Nigeria has entered into a preliminary partnership agreement with the kingdom of Saudi on energy-related cooperation.
The Saudi Energy Minister, Abdulaziz bin Salman, at the Saudi-Arab-African economic conference in Riyadh today, November 9, said that the agreement with Nigeria and other African countries is to have a joint action in the field of energy.
This was even as the
Saudi Finance Minister, Mohammed Al-Jadaan, also said at the conference that the Saudi Fund for Development will sign agreements worth two billion riyals (USD 533 million) with African countries.
“We are working with partners to support Ghana and other countries regarding their debt.”
With the recent global pandemic COVID-19, and the ongoing conflict in Ukraine, the Saudi-Africa Summit is seeking to fill the gaps and increase economic growth within the Arab-African trade zone.
The Arab-African trade is believed to possess the potential to shoot to over $37.6 billion by 2027, a 31 percent increase over the 2021 value.
By resolving trade barriers and channelling investment into sectors with growth potential, such as plastics, machinery and energy, by 2027 the Arab State could increase annual export to Africa by $26.4bn and Africa by $11bn to the Arab States.
While African exports to Arab States have been on the ascendency over the past decades, exports of Arab States to Africa have not increased in recent years.
A senior lecturer in Ahmadu Bello University (ABU) Zaria, Professor Umar Ka’oje has voluntarily returned the sum of N1,153,953.36 wrongly paid to him by the Nigerian Defence Academy (NDA). According to information, the money was paid to the don after expiration of his teaching contract with the nation’s apex military academy. The Commandant of the NDA, Major General John-Ochefu Ochai, visited the Professor in Zaria yesterday, November 8, to deliver a letter of commendation from NDA to him, dated Sept. 11. The Head of the Department of Political Science and International Studies, Dr. Rahanatu Lawal, who received the Commandant: said: ”Only a few people today could exhibit Professor Ka’oje’s uncommon moral courage stressing such exemplary character should be emulated.” This was even as the commandant said that he had to follow up the letter of commendation earlier written to the professor with the physical visit to further show appreciation for such act. According to him, the act exhibited by Ka’oje was extremely rare in Africa’s clime. He pledged the NDA’s readiness to further honour the professor at an appropriate time. The commandant also expressed gratitude to the department for its well established culture of training leaders to be honest and accountable. In his response, Ka’oje commended the academy, saying: ”the Commandant equally deserved commendation for recognising and rewarding honesty.”
The Nigerian National Petroleum Company Limited (NNPCL) has confessed that the lingering conflict between Russia and Ukraine has negatively impacted Nigerian crude oil inflows in the international oil market, leading to a dip in demand from the once-dependable Asian market at the onset of hostilities in the Eastern bloc. The Executive Director, Crude & Condensate, NNPC Trading Limited, Maryamu Idris, said in a panel presentation at the Argus European Crude Conference in London, that in addition to the substantial price shocks impacting commodity and energy prices globally, the conflict between Russia and Ukraine has triggered a situation where India, a primary destination for Nigerian grades, increased its appetite for discounted Russian barrels to the detriment of some Nigerian volumes. “To illustrate the extent of this shift, Nigeria’s crude exports to India dwindled from approximately 250,000 barrels per day (bpd) in the six months preceding the February 2022 invasion of Ukraine to 194,000 in the subsequent six months afterwards. And so far, this year, only around 120,000 bpd of Nigerian crude volumes have made their way to India.” She said that the Nigerian crude flow to Europe has increased in a bid to fill supply gaps left by the ban on Russian crude, pointing out that six months before the war, 678,000 bpd of Nigerian crude grades went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year. “This trend makes it evident that Nigerian grades are increasingly