NEWS REVIEW FOR MONDAY, JANUARY 14, 2019

OIL & GAS

Petrol: As Nigeria battles with N145, Zimbabwe sells N1,204 per litre

A massive hike of 240 per cent in the prices of petrol and diesel goes into effect today in Zimbabwe.
https://www.vanguardngr.com/2019/01/petrol-as-nigeria-battles-with-n145-zimbabwe-sells-n1204-per-litre/

Zimbabweans Protest against Fuel Price Hike

Protesters barricaded roads and burned tires in a suburb of Zimbabwe’s capital Harare on Monday, two days after President Emmerson Mnangagwa announced a massive fuel price hike in an effort to stem a deepening economic crisis.

https://www.thisdaylive.com/index.php/2019/01/14/zimbabweans-protest-against-fuel-price-hike/

NPDC seeks N967bn to develop 416 million barrels of oil

The Nigerian Petroleum Development Company is making efforts to raise $3.15bn through third party financing to develop the country’s oil and gas reserves from Oil Mining Lease 13

https://punchng.com/npdc-seeks-n967bn-to-develop-416-million-barrels-of-oil/

Groups petition The Netherlands over case against OPL 245 acquisition

Four non-governmental organisations have petitioned The Netherlands government over their case against Royal Dutch Shell Plc (RDS) acquisition of the OPL 245 oil and gas field in Nigeria.

https://guardian.ng/news/groups-petition-the-netherlands-over-case-against-opl-245-acquisition/

Why we exposed corruption in OML 30 pipeline contract, by firm

Eraskorp Nigeria Limited (ENL) has said it exposed the controversial re-award of the Trans Forcados Pipeline (TFP) surveillance Contract to Ocean Marine Solutions (OMS) Limited for national interest and its belief in the anti-graft war of President Muhammadu Buhari.

http://thenationonlineng.net/exposed-corruption-oml-30-pipeline-contract-firm/

‘Fuel subsidy stalls economic growth’

Unreliable refineries, reliance on imported products, weak infrastructure and shortage of gas – the oil sector is challenged. The Managing Director of the Nigerian arm of Petrocam Trading Company, Petrocam Nigeria Limited , Patrick Ilo, in this interview with AKINOLA AJIBADE, speaks on the industry’s challenges.

http://thenationonlineng.net/fuel-subsidy-stalls-economic-growth/

It’s unhealthy that only NNPC is importing petrol — Oyebanji

Mr Adetunji Oyebanji is the new Chairman of the Major Oil Marketers Association of Nigeria and Managing Director, 11 Plc (formerly Mobil Oil Nigeria Plc). He speaks with ’FEMI ASU on the state of the nation’s downstream oil and gas industry

https://punchng.com/its-unhealthy-that-only-nnpc-is-importing-petrol-oyebanji/

Oil price: Now best time to end petrol subsidy – Experts

The best time for the Federal Government to totally stop subsidy on petrol and completely deregulate the downstream sector is now when global crude oil prices are still trading low, economy and energy experts have said.

https://www.dailytrust.com.ng/oil-price-now-best-time-to-end-petrol-subsidy-experts.html

Niger Delta militants threaten to shut down oil wells over CJN’s trial

The Coalition of Niger Delta Agitators on Sunday warned that it would begin to attack oil wells in the oil-rich region if President Buhari failed to reverse the harassment of  Chief Justice of Nigeria, Justice Walter Onnoghen.

https://punchng.com/niger-delta-militants-threaten-to-shut-down-oil-wells-over-cjns-trial/

https://guardian.ng/news/niger-delta-agitators-threaten-attacks-over-onnoghens-ordeal/

Dangote refinery receives RFCC’s Regenerator, begins installation of equipment

The Dangote Oil Refining Company (DORC) Ltd. has taken delivery of one of the major components of its refinery equipment, the Regenerator for the Residual Fluid Catalytic Cracker (RFCC).

https://guardian.ng/news/dangote-refinery-receives-rfccs-regenerator-begins-installation-of-equipment/

Brent crude to average $75, says report

The price of Brent will average  $75 per barrel this year, a new report released at the weekend said.

http://thenationonlineng.net/brent-crude-average-75-says-report/

Oil on track for weekly gains on trade talk hopes, OPEC-led supply cuts

Oil prices were on track for solid weekly gains on Friday after financial markets were lifted by hopes the United States and China may soon resolve their trade disputes, and as OPEC-led crude output cuts started to tighten supply.

https://www.dailytrust.com.ng/oil-on-track-for-weekly-gains-on-trade-talk-hopes-opec-led-supply-cuts.html

What Otedola’s divestment from Forte Oil means

With share price which rose by 9.95 per cent to close at N34.35 per share on Thursday against N31.25 on December 24, 2018, Forte Oil’s shares remained strong despite the announcement by its major shareholder, Mr. Femi Otedola, to divest 75 per cent equities from the oil firm.

https://www.dailytrust.com.ng/what-otedolas-divestment-from-forte-oil-means.html

OTHER NEWS

Fresh crisis looms over new minimum wage

The moves by the Federal Government and the organised labour to finalise the new minimum wage issue this month face yet another crisis.

https://punchng.com/fresh-crisis-looms-over-new-minimum-wage/

Minimum wage: FG asks technical committee to look for additional revenue

The Technical Committee on the Implementation of a new Minimum Wage inaugurated last Wednesday by President Muhammadu Buhari has been asked to look for additional sources of revenue to pay the minimum wage and the consequential salary adjustment that will follow.

https://punchng.com/minimum-wage-fg-asks-technical-committee-to-look-for-additional-revenue/

How Naira will find support from rising oil price

The Dollar tumbled against a basket of major currencies last week Wednesday, after minutes from the meeting of the United States Federal Open Market Committee (FOMC) revealed policymakers had adopted a more cautious approach towards raising rates.

https://guardian.ng/business-services/business/how-naira-will-find-support-from-rising-oil-price/

Power, interest rate, others slowed business in 2018 — CBN

Business activities were slowed down by an insufficient power supply, high-interest rates and other challenges in 2018 financial period.

https://punchng.com/power-interest-rate-others-slowed-business-in-2018-cbn/

2019 budget proposal as proverbial ‘wait and see’

One of the major issues fuelling Nigeria’s development challenges has been identified as its budget, manifested in the processes, quality and the will to implement capital budget items.

