NEWS REVIEW FOR TUESDAY, OCTOBER 31, 2017

NEWS REVIEW FOR TUESDAY, OCTOBER 31, 2017

 

Oil & Gas

PENGASSAN tasks government on comprehensive TAM of refineries

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has charged the federal government to carry out a comprehensive Turn Around Maintenance (TAM) in the nation’s refineries.

https://guardian.ng/appointments/pengassan-tasks-government-on-comprehensive-tam-of-refineries/

 

West African nations set to import products from $12bn Dangote refinery

West African nations have started putting arrangements in place to enable them import petroleum products from Nigeria’s $12 billion Dangote refinery, barely two years ahead of its planned completion in 2019.
https://www.vanguardngr.com/2017/10/west-african-nations-set-import-products-12bn-dangote-refinery/

 

Breaking: FG to commence crude oil tracking by 2019

The Federal Government, Moday, stated that from 2019, the country would begin tracking Nigeria’s crude oil and would be able to account for every drop of the commodity produced in the country.
https://www.vanguardngr.com/2017/10/breaking-fg-commence-crude-oil-tracking-2019/

http://punchng.com/fg-to-begin-crude-oil-tracking-next-year/

 

Kachikwu: IOCs Interested in Investing over $15bn in Nigeria

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday stated that reforms initiated and executed by the federal government in Nigeria’s oil and gas industry within the last two years had earned the sector the confidence of international oil companies (IOCs) who he noted had requested to invest over $15 billion in the sector.

https://www.thisdaylive.com/index.php/2017/10/31/kachikwu-iocs-interested-in-investing-over-15bn-in-nigeria/

 

Gas flare penalty: FG owing Niger Delta N1trn — CSOs

A civil society organization, Centre for Peace and Environmental Justice, CEPEJ, yesterday, accused the Federal Government of withholding gas flare penalty amounting to over N1 trillion, meant for communities in the Niger Delta.
https://www.vanguardngr.com/2017/10/gas-flare-penalty-fg-owing-niger-delta-n1trn-csos/

 

FG engages N/Delta leaders over ultimatum

The Federal Government said it will commence engagements with critical stakeholders in the Niger Delta region to address some promises it made to people in the region.

https://www.dailytrust.com.ng/fg-engages-n-delta-leaders-over-ultimatum.html

Olujimi: Focus and Integrity are Key to Survival in Downstream Sector

To ease the Apapa gridlock, Emadeb Energy Services Limited recently built an ultra-modern depot in the Ijegun area of Lagos State and has also embarked on the construction of mega filling stations.

http://www.thisdaylive.com/index.php/2017/10/31/olujimi-focus-and-integrity-are-key-to-survival-in-downstream-sector/

 

OML30: Oil firm to execute devt projects in Delta communities

Heritage Energy Operational Services Limited, HEOSL, operator of Oil Mining Lease OML30 has embarked on the construction of several projects in its host communities.
https://www.vanguardngr.com/2017/10/oml30-oil-firm-execute-devt-projects-delta-communities/

 

Aiteo assembles legal team to tackle alleged politically motivated allegations

Aiteo Group, an indigenous Nigerian oil and gas company has set up a legal team to tackle various allegations suspected to be political in nature.
https://www.vanguardngr.com/2017/10/aiteo-assembles-legal-team-tackle-alleged-politically-motivated-allegations/

 

Johnathan’s inability to control crude oil theft grounded our economy – Gov Aregbesola

OSUN- PEEVED by the magnitude of undeclared crude oil and gas during the administration of former President Goodluck Jonathan, Governor of Osun State, Rauf Aregbesola has said the inability of the previous administration to control theft in the sector wrecked the Nigerian economy leading to recession.
https://www.vanguardngr.com/2017/10/johnathans-inability-control-crude-oil-theft-grounded-economy-gov-aregbesola/

 

Crisis looms in Rivers community over oil firms

Ubima community, home town of the Minister of Transportation, Mr Rotimi Amaechi, in Ikwerre local government area of Rivers state has advised two oil companies trying to resume operations in the area to endeavour to meet leaders of the area, saying that any backdoor arrangement could provoke untold crisis in the community.
https://www.vanguardngr.com/2017/10/crisis-looms-rivers-community-oil-firms/

 

Oil spill victims sue Shell in UK over alleged $3.6b compensation

Oil spill victims under the aegis of Oil Spill Victims Vanguard (OSPIVV) have initiated a lawsuit in the United Kingdom against Shell Nigeria Exploration and Production Company (SNEPCO), a subsidiary of the Royal-Dutch Shell Plc., over alleged $3, 600,191, 206 compensation to 168,000 persons and 350 communities affected by the December 20, 2011 spill from its Bonga Oil Field in Delta State.

https://guardian.ng/news/oil-spill-victims-sue-shell-in-uk-over-alleged-3-6b-compensation/

 

Richardson Oil & Gas advocates investment in workforce

Richardson Oil and Gas Limited has urged organisations to enhance safety performance by exploring social investments initiatives, which is about investing in their human resources.

https://guardian.ng/appointments/richardson-oil-gas-advocates-investment-in-workforce/

 

Other News

 

No definite date for census — NPC

National Population Commission, NPC, said, yesterday, that there was no definite date yet for conduct of census in the country.
https://www.vanguardngr.com/2017/10/no-definite-date-census-npc/

 

Nigeria’s debt shift to increase exchange rate risks — IMF

The International Monetary Fund yesterday, said that the proposed borrowing plan restructuring away from domestic to foreign by the Federal Government aimed at reducing debt-servicing cost could create exchange rate risks. Read more at: https://www.vanguardngr.com/2017/10/nigerias-debt-shift-increase-exchange-rate-risks-imf/
https://www.vanguardngr.com/2017/10/nigerias-debt-shift-increase-exchange-rate-risks-imf/

 

AfDB cancels $400m loan to Nigeria

The African Development Bank has called off a loan to Nigeria that would have helped fund the country’s budget, the Vice-President for Power, Energy, Climate Change and Green Growth, AfDB, Amadou Hott, has said.

http://punchng.com/afdb-cancels-400m-loan-to-nigeria/

 

FG Agrees to Pay N88bn as Compensation to Nigerian Civil War Victims

Forty-seven years after the Nigerian Civil War ended under ‘no victor, no vanquished’ terms, the federal government Monday agreed to pay victims of the war N88 billion as compensation.

https://www.thisdaylive.com/index.php/2017/10/31/fg-agrees-to-pay-n88bn-as-compensation-to-nigerian-civil-war-victims/

 

IMF: Debt Service Becoming Burden to Nigeria, Others

The International Monetary Fund (IMF) has stated that debt servicing costs are becoming a burden, especially in oil-producing countries such as Nigeria, Angola and Gabon in Africa.

https://www.thisdaylive.com/index.php/2017/10/31/imf-debt-service-becoming-burden-to-nigeria-others/

 

‘Nigeria’s economic future is in its hands’

In a small, rural community outside Kaduna, a woman is starting her day. Her business is selling produce. Of all the tools she uses, the most important is one that fits in her pocket.

https://guardian.ng/business-services/nigerias-economic-future-is-in-its-hands/

 

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NEWS REVIEW FOR MONDAY, OCTOBER 30, 2017 Oil & Gas

NEWS REVIEW FOR MONDAY, OCTOBER 30, 2017

Oil & Gas

Address oil industry problems — PENGASSAN

Oil workers, under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria, have called on stakeholders, especially the government to embark on a number of coordinated steps to resolve some of the problems affecting the oil and gas industry.

http://punchng.com/address-oil-industry-problems-pengassan/

 

Downstream operators urged to diversify as Nigeria plans to exit fuel import

Following plans by the Nigerian National Petroleum Corporation (NNPC), to stop the importation of petroleum products in the next medium term, operators in the downstream sector, who do not diversify along the value chain, may lose out on business as they may not have a role to play in the market.

https://guardian.ng/business-services/downstream-operators-urged-to-diversify-as-nigeria-plans-to-exit-fuel-import/

 

‘Downstream sector poses major challenge in oil, gas industry’

The Director, Department of Petroleum Resources (DPR), Mordecai Ladan, has said that the downstream sector of the oil and gas industry was facing major challenges in process safety, stating that there was need for discussions and improvement.

https://guardian.ng/business-services/downstream-sector-poses-major-challenge-in-oil-gas-industry/

 

10,000 youths for pipeline surveillance in N/Delta

No fewer than 10,000 youths of oil and gas producing communities in the South south region will secure jobs for pipeline surveillance.

http://thenationonlineng.net/10000-youths-pipeline-surveillance-ndelta/

 

IEA: Global Oil Supply Rose 90,000b/d in September to 97.5mb/d

Global oil supply rose 90,000 b/d in September to 97.5 mb/d as non-OPEC output edged higher with output standing at 620,000 b/d higher than last year, the October edition of Oil Market Report has revealed.

https://www.thisdaylive.com/index.php/2017/10/29/iea-global-oil-supply-rose-90000bd-in-september-to-97-5mbd/

 

Army Ends Operation in N’Delta, Refits Nigeria’s First Oil Well

The Nigerian Army at the weekend rounded off its Crocodile Smile II Operation in the Niger Delta with the rehabilitation of the abandoned  Oloibiri Oil Well 1 in Ogbia Local Government Area, Bayelsa State, where crude oil was first discovered in the country in 1956.

https://www.thisdaylive.com/index.php/2017/10/30/army-ends-operation-in-ndelta-refits-nigerias-first-oil-well/

 

26 firms signify interest in revamping Nigeria’s refineries

About 26 firms have indicated interest to participate in the revamping of Nigeria’s four refineries, which will require investment of about $2billion (N720billion) according to the Minister of States for Petroleum Resources, Dr. Ibe kachikwu.

https://guardian.ng/business-services/26-firms-signify-interest-in-revamping-nigerias-refineries/

 

Oil/gas communities allege marginalisation by Nigerian oil bloc owners

OIL and gas communities in Delta, Edo and Bayelsa states, weekend, cried out that Nigerian oil blocs owners have allegedly foisted “internal colonialism” on the people, urging the Federal Government to call them to order.
https://www.vanguardngr.com/2017/10/oilgas-communities-allege-marginalisation-nigerian-oil-bloc-owners/

 

Crude oil rises above $60, first time since 2015

Brent crude closed at a 27-month high on Friday over comments from Saudi Arabia that signal the likely extension of supply cut deal by OPEC and Non-OPEC members, as data released by the World Bank projected growth in oil price by 2018.

https://www.dailytrust.com.ng/crude-oil-rises-above-60-first-time-since-2015.html

 

Nigeria’s excess oil revenue hits N11.1bn daily

NIGERIA’s excess oil revenue has risen to N11.1 billion ($36.6 million) daily as the price of crude oil hits $60.44 per barrel in the international market.
https://www.vanguardngr.com/2017/10/nigerias-excess-oil-revenue-hits-n11-1bn-daily/

 

We need not burst pipelines to shutdown oil production, PANDEF declares

Following the disruption of its general assembly meeting by security operatives in Port Harcourt last week, the Pan Niger Delta Forum (PANDEF) has warned that it does not need to burst oil pipelines to shutdown crude oil production in the region.

https://guardian.ng/news/we-need-not-burst-pipelines-to-shutdown-oil-production-pandef-declares/

 

PANDEF, militants clash over mandate to represent N’Delta

A coalition of militants’ groups in the Niger Delta and the Chief Edwin Clark-led Pan Niger Delta Forum have engaged in war of words over which group has the people’s mandate to represent the region.

http://punchng.com/pandef-militants-clash-over-mandate-to-represent-ndelta/

 

NNPC, First E&P begin marine oil search

The Nigerian National Petroleum Corporation on Sunday said it was working to grow the nation’s crude oil reserves and increase daily national production by searching for crude in water bodies.

http://punchng.com/nnpc-first-ep-begin-marine-oil-search/

 

Ghana’s regulator to partner Nigeria’s Techno Oil on LNG

A delegation from Ghana’s National Petroleum Authority visited the management of Techno Oil Ltd. in Lagos on Friday to seek collaboration on Liquefied Natural Gas and cylinder marketing in Ghana.

http://punchng.com/ghanas-regulator-to-partner-nigerias-techno-oil-on-lng/

 

PTDF attaches trained welders to Kaduna, Warri refineries

About 75 beneficiaries of the Petroleum Technology Development Fund (PTDF) Welders Training and Certification Programme (WTCP) have commenced a six month post training attachment at the Kaduna and Warri refineries.

https://www.dailytrust.com.ng/ptdf-attaches-trained-welders-to-kaduna-warri-refineries.html

 

Other News

2017 budget: FG records 49% non-oil revenue shortfall

The Federal Government recorded a 49 per cent shortfall in non-oil revenue needed to finance the 2017 budget, figures obtained from the Budget Office of the Federation have revealed.

http://punchng.com/2017-budget-fg-records-49-non-oil-revenue-shortfall/

 

Don’t expect timely passage of 2018 budget, says NASS

The Chairman of House of Representatives committee on Legislative Budget and Research, Mr. Timothy Golu, has ruled out the possibility of passing the 2018 budget into law before the end of the year, even as he disagreed with the executive arm that paucity of funds caused the poor implementation of 2017 estimate.

https://guardian.ng/news/dont-expect-timely-passage-of-2018-budget-says-nass/

 

YET ANOTHER POPULATION WARNING

According to the latest figures from the United Nations International Children’s Emergency Fund (UNICEF), Nigeria currently accounts for 20 per cent of all the births in Africa and five per cent of the global total.

https://www.thisdaylive.com/index.php/2017/10/30/yet-another-population-warning/

 

Pensions should drive economic devt – Atiku

A former Vice-President of Nigeria, Alhaji Abubakar Atiku, has said that pension reforms should be used as a means of social and economic development.

http://punchng.com/pensions-should-drive-economic-devt-atiku/

 

Economic growth to rise to 3.4% in sub-Saharan Africa in 2018 – IMF

Economic growth is expected to rise to 3.4 per cent in sub-Saharan Africa in 2018 from 2.6 per cent in 2017, the IMF said in a report on Monday.

http://thenationonlineng.net/economic-growth-to-rise-to-3-4-in-sub-saharan-africa-in-2018-imf/

 

Employers must open retirement accounts for workers –Stanbic IBTC

The Executive Director, Investment, Stanbic IBTC Pension Management Limited, Mr. Oladele Sotubo, has said the law mandates all employers to open  temporary Retirement Savings Accounts for their workers who fail to open such accounts.

http://punchng.com/employers-must-open-retirement-accounts-for-workers-stanbic-ibtc/

 

What Nigeria must do to exit recession totally-NBS boss

The statistician General of the Federation/CEO, National Bureau of Statistic (NBS) Dr. Yemi Kale has strongly advised that the country needs to step up ongoing economic reforms to forestall a relapse into economic recession in the future.

