NEWS REVIEW FOR WEDNESDAY, MAY 23, 2018

 

Petrol subsidy: Ezekwesili tackles Buhari, NNPC

A former Minister of Education, Oby Ezekwesili, on Tuesday tackled President Muhammadu Buhari, as the substantive Minister of Petroleum Resources, and the Nigerian National Petroleum Corporation over the lack of transparency in the petrol subsidy arrangement.

http://punchng.com/petrol-subsidy-ezekwesili-tackles-buhari-nnpc/

NNPC Seeks New Measures to Reduce Losses Incurred on Petrol Imports

The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it has proposed to the Nigerian Ports Authority (NPA) new measures that could help reduce the loses it incur on imported petrol.

https://www.thisdaylive.com/index.php/2018/05/23/nnpc-seeks-new-measures-to-reduce-losses-incurred-on-petrol-imports/

 

Nigerian crude oil cargoes struggling to find buyers

Nigerian crude oil grades continued to struggle on Tuesday, weighed down by a surplus of unsold June loading cargoes as the July programmes emerged.

http://punchng.com/nigerian-crude-oil-cargoes-struggling-to-find-buyers/

https://www.dailytrust.com.ng/glut-unsold-nigerian-crude-cargoes-liter-market-251968.html

 

N1.4tr spending on fuel subsidy, a misallocation of resources – Emir Sanusi

The Emir of Kano, Malam Muhammadu Sanusi II, has condemned the continued fuel subsidy spending by the Buhari administration, saying it is misallocation of scarce resources.

https://www.dailytrust.com.ng/n1-4tr-spending-on-fuel-subsidy-a-misallocation-of-resources–emir-sanusi-251972.html

 

Shell’s Oil Spill Dispute with Nigerian Villagers Back in UK Court

Lawyers for the Bodo community in Ogoniland of Rivers State, which was devastated by two major oil spills in 2008, went to court in London yesterday to fend off what they said was an attempt by Shell to kill off their litigation.

https://www.thisdaylive.com/index.php/2018/05/23/shells-oil-spill-dispute-with-nigerian-villagers-back-in-uk-court/

 

Petroleum sector generates N12.132b tax in three months

Nigeria’s petroleum sector contributed Value Added Tax (VAT) of N12.132 billion during the first quarter of 2018, data from the National Bureau of Statistics (NBS) has shown.

https://guardian.ng/business-services/petroleum-sector-generates-n12-132b-tax-in-three-months/

 

Tanker drivers call off strike in Rivers

Tanker drivers in Rivers State on Tuesday called off their weeklong strike following the intervention of the Nigerian National Petroleum Corporation in the disagreement between them and security agents in the state.

http://punchng.com/tanker-drivers-call-off-strike-in-rivers/

 

‘NNPC, NPA partnership will reduce under-recovery, enhance product supply’

Collaboration between the Nigerian National Petroleum Corporation (NNPC) has said that collaboration between it and the Nigerian Ports Authority (NPA) will help the country reduce expenditures made by the state oil company and limit chances of fuel scarcity.

https://guardian.ng/news/nnpc-npa-partnership-will-reduce-under-recovery-enhance-product-supply/

 

Other news

Budget 2018: Something to Cheer?

With a rapidly growing population, Obinna Chima wonders if Nigeria’s 2018 budget has what it takes to drive the much-desired growth in the country

https://www.thisdaylive.com/index.php/2018/05/23/budget-2018-something-to-cheer/

 

CBN: Why We Did Not Reduce Interest Rate

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its second meeting for the year, expressing apprehension that the late passage and implementation of the 2018 budget, as well as election spending, could trigger inflationary trends and reverse the economic gains made so far, if pre-emptive measures are not adopted.

https://www.thisdaylive.com/index.php/2018/05/23/cbn-why-we-did-not-reduce-interest-rate/

 

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NEWS REVIEW FOR MONDAY, MAY 21, 2018

 

Oil & Gas

NNPC reduces loss by 77.1% as refineries perform poorly

The Nigerian National Petroleum Corporation reduced its group operational loss by 77.1 per cent, cutting it down by N5.3bn within a period of one month.

http://punchng.com/nnpc-reduces-loss-by-77-1-as-refineries-perform-poorly/

PIB: Oil workers reject new regulator’s powers

The Petroleum and Natural Gas Senior Staff Association of Nigeria and the Nigeria Union of Petroleum and Natural Gas Workers have expressed worry over the powers conferred on the proposed Nigeria Petroleum Regulatory Commission under the Petroleum Industry Bill.

http://punchng.com/pib-oil-workers-reject-new-regulators-powers/

Oil workers pick holes in PIB amendment bills

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have raised concern over some amendments made in the Petroleum Industry Bill (PIB), saying that some of the recommendations could lead to unnecessary bureaucratic bottlenecks and abuse.

https://www.dailytrust.com.ng/oil-workers-pick-holes-in-pib-amendment-bills-251586.html

PIGB: Fresh concerns over job security, overbearing uncontrollable commission

As stakeholders await President Muhammadu Buhari’s assent to the harmonised Petroleum Industry Bill Governance Bill (PIGB) with sublime hope, not a few workers are worried over job security. Some interest groups also see the bill as an old wine in a new wine skin.

http://thenationonlineng.net/pigb-fresh-concerns-over-job-security-overbearing-uncontrollable-commission/