https://guardian.ng/business-services/2019-budget-proposal-as-proverbial-wait-and-see/

2019 budget tops agenda as National Assembly resumes tomorrow

THE two chambers of the National Assembly will tomorrow resume plenary after the Christmas and New Year break.

http://thenationonlineng.net/2019-budget-tops-agenda-national-assembly-resumes-tomorrow/

Budget 2019 inflation projection unattainable — FDC

ANALYSTS at Financial Derivatives Company, FDC, have contradicted the 9.98 percent inflation projection for budget 2019, saying it expects inflation reading for December 2018 at 11.28 percent.
https://www.vanguardngr.com/2019/01/budget-2019-inflation-projection-unattainable-fdc/

ASSBIFI seeks decent working conditions

Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has called for decent working conditions for workers.

http://thenationonlineng.net/assbifi-seeks-decent-working-conditions/

 

 

NEWS REVIEW FOR TUESDAY, JANUARY 8, 2018

OIL & GAS

NNPC Insists on December Deadline to End Petrol Import

The Nigerian National Petroleum Corporation (NNPC) has indicated it will meet up with the December 2019 deadline proposed by the federal government to end the importation of refined petrol into Nigeria.https://www.thisdaylive.com/index.php/2019/01/08/nnpc-insists-on-december-deadline-to-end-petrol-import/

NNPC generates N383.969m revenue from WRPC, PHRC in 9 months

The Nigeria National Petroleum Corporation, NNPC, has generated a revenue of about N383.969 million from the Warri Refining and Petrochemical Company Limited, WRPC and Port-Harcourt Refining Company Limited, PHRC between January and September, 2018.
https://www.vanguardngr.com/2019/01/nnpc-generates-n383-969m-revenue-from-wrpc-phrc-in-9-months/

No provision for petrol subsidy in three years —PPPRA

The Petroleum Products Pricing Regulatory Agency on Monday declared that it was wrong to state that the Federal Government was paying subsidy on Premium Motor Spirit, popularly called petrol, as there was no provision for subsidy in the past three years.https://punchng.com/no-provision-for-petrol-subsidy-in-three-years-pppra/

Low oil price: Petrol should now be below N145/ litre – PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) said it has observed a downward trend in the Expected Open  Market   price   of petrol  to be below   the   government   approved   pump   price   of N145/litre due to the   recent   plunge   in   the  price  of  crude   oil   in   the international market.https://www.dailytrust.com.ng/low-oil-price-petrol-should-now-be-below-n145-litre-pppra.html

‘Deregulation, key to attracting petroleum downstream investments’

Total deregulation of the downstream sub-sector of the country’s petroleum industry will unlock the huge private investment potential and drive sustainable growth operation-wise.https://guardian.ng/business-services/deregulation-key-to-attracting-petroleum-downstream-investments/

 

 

Remove fuel subsidy now, NECA tells government

The Nigerian Employers’ Consultative Association (NECA) has urged the Federal Government to remove fuel subsidy, which has become a conduit pipe for the misappropriation of funds.https://guardian.ng/news/remove-fuel-subsidy-now-neca-tells-government/

DPR, others urge govt to tackle illegal refining

THE Federal Government has been tasked to stop the proliferation of illegal refineries in Nigeria, as they impact very negatively on the environment.
https://www.vanguardngr.com/2019/01/dpr-others-urge-govt-to-tackle-illegal-refining/

Nigeria’s rig count declines by 6, as OPEC’s reduces by 11

AT a time the oil cartel, the Organisation of Petroleum Exporting Countries, OPEC, embarked on an 800,000 barrels per day production cut for the next six months, with Nigeria contributing about 40,000 barrels, the country’s rig count took a nosedive by 6, as it recorded 28 in November as against 34 recorded in October, latest data from OPEC showed.
https://www.vanguardngr.com/2019/01/nigerias-rig-count-declines-by-6-as-opecs-reduces-by-11/

Fixing Nigeria’s Dilapidated Oil Pipelines

Chineme Okafor reviews a new report that revealed that Nigeria’s petroleum products pipelines are in a state of disrepair and need to be fixed or replacedThe outcome of a study commissioned by the Nigerian National Petroleum Corporation (NNPC) to determine the operational status of the country’s network of petroleum products pipeline it manages and how it can become commercially viable to the country was recently obtained by THISDAY.https://www.thisdaylive.com/index.php/2019/01/08/fixing-nigerias-dilapidated-oil-pipelines/

Nigeria imported N2.3trn fuel in 2018

Premium Motor Spirit (PMS) or petrol valued at N2.289 trillion was imported in the country in 2018, a report from the Nigeria Bureau of Statistics (NBS) said.https://www.dailytrust.com.ng/nigeria-imported-n2-3trn-fuel-in-2018.html

OPEC Cuts, Stable Equity Markets Push Oil Price to $58Crude oil prices climbed for a fifth session in a row to hit $58 yesterday, rallying from last December 2018’s 18-month low, thanks to the production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and more stable equity markets.https://www.thisdaylive.com/index.php/2019/01/08/opec-cuts-stable-equity-markets-push-oil-price-to-58/

 

Moody’s: Oil Supply Faces Oversupply Risk

Oil and natural gas prices will be volatile in 2019, Moody’s Investors Service predicted in its annual report outlining key credit themes in oil and gas for 2019.

