President Bola Tinubu said yesterday that the federal government would take measures to maintain the current pump price of Premium Motor Spirit, PMS, otherwise known as petrol, in the country without a reversal of its policy on subsidy removal.
He also said the threat by the Nigeria Labour Congress, NLC, to shut down the economy over rumoured plan to further increase fuel price was premature, stressing that it was incumbent on all stakeholders to maintain their peace.
The President assured that there would be no further increase in the price of petrol in any part of the country.
The Nigerian National Petroleum Company, NNPC Limited, said late last night it had no plan to raise the pump price per litre of petrol.
This came as the Kenyan government, which also removed fuel subsidy at a time Nigeria did same, reintroduced fuel subsidy to curb soaring prices of petrol, kerosene and diesel in the country, though for 30 days.
Special Adviser to the president on Media and Publicity, Ajuri Ngelale, disclosed these while briefing State House correspondents at the Presidential Villa, Abuja, shortly after meeting with President Bola Tinubu on the issue, especially following threats by Nigeria labour Congress, NLC, to go on strike without notice, if fuel price was again increased.
According to him, the official position is that there is no increase in prices at this time as “the president is convinced, based on information before him, that we can maintain current pricing without reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream petroleum sector to stabilise price.”
He said it was incumbent on all stakeholders to hold their peace and endeavour to do due dillegence to ascertain the true position of things.
Ngelale said the President was intent on maintaining competitive tension to ensure that no single individual or organization dominated the sector.
The presidential spokesman presented a chart to prove that the cost of petrol was still much more cheaper in Nigeria than in other West African countries.
He stated: “This morning (yesterday), I had the privilege of sitting down with His Excellency, President Bola Tinubu, as we discussed the current unfolding situation in the country as it relates to fuel supply and demand.
“The president wishes first to state that it is incumbent upon all stakeholders in the country to hold their peace.
“We have heard very recently from the organized labour movement in the country concerning their most recent threat.
“We believe that the threat was premature and that there is need on all sides to ensure that fact-finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.
“Secondly, Mr. President wishes to assure Nigerians, following the announcement by the NNPC limited just yesterday that there will be no increase in the pump price of petroleum motor spirit anywhere in the country.
“We repeat, the president affirms that there will be no increase in the pump price of premium motor spirit. We also wish to affirm that the president is determined to maintain competitive tension within all sub-sectors of the petroleum industry.
“He is determined to ensure that our policy drawn up as well as policy implemented follows the cue that there will be no single entity dominating the market.
“The market has been deregulated; it has been liberalized and we are moving forward in that direction without looking back.
“The president also wishes to affirm that there are currently inefficiencies within the midstream and downstream petroleum sub-sectors that once very swiftly addressed and cleaned up, will ensure that we can maintain prices where they are without having to resort to a reversal of this administration’s deregulation policy in the petroleum industry.
“I wish at this juncture to also provide a set of graphics which the president has authorized me to share with Nigerians that otherwise would be confidential. These are graphics supplied to Mr. president by NNPCL.
“In the graphic, what you will find is the present cost of refined premium motor spirit at the pump in each of the West African nations that are our neighbours and I’ll just name some for example, even as I know, you will be showing your audiences the graphics, which the president has graciously approved for public release today.
“In Senegal, the pump price today is N1,273 equivalent per litre; Guinea N1,075 per litre; Côte d’ Ivore N1,048 per litre equivalent; Mali N1,113 per litre; Central African Republic N1,414 per litre, while Nigeria is currently averaging between N568 and N630 per litre.
“We are currently the cheapest, most affordable purchasing state in the West African sub-region by some distance. There is no country that is below N700 per litre.
“So, this is the backdrop we have seen, that at the inception of our deregulation policy as of June 1 as Mr. President took office, we have seen PMS consumption in the country drop immediately from 67 million litres per day, down to 46 million litres. The impact is evident.