http://thenationonlineng.net/nigeria-must-exit-recession-totally-nbs-boss/

 

IMF wants Nigeria to stop tax holidays

The International Monetary Fund has advised the Federal Government to urgently revisit tax holidays and exemptions given to companies. It specifically urged Nigeria to implement a reform that would see it phase out tax holidays and exemptions eroding the Company Income Tax base.

http://punchng.com/imf-wants-nigeria-to-stop-tax-holidays/

 

Nigeria’s inflation rate to fall to single digit in mid-2018, says Emefiele

Nigeria’s Central Bank Governor Godwin Emefiele said on Friday he expected the inflation rate to fall at a faster pace and hit high single-digit rates mid-next year.

https://guardian.ng/business-services/nigerias-inflation-rate-to-fall-to-single-digit-in-mid-2018-says-emefiele/

 

Reserves near $34b mark despite interventions

The nation’s foreign exchange reserves’ profiles recorded a new increase near $34 billion mark, after gaining about $350 million in one week, with $200 million being recorded cumulatively in three trading days.

https://guardian.ng/business-services/money/reserves-near-34b-mark-despite-interventions/

 

Middle East investors move to take over Nigerian airports

Some stakeholders in the aviation sector, including members of the National Assembly, are worried that investors from some Middle East countries are expressing interest in the planned concession of Nigerian airports.

https://guardian.ng/news/middle-east-investors-move-to-take-over-nigerian-airports/

 

30 states generate N516bn, spend N1.4trn on wages

Thirty states of the federation generate a cumulative internal revenue just enough to settle one-third of their workers’ salaries and allowances, Daily Trust investigations have shown.

https://www.dailytrust.com.ng/30-states-generate-n516bn-spend-n1-4trn-on-wages.html

 

Why food prices remain high despite farming galore

Lack of mechanised farming equipment, easy access to fertiliser, reliable produce marketing outlets and failure to effectively tackle farmers/herders clashes are among major reasons why food prices remain high even as harvest period peaks, experts have said.

https://www.dailytrust.com.ng/why-food-prices-remain-high-despite-farming-galore.html

 

Pensioners, governors lock horns over benefits

The relationship between pensioners and many state governments in Nigeria is far from cordial as both have locked horns over retirement benefits.

https://www.dailytrust.com.ng/pensioners-governors-lock-horns-over-benefits.html

 

Resolving Perennial Excess Bank Charges

Despite the clamour for financial inclusion and against agreed terms, deposit money banks have continued to visit their customers with outrageous charges

http://www.thisdaylive.com/index.php/2017/10/29/resolving-perennial-excess-bank-charges/

 

ExxonMobil’s Q3 earnings rise to $4 bn

Higher oil prices significantly boosted ExxonMobil’s third-quarter earnings, more than offsetting the hit to operations from US hurricanes, the oil giant reported Friday.

http://punchng.com/exxonmobils-q3-earnings-rise-to-4-bn/

 

NACCIMA urges FG on prompt budget implementation

National President, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Iyalode Alaba Lawson has once again called on the federal government to ensure prompt and diligent implementation of budgets so as to sustain momentum in ensuring that the economy stays vibrant.
https://www.vanguardngr.com/2017/10/naccima-urges-fg-prompt-budget-implementation/

 

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NEWS REVIEW FOR MONDAY, OCTOBER 23, 2017

NEWS REVIEW FOR MONDAY, OCTOBER 23, 2017

Oil & Gas

PENGASSAN rejects plan to tax pensions, terminal benefits

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has rejected the plan by the governments at both the federal and state levels to tax pensions, gratuities and terminal benefits of workers in the country.

https://dailytrust.com.ng/pengassan-rejects-plan-to-tax-pensions-terminal-benefits.html

Oil prices to rise above $60 on tightening supply, strong demand

Oil prices rose on Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising.

http://punchng.com/oil-prices-to-rise-above-60-on-tightening-supply-strong-demand/

 

Kaduna refinery dormant, PH, Warri producing below 30% — NNPC

There seems to be no end in sight to the downward operational performance of Nigeria’s refineries since the beginning of 2017 despite several interventions made to reinvigorate the facilities by the Nigerian National Petroleum Corporation..

http://punchng.com/kaduna-refinery-dormant-ph-warri-producing-below-30-nnpc/

 

Don’t sell marginal oil fields to Individuals, Falana tells FG

A senior advocate of Nigeria (SAN), Femi Falana (SAN) has advised the Federal Government against selling the country’s marginal oil fields to individuals, saying they should be shared with a view to redistributing national wealth.

https://guardian.ng/news/dont-sell-marginal-oil-fields-to-individuals-falana-tells-fg/

 

Federal Government targets N3.6 trillion investments in oil, gas infrastructure

Federal Government has renewed its commitment to attract over $10 billion (N3.6 trillion) to the Niger Delta between 2017 and 2019 through investments in infrastructure.

https://guardian.ng/business-services/federal-government-targets-n3-6-trillion-investments-in-oil-gas-infrastructure/

 

NNPC $25b Contract: Ethnic, religious sentiments threaten Senate probe

Vested interests, religious and ethnic sentiments could frustrate attempts by the Senate to unravel the true position of the alleged $25b contracts, awarded by the Nigerian National Petroleum Corporation (NNPC).

https://guardian.ng/news/nnpc-25b-contract-ethnic-religious-sentiments-threaten-senate-probe/

 

Nigeria must look beyond oil, says Okowa

Governor Ifeanyi Okowa of Delta State on Sunday called on Nigerians to embrace agriculture and its allied businesses to fully grow the country’s economy.

http://punchng.com/nigeria-must-look-beyond-oil-says-okowa/

 

Kachikwu/Baru: Senate panelists deny pressure from Presidency

Members of the Senate ad hoc committee set up to investigate the contract  crisis in the Nigerian National Petroleum Corporation, have denied being under pressure from the Presidency to “manage” their recommendations.

http://punchng.com/kachikwubaru-senate-panelists-deny-pressure-from-presidency/

 

We contributed $29bn to Nigeria in four years – Shell

Shell Petroleum Development Company has said that its economic contribution to the Nigerian government in four years is $29bn.

http://punchng.com/we-contributed-29bn-to-nigeria-in-four-years-shell/

https://guardian.ng/business-services/fg-gets-29-billion-from-spdc-as-nddc-gulps-1-8b-in-four-years/

 

Other News

Pension assets rise to N7tn

The total assets under the Contributory Pension Scheme rose to N7.09tn as of the end of August, this year.

http://punchng.com/pension-assets-rise-to-n7tn/

 

Federal Government lowers 2017 economic growth projection

Global Markets:   Global markets were mixed this past week amidst continued geopolitical tensions, macro-economic events and earnings releases.

http://punchng.com/federal-government-lowers-2017-economic-growth-projection/

 

Implementing the budget as legislated

The Central Bank of Nigeria has stepped up insensitive campaign to sell unwavering implementation of the flawed monetary and usurped fiscal measures that have underdeveloped the national economy through systematic undermining of the productive sectors to the advantage of interloping corrupt domestic and foreign elements.

https://guardian.ng/opinion/implementing-the-budget-as-legislated/

 

N2bn fraud: Arrest ex-pension boss now, Sagay, Falana tell Buhari

The Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay (SAN), and prominent lawyer, Femi Falana have called on the President Muhammadu Buhari-led administration to arrest immediately the wanted ex-chairman of the defunct Presidential Task Force on Pension Reforms, Abdulrasheed Maina, who has returned to Nigeria.

http://punchng.com/n2bn-fraud-arrest-ex-pension-boss-now-sagay-falana-tell-buhari/

 

Unpaid salaries: Security guards shut down primary schools in Rivers

Security guards on Monday barred pupils and teachers from getting access into some public primary schools in Port Harcourt over unpaid salaries.

https://www.dailytrust.com.ng/unpaid-salaries-security-guards-shut-down-primary-schools-in-rivers.html

 

PenCom explains delay in gratuity payment

Some retirees under the Contributory Pension Scheme (CPS) have yet to receive gratuity due to unfunded Defined Benefit Scheme (DBS) backlog owed by the Federal Government.

https://guardian.ng/news/pencom-explains-delay-in-gratuity-payment/

 

 

 

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NEWS REVIEW FOR TUESDAY, OCTOBER 17, 2017

NEWS REVIEW FOR TUESDAY, OCTOBER 17, 2017

Oil & Gas

Senate summons NNPC GMD, Shell MD over revocation, re-award of OML 13

FRESH troubles appear to be looming for the Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Mr. Maikanti Baru, as the Senate has begun a probe into alleged revocation of OML 13 and re-award to Nigerian Petroleum Development Company, a subsidiary of NNPC, through executive fiat.
https://www.vanguardngr.com/2017/10/senate-summons-nnpc-gmd-shell-md-revocation-re-award-oml-13/

Senate panel summons Baru, Shell boss in oilfield probe

The Senate Committee on Ethics, Privileges and Public Petitions has invited the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru; and the Managing Director of Shell Petroleum Development Company of Nigeria Limited, Osagie Okubor, over the revocation of the licence of an oilfield, OML 13.

http://punchng.com/senate-panel-summons-baru-shell-boss-in-oilfield-probe/

https://www.dailytrust.com.ng/senate-panel-begins-probe-of-nnpc.html

 NNPC supplies 1,200mmscf/d gas to power sector, others

The Nigerian National Petroleum Corporation on Monday said it supplied 1,200 million standard cubic feet per day of gas to domestic, industrial, commercial and power sectors in the month of September 2017.

http://punchng.com/nnpc-supplies-1200mmscfd-gas-to-power-sector-others/

Oil Sales: India dumps Nigeria for US

There are indications that Nigeria’s crude oil biggest buyer, India has started looking up to the United States for the product. According to Platts, “Indian Oil Corporation (IOC) issued a tender for one Suezmax or VLCC cargo of US crude loading in December, along with one Suezmax or VLCC of West African crude.
https://www.vanguardngr.com/2017/10/oil-sales-india-dumps-nigeria-us/

NNPC clears N80bn transport owners debt – NARTO

The Nigerian Association of Road Transport Owners (NARTO) and the Petroleum Tanker Drivers branch of the National Union of Petroleum and Natural Gas Workers (NUPENG) has said that freight bills of about N80 billion owed its members by the Petroleum Equalization Fund (PEF) Management Board have been cleared.

https://www.dailytrust.com.ng/nnpc-clears-n80bn-transport-owners-debt-narto.html

RISAA reaches out to NLNG for collaboration

In a bid to harness the untapped potentials in the outdoor landscape and showcase business and Corporate Social Responsibility(CSR) opportunities, the Rivers State Signage and Advertisement Agency (RISAA) has embarked on business tours to reach out to existing and potential clients.

https://guardian.ng/news/risaa-reaches-out-to-nlng-for-collaboration/

Agbakoba asks court to determine Buhari’s qualification as oil minister

Former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba has filed a claim asking the court to determine the constitutional qualification of the President of Nigeria to also hold office as Minister of Petroleum Resources.

https://www.dailytrust.com.ng/agbakoba-asks-court-to-determine-buhari-s-qualification-as-oil-minister.html

NLNG demands $315m judgement debt from NIMASA

The Nigeria LNG Limited, on Monday, said it had formally issued a demand notice for $315,598,823.29 judgment debt to the Nigerian Maritime Administration and Safety Agency.

http://punchng.com/nlng-demands-315m-judgement-debt-from-nimasa/

http://thenationonlineng.net/nlng-demands-315m-refund-nimasa/

JIV controversy: Delta, Bayelsa villages accuse oil firm of attempting to bribe envoys

BOMADI, Tuomo and Ayamasa communities in Delta and Bayelsa States, at loggerheads with the Nigeria Agip Oil Company, NAOC, over a rupture, July, on the Tuomo/Ogbonbiri gas pipeline, have alleged that officials of the company tried to entice their representatives with money to falsify the details of a Joint Investigation Visit, JIV.
https://www.vanguardngr.com/2017/10/jiv-controversy-delta-bayelsa-villages-accuse-oil-firm-attempting-bribe-envoys/

Dangote Refinery Africa’s biggest refinery takes shape

The completion of Dangote Refinery in 2019 will mark another milestone in the Nigerian oil and gas industry as the $11 billion refinery hold the prospect of stopping of refined petroleum products by Nigeria.
https://www.vanguardngr.com/2017/10/dangote-refinery-africas-biggest-refinery-takes-shape/

NNPC to partner BUK in hydrocarbon search in frontier basins

The Nigerian National Petroleum Corporation, NNPC, yesterday, promised to partner, with Bayero University Kano, BUK, in the ongoing exploratory activities in the frontier basins across the country.
https://www.vanguardngr.com/2017/10/nnpc-partner-buk-hydrocarbon-search-frontier-basins/

Agip Spends $5.4bn on Local Content in Six Years

The Nigerian Agip Oil Company (NAOC) Monday stated that it had expended over $ 5.4 billion in-country to grow Nigerian content in the last six years.

https://www.thisdaylive.com/index.php/2017/10/17/agip-spends-5-4bn-on-local-content-in-six-years/

NNPC: Western Europe, Asian Countries Major Destinations for Nigeria’s Oil

Demands for Nigeria’s crude oil blends have remained quite high from countries in Western Europe and Asia, a report of the Nigerian National Petroleum Corporation (NNPC) has disclosed.

http://www.thisdaylive.com/index.php/2017/10/16/nnpc-western-europe-asian-countries-major-destinations-for-nigerias-oil/

Shell Executives Charged in Italy over Malabu Deal

Senior Royal Dutch Shell executives have been charged in Italy for their role in an alleged vast “bribery scheme” that deprived Nigeria of over a billion dollars from the sale of a prolific oil block – Oil Prospecting Lease (OPL) 245 – by Malabu Oil and Gas Limited to Shell and Italian oil giant, Eni, in 2011, the Milan Public Prosecutor’s Office confirmed last Friday to Global Witness, a non-governmental organisation fighting corruption.

https://www.thisdaylive.com/index.php/2017/10/17/shell-executives-charged-in-italy-over-malabu-deal/

Fire guts petrol minister Kachikwu’s house

The residence of the Minister of State for Petroleum Resources, Ibe Kachikwu, was gutted by fire on Sunday.

http://punchng.com/fire-guts-petrol-minister-kachikwus-house/

Oil price jumps to $57.8

Oil markets jumped yesterday on concerns over potential renewed United States sanctions against Iran as well as the conflict in Iraq.

http://thenationonlineng.net/oil-price-jumps-57-8/

Other News

Rising debt: Nigeria heading towards the precipice

The recent letter from President Muhammadu Buhari to the National Assembly requesting approval to borrow additional $5.5bn from the International Capital Market has brought to the fore the issue of huge debt stock being carried by the country.

http://punchng.com/rising-debt-nigeria-heading-towards-the-precipice/

 

How Nigeria, others can tackle corruption, by IMF, Okonjo-Iweala

The Managing Director of the International Monetary Fund, Christine Lagarde; a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, and key global experts have advised Nigeria, Argentina and other top countries battling corruption to use tools that can help reduce procurement costs by about 60 per cent.

http://punchng.com/how-nigeria-others-can-tackle-corruption-by-imf-okonjo-iweala/

World Bank disagrees with Adeosun on borrowing … says cost of debts not sustainable

The World Bank has disagreed with the Minister of Finance, Mrs. Kemi Adeosun, on the need for the Federal Government to borrow more in order to develop the nation’s infrastructure and stimulate the economy.

http://punchng.com/world-bank-disagrees-with-adeosun-on-borrowing/

What is identity theft?