Militants blow up Conoil facility in Bayelsa

A Niger Delta militant group, known as the Koluama Seven Brothers, has blown up a crude oil pipeline owned by Conoil in Bayelsa State.https://punchng.com/militants-blow-up-conoil-facility-in-bayelsa/

Oil prices jump as China, US hope to settle trade war

Oil prices rose by more than 1.5 per cent on Monday on hopes that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude.https://punchng.com/oil-prices-jump-as-china-us-hope-to-settle-trade-war/

OTHER NEWS

Casual workers should be paid 200% higher than permanent staff – CIPM

Staff abuse is rampant in Nigeria. Casual employees are kept for over the minimum six month-time frame allowed by law. There is also the case of poor remuneration by organisations. Most of these are human resource issues and some of your members are culprits. https://www.dailytrust.com.ng/casual-workers-should-be-paid-200-higher-than-permanent-staff-cipm.html

Minimum wage: NLC protest to hold as meeting with FG adjourned

The rescheduled meeting between the Federal Government and the Nigeria Labour Congress in Abuja on Monday was adjourned for the second time in three days as NLC holds nationwide protest today (Tuesday).https://punchng.com/minimum-wage-nlc-protest-to-hold-as-meeting-with-fg-adjourned/

NLC holds protest for new national minimum wage today

The Nigeria Labour Congress says it is set to hold a nationwide protest on Tuesday over the delay in transmitting the recommendations of the Tripartite Committee on a new National Minimum Wage to the National Assembly.https://punchng.com/nlc-holds-protest-for-new-national-minimum-wage-today/https://www.thisdaylive.com/index.php/2019/01/08/workers-protest-over-minimum-wage-begins-today/

 

 

No new minimum wage, no vote, Labour tells FG

Nigeria Labour Congress (NLC) on Monday threatened to boycott the 2019 general election should the Nigerian government fail to activate a new minimum wage.https://guardian.ng/news/no-new-minimum-wage-no-vote-labour-tells-fg/

Prioritising workers’ welfare in 2019

Undoubtedly the out gone year was a turbulent one for the Nigerian workers, as the struggle to increase the minimum wage to N30,000 from the present N18,000 is still on-going.https://guardian.ng/appointments/c29-appointments/prioritising-workers-welfare-in-2019/

Nigeria, UNDP sign MoU on youth employment

The Federal Government has signed a Memorandum of Understanding (MoU), with the United Nations Development Programme (UNDP), for the engagement of young Nigerian professionals in the UN agency.https://guardian.ng/appointments/nigeria-undp-sign-mou-on-youth-employment/

2019: FG to spend N1.02bn on unemployment survey, others

The Federal Government is planning to spend about N1.02bn to conduct twelve economic surveys through the National Bureau of Statistics in the 2019 fiscal period.https://punchng.com/2019-fg-to-spend-n1-02bn-on-unemployment-survey-others/

Pension: Tapping into annuity benefits

Nigeria has not had it rosy in the area of appropriate retirement plans for its citizens.https://www.dailytrust.com.ng/pension-tapping-into-annuity-benefits.html

‘Buhari, not ASUU should have mercy on varsity students’

The Academic Staff Union of Universities on Monday begged President Muhammadu Buhari to show mercy on helpless students currently bearing the brunt of the ongoing strike.https://punchng.com/buhari-not-asuu-should-have-mercy-on-varsity-students/

FG, ASUU May Reach Final Deal Thursday

The federal government and the leadership of the Academic Staff Union of Universities (ASUU) yesterday made progress in their negotiations to end the over one- month industrial action by university lecturers, which has crippled academic activities in public tertiary institutions.https://www.thisdaylive.com/index.php/2019/01/08/fg-asuu-may-reach-final-deal-thursday/

 

We want varsities to re-open by weekend, says FG

The President of the Academic Staff Union of Universities, Prof. Biodun Ogunyemi, said the eight-week old strike embarked upon by the union would continue until an agreement was reached by the members on government proposals concerning their demands.https://punchng.com/we-want-varsities-to-re-open-by-weekend-says-fg/

Stabilize macroeconomic activities in 2019, former MAN chairman urges FG

Mr Wale Adegbite, a former Chairman of Manufacturers Association of Nigeria in Ogun State, has advised the Federal Government to redouble efforts in ensuring the stability of the macroeconomic sector to guarantee overall growth of the economy in 2019.https://punchng.com/stabilize-macroeconomic-activities-in-2019-former-man-chairman-urges-fg/

Minimum wage: Nationwide strike can start anytime without notice

AHEAD of a nationwide strike over the Federal Government’s refusal to send a draft bill on N30,000 National Minimum Wage to the National Assembly to legislate into law, organised labour and its civil society allies are, today, holding a nationwide mobilisation and mass protest to force government into action.
https://www.vanguardngr.com/2019/01/minimum-wage-nationwide-strike-can-start-anytime-without-notice/

Nigeria lost $2.8bn in revenue in 2018 — report

The United Nations say Nigeria lost an estimated 2.8 billion dollars in revenues in 2018, mainly due to oil-related crimes. This is according to a new ‘Report by the Secretary-General on the activities of the United Nations Office for West Africa and the Sahel (UNOWAS)’ on Monday in New York.
https://www.vanguardngr.com/2019/01/nigeria-lost-2-8bn-in-revenue-in-2018-report/

World Bank president to step down February 1

World Bank Group President, Jim Yong Kim, on Monday,  announced that he would be stepping down from his position after more than six years in which the institution’s shareholders provided strong support to multiple initiatives to ensure that the Bank Group retained strong leadership in the world of global development.https://punchng.com/world-bank-president-to-step-down-february-1/

 

MEMBERS OF CONSTITUTION REVIEW COMMITTEE

Members of the Constitution Review Committee under the chairmanship of Comrade Ndukaku Ohaeri, the National Industrial Relations Officer being joined by the President, Comrade Francis Olabode Johnson and General Secretary, Comrade Lumumba Okugbawa, during their meeting at the National Secretariat, Lagos on Monday, November 26, 2018

PENGASSAN President, Comrade Francis Olabode Johnson paid a “Thank You visit” to the Oba of Lagos, HRH Oba Rilwan Babatunde Osuolale Aremu Akiolu I, Eleko of Eko in his palace at Iga Idugaran, on Tuesday, November 27, 2018

for sending representation with his staff of office to PENGASSAN 40th Anniversary Celebration at Transcorp Hilton Hotel, Abuja on October 18, 2018. The PENGASSAN President is accompanied by the General Secretary, Comrade Lumumba Okugbawa; Deputy General Secretary, Comrade Joseph Okugbawa; Assistant General Secretary, Media & Information, Comrade Babatunde Oke; Assistant General Secretary, Research and Administration, Comrade Jerry Amah and a NEC member

NEWS REVIEW FOR TUESDAY, NOVEMBER 27, 2018

OIL & GAS

Nigeria Unsure When To Exit Petrol Import As Refinery Projects Drags 

The federal government is no longer optimistic that key refinery projects it is promoting would materialise within stipulated timehttps://orientalnewsng.com/nigeria-unsure-when-to-exit-petrol-import-as-refinery-projects-drags/?utm_source=newsletter&utm_medium=email&utm_campaign=nigeria_unsure_when_to_exit_petrol_import_as_refinery_projects_drags&utm_term=2018-11-27

