NEWS REVIEW FOR THURSDAY, FEBRUARY 14, 2019

OIL & GAS

PENGASSAN draws battle line with ExxonMobil over sack

A possible confrontation between members of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the management of ExxonMobil is by the corner, following moves by the oil giant to disengage some of its local employees this week, The Nation has learnt.

http://thenationonlineng.net/pengassan-draws-battle-line-with-exxonmobil-over-sack/

NNPC, Shell, others sign FID for gas project

The Nigerian National Petroleum Corporation and its joint venture partners on Wednesday in Abuja signed the Final Investment Decision on the development of the 4.3 trillion cubic feet Assa North/Ohaji South Fields in Oil Mining Lease 21.

https://punchng.com/nnpc-shell-others-sign-fid-for-gas-project/

Total Nigeria announces winners of competition

Total Nigeria Plc has unveiled the winners of the second edition of the Startupper of the Year by Total Challenge in Nigeria.

The company said a jury of local experts selected the winners of the 2018-2019 edition of the competition and they were presented awards at a ceremony on Wednesday in Lagos.

https://punchng.com/total-nigeria-announces-winners-of-competition/

 

Nigeria’s daily oil production falls to 1.99 million barrels

The nation’s crude oil production including condensate fell to 1.999 million barrels per day in January from 2.081 million bpd in December, according to the Ministry of Petroleum Resources.

https://punchng.com/nigerias-daily-oil-production-falls-to-1-99-million-barrels/

 

NNPC, IOCs Sign FID on Assa North/Ohaji South Gas Fields

The Nigerian National Petroleum Corporation (NNPC) has signed a Final Investment Decision (FID) with its Joint Venture (JV) partners – Shell Petroleum Development Company (SPDC), Total Exploration and Production Nigeria (TEPNG), and Nigeria Agip Oil Company (NAOC) to develop the 4.3 trillion cubic feet (tcf) Assa North/Ohaji South fields (ANOH) located in Oil Mining Lease (OML) 21.

https://www.thisdaylive.com/index.php/2019/02/14/nnpc-iocs-sign-fid-on-assa-north-ohaji-south-gas-fields/

Crude Oil Price Rises to $63 after Saudi Output Pledge

Crude oil price rose yesterday to $63 per barrel after top exporter, Saudi Arabia, said it would cut crude exports and deliver an even deeper cut to its production.

https://www.thisdaylive.com/index.php/2019/02/14/crude-oil-price-rises-to-63-after-saudi-output-pledge/

Restive Oil region braces as Nigeria heads toward election

Heavily armed Nigerian troops crouch behind sandbags outside Royal Dutch Shell Plc’s Kolo Creek pumping station, underscoring the tension pervading the oil-rich Niger River delta before general elections on Saturday. As the race between President Muhammad Buhari and his main challenger, Atiku Abubakar, nears its climax on Saturday, the military has stepped up its presence…

https://businessday.ng/oilandgas/article/restive-oil-region-braces-as-nigeria-heads-toward-election/

Oil privatisation call exposes Nigeria election divide, says FT

Nigeria’s state-owned refinery in Kaduna, a rusted hulk set on about three square kilometres on the parched outskirts of the northern city, has capacity to process 110,000 barrels of oil a day. Last year it processed virtually nothing. The other three state-owned refineries — in the oil-rich Niger delta region in the south of the…

https://businessday.ng/exclusives/article/oil-privatisation-call-exposes-nigeria-election-divide-says-ft/

 

Shell’s three scholarship awardees graduate

THREE beneficiaries of Shell Nigeria Exploration and Production Company’s (SNEPCo) scholarship in the United Kingdom (UK) have returned home after completing their studies.

http://thenationonlineng.net/shells-three-scholarship-awardees-graduate-2/

 

OTHER NEWS

After ASUU Strike: Lecturers in classes without students

While the Academic Staff Union of Universities, ASUU, last week suspended its three months old industrial action, many stakeholders were excited with the news, believing that at least students and lecturers can now return to classroom.

https://www.vanguardngr.com/2019/02/after-asuu-strike-lecturers-in-classes-without-students/

