NEWS REVIEW FOR MONDAY, JANUARY 9, 2017
Oil & Gas
NNPC commissions audit of refineries
The processes and processing units of Nigeria’s three refineries in Kaduna, Port Harcourt and Warri are currently being audited by licensors.
NNPC targets 60 per cent local refining capacity by end of 2017
The Nigerian National Petroleum Corporation (NNPC) says it will reduce petroleum products importation by boosting the capacity utilisation of local refineries to 60 per cent by the end of 2017.
Nigeria’s oil exports face fresh disruption
The nation’s crude oil production and export have hit a fresh snag following the shutdown of the Trans Niger Pipeline, one of two major pipelines transporting the Bonny Light crude grade for export.
NUPENG begins 3-day warning strike, Wednesday NIGERIA Union of Petroleum and Natural Gas Workers, NUPENG, is set to begin a three-day nationwide warning strike on Wednesday, over disputes with International Oil Companies, IOCs, especially indiscriminate sack of workers without benefits and refusal to allow their workers to join union.
FG, oil firms optimistic about increased crude production
The Federal Government and oil firms have expressed optimism that crude production in the country will increase this year as efforts to stem militancy in the Niger Delta and introduce a new funding structure for joint venture assets gain traction.
Forex responsible for kerosene price hike – IPMAN
A factional Chairman of the Independent Petroleum Marketers Association of Nigeria, in Kwara, Alhaji Olanrewaju Okanlawon, has ascribed the recurring hike in the price of kerosene to the unstable foreign exchange occasioned by the lingering economic recession.
Oil marketers responsible for cooking gas, kerosene scarcity — NNPC The Nigerian National Petroleum Corporation, NNPC, yesterday, blamed oil marketers in the country for the excruciating scarcity of kerosene and Liquefied Petroleum Gas, LPG, also known as cooking gas and the high price of the commodities across the country.
Ijaw youths kick as military arrests ex-militant leader in Delta State
The Ijaw Youth Council (IYC) yesterday warned that the Federal Government was inciting crisis in the Niger Delta by the continued invasion of the oil-rich area, arrest and detention of its residents, especially former agitators.
Niger Delta Avengers ready to fight region’s enemies
Niger Delta Avengers (NDA) on Friday asked its fighters to prepare to hit the ‘enemy’ in the oil-rich Niger Delta region, claiming that the Nigerian government was not ready for sincere negotiations.
NSCDC seals 13 fuel stations in Lagos
The Nigeria Security and Civil Defence Corps (NSCDC), Lagos State Command, on Sunday said it had sealed up 13 fuel stations, for allegedly under dispensing petroleum products. http://guardian.ng/news/nscdc-seals-13-fuel-stations-in-lagos/
Nigeria targets 2.6 million barrels per day refining capacity
Nigeria may be on the path to becoming self-sufficient in the production of petroleum products, as the Federal Government expects to increase the country’s refining capacity from 445,000 barrels per day to 2.62 million barrels per day.
FG offsets salary arrears of ex-militants
The Federal Government has paid two out of four months outstanding stipends owed former Niger Delta militants under the Presidential Amnesty Programme.
Don’t resume bombing of oil installations, Aginighan, Mulade beg Avengers Former Acting Managing Director, Niger Delta Development Commission, NDDC, Pastor Power Aginighan and Niger Delta activist, Sheriff Mulade, yesterday, appealed to the Niger Delta Avenger, NDA, and other militant groups in the region not to resume bombing of oil installations to give the Federal Government the needed opportunity to take a holistic approach towards the development of the Niger Delta region.
Union urges FG to pay pension arrears
The Nigeria Union of Pensioners has appealed to the Federal Government to pay the December 2016 pensions to its members.
Only 7.7% of workers contribute to pension funds — PenCom
About 92.3 per cent of workers in the country have no form of pension savings to cater for them when they retire from paid employment, the National Pension Commission has said.
Naira may reverse loss this week
The naira is seen strengthening in the near term as Bureau De Change operators expect dollar supplies from international money transfer agents to boost liquidity.
Inflation rate may hit 20% in first quarter —Experts
Economic and financial experts have said that the country’s inflation rate may rise further to 20 per cent during the first quarter of this year from the current 18.4 per cent.
LCCI urges FG to review Import duty on vehicles
The Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to review import duty on vehicles in order to bring down the cost of transportation in the country.
How to achieve better work-life balance
Building a business is tough and there are often a lot of sacrifices you need to make to grow and get the business where you need it to be. But in order to manage your business, you need to manage your life, and that includes the all-important work-life balance.
How to complain against excess bank charges, fraud, unauthorised deductions THE Central Bank of Nigeria (CBN) has enjoined bank customers to follow due process of lodging complaints against banks and other financial institutions.
Budget tops agenda as N/Assembly resumes tomorrow
The consideration of 2017 Budget and constitutional amendment are top on the agenda of the National Assembly as the lawmakers resume from Christmas and New Year break tomorrow.
External reserves down $3.22 bn in 2016 – CBN
The nation’s external reserves closed last year with a total balance of $25.84 billion – 30 December – showing a decline of $3.22 billion compared with $29.06 billion it stood as at December 31, 2015.
Agitation grows for review of CBN’s forex policy
The dominant part of last year was undoubtedly spent on lamenting the woes that betide the nation’s manufacturing sector and its implications on the Gross Domestic Product(GDP).
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