News
Recall Sacked Workers, FG Tells Oil Firms
The Federal Government has asked oil majors, which recently sacked some of their workers, to recall the affected employees.
In order to retain jobs in the oil and gas sector, the Minister of Labour and Employment, Senator Chris Ngige, also asked the firms to reduce the salaries of top management staff.
Ngige, at the reconvened meeting with the Petroleum Natural Gas Senior Staff Association of Nigeria, Nigeria Union of Petroleum and Natural Gas Workers and representatives of some oil companies in Abuja on Wednesday, reiterated the commitment of the government to job creation. Punch
Government May Nominate Ndoma-Egba, Ekere As NDDC Helmsmen
The Senate is set to receive a letter from President Muhammadu Buhari nominating former Senate Leader, Victor Ndoma-Egba (SAN), as Chairman of the Niger Delta Development Commission (NDDC).
Also, the name of a former Deputy Governor of Akwa Ibom State, Mr. Nsima Ekere, is being put forth as Managing Director.
Ndoma-Egba lost his bid to return to the Senate last year, while Ekere was frustrated out as deputy to former Governor Godswill Akpabio. Guardian
Supreme Court Overrules Dickson On Bayelsa Poll Evidence
The Supreme Court has ruled that it was proper for the Bayelsa State Governorship Election Tribunal to play the video tape tendered in evidence by a witness of the All Progressives Congress (APC) candidate, Timipre Sylva, to prove his petition against the governorship election conducted on December 5 and 6 of 2015 and January 9 of 2016.
The apex court thereby dismissed the objection of Governor Henry Seriake Dickson to the video tape evidence. Independence
Women Protesters Storm National Assembly For Tinubu
Members of Legislative Advocacy Coalition on Violence against Women(LACVAW),Protest in Front of the National Assembly gate against the Threats of Physical Assault/Use of Sexually demeaning Language by Senator Dino Melaye against Senator Oluremi Tinubu in Abuja today 20/07/16.Photo Ladidi Lucy Elukpo.
Women, numbering 50, yesterday stormed the National Assembly to protest the altercation between Senators Dino Melaye (APC, Kogi West) and Oluremi Tinubu (APC, Lagos Central). Guardian
Dogara Fires Appropriation Committee Chairman
Speaker of the House of Representatives, Yakubu Dogara, yesterday, stunned members of the chamber when he announced sack of the chairman, House Committee on Appropriation, Abdulmumin Jibril.
Dogara said Jibril would be replaced immediately by Mustapha Dawaki Bala (Kudu/Warawa- Kano State).
“He met me and said he does not think he would continue as the committee chairman, due to pressure of the work,” the Speaker said. Guardian
Business News
Naira Sinks To 375/Dollar, Economists Seek Policy Change
Economists on Wednesday advised the Federal Government and the Central Bank of Nigeria to review their policies and introduce measures that would turn around the dwindling fortunes of the nation’s economy.
They spoke against the backdrop of the persistent fall of the naira against the dollar, with the local currency exchanging for 375 against the greenback at the parallel market on Wednesday; the imminent economic recession; and the spike in inflation to 16.5 per cent in June. Punch
Seafood Import Drops By 12% On CBN Forex Policy
The restrictive import quota measure introduced by the Federal Government has forced seafood import from Norway to Nigeria to drop by 12 per cent.
According to U. K based, Undercurrent News, since the Nigerian government placed a structured embargo on import quotas, Norwegian seafood imports into the country including, herring, mackerel, horse mackerel, and blue whiting recorded huge decline. Guardian
Oil Turns Positive As U.S. Crude Inventories Fall By 2.3m Barrels, Says EIA
Oil prices turned positive after earlier falling to a two-month low on Wednesday as government data showed a ninth consecutive decline in crude stockpiles.
U.S. commercial crude stockpiles fell by 2.3 million barrels to a total of 519.5 million barrels, the Energy Information Administration reported. Guardian
Indian Refiners Shun Nigeria’s Oil, Turn To Malaysia
A number of Indian state-owned refiners have been actively picking up Malaysian oil cargoes for loading in July and August amid growing uncertainty over the exports of Nigeria’s crude grades, according to regional sweet crude traders.
Bharat Petroleum Corporation Limited on Monday issued a spot tender to purchase several Malaysian light sweet crude grades, raising expectations that more Indian end-users could switch their focus to Southeast Asian supplies, Platts reported. Punch
Etsu Nupe Calls For Commencement Of Oil Exploration Along Bida Basin
Alhaji Yahaya Abubakar, the Etsu Nupe and Chairman, Niger State Council of Traditional Rulers, has expressed worries that despite feasibility study that shows possibility of large crude deposits along the Bida trough, nothing has been done by way of exploring for crude oil in the area.
The Etsu Nupe spoke at his Wadata Palace when he played host to a team from the Department of Petroleum Resources (DPR), led by Engr. Abdullahi Isah Jankara, the state Comptroller, who visited Bida the ancient city of Nupe kingdom. Independent
Eko Atlantic City Completes Eko Boulevard, Nigeria’s First Eight-Lane City Road
Eko Atlantic City, a unique, innovative development, in a vibrant environment with 21st century facilities on the coast of Lagos, has reached advanced stages in the first 5 million sq. metres of the project.
The city not only boasts of independent power and water supply, seamless communications network but also an extensive citywide road network. This will be the first of its kind in Lagos and Nigeria. Independent
FG Issues Guidelines On Wood Exports
The Federal Government has issued guidelines on the felling of trees and exportation of wood.
The Director of Forestry, Federal Ministry of Environment, Phillip Bankole, made this known recently while announcing the suspension of the ban on wood exports.
Some of the guidelines include the issuance of a new international trade certification for wood exports and the cut-one-tree-and-plant-five policy with a view to arresting deforestation as well as preserving the environment. Punch
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.