NEWS REVIEW FOR MONDAY, FEBRUARY 12, 2018

NEWS REVIEW FOR MONDAY, FEBRUARY 12, 2018

Oil & Gas

‘Egina recorded over 50% Nigerian Content’

The Nigerian Content achievement recorded on the Total Upstream Egina deepwater project exceeded 50 percent, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, said on Wednesday.

https://www.dailytrust.com.ng/-egina-recorded-over-50-nigerian-content.html

 

Reps ask PEF to settle debts owed petroleum transporters

A House of Representatives panel has asked the Petroleum Equalisation Fund (PEF) to ensure that it quickly and promptly settles all outstanding debts it owes petroleum transporters in the country.

https://www.dailytrust.com.ng/reps-ask-pef-to-settle-debts-owed-petroleum-transporters.html

 

Dangote graduate trainees vows to end fuel scarcity

Newly trained Dangote Refinery graduate engineers have promised an end to the ongoing fuel scarcity in the country when  the Refinery takes off.

https://www.dailytrust.com.ng/dangote-graduate-trainees-vows-to-end-fuel-scarcity.html

 

‘Why Kaduna refinery is not working, profitable’

On Thursday February 15, it would be exactly one month since the Kaduna Refining and Petrochemical Company (KRPC) shut down operations, due to the non-availability of crude oil.

https://guardian.ng/news/why-kaduna-refinery-is-not-working-profitable/

 

Nigerians deserve to know crude oil lifting data – PWYP

The Civil Society Organisation Publish What You Pay (PWYP) Nigeria has called on the Federal Government to ensure that Nigerians know the exact quantity of crude produced and lifted daily.

 https://www.dailytrust.com.ng/nigerians-deserve-to-know-crude-oil-lifting-data-pwyp.html

PDP asks Buhari to quit as petroleum minister

The Peoples Democratic Party (PDP) has asked President Muhammadu Buhari ‎to quit as Minister of Petroleum Resources in view of the lingering fuel crisis in the country.

https://www.dailytrust.com.ng/pdp-asks-buhari-to-quit-as-petroleum-minister.html

 

Nigeria to export 1m barrels of first oil from $16bn Egina project

There are indications that the coming on stream of the $16 billion Egina project will enhance the revenue profile of Nigeria and other stakeholders as plans have been concluded to export one million barrels in January, 2019.
https://www.vanguardngr.com/2018/02/nigeria-export-1m-barrels-first-oil-16bn-egina-project-january-2019/

 

DPR Embraces Automation of Downstream Operations

The recent introduction of online registration of coastal vessels operating in Nigeria’s territorial waters and fuel retail outlets in the country by the Department of Petroleum Resources will enhance the digitalisation of operations in the downstream sector and improve the country’s position in the global Ease of Doing Business ranking.

http://www.thisdaylive.com/index.php/2018/02/11/dpr-embraces-automation-of-downstream-operations/

 

Host communities condemn attack on oil firm’s manager

An attack on the Public Affairs Manager of ExxonMobil, Mrs. Regina Udobong, has been condemned by youths in the oil company’s host communities of Ibeno, Eket, Esit Eket, and Onna Local Government Areas of Akwa Ibom State.

http://punchng.com/host-communities-condemn-attack-on-oil-firms-manager/

 

NNPC, Kogi to sign biofuel production MoU Tuesday

The Nigerian National Petroleum Corporation and the Kogi State Government will on Tuesday sign a Memorandum of Understanding for the production of ethanol, an organic biofuel that can be used to power automobiles.

http://punchng.com/nnpc-kogi-to-sign-biofuel-production-mou-tuesday/

 

Buhari’s re-election bid fueling sleazes in oil sector, PDP alleges

The Peoples Democratic Party (PDP) has alleged that the President Muhammadu Buhari’s re-election bid has promoted large-scale corruption in the petroleum sector, a development, which he has refused to address.

https://guardian.ng/news/buharis-re-election-bid-fueling-sleazes-in-oil-sector-pdp-alleges/

 

DPR Cautions Filling Stations against Cheating

The Department of Petroleum Resources (DPR), Eastern zone has fined one filling station appropriately in Owerri metropolis, capital of Imo State for under dispensing premium motor spirit (PMS).

http://www.thisdaylive.com/index.php/2018/02/12/dpr-cautions-filling-stations-against-cheating/

 

Military Takes Over Oil Rich Ugborodo Community, Kills One Pirate in Delta

There was a fierce shoot out between suspected oil thieves, pirates, armed youths and heavily armed soldiers from the Joint Task Force (JTF) code-named Operation Delta Safe yesterday in  the troubled oil-rich Ugborodo community in Escravos, Warri South-West Local Government Area of Delta.