Oil workers disagree with NCDMB, OPTS on new service pact

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have expressed dismay over a new Service Level Agreement (SLA) reached between the Nigerian Content Development and Monitoring Board (NCDMB) and the Oil Producers Trade Section (OPTS).

https://www.dailytrust.com.ng/oil-workers-disagree-with-ncdmb-opts-on-new-service-pact-251539.html

THUMPS UP: Shortening Contracting Cycle in Oil Industry

The federal government through the Nigerian Content Development and Monitoring Board (NCDMB) recently signed a Service Level Agreement (SLA) with the oil companies operating in Nigeria under the aegis of the Oil Producers Trade Section (OPTS), to reduce the long contracting cycle, which had hindered investments in Nigeria’s oil and gas industry.

https://www.thisdaylive.com/index.php/2018/05/21/thumps-up-shortening-contracting-cycle-in-oil-industry/

Oil Prices Rise as US Puts Trade War with China ‘On Hold’

Oil prices rose on Monday, lifted by a rally across stocks and other commodities, after the United States said it had put a possible trade war with China “on hold”.

https://www.thisdaylive.com/index.php/2018/05/21/oil-prices-rise-as-us-puts-trade-war-with-china-on-hold/

2018 Budget: FG won’t Meet 2.3 mbpd Production Target Due to Sabotage, Says FBN

The crude production target of 2.3 million barrels per day proposed in the 2018 budget will not be achieved because of acts of sabotage in the lead-up to the 2019 elections, FBNQuest Capital has predicted.

https://www.thisdaylive.com/index.php/2018/05/20/2018-budget-fg-wont-meet-2-3-mbpd-production-target-due-to-sabotage-says-fbn/

2017 Budget: Net Oil Revenue Dropped by N401bn in Q3

The actual net oil revenue into the Federation Account in the third quarter (Q3) of 2017 stood at ₦692.40 billion, indicating a drop of ₦401.51 billion or 36.7 per cent decline in the quarterly estimated budget of ₦1.093 trillion, the draft third quarter 2017 Budget implementation report has shown.

https://www.thisdaylive.com/index.php/2018/05/20/2017-budget-net-oil-revenue-dropped-by-n401bn-in-q3/

FG Stops Seplat’s Project over Alleged Violation of Nigerian Content Law

The federal government through the Nigerian Content Development and Monitoring Board (NCDMB) has directed Seplat Petroleum Development Company Plc to suspend work on its ANOH Gas Plant project in Oil Mining Lease (OML) 53 over alleged violation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 by using a UAE firm for the engineering and fabrication, THISDAY has learnt.

https://www.thisdaylive.com/index.php/2018/05/21/fg-stops-seplats-project-over-alleged-violation-of-nigerian-content-law/

OML 18: San Leon Energy, Six Others Dragged Before Court

Suntrust Oil Company Nigeria Limited has summoned San Leon Energy Plc and six other defendants to appear before a Federal High Court in Lagos within 30 days in the suit number FHC/L/CS/793/2018 in respect of Oil Mining Lease (OML) 18.

https://www.thisdaylive.com/index.php/2018/05/21/oml-18-san-leon-energy-six-others-dragged-before-court/

Court Fixes Tomorrow to Rule on N122bn Judgment Debt against Shell, FBN

Justice Ibrahim Buba of the Federal High Court in Lagos has fixed tomorrow to rule on the garnishee proceedings filed by some Ogoni chiefs from Ejama community in Rivers State against the Central Bank of Nigeria (CBN) and First Bank of Nigeria Limited for their failure to pay a N122 billion judgment debt against Shell Petroleum Development Company Limited (SDPC).

https://www.thisdaylive.com/index.php/2018/05/21/court-fixes-tomorrow-to-rule-on-n122bn-judgment-debt-against-shell-fbn/

PDP accuses Buhari of condoning fuel subsidy fraud

The Peoples Democratic Party has accused President Muhammadu Buhari of superintending over a corrupt fuel subsidy regime.

http://punchng.com/pdp-accuses-buhari-of-condoning-fuel-subsidy-fraud/

Nigerian economy expands in Q1 as oil output rises

Nigeria’s economy expanded for a fourth straight quarter in the first three months of the year, boosted by an increase in oil prices and output.

https://guardian.ng/business-services/nigerian-economy-expands-in-q1-as-oil-output-rises/

Other News

Nigerians Groan Despite Inflation Drops

Though Nigeria’s Consumer Price Index recorded its 15th month of deceleration in April, from 18.97 per cent in January 2017 to 12.48 per cent in April 2018, cost of food still remains high.

https://www.thisdaylive.com/index.php/2018/05/20/nigerians-groan-despite-inflation-drops/

Naira devaluation unlikely before elections —Analysts

Analysts at FBNQuest Capital Limited have said that the monetary authorities are unlikely to devalue the naira or unify the exchange rates before the 2019 elections.

http://punchng.com/naira-devaluation-unlikely-before-elections-analysts/

Buhari’ll receive passed 2018 budget this week – Reps

The House of Representatives has said that a clean copy of the 2018 budget will be on the table of President Muhammadu Buhari within one week from the date of passage.

http://punchng.com/buharill-receive-passed-2018-budget-this-week-reps/

2018 budget: Experts fault oil benchmark increment

Some financial experts on Friday faulted the increase in the oil benchmark of the 2018 appropriation bill from 45 dollars to 51 dollars by the Senate.