“What it also mean though, is that we are not at the end of the tunnel. There is still a bit of darkness to travel through to get towards light. And we are pleading with Nigerians to please be patient with us.
“As we promised from the beginning, we will be open with Nigerians, we will be transparent with them. And we are ready to show you exactly what it is that our nation is facing with respect to the illiquidity in the market in terms of foreign exchange, as a result of what is now known to have been a gross mismanagement of the Central Bank of Nigeria, CBN, over the course of several years preceding this time.”
No plan for fresh petrol price hike, says NNPC as queues resurface
Also late Monday night, the Nigerian National Petroleum Company, NNPC Limited said it had no plan to raise the pump price per litre of Premium Motor Spirit, PMS, also known as petrol.
NNPC Limited spokesman, Muhammad Garbadeen, said in the statement that the company had no intention to increase petrol price for the third consecutive time since the removal of petrol subsidy on May 29, 2023.
“Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated.
“Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide,” Garbadeen said.
Kenya reinstates fuel subsidy for 30 days to curb soaring prices
Meanwhile, the Kenyan government has reintroduced fuel subsidy to curb soaring prices of petrol, kerosene and diesel in the country.
The development came after months of violent anti-government protests over the burden of high living costs, with inflation also now reducing from 7.9 per cent in June to 7.3 per cent last month.
The Energy and Petroleum Regulatory Authority, EPRA, Kenya’s energy regulator, said Monday that oil marketing companies would be compensated from the Petroleum Development Fund.
A Kenyan cook, Maliha Mohammed, has surpassed Hilda Baci’s record of the longest cooking marathon.
Mohammed achieved the feat a few months after declaring her intention to pursue it.
26-year-old Hilda Baci had achieved the longest cooking marathon with a time of 93 hours and 11 minutes.
She was on Tuesday, June 13, officially declared the Guinness World Record holder.
Chef Mohammed who began her cook-a-thon on August 11 unofficially set a new record after cooking for 95 hours 15 minutes.
The mother of two who had previously broken the Guinness World Record in 2019, posted pictures online to mark her new accomplishment.
The Guinness World Record, however, has not confirmed Chef Mohammed’s new cooking record.
Media
Senate President Godswill Akpabio says there needs to be a change in behaviour and attitude from citizens if the scourge of corruption and social decadence in Nigeria are to be addressed meaningfully
Akpabio made this known on Tuesday at the national policy dialogue on corruption, social norms and behaviour change in Nigeria.
He was represented at the event by Saviour Enyiekere, his deputy chief of staff. The dialogue was organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
The senate president said behavioural change could be Nigeria’s single biggest instrument in addressing corruption and the destruction of social norms in the country.
“The process of behavioural change typically involves awareness and recognising the need for change and potential benefits and consequences associated thereof,” he said.
“This affects gathering information, learning, and becoming aware of existing behaviours. It also involves motivation and developing the desire to change.
“The motivation to change certain behaviours can be influenced by personal goals, values, social pressures, or external incentives.
“Essentially, behavioural change becomes possible when we educate and inform by providing accurate and relevant information about unacceptable behaviours, their consequences, and alternative options.
“This helps individuals make informed decisions and understand the benefits of the change that we seek. I also believe that in achieving behavioural changes, incentives and rewards play a great role as they tend to reinforce desired behaviours.
“Tangible rewards, recognition, or positive feedback that encourages individuals to continue or adopt new behaviours have the capacity to drive people towards new behaviours.
“Therefore, for us as a country and a people desirous of delivering change to our society and through it, building a nation that caters for its people and makes its resources work for its people, we must use behavioural change as a tool to tackle the menace of corruption and failing social values in our country.”
Akpabio added that tackling corruption involves transparency and accountability, noting that the 10th senate under his leadership is positioned to bridge existing legislative gaps in the fight against corruption.
“However, institutions like the ICPC must enforce comprehensive anti-corruption laws that criminalize corrupt activities, and establish clear guidelines for ethical behaviours,” he said.