 

FG fully committed to passage of PIGB, says Osinbajo

Vice President Yemi Osinbajo on Monday said that the presidency was closely working with the National Assembly for the quick passage of the Petroleum Industry Governance Bill (PIGB).
https://www.vanguardngr.com/2018/11/fg-fully-committed-to-passage-of-pigb-says-osinbajo/

 

Presidency, Senate, Reps assure Nigerians of PIGB passage

The Presidency, the Senate and House of Representatives have assured Nigerians of their resolve to see the Petroleum Industry Governance Bill (PIGB) through in the current dispensation.https://guardian.ng/business-services/presidency-senate-reps-assure-nigerians-of-pigb-passage/

 

NLNG Train7 devt took too long coming —MD

MANAGING Director of the Nigerian Liquefied Natural Gas, NLNG, Bonny, Rivers state, Tony Atah has said delayed development of Train7 of the company stifled the nation’s rating among global gas producers.
https://www.vanguardngr.com/2018/11/nlng-train7-devt-took-too-long-coming-md/

 

Stakeholders urge FG to privatize refineries, deregulate downstream

Stakeholders in the downstream sector of Nigeria’s petroleum industry have called on the Federal Government to privatise the refineries and deregulate the sector as part of 13 measures adopted to stimulate sustainable growth.
https://www.vanguardngr.com/2018/11/stakeholders-urge-fg-to-privatize-refineries-deregulate-downstream/

 

Malabu: Nigeria loses $6bn from Shell, Eni oil deal – Report

The Nigerian government is expected to lose an estimated $ 6 billion because of corruption in the sale of the Oil Prospecting Licence (OPL) 245 to Shell and Eni Oil in 2011.

https://www.dailytrust.com.ng/malabu-nigeria-loses-6bn-from-shell-eni-oil-deal-report.html

https://guardian.ng/news/nigerian-government-lost-6b-to-opl-245-deal/

 

Nigeria’s demand for cooking gas surges as price drops by 5%

THERE are indications that demand for Liquefied Petroleum Gas (LPG), has increased in Nigeria as price of the commodity dropped by 5 per cent.
https://www.vanguardngr.com/2018/11/nigerias-demand-for-cooking-gas-surges-as-price-drops-by-5/

 

Oil price falls below budget benchmark

THE declining global oil price in the last one week may shatter Federal Government’s economic projections for 2019 as well as impact adversely on its Medium Term Expenditure Framework, MTEF, if the trend is not reversed soon.
https://www.vanguardngr.com/2018/11/oil-price-falls-below-budget-benchmark/

 

We’ll miss 2019 target for refineries’ revamp – Kachikwu

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said the plan to get the nation’s ailing refineries to work at almost full capacity will not materialise by 2019.https://punchng.com/well-miss-2019-target-for-refineries-revamp-kachikwu/

 

Nigeria has lost its most valued oil buyers – DPR

Nigeria has lost its most valued crude oil buyers, even as its erstwhile gas customers are now competing with it, the Department of Petroleum Resources said on Monday.https://punchng.com/nigeria-has-lost-its-most-valued-oil-buyers-dpr/

 

Why illegal refineries thrive in Niger Delta, by oil marketers

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has blamed the thriving of illegal refineries in the Niger Delta on non-supply of petroleum products by the Nigerian National Petroleum Corporation (NNPC).https://guardian.ng/news/why-illegal-refineries-thrive-in-niger-delta-by-oil-marketers/

 

Nigeria to achieve 1.1mb/d refining capacity by 2020 – Kachikwu

The Nigeria’s refinery capacity will reach 1.1 million barrels per day in 2020, the Minister of State for Petroleum Resources, Ibe Kachikwu said yesterday.https://www.dailytrust.com.ng/nigeria-to-achieve-1-1mb-d-refining-capacity-by-2020-kachikwu.html

 

Emerging Hydrogen Energy World and Implication for Oil Exporters

Hydrogen has long been used across several industries, including the process for converting heavy petroleum extracts into lighter, exploitable forms of fuel.https://www.thisdaylive.com/index.php/2018/11/27/emerging-hydrogen-energy-world-and-implication-for-oil-exporters/

 

OTHER NEWS

Salaries, wages growing at lowest level since 2008 — ILO

Salaries are still far too low in the developing world with take-home pay growth overall at its lowest since 2008, the International Labour Organisation (ILO) has said.
https://www.vanguardngr.com/2018/11/salaries-wages-growing-at-lowest-level-since-2008-ilo/

 

As Nigeria struggles with N30,000, South Africa increases minimum wage to N126,480

South Africa has increased its minimum wage to N126,480 per month. The news is coming at a time Nigerian workers are uncertain their struggle for a N30, 000 minimum wage would yield result.

https://guardian.ng/news/as-nigeria-struggles-with-n30000-south-africa-increases-minimum-wage-to-n126480/

 

PenCom tasks compliance officers on implementation of micro pension scheme

Compliance officers drawn from the 31 licensed pension fund operators have been charged to monitor and report non-compliance with the micro pension scheme.
https://www.vanguardngr.com/2018/11/pencom-tasks-compliance-officers-on-implementation-of-micro-pension-scheme/

 

STRIKE: FG, ASUU inconclusive

AFTER a marathon meeting that lasted for close to three hours Monday,the federal government and the Academic Staff Union of Universities, ASUU, failed to resolve their differences that have resulted in the ongoing strike by the latter.
https://www.vanguardngr.com/2018/11/strike-fg-asuu-inconclusive/

 

Nigeria’s fiscal deficit may further widen, World Bank warns

Increased pre-election expenditure and sustained revenue shortfalls may further widen Nigeria’s fiscal deficit this year, the World Bank has warned.

https://guardian.ng/news/nigerias-fiscal-deficit-may-further-widen-world-bank-warns/

 

FG tasks states on fiscal discipline, costs reduction

The federal government has called on state governments to reduce unnecessary overhead costs and enthrone fiscal discipline for proper resources management.https://www.dailytrust.com.ng/fg-tasks-states-on-fiscal-discipline-costs-reduction.html

 

Is December 1 deadline for the payment of N30,000 minimum wage feasible?

