‘Crazy’ bills: No respite for Nigerian electricity consumers

31 December 2016, Lagos – Three years after the nation’s power sector was privatised, millions of Nigerian households are still groaning under the weight of ‘crazy’ bills and poor power supply from the distribution firms, ‘FEMI ASU writes With his fury so palpable, Chief Ade-Owas Owabunmuwa, in a no-holds-barred interview on December 29 in front of […] More »

Nigeria’s steel sector gets $100m Chinese investment

31 December 2016, Abuja – Nigeria’s steel production has received a $100 million Chinese investment through HongXing Steel Company Limited. According to the Iron and Steel Senior Staff Association of Nigeria (ISSSAN), Nigeria’s present steel production stands at about 300,000 tonnes per annum, while consumption is above 20 million tonnes per annum. Managing Director, HongXing […] More »

New Port Charges: Maritime authorities move against shipping firms

31 December 2016, Lagos – The Nigerian Shippers’ Council, (NSC), and the Nigerian Ports Authority, (NPA) have moved to tackle the newly introduced charges by shipping companies with a view to cancelling the payment. Executive Secretary and Chief Executive of the Council, Barr. Hassan Bello told Vanguard the Council was aware of the introduction and that […] More »

Power in retrospect: Peak generation, system collapse, MDA debt top 2016

Kunle Kalejaye 31 December 2016, Sweetcrude, Lagos — In 2016, Nigeria’s Power sector witnessed a historically highest electricity generation, persistence system collapse; huge financial debt owed by electricity consumers, Government Ministries, Department and Agencies, MDA to Distribution Companies DISCO and meter manufacturers challenges. Precisely, in February 2nd, 2016, Nigeria made history when it generated highest […] More »

South Africa: Petrol prices to increase in January 2017

31 December 2016, Pretoria — Motorists will have to dig deeper into their pockets as all grades of petrol are due to increase next Wednesday. In a statement on Thursday, the Department of Energy announced that a litre of petrol 93 ULP and LRP will rise by 50 cents a litre, while a litre of […] More »

Nigeria: Dogara seeks review of power privatisation over N309 billion bond

31 December 2016, Abuja — House of Representatives Speaker, Yakubu Dogara has canvassed a rethink of Federal Government policy to privatise power companies in the country. Speaking during a public hearing on the need to halt plans to raise a Federal Government- Secured Bond of N309 billion to finance the shortfall in the Nigerian Electricity […] More »

Nigeria: N550 billion export fund dormant – NEXIM Co-Ordinator

31 December 2016, Kaduna — The Regional Coordinator, Nigerian Export Promotion Council, North West, Abdullahi K. Mamman, has said the N550 billion export fund provided by the federal government to boost businesses in the country is lying dormant. Speaking at a seminar organised to enlighten exporters in Kaduna yesterday, the regional coordinator said the major […] More »

Algeria: €900 million Algeria-AfDB loan agreement approved

31 December 2016, Sweetcrude, Algiers — The Council of Ministers has adopted Wednesday a loan agreement between Algeria and the African Development Bank, AfDB, according to which Algeria will receive a loan worth €900 million with advantageous conditions from this financial institution. The loan is accompanied by a moderate concessional interest rate repayable over 20 […] More »

Lekki Deep Seaport promoters jittery over govt divestment plans

31 December 2016, Lagos — Fresh facts have emerged that the promoters of the Lekki Deep Seaport are now jittery over the decision of the Federal Government to divest from the multi-billion Naira project. For long, speculations about the Federal Government divestment plans on the Lekki deep seaport were rife as not a few stakeholders […] More »

Maritime Infrastructure Commission underway

31 December 2016, Lagos — A former Managing Director of Nigerian Ports Authority, NPA, Engr Omar Suleiman, has called for the establishment of Maritime Infrastructure Commission in the country. He stated that Nigeria’s quest to become the hub of maritime activities in the West and Central African sub-regions will remain elusive without a deep seaport. […] More »

Nigeria: Oil companies lift $18bn crude oil in 12 months

Ike Amos 20 December 2016, Sweetcrude, Abuja — The Nigerian Petroleum Development Company, NPDC, Independents and International Oil Companies, IOC, lifted crude oil valued at $18.08 billion within a 12-month period, from October 2015 to September 2016, according to latest data released by the Nigerian National Petroleum Corporation, NNPC. The NNPC, in its Monthly Financial […] More »

Nigeria: PPMC earns N1.05trn from sale of petrol, kerosene

Ike Amos 30 December 2016, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, through its subsidiary, the Pipeline and Products Marketing Company, PPMC, earned N1.059 trillion from the sales of Premium Motor Spirit, PMS, also known as petrol and Dual Purpose Kerosene, DPK, between November 2015 and October 2016, according to a report by […] More »