Identity theft is a crime whereby criminals impersonate individuals, usually for financial gain.

http://punchng.com/what-is-identity-theft/

Mitigating human losses at the workplace

Human losses and suffering resulting from workplace injury are, most times, immeasurable. They can trigger major crises for affected families. Such crises could come in form of financial burden and can impose substantial time demands on family members.
https://www.vanguardngr.com/2017/10/mitigating-human-losses-workplace/

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NEWS REVIEW FOR FRIDAY, AUGUST 25, 2017

NEWS REVIEW FOR FRIDAY, AUGUST 25, 2017

Oil & Gas

FG unveils $200m bailout for oil, gas firms

The Federal Government on Thursday launched a fund with an initial value of $200m to support local oil and gas firms.

http://punchng.com/fg-unveils-200m-bailout-for-oil-gas-firms/

https://guardian.ng/business-services/kachikwu-advocates-more-funds-for-local-content-development/

 

IOCs, Others Responsible for Failure of Oil Sector Reforms, Says Ex-Presidential Aide

A former Adviser on Petroleum to one-time Head of State, Gen. Abdulsalami Abubakar (rtd), Dr. Mohammed Ibrahim, has blamed the failure of petroleum sector reforms to the unwillingness of international oil companies (IOCs) operating in the country to break away from the status quo due to vested interest.

https://www.thisdaylive.com/index.php/2017/08/25/iocs-others-responsible-for-failure-of-oil-sector-reforms-says-ex-presidential-aide/

 

FG to commence 100% local fabrication of modular refineries

The Federal Government, yesterday, said it has initiated plans to achieve 100 per cent local fabrication of modular refineries in Nigeria and has entered into discussions with Original Equipment Manufacturers, OEM, in this regard.
https://www.vanguardngr.com/2017/08/fg-commence-100-local-fabrication-modular-refineries/

 

NUPENG condemns move to whittle down  NAPIMS’s powers

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has condemned the move to whittle down the regulatory powers of the Nigerian Petroleum Investment Management Services Limited (NAPIMS) in the new petroleum policy approved by the Federal Executive Council.

http://thenationonlineng.net/nupeng-condemns-move-whittle-napimss-powers/

 

FG targets $1bn fund to support local oil, gas firms

The Federal Government yesterday launched a $200 million intervention fund with future plans to raise the value to $ 1 billion to help local oil and gas companies grow their capacities.

https://www.dailytrust.com.ng/news/business/fg-targets-1bn-fund-to-support-local-oil-gas-firms/211467.html

 

OPEC deal: Nigeria, Libya expected at next meeting

The joint ministerial monitoring committee for the Organisation of Petroleum Exporting Countries and non-OPEC oil producers participating in the production cut deal has said it will invite representatives from Nigeria and Libya to its next meeting in September to explain their production outlooks.

http://punchng.com/opec-deal-nigeria-libya-expected-at-next-meeting/

 

Banks lack oil, gas industry knowledge — Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday said some Deposit Money Banks in Nigeria lacked sufficient knowledge of the oil and gas sector.

http://punchng.com/banks-lack-oil-gas-industry-knowledge-kachikwu/

 

Other News

VCs, ASUU reject 120 cut-off mark for varsity admission

SOME Vice-Chancellors and the Academic Staff Union of Universities have rejected the decision of the Joint Admissions and Matriculation Board to peg admission cut-off mark at 120 for universities and 100 for polytechnics, monotechnics and colleges of education.

http://punchng.com/vcs-asuu-reject-120-cut-off-mark-for-varsity-admission/

 

No fixed date for negotiation with FG – ASUU

Hopes of early resolution  of  the issues  that led to the declaration of indefinite strike action by  the   Academic Staff Union of Universities (ASUU) were dashed yesterday as the union president Professor  Biodun Ogunyemi said the union had no fixed date or appointment  to meet the Federal Government over the crisis.

https://www.dailytrust.com.ng/news/general/no-fixed-date-for-negotiation-with-fg-asuu/211511.html

 

JAMB cut-off marks : Sad decision for the future – ASUU

The Academic Staff Union of Universities, ASUU, has faulted the Federal Government on the minimum cut-off mark for 2017/2018 admission into the nation’s tertiary institutions.
https://www.vanguardngr.com/2017/08/jamb-cut-off-marks-sad-decision-future-asuu/

 

Minimum Wage: NLC Confirms Submission of Nominees

The Nigeria Labour Congress (NLC) has said it has submitted the names of its nominees for the 29 man-committee for the negotiation of the new National Minimum Wage.

https://www.thisdaylive.com/index.php/2017/08/25/minimum-wage-nlc-confirms-submission-of-nominees/

https://www.dailytrust.com.ng/news/general/-nlc-submits-nominees-for-minimum-wage-c-ttee/211510.html

Illegal Recruitment: Senate to Accelerate Passage of Existing Vacancies Bill, Says Saraki

Senate President, Dr. Abubakar Bukola Saraki, has said that the Senate will accelerate the passage of the Existing Vacancies in the Federal Civil Service (Prohibition) Bill, once it resumes in September.

https://www.thisdaylive.com/index.php/2017/08/25/illegal-recruitment-senate-to-accelerate-passage-of-existing-vacancies-bill-says-saraki/

https://www.dailytrust.com.ng/news/general/senate-moves-to-end-illegal-recruitment-by-federal-agencies/211509.html

 

Declare state of emergency on unemployment, says union

Concerned over the alarming rate of unemployment in the country, the President of Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Comrade Oyinkansola Olasanoye, has called on the Federal Government to declare a state of emergency on unemployment.

http://thenationonlineng.net/declare-state-emergency-unemployment-says-union/

 

Evolve new strategies on job creation, minister tells NDE

Minister of Labour and Employment, Senator Chris Nigeria has tasked National Directorate of Employment (NDE)  to evolve new strategies that are not only practical but will also adequately address all the relevant and contemporary issues relating to employment generation in the country.

https://www.dailytrust.com.ng/news/business/evolve-new-strategies-on-job-creation-minister-tells-nde/211482.html

 

Adeosun wants FAAC repositioned

Minister of Finance Mrs. Kemi Adeosun has said there is urgent need to reposition the Federation Account Allocation Committee (FAAC)  for enhanced performance through efficient management of accrued scarce resources for national development.

https://www.dailytrust.com.ng/news/business/adeosun-wants-faac-repositioned/211483.html

 

Mass housing construction begins in 33 states

The Federal Government on Thursday announced that it had commenced the construction of mass housing projects in 33 states across the country.

http://punchng.com/mass-housing-construction-begins-in-33-states/

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NEWS REVIEW FOR FRIDAY, AUGUST 18, 2017

NEWS REVIEW FOR FRIDAY, AUGUST 18, 2017

 

Oil & Gas

FG sets up N15bn fund for Niger Delta

The Federal Government has set up N15bn industrial reactivation fund in the Niger Delta partnership with the private sector.

http://punchng.com/fg-sets-up-n15bn-fund-for-niger-delta/

 

Investors to build two refineries in P’Harcourt, Warri –NNPC

The Nigerian National Petroleum Corporation on Thursday said two private Nigerian companies had been selected to build two refineries in Port Harcourt and Warri under the co-location initiative of the Federal Government.

http://punchng.com/investors-to-build-two-refineries-in-pharcourt-warri-nnpc/

 

‘Fed Govt not eager to sell refineries’

The Federal Government is not ready to sell or concession any of its four refineries in whole or in part, Minister of State for Petroleum Resources Dr Ibe Kachikwu said yesterday.

http://thenationonlineng.net/fed-govt-not-eager-sell-refineries/

 

NAPIMS: NUPENG threatens to shut down oil industry

Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has threatened to shut down the oil industry over perceived moves to reduce the regulatory powers of Nigerian Petroleum Investment Management Services Limited, NAPIMS, in the new petroleum policy approved by the Federal Executive Council.
http://www.vanguardngr.com/2017/08/napims-nupeng-threatens-shut-oil-industry/

Nigeria working to reduce cost of oil production to $15 per barrel – Kachikwu

The Minister of Petroleum Resources, Dr Ibe Kachikwu, has decried the high cost of oil production at $32 per barrel, saying it makes the cost of Foreign Direct Investment very expensive.

http://punchng.com/nigeria-working-to-reduce-cost-of-oil-production-to-15-per-barrel-kachikwu/

 

Oil production at $32 per barrel too high – Kachikwu

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has decried the high cost of oil production at 32 dollars per barrel, saying it makes cost of Foreign Direct Investment (FDI) very expensive.

https://www.dailytrust.com.ng/news/business/oil-production-at-32-per-barrel-too-high–kachikwu/210554.html

 

Uncertainty over N4.314tr revenue from marginal fields

The nation’s plan to earn additional $14.100 billion (N4.314 trillion) from 300 million barrels of crude oil is uncertain as licensed marginal fields are unable to engage in meaningful exploration and production activities 13 years after.

https://guardian.ng/news/uncertainty-over-n4-314tr-revenue-from-marginal-fields/

 

Oil & gas fiscal strategy: still a long road

Despite the passage of the Petroleum Industry Governance Bill (PIGB), stakeholders still feel that the main issues in the industry have not be tackled.

http://thenationonlineng.net/oil-gas-fiscal-strategy-still-long-road/

 

Nigeria needs $40b for oil infrastructure

No less than $40 billion would be required to fix infrastructural problems in the oil and gas sector, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said

http://thenationonlineng.net/nigeria-needs-40b-oil-infrastructure/

 

IOC books crude cargoes, Nigerian Oct exports low

India’s IOC booked a total of 4 million barrels from traders Shell and Total, while Nigeria’s initial October export plans mostly showed slipping levels.

https://www.dailytrust.com.ng/news/business/ioc-books-crude-cargoes-nigerian-oct-exports-low/210615.html

 

NAPIMS saved $5bn for Nigeria’

The Group General Manager of National Petroleum Investment Management Services (NAPIMS) Mr Dafe Sejebor, said yesterday in Lagos that his organisation has saved the country between  $3 billion and $5 billion.

https://www.dailytrust.com.ng/news/business/-napims-saved-5bn-for-nigeria/210376.html

 

Government woos Ogoni artisanal refiners with modular refinery scheme

The federal government has urged artisanal refiners of crude oil in Ogoni, Rivers State, to form cooperatives and seek partners for the establishment of modular refineries.

https://guardian.ng/business-services/government-woos-ogoni-artisanal-refiners-with-modular-refinery-scheme/

 

NNPC’s gas master plan raises stable power supply hope

The countdown to increased power generation may have begun, with the East-West pipeline, popularly called Obiafu/Obrikon-Oben or OB3 pipeline, close to being completed.

http://thenationonlineng.net/nnpcs-gas-master-plan-raises-stable-power-supply-hope/

 

Cooking gas price drops by 30%

The price of Liquefied Petroleum Gas (LPG), otherwise called cooking gas, has dropped by 30 percent from N400 per kilogram (kg) in May to N280 per kg currently.

https://www.dailytrust.com.ng/news/business/cooking-gas-price-drops-by-30/210372.html

 

Wanted: 3m new gas bottles yearly

Nigeria needs to produce about three million gas cylinders yearly to meet consumers’ demand and replace obsolete ones, the Nigerian National Petroleum Corporation (NNPC) has said.

http://thenationonlineng.net/wanted-3m-new-gas-bottles-yearly/

 

Why Niger Delta is no longer attractive to investors – SPDC

Mr Igo Weli, the General Manager, External Relations, Shell Petroleum Development Company (SPDC), on Thursday said the Niger Delta was no longer attractive for investment.

https://www.dailytrust.com.ng/news/business/why-niger-delta-is-no-longer-attractive-to-investors-spdc/210509.html

 

24 ships laden with petroleum products, food items, to arrive Lagos ports

Twenty four ships carrying  petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island ports in Lagos from August 16 to 27.

https://www.dailytrust.com.ng/news/business/24-ships-laden-with-petroleum-products-food-items-to-arrive-lagos-ports/210380.html

 

Pan Ocean’s pipeline ‘ll boost crude export by 160,000bpd

Pan Ocean Oil Corporation (POOC), an indigenous exploration and production company and operator of the Nigerian National Petroleum Corporation (NNPC)/Pan Ocean Joint Venture, has awarded a pipeline contract to a local firm to create an alternative export line to avoid attacks by Niger Delta militants.

http://thenationonlineng.net/pan-oceans-pipeline-ll-boost-crude-export-160000bpd/

 

Total invests $10bn in Nigeria’s oil sector in 5 years

Mr Nicolas Terraz, the Managing Director and Chief Executive, Total Upstream Companies in Nigeria, said the companies invested over 10 billion dollars in the country oil and gas sector.

https://guardian.ng/business-services/total-invests-10bn-in-nigerias-oil-sector-in-5-years/

 

Technology has taken away relevance of crude oil – Minister

The Minister of Science and Technology, Dr Ogbonnaya Onu, has said that crude oil lost its relevance in the international market because of innovations in science and technology.

https://www.dailytrust.com.ng/news/business/technology-has-taken-away-relevance-of-crude-oil-minister/210553.html

 

Gridlock returns to Apapa/Wharf axis over fuel loading

Gridlock has returned to Apapa/Wharf Roads in Lagos due to loading by petroleum tanker drivers at private depots in the area.

https://www.dailytrust.com.ng/news/business/gridlock-returns-to-apapa-wharf-axis-over-fuel-loading/210606.html

 

Militant groups asks MEND to steer clear of Niger Delta matters

Niger Delta Creek warriors and other Militant groups in Niger Delta have kicked against activities of the Movement for the Emancipation of the Niger Delta (MEND) in the region and warned them to steer clear of matters of the Niger Delta.
http://www.vanguardngr.com/2017/08/militant-groups-asks-mend-steer-clear-niger-delta-matters/

 

Other News

FG/ASUU’s meeting ends in deadlock • Govt turns down lecturers’ request on TSA

The Federal Government’s efforts to make the Academic Staff Union of Universities to call off its nationwide strike failed

http://punchng.com/fgasuus-meeting-ends-in-deadlock/

http://www.vanguardngr.com/2017/08/strike-fg-asuu-meeting-ends-deadlock-2/

 