Why FG, ASUP disagreement lingered

Shortly before lecturers ended their strike on Tuesday, the chairman of the Academic Staff Union of Polytechnics (ASUP), Kaduna Polytechnic chapter, Dr Aliyu Hassan Ibrahim, explained why it took a long time to reach agreement with government.

https://www.dailytrust.com.ng/why-fg-asup-disagreement-lingered.html

AFCON U-20: Mali edges Nigeria on penalties

The Flying Eagles of Nigeria had their dream of a record eighth title success dashed Wednesday following a 4-3 penalty shootout defeat to Mali at the 2019 CAF U-20 AFCON in Niger.

https://www.newtelegraphng.com/2019/02/afcon-u-20-mali-edges-nigeria-on-penalties/

 

NEWS REVIEW FOR WEDNESDAY, FEBRUARY 13, 2019

OIL & GAS

Shell, NNPC Invite Bidders for $10bn Bonga South West Project

Exactly seven months after the Minister of State for Petroleum, Dr. Ibe Kachikwu, directed the Nigerian National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and Production Company (SNEPCo) to commence the tendering process for the execution of $10 billion Bonga South West/Aparo (BSWA) deep-water project, the corporation and its partners have invited prospective bidders to tender for the project, THISDAY has learnt.

https://www.thisdaylive.com/index.php/2019/02/13/shell-nnpc-invite-bidders-for-10bn-bonga-south-west-project/

NNRC: Nigeria’s Earnings from Oil PSC, Lowest in the World

The fraction of oil monies accruable to Nigeria from Production Sharing Contracts (PSCs) related agreements it has with International Oil Companies (IOCs) has remained the lowest among other oil producing jurisdictions with same PSC arrangements, the Nigeria Natural Resource Charter (NNRC), has disclosed.

https://www.thisdaylive.com/index.php/2019/02/13/nnrc-nigerias-earnings-from-oil-psc-lowest-in-the-world/

Eterna targets 200 petrol stations, oil asset acquisition

Eterna Plc, an operator in the nation’s downstream oil sector, has said it aims to increase the number of its petrol stations across the country to 200 and acquire upstream oil and gas assets in the next five years.

https://punchng.com/eterna-targets-200-petrol-stations-oil-asset-acquisition/

ExxonMobil Accused of Anti-labour Practices

There are allegations that ExxonMobil may have resorted to anti-labour practices aimed at drastically excluding Nigerians from core activities in the company.

https://www.thisdaylive.com/index.php/2019/02/13/exxonmobil-accused-of-anti-labour-practices/

 

First Bank to sustain support for indigenous oil, gas operators – MD

The Chief Executive Officer First Bank Nigeria (FBN) Ltd. Adesola Adeduntan said the bank will continue to assist operators in the oil and gas sector with the right financial support needed to efficiently grow the industry.

https://www.dailytrust.com.ng/first-bank-to-sustain-support-for-indigenous-oil-gas-operators-md-2.html

Our Thoughts on Non-oil export and AfCFTA – MAN

The performance of the economy in 2018 was fair as it recorded fragile growth. On the high side, GDP growth increased to 1.81 percent in the third quarter 2018 from 1.50 percent growth recorded in the second quarter of the year. Inflation headed southward, exchange rate was relatively stable, supply of foreign exchange improved and…

https://businessday.ng/business-economy/article/non-oil-export-and-afcfta/

Oil rises 2% on Saudi Arabia, OPEC cuts

Oil prices rallied yesterday amid signs that the Organisation of Petroleum Exporting Countries (OPEC’s) production cuts are taking hold.

http://thenationonlineng.net/oil-rises-2-on-saudi-arabia-opec-cuts/

2018 saw sustained improvement in non-oil sector ― Presidency

The Presidency has observed that Nigeria’s Gross Domestic Product (GDP) figures recorded a marked improvement in the fourth quarter of 2018.

https://www.tribuneonlineng.com/190302

 

OTHER NEWS

ASUP suspends strike

The Academic Staff Union of Polytechnics has suspended its two-month-old   strike, the News Agency of Nigeria reports.

