The Nation Newspaper

Tag: October

  • NNPC makes $105.74m from crude sale in October

    NNPC makes $105.74m from crude sale in October

    The Nigerian National Petroleum Corporation (NNPC) , at the weekend, said it recorded a total crude oil sale of $105.74 million in October this year – $25.76 million lower than the preceding month’s performance.

    Its monthly financial and operations reports for October stated: “A total export sale of $105.74 million was recorded in October, 2016. This is $25.76 million lower than the preceding month’s performance. Crude oil export sales contributed $21.40 million (or 20.24 per cent) of the dollar transactions compared with $86.80 contribution in the previous month.

    “Also, the export gas sales amounted to $84.34 million in the month. Twelve month Crude Oil and Gas transactions indicate that Crude Oil & Gas worth $2,768.73 million was exported.”

    The report, however, added that total export proceeds of $97.29 million were recorded in October 2016 as receipt against $115.57 million in September.

    In the month under review, NNPC said contribution from crude oil amounted to $18.90 million after adjusting $2.50 million lifting deposit utilised earlier.

    The report explained: “Gas & other proceeds was $78.39 million. The total receipt of $97.29 million remitted to fund the JV Cash Call for the month of October 2016 to guarantee current and future production.”

    It attributed the poor performance to attack and sabotage of oil facilities in the Niger Delta.

    NNPC explained that at Forcados Terminal alone, about 300,000 bpd were shut in since February, following force majeure declared by Shell Petroleum Development Company (SPDC).

    The report noted that a number of  crude oil liftings were deferred until the repair is completed.

    Other major terminals affected by the renewed spate of vandalism are: Bonny, Usan, Que Ibo terminals and the attack on the Nembe Creek Trunk Line (NCTL).

    According to the corporation, “Total export crude oil & gas receipt for the period of November 2015 to October, 2016 stood at $2.66 billion. Out of which the sum of $2.59 billion was transferred to JV Cash Call in line with 2015/2016 Approved Budget and the balance of $0.073 billion was paid to the Federation Account.

    “However, this amount falls short of the calendarised appropriated amount of $615.80million and $712.46million for 2015 and 2016 respectively. This is due to worsening production and fall in crude oil price.”

    In terms of Naira payment to Federation Account, the report explained that Domestic Crude Oil and Gas receipt during the month amounted to N104.68 billion, consisting of N3.24 billion from Domestic Gas and the sum of N101.44 billion from Domestic Crude Oil.

    It explained that of the N101.44 billion receipt from crude oil, N59.50 billion (US$302.03 million) was transferred to Joint Venture Cash Call (JVCC) being a first line charge and to guarantee continuous flow of revenue stream to Federation Account.

  • Students to pay N5,000 as FUNAAB resumes October 3

    The management of the Federal University of Agriculture, Abeokuta (FUNAAB), has endorsed the decision of its Senate to reopen the institution on October 3, 2016.

    The Senate also directed that all students of the university, including postgraduate students, those on Industrial Training (IT) and the Farm Practical Year (FPY), should pay a reparation fee of N5,000 to cover replacement of private and public property worth millions of naira destroyed when students protested perennial robbery attacks on August 18, 2016.

    The protest resulted in the burning of seven vehicles, a police post, vandalisation of the Divine Heights Bible Church, Abeokuta, and other properties.

    A statement signed by the university’s Head, Directorate of Public Relations (DPR), Mrs Emi Alawode, noted that the crisis was well investigated and involved 13 sittings by the committee set up to investigate the unrest, during which it interacted with about 80 stakeholders for about nine hours daily.

    The statement added that the decision to fine all students was as a result of difficulties determining the actual culprits.

    The statement reads: “Since it is practically impossible to determine the real students that either participated or did not take part in the action, that warranted the payment of damages, the reparation fee is to serve as a deterrent against any future occurrence, while the rest of the funds would be used to enhance security facilities for the entire University community, over a period of time. To ensure transparency and accountability, the University Management would not be involved in the disbursement of the funds, as a special committee had been constituted, that would ensure that the reparation fee is judiciously utilised, while the amount to be paid to each claimant would depend on the degree of loss suffered.”

    The Governing Council of the church has, however, said it would not accept money for repairs as it has forgiven the students for attacking the church, but it said owners of personal vehicles burnt within the church premises, should be compensated.

    The statement also claimed that the President of the Students’ Union, Comrade Olusegun Nwenoye, said “the FUNAAB Students’ Union had no objection to the reparation fee”.

     

  • Maltina names Teacher-of-the-Year October 12

    The winner of the maiden edition of the Maltina Teacher-of-the-Year award will be announced on Monday, October 12, 2015, at a grand ceremony in Lagos.