Let this ASUU strike end soonest

The Academic Staff Union of Universities (ASUU) has embarked upon another “indefinite and total” strike, which has shut down no less than 40 Federal and 44 state universities.
http://www.vanguardngr.com/2017/08/let-asuu-strike-end-soonest/

 

Govt agrees to pay varsity teachers N23b allowances

The Federal Government granted their request that their N23billion outstanding Earned Allowances be released.

http://thenationonlineng.net/govt-agrees-pay-varsity-teachers-n23b-allowances/

 

Obasanjo: ASUU stampeded govt into 2009 agreement

Former President Olusegun Obasanjo yesterday said university lecturers stampeded the government into signing the 2009 agreement which has been a source of incessant strikes by the teachers.

http://thenationonlineng.net/obasanjo-asuu-stampeded-govt-2009-agreement/

 

FG will treat hate campaigners like terrorists, says Osinbajo

The Acting President, Yemi Osinbajo on Thursday read the riot out to proponents of hate speech in the country, saying they were engaging in terrorism.

http://punchng.com/fg-will-treat-hate-campaigners-like-terrorists-says-osinbajo/

http://www.vanguardngr.com/2017/08/fg-declares-hate-speech-terrorism/

https://guardian.ng/news/well-treat-hate-speech-as-terrorism-osinbajo-warns/

 

61% Nigerians live below one dollar per day, says don

A university teacher, Prof. Joseph Abayomi Olagunju yesterday disclosed that 61 percent of Nigerians still live below one dollar per day.

https://guardian.ng/news/61-nigerians-live-below-one-dollar-per-day-says-don/

 

Minister laments importation of foreigners for Nigeria’s projects

The Minister of Science and Technology, Dr. Ogbonnaya Onu, has lamented the importation of foreign manpower for most projects in Nigeria as well as the huge appetite for imported products by the citizens.

https://guardian.ng/news/minister-laments-importation-of-foreigners-for-nigerias-projects/

 

TSA: FG begins audit of banks’ remittances to CBN

The Federal Government has commenced an independent audit of remittances of its funds into the Treasury Single Account by Deposit Money Banks.

http://punchng.com/tsa-fg-begins-audit-of-banks-remittances-to-cbn/

 

Dangote to invest $50bn in US, Europe

Africa’s richest man, Aliko Dangote, plans to invest $50bn in the United States and Europe by 2025, in renewable energy and petrochemicals.

http://punchng.com/dangote-to-invest-50bn-in-us-europe/

 

Restructure Nigeria before 2019 polls – Eminent Nigerians

NOTABLE Nigerians from different walks of life, including representatives of Afenifere and Ohanaeze converged on Lagos, yesterday, with a call for restructuring of the country before the 2019 general elections.
http://www.vanguardngr.com/2017/08/restructure-nigeria-before-2019-polls-eminent-nigerians/

 

N400bn bribe: Fight against corruption not achieving anything—NLC

The Nigeria Labour Congress, NLC, yesterday, took a swipe at the anti-corruption war of the Federal Government, saying the revelation by the National Bureau of Statistics, NBS, that public officials in the country took N400 billion bribe in one year was an indication that the fight against graft was not yielding any result.
http://www.vanguardngr.com/2017/08/n400bn-bribe-fight-corruption-not-achieving-anything-nlc/

NLC seeks compensation scheme expansion

The Nigeria Labour Congress (NLC) has decried the implementation of the Employees Compensation Scheme (ECS) in the formal sector.

http://thenationonlineng.net/nlc-seeks-compensation-scheme-expansion/

 

 

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NEWS REVIEW FOR WEDNESDAY, AUGUST 16, 2017

NEWS REVIEW FOR WEDNESDAY, AUGUST 16, 2017

 

Oil & Gas

Restructuring will place NNPC on growth path – Baru

The ongoing reforms of the Nigerian National Petroleum Corporation (NNPC) will place the corporation on a long-term growth trajectory for the benefit of all stakeholders, NNPC Group Managing Director, Dr. Maikanti Baru, said on Tuesday.

https://www.dailytrust.com.ng/news/business/restructuring-will-place-nnpc-on-growth-path-baru/210174.html

 

NEITI’s Board Approves New Auditor to Undertake 2015 Oil Sector Review Cycle

The Nigeria Extractive Industries Transparency Initiative (NEITI) Tuesday disclosed that it had appointed an indigenous audit firm to undertake its annual independent audit of operations in Nigeria’s oil and gas industry for the year 2015.

https://www.thisdaylive.com/index.php/2017/08/16/neitis-board-approves-new-auditor-to-undertake-2015-oil-sector-review-cycle/

https://www.dailytrust.com.ng/news/business/neiti-appoints-auditors-to-probe-oil-gas-sector/210175.html

 

Gas production to grow faster than oil, coal by 2022

Gas production will grow faster than oil and coal over the next five years, helped by low prices, ample supply, and its role in reducing air pollution and other emissions, according to a new analysis and forecasts to 2022 by the International Energy Agency (IEA).

https://guardian.ng/energy/gas-production-to-grow-faster-than-oil-coal-by-2022/

 

Modular refiners to get pioneer status, duty waivers

The Federal Government has unveiled plans to assist investors in modular refineries to obtain pioneer status, secure various duty waivers, import facilitation of equipment and engineering review to enable Nigeria become self-sufficient in petroleum refining.

https://guardian.ng/energy/modular-refiners-to-get-pioneer-status-duty-waivers/

 

Minister urges Nigeria to prepare for post crude oil era

The Minister of Science and Technology, Ogbonnaya Onu, wants Nigeria to begin preparing for the post crude oil era by paying adequate attention to science, technology and innovation, as Europe and the industrialised world are shifting attention from fossil fuel.

https://guardian.ng/news/minister-urges-nigeria-to-prepare-for-post-crude-oil-era/

https://www.dailytrust.com.ng/news/business/fg-looks-beyond-crude-oil-era-minister/210177.html

 

Compliance audit: NPDC, BPE, Total among 15 lowest performers

The Nigeria Extractive Industries Transparency Initiative on Tuesday announced that its ongoing independent audit of the oil and gas industry covering 2015 recorded 94 per cent compliance by companies and relevant government agencies.

http://punchng.com/compliance-audit-npdc-bpe-total-among-15-lowest-performers/

http://www.vanguardngr.com/2017/08/neiti-indicts-bpe-15-oil-firms-audit-non-compliance/

 

Poop is becoming a new source of fuel for cooking

A Kenyan company is taking the excess faecal waste from residents in Nakuru and transforming it into a usable fuel source for cooking and heating.

http://punchng.com/video-poop-is-becoming-a-new-source-of-fuel-for-cooking/

 

Other news

ASUU strike may end in two days, says government

The Minister of Education, Mallam Adamu Adamu, yesterday assured Nigerians that the industrial action embarked upon by the Academic Staff Union of Universities (ASUU) may end in two days.

https://guardian.ng/news/asuu-strike-may-end-in-two-days-says-government/

https://www.dailytrust.com.ng/news/business/neiti-appoints-auditors-to-probe-oil-gas-sector/210175.html

 

Strike enters third day, ASUU says negotiation hasn’t started with FG

The Federal Government and the leadership of the Academic Staff Union of Universities on Tuesday presented different views on a parley involving both parties over the strike by university teachers.

http://punchng.com/strike-enters-third-day-asuu-says-negotiation-hasnt-started-with-fg/

 

Fashola makes a U-turn, says consumers can pay for meters

The Federal Government has said that it will not oppose the wishes of electricity consumers that are willing to pay for meters from their distribution companies based on agreement between both parties as endorsed by the power sector regulator.

http://punchng.com/fashola-makes-a-u-turn-says-consumers-can-pay-for-meters/

 

ILO links job creation to conflict prevention

The International Labour Organisation says the creation of decent jobs for young people will help to prevent conflict, encourage reconstruction, and build resilience in fragile situations.

http://punchng.com/ilo-links-job-creation-to-conflict-prevention/

Fate of Nigeria’s Infrastructure Master Plan Worries NESG

The Nigerian Economic Summit Group (NESG) has expressed concern about the fate of the federal government’s National Integrated Infrastructure Master Plan (NIIMP) as the current administration’s willingness to review and implement the plan remains bleak.

https://www.thisdaylive.com/index.php/2017/08/16/fate-of-nigerias-infrastructure-master-plan-worries-nesg/

 

 This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system

 

NEWS REVIEW FOR WEDNESDAY, AUGUST 2, 2017

NEWS REVIEW FOR WEDNESDAY, AUGUST 2, 2017

Oil & Gas

How to boost refining capacity – Stakeholders
With Nigeria’s refining industry suffering from low capacity utilisation, the need to become self-sufficient in petroleum refining has been a source of concern to stakeholders in the downstream sector.

How to boost refining capacity – Stakeholders

NNPC to continue oil explorations in Lake Chad Basin despite insurgency
The Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu has said that the Federal Government will continue with its “oil and gas explorations” in the Lake Chad Basin of Borno state; despite recent Boko Haram attacks in the region.

NNPC to continue oil explorations in Lake Chad Basin despite insurgency

FG to compel IOCs to cut high oil production cost
THE Federal Government is set to compel International Oil Companies (IOCs) to cut the cost of producing oil in Nigeria.

FG to compel IOCs to cut high oil production cost

Stakeholders differ on new FG’s devt roadmap for N’Delta
LEADERS and stakeholders of the Niger Delta, yesterday, were divided on the new Federal Government’s roadmap for the transformation of the region.

Stakeholders differ on new FG’s devt roadmap for N’Delta

Osinbajo, PANDEF meet today
ACTING President Yemi Osinbajo, has invited the Pan Niger Delta Forum, PANDEF, which threatened, on Monday, to pull out of further engagements with the Federal Government if it (government) was not ready to dialogue with the regional body on the 16-point demand it submitted to President Muhammadu Buhari, November, last year, to a meeting tomorrow in Abuja.

Osinbajo, PANDEF meet today

NNPC partners CypherCrescent to boost oil production
The Research & Development (R&D) Division of the Nigerian National Petroleum Corporation (NNPC), has sealed a strategic partnership with CypherCrescent Limited, to enhance oil and gas production using innovative technologies and optimised workflows. https://guardian.ng/energy/nnpc-partners-cyphercrescent-to-boost-oil-production/

Siemens develops 44-megawatt aero derivative gas turbine
Siemens has added the SGT-A45 TR mobile unit to its gas turbine portfolio, with an electrical generating capacity of up to 44 megawatts, to address the growing market for fast power.

Siemens develops 44-megawatt aero derivative gas turbine

MOSOP accuses Nigeria of insincerity in Ogoni cleanup
The President of the Movement for the Survival of Ogoni People (MOSOP), Legborsi Pyagbara has accused the Federal Government of insincerity in the Ogoni cleanup.

MOSOP accuses Nigeria of insincerity in Ogoni cleanup

Oil industry loses $300b to price slump
THE Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said the global oil and gas industry lost over $300 billion worth of investment in three years due to decline in oil prices.

Oil industry loses $300b to price slump

MOSOP to Fed Govt, Shell: cease talks on resuming oil production in Ogoni
The Movement for the Survival of the Ogoni People (MOSOP) has given the Federal Government and the Anglo/Dutch oil giant, Shell Petroleum Development Company of Nigeria Limited (SPDC), a seven-day ultimatum to cease engagements on resuming oil production in Ogoni.

MOSOP to Fed Govt, Shell: cease talks on resuming oil production in Ogoni

Ghana wants more Nigerian gas for electricity
The Minister for Energy, Ghana, Mr. Boakye Agyarko, has said his country will like to have more gas supply from Nigeria for power generation.

Ghana wants more Nigerian gas for electricity

Agony as structures on pipelines’ right-of-way in Arepo are demolished
It was a tale of woe, agony and pain for some residents of Arepo in Obafemi Owode Local Government Area of Ogun State yesterday when bulldozers, hired by the a team of Army Engineering Corps. and Nigeria National Petroleum Corporation (NNPC), demolished structures on pipelines’ right-of-way.

Agony as  structures on pipelines’ right-of-way  in Arepo are demolished

Other news
Hope for fiscal federalism as Lagos takes over waterways
The Lagos State Government yesterday gave a seven-day ultimatum to boat operators and dredgers to align their operations with the July 18 ruling of the Court of Appeal regarding control of inland waterways.

Hope for fiscal federalism as Lagos takes over waterways

Nigeria gives fresh condition for passport issuance, permit renewal
From January next year, Nigerians without the National Identity Number (NIN) are to be denied international passport (IPP).The Comptroller General of Nigeria Immigration Service (NIS), Mohammed Babadede, dropped the hint yesterday after a meeting of the National Identity Management Harmonization Committee in Abuja.

Nigeria gives fresh condition for passport issuance, permit renewal

No Nigerian Passport without NIMC in 2018 -Presidency

NIS: No National ID Registration, No Int’l Passport from 2018

National Identity Number now mandatory for passport issuance

ICYMI: No ID number, no passport from 2018 — NIS

Is Nigeria Ready for Industrialisation?
Although policy makers in the country are focused on steering the economy out of recession, Obinna Chima wonders if the country is ready for industrialisation

Is Nigeria Ready for Industrialisation?

House Says Rejection of Power Devolution, A Mistake
Apparently feeling the heat of public anger against the killing of the devolution of powers bill by the National Assembly, the House of Representatives has said the legislative act was a mistake that would be corrected upon its resumption from summer vacation in September.

