisdaylive.com/index.php/2018/01/30/cislac-seeks-expeditious-passage-of-all-pib-components/

 

NNPC: FG Owes Us N170.6bn Subsidy Payments

The Nigerian National Petroleum Corporation (NNPC) said on Monday that it was being owed N170.6 billion paid to marketers as subsidy between 2006 and 2015.

https://www.thisdaylive.com/index.php/2018/01/30/nnpc-fg-owes-us-n170-6bn-subsidy-payments/

 

Solution to Fuel Crisis is Beyond FG, Says Lawmaker

The Chairman, House of Representatives Committee on Water Resources, Hon. Aliyu Ahman-Pategi, on Monday hinted that the protracted crisis in the downstream sub-sector of Nigeria’s oil economy which led to the current fuel scarcity in the country would not be abated for now as it has gone beyond the federal government power to resolve it

https://www.thisdaylive.com/index.php/2018/01/30/solution-to-fuel-crisis-is-beyond-fg-says-lawmaker/

 

Petrol Crisis May Worsen as Depot Price Hits N165 Per Litre

Despite what seems like its best efforts of the Nigerian National Petroleum Corporation (NNPC) to end the protracted petrol scarcity in the country, the fuel supply situation may worsen as the price has hit N165 per litre at the depots, against the official price of N133.28, THISDAY’s investigation has revealed.

https://www.thisdaylive.com/index.php/2018/01/30/petrol-crisis-may-worsen-as-depot-price-hits-n165-per-litre/

 

NNPC stinks despite regime change, says Bukola Saraki

Deep-Seated illegality and abuse of financial procedures still bedevil the Nigerian National Petroleum Corporation (NNPC) two years after a regime change, Senate President Abubakar Bukola Saraki declared yesterday in Abuja. Saraki said the problem had continued in spite of efforts to sanitise the oil industry.

https://guardian.ng/news/nnpc-stinks-despite-regime-change-says-bukola-saraki/

 

Total, NNPC ready to take FID on Ikike oil field project

The dearth of new investments in Nigeria’s upstream oil sub-sector may soon be a thing of the past as Total Exploration and Production Company in Nigeria and the Nigerian National Petroleum Corporation, NNPC are set to take the final investment decision, FID, on the Ikike oil field.
https://www.vanguardngr.com/2018/01/total-nnpc-ready-take-fid-ikike-oil-field-project/

http://www.thisdaylive.com/index.php/2018/01/30/nnpc-total-to-produce-oil-from-egina-field-at-20-per-barrel/

 

Fuel Crisis: LCCI seeks urgent review of current policy framework

The Lagos Chamber of Commerce and Industry, LCCI, said the recent fuel crisis once again underscores the need to urgently review the current policy framework for the petroleum downstream segment of the oil and gas industry.
https://www.vanguardngr.com/2018/01/fuel-crisis-lcci-seeks-urgent-review-current-policy-framework/

 

Fuel Scarcity: Loading resumes in Ejigbo satelite depot

THE scarcity of petrol is expected to be eased up in Lagos and its environs, as the Nigerian National Petroleum Corporation, NNPC said it has resumed loading at Ejigbo.
https://www.vanguardngr.com/2018/01/fuel-scarcity-loading-resumes-ejigbo-satelite-depot/

 

N8.9trn assessed as subsidy payment in 11 years, PPPRA tells Senate

THE Senate was, yesterday, told by Petroleum Products Pricing Regulatory Agency, PPPRA, that it has for 11 years assessed petroleum subsidy payment to the tune of N8.9 trillion.
https://www.vanguardngr.com/2018/01/n8-9trn-assessed-subsidy-payment-11-years-pppra-tells-senate/

 

We received N5.1tn as subsidy payment in nine years –NNPC

The Nigerian National Petroleum Corporation has said it received a total of N5.1tn as payments for subsidy on the Premium Motor Spirit (petrol) between 2006 and 2015.

http://punchng.com/we-received-n5-1tn-as-subsidy-payment-in-nine-years-nnpc/

 

Gas flaring law error costs Nigeria billions of dollars

The Federal Government plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, the Minister of Finance, Mrs. Kemi Adeosun, has said.

http://punchng.com/gas-flaring-law-error-costs-nigeria-billions-of-dollars/

 

Egina Field Set to Flow

With the recent arrival in the country of the $3.3 billion Egina Floating Production Storage Offloading unit from South Korea, Nigeria is set to add 200,000 barrels of crude oil to her daily output from the $16 billion Egina oilfield.

http://www.thisdaylive.com/index.php/2018/01/30/egina-field-set-to-flow/

 

NOSDRA, Oil Company Use Communities for Zero-Sum Game, Group Alleges

The Centre for Peace and Environmental Justice has accused the National Oil Spill Detection and Response Agency (NOSDRA) and Multi-National oil companies of using the oil producing communities for ‘zero-sum game’ to their mutual benefit, as the communities continue to suffer from environmental degradation and pollution.

https://www.thisdaylive.com/index.php/2018/01/30/nosdra-oil-company-use-communities-for-zero-sum-game-group-alleges/

 

Eni sees East Med as key to diversifying Europe’s gas imports

Gas projects in east Mediterranean countries such as Egypt, Cyprus and Israel will be key to help Europe diversify its gas imports as output in the North Sea is dropping and Russian supplies are rising.
https://www.vanguardngr.com/2018/01/eni-sees-east-med-key-diversifying-europes-gas-imports/

 

33 ships laden with petroleum products, food items to arrive Lagos ports

Thirty three ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin Can Island Ports in Lagos from Jan. 29 to Feb. 19.

https://guardian.ng/news/33-ships-laden-with-petroleum-products-food-items-to-arrive-lagos-ports/

 

Belemaoil to create 12,000 jobs, awards 374 scholarships in Niger Delta

Belemaoil Producing Limited, an indigenous oil and gas company in Niger Delta region, has said it plans to create an additional 12,000 jobs in the region.

https://guardian.ng/news/belemaoil-to-create-12000-jobs-awards-374-scholarships-in-niger-delta/

 

Oando partners Sao Tome and Principe to promote infrastructure development

Oando Plc has announced the commencement of infrastructure development in Sao Tome and Principe (STP).

https://guardian.ng/news/oando-partners-sao-tome-and-principe-to-promote-infrastructure-development/

 

Other news

Nigeria’s stocks among world’s best-performers

Nigeria’s stocks have been rated among the world’s best-performers in the past four months.
https://www.vanguardngr.com/2018/01/nigerias-stocks-among-worlds-best-performers/

 

NECA introduces platform to tackle youth unemployment

The Nigeria Employers’ Consultative Association (NECA) has introduced an online solution initiative tagged, ‘NECApreneur’ to tackle youth unemployment in the country.

https://guardian.ng/appointments/neca-introduces-platform-to-tackle-youth-unemployment/

 

Buhari canvasses single market to create jobs, reduce poverty

President Muhammadu Buhari Monday canvassed for the speedy establishment of a single, unified market in Africa to increase trade, create more jobs and reduce poverty.

https://guardian.ng/appointments/buhari-canvasses-single-market-to-create-jobs-reduce-poverty/

 

Civil servants’ union urges speedy conclusion of minimum wage talks

The Nigeria Civil Service Union (NCSU) has urged the tripartite committee on minimum wage to speed up the process of negotiation for the benefit of Nigerian workers.

https://guardian.ng/appointments/civil-servants-union-urges-speedy-conclusion-of-minimum-wage-talks/

 

Civil servants urge National Assembly to reject plans to deregulate workers’ wage

The Association of Senior Civil Servants of Nigeria (ASCSN) has urged President Muhammadu Buhari and the National Assembly to reject the recommendation by the Committee on True Federalism that wage and other labour-related matters should be removed from Exclusive Legislative List to the Concurrent List.

https://guardian.ng/news/civil-servants-urge-national-assembly-to-reject-plans-to-deregulate-workers-wage/

 

 

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NEWS REVIEW FOR MONDAY, JANUARY 29, 2018

NEWS REVIEW FOR MONDAY, JANUARY 29, 2018

 

Oil & Gas

NNPC’s losses rise by 1,556% in one month

The group financial and operations losses of the Nigerian National Petroleum Corporation increased by 1,556.1 per cent from October to November 2017, the latest figures released by the oil firm revealed.

http://punchng.com/nnpcs-losses-rise-by-1556-in-one-month/

 

How Warri, Kaduna Refineries, Headquarters, PPMC Bleed NNPC

An analysis of the financials of the Nigerian National Petroleum Corporation has revealed that four strategic business units (SBUs) and the corporate headquarters of the corporation collectively recorded a trading shortfall totaling N270.386 billion between January and November last year, causing NNPC to record a huge loss in its operations in the 11-month period.

http://www.thisdaylive.com/index.php/2018/01/28/how-warri-kaduna-refineries-headquarters-ppmc-bleed-nnpc/

 

Kaduna Refinery Shut over Lack of Crude

The Kaduna Refining and Petrochemical Company (KRPC) shut down operations on January 15 due to the non-availability of crude oil.

https://www.thisdaylive.com/index.php/2018/01/29/kaduna-refinery-shut-over-lack-of-crude/

 

Crude Oil Projected to Trade within $60-$70/bbl Range in 2018

A monthly report of the International Energy Agency, called the Oil Market Report, has said crude oil would trade within the range of $60 to $70 per barrel this year.

http://www.thisdaylive.com/index.php/2018/01/28/crude-oil-projected-to-trade-within-60-70-bbl-range-in-2018/

 

It’s disgraceful no Nigerian refinery performing up to 50% – Buhari

President Muhammadu Buhari on Friday said it was disgraceful that no Nigerian refinery could perform up to 50 per cent of their installed capacities

http://punchng.com/its-disgraceful-no-nigerian-refinery-performing-up-to-50-buhari/

 