“The extant laws of Nigeria have provided for the independence of the judiciary and effective law enforcement agencies to investigate and prosecute corruption cases.
“I also believe that we must develop the courage to promote a culture of ethics and integrity in our schools. This is because fostering a culture of ethics and integrity in the society through education and awareness campaigns will help to promote such values as honesty.”
Minister-designate Nyesom Wike met on Tuesday with the national chairman of the All Progressives Congress (APC), Abdullahi Ganduje.
Wike met with Ganduje at his residence in Abuja.
This was disclosed on Twitter by Wike’s close associate, @TopboyChriss, who tweeted: “Nyesom Wike today visited the National Chairman of APC, Alhaji Umar Ganduje, at his residence in Abuja.”
A few weeks ago, President Bola Tinubu nominated Wike as one of his ministers.
Two weeks ago, Wike was screened and cleared by the Senate for the ministerial position.
Wike, a former governor of Rivers State, is a member of the opposition Peoples Democratic Party (PDP).
During the presidential election, Wike refused to work with PDP’s candidate, Atiku Abubakar.
He opted to work for Tinubu during the presidential election.
The national leadership of the Labour Party has demanded an apology and gratitude from Lamidi Apapa and his faction of the party to former presidential candidate Peter Obi.
The demand comes after an appeal court in Edo State upheld Julius Abure as the legitimate national chairman of the party, effectively quashing Apapa’s claim to the position.
Speaking on behalf of the Labour Party, national spokesperson Tanko Yunusa, emphasized the pivotal role played by Peter Obi in elevating the party’s stature and securing significant victories in both national and state elections during the February 25, 2023, general election.
The Labour Party, once considered a minor player on the political stage, emerged as of the country’s major political parties after Peter Obi joined its fold and ran for the presidential election on its platform, with several candidates clinching victories that defied expectations.
Yunusa said although Apapa’s faction of the party constituted itself an opposition to the party’s progress, there was room for reconciliation if they were willing to turn a leaf.
“The political party is still open for them to come in and of course, this is a disciplined political party. They should come in and apologize for the mistakes that they’ve made and then we would know how to deal with their issues according to the Constitution of the party,” he said.
Yunusa further elaborated that the party’s leadership believed it was only fitting for Lamidi Apapa and his faction to express gratitude to Obi for his immense contribution to the party’s emergence as key player in Nigeria’s political terrain.
“But if they stay on the other side, remember they only have Peter Gregory Obi and Datti Baba-Ahmed to give gratitude to because if these particular individuals have not joined the party, I wonder where they would have been, I wonder if the party would have been, I wonder if the party would have been able to win all of these seats (national and state assemblies) that I just mentioned.
“So, for us, it is in moving forward, no retreat, no surrender. We will keep on moving until we emancipate the Nigerian people from the shackles of poverty and get Nigeria on the right path. We believe that a new Nigeria is possible under Peter Obi and Abure,” he said.
Yunusu stress that the LP leadership expects Apapa to recognize and acknowledge the debt of gratitude owed to Mr. Obi for his commitment to the party’s success.
His call for an apology is in response to the court ruling affirming Julius Abure’s leadership of the party.
But in its earlier reaction, Apapa’s faction said the Edo court judgment only ruled on Aburi’s suspension.
The faction’s spokesman, Abayomi Arabambi, insisted that the Abuja High Court’s restraining order that recognised Apapa as acting national chairman remains in force.
“Our party attention was drawn to misleading information that has been peddled around by some criminal elements loyal to the police-indicted former National Chairman of Labour Party Mr Julius Abure. Labour Party wishes to state categorically that our complaint in the appeal filed before the court of appeal bothered on his suspension as a member in Article 19(2)A of our party constitution which the three justices of the court of appeal did not take cognisance of and refused to make findings on.
“We are aware of the capacity of Peter Obi and Abure Julius to tamper with court proceedings and documents as evidence in the forgery perpetrated in Abuja FCT high court where the signature and seal of judges were forged by Abure Julius and which he boasted yesterday in Lagos with Peter Obi that nobody in Nigeria can probe or arraigned him in court and three others indicted by the police.