House Says Rejection of Power Devolution, A Mistake

Constitution review: Reps to revisit power devolution in September

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NEWS REVIEW FOR TUESDAY, AUGUST 1, 2017

NEWS REVIEW FOR TUESDAY, AUGUST 1, 2017

Oil & Gas

 

PENGASSAN issues 21-day ultimatum over anti-labour practices

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to embark on a nationwide strike if anti-labour practices by some employers in the oil and gas industry were not addressed within 21 days.

https://guardian.ng/appointments/pengassan-issues-21-day-ultimatum-over-anti-labour-practices/

 

NUPENG may begin strike over unpaid terminal benefits of members

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) will withdraw its services from Abuja and its environs over unpaid terminal benefits of its members by the Asset Management Corporation of Nigeria (AMCON).

https://guardian.ng/appointments/nupeng-may-begin-strike-over-unpaid-terminal-benefits-of-members/

 

Government vows to halt oil production if cost remains high

International Oil Companies (IOCs) and their indigenous counterparts may soon be forced to halt operation, as the cost of producing a barrel of crude oil remains high.

https://guardian.ng/business-services/government-vows-to-halt-oil-production-if-cost-remains-high/

http://punchng.com/breaking-well-stop-oil-production-if-cost-remains-high-kachikwu/

 

Trouble Looms in N’Delta as PANDEF Gives Ultimatum on 16-Point Agenda

Resurgence of hostilities in the Niger Delta became palpable Monday as the Pan Niger Delta Forum (PANDEF), a coalition of elders and leaders of the region, asked the federal government to meet its 16-point agenda by November 1, 2017, or risk its withdrawal from ongoing negotiations that had calmed nerves in the oil-rich zone in the last one year.

https://www.thisdaylive.com/index.php/2017/08/01/trouble-looms-in-ndelta-as-pandef-gives-ultimatum-on-16-point-agenda/

http://www.vanguardngr.com/2017/08/pandef-fg-well-pull-theres-no-dialogue/

https://guardian.ng/news/niger-delta-elders-threaten-to-withdraw-from-peace-talks-with-fg/

http://punchng.com/niger-delta-leaders-give-fg-ultimatum-on-peace-talks/

 

FEC Approves New Petroleum Policy

The Federal Executive Council (FEC) has approved a new petroleum policy, restructuring the Nigerian Petroleum Investment Management Services Limited (NAPIMS) and stripping it of its responsibility of regulating costing of projects.

https://www.thisdaylive.com/index.php/2017/08/01/fec-approves-new-petroleum-policy/

 

OPEC oil output rises to 2017 high

THE Organisation of Petroleum Exporting Countries, OPEC oil output rose in July by 90,000 barrels per day (bpd) to a 2017 high, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal, a Reuters survey showed.
http://www.vanguardngr.com/2017/08/opec-oil-output-rises-2017-high/

 

Oil price hits two months high at $53 per barrel

Oil prices hit a two-month high, yesterday, lifted by a tightening US crude market and the threat of sanctions against OPEC member, Venezuela.
http://www.vanguardngr.com/2017/08/oil-price-hits-two-months-high-53-per-barrel/

https://www.dailytrust.com.ng/news/business/oil-nears-53-on-tighter-u-s-market/207895.html

 

Oil prices rise as dollar continues slide against the yen

Oil prices surged Monday to build on last week’s rally as the dollar clawed back losses following concerns over gridlock in Washington and renewed tensions on the Korean peninsula.

http://punchng.com/oil-prices-rise-as-dollar-continues-slide-against-the-yen/

 

3 yrs of low oil price and Nigeria’s struggle for survival

Three years on since the collapse in the price of crude oil, our reporter writes that although Nigeria is struggling to survive the tough times, the prospects of an economic recovery remain positive.

https://www.dailytrust.com.ng/news/business/3-yrs-of-low-oil-price-and-nigeria-s-struggle-for-survival/207903.html

 

$300bn in oil investments lost globally in three years – Kachikwu

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Monday, lamented the loss of $300bn in oil investments globally in three years, due to the decline in oil price.

http://punchng.com/300bn-in-oil-investments-lost-globally-in-three-years-kachikwu/

 

Refineries should be located where oil is explored – Emmanuel

The Akwa Ibom State Governor and Interim Chairman, South-East/South-South Governors’ Forum, Mr. Udom Emmanuel, has said that refineries and petrochemical industries should be located in areas where oil is being explored.

http://punchng.com/refineries-should-be-located-where-oil-is-explored-emmanuel/

 

Kachikwu assures Dangote’s $18bn refinery of government support

Dr Ibe Kachikwu, Minister of State for Petroleum Resources, has promised adequate incentive support to the 18-billion dollar Dangote refinery to fast track its completion in Lagos.

https://guardian.ng/business-services/kachikwu-assures-dangotes-18bn-refinery-of-government-support/

 

FG pleads with Dangote to finish refinery before 2019

The Federal Government has said it relied heavily on Dangote refinery to fulfil its promise to Nigerians to end fuel importation by December 2019.
http://www.vanguardngr.com/2017/08/fg-pleads-dangote-finish-refinery-2019/

http://punchng.com/complete-your-refinery-before-dec-2019-fg-urges-dangote/

 

How senate indicted Kachikwu, Baru over P/Harcourt refinery

The senate, last week, accused the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Maikanti Barau, of violating due process in engaging AGIP/ENI/Oando for the rehabilitation of the Port Harcourt Refinery.

https://www.dailytrust.com.ng/news/business/how-senate-indicted-kachikwu-baru-over-p-harcourt-refinery/207904.html

 

As EFCC Goes Tough on Major Oil Marketers

Ejiofor Alike takes a look at the EFCC’s recent recovery of the N329 billion debt owed the Nigerian National Petroleum Corporation by eight major oil marketers and NNPC Retail Lim

http://www.thisdaylive.com/index.php/2017/08/01/as-efcc-goes-tough-on-major-oil-marketers/

 

NCDMB Targets 100% Local Integration of FPSOs By 2027

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Kesiye Wabote has stated that the Nigerian oil and gas industry will domesticate the full capacity and capability required for the integration of Floating Production Storage and Offloading vessels (FPSO) by 2027.

http://www.thisdaylive.com/index.php/2017/08/01/ncdmb-targets-100-local-integration-of-fpsos-by-2027/

 

‘Why Cooking Gas Price Has Not Crashed in Nigeria’

The President of the Nigerian Liquefied Petroleum Gas Association (NLPGA), Mr. Dayo Adeshina has explained that the price of Liquefied Petroleum Gas (LPG), better known is cooking gas has not crashed to the expectations of Nigerians because infrastructural challenges have hindered the plan by the Nigeria LNG Limited to bring one LPG vessel from its Bonny Island plant in Rivers State and discharge in Lagos every week.

https://www.thisdaylive.com/index.php/2017/08/01/why-cooking-gas-price-has-not-crashed-in-nigeria/

PEF, Bureau of Statistics Collaborate to Determine Nigeria’s Petrol Consumption

The Petroleum Equalisation Fund (PEF) and the National Bureau of Statistics (NBS) have initiated a research partnership to find out the exact volume of petrol consumed daily across Nigeria.

https://www.thisdaylive.com/index.php/2017/08/01/pef-bureau-of-statistics-collaborate-to-determine-nigerias-petrol-consumption/

 

Chevron Reverses Losses, Nets $1.5bn in Q2 2017

The recent recovery of crude oil prices and the cost reduction measures embarked upon by Chevron Corporation have yielded positive results on the company’s performance as it reported earnings of $1.5 billion for second quarter 2017, compared with a loss of $1.5 billion in the second quarter of 2016.

http://www.thisdaylive.com/index.php/2017/08/01/chevron-reverses-losses-nets-1-5bn-in-q2-2017/

 

ExxonMobil Earns $3.4bn in Half-year

With the gradual recovery of crude oil prices, Exxon Mobil Corporation at the weekend announced estimated second quarter 2017 earnings of $3.4 billion, compared with $1.7 billion earned in the second quarter of 2016.

http://www.thisdaylive.com/index.php/2017/08/01/exxonmobil-earns-3-4bn-in-half-year/

 

Oil spill: Mobil hasn’t paid any A’Ibom community compensation in 46 years – Chief Nduese Essien

FORMER Minister of Housing and Urban Development and Atta of Ekid, Eket Local Government Area, Akwa Ibom State, Chief Nduese Essien, says that for about 46 years, Exxon Mobil Oil Company had never paid compensation for oil spills to any community in the state, instead, it ran around to pay token money as palliative.
http://www.vanguardngr.com/2017/08/oil-spill-mobil-hasnt-paid-aibom-community-compensation-46-years-chief-nduese-essien/

 

Youths lay siege to oil firm in Rivers over disagreement on GMoU

YOUTHS and other stakeholders from the host community to Eroton Exploration and Production Limited, in Bakana, Degema Local Government Area, Rivers State, barricaded the entrance to the oil firm in Port-Harcourt, weekend, following a disagreement on Global Memorandum of Understanding, GMoU.
http://www.vanguardngr.com/2017/08/youths-lay-siege-oil-firm-rivers-disagreement-gmou/

 

Bayelsa community protests as explosion rocks Agip trunkline

The people of Ayamassa community in Ekeremor Local Government Area of Bayelsa State say they are prepared for a showdown with the Nigerian Agip Oil Company over a pipeline explosion that occurred in the community last week.

http://punchng.com/bayelsa-community-protests-as-explosion-rocks-agip-trunkline-2/

 

Weir oil completes KOP acquisition for $114m

Weir Oil and Gas, a leading upstream provider of pressure pumping and pressure control equipment and services, has completed its acquisition of KOP Surface Products, a provider of advanced pressure control wellhead technologies, systems and services.

https://www.dailytrust.com.ng/news/business/weir-oil-completes-kop-acquisition-for-114m/207906.html

 

Other News

 

Restructuring: N-Delta group faults NASS, says rejection a threat to unity

NIGER Delta Youth Council of Nigeria, NDYCN, has berated the National Assembly for rejecting restructuring of the country, saying it was an affront on the Nigeria’s unity.
http://www.vanguardngr.com/2017/08/restructuring-n-delta-group-faults-nass-says-rejection-threat-unity/

 

Nigeria loses N9.74b to public holidays in one year

Nigeria lost at least N9.74 billion in 2016 as a result of multiple public holidays observed during the year. The Guardian’s investigation revealed that in 2016 alone, about 15 national public holidays were observed, excluding others declared in some states.

https://guardian.ng/business-services/nigeria-loses-n9-74b-to-public-holidays-in-one-year/

 

Labour unions seek inclusion of teachers’ salaries in first line charge

The Nigeria Labour Congress (NLC), the Nigeria Union of Local Government Employees (NULGE), Nigeria Union of Teachers (NUT) and the Medical and Health Workers Union of Nigeria (MHWUN) have expressed their support for a strong local government system in the country.

https://guardian.ng/appointments/labour-unions-seek-inclusion-of-teachers-salaries-in-first-line-charge/

 

Bank of England staff strike for first time in 50 years

Staff at the Bank of England began a three-day strike Tuesday, the first at Britain’s central bank in more than 50 years, as part of a dispute over pay.

http://punchng.com/bank-of-england-staff-strike-for-first-time-in-50-years/

 

FG adopts automated system for 2018 budget preparation

For the first time since it was acquired over five years ago, the Federal Government will be using the Government Integrated Financial Management Information System for the preparation of the 2018 budget.

http://punchng.com/fg-adopts-automated-system-for-2018-budget-preparation-2/

 

‘2018 budget MTEF unrealistic, below standard’

The Centre for Social Justice (CSJ) has said that the Medium Term Expenditure Framework 2018-2020 for the proposed N7.9 trillion 2018 budget does not meet standard and is unachievable.

https://www.dailytrust.com.ng/news/business/-2018-budget-mtef-unrealistic-below-standard/207885.html

 

Constitution: Rejected bills can still sail through, says Ekweremadu

The Deputy President of the Senate, Ike Ekweremadu, has said that some proposed amendments to the 1999 Constitution recently rejected by the National Assembly may still be passed when revisited.

http://punchng.com/constitution-rejected-bills-can-still-sail-through-says-ekweremadu/

 

 

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NEWS REVIEW FOR MONDAY, JULY 31, 2017

NEWS REVIEW FOR MONDAY, JULY 31, 2017

Oil & Gas

PENGASSAN serves strike notice over labour issues

The Petroleum and Natural Gas Senior Staff Association of Nigeria has issued a 21-day ultimatum to employers in the oil and gas industry to address lingering anti-labour issues or face a nationwide strike.

http://punchng.com/pengassan-serves-strike-notice-over-labour-issues/

http://www.newslocker.com/en-ng/news/nigeria-economy-news/pengassan-serves-strike-notice-over-labour-issues/

https://topnaija.ng/pengassan-strike-demands-not-met/

http://xyznews.com.ng/news/281611/pengassan-issues-21-day-nationwide-strike-notice

http://www.nigerianewstoday.org/index.php/show/sourcenews/26/0/Nigeria+news

https://theglittersonline.com.ng/pengassan-threatens-strike-over-lingering-industrial-issues/

http://sundiatapost.com/2017/07/30/anti-labour-practices-pengassan-threathens-strike-action/

http://nigeria.shafaqna.com/EN/NG/5000891

 

PENGASSAN issues 21-day  nationwide strike notice

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened a nationwide over what it termed anti-labour practices by several oil companies operating in the country.

http://www.businessdayonline.com/pengassan-issues-21-day-nationwide-strike-notice/

https://www.dailytrust.com.ng/news/labour/pengassan-gives-oil-firms-21-day-ultimatum/207848.html

 

2.3 million oil production target achievable —Udoma

The Minister of Budget and National Planning, Senator Udo Udoma, has said that the target of 2.3 million barrels per day oil production volume for the 2018 fiscal year is achievable.

http://punchng.com/2-3-million-oil-production-target-achievable-udoma/

 

Rescue of NNPC staff: Army apologises, says misinformation not deliberate

The Nigerian Army has apologised for misinforming Nigerians about the rescue of 10  Nigerian National Petroleum Corporation workers that were kidnapped by Boko Haram recently.

http://punchng.com/full-statement-rescue-of-nnpc-staff-army-apologises-says-misinformation-not-deliberate/

 

Osinbajo orders oil workers’ rescue, Army recovers 21 more corpses

The  Nigerian Army on Sunday said it had recovered 21 additional bodies in an operation to rescue oil exploration crew abducted by the Boko Haram insurgents in Borno.

http://punchng.com/osinbajo-orders-oil-workers-rescue-army-recovers-21-more-corpses/

 

NEW ROAD MAP: FG, IOCs earmark N2trn for 457 projects in N’Delta

MONTHS after the Acting President, Prof Yemi Osinbajo’s fact-finding tour of Niger-Delta, the Federal Government has come up with a two-year Strategic Implementation Work Plan, SWIP, involving the execution of 457 short, medium and long-term projects, to the tune of N2,065,140,035,959, across the nine states of the region, starting from this year. Osinbajo
http://www.vanguardngr.com/2017/07/new-road-map-fg-iocs-earmark-n2trn-457-projects-ndelta/

 

FG adopts $11bn Dangote refinery under new petroleum policy

The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects.
http://www.vanguardngr.com/2017/07/fg-adopts-11bn-dangote-refinery-new-petroleum-policy/

 

New Policy Seeks Significant Drop in Oil Production Cost to $10/bbl

Contents of Nigeria’s new national petroleum policy recently approved by the Federal Executive Council (FEC) and obtained by THISDAY has revealed that the country would be seeking to significantly reduce the cost of producing a barrel of crude oil in her fields to $10 from the current $27, which it considers not quite competitive.

https://www.thisdaylive.com/index.php/2017/07/30/new-policy-seeks-significant-drop-in-oil-production-cost-to-10bbl/

 

Katsina to establish refinery – Commissioner

Katsina State Commissioner of Commerce, Industry and Tourism, Alhaji Abubakar Yusuf has on Sunday disclosed plans by the Governor Aminu Bello Masari’s led administration to establish a refinery in the state.
http://www.vanguardngr.com/2017/07/katsina-establish-refinery-commissioner/