becoming a significant component in the post-war palette of European refiners. Several Nigerian distillate-rich grades have become a steady preference for many European refiners, given the absence of Russian Urals and diesel. Forcados Blend, Escravos Light, Bonga, and Egina appear to be the most popular, and our latest addition — Nembe Crude – fits well into this basket. This was a strong factor behind our choice of London and the Argus European Crude Conference as the most ideal launch hub for the grade,” Idris also said. On production challenges, Idris said that Nigeria had faced production challenges aggravated by the COVID-19 pandemic, including reduced investment in the upstream sector, supply chain disruptions impacting upstream operations, ageing oil fields, and oil theft by unscrupulous elements. These factors, she said, contributed to production declines in the second half of 2022 and early 2023. Idris, however, noted that the challenges are fast becoming a thing of the past with the introduction and implementation of a new framework for the domestic petroleum industry (the PIA of 2021), rejuvenating the business landscape, and re-positioning NNPC Limited to adopt a more commercial approach to the management of the nation’s hydrocarbon resources. According to her, NNPC Limited has secured vital partnerships with notable financial institutions to promote upstream investments to restore and sustainably grow production capacity in the coming years. “NNPC Limited is championing concerted efforts in partnership with host communities and private stakeholders to address the security and environmental challenges in the Niger Delta to further fortify production growth. “Suffice to say we have already begun seeing significant progress on the rebound. In September 2023, Nigeria recorded its highest crude oil and condensate output in nearly two years, reaching 1.72 million barrels per day. This, we believe, is just the beginning of our production rebound.” She said that in addition to sustainably growing upstream production volumes, NNPC Limited is also increasing its participation in the downstream sector in line with a ‘wells-to-wheels’ approach, taking the country’s unique hydrocarbon molecules as close as possible to end-users.” The vehicle for this, she said, is the restructured NNPC Trading Company, focused on growing NNPC’s presence in the global market for crude, condensate, gas, and petroleum products. The Argus Crude European Crude Conference Panel Session was held with the theme, ‘The Invisible Hand: How Are Shareholders and Asset Managers Meeting the Crude Industry? What Does This Mean for the Future of Crude in Europe?’ Vice President Crude of Argus, James Gooder, moderated the event.
President Bola Tinubu has approved the appointment of twenty Nigerians to serve as Federal Commissioners in the National Population Commission (NPC) with nine current Federal Commissioners being appointed for a second term in office. They are: (1) Hon. Emmanuel Trump Eke for Abia State (2) Dr. Clifford Zirra for Adamawa State (reappointed) (3) Mr. Chidi Christopher Ezeoke for Anambra State (reappointed) (4) Barr. Isa Audu Buratai for Borno State (reappointed) (5) Bishop Alex Ukam for Cross River State (6) Ms. Blessyn Brume-Ataguba for Delta State (7) Dr. Jeremiah Ogbonna Nwankwegu for Ebonyi State (8) Dr. Tony Aiyejina for Edo State (reappointed) (9) Mr. Ejike Ezeh for Enugu State (reappointed) (10) Mr. Abubakar Damburam for Gombe State (reappointed) (11) Prof. Uba Nnabue for Imo State (reappointed) (12) Ms. Sa’adatu Dogon Bauchi Garba for Kaduna State (13) Dr. Aminu Ibrahim Tsanyawa for Kano State (14) Hon. Yori Afolabi for Kogi State (15) Hon. Olakunle Sobukola for Ogun State (16) Hon. Temitayo Oluseye Oluwatuyi for Ondo State (17) Sen. Mudashiru Hussain for Osun State (reappointed) (18) Ms. Mary Ishaya Afan for Plateau State (19) Mr. Ogiri Itotenaan Henry for Rivers State (20) Mr. Saany Sale for Taraba State (reappointed) The President charged the new and returning NPC Federal Commissioners to successfully implement all measures taken by his administration to produce and effectively appropriate accurate population data with which lasting solutions to Nigeria’s socio-political and economic challenges can be conclusively developed and executed.