Nigeria’s Q3 crude oil production declined by 12% — NEITI

Ike Amos 30 December 2016, Sweetcrude, Abuja — Nigeria’s average crude oil production dropped by 11.6 percent to 1.6 million barrels per day in the third quarter (Q3) of 2016, according to data released by the Nigerian Extractive Industries Transparency Initiative (NEITI). NEITI stated this in its latest Occasional Paper Series, with emphasis on the […] More »

Financial market products & services update

30 December 2016, Sweetcrude, Houston — Local and international financial market products and services update. NIGERIA: The Naira is one of the world’s four worst performing currencies in 2016, according to a report by Bloomberg LP. The Naira was said to have lost 36.68% of its spot returns for the year, while the Egyptian pound, […] More »

Release 13% derivation fund to oil-producing communities — HOSTCON

Ike Amos 30 December 2016, Sweetcrude, Abuja — Host Communities of Nigeria Producing Oil and Gas (HOSTCON) has called on the Federal and state governments to immediately release the 13 per cent derivation fund to oil-producing communities. HOSTCON, in a statement by its National Chairman, Mr. Mike Emuh, also advocated the approval of oil blocks […] More »

Divergent views over NPA’s $100M stakes in Lekki deep seaport project

30 December 2016, Lagos — THE recent proposal by the Managing Director of the Nigeria Ports Authority, NPA, Ms Hadiza Bala Usman to scale down the authority’s $100 million stake in the Lekki deep seaport caused schism amongst stakeholders in the maritime industry. While some are calling for an increase in the government investment in […] More »

Govt can’t develop Niger Delta to ‘our taste’ – Ijaw professionals

30 December 2016, Yenagoa – A pan-Ijaw professional group, the Ijaw Professionals Association, Homeland chapter,  has urged the Ijaw nation to realise that the Federal Government is not committed to developing the Niger Delta “to our taste”.The group said that the only primary source of development to the region are the revenue allocations that accrue […] More »

Tragedy averted as petrol tanker falls in Ogun

30 December 2016, Abeokuta – Scores escaped death in the early hours of Friday as a petrol tanker fell at the popular Library Junction in Ilaro, in Yewa South Local Government Area of the Ogun State, emptying its content on the road. The incident was said to have occurred around 5am. Eye witnesses said the […] More »

Customs CG, DSS boss at loggerhead over $25,000 ship levy

30 December 2016, Sweetcrude, Lagos — The heads of two key federal agencies who are also close allies of President Muhammadu Buhari are at loggerhead over the collection of $25, 000 ship levy from vessels that berth at the nation’s ports. The disagreement by the two officials appears to confirm insinuations of division among some […] More »

Naira among four worst global currencies in 2016

30 December 2016, Lagos – The naira is one of the world’s four worst performing currencies in 2016, according to a report by Bloomberg LP. The naira was said to have lost 36.68 per cent of its spot returns for the year, while the Egyptian pound, Suriname dollar and Venezuela bolivar’s currency spot returns dropped […] More »

Nigeria: Power generation hits 4,000MW

30 December 2016, Lagos – After hovering around 3,000 megawatts for about 10 weeks, the country’s total generated power crossed the 4,100MW mark on Monday, December 26, 2016. The country had attained a peak generation of 4,358.6MW on October 16, but this was not sustained as the figure dropped below 4,000MW and had been fluctuating […] More »

Two jailed for vandalising BEDC facilities

30 December 2016, Warri – A Magistrates’ Court in Koko, near Sapele, Delta State on Wednesday sentenced two persons, Friday Tega and Tega Ajaino, to three years and nine months and two years’ imprisonment with hard labour, respectively for vandalising the equipment and facilities of the Benin Electricity Distribution Plc. The accused, according to a […] More »

Aviation fuel scarcity, harmattan disrupt flights

*Passengers, Airlines count their losses 30 December 2016, Abuja — Airlines and passengers are counting their losses as the high cost of aviation fuel and harmattan haze are dealing a heavy blow on the industry right now. Air ticket prices for domestic flights rose by over 200 per cent since mid-December due to high cost […] More »

NNPC says airlines can’t pay for aviation fuel

30 December 2016, Abuja – The Nigerian National Petroleum Corporation on Thursday said the hardship in the aviation sector was not due to the scarcity of Jet-A1, but was partly because of the inability of the airlines to pay for the product. The Group Managing Director, NNPC, Dr. Maikanti Baru, stated that the alleged scarcity […] More »