“Surprisingly, the same Abure has a pending appeal in the Supreme Court against this same set of justice which has been filed and served on us to arrest today’s judgment. But since they know it may not fly in the face of the law, Abure resorted to his trademark by engaging the services of unscrupulous elements in the Edo state high court to tamper with the records transmitted. What we don’t know is if Abure has now become the Chief Judge of Edo state to be able to commit any crime and get away with it
“The said missing document is in the transmitted copy with our lawyer and duly paid for, but unfortunately this singular criminal act that aided Julius Abure today at the court of appeal was the reason the three justices base their judgment on the suspension of Julius Abure,” said Arabambi.
After much tussling, FBN Holdings Plc has held its 11th Annual General Meeting (AGM) with a considerable number of shareholders approving the payment of a 50 Kobo dividend and the raising of N150 billion in capital through a rights issue.
The yearly gathering was held virtually and coordinated by the Chairman of FBN Holdings Plc, Mr Ahmad Abdullahi.
At the meeting held on Tuesday, August 15, 2023, shareholders elected Mr Femi Otedola and Mr Samson Oyewale Ariyibi into the board of the group.
Speaking at the event, Mrs Bisi Bakare, a shareholder, commended the board and management of FBN Holdings Plc for paying a 50 Kobo dividend to shareholders.
She also welcomed the new board members, especially Mr Otedola, and made a case for an improvement in the gender diversity of the board and management.
She also lauded the Financial Holding Company for significantly increasing its gross earnings in the 2022 financial year.
The external auditor KPMG, represented by Mr Kabir Okunlola, stated that the financials of FBN Holdings Plc, as of December 31, 2022, represented a true and fair view of the company’s separate and consolidated financial position.
Mr Umar Farouk, the Chairman of the Statutory Audit Committee, in his statement, said the internal control mechanism was effectively monitored, and there was clear satisfaction with the level of insider-related parties’ compliance with the regulatory provisions of the Central Bank of Nigeria.
He also commended FBN Holdings Plc for its impressive H1, 2023 financial result and called for a hybrid format for future AGMs.
He also asked how the planned capital raising of N150 billion will reposition the financial holding company to be more viable and increase dividend payments in the future.
In his remarks, Mr Patrick Ajudua, a shareholder, expressed delight that First Bank, a subsidiary of FBN Holdings Plc, increased its customer base from 36 million to 41 million in the year 2022.
He also acknowledged that the bank’s non-performing loans dropped from 6.1 per cent to 4.3 per cent and commended the board for the dividend of 50 kobo.
Responding to observations and questions from the shareholders, Mr Nnamdi Okonkwo, the Group Managing Director of FBN Holdings Plc, said the Holdco had a track record in dividend payment and has been increasing it over the years.
He assured FBN Holdings Plc was committed to meeting the 35 per cent affirmative action for gender inclusion in the board and management. In the area of service delivery, he said the financial group has developed customer service improvement projects that will create value by leveraging innovation and technology.
Speaking on the N150 billion capital raise, the GMD said, “We are raising capital to brace up for the Basel III requirement, strengthen our balance sheet position, take advantage of business opportunities that can bring more profit and build a strong capital base.”
Business Post gathered that about 1,679 out of 1,700 shareholders voted to approve the N150 billion FBN Holdings Plc capital raising, which is 98.76 per cent of the votes counted.
Similarly, a total of 1,684 shareholders of the 1,702, which is 98.94 per cent, voted in favour of the resolution to approve the 50 Kobo dividend payment.
Military chiefs from the West African bloc ECOWAS will meet in Ghana this week to discuss possible intervention in Niger, military and political sources in the region said Tuesday.
The meeting on Thursday and Friday — originally scheduled for last weekend but then postponed — came after ECOWAS leaders last week approved deployment of a “standby force to restore constitutional order” in Niger, whose president was toppled on July 26.