Rising oil price: The gains, pains for Nigeria

The upsurge in crude oil prices at the beginning of the year has been interpreted as a sign of better days ahead for Nigeria but there is cause for alarm for the ordinary citizen

https://www.dailytrust.com.ng/rising-oil-price-the-gains-pains-for-nigeria.html

 

 

$16bn Egina probe: NASS to amend Local Content Act

THE Senate has said it will amend the Nigeria Oil and Gas Industry Content Development, NOGICD Act, 2010, noting that the existing law was not achieving the aims for which it was enacted.
https://www.vanguardngr.com/2018/01/16bn-egina-probe-nass-amend-local-content-act/

 

EGINA: Liberalizing oil and gas sector good omen – NPA MD

The successful berthing of Africa’s biggest  Floating Production Storage Offshore, EGINA, has shown the capacity and efficiency of the technical team of the Nigerian Ports Authority (NPA). Hadiza Bala Usman, has said.

https://www.dailytrust.com.ng/egina-liberalizing-oil-and-gas-sector-good-omen–npa-md.html

 

Centre lauds Reps, says passing PIGB not enough

Thursday’s passage of the Petroleum Industry Governance Bill (PIGB) is laudable but not enough to stem the daily huge loss by the country due to the absence of comprehensive sectoral law, the Centre LSD has said.

https://www.dailytrust.com.ng/centre-lauds-reps-says-passing-pigb-not-enough.html

 

Customs Nabs Fuel Smugglers at Seme Border

In continuation of its relentless onslaught in combating the smuggling of petroleum products, the Nigeria Customs Service (NCS) Seme Comand has smashed a gang of petroleum products smugglers along the Seme border.

http://www.thisdaylive.com/index.php/2018/01/29/customs-nabs-fuel-smugglers-at-seme-border/

 

OGFZA, NPA Partner on Free Zone Operations

The Oil and Gas Free Zones Authority (OGFZA) has opened discussions with the Nigerian Ports Authority (NPA) to forge closer ties on a range of issues from use of land in the ports where oil and gas free zones are located to strategic cooperation.

https://www.thisdaylive.com/index.php/2018/01/29/ogfza-npa-partner-on-free-zone-operations/

 

Eroton lists factors responsible for gas fire at Buguma 10 Gas Well

Eroton Exploration and Production Company Limited has attributed  illegal third-party activity and sabotage as factors  responsible for a gas fire that broke out at the Buguma 10 Gas Well, a gas well located within Oil Mining Lease 18 (OML18).

https://www.dailytrust.com.ng/eroton-lists-factors-responsible-for-gas-fire-at-buguma-10-gas-well.html

 

Other News

FG spent N1.54tn to service debts in nine months

The Federal Government spent a total of N1.54tn to service the country’s debt obligations to local and foreign debtors between January and September last year, a report obtained from the Budget Office has indicated.

http://punchng.com/fg-spent-n1-54tn-to-service-debts-in-nine-months/

 

Nigeria’s external reserves hit 4-year high of $40.3bn

NIGERIA’s external reserves rose to $40.33 billion last week, the highest in four years.
https://www.vanguardngr.com/2018/01/nigerias-external-reserves-hit-4-year-high-40-3bn/

 

Maritime workers threaten strike over port access roads

The Maritime Workers Union of Nigeria has issued a seven-day ultimatum to the Federal Government to remove all trucks abandoned on the Oshodi-Apapa Expressway and make access roads to the country’s seaports motorable.

http://punchng.com/maritime-workers-threaten-strike-over-port-access-roads/

 

Suspended workers vow to mobilise against Okowa’s 2nd term

SUSPENDED workers of Delta State Government have told Governor Ifeanyi Okowa to take urgent steps to recall them, failing which they will mobilise against his second term bid in 2019 with their permanent voter cards, PVCs.
https://www.vanguardngr.com/2018/01/suspended-workers-vow-mobilise-okowas-2nd-term/

 

NDE tackles unemployment with training

The National Directorate of Employment in Lagos State says it has commenced another round of employment training to engage the youths.

http://punchng.com/nde-tackles-unemployment-with-training/

 

WAEC exams for private candidates

The West African Examinations Council says it is set for the conduct of its newly introduced January/February West African Senior School Certificate Examination for private candidates.

http://punchng.com/waec-exams-for-private-candidates/

 

PenCom enhances pension for retirees on programmed withdrawal

The National Pension Commission (PenCom) has enhanced the pension of existing retirees on programmed withdrawal.

 

https://www.dailytrust.com.ng/pencom-enhances-pension-for-retirees-on-programmed-withdrawal.html

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

 

 

NEWS REVIEW FOR MONDAY, JANUARY 29, 2018

NEWS REVIEW FOR MONDAY, JANUARY 29, 2018

 

Oil & Gas

NNPC’s losses rise by 1,556% in one month

The group financial and operations losses of the Nigerian National Petroleum Corporation increased by 1,556.1 per cent from October to November 2017, the latest figures released by the oil firm revealed.

http://punchng.com/nnpcs-losses-rise-by-1556-in-one-month/

 

How Warri, Kaduna Refineries, Headquarters, PPMC Bleed NNPC

An analysis of the financials of the Nigerian National Petroleum Corporation has revealed that four strategic business units (SBUs) and the corporate headquarters of the corporation collectively recorded a trading shortfall totaling N270.386 billion between January and November last year, causing NNPC to record a huge loss in its operations in the 11-month period.

http://www.thisdaylive.com/index.php/2018/01/28/how-warri-kaduna-refineries-headquarters-ppmc-bleed-nnpc/

 

Kaduna Refinery Shut over Lack of Crude

The Kaduna Refining and Petrochemical Company (KRPC) shut down operations on January 15 due to the non-availability of crude oil.

https://www.thisdaylive.com/index.php/2018/01/29/kaduna-refinery-shut-over-lack-of-crude/

 

Crude Oil Projected to Trade within $60-$70/bbl Range in 2018

A monthly report of the International Energy Agency, called the Oil Market Report, has said crude oil would trade within the range of $60 to $70 per barrel this year.

http://www.thisdaylive.com/index.php/2018/01/28/crude-oil-projected-to-trade-within-60-70-bbl-range-in-2018/

 

It’s disgraceful no Nigerian refinery performing up to 50% – Buhari

President Muhammadu Buhari on Friday said it was disgraceful that no Nigerian refinery could perform up to 50 per cent of their installed capacities

http://punchng.com/its-disgraceful-no-nigerian-refinery-performing-up-to-50-buhari/

 

Rising oil price: The gains, pains for Nigeria

The upsurge in crude oil prices at the beginning of the year has been interpreted as a sign of better days ahead for Nigeria but there is cause for alarm for the ordinary citizen

https://www.dailytrust.com.ng/rising-oil-price-the-gains-pains-for-nigeria.html

 

 

$16bn Egina probe: NASS to amend Local Content Act

THE Senate has said it will amend the Nigeria Oil and Gas Industry Content Development, NOGICD Act, 2010, noting that the existing law was not achieving the aims for which it was enacted.
https://www.vanguardngr.com/2018/01/16bn-egina-probe-nass-amend-local-content-act/

 

EGINA: Liberalizing oil and gas sector good omen – NPA MD

The successful berthing of Africa’s biggest  Floating Production Storage Offshore, EGINA, has shown the capacity and efficiency of the technical team of the Nigerian Ports Authority (NPA). Hadiza Bala Usman, has said.

https://www.dailytrust.com.ng/egina-liberalizing-oil-and-gas-sector-good-omen–npa-md.html

 

Centre lauds Reps, says passing PIGB not enough

Thursday’s passage of the Petroleum Industry Governance Bill (PIGB) is laudable but not enough to stem the daily huge loss by the country due to the absence of comprehensive sectoral law, the Centre LSD has said.

https://www.dailytrust.com.ng/centre-lauds-reps-says-passing-pigb-not-enough.html

 

Customs Nabs Fuel Smugglers at Seme Border

In continuation of its relentless onslaught in combating the smuggling of petroleum products, the Nigeria Customs Service (NCS) Seme Comand has smashed a gang of petroleum products smugglers along the Seme border.

http://www.thisdaylive.com/index.php/2018/01/29/customs-nabs-fuel-smugglers-at-seme-border/

 

OGFZA, NPA Partner on Free Zone Operations

The Oil and Gas Free Zones Authority (OGFZA) has opened discussions with the Nigerian Ports Authority (NPA) to forge closer ties on a range of issues from use of land in the ports where oil and gas free zones are located to strategic cooperation.

https://www.thisdaylive.com/index.php/2018/01/29/ogfza-npa-partner-on-free-zone-operations/

 

Eroton lists factors responsible for gas fire at Buguma 10 Gas Well

Eroton Exploration and Production Company Limited has attributed  illegal third-party activity and sabotage as factors  responsible for a gas fire that broke out at the Buguma 10 Gas Well, a gas well located within Oil Mining Lease 18 (OML18).

https://www.dailytrust.com.ng/eroton-lists-factors-responsible-for-gas-fire-at-buguma-10-gas-well.html

 

Other News

FG spent N1.54tn to service debts in nine months

The Federal Government spent a total of N1.54tn to service the country’s debt obligations to local and foreign debtors between January and September last year, a report obtained from the Budget Office has indicated.

http://punchng.com/fg-spent-n1-54tn-to-service-debts-in-nine-months/

 

Nigeria’s external reserves hit 4-year high of $40.3bn

NIGERIA’s external reserves rose to $40.33 billion last week, the highest in four years.
https://www.vanguardngr.com/2018/01/nigerias-external-reserves-hit-4-year-high-40-3bn/

 

Maritime workers threaten strike over port access roads

The Maritime Workers Union of Nigeria has issued a seven-day ultimatum to the Federal Government to remove all trucks abandoned on the Oshodi-Apapa Expressway and make access roads to the country’s seaports motorable.

http://punchng.com/maritime-workers-threaten-strike-over-port-access-roads/

 

Suspended workers vow to mobilise against Okowa’s 2nd term

SUSPENDED workers of Delta State Government have told Governor Ifeanyi Okowa to take urgent steps to recall them, failing which they will mobilise against his second term bid in 2019 with their permanent voter cards, PVCs.
https://www.vanguardngr.com/2018/01/suspended-workers-vow-mobilise-okowas-2nd-term/

 

NDE tackles unemployment with training

The National Directorate of Employment in Lagos State says it has commenced another round of employment training to engage the youths.

http://punchng.com/nde-tackles-unemployment-with-training/

 

WAEC exams for private candidates

The West African Examinations Council says it is set for the conduct of its newly introduced January/February West African Senior School Certificate Examination for private candidates.

http://punchng.com/waec-exams-for-private-candidates/

 

PenCom enhances pension for retirees on programmed withdrawal

The National Pension Commission (PenCom) has enhanced the pension of existing retirees on programmed withdrawal.