https://guardian.ng/business-services/2018-budget-experts-fault-oil-benchmark-increment/

 

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NEWS REVIEW FOR FRIDAY, MAY 18, 2018

 

Oil & Gas

PENGASSAN hails Reps’ decision on NLNG

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has praised the House of Representatives’ decision on the proposed sale of the Federal Government’s shares in Nigerian Liquefied Natural Gas (NLNG).

http://thenationonlineng.net/pengassan-hails-reps-decision-on-nlng/

https://www.vanguardngr.com/2018/05/pengassan-lauds-reps-stance-nlng-sale/

https://www.thisdaylive.com/index.php/2018/05/18/pengassan-hails-lawmakers-decision-on-nlngs-sale/

 

NUPENG expresses concerns over non-passage of remaining parts of PIB

Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is worried about the delay in the passage of the remaining parts of the Petroleum Industry Bill, PIB, and called on the National Assembly to expedite action on the passage.

https://www.vanguardngr.com/2018/05/nupeng-expresses-concerns-non-passage-remaining-parts-pib/

 

Nigeria loses N4.7bn daily as Shell, others cut export

Nigeria is losing roughly N4.7 billion daily as a result of the suspension of export of Bonny Light crude, the country’s premium crude oil.

https://www.dailytrust.com.ng/nigeria-loses-n4-7bn-daily-as-shell-others-cut-export-251128.html

 

Declare emergency on roads, NUPENG advises Fed Govt

The National Union of Petroleum and Natural Gas Workers (NUPENG) has urged the Federal Government to declare a state of emergency on roads. The measure, it said, would end carnage on them and ease road transportation.

http://thenationonlineng.net/declare-emergency-on-roads-nupeng-advises-fed-govt/

 

BudgIT hails NNPC on plan to reduce gas flaring

A civic technology organisation, BudgIT, has commended plans to end gas flaring by the Nigerian National Petroleum Corporation ( NNPC ).

http://thenationonlineng.net/budgit-hails-nnpc-on-plan-to-reduce-gas-flaring/

 

NNPC, NPA, FIRS, others failed to remit N526bn, $21bn –NEC

Eighteen Federal Government’s revenue generating agencies failed to remit N526bn and $21bn into the Federation Account between 2010 and June 2015, an audit commissioned by the National Economic Council has revealed.

http://punchng.com/nnpc-npa-firs-others-failed-to-remit-n526bn-21bn-nec/

https://guardian.ng/news/economic-council-directs-nnpc-others-to-refund-n8tr/

 

Shell declares force majeure on Bonny Light exports

Shell Petroleum Development Company of Nigeria Limited has declared force majeure on exports of Bonny Light crude, one of the country’s major sources of oil revenue.

http://punchng.com/shell-declares-force-majeure-on-bonny-light-exports/

 

Oil price could hit $100 ‘in coming months’ – Total CEO

The CEO of French oil giant Total said Thursday he would not be surprised to see the price of a barrel of crude reach $100 later this year.

http://punchng.com/oil-price-could-hit-100-in-coming-months-total-ceo/

 

NNPC earns N1.554 trillion from oil export

Nigeria’s oil and gas sector recorded total revenue of $4.29billion (N1.554trillion) from exports between January 2017 and January 2018.On a monthly basis, total export sale of $439.60million was recorded in January 2018, representing 1.79 per cent lower than the previous month.

https://guardian.ng/business-services/nnpc-earns-n1-554-trillion-from-oil-export/

 

Kachikwu seeks approval of FDP to attract investments in oil, gas

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has urged the Federal Government to act quickly to evaluate and approve Field Development Proposals (FDPs).

https://guardian.ng/news/kachikwu-seeks-approval-of-fdp-to-attract-investments-in-oil-gas/

 

Shell boosts domestic gas supply by 150%

Shell Nigeria Gas (SNG) Limited has increased its domestic gas distribution capacity by 150 per cent in the last six months.

http://thenationonlineng.net/shell-boosts-domestic-gas-supply-by-150/

 

Kachikwu lauds DPR over digitalisation of crude account

The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, has lauded the Department of Petroleum Resources, DPR, for its strides towards achieving digital technological breakthrough in crude oil accounting through the deployment of the National Production Monitoring System (NPMS) platform.
https://www.vanguardngr.com/2018/05/kachikwu-lauds-dpr-over-digitalisation-of-crude-account/

 

OML 30 community leaders unite to tackle oil firm

Following the crisis in communities hosting Oil Mining Lease (OML) 30, stakeholders have called for a common front to tackle Heritage Energy Operational Services Limited (HEOSL).

http://thenationonlineng.net/oml-30-community-leaders-unite-to-tackle-oil-firm/

 

2018 budget: Experts fault oil benchmark increment

Some financial experts on Friday faulted the increase in the oil benchmark of the 2018 appropriation bill from 45 dollars to 51 dollars by the Senate.

https://guardian.ng/business-services/2018-budget-experts-fault-oil-benchmark-increment/

 

NOSDRA holds Oil Spill Summit May 24

Stakeholders in the oil and gas industry will meet to exchange ideas on issues relating to spills as the National Oil Spill Detection and Response Agency, NOSDRA, has concluded plans to organise a sensitization summit on oil spill incidents, the appropriate response and management required in oil producing areas in the Niger Delta.
https://www.vanguardngr.com/2018/05/nosdra-holds-oil-spill-summit-may-24/