    The overall winner of the award will emerge from 10 finalists screened by the panel of judges last week. The national winner will get N1 million and another N1 million to will be paid into his account yearly for five years.

    The runner-up will take N750,000, while the school that produces the national winner will also become a beneficiary of infrastructural development and projects worth N25 million.

    Nigerian Breweries Corporate Affairs Adviser, Kufre Ekanem, believes that the initiative would greatly elevate the teaching profession.

    “On October 12 when the prizes will be awarded, the teaching profession will be put on a scale and celebrated in a grand event. Teachers are used to watching other professions celebrated on TV, now is their time to be celebrated,” he said.

    The race for Maltina Teacher-of-The-Year started on May 20, 2015 and generated unprecedented interest from teachers across the country.

    The award instituted by the Nigerian Breweries/Felix Ohiwerei Education Trust Fund is aimed at restoring the pride of teachers and the dignity of the teaching profession.

    The Panel of Judges that screened the applicants was chaired by Prof. Pat Utomi, Founder/Chief Executive Officer CEO), Centre for Values in Leadership. Others include: Mrs. Mopelola Omoegun, Professor of Education, University of Lagos; Prof Thomas Ofuya, Vice Chancellor, Wellspring University; as well as Mr. Olusegun Adeniyi, Chairman, Editorial Board, ThisDay.

     

     

     

  • WARRI’US TALENT HUNT STORMS WARRI OCTOBER 1

    WARRI’US TALENT HUNT STORMS WARRI OCTOBER 1

    WITH the intent of discovering young talents who have been deprived of the opportunity to shine, Warri’us talent hunt show, come Thursday October 1, will berth in the oil rich city of Warri, Delta State. Meant to give youths an exposure to the big stages throughout the world, the first edition of the show will first focus on music competition with the winner going home with a whopping N1 million cash.

    At a press briefing held on Tuesday in Lagos, the organiser of the show and founder of Autoserve Entertainment Center in Warri, Mr. Mitaire ‘Mimi’ Okumagba, said Warri’us is conceived as a platform to showcase the untapped entertainment resources in the oil-rich city.

    “It is not in doubt that Warri has produced some of the leading entertainers in the country over the years. But I tell you, what you see, is less than five percent of the talent that abound in this city. Warri is a city that has all the tribes present and aspiring to live in harmony. Inside this city, raw entertainment talents abound. The five percent we have seen are Ali Baba, I Go Die, Dede Mabiaku, Omawunmi, Gandoki and Harry Song among others, yet there is a crucial 95 percent who are talented but unable to get to the world stage. They rather turn to crime. It is this largely volatile raw materials that we are poised to harness and present to the world,” Mimi said.

    He revealed that the show is also meant to offer employment to the teeming youths in the area who are unemployed.

    “What we are also offering is not just the show alone, we are providing opportunities for the finalists to be signed onto record labels of movies roles as the case may be. We need the corporate organisations to come and see what we are doing here. The government too needs to be here to see our unique way of preaching peace, harmony and organizational productivity among the youths,” he added.

    All finalists will also go home with consolation prizes.

     

  • Practical Nigerian Content forum holds October

    The fifth Practical Nigerian Content Forum has been scheduled to hold from 20 – 22 October in Yenagoa, Bayelsa State.

    The Forum is an annual event organised by the Nigerian Content Development and Monitoring Board. The Executive Secretary of the NCDMB, Mr. Denzil Amagbe Kentebe, will be meeting with government and industry stakeholders at the event, where he will recap the progress made in Nigerian Content and discuss ways forward for Nigerian Content amidst volatile oil prices, high operational cost and increasing global competition.

    “This year, Practical Nigerian Content will once again gather an excellent speaker line up that represents the entire industry value chain to showcase Nigerian Content successes to date, outline the current challenges faced in compliance and discuss the outlook for the future. I look forward to welcoming all stakeholders across the oil and gas industry for what will be a very productive and enjoyable meeting,” Kentebe said.

    Confirmed speakers at the Forum include the Chairman, Petroleum Technology Association of Nigeria (PETAN) Emeka Ene; Chairman, Oil Producers’ Trade Section, Elisabeth Proust; Executive Secretary Petroleum Technology Development Fund, Olufemi Ajayi; Executive Secretary, NCDMB, Denzil Amagbe Kentebe; Chairman, Petroleum Contractors’ Trade Section, Andrew Olotu; Chief Executive Officer, GE Oil & Gas, Lazarus Angbazo; General Manager – Nigerian Content Development, Shell, Chiedu Oba; and Asset Manager & Coordinator, Statoil, Victor Ogwuda.