 

https://www.dailytrust.com.ng/pencom-enhances-pension-for-retirees-on-programmed-withdrawal.html

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

 

 

NEWS REVIEW FOR FRIDAY, JANUARY 26, 2018

NEWS REVIEW FOR FRIDAY, JANUARY 26, 2018

 

Oil & Gas

End fuel scarcity in seven days, Senate tells NNPC

The Senate has asked the Nigerian National Petroleum Corporation to end the lingering scarcity of Premium Motor Spirit (petrol) within seven days.

http://punchng.com/end-fuel-scarcity-in-seven-days-senate-tells-nnpc/

 

NNPC didn’t remit JV Cash Call to Fed Acct in 5 yrs —Govs

Nigeria Governors Forum, NGF, yesterday, reported Nigerian National Petroleum Corporation, NNPC, to President Muhammadu Buhari for the inability of the corporation to remit to the Federation Account, Joint Venture Cash Call for five years.
https://www.vanguardngr.com/2018/01/nnpc-didnt-remit-jv-cash-call-fed-acct-5-yrs-govs/

https://www.dailytrust.com.ng/governors-forum-accuses-nnpc-of-short-changing-nigerians.html

 

Oil hits $71 for first time since 2014

Global oil benchmark, Brent crude, surged above $71 per barrel on Thursday for the first time since 2014 on support from a weaker United States dollar, tighter global supplies and a record run of declines in US crude inventories.

http://punchng.com/oil-hits-71-for-first-time-since-2014/

 

LCCI seeks petroleum products’ deregulation

The Lagos Chamber of Commerce and Industry has said that better backward integration policy, more patronage of made-in Nigeria goods and the general prosperity of businesses and the Small and Medium Enterprise sectors would lead to more job creation in the country.

http://punchng.com/lcci-seeks-petroleum-products-deregulation/

https://www.dailytrust.com.ng/fg-urged-to-fully-deregulate-oil-sector-remove-subsidy.html

 

PEF plans solutions to downstream challenges

A digital solution planned by the Petroleum Equalisation Fund (Management) Board (PEF), is targeting a total crackdown on major challenges in the petroleum downstream sector in Nigeria, especially in the area of supply.

http://guardian.ng/business-services/pef-plans-solutions-to-downstream-challenges/

 

Nigeria to pump additional 200,000 BD of crude with Total’s new ship

A gigantic oil tanker arrived in Nigeria as part of a multi-billion dollar project that should allow one of Africa’s biggest crude producers to pump out an additional 200,000 barrels a day.
https://www.vanguardngr.com/2018/01/nigeria-pump-additional-200000-bd-crude-totals-new-ship/

 

NPDC targets 500,000 barrels daily crude production

The Nigerian Petroleum Development Company (NPDC), one of the upstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC), plans to increase its daily crude oil production to 500,000 barrels per day before 2022.

https://www.dailytrust.com.ng/npdc-targets-500-000-barrels-daily-crude-production.html

 

Petrol sells at N220 in Imo

FOLLOWING several reports that petrol marketers in Imo state, were selling the product at N250 per litre, investigations by Vanguard, yesterday, confirmed that the product is now sold between N200 and N220, which is still against the Federal Government’s approved pump price of N145.
https://www.vanguardngr.com/2018/01/petrol-sells-n220-imo/

 

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Hate speech: FG monitors notable Nigerians online

The Minister of Defence, Mansur Dan-Ali, has directed the nation’s security agencies to tackle those propagating hate speech especially through the social media.

http://punchng.com/hate-speech-fg-monitors-notable-nigerians-online/

 

APC restructuring committee recommends resource control, state police, others

THE Governor Nasir El Rufai Committee on True Federalism has submitted its report to the National Working Committee of the ruling All Progressives Congress APC, calling for more devolution of powers to states.
https://www.vanguardngr.com/2018/01/apc-ctte-restructuring-recommends-resource-control-state-police-others/

 

Nigeria’s low 2018 growth forecast

THE World Bank recently released its 2018 economic growth forecasts for nations all over the world. Global Gross Domestic Product, GDP, is supposed to grow by 3.1 per cent during this year. Sub-Saharan Africa will grow marginally faster by 3.2 per cent.
https://www.vanguardngr.com/2018/01/nigerias-low-2018-growth-forecast/

 

Africa to witness economic pickup in 2018 – UN

Africa’s economy is expected to grow 3.5 per cent in 2018, an increase of 0.3 percentage points from 2017, a UN official said Thursday.

https://www.dailytrust.com.ng/africa-to-witness-economic-pickup-in-2018-un.html

 

CSJ: 2018 Budget Contains Frivolous, Unclear, Wasteful Expenditure Items

The 2018 Budget proposal currently before the National Assembly is replete with frivolous, unclear, and wasteful expenditure items, the Centre for Social Justice (CSJ), has said.

https://www.thisdaylive.com/index.php/2018/01/26/csj-2018-budget-contains-frivolous-unclear-wasteful-expenditure-items/

 

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NEWS REVIEW FOR WEDNESDAY, JANUARY 24, 2018

NEWS REVIEW FOR WEDNESDAY, JANUARY 24, 2018

 

Oil & Gas

NNPC faults Senate, exonerates Total from inflating $16bn Egina

The Nigerian National Petroleum Corporation, NNPC, Tuesday, exonerated Total Upstream Nigeria Limited, TUPNI, from inflating the cost of the Egina project, stating that from inception the project had been agreed at $16.35 billion.
https://www.vanguardngr.com/2018/01/nnpc-faults-senate-exonerates-total-inflating-16bn-egina-project/

 

‘Refinery licences expiration won’t undermine self-sufficiency plan’

Stakeholders in Nigeria’s downstream oil and gas sector have said the expiration of licences issued to investors to build private refineries will not hinder the country’s 2019 self-sufficiency target.

http://guardian.ng/energy/refinery-licences-expiration-wont-undermine-self-sufficiency-plan/

 

NNPC to build more depots nationwide

The Nigerian National Petroleum Corporation on Monday announced that it would build more depots across the country.

http://punchng.com/nnpc-to-build-more-depots-nationwide/

 

Petrol scarcity persists, new vessels arrive Apapa

As motorists and other users of Premium Motor Spirit (petrol) struggled to get the product at filling stations in Lagos, Ogun, Kaduna and Nasarawa states as well as the Federal Capital Territory on Monday, it was gathered that new vessels conveying the product arrived Apapa in Lagos.

http://punchng.com/petrol-scarcity-persists-new-vessels-arrive-apapa/

 

NNPC close to selecting financiers for refineries — Baru

The Nigerian National Petroleum Corporation is inching closer to choosing financiers for the Port Harcourt Refining Company Limited, Warri Refining and Petrochemical Company Limited and Kaduna Refining and Petrochemical Company Limited.

http://punchng.com/nnpc-close-to-selecting-financiers-for-refineries-baru/

 

Senate probes NNPC over $141m in private account

THE Senate yesterday resolved to investigate the Nigeria National Petroleum Corporation, NNPC, to know how Brass Liquefied Natural Gas, LNG, account worth $141 million allegedly ended in a private account domiciled with Keystone Bank.
https://www.vanguardngr.com/2018/01/senate-probes-nnpc-141m-private-account/

NEITI berates NNPC, DPR, accuses oil firms of manipulating data

THE Nigeria Extractive Industries Transparency Initiative, NEITI, has berated the Nigerian National Petroleum Corporation, NNPC, Department of Petroleum Resources, DPR and oil and gas companies operating in the country, for inconsistencies in Nigeria’s crude oil production and lifting data
https://www.vanguardngr.com/2018/01/neiti-berates-nnpc-dpr-accuses-oil-firms-manipulating-data/

 

Akwa Ibom woos oil, gas firms to invest in Ibom Deep Seaport

The Akwa Ibom State Government has started wooing local and foreign investors to invest in Ibom Deep Seaport in order to harness commercial oil reserves in the area.
https://www.vanguardngr.com/2018/01/akwa-ibom-woos-oil-gas-firms-invest-ibom-deep-seaport/

 

Oil market to stabilise on increased OPEC cut, swells FG’s excess revenue

The global oil market was very unstable in 2017, as a result of many factors, especially over-supply, speculation and politics, thus causing anxiety in major oil producing nations such as Nigeria, Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Islamic Republic of Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, United Arab Emirate and Venezuela.
https://www.vanguardngr.com/2018/01/oil-market-stabilise-increased-opec-cut-swells-fgs-excess-revenue/

 

LPG sector can stimulate economic growth – NLPGA

The President of Nigeria Liquefied Petroleum Gas Association, NLPGA, Nuhu Yakubu, has identified the LPG sector as very strategic, capable of stimulating economic growth in the country.
https://www.vanguardngr.com/2018/01/lpg-sector-can-stimulate-economic-growth-nlpga/

 