 

Governors threaten to takeover fuel subsidy payment from NNPC

National Economic Council (NEC), comprising the 36 State Governors in the country, has threatened to take over the responsibility of subsidising petroleum products in their states based on consumption following the huge amount of money being spent by the NNPC as fuel subsidy payment annually.
https://www.vanguardngr.com/2018/05/governors-threaten-takeover-fuel-subsidy-payment-nnpc/

 

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Other News

FG, states, others diverted N320bn Natural Resources Fund – Dogara

The Speaker of the House of Representatives, Mr. Yakubu Dogara, on Thursday disclosed how the Federal Government, states and private organisations allegedly diverted N320bn from the Natural Resources Fund over the years.

http://punchng.com/fg-states-others-diverted-n320bn-natural-resources-fund-dogara/

 

Court orders JOHESU to end strike and resume work within 24 hours

The National Industrial Court, Abuja, on Thursday ordered striking members of Joint Health Sector Union to suspend its on-going strike and resume duties across the nation within 24 hours.

http://punchng.com/court-orders-johesu-to-end-strike-and-resume-work-within-24-hours/

 

Pension fund rises to N7.94tn

The total pension fund under management by pension operators rose to N7.94tn at the end of March this year, figures released by the National Pension Commission on Wednesday showed.

http://punchng.com/pension-fund-rises-to-n7-94tn/

 

ILO tackles Nigeria over gender rule

The International Labour Organisation (ILO) is not happy with Nigeria for not adhering to its policy of fair gender representation in delegations attending its conference (ILC), Nigeria Labour Congress (NLC) president Comrade Ayuba Wabba has said.

http://thenationonlineng.net/ilo-tackles-nigeria-over-gender-rule/

 

Nigeria to add 189m people 2050, says UN

Nigeria has been projected to add no fewer than 189 million people to its present population between 2018 and 2050, the United Nations Department of Economic and Social Affairs (DESA) has said.

http://thenationonlineng.net/nigeria-to-add-189m-people-2050-says-un/

 

Labour, manufacturers set to endorse free trade agreement

General Secretary of the Nigeria Labour Congress (NLC), Dr. Peter Ozo-Eson, has disclosed readiness to endorse the Continental Free Trade Agreement (CFTA).

https://guardian.ng/news/labour-manufacturers-set-to-endorse-free-trade-agreement/

 

Ngige says Nigeria lags behind in productivity, competitiveness

Senator Chris Ngige, Minister of Labour and Employment, says Nigeria is abundantly blessed in human and natural resources, but unfortunately lags behind smaller or even less-endowed African countries in productivity and competitiveness.

https://guardian.ng/news/ngige-says-nigeria-lags-behind-in-productivity-competitiveness/

 

 

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NEWS REVIEW FOR THURSDAY, MAY 17, 2018

 

 

NEWS REVIEW FOR THURSDAY, MAY 17, 2018

Oil & Gas

plit petroleum licences in PIB, NNPC tells N’Assembly

The Nigerian National Petroleum Corporation on Wednesday called for the splitting of petroleum licences into prospecting and production phases under the draft Petroleum Industry Administrative legislation currently before the National Assembly.

http://punchng.com/split-petroleum-licences-in-pib-nnpc-tells-nassembly/

https://www.dailytrust.com.ng/pib-nnpc-seeks-split-of-petroleum-licences-250991.html

Presidency denies receipt of PIB

The Presidency on Wednesday said President Muhammadu Buhari had yet to receive a copy of the Petroleum Industry Governance Bill recently passed into law by the National Assembly.

http://punchng.com/presidency-denies-receipt-of-pib/

 

Govs want petrol subsidy payments probed

The 36 state governors have moved against the Nigerian National Petroleum Corporation for allegedly falsifying some figures.

http://punchng.com/govs-want-petrol-subsidy-payments-probed/

https://www.dailytrust.com.ng/governors-accuse-nnpc-of-fraudulent-subsidy-payment-250919.html

NNPC earns N1.554 trillion from oil export

Nigeria’s oil and gas sector recorded total revenue of $4.29billion (N1.554trillion) from exports between January 2017 and January 2018.On a monthly basis, total export sale of $439.60million was recorded in January 2018, representing 1.79 per cent lower than the previous month.

https://guardian.ng/business-services/nnpc-earns-n1-554-trillion-from-oil-export/

NCDMB, OPTS sign agreement to shorten contract cycles

The Nigerian Content Development and Monitoring Board (NCDMB), and the Oil Producers Trade Section (OPTS), the umbrella body of major international and indigenous operating oil companies have signed a Service Level Agreement (SLA), aimed at shortening the often protracted industry contracting cycle.

https://guardian.ng/business-services/ncdmb-opts-sign-agreement-to-shorten-contract-cycles/

New gas, oil policy to improve business environment, investors’ activities, says Kachikwu

Following the approval of a new gas and oil policy, the Federal Government is working to improve business environment, leading to increased investor activity and energy supply, thus improving prices of goods and services.

https://guardian.ng/business-services/new-gas-oil-policy-to-improve-business-environment-investors-activities-says-kachikwu/