ASUP National President Mr Usman Dutse confirmed this at a press conference on Tuesday in Abuja.

https://punchng.com/asup-suspends-strike/

New Minimum Wage: Buhari begs private sector not to sack workers

President Muhammadu Buhari has pleaded with the organised private sector not to retrench their workers in a bid to pay the new N30,000 national minimum wage.

https://www.vanguardngr.com/2019/02/new-minimum-wage-buhari-begs-private-sector-not-to-sack-workers-2/

 

Give red card to Governors over unpaid benefits, NLC tells pensioners

 

Nigeria Labour Congress, NLC, has called on pensioners across the country to vote against any state governor still owing backlog of unpaid pension in the forthcoming general elections.

https://www.vanguardngr.com/2019/02/give-red-card-to-govs-over-unpaid-benefits-nlc-tells-pensioners/

 

NEWS REVIEW FOR MONDAY, FEBRUARY 11, 2019

OIL & GAS

Shell retirees seek better care for senior citizens

The Shell Pensioners Association, Lagos Branch, says it wants to commence a campaign that will enshrine the culture of care for the elderly in public places.

https://punchng.com/shell-retirees-seek-better-care-for-senior-citizens/

Cooking Gas Scarcity Looms as NIMASA Detains NLNG Vessel

Nigerians may experience scarcity of Liquefied Petroleum Gas (LPG), better known as cooking gas, following the detention of NLNG Limited’s vessel by the Nigerian Maritime Administration and Safety Agency (NIMASA) over alleged violation of the Cabotage Act, THISDAY has learnt.

https://www.thisdaylive.com/index.php/2019/02/11/cooking-gas-scarcity-looms-as-nimasa-detains-nlng-vessel/

PETROLEUM INDUSTRY OUTLOOK POST 2019 ELECTIONS

Regardless of whoever emerges as the president, the Nigerian petroleum industry needs serious reform.

https://www.thisdaylive.com/index.php/2019/02/11/petroleum-industry-outlook-post-2019-elections/

 

Oil majors shy on Nigeria, look elsewhere for growth opportunities

Oil majors are fine-tuning their growth strategies either for petrochemicals, gas or energy transition programs, but Nigeria is not a high priority investment destination. According to their full-year 2018 financial results released recently, ExxonMobil, Total and Chevron booked strong results despite a 40 percent decline in the value of oil prices in the fourth quarter…

https://businessday.ng/exclusives/article/oil-majors-shy-on-nigeria-look-elsewhere-for-growth-opportunities/

 

OTHER NEWS

NIMASA detains LPG tanker for flouting Cabotage law

The Nigerian Maritime Administration and Safety Agency says it has commenced clampdown on vessels that do not comply with the provisions of the Cabotage Compliance Strategy.

https://punchng.com/nimasa-detains-lpg-tanker-for-flouting-cabotage-law/

As ASUU suspends strike

The Academic Staff Union of Universities [ASUU] conditionally suspended its strike action on Thursday last week, February 7 and directed its members to resume work with effect from last Friday following an agreement it signed with the Federal Government. ASUU President Prof. Biodun Ogunyemi listed eight items contained in the agreement signed by both parties, Memorandum of Action (MoA) of 2019.

https://www.dailytrust.com.ng/as-asuu-suspends-strike.html

Food prices rise in January on price discount reversal

World food prices recorded an increase last month compared to the previous month in December, 2018, reports by United Nation’s food agency, Food and Agriculture Organization, FAO, and a Securities and Exchange Commission, SEC, registered investment banking firm, Arm Securities, have shown.

https://www.vanguardngr.com/2019/02/food-prices-rise-in-january-on-price-discount-reversal-reports/

 

 

NEWS REVIEW FOR FRIDAY, JANUARY 25, 2019 OIL & GAS

Reps to probe Kachikwu over alleged irregularities in oil and gas lease renewal

The House of Representatives on Thursday said it would investigate the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, over alleged irregularities in the ongoing oil and gas lease renewal process.

https://punchng.com/reps-to-probe-kachikwu-over-alleged-irregularities-in-oil-and-gas-lease-renewal/

Nigeria left in the cold as oil partners jostle for position to ride an LNG boom

The Nigerian National Petroleum Corporation (NNPC) joint venture partners that initially indicated interest in participating in the development of two LNG projects are strategically moving away to other places to either help build or acquire equity shares in LNG projects across the world.

https://businessday.ng/oilandgas/article/nigeria-left-in-the-cold-as-oil-partners-jostle-for-position-to-ride-an-lng-boom/