Their summit, held in the Nigerian capital Abuja last Thursday, also reaffirmed the bloc’s preference for a diplomatic outcome.
President Mohamed Bazoum’s election in 2021 was a landmark in Niger’s history, ushering in the country’s first peaceful transfer of power since independence from France in 1960.
His ousting unleashed a shock wave around West Africa, where Mali and Burkina Faso — likewise battered by a jihadist insurgency — have also suffered military takeovers.
The Economic Community of West African States (ECOWAS) gave Niger’s military rulers a one-week ultimatum on July 30 to restore Bazoum or face the potential use of force, but the deadline expired without action.
Analysts say military intervention would be operationally risky and politically hazardous, given divisions within ECOWAS ranks and domestic criticism.
– Defiance and diplomacy –
Niger’s military regime has sent mixed signals since the crisis erupted.
At the weekend, the coup leaders said they were open to a diplomatic push after their chief, General Abdourahamane Tiani, met with Nigerian religious mediators.
Those talks came after the ECOWAS military meeting in Ghana was postponed for “technical reasons”.
But on Sunday night, Niger’s rulers declared they had gathered sufficient evidence to prosecute Bazoum for “high treason and undermining internal and external security”.
The legal threat was angrily condemned by ECOWAS, which lashed it as a contradiction of the regime’s “reported willingness” to explore peaceful means. Washington said it was “incredibly dismayed”.
The row overshadowed talks under African Union (AU) auspices that began on Monday in Addis Ababa, bringing together representatives from the regime and ECOWAS.
Russian President Vladimir Putin called for a “peaceful political and diplomatic” resolution to the crisis in a phone call with Mali’s junta leader, Assimi Goita, the Kremlin said on Tuesday.
Mali has cemented an alliance with Moscow since its coup in 2020, acquiring Russian planes and helicopters and bringing in paramilitaries that the West says are Wagner mercenaries.
– Poor and unstable –
A landlocked nation in the heart of the arid Sahel, Niger is one of the world’s poorest and most turbulent countries.
Bazoum, 63, survived two attempted coups before being ousted, in the fifth putsch in the country’s history.
His ousting deals a huge blow to French and US strategy in the Sahel.
France refocused its anti-jihadist operations on Niger after withdrawing from Mali and Burkina Faso last year following a bust-up with their juntas.
International concern is mounting for the state of Bazoum, his wife and son, who have been held at the president’s official residence since the coup.
AFP
According to PDP candidate David Aderinokun for the Ogun Central Senatorial District, N2 million is too little for a senator in Nigeria to receive as a vacation allowance.
This was mentioned by Aderinokun on Tuesday in a post made using his verified X handle.
“The $2 million that was given to senators is not a big deal,” he said. Even a senator would find it inadequate. What can a family guy buy with $2,000? Why do we make a big deal out of it.
“But they ought not to have made it widely known. Making it public is a little inconsiderate to Nigerians’ plight, he continued.
Recall that the Senate President Godwill Akpabio, during a special plenary session of the screening and confirmation of President Bola Tinubu’s ministerial nominees, had informed the senators that the Clerk to the National Assembly (CNA), Magaji Tambuwal, had wired money into their individual bank accounts in order to enjoy their annual holiday.
Akpabio had said, “In order to enable all of us to enjoy our holidays, a token has been sent to our various accounts by the Clerk of the National Assembly…,”
The Senate President’s statement met with interruptions from the senators, who were apparently dissatisfied with Akpabio’s public disclosure.
Akpabio, however, took a pause as he withdrew the statement, while he rephrased the information.
“In order to enjoy your holidays, the Senate President has sent prayers to your mailboxes to assist you to go on a safe journey and return,” Akpabio said in the alternative to calm down frayed nerves.
Hon Tajudeen Abbas, the Speaker of the House of Representatives, has explained why it is difficult to tackle corruption in Nigeria.