PIB will ensure strong regulation in oil, gas industry, says expert

The Chairman Board of Governors, the Petroleum Club, Lagos, Godswill Ihetu, has said the Petroleum Industry Bill (PIB), if passed into law would address inefficiencies, and ensure strong regulations in the Oil and Gas industry.

https://guardian.ng/business-services/pib-will-ensure-strong-regulation-in-oil-gas-industry-says-expert/

Oil hits $80, highest since Nov 2014

Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market.

https://www.dailytrust.com.ng/oil-hits-80-highest-since-nov-2014-251076.html

How to avoid another round of oil price crash – Barkindo

To avoid another around of oil price downfall, the producers must always be vigilant of market signs and indicators and always have the mid-and long-term in mind  before making calculations and decisions, the Secretary General of the Organisation of Petroleum Exporting Countries, Mohammed S. Barkindo has said.

https://www.dailytrust.com.ng/how-to-avoid-another-round-of-oil-price-crash-barkindo-250999.html

NNPC doubles local firms in crude lifting contract list

The Nigerian National Petroleum Corporation (NNPC) has awarded 50 companies with contracts to buy Nigerian crude and more than half of them are local firms, foreign and Nigerian trading sources told Reuters.

https://www.dailytrust.com.ng/nnpc-doubles-local-firms-in-crude-lifting-contract-list-250768.html

NNPC Seeks End to Perpetual Hold on Oil Acreages

The Nigerian National Petroleum Corporation (NNPC) has asked the National Assembly to split the licences issued for development of oil fields in Nigeria into two components, one for prospecting and another for production under the draft Petroleum Industry Administrative Bill (PIAB) currently before it.

https://www.thisdaylive.com/index.php/2018/05/17/nnpc-seeks-end-to-perpetual-hold-on-oil-acreages/

Akwa Ibom, Mobil collaborate on oil exploration

The Akwa Ibom State Government has announced plans to work more with Mobil Producing Nigeria in the area of oil exploration and development of various communities.

http://punchng.com/akwa-ibom-mobil-collaborate-on-oil-exploration/

Politicians showed unusual interest in refineries’ maintenance contracts – Akpieyi

Chief Joseph Akpieyi, a former Chief Executive Officer of Nigerian Petroleum Refining Company (now Port Harcourt Refinery Company) (1980-85) and Warri Refining and Petrochemicals Company Limited (1980-88), is the chairman of ARCO Group.

http://punchng.com/politicians-showed-unusual-interest-in-refineries-maintenance-contracts-akpieyi/

IPMAN seeks timely payment of bridging claims

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has appealed for the timely payment of bridging claims to its members.

https://www.dailytrust.com.ng/ipman-seeks-timely-payment-of-bridging-claims-250984.html

Vitol, Glencore, Shell Compete for Petrobras’ Nigerian Assets

The world’s three largest oil traders are competing to buy the African arm of Brazil’s Petrobras (PETR4.SA) that owns stakes in two major Nigerian offshore oil blocks, industry and banking sources with knowledge of the matter said, after submitting bids earlier this month.

https://www.thisdaylive.com/index.php/2018/05/17/vitol-glencore-shell-compete-for-petrobras-nigerian-assets/

Cooking gas price rises by 15%, says NALPGAM

The price of 20 metric tonnes of Liquefied Petroleum Gas, popularly known as cooking gas, has increased by 15 per cent to N4.6m, the marketers have said.

http://punchng.com/cooking-gas-price-rises-by-15-says-nalpgam/

https://www.dailytrust.com.ng/vat-makes-lpg-price-high-marketers-250998.html

N’Delta coalition writes Buhari, demand oil blocs

The Coalition of Niger Delta Agitators has written to President Muhammadu Buhari asking for a re-distribution of all expired Oil Mining Licences and Oil Prospecting Licences earlier allocated to companies and individuals.

http://punchng.com/ndelta-coalition-writes-buhari-demand-oil-blocs/

Other News

At last, National Assembly passes N9.12tn budget…lawmakers increase NASS budget to N139.5bn

The National Assembly eventually passed the 2018 budget on Wednesday, six months after President Muhammadu Buhari submitted the estimates to both chambers of the assembly.

http://punchng.com/at-last-nassembly-passes-n9-12tn-budget-lawmakers-increase-nass-budget-to-n139-5bn/

2018 budget to face further delay

The 2018 budget is set to face further delay despite its passage by the National Assembly yesterday.

External reserves drop for first time in eight months

The nation’s foreign exchange reserves have declined for the first time in eight months, slipping to $47.793bn, according to the latest data from the Central Bank of Nigeria.

http://punchng.com/external-reserves-drop-for-first-time-in-eight-months/

LCCI raises concern over FOREX multiplicity rate

The Lagos Chamber Of Commerce And Industry (LCCI) has raised concern over use of foreign exchange multiple rate by the Central Bank of Nigeria (CBN) saying that such rate will continue to raise transparency issues with adverse impact on investors’ confidence.

https://www.dailytrust.com.ng/lcci-raises-concern-over-forex-multiplicity-rate-250994.html

PTAD recovers N16bn pension assets from insurance underwriters

The Pension Transitional Arrangement Directorate has so far recovered N16bn of legacy pension funds and assets from insurance underwriters.

http://punchng.com/ptad-recovers-n16bn-pension-assets-from-insurance-underwriters/

FG clears workers’ promotion arrears with N34.2bn

The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government would settle the inherited debts and contractual obligations to local contractors between 2006 and 2015.