Oando ownership tussle: Peace, stability return as Tinubu, Mangal reconcile

THE ownership tussle between Mr. Wale Tinubu, Group Chief Executive and Alhaji Dahiru Mangal, shareholder in Oando Plc, has been resolved, thus paving way for peace and stability in the company.
https://www.vanguardngr.com/2018/01/oando-ownership-tussle-peace-stability-return-tinubu-mangal-reconcile/

 

Sanusi, Mangal can’t stop Oando’s forensic audit – Group

The Oando Shareholders Solidarity Group has said the intervention of the Emir of Kano, Muhammadu Sanusi II, in the face-off between the company and one of its aggrieved shareholders cannot stop a forensic audit planned by the Securities and Exchange Commission.

http://punchng.com/sanusi-mangal-cant-stop-oandos-forensic-audit-group/

Oil prices rise to $70 on strong economy amid OPEC cuts

Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia.
https://www.vanguardngr.com/2018/01/oil-prices-rise-70-strong-economy-amid-opec-cuts/

 

Osinbajo leads Nigeria’s delegation to economic forum in Davos

Vice President Yemi Osinbajo is leading Nigerian delegation to Davos, Switzerland for the 48th World Economic Forum Annual Meeting taking place from Tuesday to Friday.

http://punchng.com/osinbajo-leads-nigerias-delegation-to-economic-forum-in-davos/

 

PETAN announces speakers at WAIPEC forum

The Petroleum Technology Association of Nigeria (PETAN) has announced the first set of speakers to feature on the programme at the West African International Petroleum Exhibition and Conference 2018 (WAIPEC), a two day major platform for the oil and gas industry, taking place next month 7-8th February at the Eko Convention Centre, Lagos, Nigeria.

http://guardian.ng/energy/petan-announces-speakers-at-waipec-forum/

 

Nigeria loses N1.74 trillion to absence of petroleum law

Nigeria lost N1.74trillion to the absence of the Petroleum Industry Governance Bill (PIGB) in 2013, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).

http://guardian.ng/business-services/nigeria-loses-n1-74-trillion-to-absence-of-petroleum-law/

 

NNPC to boost share to 30% with depots, market expansion

Nigerian National Petroleum Corporation (NNPC) is targeting boosting its investment in the downstream sector of the Petroleum industry and improving supply challenges by building more depots across the Country.

http://guardian.ng/news/nnpc-to-boost-share-to-30-with-depots-market-expansion/

 

Construction of Greenfield refineries in Kano, Kaduna to commence soon – Baru

The construction of Greenfield refineries will commence this year in Kano and Kaduna, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC),  Dr. Maikanti Baru has said.

https://www.dailytrust.com.ng/construction-of-greenfield-refineries-in-kano-kaduna-to-commence-soon–baru.html

 

Fuel scarcity: Sell at N145 or lose your petrol, DPR warns marketers

The Department of Petroleum Resources (DPR) has warned marketers within its Enugu Zone to comply with N145 pump price of Premium Motor Spirit (PMS) or have their products dispensed to customers free.

https://www.dailytrust.com.ng/fuel-scarcity-sell-at-n145-or-lose-your-petrol-dpr-warns-marketers.html

 

$3.3b Egina FPSO expected to sail into Nigeria today

History will be made today, as the energy and maritime industry expect the $3.3 billion Egina Floating Production Storage Offloading (FPSO) vessel to sail into Lagos, making Nigeria the first in Africa to fulfill the local content integration.

http://guardian.ng/news/3-3b-egina-fpso-expected-to-sail-into-nigeria-today/

 

NLPGA to partner regulatory agencies on safety as DPR probes Lagos gas explosion

The Nigeria Liquefied Petroleum Gas Association (NLPGA), the umbrella body for the LPG industry in Nigeria, is collaborating with government regulatory agencies to prevent the incidence of explosion in gas plants across the country.

http://guardian.ng/energy/nlpga-to-partner-regulatory-agencies-on-safety-as-dpr-probes-lagos-gas-explosion/

 

Other news

Afrinvest scores FG low on ERGP performance

Lagos based investment firm, Afrinvest said the federal government has underperformed in the implementation of the Economic Recovery and Growth Plan (ERGP). Chief Executive Officer/ Group Managing Director, Afrinvest LTD, Mr Ike Chioke stated this in Lagos, while presenting the firm’s outlook for the economy in 2018, titled: ‘The Nigerian Economy and Financial Markets 2017 Review & 2018 Outlook’.
https://www.vanguardngr.com/2018/01/afrinvest-scores-fg-low-ergp-performance/

 

Nigeria’s unemployment rate, a national threat — LABOUR

ORGANISED Labour yesterday, yesterday warned that the latest unemployment report released by the National Bureau of Statistics, NBS, showing that 7.53 million out of Nigeria’s labour force of 85.08 million were unemployed, was a threat to national development.
https://www.vanguardngr.com/2018/01/nigerias-unemployment-rate-national-threat-labour/

 

2019: FG alarmed over porous borders

In what looks like a frightening statistic, the Federal Government has lamented the proliferation of small arms and light weapons in Nigeria, saying 70 per cent of the 500 million of such weapons in West Africa, translating to 350 million, are found in the country..
https://www.vanguardngr.com/2018/01/2019-fg-alarmed-porous-borders/

 

FG, States, LGs share N655b

The federal and the other tiers of government, Tuesday shared a total of N655.177 billion as revenue that acrues to the Federation Account and proceeds of the Value Added Tax in December, last year.
https://www.vanguardngr.com/2018/01/fg-states-lgs-share-n655b/

 

Prevent reversal of economic progress, NESG urges Buhari

The Nigerian Economic Summit Group has urged President Muhammadu Buhari to avert the reversal of the progress made last year in the economy.

http://punchng.com/prevent-reversal-of-economic-progress-nesg-urges-buhari/

 

Reps change election timetable, presidential poll comes last

The House of Representatives on Tuesday changed the order of elections ahead of the 2019 general elections.

http://punchng.com/reps-change-election-timetable-presidential-poll-comes-last/

 

Nigerians want FG, others to prioritise job creation – Report

About 39 per cent of Nigerians want the federal, state and local governments to focus on job creation to lift people out of poverty, a report has said.

https://www.dailytrust.com.ng/nigerians-want-fg-others-to-prioritise-job-creation–report.html

 

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NEWS REVIEW FOR WEDNESDAY, JANUARY 17, 2018

NEWS REVIEW FOR WEDNESDAY, JANUARY 17, 2018

 

Oil & Gas

Resign now as Petroleum Minister, kinsman tells Buhari

A chieftain of the All Progressives Congress, APC and kinsman of the President, Alhaji Muhammad Ibrahim Daura, has called on President Muhammadu Buhari, to resign his position as the Minister of Petroleum Resources to concentrate on salvaging the country.
https://www.vanguardngr.com/2018/01/resign-now-petroleum-minister-kinsman-tells-buhari/

 

Dogara Seeks to Probe Resurgence of Fuel Subsidy, Says No Sanctuaries for Killers

Speaker of the House of Representatives, Hon. Yakubu Dogara, has promised to probe the alleged reintroduction of fuel subsidy and the recent scarcity of petrol and charged the relevant committees of the House to determine the causes and claims.

https://www.thisdaylive.com/index.php/2018/01/17/dogara-seeks-to-probe-resurgence-of-fuel-subsidy-says-no-sanctuaries-for-killers/

 

Why crude oil prices are on upward swing, by U.S. energy agency

The United States Energy Information Administration (EIA), has attributed the current surge in oil prices to shutdown of the Forties Pipeline in the North Sea on December 11, as a result of a crack in the pipeline, which remained closed through December 30.

https://guardian.ng/energy/why-crude-oil-prices-are-on-upward-swing-by-u-s-energy-agency/

 

‘How blockchain will affect oil, gas sector in Nigeria’

As emerging frontiers, especially digital ledger system also called blockchain become a more globally recognised solution, experts have called for frameworks that will enable Nigeria’s oil and gas sector to benefit from the innovation.

https://guardian.ng/business-services/how-blockchain-will-affect-oil-gas-sector-in-nigeria/

 

Oil propels Nigerian shares to 9-year peak

Nigerian stocks have jumped to a nine-year high as Africa’s biggest economy emerges from its worst recession in 25 years, buoyed by the high price of oil at $69 a barrel.
https://www.vanguardngr.com/2018/01/oil-propels-nigerian-shares-9-year-peak/

 

Oil theft: HOSTCOM urges FG to partner oil communities

FEDERAL Government has been told to productively engage communities in securing oil facilities in the Niger Delta region against oil theft and vandalism.
https://www.vanguardngr.com/2018/01/oil-theft-hostcom-urges-fg-partner-oil-communities/

 

Pipeline explosion: NGC begins repair of ruptured pipeline in Ugbokodo

THE management of Nigerian Gas Company, NGC, has kick-started the process to restore the ruptured gas pipeline that exploded recently at Ugbokodo community in Okpe Local Government Area of Delta State.
https://www.vanguardngr.com/2018/01/pipeline-explosion-ngc-begins-repair-ruptured-pipeline-ugbokodo/

 

NNPC Justifies Preference for FOB Nigeria’s Crude Exports

The Nigerian National Petroleum Corporation (NNPC) has given reasons why it prefers to use the Free-on-Board (FOB) system to export Nigeria’s crude oil to their respective destinations and not the Cost, Insurance and Freight (CIF) system.

https://www.thisdaylive.com/index.php/2018/01/17/nnpc-justifies-preference-for-fob-nigerias-crude-exports/

 

CPIN flays agitations for split of OML 30 board

CONCERNED Patriots for Isoko Nation, CPIN, yesterday, kicked against agitations by Isoko clusters in the Oil Mining Lease, OML 30, for the split of the board of the oil block they share with the Urhobo oil bearing communities, describing it as negative and capable of breeding disagreements and hatred among the ethnic nationalities.
https://www.vanguardngr.com/2018/01/cpin-flays-agitations-split-oml-30-board/

 