https://www.thisdaylive.com/index.php/2018/02/12/military-takes-over-oil-rich-ugborodo-community-kills-one-pirate-in-delta/

 

Other News

Nigeria’s poverty level worrisome — DG, Budget Office

The Director-General, Budget Office of the Federation, Ben Akabueze, in this interview with journalists speaks on the challenges of budget implementation and efforts by the government to get the country back to a predictable budget year

http://punchng.com/nigerias-poverty-level-worrisome-dg-budget-office/

 

Customers continue to pay more on loans, earn less on deposits

Except the seven-day and one-month maturity deposit rates, all other forms of deposits in the banking industry lost values in the fourth quarter of 2017, when compared with the third quarter records.

https://guardian.ng/business-services/customers-continue-to-pay-more-on-loans-earn-less-on-deposits/

 

Slash legislators’, ministers’ pay by half, Sanusi tells Buhari

Emir of Kano, Sanusi Lamido Sanusi II has canvassed for a review of the salaries of National Assembly members and minsters by half with a view to creating more jobs for Nigerian unemployed youths.

https://guardian.ng/news/slash-legislators-ministers-pay-by-half-sanusi-tells-buhari/

 

Health Workers Give FG 21-day Strike Notice

A strong indication of an  industrial strike in the health sector emerged yesterday as members of Joint Health Sector Unions (JOHESU) and Assembly of Healthcare Professional Associations (AHPA) have vowed to embark on a nationwide strike if the federal government does not address their three discontentment.

https://www.thisdaylive.com/index.php/2018/02/12/health-workers-give-fg-21-day-strike-notice/

 

OHCSF, AIG Move to Reposition Nigeria’s Civil Service

The Office of the Head of the Civil Service of the Federation (OHCSF) and the Africa Initiative for Governance (AIG) recently reiterated their joint commitment to reforming the Nigerian Civil Service in a private-public partnership.

http://www.thisdaylive.com/index.php/2018/02/12/ohcsf-aig-move-to-reposition-nigerias-civil-service/

 

Agusto & Co: Nigeria’s Borrowing Binge, a Fiscal Time Bomb

Nigeria’s research and rating agency, Agusto & Co, has stressed the need for the federal government to address what it described as the “fiscal risks lurking in Nigeria’s deficit,” projected at over N3trillion in 2018 alone.

https://www.thisdaylive.com/index.php/2018/02/12/agusto-co-nigerias-borrowing-binge-a-fiscal-time-bomb/

 

 

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NEWS REVIEW FOR THURSDAY, FEBRUARY 1, 2018

NEWS REVIEW FOR THURSDAY, FEBRUARY 1, 2018

Oil & Gas

No fuel subsidy but under-recovery, says Adeosun

The Federal Government on Wednesday insisted that there was no subsidy payment on petrol as it was being done before now.

http://punchng.com/no-fuel-subsidy-but-under-recovery-says-adeosun/

 

FG lost N84bn to ailing refineries in 11 months

The nation’s refineries made a total loss of N84bn from January to November last year, as they continued to operate far below their installed capacity.

http://punchng.com/fg-lost-n84bn-to-ailing-refineries-in-11-months/

 

NNPC to partner private sector to build pipelines

The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has asked the new board of one of the downstream subsidiary firms, the Nigerian Pipeline Storage Company, to enter into partnerships with the private sector to build more pipelines parallel to the corporation’s existing ones.

http://punchng.com/nnpc-to-partner-private-sector-to-build-pipelines/

 

IPMAN to begin construction of $3bn refinery

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to commence work on its proposed $3 billion (N1.08 trillion) refinery in two states in the federation.
https://www.vanguardngr.com/2018/01/ipman-begin-construction-3bn-refinery/

 

NNPC to refurbish, double pipeline network in 10 years

The Nigerian National Petroleum Corporation, NNPC, yesterday announced plans to refurbish all its existing pipeline and also double the country’s pipeline network within the next 10 years.
https://www.vanguardngr.com/2018/02/nnpc-refurbish-double-pipeline-network-10-years/

 

NNPC Asks Subsidiary to Build More Downstream Pipelines With Private Partners

The Nigerian National Petroleum Corporation (NNPC) has tasked one of its downstream subsidiary companies, the Nigerian Pipeline Storage Company (NPSC) to build new pipelines to transport petroleum products across the country through new partnerships with private investors.