Trading of LNG derivatives to benefit industry

With natural gas demand growing faster than for any other fossil fuel, LNG futures may be finally taking off. Derivatives represented about 2 percent of global LNG production at the beginning of 2017 as an array of contracts around the world struggled to gain traction.

https://businessday.ng/oilandgas/article/trading-of-lng-derivatives-to-benefit-industry/

Reps probe DPR over alleged oil scam, $10bn loss

The House of Representatives, yesterday, mandated its Committee on Petroleum Resources (Upstream) to investigate alleged irregularities in the renewal of oil leases by the Department of Petroleum Resources (DPR).

https://www.dailytrust.com.ng/reps-probe-dpr-over-alleged-oil-scam-10bn-loss.html

OTHER NEWS

Buhari lauds NASS for speedy consideration of minimum wage bill

President Muhammadu Buhari has commended the two chambers of the National Assembly for the prompt attention they accorded the new minimum wage bill.

https://punchng.com/buhari-lauds-nass-for-speedy-consideration-of-minimum-wage-bill/

Reps fault Council of State, insist on N30,000 minimum wage

Members of the House of Representatives on Tuesday faulted the Council of State for approving N27,000 as the new minimum wage when the agreement reached by the government, organised labour and the private sector was N30,000.

https://punchng.com/just-in-reps-fault-council-of-state-insist-on-n30000-minimum-wage/

Minimum wage: Labour meets today as bill passes 2nd reading

The Organised Labour will hold an emergency National Executive Council meeting today to take a position on Tuesday’s approval of N27,000 as minimum wage by the Council of State.

https://www.dailytrust.com.ng/minimum-wage-labour-meets-today-as-bill-passes-2nd-reading.html

There should be one National Minimum Wage

THE National Council of State, NCS, unwittingly sowed the seed of confusion on Tuesday, January 22, 2019 when it “approved” two minimum wages for the country – N27, 000 for the lowest paid worker in Nigeria (Grade Level 1 Step 1), and the N30,000 minimum wage the Federal Government proposed for its staff.
https://www.vanguardngr.com/2019/01/there-should-be-one-national-minimum-wage/

Reps step down debate on 2019 Budget till Jan 29

The House of Representatives on Thursday stepped down the debate on the 2019 Appropriation Bill due to the failure of the Ministry of Budget and National Planning to submit a reconciled figure of the budget.

https://punchng.com/reps-step-down-debate-on-2019-budget-till-jan-29/

No discrepancies in 2019 budget proposals — Akabueze

The Director-General of the Budget Office of the Federation, Ben Akabueze, on Thursday, said that there are no discrepancies in the 2019 budget proposal which is currently before the National Assembly.

https://punchng.com/no-discrepancies-in-2019-budget-proposals-akabueze/

Bad debts: CBN plans tougher bank capital rules

The Central Bank of Nigeria plans to introduce fresh capital rules in the second quarter of this year, threatening to heap pressure on banks already weighed down by bad loans.

https://punchng.com/bad-debts-cbn-plans-tougher-bank-capital-rules/

Government concessions Warri Port, gets in N36.4 billion

The Federal Government has concessioned the Terminal ‘B’ Warri Old Port, in Delta State, to Ocean & Cargo Terminal Services Limited, in a bid to increase efficiency, improve service delivery, and ensure modernised port development.

https://guardian.ng/business-services/government-concessions-warri-port-gets-in-n36-4-billion/

Nigeria’s foreign investments inflow down by 36% to $2.2bn in 2018

The United Nations Conference on Trade and Development (UNCTAD) has disclosed that Nigeria’s Foreign Direct Investment (FDI) fell by 36 per cent to $ 2.2 billion in 2018 from $3.5 billion in 2017.
https://www.vanguardngr.com/2019/01/nigerias-foreign-investments-inflow-down-by-36-to-2-2-bn-in-2018/

 

NEWS REVIEW FOR THURSDAY, JANUARY 24, 2019

 

OIL & GAS

 

PENGASSAN seeks stiffer sanctions on Forte Oil, Aiteo, others over anti-labour actions

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGANSSAN) has condemned what it described as the lingering anti-labour practices perpetrated by some indigenous oil companies operating in the country against their employees, especially Nigerian workers.https://www.dailytrust.com.ng/pengassan-seeks-stiffer-sanctions-on-forte-oil-aiteo-others-over-anti-labour-actions.html