  • New electricity tariff likely in October

    New electricity tariff likely in October

    • Discos support 10-14% review for 10 years

    THE planned upward review of electricity tariff by the electricity Distribution Companies (Discos) nationwide may take effect later in October, The Nation has learnt.

    Investigations revealed most of the Discos are still consulting widely ahead of the planned tariff review.

    It would be recalled that the planned upward review of tariff by the Discos had become a subject of litigation at a Lagos High Court.

    A lawyer, Adebiyi Toluwani, prayed the court to stop the move to increase electricity tariff.

    But the Discos are holding public forum pending when the matter would be resolved.

    Eko Electricity Distribution Company (EKEDC) was the first to give notice on tariff increase, other DISCOs soon followed with consultations and debates over the move.

    Consumers have rejected the move to adjust electricity tariff, arguing that review would only be accepted after necessary infrastructure for constant supply and credible tariff charge have been put in place.

    The guidelines set by NERC expects Discos to submit consultation papers stating what they intend to do with the views of the different customers under their networks.

    The consultation paper defines what their energy plans and must be uploaded to the websites of the Discos.

    Speaking at separate interviews with The Nation yesterday, some of the Discos said the proposed tariff was inevitable as most of them were running at a loss.

    Electricity consumers in Rivers, Akwa Ibom, Cross River and Bayelsa states may pay more for power consumed by the Port Harcourt Electricity Distribution Company.

    The Manager, Corporate Communications, PHED, Mr. Jonah Iboma, said the proposal for a review of the tariff was based on the directive by NERC to the electricity distribution companies to charge what they considered fair to their sustenance.

    “We began the public consultative forum last Monday which will end by Friday. After this, we hope to send a proposal to NERC because we can’t increase tariff ourselves.

    “We are planning to increase tariff gradually. For us, the timeline we’re targeting is September or October.

    “We may propose between 10-14 per cent increase annually for the next 10 years. Even then, we would still be running at a loss.”

    The Head of Communication and Strategy, Ikeja Electricity Distribution Company (IKEDC), Mr. Olaonipekun Adeyanju, who spoke with our correspondent on phone, said the company was putting final touches to the customer forum notice, which holds later this week.

    “On our part we are still doing wide consultation. We hope to hold a public forum this week.

    “As part of NERC guidelines on tariff review, we’re expected to publish the public consultative papers before we make representation to the NERC. We are still far from where we are going.”

    The management of Jos Electricity Distribution (JED) Plc plans to hold its maiden public consultation with customers on Tariff Review, according to its Head, Public Affairs, Mr. Paul Ikwu.

    Ikwu stated that the move to hold the consultation was in strict compliance with the directive of the NERC that the Discos should hold such consultation before any tariff review.

    According to him, the public consultation would be held across Bauchi, Gombe, Plateau and Benue states under their supervision.

     

  • Firm holds Miss Heritage pageant in October

    Firm holds Miss Heritage pageant in October

    Preparations are currently underway for the 4th edition of the Miss Heritage Nigeria and the National Heritage Awards 2014 which will take place in Lagos in October 5, 2014 with a brand new car and cash to the winner at the competition.

    According to Caires Grooming Agency Ltd, the organisation that holds the event patent, it has engaged the services of a consulting team which includes EDZ Entertainment Ltd and Golden Alpha Networks Nigeria to ensure this year’s event succeeds.

    In a statement, founder/CEO, Caires Grooming Agency, Miss Chinor Emeka, said, “Miss Heritage Nigeria is a unique event that seeks to display our traditional heritage, harnessing the essence of the real beauty of our young women from within while also promoting our rich cultural diversity.

    “Also at the event, the National Heritage Awards would be used as a platform to confer awards to people of outstanding reputation in alignment with preserving and promoting our national heritage. This year’s award will go to distinguished corporations and individuals in recognition for their contributions and value added services towards nation building.

    “Our past event which started in 2011 is now in its 4th edition, has attracted dignitaries, notable amongst whom were Dr. Harbhajan Batth, Her Excellency, Mrs. Titi Atiku Abubakar, Chika Ike, Oge Okoye, Frank Oshodi, Baba Kumar Farouk and Tuface Idibia.”

    According to the event’s publicist, Mr. Kenneth Okonjo, “Miss Heritage Nigeria exists as a way to celebrate and empower young women who exemplify intelligence, talent and total beauty of the Nigerian woman.”

    He further revealed that the event is also designed to promote Nigeria’s hospitality, creativity, culture and tourism desired for development and social advancement.

  • CBN may leave interest rate at 12% till October

    Those expecting an immediate cut in the Monetary Policy Rate (MPR), may be disappointed.

    Findings by The Nation indicated that although the new Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, promised rate cut, it may not take effect until about October.