http://punchng.com/fg-clears-workers-promotion-arrears-with-n34-2bn/

Informal sector growth threatens decent work agenda, says ILO

The high incidence of informality has been identified as a major challenge militating against decent work and sustainable of an inclusive development, as transition to the formal economy is a condition to realise decent work for all, the International Labour Organisation (ILO) has said.

https://guardian.ng/appointments/informal-sector-growth-threatens-decent-work-agenda-says-ilo/

Trends shaping the modern workplace

The workplace as we know it is evolving. Nearly half of executives believe that by 2020, technology such as cloud and Artificial Intelligence will have an impact on their way of working.

http://punchng.com/trends-shaping-the-modern-workplace/

Nine million Nigerians lost jobs under Buhari, says Moghalu

A former deputy governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, has said that defeating President Muhammadu Buhari in the 2019 general elections will be easy.

http://punchng.com/nine-million-nigerians-lost-jobs-under-buhari-says-moghalu/

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NEWS REVIEW FOR THURSDAY, MARCH 15, 2018

Oil & Gas

No money to fix refineries – FG
The Federal Government has said that it has no money to fix the nation’s refineries.
https://www.dailytrust.com.ng/no-money-to-fix-refineries-fg.html

Modular refineries not meant to address fuel scarcity – Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Wednesday said the modular refineries being planned for the Niger Delta were not meant to address fuel scarcity.

Modular refineries not meant to address fuel scarcity – Kachikwu

IPMAN tasks NNPC on steady supply of petroleum products
The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday urged the Nigerian National Petroleum Corporation (NNPC) to intensify the distribution of petroleum products to Western depots, to address shortage in the hinterlands.
https://www.dailytrust.com.ng/ipman-tasks-nnpc-on-steady-supply-of-petroleum-products.html

Reps begin probe of subsidy payment
The joint House of Representatives committee on finance and petroleum (downstream) have resolved to go fully and investigate alleged payments of subsidy by relevant government authorities.
https://www.dailytrust.com.ng/reps-begin-probe-of-subsidy-payment.html

Nigerian crude oil supply weighs on market
Plentiful supplies of Nigerian crude weighed on the market on Wednesday, while Angola’s state oil company sold a Dalia cargo, reducing the number of unsold barrels ahead of the release of May loading programmes.

Nigerian crude oil supply weighs on market

Nigeria’s oil reserves drop by 961 million barrels
Contrary to the Federal Government’s target of increasing crude oil reserves, the country recorded a decline of 961.47 million barrels in four years on the back of low investment in exploration by oil companies.

Nigeria’s oil reserves drop by 961 million barrels

OPEC admits United States shale may crash oil price
The Organisation of Petroleum Exporting Countries (OPEC) has admitted for the first time that the growing crude oil output from the United States (U.S.) may threaten the price of crude oil despite efforts to rebalance the market.

OPEC admits United States shale may crash oil price

FG vs Agip: Court fixes May 28 for $55m debt recovery suit
A Federal High Court in Lagos on Wednesday adjourned until May 28 hearing of a 55 million dollars debt recovery suit by the Federal Government against Agip Oil Company Ltd.

FG vs Agip: Court fixes May 28 for $55m debt recovery suit

UK looking to other countries for gas supply – May
United Kingdom’s Prime Minister, Theresa May, said on Wednesday that the UK was “looking to other countries” for gas supply due to deteriorating relations with Russia triggered by the poisoning of ex-spy Sergei Skripal in the UK.

UK looking to other countries for gas supply – May

FG to reduce sulphur level in diesel by July
After failing to enforce the ban on importation of dirty fuels into the country on July 1, 2017, the Federal Government will cut the sulphur level allowed in diesel by July 1, this year, the Nigerian National Petroleum Corporation has said.

FG to reduce sulphur level in diesel by July

We have stake in solving Nigeria’s petroleum crisis — FUPRE
MANAGEMENT of the Federal University of Petroleum Resources, FUPRe, Effurun, has said that the institution has the potentials to solve Nigeria’s fuel crisis, but lack of funds is destroying the intuition’s vision of being one of the best universities in the world.

We have stake in solving Nigeria’s petroleum crisis — FUPRE VC

Other News

Nigeria’s debt rises by N9.61tn under Buhari
Under President Muhammadu Buhari, Nigeria has grown its debt portfolio by N9.61tn, statistics available from the Debt Management Office have shown.

Nigeria’s debt rises by N9.61tn under Buhari

Inflation falls for 13th consecutive month to 14.33%
The National Bureau of Statistics on Wednesday said the country’s Consumer Price Index, which measures inflation, rose by 14.33 per cent (year-on-year) in February 2018.

Inflation falls for 13th consecutive month to 14.33%

SSANU, NASU, NAAT suspend three-month strike
The non-academic unions of universities, which began an industrial strike since December 4, 2017, has suspended its strike

SSANU, NASU, NAAT suspend three-month strike

Public debt hits N21.7tr, rises by N4.365 trillion
The Nigerian government borrowed N4.365 trillion in 2017, bringing the country’s total debt stock to N21.725 trillion.

Public debt hits N21.7tr, rises by N4.365 trillion

Food prices remain high despite easing inflation
The Consumer Price Index (CPI) which measures inflation increased by 14.33 percent (year-on-year) in February 2018, 0.8 percent points less than January figure, just as food price pressure continued into the month under review as all major food sub-indexes increased.