NNPC, NIMASA may okay local ship owners to lift crude

Ship owners and other stakeholders in the maritime sector may get the desired change in trade terms from Free On Board (FOB) to Cost Insurance and Freight (CIF) which will enable them to lift crude and boost capacity.

https://guardian.ng/news/nnpc-nimasa-may-okay-local-ship-owners-to-lift-crude/

http://punchng.com/nnpc-nimasa-others-review-crude-oil-regime/

 

Axxela expands gas supply across West Africa

Axxela Limited, (Axxela), sub-Saharan Africa’s preferred and fast-growing gas and power portfolio company, is set to expand its gas supply footprint across the West African region following its recent qualification as a Shipper on the West African Gas Pipeline (WAGP).

https://guardian.ng/energy/axxela-expands-gas-supply-across-west-africa/

 

Fix Enugu Depot to End Fuel Scarcity in South-east, IPMAN Urges Buhari

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the only way to end scarcity and high cost of petroleum products in the South-east is to fix the Enugu Depot.

https://www.thisdaylive.com/index.php/2018/01/17/fix-enugu-depot-to-end-fuel-scarcity-in-south-east-ipman-urges-buhari/

 

Other news

FG steps up fight against child labour, human trafficking

THE Federal Government yesterday in Abuja reiterated its determination to continue to champion the renewed fight against child labour, modern slavery, human trafficking and forced labour in line with emerging global trends in labour administration.
https://www.vanguardngr.com/2018/01/fg-steps-fight-child-labour-human-trafficking/

 

Inflation rate drops for 11 consecutive months to 15.37%

The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation, with the rate dropping from 15.9 per cent in November to 15.37 per cent in December 2017.

http://punchng.com/inflation-rate-drops-for-11-consecutive-months-to-15-37/

https://www.thisdaylive.com/index.php/2018/01/17/inflation-slows-down-to-15-37-amid-pressure-on-food-prices/

 

Is the suggestion for an upward review of VAT appropriate?

In my opinion, it is not appropriate at this point in time. The reason is very simple; in as much as our Value Added Tax rate appears to be among the lowest even in the West African sub region, the five per cent being collected right now, and the coverage by the Federal Inland Revenue Service is still very low.

http://punchng.com/is-the-suggestion-for-an-upward-review-of-vat-appropriate/

 

 

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NEWS REVIEW FOR TUESDAY, JANUARY 16, 2018

NEWS REVIEW FOR TUESDAY, JANUARY 16, 2018

 

Oil & Gas

NNPC Jettisons Long-term Crude Lifting Contracts

Reported plans by Nigeria to move away from holding annual contracts for the lifting and sale of its crude oil grades, to longer term contracts have been sidestepped by the Nigerian National Petroleum Corporation (NNPC).

https://www.thisdaylive.com/index.php/2018/01/16/nnpc-jettisons-long-term-crude-lifting-contracts/

 

Diversion: NNPC Stops Petrol Allocation to Marketers

Obviously worried that the petrol it imports and allocates to marketers does not get to retail outlets and motorists at official price, the Nigerian National Petroleum Corporation (NNPC) has stopped allocating product to marketers and resorted to throughput arrangement with selected marketing firms to have affective control of supply and distribution, THISDAY has learnt.

http://www.thisdaylive.com/index.php/2018/01/16/diversion-nnpc-stops-petrol-allocation-to-marketers/

 

NNPC begins enforcement of N133.28 ex-depot fuel price

The Nigerian National Petroleum Corporation, NNPC, yesterday, said it has deployed more of its depots and other throughput facilities to enforce the N133.28 per litre Ex-Depot price of Premium Motor Spirit, otherwise known as petrol, to marketers directly.
https://www.vanguardngr.com/2018/01/breaking-nnpc-begins-enforcement-n133-28-ex-depot-fuel-price/

 

FG, Operators to Brainstorm on Oil Market Challenges

The federal government and operators in Nigeria’s oil and gas industry would be expected to leverage the upcoming Nigerian International Petroleum Summit (NIPS) to find solutions to current and future challenges of the industry, organisers of the maiden edition of conference have disclosed.

http://www.thisdaylive.com/index.php/2018/01/16/fg-operators-to-brainstorm-on-oil-market-challenges/

 

Petrol scarcity: IPMAN wants FG to demolish 2,000 illegal stations

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advocated immediate demolition of over 2,000 identified illegal filling stations operating across the country  to check the persistent scarcity of petroleum products.

https://www.dailytrust.com.ng/petrol-scarcity-ipman-wants-fg-to-demolish-2-000-illegal-stations.html

 

Nigeria’s crude oil production hit 2.057mbpd in December

Nigeria’s crude oil production, including condensate hit 2.057 million barrels per day (bpd) in the month of December 2017.

https://guardian.ng/business-services/nigerias-crude-oil-production-hit-2-057mbpd-in-december/

 

NNPC begins direct fuel supply to independent marketers

The Nigerian National Petroleum Corporation has commenced the direct supply of Premium Motor Spirit, popularly known as petrol, to independent oil marketers in order to effectively clear the fuel queues still prevalent in some parts of the country.

http://punchng.com/nnpc-begins-direct-fuel-supply-to-independent-marketers/

 

Nigeria loses $749m from OPA deals with five oil firms

Nigeria lost $749 million from Offshore Processing Arrangements, OPA, entered into with five companies in 2015, latest audit by the Nigeria Extractive Industries Transparency Initiative, NEITI, has revealed.
https://www.vanguardngr.com/2018/01/nigeria-loses-749m-opa-deals-five-oil-firms/

 

Petrol, kerosene record double digit price increase in December — NBS

The average price of Premium Motor Spirit (PMS), commonly called petrol, increased by 17.98 percent, month-on-month (MoM), even as the average price per litre paid by consumers for Kerosene jumped by 22.5 percent year-on-year in December.
https://www.vanguardngr.com/2018/01/petrol-kerosene-record-double-digit-price-increase-december-nbs/

 

NPDC raises crude oil production by 7000b/d – NNPC

Oil production by the Nigerian Petroleum Development Company (NPDC), the flagship upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), has grown following the successful drilling and completion of wells in Oil Mining Lease (OML) assets operated by the company.

https://www.dailytrust.com.ng/npdc-raises-crude-oil-production-by-7000b-d-nnpc.html

 

NARTO rejects scrapping of PEF

The National Association of Road Transport Owners (NARTO) has rejected proposal by the National Assembly to scrap the Petroleum Equalisation Fund (PEF).

https://www.dailytrust.com.ng/narto-rejects-scrapping-of-pef.html

 

NEITI: NNPC Illegally Withholding $16bn NLNG Dividends

The Nigerian National Petroleum Corporation (NNPC) has yet to provide documentary evidence to show that the presidency actually authorised it to withhold and disburse funds paid to it as dividends by the Nigeria Liquefied Natural Gas (NLNG) Limited, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said.

https://www.thisdaylive.com/index.php/2018/01/16/neiti-nnpc-illegally-withholding-16bn-nlng-dividends/

 

Chinese eye Nigeria’s modular refinery, infrastructure

Investors from China have indicated interest in building a multi-billion dollars modular refinery in Nigeria’s Niger Delta region.

https://www.dailytrust.com.ng/chinese-eye-nigeria-s-modular-refinery-infrastructure.html

 

Military incapable of securing oil, gas assets, says Delta dep gov

No amount of military deployment would guarantee the safety of oil facilities in the Niger Delta, according to the deputy governor of Delta State, Kingsley Otuaro.

https://guardian.ng/news/military-incapable-of-securing-oil-gas-assets-says-delta-dep-gov/

 

Crude Oil Price Hits $70 P/B Despite Surging US Output

Crude oil price hits $70 per barrel Monday despite surging production by the United States, which is offset by the production cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and Russia.

https://www.thisdaylive.com/index.php/2018/01/16/crude-oil-price-hits-70-pb-despite-surging-us-output/

https://www.dailytrust.com.ng/price-of-brent-crude-oil-rises-to-70-on-output-cuts.html

 

SNG provides gas to 90 industrial customers in Ogun, Rivers, Abia states – Report

Shell Nigeria Gas, SNG, has provided natural gas to about 90 industrial customers in Ogun, Rivers and Abia states, thus boosting socio-economic development in Nigeria.
https://www.vanguardngr.com/2018/01/sng-provides-gas-90-industrial-customers-ogun-rivers-abia-states-report/

 

Crude oil lifting: Firms deny being ghost contractors

Indigenous companies, Masters Energy Oil and Gas Limited and AMG Petroenergy Limited, said their companies were duly registered at the Corporate Affairs Commission (CAC).

https://www.dailytrust.com.ng/crude-oil-lifting-firms-deny-being-ghost-contractors.html

 

Other News

PFAs invest 70% of N7.41tr pension assets in FG securities

PENSION Fund Administrators (PFAs) have invested N6.28 trillion out of the N7.41 trillion pension assets in Federal Government’s securities, as at the end of November 2017.
https://www.vanguardngr.com/2018/01/pfas-invest-70-n7-41tr-pension-assets-fg-securities/

 

FG to stop workers salaries over payroll system default

The Federal Government has threatened to stop salaries of workers in some Ministries Departments and Agencies (MDAs) over failure to comply with the Human Resource Module of the Integrated Personnel and Payroll Information System (IPPIS).

https://www.dailytrust.com.ng/fg-to-stop-workers-salaries-over-payroll-system-default.html

 

NUT directs members not to resume schools in states owing salary arrears

The Nigeria Union of Teachers (NUT) has restated its position that the teachers in 10 states that are still owing salary arrears should not resume work until all arrears were paid.

https://www.dailytrust.com.ng/nut-directs-members-not-to-resume-schools-in-states-owing-salary-arrears.html

 

Inflation rate drops to 15.37% in December – NBS

The National Bureau of Statistics on Tuesday released the Consumer Price Index which measures inflation with the rate dropping from 15.9 per cent in November to 15.37 per cent in December.

