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/     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