Vice President Kashim Shettima has advised the people of Bayelsa State to vote the candidate of the ruling All Progressives Congress (APC), Chief Timipre Sylvia in the next Saturday, November 11 Governship election to enable them enjoy all the federal government’s goodies. “It is high time the people of Bayelsa State joined the government at the centre. The opportunity is here and the time is now.” Shettima, who addressed a mammoth crowd of supporters at the grand finale rally, said that what the Bayelsa people owe Timipre Sylvia are their support and loyalty for him to succeed. “This is the more reason why all Bayelsans must come out on Saturday and rally round our party and candidate, Chief Timipre Sylva, who is your own and known for his tenacity for excellence.” The Vice President reiterated President Bola Ahmed Tinubu’s commitment towards the overall development of the Niger Delta as well as other parts of the country. He said that Bayelsa State, like every other state in Nigeria, remained dear to the visions and developmental focus of the Tinubu administration. According to him, a wholistic plan for the development of the Niger Delta and all parts of Nigeria in terms of infrastructure, technological advancements, education and harnessing of the bountiful resources has not only been mapped out but is being gradually laid out. “My Principal, our President is a man filled with vision, willpower and total commitment to the Nigerian project. He is unwavering and in a rush to ensure the speedy development of the Niger Delta and all other parts of the country.” The National Chairman of the APC, Dr. Abdullahi Ganduje, described Sylva as a refined technocrat and politician who is committed to transforming and redefining the political, economic and developmental landscape of Bayelsa State. This was even as the APC candidate, Chief Sylva, said that given his track record of excellence and commitment to service, his blueprint is meticulously tailored towards total revamping of the fortunes of Bayelsa State. Chief Sylva pledged transparent utilization of resources of the state, adding that if elected, each and every part of the state will witness a transformation never imagined before, just as indigene and community participation in governance would be optimally held.
Vice President Kashim Shettima, (second from right), from Borno State in the far Northeast, transformed into a Niger Delta Chief, in the far South South, with their traditional attire, when he arrived today, November 8, to witness the grand finale of the All Progressives Congress (APC) Governship campaign rally in Yenagoa, capital of Bayelsa State.
Vice President Shettima in handshake with Niger Delta traditional rulers who turned up to welcome him to Bayelsa State.
Nigeria Liquified Natural Gas Limited (NLNG) has dismissed media reports insinuating that a price hike by the Company is responsible for the surge in the price of domestic Liquefied Petroleum Gas (LPG), commonly known as cooking gas. It also dismissed the report of the looming scarcity of the product in the domestic market. In a statement today, November 8, the the General Manager, External Relations and Sustainable Development, Andy Odeh described the reports as speculative and indicative of a fundamental misunderstanding of Nigeria’s intricate market dynamics. He said that NLNG has been making contributions to the domestic LPG market, spurring the steady growth of the nation’s DLPG market volume from less than 50,000 metric tonnes of imported LPG in 2007 to over 1.3 million metric tons of both domestic and imported LPG today. “NLNG currently delivers over 450,000 metric tonnes per annum of Butane, the main product in cooking gas and has embarked on domestic propane supply to further grow the market. “The Company has committed its entire Butane and Propane production to the domestic market from 2023 and despite feed gas challenges, continues to supply LPG to the domestic market, accounting for approximately 40% of the total market volume. Since the beginning of the year, NLNG has delivered over 380,000 metric tonnes of LPG using the Company’s dedicated LPG vessel. “NLNG has remained committed to delivering domestic LPG to locations as close to the market as possible by diversifying delivery points starting with Lagos in 2023, fostering competition among terminal owners and ultimately reducing consumer supply chain costs. Efforts are ongoing to reach terminals in Warri and Calabar as soon as the challenges limiting safe delivery of volumes to these other locations are cleared. “The domestic LPG market, like any other, is subject to dynamic market forces and various external factors. Such factors as changes in exchange rates, and escalating price benchmarks mirroring crude oil prices, and the Panama Canal drought-induced vessel scarcity impacting transport costs especially for imported LPG, have had significant effect on energy prices in the recent times and could undoubtedly be some of the reasons for recent price hikes witnessed in the domestic market. “NLNG maintains an unwavering commitment to ensuring the reliable supply of its LPG production to the domestic market at prices that are reflective of the market. The Company is collaborating with relevant industry stakeholders to achieve this objective and will remain focused on achieving its mission through this avenue among others.”