As far as I am concerned, the deadline given by labour unions for the payment of this N30,000 minimum wage is feasible.https://punchng.com/is-december-1-deadline-for-the-payment-of-n30000-minimum-wage-feasible/

 

We are Running Out of Patience, Labour Tells Buhari

The Nigeria Labour Congress (NLC) yesterday urged President Muhamadu Buhari to expedite action in transmitting an executive bill for the N30,000 minimum wage to the National Assembly.https://www.thisdaylive.com/index.php/2018/11/27/we-are-running-out-of-patience-labour-tells-buhari/

 

Examining Nigeria’s Rising Debt Profile

Some economists and multilateral organisations such as the International Monetary Fund (IMF) have consistently cautioned the federal government, over its rising debt profile.https://www.thisdaylive.com/index.php/2018/11/27/examining-nigerias-rising-debt-profile/

 

NEWS REVIEW FOR MONDAY, NOVEMBER 26, 2018

OIL & GAS

Fresh trouble for Nigeria as oil price plunges

The international oil benchmark, Brent crude, has fallen to its lowest level this year and below the proposed benchmark for Nigeria’s 2019 budget, with economic experts describing the development as a cause for concern for the country.

https://punchng.com/fresh-trouble-for-nigeria-as-oil-price-plunges/

 

Fresh Fact Reveals Nigeria Lost $6bn In OML 245 Oil Deal

A fresh fact has emerged showing how Nigeria was scammed losing $6 billion in the OML 245 Oil Deal.

https://orientalnewsng.com/nigeria-loses-6bn-from-corrupt-oil-deal-linked-to-fraud/?utm_source=newsletter&utm_medium=email&utm_campaign=nigeria_loses_6bn_from_corrupt_oil_deal_linked_to_fraud&utm_term=2018-11-26

 

Calls for deregulation of Nigeria’s fuel market persist

The recent rise in the landing cost of petroleum products has renewed the calls for the full deregulation of the downstream subsector of the nation’s oil and gas industry

https://punchng.com/calls-for-deregulation-of-nigerias-fuel-market-persist/

 

DPR, stakeholders to examine sustainability in oil industry

The Department of Petroleum Resources has said the need to drive sustainability in the nation’s oil and gas industry through stakeholders’ environmental stewardship will be the focus of the forthcoming conference on health, safety and environment.

https://punchng.com/dpr-stakeholders-to-examine-sustainability-in-oil-industry/

 

INVESTING 95 PER CENT OF NNPC: THE MECHANICS

Chijioke Mama argues that there exists a strong case for divestment in the state-oil corporation

https://www.thisdaylive.com/index.php/2018/11/26/divesting-95-per-cent-of-nnpc-the-mechanics/

 

Oil prices collapse as glut fear triggers heavy selling

Oil prices slumped Friday to lows not seen since last year as concerns over high crude supplies triggered massive selling, dealers said.

https://guardian.ng/business-services/oil-prices-collapse-as-glut-fear-triggers-heavy-selling/

 

 

Slump in oil price threatens government’s economic forecast

The downward slide of crude price may hamper current economic prospects in the country, particularly if the development refuses to abate, oil and gas analysts have said.The prices of oil had fallen on Friday with Brent oil inventory for January delivery, sliding 6.1 percent to $58.80 per barrel, while West Texas Intermediate (WTI) dropped $4.21 to $50.42 a barrel for January delivery, a decline of 7.7 percent.

https://guardian.ng/news/slump-in-oil-price-threatens-governments-economic-forecast/

 

Shinning the Light on West Africa’s  Oil and Gas Shipping Prospects

The 2018 Oil Trading and Logistics Expo in Lagos shines a light on opportunities in the West African oil and gas shipping clusters, highlighting how they can be harnessed

https://www.thisdaylive.com/index.php/2018/11/25/shinning-the-light-on-west-africas-oil-and-gas-shipping-prospects/

 

DPR discovers 50 illegal filling stations in Akwa Ibom

The Department of Petroleum Resources, Eket office says it had discovered 50 illegal filling stations in the state

https://punchng.com/dpr-discovers-50-illegal-filling-stations-in-akwa-ibom/

 

OTHER NEWS

Strike: FG, ASUU hold another crucial meeting today

The Federal Government is expected to hold another emergency meeting with the Academic Staff Union of Universities on Monday in a bid to end the ongoing strike in public universities.

https://punchng.com/strike-fg-asuu-hold-another-crucial-meeting-today/

 

W’Bank: Nigeria’s Fiscal Deficit May Widen

The World Bank has stated that fiscal deficits in Nigeria will likely widen further in 2018 due to increased pre-election spending and sustained revenue shortfalls.

https://www.thisdaylive.com/index.php/2018/11/26/wbank-nigerias-fiscal-deficit-may-widen/

 

How to protect your bank cards from fraud

The risk of a fraudster accessing your bank account through the card you use at the ATM or a shop terminal is very real. In fact, card fraud accounts for several billions annually, according to www.macquarie.com.

https://punchng.com/how-to-protect-your-bank-cards-from-fraud/

 

NEWS REVIEW FOR THURSDAY, NOVEMBER 22, 2018

OIL & GAS

Port Harcourt refinery may resume production next week

The Port Harcourt Refinery, shut down two months ago over a major equipment failure, may resume production next week. It was gathered that the facility’s boiler got severely damaged thus crippling production activities.

https://guardian.ng/news/port-harcourt-refinery-may-resume-production-next-week/

 

FG to launch guidelines for oil industry Monday

The Minister of state Petroleum Resources, Ibe Kachikwu, will on Monday in Lagos launch three regulatory guidelines aimed at standardising the nation’s oil and gas industry.

https://www.dailytrust.com.ng/fg-to-launch-guidelines-for-oil-industry-monday.html

 

Subsidy debts: Marketers, DMO, others to meet Senate committee

The Debt Management Office, Ministry of Finance, Petroleum Products Pricing Regulatory Agency, Central Bank of Nigeria as well as oil marketers are to meet with the Senate Committee on Petroleum (Downstream) on Thursday (today) regarding the payment of subsidy debts.

https://punchng.com/subsidy-debts-marketers-dmo-others-to-meet-senate-committee/

 