The Speaker made this known while speaking at an event held by the Independent Corrupt Practices and Other Related Offences Commission on Policy Dialogue on Corruption, Social Norms and Behavioural Change in Abuja on Tuesday.
According to the lawmaker, the high level of corruption within the corridors of power has greatly slowed down the country’s ability to reach its full potential.
He noted that this is because certain factors such as behaviours, norms, attitudes, expectations, weak governance structures, lack of transparency have perpetually contributed immensely to the subsistence of corruption in Nigeria.
He said, “Despite this recognition, certain corruption-inducing behaviours, norms, attitudes, and expectations persist within our society, thereby, enabling and perpetuating acts of corruption.
“Corruption in Nigeria has been fuelled by various factors, including weak governance structures, lack of transparency and accountability, poverty, and cultural acceptance of corrupt practices.
“While we have laws, policies and institutions to tackle corruption, it is my considered opinion that corruption continues to fester owing to prevailing societal attitudes towards wealth, fame, power and success regardless of how they are obtained.
“The behavioural and social norms approach in tackling corruption is akin to cutting off the root of an evil tree than trimming its branches. After all, prevention is better than cure.
”It follows, therefore, that addressing corruption requires not only legal and institutional reforms but also a transformation of social norms and behaviours.”
Thanks to my pledge to seize the first opportunity to personally deliver a signed copy of the recently launched Appeal by the above Prisoner of Conscience, Mubarak Bala, to President, I have been bombarded by both local and international Human Rights organisations, with inquiries about the outcome. I regret to state that some media have completely misreported this, and I have yet to meet the current tenant of Aso Rock.
I must however exploit this opportunity to call on all those who participated in the August 5h launch of the document as well as well-wishers of Mubarak Bala to continue and indeed intensify their efforts, through whatever avenues, to secure the release of this unjustly persecuted youth whose only crime was to insist on his freedom of thought and belief, and its expression.
There should be no let-up until this symbol of our times is restored to full freedom and human dignity
Wole SOYINKA
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The management of the National Assembly on Tuesday reacted to the controversial “enjoyment allowance” paid to Senators and members of the House of Representatives before they embarked on a long recess last week Monday.
In a statement made available to journalists on Tuesday, the Secretary, of Research and Information, Dr. Ali Umoru, said the said payment to the lawmakers in the upper and lower legislative chambers was mischaracterised, describing such as unfortunate, given that the money is part of their statutory running cost of offices.
The statement read: “The attention of the Management of the National Assembly has been drawn to the persistent mischaracterization and misunderstanding of the payment of N2,000,000.00 (two million naira) allowance to each Senator.
“It should be noted that the two million Naira is part of the running cost of the office of each Senator as provided for in the 2023 budget.
“The allocation for running costs is not a new development; it has been standard practice. These funds are utilized to facilitate various activities that directly contribute to effective representation, legislative activities and other initiatives aimed at serving the interests of the people.
“For the avoidance of doubt and for emphasis, the said allowances were budgeted for in the 2023 Appropriation Act as part of the running cost of the office of each Senator of the 10th Assembly.
“The allowances are, therefore, an entitlement and not a privilege or largesse distributed to the Senators. However, given the wrong impression the subject matter has created, it has become imperative to make this clarification and put the records straight.
“The National Assembly remains committed to transparency and accountability in the management of public funds. We appreciate the continued support and understanding of the Nigerian people as we work together to uphold the principles of democracy and good governance.”
[DailyPost]
The Federal Government has applied to withdraw the ‘illegal possession of firearms’ case it filed against the suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, at the Federal High Court sitting in Lagos.
The Director of Public Prosecutions (DPP) at the Federal Ministry of Justice, Mohammed Abubakar told Justice Nicholas Oweibo that the application followed the result of further investigations made by the government.
Justice Oweibo adjourned till Thursday, August 17, 2023 to rule on the application.
I want a university course that combines computer science and finance - Joshua....