 

Why construction of Katsina refinery stalled

The proposed construction of a new refinery in Katsina state has failed to take off one year after agreement for the project was reached between Nigeria and Republic of Niger, Daily Trust reports.https://www.dailytrust.com.ng/why-construction-of-katsina-refinery-stalled.html

 

The downstream sector of the Nigerian oil and gas industry is in desperate need of reform as unresolved challenges continue to dampen private sector players’ appetite to invest furtherhttps://punchng.com/growing-calls-for-reform-of-downstream-oil-sector/

 

Nigeria’s crude gets best offer since 2014

The Nigerian crude market remained strong on yesterday, with sellers feeling confident enough to offer Bonny Light and Qua Iboe around their highest in over four years, while Angola continued to trade at a brisk clip. https://guardian.ng/news/nigerias-crude-gets-best-offer-since-2014/

 

Oil prices dip on worries fuel demand to stall as global growth slows

Oil prices declined on Thursday on lingering concerns that slowing global economic growth may limit fuel demand and after a surprise build in U.S. crude inventories.https://www.vanguardngr.com/2019/01/oil-prices-dip-on-worries-fuel-demand-to-stall-as-global-growth-slows/

 

Oil prices stabilise at $61.58/b over by OPEC production cut

Oil prices stabilised yesterday at $61.58 per barrel up 8 cents after falling in the previous trading session, when markets were dragged down by growing concerns about possible economic slowdown. https://www.vanguardngr.com/2019/01/oil-prices-stabilise-at-61-58-b-over-by-opec-production-cut/

 

 

FG Orders IOCs to Pay Outstanding Oil Revenues on PSCs

The federal government has given International Oil Companies (IOCs) operating in Nigeria’s deep offshore and inland basin a 14-day ultimatum to pay all outstanding revenues on Production Sharing Contracts (PSCs) https://www.thisdaylive.com/index.php/2019/01/24/fg-orders-iocs-to-pay-outstanding-oil-revenues-on-pscs/

 

Emmanuel Promises to Facilitate Oil Exploration in A’Ibom Community

In a bid to ensure that the resources generated in Akwa Ibom State are used to their full potential, Governor Udom Emmanuel has promised to facilitate the speedy exploration of crude oil deposits discovered in Uruan Local Government Area of the state if re-elected into office. https://www.thisdaylive.com/index.php/2019/01/24/emmanuel-promises-to-facilitate-oil-exploration-in-aibom-community/

 

NCDMB, PETAN canvass better collaboration in oil, gas

Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has called for better collaboration among players in the Nigerian oil and gas industry.

https://guardian.ng/news/ncdmb-petan-canvass-better-collaboration-in-oil-gas/

 

OTHER NEWS

Only 12 states are funding workers’ pension accounts – PenCom

Only 12 states among those that have enacted the Contributory Pension Scheme laws have been funding the pension accounts of their workers as of the end of June 2018. https://punchng.com/only-12-states-are-funding-workers-pension-accounts-pencom/

 

Nigerian economic confidence at 12-month low — Report

The Association of Chartered Certified Accountants and Institute of Management Accountants have said in their report on Global Economic Conditions that Nigeria faces its lowest economic confidence scores in a year, after a fall in the final quarter of 2018. https://punchng.com/nigerian-economic-confidence-at-12-month-low-report/

 

8.41m Nigerians contributing to pension scheme —PenCom report

The National Pension Commission says about 8.41 million Nigerians are presently contributing to the country’s pension scheme. https://punchng.com/8-41m-nigerians-contributing-to-pencom-report/

 

VAT will be increased in 2019, says finance minister as FG introduces new revenue initiative

The Federal Government on Wednesday introduced the Strategic Revenue Growth Initiative to generate more revenues to finance national development. https://punchng.com/vat-will-be-increased-in-2019-says-finance-minister-as-fg-introduces-new-revenue-initiative/

 

Minimum wage not enough to live on —NLC president

President of the Nigeria Labour Congress, Ayuba Wabba, has lamented that minimum wage can barely provide basic necessities of life for workers in many parts of the world, noting that one per cent of the world population now controls half of the global wealth. https://punchng.com/minimum-wage-not-enough-to-live-on-nlc-president/