Without reforms, Nigeria’s oil reserves won’t increase — Experts

Worried about the state of the nation’s oil and gas industry, stakeholders under the aegis of the Nigerian Association of Petroleum Explorationists have highlighted the need for reforms in order to attract the investments needed to increase the reserve base.

https://punchng.com/without-reforms-nigerias-oil-reserves-wont-increase-experts/

 

Legal practitioners hopeful of Buhari’s assent to PIGB

The Nigerian Bar Association (NBA), is optimistic about the assenting of the Petroleum Industry Governance Bill (PIGB), by President Muhammadu Buhari, following recent deliberations on the bill and its submission to the Presidency.

https://guardian.ng/business-services/legal-practitioners-hopeful-of-buharis-assent-to-pigb/

 

Trump Praises Saudi Arabia for $63 Crude Oil Price

As crude oil price rose by one per cent to $63 per barrel Wednesday after slumping six per cent on the previous day, the United States President, Donald Trump, has praised Saudi Arabia for helping to lower oil prices as pressure intensified to impose tougher sanctions on the Middle East ally following the murder of Saudi journalist, Jamal Khashoggi.

https://www.thisdaylive.com/index.php/2018/11/22/trump-praises-saudi-arabia-for-63-crude-oil-price/

 

Militancy: LASG assures oil communities of safety, fairness

Lagos State Government, through the Ministry of Energy and Mineral Resources has said machineries have been put in place for peace to reign supreme in all oil producing areas especially, Aje Community, Badagry.
https://www.vanguardngr.com/2018/11/militancy-lasg-assures-oil-communities-of-safety-fairness/

 

Again, Marketers Seek Removal of VAT on Gas

 

Marketers of liquefied petroleum gas (LPG) commonly known as cooking gas, have raised further concern on the Valued Added Taxes levied on gas produced in the country, calling for the federal government to remove such charges to enable the industry grow.

https://www.thisdaylive.com/index.php/2018/11/22/again-marketers-seek-removal-of-vat-on-gas/

Firm inaugurates $500m LNG plant

Greenville Oil and Gas Company Limited has inaugurated a $500m Liquefied Natural Gas plant in Port Harcourt, Rivers State.

https://punchng.com/firm-inaugurates-500m-lng-plant/

OTHER NEWS

Inflation fell slightly to 11.26% in October – NBS

The consumer price index which measures inflation decreased by 11.26 per cent (year-on-year) in October2018, the National Bureau of Statistics disclosed in its ‘CPI and inflation report October 2018’ which was released on Wednesday.

https://punchng.com/inflation-fell-slightly-to-11-26-in-october-nbs/

Increase in fuel, food prices weakens inflation recovery pace

Although the consumer price index, (CPI), which measures inflation decreased by 11.26 per cent (year-on-year) in October, 0.02 per cent points lower than the rate recorded in September (11.28 per cent), rise in fuel prices—diesel and kerosene as well as food items continued to weaken the pace of recovery.

https://guardian.ng/business-services/increase-in-fuel-food-prices-weakens-inflation-recovery-pace/

Labour Threatens to Demand Two Years Arrears of Minimum Wage

The organised labour has threatened to demand payment of two years arrears of the proposed new national minimum wage for Nigerian workers from the federal and state governments.

https://www.thisdaylive.com/index.php/2018/11/22/labour-threatens-to-demand-two-years-arrears-of-minimum-wage/

FG’s indecision stalls Lagos, labour talks on minimum wage

Governor Akinwunmi Ambode of Lagos State has called off a meeting with labour leaders on the minimum wage crisis, citing the inability of the Federal Government to agree yet on a figure.

https://guardian.ng/news/fgs-indecision-stalls-lagos-labour-talks-on-minimum-wage/

Electricity workers call for review of privatised DisCos

Electricity workers under the auspices of National Union of Electricity Employees (NUEE) yesterday demanded for immediate review of performance of privatised electricity distribution companies.

https://www.dailytrust.com.ng/electricity-workers-call-for-review-of-privatised-discos.html

Labour raises alarm over BPE illegal extension of DISCOs’ operating license

Organised Labour yesterday raised alarm over alleged illegal extension of the operating licenses of the Electricity Distribution Companies, DISCOs, by the Bureau of Public Enterprises, BPE, in contravention of Power Privatization Act.
https://www.vanguardngr.com/2018/11/labour-raises-alarm-over-bpe-illegal-extension-of-discos-operating-license/

Workers besieging ASCSN for justice – Kaigama

THE increasing unfair practices and perceived injustices at work places in may have been worsened by the economic reality in country. Many unions are now being boarded daily with one form of injustice, unfair practice or the other.
https://www.vanguardngr.com/2018/11/workers-besieging-ascsn-for-justice-kaigama/

Nigerian businesses need capacity building support, says Lord Marland

Lord Marland is the Chairman of the Commonwealth Enterprise and Investment Council (CWEIC), established in July 2014, with the support of the Commonwealth Secretariat.

https://guardian.ng/business-services/nigerian-businesses-need-capacity-building-support-says-lord-marland/

NEWS REVIEW FOR WEDNESDAY, NOVEMBER 21, 2018

 

NEWS REVIEW FOR WEDNESDAY, NOVEMBER 21, 2018

OIL & GAS

Stakeholders Want PEF Expunged from PIGB, Refineries Privatised

Some stakeholders in Nigeria’s oil industry have asked the National Assembly to expunge the Petroleum Equalisation Fund (PEF) from the recently legislated Petroleum Industry Governance Bill (PIGB).

https://www.thisdaylive.com/index.php/2018/11/20/stakeholders-want-pef-expunged-from-pigb-refineries-privatised/

 

As NNPC Returns to Loss-making Streak

The Nigerian National Petroleum Corporation may have returned to its old loss-making operation after the positive performance it recorded between February and July this year

https://www.thisdaylive.com/index.php/2018/11/20/as-nnpc-returns-to-loss-making-streak/

 

Revealed: Govs championed 2012 fuel subsidy removal —Jonathan

Nearly six years after implementing a controversial fuel subsidy withdrawal which sparked a nationwide protest, former President Goodluck Jonathan has revealed that it was the 36 state governors who pushed him to remove the subsidy to provide more money for them.
https://www.vanguardngr.com/2018/11/revealed-govs-championed-2012-fuel-subsidy-removal-jonathan/

 