In an interview with journalists after the proceedings, the DPP said a fresh 20 counts has been filed at the Federal Capital Territory (FCT) High Court against the suspended CBN governor.
He said one of the charges accused Emefiele of “conferring unlawful advantages”.
[Vanguard]
The Kenyan government has reintroduced fuel subsidy to curb soaring prices of petrol, kerosene and diesel in the country.
The development comes after months of violent anti-government protests over the burden of high living costs.
On Monday, the Energy and Petroleum Regulatory Authority (EPRA), Kenya’s energy regulator, said oil marketing companies will be compensated from the Petroleum Development Fund.
The regulator said the maximum retail price of a litre of petrol would remain constant at 194.68 shillings ($1.35) for the next month, shielding consumers from an increase of 7.33 shillings ($0.05).
EPRA also said small subsidies will be implemented for kerosene and diesel.
“In order to cushion consumers from the spike in pump prices as a consequence of the increased landed costs, the Government has opted to stabilise pump prices for the August-September 2023 pricing cycle,” the statement reads in part.
“Oil Marketing Companies will be compensated from the Petroleum Development Fund.”
In Kenya, retail fuel prices are set in the middle of each month.
The development means the price of petrol, diesel and kerosene will remain unchanged until September 14.
After taking office in September last year, Kenyan President William Ruto removed fuel and maize flour subsidies put in place by his predecessor, citing the need to subsidise production rather than consumption.
He said his administration would reduce food production costs and increase output by subsidising inputs such as fertiliser and quality seeds.
“In addition to being very costly, consumption subsidy interventions are prone to abuse, they distort markets and create uncertainty, including artificial shortages of the very products being subsidised,” Ruto had said.
In Kenya, inflation reduced to 7.3 percent in July from 7.9% a month earlier, largely due to falling food prices.
[TheCable]
As Operations Resume In Forcados Terminal
Opens Utorogo Pump Station,
Resumes Delivery Of Gas To Lagos customers
Nigeria’s crude oil production is expected to rise by at least 350,000 barrels per day following the decision of the Nigerian National Petroleum Company Limited to resume operations at the Forcados Terminal, THE WHISTLER can report.
With this, it means that the NNPC is getting very close to the August target of 1.8 million barrel per day oil projection target.
This is coming after a month of outage of the Trans Niger Pipelines System due to repairs at the Aleto section and loading systems leak at the Forcados export terminal.
Both terminals are operated by Shell Petroleum Development Company (SPDC).
Exports from Forcados which was scheduled to ship about 225,000 barrels per day (bpd) in July, were halted on the evening of July 12 due to observed leaks on a single buoy mooring where oil was being loaded onto a vessel.
A single buoy mooring is essentially a floating loading facility, allowing huge tankers to dock offshore and discharge cargoes.
A source at the NNPCL informed THE WHISTLER that injections into the terminal were reduced following the report, but no force majeure was announced.
THE WHISTLER source said that the cause of the suspension was identified by a collaborative investigation involving the NNPCL Upstream Unit, SPDC, Nigerian Upstream Petroleum Regulatory Commission and representatives of relevant stakeholders as well as government agencies.
The disruption of Forcados loadings, according to THE WHISTLER findings, led to the deferment of about 250 000 barrels day production thus responsible for Nigeria’s reduction in OPEC crude oil output in July.
Recall that the Trans Niger Pipeline system was shut down due spill at Aleto, near Eleme, Rivers State.
Checks by THE WHISTLER further revealed that the 180,000 barrel per day pipeline is one of two conduits to export Bonny Light crude.
The outage of the TNP, it was gathered led to deferment of over 120,000 barrel per day production from from Nigeria.
THE WHISTLER further gathered that the total crude oil production deferments from both Bonny and Forcados terminal is over 350 000 barrels per day
These outages, it was further learnt largely contributed to Nigeria’s low crude oil production levels of 1.29 million bpd in July, as reported by the latest report by the Nigerian Upstream Petroleum Regulatory Commission.