 

NLC faults fragmented minimum wage for federal, state workers

The Nigeria Labour Congress said the minimum wage of N27, 000 and N30, 000 approved for state and federal workers was a fragmentation of the wage and therefore, unacceptable.

https://punchng.com/nlc-faults-fragmented-minimum-wage-for-federal-state-workers/

 

Minimum Wage: Buhari transmits bill to National Assembly

President Muhammadu Buhari has transmitted a bill for the amendment of the country’s minimum wage law to the National Assembly.

https://www.dailytrust.com.ng/minimum-wage-buhari-transmits-bill-to-national-assembly.html

 

National Minimum Wage Bill Passes First Reading in Senate

The National Minimum Wage Bill 2019 sent to the National Assembly on Wednesday by President Muhammadu Buhari on Thursday passed the first reading in the Senate.

 

ASUU-FG crisis and university education’s slow death

Nigeria’s education is crumbling. Some even say it has crumbled. University teachers are distraught but in no mood for any compromise after years of broken promises by successive governments. https://guardian.ng/features/education/asuu-fg-crisis-and-university-educations-slow-death/

 

FOBTOB tasks advisory panel on urgent implementation of new minimum wage

The national body of Food, Beverage and Tobacco Senior Staff Association (FOBTOB), has charged the newly inaugurated technical advisory committee on national minimum wage to ensure speedy implementation of the N30,000 for Nigerian workers.

https://guardian.ng/appointments/fobtob-tasks-advisory-panel-on-urgent-implementation-of-new-minimum-wage/

 

Reps allegedly uncover conflicting figures in 2019 budget

The House of Representatives yesterday began debate on the general principles of the 2019 budget.At the plenary, presided over by Speaker Yakubu Dogara, the lawmakers allegedly discovered conflicting figures in the estimates of ministries, departments and agencies (MDAs).

https://guardian.ng/news/reps-allegedly-uncover-conflicting-figures-in-2019-budget/

 

NEWS REVIEW FOR MONDAY, JANUARY 21, 2019

NEWS REVIEW FOR MONDAY, JANUARY 21, 2019

OIL & GAS

Oil licensing: Nigeria lags as Angola, others move ahead

While many oil-producing countries, including Angola and Norway, are extending efforts to ramp up their production and reserves, Nigeria has failed to hold any oil licensing rounds since 2007

https://punchng.com/oil-licensing-nigeria-lags-as-angola-others-move-ahead/

 

NNPC’s Insistence on Ending Fuel Importation

Despite likelihoods of a slip, the Nigerian National Petroleum Corporation (NNPC) insists its goal of weaning Nigeria off imported petroleum products, especially premium motor spirit (PMS), otherwise called fuel, would be met. Chineme Okafor wonders if the self-imposed deadline is sacrosanct

https://www.thisdaylive.com/index.php/2019/01/20/nnpcs-insistence-on-ending/

 

Report Reveals How IOCs Steal Nigeria’s Crude Oil

A new report on the age-long crude oil theft in Nigeria has revealed how International Oil Companies (IOCs) in the Niger Delta region steal and siphon large volumes of crude oil from the country undetected by her authorities.

https://www.thisdaylive.com/index.php/2019/01/21/report-reveals-how-iocs-steal-nigerias-crude-oil/

 

NNPC partners African transport union to halt petroleum leakages

The Nigerian National Petroleum Corporation on Sunday said it would collaborate with members of the African Union of Transportation and Logistics Organisation to halt incidents of cross-border leakages of petroleum products.

https://punchng.com/nnpc-partners-african-transport-union-to-halt-petroleum-leakages/

https://www.vanguardngr.com/2019/01/nnpc-mulls-collaboration-to-end-cross-border-fuel-smuggling/

https://www.thisdaylive.com/index.php/2019/01/20/nnpc-enlists-continental-transport-union-to-check-fuel-smuggling/

 

Refinery: FG’ll source forex from Dangote —Emefiele

The Federal Government will soon start sourcing foreign exchange (forex) from Dangote Group, as soon as the latter’s refinery, petrochemicals and fertiliser projects come on stream.
https://www.vanguardngr.com/2019/01/refinery-fgll-source-forex-from-dangote-emefiele/