Nigeria’s oil output drops, as rig count rises

Nigeria’s rig count — a standard yardstick used in measuring a nation’s activeness in exploration and production of crude oil and gas — for the month of October, 2018 increased to 34 from 33 recorded in the previous month, data from the Organisation of Petroleum Exporting Countries, OPEC, have showed.
https://www.vanguardngr.com/2018/11/nigerias-oil-output-drops-as-rig-count-rises/

 

FG earns N1.7trn oil revenue in 3 years

Nigeria may have earned about N1.68 trillion as revenue from oil between 2015 and 2017. The Department of Petroleum Resources, DPR, in its 2017 Nigerian Oil and Gas Industry Annual Report, stated that the revenue was realised from oil and gas royalty, gas flare penalty, concession rentals and miscellaneous oil revenue.
https://www.vanguardngr.com/2018/11/fg-earns-n1-7trn-oil-revenue-in-3-years/

 

Oil price continues downward slide

THE price of crude oil has dropped further to $66.32 per barrel in the international market as a result of excess supply and speculation. It closed at $68.00 low last week.
https://www.vanguardngr.com/2018/11/oil-price-continues-downward-slide/

 

MOMAN rules out strike option, says more firms under pressure

Major Oil Marketers Association of Nigeria has ruled out the option of going on strike in its quest for the payment of subsidy arrears owed its members.

https://guardian.ng/energy/moman-rules-out-strike-option-says-more-firms-under-pressure/

 

Rewane queries Atiku’s plans to sell NNPC

The Chief Executive Officer (CEO) of Financial Derivatives Company, Bismarck Rewane, has asked the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, to tell Nigerians who he wants to sell the Nigerian National Petroleum Corporation (NNPC) to and how he intends to go about it.
https://www.vanguardngr.com/2018/11/rewane-queries-atikus-plans-to-sell-nnpc/

 

Ex-Energia workers head to court over N2bn compensation as DPR negotiation fails

FORMER 37 workers of Energia Limited, a major indigenous oil and gas producing company, have headed to the Lagos High Court over N2 billion compensation as negotiation fails to yield result.
https://www.vanguardngr.com/2018/11/ex-energia-workers-head-to-court-over-n2bn-compensation-as-dpr-negotiation-fails/

 

Govt should incentivise production of gas cylinders – NLPGA

The Nigeria Liquefied Petroleum Gas Association (NLPGA), has called on the Federal Government to incentivise the production of gas cylinders to deepen the penetration of LPG use in the country.
https://www.vanguardngr.com/2018/11/govt-should-incentivise-production-of-gas-cylinders-nlpga/

 

90 per cent of Nigerian homes lack LPG cylinders, reveals NLPGA

Over 90 per cent of Nigerian homes do not have Liquefied Petroleum Gas (LPG) cylinders, thus exposing them to health hazards characterising the use of dirty cooking fuels like kerosene, wood, among others.

https://guardian.ng/energy/90-per-cent-of-nigerian-homes-lack-lpg-cylinders-reveals-nlpga/

 

Company inaugurates $500M LNG plant, seeks government support

In line with the Federal Government’s initiative on gas to power, Greenville, an oil and gas company has inaugurated its first phase of Liquefied Natural Gas (LNG) plant with a daily capacity of 2,250 tons in Rumuji, River State.

https://guardian.ng/energy/company-inaugurates-500m-lng-plant-seeks-government-support/

 

Petrocam opens seventh solar-powered filling station

Petrocam Trading Nigeria Limited, a player in the country’s downstream sub-sector, has unveiled its seventh solar-powered filling station in Lagos.

https://guardian.ng/energy/petrocam-opens-seventh-solar-powered-filling-station/

 

OTHER NEWS

Minimum Wage: Our Situation is Precarious, Govs Tell Buhari

Representatives of Nigeria Governors’ Forum (NGF) yesterday met with President Muhammadu Buhari to discuss the lingering issue of national minimum wage, telling the president that states are too financially weak to pay the N30,000 recommended by the National Minimum Wage Committee.

https://www.thisdaylive.com/index.php/2018/11/20/minimum-wage-our-situation-is-precarious-govs-tell-buhari/

 

Ndume Opposes Govs, Recommends N40,000 Minimum Wage

The senator representing Borno South senatorial district, Ali Ndume, has said the new minimum wage should be N40,000, instead of the proposed N30,000.

https://www.thisdaylive.com/index.php/2018/11/21/ndume-opposes-govs-recommends-n40000-minimum-wage/

 

Slippery Floors Can Cause Permanent Disability, Death’

The Managing Director of No-Slips Limited, the sole distributor of Sure-step in Nigeria, Mr. Charles Igbinidu has stated that, more Nigerians are sustaining life threatening injuries and death as a result of slip and fall accidents.

https://www.thisdaylive.com/index.php/2018/11/20/slippery-floors-can-cause-permanent-disability-death/

 

We equally need upward review of our pensions, senior citizens beg FG

FOR Nigerian pensioners, it will be unfair for the government to approve a new minimum wage for workers, without doing same for retired workers who served the country meritoriously in different capacities.
https://www.vanguardngr.com/2018/11/we-equally-need-upward-review-of-our-pensions-senior-citizens-beg-fg/

 

National Mimimum Wage and peculiarities of the localities (1)

A few weeks ago, the organised labour announced its decision to call out workers on a nation wide strike to press home the need for an increase in the national minimum wage which as at today is fixed at N18,000 under Section 1 of the The National Minimum Wage Act Cap.
https://www.vanguardngr.com/2018/11/national-mimimum-wage-and-peculiarities-of-the-localities-1/

 

 

NLC wants conflict resolution mechanism to tackle killings 

The Nigeria Labour Congress (NLC), has urged the Federal Government to set up conflict resolution mechanisms to resolve frequent clashes of conflicting interests.

https://guardian.ng/appointments/nlc-wants-conflict-resolution-mechanism-to-tackle-killings/

 

Tackling unemployment through economic diversification

The claim that Nigeria is endowed with huge human and material resources is at variance with the rising acute unemployment, and under-employment challenges that confront the country.

https://guardian.ng/appointments/tackling-unemployment-through-economic-diversification/

 

Unions call for continuous training among workers

Trade Union leaders have called for continuous training among various unions to ensure workers’ power in workplace.

https://guardian.ng/appointments/unions-call-for-continuous-training-among-workers/