http://punchng.com/inflation-rate-drops-to-15-37-in-december-nbs/

 

Expect economic growth with inflation, SCB tells investors

Standard Chartered Bank’s Wealth Management Advisory has predicted strong economic growth with rising inflation for this year in its Outlook 2018 report.

http://punchng.com/expect-economic-growth-with-inflation-scb-tells-investors/

 

ASSBIFI wants govt to halt planned recruitment of new staff by NSITF

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has called on the Federal Government to halt fresh moves by the new management of the Nigeria Social Insurance Trust Fund (NSITF) to recruit new workers.

https://guardian.ng/appointments/assbifi-wants-govt-to-halt-planned-recruitment-of-new-staff-by-nsitf/

 

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NEWS REVIEW FOR FRIDAY, JANUARY 12, 2018

NEWS REVIEW FOR FRIDAY, JANUARY 12, 2018

Oil & Gas

Blackout looms as explosion rocks Escravos gas pipeline again

Power generation in the country may have hit a fresh snag following the explosion that ruptured the Escravos-Lagos Pipeline on Thursday, even as generation from hydropower plants dropped by 494 megawatts in six days.

http://punchng.com/blackout-looms-as-explosion-rocks-escravos-gas-pipeline-again/

 

Fuel queues reappear in Abuja, Nasarawa, others

Queues for Premium Motor Spirit resurfaced in many parts of Abuja and neighbouring states on Thursday despite repeated assurances by the Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation that the scarcity of the product had been brought under control.

http://punchng.com/fuel-queues-reappear-in-abuja-nasarawa-others/

https://www.vanguardngr.com/2018/01/fuel-crisis-defies-nnpc-long-queues-return-abuja/

 

Petrol scarcity ends in Lagos, persists in Port Harcourt, others

Residents of Lagos and Abuja have begun heaving sighs of relief from the recent fuel scarcity, leaving people in Imo, Enugu, Port Harcourt, Kano and other parts of the country longing for similar respite.

https://guardian.ng/news/petrol-scarcity-ends-in-lagos-persists-in-port-harcourt-others/

 

‘Why Nigeria needs to switch from dirty fuels’

Cleaner fuels will reduce the negative impact of bad cooking fuels on the environment and the people.

https://guardian.ng/business-services/why-nigeria-needs-to-switch-from-dirty-fuels/

 

Oil price hits $70 per barrel, raises hope for N8.6trn 2018 budget

THE price of crude oil has risen from $68 to $70 per barrel in the international market as a result of rising demand, thus raising hope for the implementation of the nation’s N8.6 trillion 2018 budget.
https://www.vanguardngr.com/2018/01/oil-price-hits-70-per-barrel-raises-hope-n8-6trn-2018-budget/

 

Fuel Scarcity: IPMAN Demands Expedited Action on PIB

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the National Assembly to expedite action on the passage of the Petroleum Industry Bill (PIB) to ensure full deregulation of the sector as a way of addressing the perennial fuel scarcity being experienced in Nigeria.

https://www.thisdaylive.com/index.php/2018/01/12/fuel-scarcity-ipman-demands-expedited-action-on-pib/

 

CloseView all resultsOther News

Total pension assets rise to N7.4tn

The total pension assets under the Contributory Pension Scheme rose to N7.4tn as of the end of November 2017.

http://punchng.com/total-pension-assets-rise-to-n7-4tn/

 

Financial inclusion: CBN sets new target for banks

The Central Bank of Nigeria on Thursday issued a new target for Deposit Money Banks and all microfinance banks in the Federal Capital Territory towards achieving the 80 per cent financial inclusion target for the adult population in the country by 2020.

http://punchng.com/financial-inclusion-cbn-sets-new-target-for-banks/

 

‘How workers can prevent crisis’

The Lagos State Governor, Akinwunmi Ambode, says there is the need for public servants to embrace effective communication in order to prevent crisis in the public service.

http://punchng.com/how-workers-can-prevent-crisis/

 

FG, others share N6.2tr statutory allocation funds in 2017

THE federal government, 36 states and the 774 local government shared N6.2 trillion as statutory allocation funds in 2017.
https://www.vanguardngr.com/2018/01/fg-others-share-n6-2tr-statutory-allocation-funds-2017/

 

Nigeria Labour Congress grounds Kaduna, shuns El-rufai’s threat

Despite the intimidation by Kaduna State Government to clamp down on labour, the Nigeria Labour Congress (NLC) went ahead to protest the sack of about 22,000 teachers yesterday by Governor Nasir El-rufai.

https://guardian.ng/news/nigeria-labour-congress-grounds-kaduna-shuns-el-rufais-threat/

https://www.thisdaylive.com/index.php/2018/01/12/nlc-defies-threat-by-police-el-rufai-holds-mass-protest-in-kaduna/

 

 

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NEWS REVIEW FOR THURSDAY, JANUARY 11, 2018

NEWS REVIEW FOR THURSDAY, JANUARY 11, 2018

 

Oil & Gas

Fuel scarcity renews calls for local refining, deregulation

As Nigerians are heaving a sigh of relief from the latest scarcity of petrol that lasted for over a month, the need for the Federal Government to address the challenges of inadequate local refining and distribution capacity that has continued to plague the country for many years has resurfaced.

http://punchng.com/fuel-scarcity-renews-calls-for-local-refining-deregulation/

 

NNPC seeks 1.46 million MT of petrol for January-April

In a sign that the scarcity of petrol in Nigeria could be more widespread than first expected, the Nigerian National Petroleum Corporation has issued a spot tender seeking 1,480,000 metric tonnes of petrol from January to April, on top of the existing term volumes it imports.

http://punchng.com/nnpc-seeks-1-46-million-mt-of-petrol-for-january-april/

 

West African oil exports rise on China demand

Shipments of West African oil to China are set to surge to a record in January, boosting overall fixtures heading east to their highest in at least 14 years, a Reuters survey of shipping fixtures and traders showed on Wednesday.

http://punchng.com/west-african-oil-exports-rise-on-china-demand/

 

Oil price increase’ll spur activities in Nigeria – Adeleke

The Chief Executive Officer, RusselSmith Group, Mr. Kayode Adeleke, in this interview with ’FEMI ASU, says the recent rally in global crude oil prices will boost activities in the Nigerian oil and gas industry

http://punchng.com/oil-price-increasell-spur-activities-in-nigeria-adeleke/

 

Edo, Chinese firms sign 5,500bpd modular refinery deal

The Edo State Government on Wednesday said it had signed a Memorandum of Understanding with a Chinese consortium for the construction of a modular refinery in the state.

http://punchng.com/edo-chinese-firms-sign-5500bpd-modular-refinery-deal/

 

Fuel scarcity: OrderPaper demands progress on Baru-gate probe

As the Senate commenced a public hearing on the fuel scarcity which inflicted untold hardship and marred the Christmas and New Year celebrations of millions of Nigerians across the country, OrderPaper Nigeria has challenged the National Assembly to provide an update on its probe into the $25billion contracts award scandal at the Nigerian National Petroleum Corporation (NNPC).

https://guardian.ng/news/fuel-scarcity-orderpaper-demands-progress-on-baru-gate-probe/

Fuel: Expert urges govt to adopt smart card initiative

The Federal Government has been told to adopt a smart card initiative that will enable interested owners of commercial vehicles, including official vehicles owned by educational institutions, hospitals, religious bodies and government agencies to register and obtain smart cards for purchasing fuel at regulated prices from petrol stations owned by the Nigerian National Petroleum Corporation.

http://punchng.com/fuel-expert-urges-govt-to-adopt-smart-card-initiative/

 

Total’s Nigerian unit denies bribery, corruption allegations

Total Upstream Nigeria Limited, a subsidiary of French oil major, Total, has denied allegations of bribery and corruption regarding the provision of vessels by indigenous contractors, reaffirming its commitment to due process and zero tolerance for corruption.

http://punchng.com/totals-nigerian-unit-denies-bribery-corruption-allegations/

 

Senate lauds OGFZA’s capacity to fund expenditure from IGR

The Senate Committee on Trade and Investment has praised the leadership of the Oil and Gas Free Zones Authority (OGFZA) for its capacity to generate enough internal revenue to take care of its recurrent expenditure.

https://guardian.ng/news/senate-lauds-ogfzas-capacity-to-fund-expenditure-from-igr/

 

Budget: Crude oil prices above 2018 benchmark by $22/b

With the crude oil price crossing $69 per barrel yesterday, the federal government has recorded $22 per barrel extra above its 2018 budget benchmark.

https://www.dailytrust.com.ng/budget-crude-oil-prices-above-2018-benchmark-by-22-b.html

 

Five ships arrive Lagos ports with petroleum products, others

One of the five ships waiting to berth in Lagos ports contains petrol, the Nigerian Ports Authority (NPA), has said.

https://www.dailytrust.com.ng/five-ships-arrive-lagos-ports-with-petroleum-products-others.html

 

Crude Oil Price Hits Three-Year High of $69

Crude oil prices hit new multi-year highs yesterday as production cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and healthy demand helped to balance the market, but analysts warned of possible overheating.

https://www.thisdaylive.com/index.php/2018/01/11/crude-oil-price-hits-three-year-high-of-69/

 

FBN Quest Dismisses NNPC’s  Attempt at Another TAM for Refineries

Analysts at FBN Quest Capital Limited, a subsidiary of FBN Holdings Plc, have expressed doubts that the latest attempts by the Nigerian National Petroleum Corporation (NNPC) to undertake a fresh Turnaround Maintenance (TAM) on its refineries in Port Harcourt, Warri and Kaduna, would eventually come good and help Nigeria address her challenges with protracted scarcity of petrol.

https://www.thisdaylive.com/index.php/2018/01/11/fbn-quest-dismisses-nnpcs-attempt-at-another-tam-for-refineries/