 

African LNG exports to get boost from offshore projects

Cameroon plans to begin exporting liquefied natural gas later this year using a newly designed offshore plant that analysts say could slash production costs and unlock African reserves not previously considered economically viable.
http://www.vanguardngr.com/2017/07/african-lng-exports-get-boost-offshore-projects/

 

Shell shuts down Europe’s largest refinery after fire

The British-Dutch oil giant Shell said it was shutting down Europe’s biggest refinery after a pre-dawn fire broke out at a power station on the vast site on Sunday.
http://www.vanguardngr.com/2017/07/shell-shuts-europes-largest-refinery-fire/

OPEC Cut, Resumed Militancy Pose Danger to Nigeria’s Oil Output

In the course of the week, two crucial developments with the propensity to affect Nigeria’s crude oil production and, thus, its execution of the 2017 budget marks, took place.

http://www.thisdaylive.com/index.php/2017/07/30/opec-cut-resumed-militancy-pose-danger-to-nigerias-oil-output/

 

Without Deeper Output Cut, Crude Projected to Fall Below $40/bbl in Q1 2018

Crude Oil, Brent Crude in particular, is projected to fall to $40 per barrel or below in the first quarter of 2018, except the Organisation for Petroleum Exporting Countries (OPEC) implements  a deeper cut in oil production.

http://www.thisdaylive.com/index.php/2017/07/30/without-deeper-output-cut-crude-projected-to-fall-below-40bbl-in-q1-2018/

 

Ijaw Youths Threaten to Halt Agip Operations in Bayelsa

Two oil-bearing towns in Bayelsa State at the weekend threatened to shut down the operations of Nigeria Agip Oil Company (NAOC) over the oil giant’s alleged refusal to honour a Memorandum of Understanding (MoU) entered with the communities.

https://www.thisdaylive.com/index.php/2017/07/31/ijaw-youths-threaten-to-halt-agip-operations-in-bayelsa/

 

N-Delta militants to resume fresh attacks

NIGER DELTA Revolutionary Crusaders, NDRC, one of the militant groups that asked the Pan-Niger Delta Forum, PANDEF, led by Chief Edwin Clark, to stop all engagements with the Federal Government, has announced that it will commence fresh attacks on oil facilities across the Niger Delta on September 31.
http://www.vanguardngr.com/2017/07/n-delta-militants-resume-fresh-attacks-sept-31/

 

Respect agreement with host communities, IYC tells AGIP

THE Eric Omare-led faction of Ijaw Youth Council, IYC, worldwide, has called on Nigeria Agip Oil Company, NAOC, to comply with the memorandum of understanding entered into with its host communities and observe international best practices in its oil and gas operations to avert a shutdown of the company’s operations.
http://www.vanguardngr.com/2017/07/respect-agreement-host-communities-iyc-tells-agip/

https://guardian.ng/news/bayelsa-communities-threaten-to-shut-down-agip-operations-over-spill-mou/

 

Ijaw youth group splits over alleged marginalisation

The Ijaw Youth Council in Ahoada West and Abua-Odual local government areas of Rivers State has created a special chapter, alleging marginalisation in the council’s central zone.

http://punchng.com/ijaw-youth-group-splits-over-alleged-marginalisation/

Marketers task DPR on indiscriminate citing of gas plants

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) yesterday tasked the Department of Petroleum Resources (DPR) on the indiscriminate citing of gas plants without recourse to safety of the environment and the people.

https://guardian.ng/news/marketers-task-dpr-on-indiscriminate-citing-of-gas-plants/

 

Passage of fiscal PIB will clear uncertainty in oil industry, says Saka Matemilola

The passage of Petroleum Industry Governance Bill (PIGB) is a step in the right direction. The industry is also eagerly awaiting the passage of the fiscal policy bill.

https://guardian.ng/business-services/passage-of-fiscal-pib-will-clear-uncertainty-in-oil-industry-says-saka-matemilola/

 

Other News

Contributory Pension Scheme’ll protect workers’ future — NLPC

The Executive Director, NLPC Pension Fund Administrators Limited, Mrs. Bunmi Oyeleye, has said that it is relevant for employers to protect the future of their workers by ensuring that they open pension accounts.

http://punchng.com/contributory-pension-schemell-protect-workers-future-nlpc/

 

Boko Haram: ASUU threatens strike if FG doesn’t rescue abducted lecturers

The Peoples Democratic Party, the Nigeria Labour Congress and civil rights groups, on Sunday, lashed out at the Federal Government for the killing of lecturers and oil workers on their way to the Lake Chad Basin by the Boko Haram sect.

http://punchng.com/bharam-asuu-threatens-strike-if-fg-doesnt-rescue-abducted-lecturers/

 

Constitution amendment’ll birth new Nigeria – State assembly speakers

The Conference of Speakers of State Houses of Assembly in Nigeria has said that the ongoing constitution amendment by the National Assembly has prepared the ground for the emergence of a new Nigeria with a more viable democracy.

http://punchng.com/constitution-amendmentll-birth-new-nigeria-state-assembly-speakers/

 

How we will handle N2.5tr budget deficit – FG

The Federal Government has allayed fears and concerns raised by the Central Bank of Nigeria (CBN),  that the nation’s economy may relapse into another recession, citing the N2.5 trillion budget deficit recorded by the government in six months and other factors as major threats to a economic recovery.

https://www.dailytrust.com.ng/news/business/how-we-will-handle-n2-5tr-budget-deficit-fg/207831.html

Economy: FGN as unrepentant saboteur

Following nearly two years of failed efforts to break through the fence of conditionalities for the release of multilateral loans being dangled by the IMF/World Bank and the European Union, the Finance Minister Kemi Adeosun, threw up her arms and confessed at the quarterly business forum held in July at the Aso Villa, “We cannot borrow any more; we just have to generate funds domestically enough to fund our budget.”

https://guardian.ng/opinion/economy-fgn-as-unrepentant-saboteur/

 

Budget minister explains projections for MTEF, FSP 2018-2020

Minister of Budget and National Planning, Senator Udoma Udo Udoma, at the weekend took the 2018-2020 MTEF and FSP consultations exercise to Lagos where he met with Civil Society Organisations (CSOs), private sector operators (PSO) and the general public.

https://guardian.ng/news/budget-minister-explains-projections-for-mtef-fsp-2018-2020/

 

You can’t lose money in fixed income funds – Expert

The vice chairman of Capital Express, Mr. Tony Aletor, has urged Nigerians to reconsider their stand and invest in fixed income funds as a guarantee investment vehicle.

https://www.dailytrust.com.ng/news/business/you-can-t-lose-money-in-fixed-income-funds-expert/207832.html

 

Resident Doctors Give FG 21-day Ultimatum to Avert Nationwide Strike

Resident doctors have issued a 21-day ultimatum to the federal government to meet their demands, else they will embark on a nationwide strike.

https://www.thisdaylive.com/index.php/2017/07/31/resident-doctors-give-fg-21-day-ultimatum-to-avert-nationwide-strike/

 

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NEWS REVIEW FOR TUESDAY, JULY 25, 2017

NEWS REVIEW FOR TUESDAY, JULY 25, 2017

Oil & Gas

NNPC Reclaims Crude Oil Pipelines to Improve Refineries’ Operations

The Nigerian National Petroleum Corporation (NNPC) said it has regained full access to the pipelines that supply crude oil to its three refineries in Kaduna, Warri, and Port Harcourt, thus making it possible for the refineries to produce up to six million litres of petrol and diesel, respectively.

https://www.thisdaylive.com/index.php/2017/07/25/nnpc-reclaims-crude-oil-pipelines-to-improve-refineries-operations/

 

Nigeria’s refineries worst in Africa – Investigation

The cost of Turn Around Maintenance of Nigeria’s four refineries from year 2000 to date is nearly the total cost of building the refineries, Daily Trust investigation has shown.

https://www.dailytrust.com.ng/news/general/nigeria-s-refineries-worst-in-africa–investigation/206938.html

 

Nigeria Agrees to Cap Oil Output at 1.8mbpd

The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers, led by Russia, have approved the decision of the federal government to cap Nigeria’s oil production at a sustainable volume of 1.8 million barrels per day (mbpd).

https://www.thisdaylive.com/index.php/2017/07/25/nigeria-agrees-to-cap-oil-output-at-1-8mbpd/

http://punchng.com/nigeria-agrees-to-1-8mbpd-oil-output/

 

Militants destroy Trans-Niger pipeline, Nigeria loses 150,000bpd

Suspected militants on Monday vandalised the Trans-Niger pipeline in Ogoniland in the Niger Delta region, reducing the Nigerian National Petroleum Corporation’s crude oil production by 150,000 barrels per day.

http://punchng.com/militants-destroy-trans-niger-pipeline-nigeria-loses-150000bpd/

https://guardian.ng/news/shell-shuts-down-key-supply-pipeline-in-nigeria/

 

Nigeria to lose N57.5b daily as OPEC plans production cut

The Organisation of Petroleum Exporting Countries (OPEC) is planning to cap Nigeria’s crude oil production at 1.8 million barrels per day (mbpd) as a way to boost prices in the market.

https://guardian.ng/news/nigeria-to-lose-n57-5b-daily-as-opec-plans-production-cut/

 

OPEC pledges support for Nigerian oil output recovery

OPEC and some non-OPEC states including Russia agreed in 2016 to cut production by 1.8 million barrels per day (bpd) in a deal that has been extended to March 2018.

https://www.dailytrust.com.ng/news/business/opec-pledges-support-for-nigerian-oil-output-recovery/206815.html

 

Zero oil days clearly before us – Osinbajo

Acting President, Prof. Yemi Osinbajo, yesterday, expressed concern over the rising volatility in the global crude oil market, stating that the days of zero oil, where the commodity would become irrelevant, were clearly around the corner.
http://www.vanguardngr.com/2017/07/zero-oil-days-clearly-before-us-osinbajo/

http://punchng.com/zero-oil-revenue-days-fast-approaching-says-osinbajo/

 

Marketers blame FG’s policies for drop in downstream operations, importation

STAKEHOLDERS have blamed the Federal Government’s policies for dwindling importation of petroleum products as well as low operations in the downstream sector of Nigeria’s petroleum industry.

http://www.vanguardngr.com/2017/07/marketers-blame-fgs-policies-drop-downstream-operations-importation/

 

UK to Bankroll Upgrade of Nigeria’s Pipeline Infrastructure, Others

The British Government has said it would invest in major upgrade of Nigeria’s pipeline infrastructure, renewable energy, gas, and power.

http://www.thisdaylive.com/index.php/2017/07/25/uk-to-bankroll-upgrade-of-nigerias-pipeline-infrastructure-others/

 

Operators Want FG to Subject Oil and Gas Dividends to Withholding Tax

Stakeholders in Nigeria’s oil and gas industry have urged the federal government to subject the dividends earned in the oil and gas sector by international oil companies (IOCs) to withholding tax, stressing that Nigeria is the only oil-producing country where dividends in the oil and gas sector are not subjected to withholding tax.

https://www.thisdaylive.com/index.php/2017/07/25/operators-want-fg-to-subject-oil-and-gas-dividends-to-withholding-tax/

 

Global upstream FIDs to double in 2017

THE number of upstream projects reaching final investment decision (FID) in 2017 could double to 25 compared to only 12 last year, according to a recent Wood Mackenzie report, “A big year for FIDs: 2017 marks a turning point.”

http://www.vanguardngr.com/2017/07/global-upstream-fids-double-2017/

 

Dangote refinery to hit 50% utilisation by 2020

THE 650,000 barrels per day Dangote Refinery has been projected to hit 50 per cent capacity utilisation by 2020.
http://www.vanguardngr.com/2017/07/dangote-refinery-hit-50-utilisation-2020/

 

NNPC loses 150,000b to pipeline vandalism

The Nigerian National Petroleum Corporation (NNPC), lost 150,000 barrels of crude yesterday from an  attack on its Trans Niger Pipeline in Ogoniland, the Group Managing Director. Dr. Maikanti Baru, has  said.

http://thenationonlineng.net/nnpc-loses-150000b-pipeline-vandalism/

 

N-Delta talks: Name FG’s team before August 1 — Clark

CONVENER of the Pan Niger Delta Forum, PANDEF and Ijaw national leader, Chief Edwin Clark, has asked President Muhammadu Buhari to, as a matter of urgency, constitute a team to engage in talks with stakeholders in the Niger Delta before August 1, adding that youths of the region were becoming impatient over the delay in the talks.
http://www.vanguardngr.com/2017/07/n-delta-talks-name-fgs-team-august-1-clark/

 

Neconde targets 60,000bpd evacuation in Q1, 2017

INDIGENOUS company, Neconde Energy Limited, which is the exploration and production arm of Obijackson Group, said it plans to achieve 60,000 barrels per day, bpd, crude evacuation, through barges from oil mining lease, OML 42, by the end of 2017.
http://www.vanguardngr.com/2017/07/neconde-targets-60000bpd-evacuation-q1-2017/

 

Nigeria to save N37.75bn annually as Oando tackles petroleum discharge bottlenecks

Nigeria is expected to save about $120 million or N

37.75 billion (going by the current exchange rate of N314.65 to a dollar) in demurrage annually, following Oando Plc’s construction of first mid-stream jetty in the country.
http://www.vanguardngr.com/2017/07/nigeria-save-n37-75bn-annually/

 

Cross River threatens to sue NDDC over projects, others

The Cross River government is contemplating suing the Niger Delta Development Commission (NDDC) over its activities in the state.

https://guardian.ng/news/cross-river-threatens-to-sue-nddc-over-projects-others/

 

Bonny Youth coalition decries neglect by NLNG in contract award

The Youth Coalition for Good Governance, Bonny chapter, has urged the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to call to order management of the Nigeria Liquefied Natural Gas (NLNG) Company on alleged neglect of Niger Delta youths.

http://thenationonlineng.net/bonny-youth-coalition-decries-neglect-nlng-contract-award/

 

25 ships laden with petroleum products, others at Apapa ports

Twenty-FIVE ships are discharging petroleum products and other commodities at the Apapa and Tin-Can Island ports, the Nigerian Ports Authority (NPA) has said.

http://thenationonlineng.net/25-ships-laden-petroleum-products-others-apapa-ports/

 

Other News

Nigerian economy to grow faster than S-Africa’s in 2018 — IMF

The International Monetary Fund, IMF, has projected that Nigeria’s economy will grow at a faster pace than South Africa’s in 2018.
http://www.vanguardngr.com/2017/07/nigerian-economy-grow-faster-s-africas-2018-imf/

http://www.thisdaylive.com/index.php/2017/07/25/imf-nigerias-economic-growth-to-overtake-south-africa-next-year/