South Africa increases petrol price by 4 per cent

30 December 2016, Lagos – The South Africa Energy Department says its retail price of petrol would rise by 4 per cent from Jan. 4. In a statement in Johannesburg late on Thursday, the Department also said that the price of wholesale diesel would increase by 3.5 per cent. It stated that the price of […] More »

NNPC shops for new investors for Brass, OKLNG projects

30 December 2016, Abuja —The Nigerian National Petroleum Corporation, NNPC, has said it would invite new investors to partner with it in the execution of the Brass and Olokola Liquefied Natural Gas projects. The corporation also expressed its commitment to carry on with the two gas projects, insisting that they were high priority gas ventures […] More »

Oil, metals post stellar 2016 gains on output cuts, demand hopes

30 December 2016, Singapore — Crude oil, rubber and metals are set to end 2016 with strong gains, bouncing back from several years of losses on output cuts and expectations of firmer demand. Benchmark zinc CMZN3, steel rebar SRBcv1 and rubber JRUc6 have all rallied around 60 percent this year, while Brent crude LCOc1 has […] More »

Kachikwu urges Nigerians to see positive side of recession

29 December 2016, Abuja – The Minister of State for Petroleum, Dr. Ibe Kachikwu, has urged Nigerians to exploit the opportunities offered by the current economic situation to make the country great in 2017. Kachikwu gave the charge during the “Night of Soulful Music” organised by him as part of Christmas celebration at his residence in […] More »

Generator fume kills health officer, wife in Abia

29 December 2016, Umuahia – The Abia State Police Command on Thursday confirmed the death of an environmental health officer in Aba South Local Government Area and his wife after inhaling generator fumes. The Public Relations Officer of the command, Mr Nta Ogbonnaya, told the News Agency of Nigeria in Aba that the couple died […] More »

Nigeria loses N94bn to gas flaring in four months

29 December 2016, Lagos –  The country lost at least N94bn in four months as oil and gas companies flared a total of 87.03 billion standard cubic feet of natural gas in that period. The latest monthly report from the Nigerian National Petroleum Corporation showed that 22.60 billion scf of gas was flared in October; […] More »

NERC fines Afam Power, Eko Disco N66.6m

29 December 2016, Abuja – Following their failures to submit audited financial reports for 2013 and 2014, Afam Power Plc and the Eko Electricity Distribution Company have been fined N66.6m by the Nigerian Electricity Regulatory Commission. According to NERC, Afam Power breached its Directive 162 when it failed to file audited financial reports for 2014 and […] More »

Power generating firms perform below 30% – Report

29 December 2016, Lagos – The combined performance of all the privatised thermal power generating stations in the country was less than 30 per cent in the third quarter of 2016 despite being managed by private investors. Industry operators blamed the poor performance of the power generating stations on the recurrent vandalism of pipelines that […] More »

Magboro community gets electricity after 10 years outage

29 December 2016, Lagos – Magboro community on the Lagos/Ibadan Expressway, popularly referred to as “Second Lagos’’, unexpectedly had electricity restored to the area Monday as “Christmas present’’ after a decade. Magboro, including Ibafo and Asese on the axis had been without power supply for many years. The communities had at various times protested the […] More »

Eight power firms reject 1,337MWH despite poor supply

29 December 2016, Abuja – Eight power distribution companies rejected 1,336.75 megawatts-hour of electricity, representing 19 per cent of the total quantum of power supplied to them by the Transmission Company of Nigeria.  Industry data obtained by our correspondent in Abuja on Tuesday showed that Kaduna, Eko, Jos, Yola, Port Harcourt, Abuja, Ibadan and Benin Discos […] More »

Investors meet in January 2017 over Brass LNG

*Cost of Brass project, gas trains scaled down *Uncertainty dogs OKLNG 29 December 2016, Lagos — The chief executives of the Nigerian National Petroleum Corporation (NNPC), Total and ENI are scheduled to meet early next month to decide the fate of the $15 billion Brass Liquefied Natural Gas (LNG) project located on Brass Island, Bayelsa […] More »

Nigeria: External reserves fall by $4bn in one year

29 December 2016, Lagos –  Despite the staggering crash in the value of the naira against the United States dollar and other major foreign currencies in 2016, the Central Bank of Nigeria spent $4bn from the nation’s external reserves to defend the local currency in 12 months, statistics obtained from the CBN website on Tuesday […] More »

Total empowers youths in Kaduna

29 December 2016, Lagos –  – Total Nigeria Plc has announced the conclusion of its skills acquisition programme in Makera and Kakuri districts of Kaduna State, where already some youths have been empowered.  The oil company said in a statement that 10 beneficiaries were presented starter packs including work tools required to establish them in […] More »