Food prices remain high despite easing inflation

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NEWS REVIEW FOR WEDNESDAY, MARCH 14, 2018

Refineries’ overhaul to commence in second quarter — NNPC
The Nigerian National Petroleum Corporation, NNPC, Tuesday, disclosed that rehabilitation of the country’s refineries would commence in the second quarter of 2018.

Refineries’ overhaul to commence in second quarter — NNPC

Average price of petrol at N173 — NBS
The National Bureau of Statistics, NBS, yesterday said average price paid by consumers for Premium Motor Spirit, PMS, popularly known as petrol, increased by 15.1 percent year-on-year, YoY, and 9.6 percent month-on-month, MoM, to N172.5 in February 2018.

Average price of petrol at N173 — NBS

Buhari Sacks Boroh, Names Dokubo Amnesty Programme Coordinator
President Muhammadu Buharion Tuesday sacked Brigadier-General Paul Boroh (rtd) as the Coordinator of the Presidential Amnesty Programme and replaced him with Professor Charles Quaker Dokubo.

Buhari Sacks Boroh, Names Dokubo Amnesty Programme Coordinator

Shell, Eni Preempt Possible US Probe over Malabu Deal with Filings
Royal Dutch Shell and Eni have voluntarily filed to the United States authorities internal probes into how they acquired Oil Prospecting Lease (OPL) 245 in Nigeria, as the companies seek to fight corruption allegations in Europe and Nigeria.

Shell, Eni Preempt Possible US Probe over Malabu Deal with Filings

50 oil, gas experts storm Lagos for confab
Over 50 leading oil and gas experts will gather in Lagos on March 20 and 21 to brainstorm on the challenges and opportunities in the volatile sector.The event is the 2nd Lawyers in Oil & Gas Conference holding at Eko Hotel & Suites, Lagos.

50 oil, gas experts storm Lagos for confab

DPR partners NSCDC to prosecute illegal petroleum marketers
The Department of Petroleum Resources (DPR), Eket field office says it has strengthened its partnership with the Nigeria Security and Civil Defence Corps (NSCDC) to prosecute petroleum marketers operating illegal petrol stations in the state.

DPR partners NSCDC to prosecute illegal petroleum marketers


Other news

Land Use Charge: Plaudits and Posers for Ambode
First, let’s deal with the praise, the plaudits, before ending this piece with the questions, the posers.

Land Use Charge: Plaudits and Posers for Ambode

No date for passage of 2018 budget yet – Senate
The Senate has said it is uncertain when the 2018 Appropriation Bill will be passed by the National Assembly.

No date for passage of 2018 budget yet – Senate

Stakeholders’ role in sustaining reforms in Pension industry — Takor
One other issue addressed by PenCom in the framework is the issue of Minimum Guarantee Pension as provided for in Section 84 subsection 1 of PRA 2014.

Stakeholders’ role in sustaining reforms in Pension industry — Takor

MAN cautions FG on free trade agreements
The Manufacturers Association of Nigeria (MAN), yesterday, warned Federal Government over signing free trade agreements, saying that hasty implementation of such agreements could lead to dumping of products in the country.

MAN cautions FG on free trade agreements

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NEWS REVIEW FOR TUESDAY, MARCH 13, 2018

NEWS REVIEW FOR TUESDAY, MARCH 13, 2018

Oil & Gas

PENGASSAN Accuses Indigenous Oil Firms of Flouting Labour Laws
Senior oil workers under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has stated that its face-off with indigenous oil companies was premised on their lack of respect for the laws of the land and constitutional provisions guiding their operations and relationship with their employees, especially as regards the rights and privileges of the workers.

PENGASSAN Accuses Indigenous Oil Firms of Flouting Labour Laws

Depot Price of Petrol Slumps as NNPC Floods Market
Motorists and other petrol users may soon experience permanent relief as the ex-depot price of the product, which had hit N160 per litre, was gradually returning to normal at the weekend as the Nigerian National Petroleum Corporation (NNPC) floods the market with petrol

Depot Price of Petrol Slumps as NNPC Floods Market

Kachikwu: How PIGB Will Create Employment, Guarantee Job Security
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has provided a detailed explanation of how the Petroleum Industry Governance Bill (PIGB) would create new job opportunities and guarantee job security when eventually passed into law.

Kachikwu: How PIGB Will Create Employment, Guarantee Job Security

NNPC has not explained missing $22.7bn – NEITI
The Nigeria Extractive Industries Transparency Initiative, an agency tasked with cleaning up the country’s oil industry, has said even though financial accountability has improved, the Nigerian National Petroleum Corporation still has not explained billions of dollars of missing revenue.

NNPC has not explained missing $22.7bn – NEITI

NEITI: NNPC Yet to Explain Missing Billions

Is NNPC’s claim of subsidy payment justified?
Our position from the beginning has been very clear. If we continue this petrol import regime, we will continue to face this type of situation, given that we do not have control over global crude oil prices and the volatility of the exchange rate.

Is NNPC’s claim of subsidy payment justified?

Gas flaring increased by 17.5% last year – NNPC
The total volume of natural gas flared by oil and gas companies in the country rose by 17.46 per cent year-on-year to 287.59 billion standard cubic feet in 2017.