 

Only 10.9% workers have retirement savings account –NBS

THE National Bureau of Statistics, NBS, yesterday, revealed that only 10.93 percent of Nigeria’s total working population have retirement savings account, RSA, as at end of second quarter of 2017, Q2’17.
http://www.vanguardngr.com/2017/07/10-9-workers-retirement-savings-account-nbs/

 

TSA fund: FG serves forfeiture order on banks

The Federal Government has served seven banks with the order of the Federal High Court in Lagos directing a temporary forfeiture of $793.2m allegedly hidden with the banks in contravention of its Treasury Single Account policy.

http://punchng.com/tsa-fund-fg-serves-forfeiture-order-on-banks/

 

Constitution review’ll give states more power – Saraki

The Senate President, Bukola Saraki, has said the ongoing amendments to the 1999 Constitution by the National Assembly will give  more powers to state governments.

http://punchng.com/constitution-reviewll-give-states-more-power-saraki/

 

N/Assembly begins constitution amendment today

Both chambers of the National Assembly will today begin clause-by-clause consideration of the proposed amendments to the 1999 Constitution.

https://www.dailytrust.com.ng/news/general/n-assembly-begins-constitution-amendment-today/206966.html

 

Reps vote on new age for President, govs Wednesday

Members of the House of Representatives will on Wednesday commence voting on amendments to the 1999 Constitutio

http://punchng.com/reps-vote-on-new-age-for-president-govs-wednesday/

 

Nigeria’s infrastructure investment needs hit $878b

Nigeria has significant infrastructure investment gap put at $878 billion out of $97 trillion global needs, to address economic growth and existing shortfalls from now till 2040.

https://guardian.ng/news/nigerias-infrastructure-investment-needs-hit-878b/

 

SSANU wants recovered funds injected into economy for jobs creation

The Senior Staff Association of Nigerian Universities (SSANU) has urged the Federal Government to inject funds recovered from the anti-corruption fight into the economy to create jobs in the country.

https://guardian.ng/appointments/ssanu-wants-recovered-funds-injected-into-economy-for-jobs-creation/

 

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NEWS REVIEW FOR THURSDAY, JULY 20, 2017

NEWS REVIEW FOR THURSDAY, JULY 20, 2017

Oil & Gas

There is an absolute urgency for Nigeria to begin to address her infrastructural problems, Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu said yesterday.Downstream oil sector has $10bn investments deficit – Kachikwu

https://www.dailytrust.com.ng/news/business/downstream-oil-sector-has-10bn-investments-deficit–kachikwu/206277.html

 

FEC okays new policies for oil, labour

The Federal Executive Council (FEC) has approved new policies for oil and labour sectors, Minister of State for Petroleum Resources Dr. Ibe Kachikwu and Minister of Labour Chris Ngige said yesterday.

http://thenationonlineng.net/fec-okays-new-policies-oil-labour-2/

https://guardian.ng/business-services/fg-okays-new-oil-gas-labour-policies/

 

Senate okays private-public partnership for refineries’ repairs

The Senate has finally endorsed the private-public partnership (PPP) for the repair of the country’s four refineries.

http://thenationonlineng.net/senate-okays-private-public-partnership-refineries-repairs/

Nigeria to explore African market for crude oil sale, says Kachikwu

The Minister of State for Petroleum, Dr. Ibe Kachikwu has announced that Nigeria would explore the possibility of selling crude oil to African markets. He spoke in Abuja yesterday at the 2017 edition of the Sustainability in the Extractive Industries (SITEI) conference.

https://guardian.ng/business-services/nigeria-to-explore-african-market-for-crude-oil-sale-says-kachikwu/

 

Govt to replace kerosene with gas, says NNPC boss

The Federal Government is planning to make liquefied petroleum gas (LPG) the primary domestic fuel for cooking.

http://thenationonlineng.net/govt-replace-kerosene-gas-says-nnpc-boss/

 

Nigeria’s crude production hits 2.2mb/d’

Nigeria’s crude oil production has risen to 2.2million barrel per day, the Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said.

http://thenationonlineng.net/nigerias-crude-production-hits-2-2mbd/

 

Lagos oilfield dispute worsens, another investor heads for court

The dispute among joint venture partners in Aje oil field, offshore Lagos, appears to have escalated as another partner, EER (Colobus) Nigeria Limited, has gone to court.

http://punchng.com/lagos-oilfield-dispute-worsens-another-investor-heads-for-court/

 

We need more oil production to pay debt – Edozie

The Managing Director, Neconde Energy Limited, Frank Edozie, in this interview with ’FEMI ASU, talks about the impact of oil price drop and production disruption, among others, on local

http://punchng.com/we-need-more-oil-production-to-pay-debt-edozie/

 

Oil climbs as US crude, petrol supplies shrink

Oil rose after government data showed US crude and gasoline stockpiles continue to fall amid broader anxiety about a supply glut.

http://punchng.com/oil-climbs-as-us-crude-petrol-supplies-shrink/

 

Ogoni cleanup: We’ve engaged illegal oil refiners — HYPREP

The Hydrocarbon Pollution and Remediation Project, HYPREP, yesterday, disclosed that it has engaged illegal oil refiners in Ogoni communities of Khana, Gokana, Tai and Eleme Local Government Areas of Rivers State in the clean-up process.
http://www.vanguardngr.com/2017/07/ogoni-cleanup-weve-engaged-illegal-oil-refiners-hyprep/

 

Addax pays $32m fine, closes Nigeria’s bribery case

Addax Petroleum has paid a $32m fine to close its Nigeria’s bribery case. African Energy Intelligence that confirmed the development, yesterday, stated: “Addax pays up, switches up its team and settles its legal case.”
http://www.vanguardngr.com/2017/07/addax-pays-32m-fine-closes-nigerias-bribery-case/

 

Kachikwu calls for globalisation of Nigeria’s economy to attract foreign investors

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Wednesday called for the globalisation of the nation’s economy to attract more foreign investors in the country.
http://www.vanguardngr.com/2017/07/kachikwu-calls-globalisation-nigerias-economy-attract-foreign-investors-2/

http://punchng.com/its-difficult-for-investors-to-come-to-nigeria-kachikwu/

 

Taleveras complied with international trading standards — Legal team

The Taleveras Group, yesterday, said all its business transactions and investments in the oil sector have been in compliance with international trading standards.
http://www.vanguardngr.com/2017/07/taleveras-complied-international-trading-standards-legal-team/

https://guardian.ng/news/taleveras-denies-lifting-oil-through-omokores-company/

 

Our members not involved in Apapa mayhem, says NUPENG

The Nigeria Union of Petroleum and Natural Gas Workers says none of its members in Petroleum Tanker Drivers unit was shot by Mobile Police officer in Apapa on Wednesday

http://punchng.com/our-members-not-involved-in-apapa-mayhem-says-nupeng/

 

DPR to probe Calabar tank farm inferno

The Department of Petroleum Resources on Wednesday said it would set up a board of inquiry to investigate the remote and immediate causes of the fire incident that occurred in Linc Oil and Gas depot on July 16 in Calabar.

http://punchng.com/dpr-to-probe-calabar-tank-farm-inferno/

http://www.vanguardngr.com/2017/07/dpr-probe-cause-calabar-ftz-inferno/

 

‘Why Ogoni cleanup is not in 2017 budget’

The Project Coordinator of Hydrocarbon Pollution Restoration Project (HYPREP), Dr. Marvin Dekil has explained why Ogoni cleanup was not included in the 2017 budget.

https://guardian.ng/news/why-ogoni-cleanup-is-not-in-2017-budget/

 

Other News

Nigeria’s debt rose by N4.76tn in 2016 – DMO

Nigeria total debt rose by N4.76tn in 2016, the Debt Management Office has disclosed.

http://punchng.com/nigerias-total-debt-rose-by-n4-76tn-in-2016-dmo/

 

Committee on minimum wage to begin sitting by July end – NLC

The 29-member committee on a new National Minimum Wage will begin sitting before the end of July, the President of Nigeria Labour Congress, Comrade Ayuba Wabba, said on Wednesday.

http://punchng.com/committee-on-minimum-wage-to-begin-sitting-by-july-end-nlc/

 

Minister of Labour tasks NECA on accountability

The Minister of Labour and Productivity, Chris Ngige, has urged the Nigeria Employers’ Consultative Association (NECA) to take stock of their achievements and work on their shortcomings as they celebrate their 60th anniversary.

https://guardian.ng/appointments/minister-of-labour-tasks-neca-on-accountability/

 

Fact check: FG fails to crash food prices in 2 weeks

Disturbed by skyrocketing prices of foodstuff in the markets, the Federal Government early June said it will crash the costs in two weeks.

https://www.dailytrust.com.ng/news/business/fact-check-fg-fails-to-crash-food-prices-in-2-weeks/206281.html

 

No going back on anti-tobacco law implementation – FG

The Federal Government has ruled out backing out of the implementation of the National Tobacco Act (NTC) 2015.

https://www.dailytrust.com.ng/news/general/no-going-back-on-anti-tobacco-law-implementation-fg/206208.html

 

Restructuring options for Nigeria

The call for restructuring of Nigeria has continued to gather momentum in recent times, with multiplicity of perspectives by advocates on the meaning of restructuring in the context of Nigeria’s situation.

http://punchng.com/restructuring-options-for-nigeria/

 

Unemployed Nigerian youths and job creation

WHEN there was oil boom and a somewhat stable economy, the issue of unemployment was a very big problem.
http://www.vanguardngr.com/2017/07/unemployed-nigerian-youths-job-creation-3/

 

Governors Forum set up C’ttee for state police

IN what may appear to be a tacit support for the restructuring of the country, the Governors Forum last night set up a six man committee to explore the option of actualising state police in the country.
http://www.vanguardngr.com/2017/07/breaking-governors-forum-set-cttee-state-police/

 

LG election: LASG extends restriction of movement

The Lagos State Government on Wednesday extended the restriction of movement across the State noting that it had been slightly expanded and will now be enforced between 7 am and 3pm on Saturday July 22, to allow for a smooth conduct of the Local Government elections and unhindered participation.

http://punchng.com/breaking-lg-election-lasg-extends-restriction-of-movement/

 

Kogi outlaws ASUU

Kogi State Governor , Alhaji Yahaya Bello has announced the proscription of the Kogi State Chapter of the Academic staff union of Universities with immediate effect.

http://punchng.com/kogi-outlaws-asuu/

 

Senate passes Whistleblower Protection Bill into law

The Bill, which seeks to encourage and facilitate the disclosures of improper conduct by public officers and public bodies was presented by the Committee on Judiciary, Human Rights and Legal Matters, chaired by Senator David Umaru, the member representing Niger East in the 8th National Assembly.

http://punchng.com/senate-passes-whistleblower-protection-bill-into-law/

[Infographics] Whistleblower Protection Bill: Things you should know

http://punchng.com/infographics-whistleblower-protection-bill-things-you-should-know/

 

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NEWS REVIEW FOR MONDAY, APRIL 24, 2017

NEWS REVIEW FOR MONDAY, APRIL 24, 2017

 

Oil & Gas

Kachikwu, others condole NNPC GMD over mum’s death

The remains of late Hajiya Fatima Baru, mother of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), was laid to rest in her hometown of Misau in Bauchi State on Friday.

https://www.dailytrust.com.ng/news/general/kachikwu-others-condole-nnpc-gmd-over-mum-s-death/194735.html

 

Senate to pass Petroleum Industry Bill soon

Senator Clifford Odia (PDP-Edo Central) on Monday said that the Senate would soon pass the Petroleum Industry Bill (PIB).

https://guardian.ng/news/senate-to-pass-petroleum-industry-bill-soon/

https://www.dailytrust.com.ng/news/general/senate-to-pass-petroleum-industry-bill-soon-lawmaker/194847.html

 

Kachikwu: Working Hard to Ensure Stability in Oil Sector

The survival of Nigeria as a sovereign country is largely dependent on the petroleum sub-sector, as it derives its revenue mainly from crude oil exports.

https://www.thisdaylive.com/index.php/2017/04/23/kachikwu-working-hard-to-ensure-stability-in-oil-sector/

 

Nigeria LNG Pays $5.5 Billion in Taxes

The Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Mr. Tony Attah, has stated that the company has paid $5.5billion as taxes since the 10 years tax holidays granted by the NLNG Act for Company Income Tax expired.

https://www.thisdaylive.com/index.php/2017/04/24/nigeria-lng-pays-5-5-billion-in-taxes/

 

NLNG Act: Nigeria may lose $3bn

Nigeria may lose investments up to $3billion annually in the upstream sector if the National Assembly amends Nigeria Liquefied Natural Gas Act.

https://www.dailytrust.com.ng/news/business/nlng-act-nigeria-may-lose-3bn/194599.html

 

Federal Government urged to set up committee on local refineries

As the federal government continues to fine tune arrangements for the establishment of modular refineries in oil producing communities, a group under the auspices of the Niger Delta Youth Coalition for Peace and Progress (NDYCPP), on Sunday urged the government to set up a committee to identify and document local refineries operations in the region.

https://guardian.ng/news/federal-government-urged-to-set-up-committee-on-local-refineries/

Federal Government votes $190 million for Ogoni clean-up

The Federal Government has earmarked $190 million towards the implementation of the United Nations Environment Programme (UNEP) on Ogoniland.Senator Magnus Abe, representing Rivers South East Senatorial district revealed this in Port Harcourt at the weekend.

https://guardian.ng/news/federal-government-votes-190-million-for-ogoni-clean-up/

 

Alleged unfulfilled promises: N’Delta militants threaten to resume bombings

A coalition of militant groups in the Niger Delta region have threatened to resume attacks on oil installations in the region over alleged unfulfilled promises by the Federal Government to the people of the oil rich region.

http://punchng.com/alleged-unfulfilled-promises-ndelta-militants-threaten-to-resume-bombings/

Act on NEITI reports

In its own words: “In 2003, Nigeria voluntarily signed up to the global Extractive Industries Transparency Initiative (EITI)… Besides being an integral part of the global EITI, the Nigeria Extractive Industries Transparency Initiative (NEITI) is a Federal Government of Nigeria agency established by law, monitored, supervised by the Office of the President of Nigeria through the Office of the Secretary to the Government of the Federation.

https://guardian.ng/opinion/act-on-neiti-reports/

 

No fuel crises under my watch, says IPMAN boss

Newly elected President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Engr Sanusi Abdufari has assured Nigerians that there would be no fuel crises under his watch.

https://guardian.ng/business-services/no-fuel-crises-under-my-watch-says-ipman-boss/

 

NCDMB boss assures local oil, gas firms of support

Indigenous oil and gas firms have been assured of support by the Executive Secretary of Nigerian Content Development Board (NCDMB), Simbi Kesiye Wabote.Wabote spoke when he visited AOS Orwell’s Titan Tubular Division in Onne in Rivers State as part of his facility tour of selected companies in Onne Trade Free Zone.

https://guardian.ng/business-services/ncdmb-boss-assures-local-oil-gas-firms-of-support/

 

Give 80 % of crude oil swap contracts to N-Deltans —PANDEF

A member of Pan Niger Delta Forum, PANDEF, Mr. Famous Daunemgha, has lamented that the people of the Niger Delta have been sidelined under the Federal Government’s new crude oil swap deal otherwise known as Direct Sale and Direct Purchase, DSDP.