    Currencies analyst at Ecobank Nigeria Olakunle Ezun said in an emailed report that the Governor’s forward guidance to a low interest rate environment showed a clear departure from his predecessor’s era of a significantly tight policy stance.

    He argued that assuming no significant change to key indicators, the MPR would likely be held at 12 per cent through September before any cuts are made. He said this was because of reasonably strong liquidity growth, fiscal expansion prior to the February 2015 elections, and the potential risks to Nigeria arising from the normalisation in US monetary policy.

    The MPR is the benchmark rate by which the CBN determines interest rate.

    Emefiele had said the CBN under his leadership, would pursue a gradual reduction in interest rates. He said a comparison of selected macroeconomic aggregates from some emerging market countries including South Africa, Brazil, India, China, Turkey, and Malaysia showed that Nigeria has one of the highest T-bill rates.

    “Such high rates create a perverse incentive for commercial banks to simply buy virtually risk-free government bonds rather than lend to the real sector,” he said.

    The CBN boss said that to enhance financial access and reduce borrower cost of credit, the lender would pursue policies targeted at making Nigeria’s T-bill rates more comparable with other emerging markets and by extension, pursue a reduction in both deposit and lending rates.

    “While a reduction in deposit rates would encourage investment attitudes in savers, a reduction in lending rates would make credit cheaper for potential investors,” he said.

    Emefiele said since 2012, the CBN has maintained a tight regime of monetary policy, with the MPR and the Cash Reserve Requirement (CRR) mostly remaining unchanged at 12 per cent. The CRR on public sector deposits was however raised to 50 per cent in July, 2013 and subsequently to 75 per cent in March 2014 when the CRR on private sector deposits was also adjusted upwards to 15 per cent.

    He said this is meant to address the liquidity effects of the Federation Account Allocation Committee’s (FAAC) statutory allocations to the three tiers of government and the redemption of the Asset Management Corporation of Nigeria (AMCON) bonds towards the end of 2013, the effects of which lingered into this year.

    “The CBN would also begin to include the unemployment rate as one of the key variables considered for its Monetary Policy decisions. In the interim, we would continue to maintain a monetary policy stance, reflecting the liquidity conditions in the economy as well as the potential fiscal expansion in the run-up to the 2015 general elections,” he said.

  • Bike-A-Thon competition fixed for October 19

    Bike-A-Thon competition fixed for October 19

    As part of programmes to commemorate the annual World Polio Day on October 24 and also create awareness on the deadly polio scourge responsible for scores of child mortality cases annually in Nigeria, Rotary International in Nigeria has concluded plans to host the nation’s first ever Bike-A-Thon ride on Saturday, October 19, 2013.

    The one-day programme is a fun cycling ride designed to generate interest, increase awareness and raise funds for activities towards total eradication of polio disease which is endemic in northern Nigeria.

    Nigeria currently remains one of the three polio-endemic countries globally, alongside Afghanistan and Pakistan.

    According to Chairman, Nigeria National Polio Plus Committee, Dr Tunji Funsho, “Rotary has committed itself to join forces with other partners to champion the efforts to eradicate polio in Nigeria. It is therefore partnering with Cycology, a foremost cycling club in Lagos for this year’s campaign. It will also strive to raise funds to contribute to the $500million required for the total eradication of polio in Nigeria alone.”

    Prominent personalities and other Nigerians from all walks of life, including Rotary Polio Ambassador, popular Nollywood actress, Funke Akindele, will join global figures in the likes of Bill Gates, Desmond Tutu, Isabella Fontana, Donnie Yen, Jackie Chan and many others in creating awareness for polio in a fun and practical way.

    Dr Funsho announced that, “The programme is billed to kick off 7a.m around the Lekki area of Lagos and will feature registered participants including Rotary Club members, Cycology riding club members and others in a 5km, 10km and 50km exhibition ride aimed at tackling polio disease. It will also feature a variety of activities including cycling stunts, colourful displays and other physical demonstrations.”

    He noted that the Bike-A-Thon route will begin at the registration point at Divine Mercy Catholic Church, Lekki Phase One and follow a designated route for the exhibition ride. Registration of participants is expected to start at 6am at the same venue.

    “After registering, the riders will choose from a variety of different distances ranging from a 5-km trip to a 50-km loop. The ride is to be completed between 7am and 10am. The event will be followed by a closing ceremony which will feature other activities like guest lecture on Polio and certificate presentations to participants,” observed the committee chairman.

    With entry fee pegged at N5,000 Dr Funsho said that registration can also be done online at http://www.rotary9110.org/i or at the kick off point of the race.

    Rotary Nigeria is part of the Rotary International, a worldwide network of over 1.2million inspired people committed to translating their passions into relevant social causes to change lives in communities.