Gas flaring increased by 17.5% last year – NNPC

Nigeria losing revenue to IOCs over delayed PSC review
International oil companies, which entered into Production Sharing Contracts with the Federal Government more than two decades ago, are still enjoying the generous terms they got as talks of re-negotiation over the past few years have yet to materialise

Nigeria losing revenue to IOCs over delayed PSC review

Fuel distribution to worsen as leadership tussle emerges in NUPENG
THERE are indications that the fuel scarcity in the nation may worsen following the emergence of leadership tussle in the National Union of Petroleum and Natural Gas Workers, NUPENG, whose members, especially tanker drivers, are involved in the distribution of petroleum products nationwide.

Fuel distribution to worsen as leadership tussle emerges in NUPENG

Nigeria earns N3.8trn from crude oil, gas export in 3 months
Nigeria earned N3.738 trillion from the export of crude oil and petroleum products in three months, from October to December 2017, according to latest data released by the National Bureau of Statistics, NBS.

Nigeria earns N3.8trn from crude oil, gas export in 3 months

How militancy affected oil output, revenue
THE nation has been cautioned to tame militancy as it culminated in a significant drop in output and revenue a few years ago.

How militancy affected oil output, revenue

Shipments for 2 modular refineries to be installed in Delta, Rivers coming soon – FG
Shipments for two modular refineries that will be installed in Delta and River States will be arriving very soon.

Shipments for 2 modular refineries to be installed in Delta, Rivers coming soon – FG

Return of fuel subsidy
APPARENTLY, the more things change the more they remain the same in Nigeria.

Return of fuel subsidy


Modular refineries will end youth restiveness in Niger Delta -Boroh
The Coordinator of the Presidential Amnesty Programme (PAP),Brig-Gen. Paul Boroh, says the establishment and operations of modular refineries in the Niger Delta will end youth restiveness in the region.
https://www.dailytrust.com.ng/modular-refineries-will-end-youth-restiveness-in-niger-delta-boroh.html

Oil production to contribute 2% growth to Nigeria’s GDP in 2018 – PWC
PricewaterhouseCoopers, PwC, Nigeria said that Nigeria’s real Gross Domestic Product, GDP, will grow at 2.0 per cent year-on-year in 2018, propelled by oil production increase and government spending.

Oil production to contribute 2% growth to Nigeria’s GDP in 2018 – PWC

Business
FG hails NNPC’s foray into renewable energy
The Federal Government has commended the Nigerian National Petroleum Corporation (NNPC) for venturing into the development of renewable energy across the country.
https://www.dailytrust.com.ng/fg-hails-nnpc-s-foray-into-renewable-energy.html

Dr. Parra was true OPEC pioneer, industry innovator – Barkindo
Mohammad Sanusi Barkindo, Secretary General, Organisation of Petroleum Exporting Countries, OPEC has described the late Dr. Alirio Parra, former Energy and Mines Minister of Venezuela as a true OPEC pioneer and great oil industry innovator.

Dr. Parra was true OPEC pioneer, industry innovator – Barkindo

A’Ibom oil communities knock NDDC over messy, second-rate projects
OIL-BEARING communities in Akwa Ibom State have again slammed the Niger-Delta Development Commission, NDDC, for the purported shambolic execution and abandonment of projects across the state.

A’Ibom oil communities knock NDDC over messy, second-rate projects

NCDMB to Drag Violators of Local Content Law to Court, Says Wabote
The Executive Secretary of Nigerian Content Development Management Board (NCDMB), Mr. Simbi Wabote has stated that the NDCMB would be stepping up its enforcement of the local content law among oil and gas operators in Nigeria, adding that it was moving from just notifying operators of their infractions of the law to actually taking legal action against them.

NCDMB to Drag Violators of Local Content Law to Court, Says Wabote


Lessons from UK Court’s Judgment on N’Delta Oil Spills
The recent judgment by the UK Appeal Court on the dispute between Shell and two Niger Delta communities underscores the need for people of the environmentally-polluted region to seek redress in disputes that do not require international arbitration within Nigeria’s judicial system

Lessons from UK Court’s Judgment on N’Delta Oil Spills

EFCC investigates 16 foreigners over crude oil theft
The Economic and Financial Crimes Commission (EFCC) has launched investigation of 16 foreigners arrested for alleged oil theft in Rivers.
https://www.dailytrust.com.ng/efcc-investigates-16-foreigners-over-crude-oil-theft.html

Other News
External reserves hit $46bn, says CBN
The nation’s external reserves hit $46bn on Friday, the Central Bank of Nigeria disclosed in a statement on Friday.

External reserves hit $46bn, says CBN

Group sues Lagos over Land Use Charge
A coalition of citizens, under the aegis of The EIE Project Ltd./GTE, has dragged the Lagos State Government to court, seeking the reversal of some portions of the state’s Land Use Charge Law 2018.

Group sues Lagos over Land Use Charge

Land Use Charge: Lagos to Address Concerns of Residents This Week
Amid the sustained public objection to the enforcement of the recently enacted Land Use Charge (LUC) Law, the Lagos State Government Monday said that it would ameliorate the concerns of stakeholders in the state, mainly business executives and captains of industries, this week.

Land Use Charge: Lagos to Address Concerns of Residents This Week

US cautions Nigeria, others on foreign loans
The United States does not seek to stop Chinese investments in Nigeria and other African nations, but advises them to be careful in taking foreign loans.

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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/

 

 

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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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