The Senator representing Kogi Central senatorial district, Senator Natasha Akpoti – Uduaghan has sponsored a motion in the Senate, asking the federal government of Nigeria to immortalise late Ohinoyi of Ebiraland, Alhaji, Dr. Ado Ibrahim by naming the Federal College of Education (FCE), Okene after him. In moving the motion today, November 8, Senator Natasha briefed her colleagues on the demise of Ohinoyi of Ebiraland, Dr. Abdulrahman Ado Ibrahim, on Sunday, 29th October, 2023 at an Abuja Hospital at the age of 94. She said that the late King, who until he became Ohinoyi on June 2, 1997, was an industrialist of international repute, succeeded Ohinoyi Sanni Omolori who died in 1996 after being on the throne for 40 years and 40 days. Late Ado Ibrahim, according to Senator Natasha, was one of the sons of the first paramount ruler of Ebiraland, late Ibrahim Onoruoiza. In the motion, Senator Natasha described late Ohinoyi Ado Ibrahim as a bridge-builder, peacemaker and a social scientist who was more at home with analysis and actions. She told the Senate that the late paramount ruler of Ebiraland, until his death, always dismissed the acrimonious exchanges between the contending parties in the overall political contestation of Ebiraland. “Even when the Supreme Court in August 2015 affirmed his appointment as the Paramount Traditional Ruler of Ebira people, he chose to remain magnanimous in victory. “Recalls that since he ascended the throne on 2nd June, 1997 as Ohinoyi of Ebiraland, His Royal Majesty proved to be a veritable bridge-builder, peacemaker and a social scientist who was more at home with analysis and actions. “In several private conversations with illustrious sons of Ebira, he always dismissed the acrimonious exchanges between the contending parties in the overall political contestation of Ebira land.” Senator Natasha described the demise of Ohinoyi Ado Ibrahim as a great loss to his family, the people of Ebiraland, Kogi State and Nigeria in general. She said that the late Ohinoyi Ado Ibrahim will be remembered for his vast business empire, which provided employment opportunities to several thousands of Nigerians. She requested the senate to observe a minute silence in honour of the late king, send a letter to commiserate with the family and the good people of Ebiraland and that the federal government of Nigeria should immortalize him by naming the Federal College of Education Okene after him.
Publisher and Editor of Realnews magazine, Maureen Chigbo, has expressed worry over Nigeria’s annual loss of $18 billion to illicit financial flows (IFF), through the banking sector, despite the efforts of the Central Bank of Nigeria (CBN), and other regulating institutions in the sector. Speaking at the Realnews 11th Anniversary Lecture yesterday, November 7, in Lagos, Chigbo, who is also the President of the Guild of Corporate Online Publishers (GOCOP), said that Nigeria is one of the 23 countries that have been tagged as non-co-operative in the combined efforts to fight money laundering globally, since its establishment in 2003. According to her, Realnews has developed zero tolerance to the Threats of Illicit funds flow to the African Economy. This, she sai, has caused “our deep concern about the nefarious effect of illicit funds flow on the economy, resulting in dwindling revenue for Africa governments.” Chigbo recalled that the executive director, Civil Society Legislative Advocacy Centre, (CISLAC), Auwal Musa Rafsanjani, on October 22, painted a gory picture of impact of illicit funds flow. She quoted him as saying that Nigeria lost $18 billion yearly to illicit financial flows (IFFs) through the banking sector despite the effort of the Central Bank of Nigeria (CBN) and other regulating institution in the sector to curb it. “Rafsanjani also the head of Transparency International (TI) Nigeria said that Nigeria was one of the 23 countries ranked as non-co-operative in the combined efforts to fight money laundering globally, since its establishment in 2003. “According to Rafsanjani, The banking sector has been largely implicated in money laundering where they have been instrumental in the initial entry or placement phase that involves the initial movement of an amount of money earned from criminal activity into some legitimate financial network or institution.” Chigbo said that this illicit act embedded into a legal trade has pervaded both the national and international business and banking industry with unabated vigor. She said that