 

Other News

Teachers’ strike: Don’t come to Kaduna, police warn NLC

The police have warned the organised labour against holding any solidarity rally in Kaduna in support of the 20,000 primary schoolteachers that the state government plans to sack.

http://punchng.com/teachers-strike-dont-come-to-kaduna-police-warn-nlc/

 

2018 budget: Presidency seeks quick passage, says time against us

Presidency this morning appealed to the National Assembly to expedite the passage of the 2018 budget for the delivery of dividends of democracy to Nigerians.

https://www.dailytrust.com.ng/2018-budget-presidency-seeks-quick-passage-says-time-against-us.html

 

World Forecasts 2.5% Growth for Nigeria in 2018

The World Bank has forecast that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade.

http://www.thisdaylive.com/index.php/2018/01/10/world-forecasts-2-5-growth-for-nigeria-in-2018/

 

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NEWS REVIEW FOR WEDNESDAY, JANUARY 10, 2018

NEWS REVIEW FOR WEDNESDAY, JANUARY 10, 2018

Oil & Gas

254 local, foreign firms bid to trade Nigeria’s crude oil in 2018

The Nigerian National Petroleum Corporation, NNPC, yesterday, started the process for the selection of off-takers for its various crude oil grades in 2018, with 254 companies indicating willingness to participate in the process.
https://www.vanguardngr.com/2018/01/254-local-foreign-firms-bid-trade-nigerias-crude-oil-2018/

http://punchng.com/254-firms-submit-bids-to-buy-sell-nigerias-crude/

 

Nigeria’s Oil Production Hits 2.25mbd

Nigeria’s daily crude oil production with condensates has increased to 2.25 million barrels per day (mbd), but with crude oil production alone standing at 1.8mbd, while condensates are 450,000 barrels per day (bd), the Nigerian National Petroleum Corporation (NNPC) has disclosed.

http://www.thisdaylive.com/index.php/2018/01/09/nigerias-oil-production-hits-2-25mbd/

 

Reps move against NNPC over fuel subsidy payment

Knocks await the Nigerian National Petroleum Corporation (NNPC) on Tuesday, next week, when the House of Representatives reconvenes.

https://guardian.ng/news/reps-move-against-nnpc-over-fuel-subsidy-payment/

 

Two refineries process 331,705MT crude oil in one month

Port Harcourt Refineries Company (PHRC), and the Warri Refining and Petrochemical Company (WRPC), processed 331,705 Metric Tonnes (MT) of crude oil in October last year.

https://guardian.ng/energy/two-refineries-process-331705mt-crude-oil-in-one-month/

 

Black gold managers reel out expectation for 2018

Ministers of oil resources in Organisation of the Petroleum Exporting Countries (OPEC), have reeled out expected challenges for the global oil sector in 2018.

https://guardian.ng/energy/black-gold-managers-reel-out-expectation-for-2018/

 

Nigeria attracts oil, gas investors through petroleum summit

Nigerian International Petroleum Summit (NIPS), an African Petroleum Technology and Investment Conference, is expected to attract new investors into the region’s oil and gas industry.

https://guardian.ng/energy/nigeria-attracts-oil-gas-investors-through-petroleum-summit/

 

New refineries as solution to Nigeria’s fuel challenge

AS a leading oil and gas producer with about 2.5 million barrels per day capacity and four refineries with installed 445,000 barrels per day capacity, importing petroleum products to Nigeria should have been like taking coal to Newcastle in the United States of America.
https://www.vanguardngr.com/2018/01/new-refineries-solution-nigerias-fuel-challenge/

 

‘Oil majors may shun exploration investment in Nigeria, others’

The Nigerian National Petroleum Corporation (NNPC), may continue to spearhead exploration activities, as oil majors are set to remain sluggish in spending on searching for new discoveries.

https://guardian.ng/business-services/oil-majors-may-shun-exploration-investment-in-nigeria-others/

 

Fuel supply sabotage and the enemy inside

PRESIDENT Muhammadu Buhari (PMB) threatened to find out the so called sabouters who caused the terrible fuel scarcity that disrupted the peace of most Nigerians over the Christmas/New year celebrations and to punish them severely.
https://www.vanguardngr.com/2018/01/fuel-supply-sabotage-enemy-inside/

 

Rig owners get new technology to mitigate haphazard drilling

The Association of Professional Rig Owners and Borehole Drilling Practitioners (AWDROP) has procured a new Intelligent Automatic Mapping Geo-physiological prospecting water detector, an equipment to militate against haphazard drilling of boreholes in the country.

https://guardian.ng/business-services/rig-owners-get-new-technology-to-mitigate-haphazard-drilling/

 

NIPCO promises market friendly rates, unfettered access” in 2018

Amidst the current fuel crisis in the country, NIPCO has offered some soothing words to stakeholders, promising market friendly rates for all petroleum products from its depot in 2018.

https://guardian.ng/energy/nipco-promises-market-friendly-rates-unfettered-access-in-2018/

 

Local content: We were offered vessel to drop petition against oil firm, Senate alleges

THE Senate, yesterday, raised the alarm that it was offered a vessel as bribe to kill a petition brought against an oil firm for allegedly flouting the Nigerian Oil and Gas Industry Content Development Act.
https://www.vanguardngr.com/2018/01/local-content-offered-vessel-drop-petition-oil-firm-senate-alleges/

 

Other news

NLC holds rally in Kaduna tomorrow against sacking of workers

The Nigeria Labour Congress (NLC) has said it would embark on protest against the sacking of workers in Kaduna State tomorrow.

https://guardian.ng/news/nlc-holds-rally-in-kaduna-tomorrow-against-sacking-of-workers/

Kaduna invokes no-work no-pay policy on striking teachers

As the indefinite strike embarked upon by primary school teachers in Kaduna State to protest the mass sacking of teachers that failed competency test enters the second day, the state government, yesterday, declared that it will invoke the policy of no-work no-pay.
https://www.vanguardngr.com/2018/01/kaduna-invokes-no-work-no-pay-policy-striking-teachers/

 

Mass killings: Nigeria sliding into safe haven for terrorism — NLC

NIGERIA Labour Congress, NLC, yesterday expressed disgust over the rate of serial killings across Nigeria especially in Benue, Nasarawa, Adamawa, Rivers and Taraba States were being perpetrated by civilians in the guise of herdsmen.

https://www.vanguardngr.com/2018/01/mass-killings-nigeria-sliding-safe-haven-terrorism-nlc/

 

Unmask Benue killers, sponsors, TUC tells Buhari

The Trade Union Congress says it is aggrieved at how innocent citizens were being hacked to death in Benue State and elsewhere around the country.

http://punchng.com/unmask-benue-killers-sponsors-tuc-tells-buhari/

 

World Forecasts 2.5% Growth for Nigeria in 2018

The World Bank has forecast that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade.

https://www.thisdaylive.com/index.php/2018/01/10/world-forecasts-2-5-growth-for-nigeria-in-2018/

Defending Pension Assets in 2018

President Muhammed Buhari’s administration has a singular additional responsibility to safeguard and protect the 14- year-old pension reform of 2004, as amended in 2014.

https://www.thisdaylive.com/index.php/2018/01/10/defending-pension-assets-in-2018/

 

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NEWS REVIEW FOR TUESDAY, JANUARY 9, 2018

NEWS REVIEW FOR TUESDAY, JANUARY 9, 2018

Oil & Gas

Nigerians speak on latest fuel crisis

If all refineries are 100% performing today, they can only meet the estimated fuel need of four decades ago when they were built. Let us wait on Dangote to do what past and present administrations could not do for Nigerians
https://www.vanguardngr.com/2018/01/nigerians-speak-latest-fuel-crisis/

 

Nigeria among 10 cheapest places to buy petrol – Report

With a pump price of N145 ($0.40) per litre, Nigeria has been ranked as the eighth cheapest place in the world to buy petrol.

http://punchng.com/nigeria-among-10-cheapest-places-to-buy-petrol-report/

 

Why we can’t control price — DPR

FOLLOWING the inability of the Federal Government to stop the selling of fuel above pump price, the Department of Petroleum Resources, DPR, Zonal Controller Southeast, Mr. Peter Ikechukwu Eje, yesterday, said the workforce available may not be enough to achieve the result.
https://guardian.ng/business-services/governments-failure-boosts-illegal-refineries-operations-in-niger-delta/

Missing 4,501 fuel trucks to finance Buhari’s re-election — PDP

THE Peoples Democratic Party, PDP, has alleged that the missing 4,501 trucks of petroleum products, disclosed by Managing Director, Nigeria National Petroleum Cooperation, NNPC, Dr. Mikanti Baru, was geared towards financing the re-election of President Muhammadu Buhari in 2019.
https://www.vanguardngr.com/2018/01/missing-4501-fuel-trucks-finance-buharis-re-election-pdp/

 

Electricity supply to rise as NNPC restores Escravos gas pipeline

The country’s electricity supply situation is set to improve as the Nigerian National Petroleum Corporation, NNPC, yesterday, said it had concluded repair works on the Escravos-Lagos Pipeline, ELP, and gas supply had been restored to the affected power plants.
https://www.vanguardngr.com/2018/01/electricity-supply-rise-nnpc-restores-escravos-gas-pipeline/

http://punchng.com/burnt-pipeline-resumes-gas-supply-to-power-firms/

 

KRPC female workers to give Kaduna orphans scholarship

Female workers of the Kaduna Refining and Petrochemicals Company Limited (KPRC) have disclosed plans to award scholarship and give medical assistance to selected orphans in the state.

https://www.dailytrust.com.ng/krpc-female-workers-to-give-kaduna-orphans-scholarship.html

 

Other News

Nigeria’s external reserves hit $40.4bn

As projected by the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele at the Annual Bankers’ Dinner of the Chartered Institute of Bankers (CIBN) in Lagos last November, the nation’s External Reserves have hit a new level of $40.4 Billion.
https://www.vanguardngr.com/2018/01/nigerias-external-reserves-hit-40-4bn-2/