Nigeria’s oil sector worse off despite price rise

29 December 2016, Lagos – As the year draws to a close, the nation’s oil and gas industry is worse off despite the rally in global crude prices, ’FEMI ASU writes While global oil benchmark price has risen by over 100 per cent since it hit 13-year lows of below $28 per barrel in January, […] More »

Naira reverses gain, drops to 490/dollar

29 December 2016, Lagos – The naira fell against the United States dollar from 485 to 490 at the parallel market on Wednesday, reversing part of the gain it had recorded against the greenback last week. The local currency, which had fallen to 495/dollar last Thursday, recorded some gains and closed at 485/dollar on Friday. Since […] More »

$1.1bn Malabu deal: World anti-graft watchdog writes Nigerian govt

*Hails FG for confronting corruption headlong *As Italy moves to try Etete, other 29 December 2016, Abuja – For having the boldness to press criminal charges against former Petroleum and Justice ministers over their involvement in the diversion of $1.1 billion belonging to the Federal Government in the controversial Malabu Oil deal, international anti-graft watchdog, Global […] More »

ExxonMobil: New gas discovery at Papua New Guinea well

29 December 2016, Houston — Exxon Mobil Corporation announced Wednesday a new natural gas discovery in the Papua New Guinea North Highlands, 13 miles north-west of the Hides Gas Field. The Muruk-1 well encountered similar high-quality sandstone reservoirs as the Hides field and was in line with pre-drill expectations, according to an Exxon statement. The […] More »

Oil in 2017 seen capped below $60/barrel by strong dollar, U.S. shale

29 December 2016, Bengaluru — Oil prices will gradually rise toward $60 per barrel by the end of 2017, a Reuters poll showed on Thursday, with further upside capped by a strong dollar, a likely recovery in U.S. oil output and possible non-compliance by OPEC with agreed cuts. Brent crude futures will average $56.90 a […] More »

Malabu deal: Global Witness claim $523m paid to ex-President’s fronts

29 December 2016, Lagos — A United Kingdom based anti-corruption group, Global Witness has alleged that about $523 million of the $1.1billion paid by Shell and Eni for Malabu Oil Block, OPL 245, went to some fronts of a former President. It said the deal deprived the country of a sum equivalent to 80% of […] More »

Oil steady as rise in U.S. inventory slows upswing

29 December 2016, London — Oil prices steadied on Thursday after a surprise increase in U.S. inventories helped stall an upward trend that has pushed global crude benchmarks to their highest levels since July last year. U.S. light crude was down 5 cents at $54.01 by 1320 GMT (8:20 a.m.), while North Sea Brent crude […] More »

U.S. refiners face severe labour shortage for deferred maintenance

29 December 2016, London — After years of running flat out, U.S. Gulf Coast refiners are lining up repairs to plants in 2017 – but facing a severe labour shortage that could delay work, drive up costs and raise accident risks. Fuel producers such as Marathon Petroleum Corp (MPC.N) and Valero Energy Corp (VLO.N) have […] More »

Naira weakens to N490/$ at parallel market

28 December 2016, Lagos – The Naira on Wednesday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break. The Naira lost 5 points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and 502, respectively. […] More »

Nigeria: Consumer price index rises by 92% in 2016

28 December 2016, Abuja — The Consumer Price Index (CPI), which is used to gauge inflation in Nigeria, increased significantly by 92 per cent in 2016, from 9.62 per cent in January, to 18.48 percent in November. This clearly showed that inflationary pressure was strong in 2016 as prices of goods and service rose astronomically […] More »

NAICOM threatens to sanction violators of local content policy

28 December 2016, Lagos —The National Insurance Commission, NAICOM, has threatened to sanction insurance operators that contravene local content policy by ceding businesses offshore, without fully utilising local capacities. The commission disclosed this in a circular titled ‘Utilisation of In-Country Capacities of Nigerian Insurers, Reinsurers and Pool Prior to Foreign Facultative Reinsurance, signed by its […] More »

Malabu Oil Deal: Etete queries govt’s decision not to prosecute IOCs

*Denies wrongdoing, insists $1.1bn transaction was legitimate 28 December 2016, Abuja — A former Minister of Petroleum Resources, Chief Dauza Loya Etete (better known as Dan Etete) has queried the decision of the federal government not to prosecute the three oil multinationals – Anglo/Dutch Royal firm Shell, France’s Total and Italy’s ENI Nigerian subsidiary, Agip […] More »

Oil holds near annual peaks, awaiting OPEC cuts, supply data

28 December 2016, New York — Crude oil prices edged up for a fourth consecutive session on Wednesday, close to their highest levels since mid-2015, ahead of U.S. oil inventory figures and as the market awaits evidence of OPEC supply reductions in the new year. U.S. benchmark West Texas Intermediate (WTI) crude oil futures CLc1 […] More »