 

Labour threatens global intervention in national minimum wage struggle

As the controversy over the proposed N30,000 national wage lingers, the Nigeria Labour Congress (NLC) has threatened to involve global union and deploy lawful means in pressuring government to pay the sum agreed by the Amal Pepple-led
National Minimum Wage Tripartite Committee.

https://guardian.ng/news/labour-threatens-global-intervention-in-national-minimum-wage-struggle/

 

 

NEWS REVIEW FOR THURSDAY, NOVEMBER 15, 2018

OIL & GAS

Ex-PENGASSAN president wants Labour to step up struggle for passage of PIRB

FORMER President of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Dr Brown Ogbiefun, has urged Organised Labour in the country to step up push for passage of the Petroleum Industry Reform Bill, PIRB, into law.
https://www.vanguardngr.com/2018/11/ex-pengassan-president-wants-labour-to-step-up-struggle-for-passage-of-pirb/

Natural gas to become largest energy source by 2030 — IEA

There are indications the world is fast moving into gas as major source of energy with a report by the International Energy Agency (IEA) saying that Natural gas is expected to overtake coal as the world’s second largest energy source after oil by 2030.
https://www.vanguardngr.com/2018/11/natural-gas-to-become-largest-energy-source-by-2030-iea/

Concerns as Nigeria fails to attract big oil investments

While other African oil-producing countries are gearing up to attract investments, regulatory uncertainty in Nigeria’s oil and gas industry has continued to darken the outlook for big projects in the country.https://www.thisdaylive.com/index.php/2018/11/13/kachikwu-wabote-tinubu-canvass-greater-local-content/

Senate alleges fresh $1.15bn illegal withdrawals from NLNG accounts

The Senate says it has uncovered illegal withdrawals of $1,151,609bn from the dividends accounts of the Nigerian Liquefied Natural Gas by the Nigeria National Petroleum Corporation.https://punchng.com/senate-alleges-fresh-1-15bn-illegal-withdrawals-from-nlng-accounts/

Trains 7&8 will cost over $9.4b

MORE than $9.4billion will be spent by the Nigeria Liquefied Natural Gas (NLNG) to finance the construction of Trains 7&8. The trains would be used to export Liquefied Natural Gas (LNG) to interested buyers/nations, its former Managing Director, Mr Godswill Ihetu, hinted.http://thenationonlineng.net/trains-78-will-cost-over-9-4b/

 

NNPC fires over 80 senior staff for failing promotion exams

The Nigerian National Petroleum Corporation (NNPC) has sacked over 80 manager-level employees, Daily Trust learnt.https://www.dailytrust.com.ng/nnpc-fires-over-80-senior-staff-for-failing-promotion-exams.html

FG mobilises $180m to start Ogoni clean-up

The much-awaited clean-up of the Ogoniland in Rivers State will commence fully by the end of this month, the Federal Government said on Wednesday.https://punchng.com/fg-mobilises-180m-to-start-ogoni-clean-up/

Crude Oil Price Rises as Producers Discuss Supply Cut

Barely 24 hours after crude oil prices slumped to one-year low, the prices rose yesterday, recouping some of the previous session’s slide, on the growing prospect of the Organisation of Petroleum Exporting Countries (OPEC) and allied producers cutting output at next month’s meeting to prop up the market.https://www.thisdaylive.com/index.php/2018/11/15/crude-oil-price-rises-as-producers-discuss-supply-cut/

OTHER NEWS

Funding delaying release of unemployment report –Kale

The Statistician-General of the Federation, Dr Yemi Kale, has blamed the inability of the National Bureau of Statistics to release the unemployment report on lack of funding.https://punchng.com/funding-delaying-release-of-unemployment-report-kale/

FG, ASUU hold crucial meeting over strike today

The Federal Government through the Ministry of Labour and Employment and leaders of the Academic Staff Union of Universities are expected to meet in Abuja on Thursday over the strike in public universities since November 5.https://punchng.com/fg-asuu-hold-crucial-meeting-over-strike-today/

ASUU, principals fault Buhari’s education, feeding policies

The Academic Staff Union of Universities (ASUU) has described President Muhammadu Buhari’s education policy as a disaster. https://guardian.ng/news/asuu-principals-fault-buharis-education-feeding-policies/

Civil servants call for review of emoluments

Civil servants across the country have sought upward review of their wage.https://guardian.ng/appointments/civil-servants-call-for-review-of-emoluments/

Govs to Labour: Expect sacking if we must pay N30,000 minimum wage

Nigerian governors have said they cannot afford to pay workers a minimum wage of N30,000 unless the organised labour wants its members to be sacked.https://punchng.com/govs-to-labour-expect-sacking-if-we-must-pay-n30000-minimum-wage/

Minimum wage, now the hard part

ORGANISED Labour – the Nigerian Labour Congress, NLC, led by Comrade Ayuba Wabba, and Comrade Joe Ajaero’s United Labour Congress, ULC – are floating on the euphoria of a historic achievement. They squeezed out a new National Minimum Wage of N30,000 without actually embarking on indefinite strike, burning down the economy and subjecting the people to untold hardship.
https://www.vanguardngr.com/2018/11/minimum-wage-now-the-hard-part/

The debt burden and how we got there (1)

Nigeria’s debt stock increased by three per cent from the N21.68tn recorded in December 2017 to N22.4tn recorded in December 2017 and to N22.2tn ($73.21bn) at the end of June 2018. The Director-General, Debt Management Office, Patience Oniha, made this known at a media briefing in Abuja on Tuesday, August 14, 2018.https://punchng.com/the-debt-burden-and-how-we-got-there-1-2/

The Road that will Reduce Our Cost of Food

I have spoken with a few friends who say they don’t understand why I am involved in farming. They say its too risky and unprofitable, and too difficult – and they are partly right. But other parts of the value chain have their challenges as well.https://www.thisdaylive.com/index.php/2018/11/15/the-road-that-will-reduce-our-cost-of-food/

Yam validated to treat cancer, diabetes, pain, bone loss, others

Can extracts of the tubers and leaves of some species of yam be used to beat cancer, diabetes, pain, arthritis, bone loss, and premenopausal syndrome?https://guardian.ng/features/yam-validated-to-treat-cancer-diabetes-pain-bone-loss-others/