Give 80 % of crude oil swap contracts to N-Deltans —PANDEF

 

Nigeria faces competition as gas export contracts expire

The effort by the Nigeria LNG Limited to remarket the nation’s Liquefied Natural Gas volumes, whose contracts are nearing expiration, is facing a challenge, which is the growing supply of the commodity in the global markets.

http://punchng.com/nigeria-faces-competition-as-gas-export-contracts-expire/

 

$17bn stolen crude: Chinese firm denies DPR’s $2.6bn claim

The House of Representatives has uncovered more crude oil transactions in excess of $2.6bn, which the committee alleged looked suspicious.

http://punchng.com/17bn-stolen-crude-chinese-firm-denies-dprs-2-6bn-claim/

 

FG cracks down on illicit oil refineries

Nigerian commander Remi Fadairo points to the roiling plume of black smoke blotting the morning horizon in the Niger Delta -— the unmistakable sign of an illicit oil refinery.

FG cracks down on illicit oil refineries

 

Groups urge FG to end gas flaring in N-Delta

THE Federal Government has been urged to end gas flaring in the Niger Delta region in order to save lives and maintain a healthy environment.

Groups urge FG to end gas flaring in N-Delta

 

Abe assures on inclusion of Ogoni clean-up, others in 2017 budget

Senator Magnus Abe has assured people of his Rivers South-East senatorial district that the Ogoni clean-up, Bodo-Bonny Road, Andoni/Oyigbo Power projects and water projects in the district are all captured in the 2017 appropriation bill.

Abe assures on inclusion of Ogoni clean-up, others in 2017 budget

 

Ogboru calls on Chevron, Seplat, others to relocate to Delta State

Following the order by the Vice President, Prof. Yemi Osinbajo, requesting all oil and gas companies operating in Nigeria to relocate their headquarters to the Niger Delta Region, Olorogun Great Ovedje Ogboru has called on Chevron to relocate its headquarter to Delta State where it has majority of its operations.

Ogboru calls on Chevron, Seplat, others to relocate to Delta State

 

I did not lead team that brokered Malabu Oil block ideal, says Adoke

Former Minister of Justice and Attorney General of Federation, Mr. Mohammed Bello Adoke has refuted reports that he led the team that brokered the Malabu oil deal.

https://guardian.ng/news/i-did-not-lead-team-that-brokered-malabu-oil-block-ideal-says-adoke/

https://www.thisdaylive.com/index.php/2017/04/24/adoke-i-did-not-lead-the-team-that-brokered-malabu-deal/

 

Other News

FG plans fresh upgrade of 22 airport terminals

With the failure of the airports remodelling project of the former administration, there are indications that the government intends to replicate the facelift currently ongoing at the Lagos airport terminal in other airports across the country

http://punchng.com/fg-plans-fresh-upgrade-of-22-airport-terminals/

 

Nigeria Police to be funded by states if …

The Inspector General of Police, IGP, Idris Abubakar, has presented a bill before the National Assembly seeking the deduction of one percent of the total budget of every state in the country to fund the Nigeria Police Force.

Nigeria Police to be funded by states if …

 

Nigeria loses 10% in $575 billion global remittances

Nigeria had its fair share of the global economic challenges and frequent regulatory intervention aimed at taming money laundering, as its remittance record in 2016 declined by 10 per cent out of the $575 billion global figure.

https://guardian.ng/business-services/money/nigeria-loses-10-in-575-billion-global-remittances/

 

Despite CBN Market Forays, External Reserves Stand at $30.6bn

Despite all the dollars pumped into the foreign exchange (FX) market by the Central Bank of Nigeria (CBN) since February 20when it announced its new FX policy measures, the country’s external reserves have remained relatively robust.

https://www.thisdaylive.com/index.php/2017/04/24/despite-cbn-market-forays-external-reserves-stand-at-30-6bn/

 

Experts react as FG’s 60-day plan on ease of doing business ends

The 60-day National Action Plan on Ease of Doing Business launched by Vice President Professor Yemi Osinbanjo ended last Friday. The plan which targeted reducing difficulties in doing business in the country was inaugurated on February 21st and concluded its cycle last Friday, April 21st , 2017.

https://www.dailytrust.com.ng/news/business/experts-react-as-fg-s-60-day-plan-on-ease-of-doing-business-ends/194820.html

 

72,113 retirees ineligible for pension – PenCom

About 72,113 retirees who subscribed to the Contributory Pension Scheme have got refunds of N17.3bn from their Pension Fund Administrators after they were declared not eligible for pension payment, investigation has revealed.

http://punchng.com/72113-retirees-ineligible-for-pension-pencom/

 

FG expresses concern over inflation of project costs

The Federal Government has expressed concern over the corruption in the construction sector, particularly the deliberate inflation of project costs for pecuniary gains.

http://punchng.com/fg-expresses-concern-over-inflation-of-project-costs/

 

Stanbic Pension boss advises employers on workers’ pension

The Chief Executive officer, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, has said employers are the plank upon which the sustainability of the pension scheme rests.

http://punchng.com/stanbic-pension-boss-advises-employers-on-workers-pension/

 

N’Assembly includes Abuja airport second runway in 2017 budget

The National Assembly has included the construction of a second runway for the Nnamdi Azikiwe International Airport, Abuja, in the 2017 Appropriation Bill, it was reliably learnt on Sunday.

http://punchng.com/nassembly-includes-abuja-airport-second-runaway-in-2017-budget/

 

CBN suspends cashless policy in 30 states

The Central Bank of Nigeria on Friday announced the immediate suspension of the implementation of the Cashless Nigeria Policy in 30 states of the federation.

http://punchng.com/cbn-suspends-cashless-policy-in-30-states/

https://guardian.ng/business-services/money/cbn-reverses-self-on-cashless-rules/

 

Nigeria may benefit from multi-million dollar Africa initiatives

Nigeria is in line to benefit from series of multilateral initiatives brokered by the International Monetary Fund (IMF), Germany, the International Finance Corporation (IFC) and leaders of the top Multilateral Development Banks (MDBs).

https://guardian.ng/business-services/money/nigeria-may-benefit-from-multi-million-dollar-africa-initiatives/

 

Whistleblowing and values

“The Federal Ministry of Finance’s whistleblowing programme is designed to encourage anyone with information about a violation of financial regulations, mismanagement of public funds and assets, financial malpractice, fraud and theft to report it.” – www.whistle.finance.gov.ng

http://punchng.com/whistleblowing-and-values/

 

What to do about a lost ATM card

Smart consumers are careful to keep track of their cash and plastic cards that function as money.

http://punchng.com/what-to-do-about-a-lost-atm-card/

 

IMF: To Tackle Poverty, Nigeria Must Invest More in Infrastructure

The International Monetary Fund (IMF) advised the federal government to give more priority to investment in infrastructure so as to address the high level of poverty in Nigeria.

https://www.thisdaylive.com/index.php/2017/04/23/imf-to-tackle-poverty-nigeria-must-invest-more-in-infrastructure/

 

This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system

 

NEWS REVIEW FOR THURSDAY, APRIL 6, 2017

NEWS REVIEW FOR THURSDAY, APRIL 6, 2017

Oil & Gas

NNPC denies hike in pump price of petrol

The increase in the bridging allowance to transporters from N6.20 to N7.20 per litre will not result in upward review of petrol pump price, the Nigerian National Petroleum Corporation (NNPC) has said.

http://guardian.ng/news/nnpc-denies-hike-in-pump-price-of-petrol/

http://punchng.com/new-bridging-cost-wont-cause-petrol-price-hike-nnpc/

https://www.dailytrust.com.ng/news/business/no-plans-to-increase-petrol-price-nnpc/192297.html

https://www.thisdaylive.com/index.php/2017/04/06/nnpc-no-plans-to-hike-petrol-pump-price-2/

 

Nigeria’s crude oil production decreases to 1.6mpd

Nigeria’s average daily crude oil and condensate production has dropped from the two million barrels per day (bpd) it recorded as at February to 1.6 million bpd in March.

https://guardian.ng/business-services/nigerias-crude-oil-production-decreases-to-1-6mpd/

 

Govt oil refineries are national embarrassment – Fawibe

The Chairman/Chief Executive Officer, International Energy Services Limited, Dr. Diran Fawibe, speaks with FEMI ASU about the low exploration activities, security challenge and regulatory uncertainty in the oil industry, among other key issues

http://punchng.com/govt-oil-refineries-are-national-embarrassment-fawibe/

 

US import of Nigerian oil hits 42-month high

The increase in the United States’ imports of Nigeria crude oil has continued, with a record import of 9.78 million barrels in January, the latest report from the US Energy Information Administration has revealed.

http://punchng.com/us-import-of-nigerian-oil-hits-42-month-high/

 

NCDMB set to unveil data on oil industry projects

The Nigerian Content Development and Monitoring Board (NCDMB) may unveil the data of upcoming projects in the downstream, midstream and upstream of the oil and gas sector within the next few weeks.

http://guardian.ng/news/ncdmb-set-to-unveil-data-on-oil-industry-projects/

 

Sending more subsidy fraudsters to jail

Four oil subsidy swindlers have been found guilty as charged, by a Federal High Court in Lagos presided over by Lateefat Okunnu. Two of them bagged 10 years’ imprisonment each.

http://punchng.com/sending-more-subsidy-fraudsters-to-jail/

 

 

Capacity building: OGTAN seeks collaboration with oil firms

The Oil and Gas Trainers Association of Nigeria has highlighted the need for oil companies and government institutions to collaborate with the association to ramp up local human capacity development in the oil and gas industry.

http://punchng.com/capacity-building-ogtan-seeks-collaboration-with-oil-firms/

 

OGFZA lauds A’Ibom over oil, gas free zone

The Oil and Gas Free Zones Authority has commended the Akwa Ibom State Government for its efforts towards building the Liberty Oil and Gas Free Zone in Ikot Abasi.

http://punchng.com/ogfza-lauds-aibom-over-oil-gas-free-zone/

 

NECAN faults sale of gas to GENCOs in dollars

The Network for Electricity Consumers Advocacy of Nigeria says the sale of gas to Electricity Generating Companies, using international pricing template is not in the best interest of Nigerians and the GENCOs.

http://punchng.com/necan-faults-sale-of-gas-to-gencos-in-dollars/

 

Other News

 

Buhari unveils recovery plan

President Muhammadu Buhari yesterday unveiled an economic recovery plan for the country. The blueprint is contained in his Economic Recovery and Growth Plan (ERGP) 2017-2020.

https://guardian.ng/news/buhari-unveils-recovery-plan/

http://www.vanguardngr.com/2017/04/buhari-launches-economic-recovery-plan/

https://www.dailytrust.com.ng/news/business/president-buhari-lauches-ergp-to-grow-economy-by-7-by-2020–video/192280.html

https://www.thisdaylive.com/index.php/2017/04/06/buhari-ergp-will-grow-economy-as-we-fight-corruption-insecurity/

 

Nigerian economy to rebound in 2nd quarter?

Some financial experts have expressed optimism that there would be increased liquidity in the capital market in the second quarter of this year.

http://guardian.ng/business-services/nigerian-economy-to-rebound-in-2nd-quarter/

 

FG’s economic model can’t work, says Sanusi

The Emir of Kano, Muhammadu Sanusi ll, on Wednesday, faulted the present administration’s economic model, saying it would not work.

http://punchng.com/fgs-economic-model-cant-work-says-sanusi/

 

 

2017 budget is a budget that goes for more debt -Sanusi II

The Emir of Kano, Muhammadu Sanusi II, has raised alarm over the increasing debt in the country.

2017 budget is a budget that goes for more debt -Sanusi II

Naira overvalued by 20%, says IMF

The International Monetary Fund has said Nigeria’s economy needs urgent reform.

http://punchng.com/naira-overvalued-by-20-says-imf/

http://www.vanguardngr.com/2017/04/naira-overvalued-20-imf/\

 

We’ll approach economic challenges like anti-terror fight – Buhari

President Muhammadu Buhari on Wednesday assured Nigerians that his administration would approach the nation’s economic challenges with the same commitment it had put into fighting corruption and terrorism.

http://punchng.com/well-approach-economic-challenges-like-anti-terror-fight-buhari/

 

FG clears N54bn pension arrears

The Federal Government on Wednesday said it had cleared the inherited arrears of accrued pension benefits for the years 2014, 2015 and 2016 by releasing N41.5bn and N12.5bn for January, February and March this year to the National Pension Commission for onward payment to retirees.

http://punchng.com/fg-clears-n54bn-pension-arrears/

http://www.vanguardngr.com/2017/04/buhari-releases-n54bn-settle-pension-backlog/

 

ASUU wants National Assembly action on funding for universities

The Academic Staff Union of Universities (ASUU) has called on the National Assembly to address the issue of low funding of the education sector in the country.

http://guardian.ng/news/asuu-wants-national-assembly-action-on-funding-for-universities/

 

Nigerian universities lack manpower, tools to compete globally, says UI’s VC Abel Olayinka

The University of Ibadan (UI) has been in the news lately for the wrong reasons. The staff unions in the institution have been at loggerheads with the university management over issues bothering on salary, pension deductions and allowances. Academic and administrative activities have been halted as the unions down tools.

https://guardian.ng/interview/nigerian-universities-lack-manpower-tools-to-compete-globally-says-uis-vc-abel-olayinka/

 

50 debtors owe banks N5.6tr

The challenge of defaulting credits, which has put the banking system under pressure, may not end soon as financial institutions’ top 50 debtors owe N5.59 trillion (34 per cent) of total industry credit exposure of N16.29 trillion.

https://guardian.ng/news/50-debtors-owe-banks-n5-6tr/

 

Foreigners filling job vacancies at Nigerians’ expense – DG ITF

Director-General of Industrial Training Fund, Mr Joseph Ari, has described as worrisome development, the filling of many vacancies in some sectors of the economy by foreigners.

http://punchng.com/foreigners-filling-job-vacancies-at-nigerians-expense-dg-itf/

Labour accuses FG of undermining civil service rule

THE Association of Senior Civil Servants of Nigeria, ASCSN, yesterday, accused the Federal Government of undermining the civil service rule.
http://www.vanguardngr.com/2017/04/labour-accuses-fg-undermining-civil-service-rule/

 

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