https://www.thisdaylive.com/index.php/2018/02/01/nnpc-asks-subsidiary-to-build-more-downstream-pipelines-with-private-partners/

FG Blames Constrained Oil Output for Stagnant ECA

The federal government Wednesday provided clarity on why the proceeds in the excess crude account (ECA) have remained stagnant despite rising oil prices, saying constrained production volumes had undermined rising crude prices.

https://www.thisdaylive.com/index.php/2018/02/01/fg-blames-constrained-oil-output-for-stagnant-eca/

 

Shell’s annual profit triples to $13bn

Royal Dutch Shell said Thursday that profit after taxation almost tripled to just under $13bn (10.5 billion euros) in 2017, energised by rising oil and gas prices.

http://punchng.com/shells-annual-profit-triples-to-13bn/

 

Gas marketers allege sabotage on Magodo explosion, seek investigation

The Nigerian Association of Liquefied Petroleum Gas Marketers Association (NALPGAM) has described as an act of sabotage, the recent gas explosion at the Second Coming Company Nigeria Limited’s plant in Lagos.

https://guardian.ng/business-services/gas-marketers-allege-sabotage-on-magodo-explosion-seek-investigation/

 

Five months after, oil community still occupies flow station, wants Shell out

Kula Kingdom in Akuku-Toru Local Government of Area of Rivers State, hosting OML 25 operated by Shell Petroleum Development Company (SPDC), is still occupying the flow station five months after.

https://guardian.ng/business-services/five-months-after-oil-community-still-occupies-flow-station-wants-shell-out/

 

OPEC January oil output rises, led by Nigeria

Crude oil production from the Organisation of Petroleum Exporting Countries rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact.

http://punchng.com/opec-january-oil-output-rises-led-by-nigeria/

 

FG Pledges Availability of Adequate Cooking Gas

To reduce to the barest minimum, attendant health hazards associated with the use of firewood and kerosene stove for household and commercial, the federal government will boost the implementation of her gas policy by making liquefied petroleum gas, otherwise known as cooking gas abundantly available to everyone irrespective of socio-economic status.

http://www.thisdaylive.com/index.php/2018/01/31/fg-pledges-availability-of-adequate-cooking-gas/

 

Other News

FG’ll prepare supplementary budget for wage increase – Akabueze

The Federal Government will prepare a supplementary budget to take care of workers’ demand for an increase in salaries when the new minimum wage proposal, which is currently being worked on, is eventually approved.

http://punchng.com/fgll-prepare-supplementary-budget-for-wage-increase-akabueze/

 

2018 budget cannot be padded, DG Budget Office

The Director-General, Budget Office of the Federation, Mr Ben Akabueze, says the Federal Government’s 2018 Budget cannot be padded.

http://punchng.com/2018-budget-cannot-be-padded-dg-budget-office/

 

Over 25,000 pensioners not on FG payroll – NUP

More than 25,000 pensioners are still excluded from Federal Government’s payroll of retirees, according to the Nigerian Union of Pensioners (NUP).
https://www.vanguardngr.com/2018/01/25000-pensioners-not-fg-payroll-nup-2/

 

Pensioners threaten Rivers with legal action over increment in pension

Retired civil servants in Rivers State have threatened legal action against the state government over alleged refusal to increase their pension as directed by National Salaries, Incomes and Wages Commission, NSIWC.
https://www.vanguardngr.com/2018/01/pensioners-threaten-rivers-legal-action-increment-pension/

 

January PMI index records slow growth, says CBN

The Central Bank of Nigeria (CBN) yesterday reported that the January 2018 Purchasers Manager Index (PMI) – a survey which measures the productive activities in the manufacturing and non-manufacturing sectors of the country grew to 57.3 pet cent, howbeit sluggishly in comparative terms with previous growth trajectory.

https://guardian.ng/business-services/january-pmi-index-records-slow-growth-says-cbn/

 

‘Manufacturing Will Lift Nigeria Out of Poverty’

Foremost Economist and a former Adviser to former President Olusegun Obasanjo, Prof Osita Ogbu has said that the nation’s poverty level will continue to remain high until there’s a proper transition from oil to manufacturing.

http://www.thisdaylive.com/index.php/2018/02/01/manufacturing-will-lift-nigeria-out-of-poverty/

 

Nigeria Ranked Low on Budget Transparency Index

Nigeria slipped into 90th place behind Zimbabwe and Afghanistan in the global Open Budget index released on Thursday.

https://www.thisdaylive.com/index.php/2018/02/01/nigeria-ranked-low-on-budget-transparency-index/

 

 

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