 

 

Emefiele: Dangote Refinery, Fertiliser Plant Will Transform Nigeria

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has described the $9 billion Dangote Refinery and the fertiliser plants, which are under construction at the Lekki Free Trade Zone, as transformational projects for Nigeria.

https://www.thisdaylive.com/index.php/2019/01/21/emefiele-dangote-refinery-fertiliser-plant-will-transform-nigeria/

 

Benedict Peters : Colossus in murky oil, gas waters

Only a few Nigerian had been able to venture into the Nigerian oil and gas industry, start an exploration and production company from scratch, sustain the business, break even and make profit. One of such Nigerian is Benedict Peters, Founder and Executive Vice Chairman of the Aiteo Group.
https://www.vanguardngr.com/2019/01/benedict-peters-colossus-in-murky-oil-gas-waters/

 

Ijaw group kicks over PTI junior staff recruitment

Ijaw Peoples Development Initiative, IPDI, has called on the Federal Government to probe the recent employment of junior staff by the Petroleum Training Institute, PTI, Uvwie Local Government Area, Delta State.
https://www.vanguardngr.com/2019/01/ijaw-group-kicks-over-pti-junior-staff-recruitment/

 

Oil price hits $62.70, $2.70 in excess of budget benchmark

For the first time in 2019, the price of oil has risen from $60.00 to $62.70 per barrel as Organisation of Petroleum Exporting Countries, OPEC, intensifies efforts to withdraw excess oil from the volatile market.
https://www.vanguardngr.com/2019/01/oil-price-hits-62-70-2-70-in-excess-of-budget-benchmark/

 

FG to probe ASUU expenditure, defends oil subsidy regime

The Federal Government is to investigate past expenditure of the Academic Staff Union of Universities (ASUU).

https://guardian.ng/news/fg-to-probe-asuu-expenditure-defends-oil-subsidy-regime/

 

OTHER NEWS

PenCom plans to commence micro-pension scheme

The National Pension Commission plans to commence the micro-pension scheme for the informal sector.

https://punchng.com/pencom-plans-to-commence-micro-pension-scheme/

 

Minimum wage: FOBTOB seeks adoption of previous committees’ reports

Workers in the food and beverage sector have demanded the adoption of reports of previous committees on national minimum wage, saying it will quicken the passage of the Minimum Wage Bill.

https://punchng.com/minimum-wage-fobtob-seeks-adoption-of-previous-committees-reports/

 

FG, ASUU resume negotiations today

The President of the  Academic Staff Union of Universities, Prof Biodun Ogunyemi, says  ASUU will suspend its 10-week-old  strike if the Federal Government agrees to release   N50bn to revitalise public universities and N20bn  to pay lecturers their allowances in their meeting on Monday.

https://punchng.com/fg-asuu-resume-negotiations-today/

 

The pathetic destiny of pensioners in Nigeria

OUR collective sense of compassion may have become so dulled, overtime, to media reports and media images of emaciated senior citizens, collapsing after waiting endlessly in queues under the hot tropical sun, for verification and payment of pension entitlements.
https://www.vanguardngr.com/2019/01/the-pathetic-destiny-of-pensioners-in-nigeria/

 

Analysts project MPC to maintain status quo despite inflation concerns

THE Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, is expected to retain the monetary policy rate, MPR, at 14 percent as well as other policy rate at the end of its meeting holding this week in spite of concerns over the two month upward trend in inflation rate.
https://www.vanguardngr.com/2019/01/analysts-project-mpc-to-maintain-status-quo-despite-inflation-concerns/

 

Minimum wage will lead to inflation – Sekibo

The Managing Director/Chief Executive Officer of Heritage Bank, Mr. Ifie Sekibo, has said that a new minimum wage will increase liquidity and money supply issues and lead to inflation in the country.

https://www.dailytrust.com.ng/minimum-wage-will-lead-to-inflation-sekibo.html

 

An NSITF without a Board

Five months to the end of the tenure of the present administration, Nigeria Social Insurance Trust Fund (NSITF) has remained without a board to enable it carry out its statutory functions.

https://www.thisdaylive.com/index.php/2019/01/20/an-nsitf-without-a-board/

 

 

 

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/