 

Workers’ welfare and challenges of 2018

Even though 2017 was a very tough and challenging year for workers, pensioners and Nigerians generally with attendant loss of jobs, unpaid salaries and pensions, stunted minimum wage, rise in inflation, petrol scarcity across the country and the fall of the Naira, the organized labour remained optimistic that 2018 holds a more prosperous year.

https://guardian.ng/appointments/workers-welfare-and-challenges-of-2018/

 

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NEWS REVIEW FOR MONDAY, JANUARY 8, 2017

NEWS REVIEW FOR MONDAY, JANUARY 8, 2017

Oil & Gas

Fuel scarcity: NNPC to fix refineries in 18 months — C’ttee report

To address the current scarcity of fuel across the country, stakeholders weekend, recommended among others, for more participation of private sector in the importation of product and the involvement of all security agencies and Department of Petroleum Resources, DPR, in the monitoring of products distribution to check smuggling.
https://www.vanguardngr.com/2018/01/fuel-scarcity-nnpc-fix-refineries-18-months-cttee-report/

 

Marketers give conditions for selling petrol at N145

The cost of petrol in the pricing template that is currently being reviewed will be determined by the rate of foreign exchange, oil marketers have said.

http://punchng.com/marketers-give-conditions-to-sell-petrol-at-n145/

 

Resist another petrol price increase, Aremu urges Nigerians

A member of the National Executive Council of the Nigeria Labour Congress, Mr. Issa Aremu, has urged Nigerians to resist any increase in the price of Premium Motor Spirit, popularly called petrol.

http://punchng.com/resist-another-petrol-price-increase-aremu-urges-nigerians/

 

Nigeria imports dirty fuel one year after ban

One year after the Federal Government banned the importation of dirty fuels into the country as part of efforts to curb the environmental impact of vehicle emissions, the country has yet to enforce the ban.

http://punchng.com/nigeria-imports-dirty-fuel-one-year-after-ban/

 

Fuel scarcity: Senate invites PPPRA, Customs, NPA, others

The Senate has extended its investigation into the lingering scarcity of Premium Motor Spirit (also known as petrol) to more Federal Government agencies and parastatals.

http://punchng.com/fuel-scarcity-senate-invites-pppra-customs-npa-others/

 

Scarcity: NUPENG demands fixing of nation’s refineries

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) on Monday called for the rehabilitation of the nation’s refineries to end the recurring scarcity of petrol in the country.
https://www.vanguardngr.com/2018/01/scarcity-nupeng-demands-fixing-nations-refineries/

https://guardian.ng/news/fix-nigerias-refineries-now-nupeng-urge-nnpc/

 

Fuel Scarcity: Nigerians commend Osinbajo for selfless leadership

Nigerians have commended Vice President Yemi Osinbajo, SAN, for his selfless leadership during the fuel crisis at Christmas period.
https://www.vanguardngr.com/2018/01/fuel-scarcity-nigerians-commend-osinbajo-selfless-leadership/

 

Ex-CBN director urges FG to repair refineries

Dr Titus Okunronmu, a former Director, Budgetary Department, Central Bank of Nigeria (CBN), on Monday, advised the Federal Government to repair all the four refineries in the country.
https://www.vanguardngr.com/2018/01/ex-cbn-director-urges-fg-repair-refineries/

 

Only one out of nine storage facilities functional at Ejigbo Depot, says IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has decried the situation whereby only one storage tank out of nine installed at the Ejigbo Depot was working.

https://guardian.ng/news/only-one-out-of-nine-storage-facilities-functional-at-ejigbo-depot-says-ipman/

 

No intension, whatsoever, to increase petrol pump price, NNPC reiterates

For the umpteenth time, the Nigerian National Petroleum Corporation (NNPC) has denied it has a plan to execute an increase in petrol price.
https://www.vanguardngr.com/2018/01/no-intension-whatsoever-increase-petrol-pump-price-nnpc-reiterates/

 

NNPC posts N68.84bn loss in 10 months

The Nigerian National Petroleum Corporation posted a group operating loss of N68.84bn between January and October 2017.

http://punchng.com/nnpc-posts-n68-84bn-loss-in-10-months/

 

OPEC oil cut adherence rises – Survey

OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing strong commitment to the deal despite higher prices.

https://www.dailytrust.com.ng/opec-oil-cut-adherence-rises-survey.html

 

Cooking gas: NLNG advocates infrastructure development

The Nigeria Liquefied Natural Gas has sought the development of infrastructure to support the efficient distribution and usage of domestic LPG, known as cooking gas, in the country.

http://punchng.com/cooking-gas-nlng-advocates-infrastructure-development/

 

$1.1bn Malabu scam: Six months after, Jonathan ignores Reps invitation

Over six months after he was invited to testify in the investigations into the controversial sale of Oil Prospecting Licence 245, former President Goodluck Jonathan has yet to reply the House of Representatives, findings by The P

http://punchng.com/1-1bn-malabu-scam-six-months-after-jonathan-ignores-reps-invitation/

 

Fuel crisis: Buhari, APC wrecking Nigerian economy – PDP

The Peoples Democratic Party (PDP) has said the inability of the President Muhammadu Buhari-led Ministry of Petroleum Resources to find viable solution to the incessant fuel crisis in the country has wrecked the nation’s economy.

https://www.vanguardngr.com/2018/01/fuel-crisis-buhari-apc-wrecking-nigerian-economy-pdp/

https://www.vanguardngr.com/2018/01/peace-in-niger-delta-now-fetching-nigeria-122-4m-daily-gen-boroh/

 

Nigeria loses N490billion to production shut-in

Nigeria may have lost about N490.11billion to various production shut-ins due to pipeline leaks and vandalism in the Niger Delta between September and October 2017.

https://guardian.ng/business-services/nigeria-loses-n490billion-to-production-shut-in/

 

1 week after fire: NNPC restores Escravos-Lagos pipeline, resumes gas supply

The Escravos-Lagos Pipeline (ELP) shut down last week  after a fire, has been restored and gas supply to customers on the line including power generating companies resumed.

https://www.dailytrust.com.ng/1-week-after-fire-nnpc-restores-escravos-lagos-pipeline-resumes-gas-supply.html

 

34 ships laden with petroleum products, food items, to arrive Lagos ports

Thirty four ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin Can Island Ports in Lagos from Jan. 8 to Jan. 30.

https://www.dailytrust.com.ng/34-ships-laden-with-petroleum-products-food-items-to-arrive-lagos-ports.html

 

NIPCO upbeat on 2018 operations

Amidst the current fuel crisis in the country NIPCO has offered some soothing words to stakeholders, promising “market friendly rates” for all petroleum products from its depot in 2018.

https://www.dailytrust.com.ng/nipco-upbeat-on-2018-operations.html

 

Other News

New minimum wage ready this year, says Ngige

The Minister of Labour and Employment, Dr. Chris Ngige, has said President Muhammadu Buhari is desirous to give Nigerian workers an enhanced pay package this year.

http://punchng.com/new-minimum-wage-ready-this-year-says-ngige/

 

Nigerian banks stop ATM cash withdrawal abroad

A number of Deposit Money Banks in the country have barred their customers from using debit and credit cards to withdraw dollars, euros, pounds and other foreign currencies whenever they travel abroad, investigation by our correspondent has revealed.

http://punchng.com/nigerian-banks-stop-atm-cash-withdrawal-abroad/

 

CPS: PenCom may allow contributors to change PFAs

The National Pension Commission is working on how to open a transfer window that will enable workers with Retirement Savings Accounts under the Contributory Pension Scheme to change their Pension Fund Administrators.

http://punchng.com/cps-pencom-may-allow-contributors-to-change-pfas/

 

Unemployment fear grows as more Nigerians lose jobs

In this piece, IFEANYI ONUBA examines the unemployment crisis facing the country and what the government needs to do in order to reposition the economy on the path of sustainable growth

http://punchng.com/unemployment-fear-grows-as-more-nigerians-lose-jobs/

 

Kogi dismisses 1,774 workers, sacks eight perm secs

The Kogi State Government on Sunday confirmed the retirement of eight permanent secretaries, some directors and the dismissal of 1,774 employees from the state civil service.

http://punchng.com/kogi-dismisses-1774-workers-sacks-eight-perm-secs/

 

National Bureau of Statistics to release 179 reports on economy

The National Bureau of Statistics (NBS) is to release no fewer than 179 reports on different sectors of the economy this year.
https://www.vanguardngr.com/2018/01/national-bureau-statistics-release-179-reports-economy/

 

New Minimum Wage’ll be binding on states – Ngige

DESPITE the apprehension by many state governments over the new minimum wage, the Minister of Labour and Employment, Dr. Chris Ngige has said that the new minimum wage, which is already in the works, would be binding on all the states of the federation and the federal capital territory when it is eventually approved.
https://www.vanguardngr.com/2018/01/new-minimum-wagell-binding-states-ngige/

 

FG to reduce poverty to barest minimum – says Sen. Wakili

Sen. Ali Wakili, Chairman Senate Committee on Poverty Alleviation and Social Welfare said on Sunday that the Federal Government was trying its best to reduce poverty level in the country.
https://www.vanguardngr.com/2018/01/fg-reduce-poverty-barest-minimum-says-sen-wakili/

 

Kaduna teachers begin indefinite strike

Teachers in public secondary and primary schools in Kaduna State on Monday began an indefinite strike action over job security and welfare issues.

https://guardian.ng/news/kaduna-teachers-begin-indefinite-strike/

 

NBS to release 179 reports on economy

The National Bureau of Statistics (NBS) is to release no fewer than 179 reports on different sectors of the economy this year.

https://guardian.ng/business-services/nbs-to-release-179-reports-on-economy/

 

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