NEWS REVIEW FOR MONDAY, JANUARY 16, 2017
Oil & Gas
Nigerians won’t accept fresh fuel price hike –NLC
The Nigeria Labour Congress has said Nigerians will not be able to take another fuel price increase in view of the harsh economic situation in the country.
NUPENG strike, refineries’ closure caused products scarcity – NNPC
The current hiccups in the supply of petroleum products is due to the recent one-day industrial action by the Nigeria Union of Petroleum and Natural Gas Workers and the shutdown of the nation’s refineries, the Nigerian National Petroleum Corporation has said.
Oil workers back revival of refineries
Oil workers have commended the plans towards a comprehensive rehabilitation of the nation’s refineries to achieve optimal capacity utilisation in 2017 by the current leadership of the Nigerian National Petroleum Corporation.
Fuel subsidy returns as landing cost hits N145
The Federal Government has resorted to subsidy regime following an increase in the landing cost of Premium Motor Spirit, also known as petrol.
Leveraging the oil price rally
A thin ray of light has pierced Nigeria’s gloomy skies. International crude oil prices held steady above the $55 per barrel threshold on Friday while, two days before, the World Bank reaffirmed its forecast of a return to positive growth for Africa’s largest economy.
NNPC resumes loading of petroleum products nationwide
The Group General Manager, Group Public Affairs Division, the Nigerian National Petroleum Corporation, Mr. Ndu Ughamadu, says the corporation has resumed loading of petroleum products in all its depots nationwide.
Nigerians now own most of the country’s oil blocks – Wabote
The Executive Secretary of the Nigerian Content Development and Monitoring Board, Mr. Simbi Wabote, in this interview with ’FEMI ASU, says the implementation of the local content law in the oil and gas industry has made many Nigerians owners of oil blocks and licences
Warri, Kaduna refineries record zero production
Two out of Nigeria’s three refineries were completely dormant in November 2016 as they could not refine a drop of crude oil throughout the period.
New militant group gives Buhari 14 days to sack Magu, Lawal
A new militant group, the Niger Delta Warriors, has issued a 14-day ultimatum to President Muhammadu Buhari to sack the Secretary to the Government of the Federation, Babachir Lawal.
Osinbajo visits N’Delta today, youths give condition for peace
Ahead of today’s (Monday) visit by the Vice-President Yemi Osinbajo-led Federal Government delegation to the restive oil-rich Niger Delta, youths in the region on Sunday released a 22-point demand, including the immediate release of detained activists and ex-militants arrested by operatives of the Nigerian military in the region.
Osinbajo’s N-Delta visit: Tompolo’s kinsmen jubilant, arrange dance troupes
KINSMEN of ex-militant leader, Government Ekpemupolo, alias Tompolo, in Gbaramatu Kingdom, Warri South-West Local Government Area, Delta State, are in jubilant mood for today’s visit of the Vice President, Prof. Yemi Osinbajo, hoping that the Federal Government would demilitarize the area and halt perceived indiscriminate arrests of the people after the outing.
HOSTCOM seeks Okowa’s intervention in face-off with Shell
Members of the Host Communities Of Nigeria Producing Oil & Gas, HOSTCOM, Ijaw Ethnic Nationality, Delta State, have appealed to Governor Ifeanyi Okowa to urgently intervene between the host communities, Odimodi, Isiayegbene and Beniboye, and Shell Petroleum Development Company, SPDC, to avoid break down of law and order in the ongoing repair work at the 48-inch Forcados Terminal Export Line.
Echoes of oil economy, policy issues hunt 2017
Whichever measure and whatever the optimism is that are attached to the 2017 budget implementation, the centre of attraction has returned to status quo – crude oil. But the measuring index has remained the quantity produced and price in the international market. It is indeed, a sustained challenge for the budget this year.
50 firms bid for NNPC’s 2-yr boat supply term contract
THE Nigeria National Petroleum Corporation, NNPC, has said that 50 companies have submitted bids to take part in the provision of sea worthy tug boats on charter time basis for it’s maritime operational requirements in Lagos, Warri and Port Harcourt.
Fast-track Niger Delta peace process, Dickson urges FG
Governor Seriake Dickson of Bayelsa State has called on the Federal Government to fast-track the ongoing peace process in the Niger Delta, with a view to building consensus on the economic, political and security issues to achieve lasting peace in the region.
NLC chief warns foreign oil firms against disrespect of labour laws
Leading labour leader, Issa Aremu has urged international oil companies (IOCs) operating in Nigeria to ensure decent work conditions for their workers in tune with the nation’s laws.
NNPC resumes loading of petroleum products nationwide
The Group General Manager, Group Public Affairs Division, the Nigerian National Petroleum Corporation (NNPC), Mr. Ndu Ughamadu, said the corporation has resumed loading of petroleum products in all its depots nationwide.
Firm to use marginal field gas for power generation
Green Energy International Limited has said it will utilise gas produced from its Otakikpo Marginal Field in Oil Mining Lease 11, Rivers State, for power generation and domestic gas production.
NSE eyes more oil/gas, utilities listings
The Nigerian Stock Exchange has expressed concern over the non-listing of utilities companies and few listings in the oil/gas sector.