Rafsanjani is of the view that adequate measures is needed to sanitize the nation’s financial system by helping to prevent money laundering and illicit financial flows (IFFs) through which terrorism is largely funded, to effectively tax bank executives, and to expose illegal financial transactions by full disclosures. Maureen Chigbo said that the anniversary lecture series is one way Realnews contributes to nation-building and development by providing a forum for policy change-oriented discussions by professionals, scholars, technocrats and decision-makers on the way forward for our great nation and Africa in general. According to her, the lecture series since 2014 have focused on elections, economy, security, challenges of Leadership in Africa, Africa’s political transitions oil and gas, unfolding integration of the African Market, and drug abuse among youths in Africa. “Based on these facts, we began a search for the best brain to deal with the theme. “We narrowed it down on our Guest Lecturer today, because of his pedigree. I have no doubt that he will do justice to the topic of this lecture. “We have also a carefully selected panel of discussants with relevant expertise, knowledge and experience to shed more lights on the topic,” she said. Chigbo appealed to her colleagues to ensure that the message from the lecture today is heard in Africa and beyond, assuring that Realnews will ensure that it will do its part by giving the widest publicity to this important lecture and the discussions. “Realnews boasts a crop of seasoned journalists who believe strongly in the tenets and ethics of the profession. We are convinced that journalism as the Fourth Estate of the Realm can contribute to building a free, fair and just society where fundamental human rights are respected and where citizens enjoy the freedom to pursue their interests without let or hindrance. Our motto at Realnews is: “For God and Humanity”, she added.
The Independent National Electoral Commission (INEC), has announced that some candidates in the November 11 Governship election in Imo, Kogi and Bayelsa States did not submit their agents at the end of the deadline it gave them. In a statement today, November 8, the INEC’s National Commissioner & Chairman Information and Voter Education Committee, Sam Olumekun said that the detailed breakdown shows that not all the parties nominated agents for the polling and collation centres across the States.
“Indeed, some political parties have no polling unit or collation agents in some States despite having candidates in the election.” He said that a publication that contains infographic summary of registered voters and Permanent Voters’ Cards (PVCs) has since been distributed to Local Government Areas, including the distribution of registered voters by gender, age group, occupation and disability. “The publication also includes the list of candidates and detailed information on the two polling units in Bayelsa and 38 in Imo State without registered voters. “The Commission has repeatedly said that elections will not hold in these polling units. No materials have been produced for these locations and no officials will be deployed to them.” Sam Olumekun said that 16 political parties are sponsoring candidates for the election in Bayelsa State and 18 in both Imo and Kogi States. “The elections will be held in 10,470 polling units (excluding the 40 polling units without registered voters). “Each political party is expected to nominate polling agents for all the polling units as well as 649 Ward, 56 LGA and three State collation centres. “However, at the close of the deadline for uploading the list of agents to the INEC dedicated portal by political parties, 34,704 agents were uploaded for Bayelsa State, 65,274 for Imo State and 37,995 for Kogi State, making a total of 137,973 polling and collation agents for the three States. “The information booklet as well as the comprehensive summary of the agents and their distribution by polling units as well the Ward, LGA and State collation centres have been uploaded to our website and social media platforms for public information.”
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The Nigerian National Petroleum Company Limited (NNPCL) has confessed that the lingering conflict between Russia and Ukraine has negatively impacted Nigerian crude oil inflows in the international oil market, leading to a dip in demand from the once-dependable Asian market at the onset of hostilities in the Eastern bloc.