Kerosine still not available
There was pandemonium in Canaan area of Ago Palace Way, Lagos, Monday morning, when fire ignited by a housewife to prepare meal for her family was mistaken for fire outbreak.
Niger Delta: PANDEF and lasting peace
LEADERSHIP is not bought; it’s naturally earned. Niger Delta found leadership in Oba Ovarenme Nogbaisi of Benin; he represents the hopes and aspirations of the common man in our God given land.
Why Nigerians will become poorer with rising oil prices
The market price of crude oil steadily increased beyond $50/barrel after OPEC agreed to cut output by about 1.2million barrels/day recently. Nigeria’s export revenue prospects will consequently be boosted if the price trend is sustained, particularly if restiveness is minimized in the Niger Delta.
Protesters shutdown Indorama fertiliser plant in Eleme
Eleme communities shutdown activities at West Africa’s largest fertiliser plant, Indorama Eleme Petrochemicals Limited on Monday.
Appeal Court Adjourns Chevron’s Suit against Brittania-U on Sale of Oil Blocks
Exactly two and a half years after Chevron United States Inc. and others instituted an appeal against the judgment of a Federal High Court sitting in Lagos, which assumed jurisdiction to entertain a suit brought against them by Brittania-U Nigeria Limited over the divestment of Chevron’s interest in Oil Mining Leases (OMLs) 52, 53 and 55, the Court of Appeal, Lagos has fixed a date for hearing.
Petrol, kerosene prices stable in Dec. – NBS
Analysis of data released by the National Bureau of Statistics (NBS) showed that festivities did not affect prices of petrol, kerosene and diesel in December.
NNPC to partner Schlumberger on oil search in northern Nigeria
The Nigerian National Petroleum Corporation (NNPC) has stepped up collaboration with multinational oil service company, Schlumberger, in the deployment of state-of-the-art technology in the ongoing search for commercial hydrocarbon deposits in the Chad basin and other parts of the inland sedimentary basins.
N458bn Lagos-Ibadan new rail project to begin Feb
The Federal Government will commence the construction of a standard gauge rail line from Lagos to Ibadan next month, the Managing Director, Nigerian Railway Corporation, Mr. Fidet Okheria, has said.
The Second Niger Bridge to the future
The mythical Second Niger Bridge is to be constructed, the Federal Government indicated last week in a wobbly, cagey statement delivered in every colour of deniability.
Increased pension savings’ll benefit retirees — Expert
The Chief Executive Officer, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, has said the increase of pension contributions of workers from 15 per cent to 18 per cent will create more benefits for them at retirement.
Recession worsens employers’ compliance with pension scheme
Most private and public employers under the Contributory Pension Scheme have stopped remittance of pension contributions into the Retirement Savings Accounts for their workers, investigation has revealed.
Inflation rises to 18.55%, says NBS
The National Bureau of Statistics on Friday released the Consumer Price Index, which measures inflation, with the index rising by 18.55 per cent in the month of December.
Naira falls to 497 as dollar demand rises
The naira fell to 497 against the United States currency at the parallel market on Friday as dollar shortages continued to hit the market.
Workers oppose N309bn bond for power firms
Workers under the aegis of Senior Staff Association of Electricity and Allied Companies have urged the Federal Government to shelve its plan to issue a N309bn bond to finance the power sector.
No plan to devalue naira, CBN tells BDCs
The President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, says the Central Bank of Nigeria has told its members that it does not intend to devalue the naira.
Non-academic varsity unions to start warning strike on Monday
The major non-academic unions in the nation’s university system have issued a notice to the Federal Government that they will embark on a five-day warning strike over the failure of the government to implement its 2009 agreements with the unions.
Constitution amendment: NASS to strip FG of powers to control resources
IN a bid to strengthen the nation’s economy, the National Assembly in the ongoing constitution amendment is proposing to remove mineral resources from the exclusive list to the concurrent list to enable state governors develop all the mineral resources in their various states.
Foreign reserve hits $26.9bn, as value of open contracts rises
NIGERIA’S foreign exchangereserves increased week-on-week by 2.51 per cent toUSD26.88billion, according to latest update from the Central Bank of Nigeria, CBN, last weekend.
Inflation is out of CBN’s control – expert
Dr Olusegun Omisakin, the Head of Research, Nigerian Economic Summit Group (NESG), says rising inflation rate in the country has gone beyond the control of Central Bank of Nigeria (CBN).
How to apply for employee’s death benefits – PenCom
The Pension Reform Act 2004 (now amended 2014) requires all employers to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument (ATE) of the employee.
Importation of cars: dealers want FG to reduce customs duties
Some car dealers in Abuja have called on the Federal Government to reduce customs duties on imported cars and to formulate policies to encourage Nigerians to patronise locally assembled vehicles.
Labour unions seek intervention over unpaid wages
A number of labour unions comprising the National Association of Local Government Employees (NULGE), Nigerian Union of Teachers (NUT), Non-Academic Staff Union (NASU), Medical and Health Association and other labour unions in Kogi Local Government Area of Kogi State at the weekend appealed to the member representing Kogi/Koton-Karfe state constituency, Zakari Osewu Muhammed to intervene over their unpaid salaries by the state government.
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