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ECONOMY

‘Political jobbers’ can’t distract me, says Kachikwu

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Ibe Kachikwu, minister of state for petroleum resources, says political jobbers are peddling rumours of his alleged political interest to distract him from his responsibilities.

Speaking to journalists in Abuja, Kachikwu said there is no truth in claims that he intends to contest the Delta state governorship election in 2019.
The minister said his focus is on resolving the petrol scarcity challenge which resulted in long queues in the country.

He, therefore, described the reports as “fictitious, baseless and mischievous”, adding that it does not reflect his current thinking as head of one of the key ministries.

“The enormity of the problems the current administration met on ground in the petroleum sector is one that requires a great deal of focus and commitment to tackle and by God’s grace, we will get there,” Kachikwu said.

“So we can do without some of these distractions that blow hot air and heat up the polity without addressing the immediate needs of the citizenry.

“At the moment we need to support Mr. President in his drive to reform the petroleum sector, so putting unnecessary pressure on those directly working with him will not only distract but could delay the process as given the enormity of the problems all hands must be on deck to achieve the kind of reform needed in the sector.

He warned those behind the reports to leave him out of their local politics and allow him to concentrate on his national duties as assigned to him by the president.

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ECONOMY

Edwin Clark: Shell must divest OML 25 to an indigenous firm

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Edwin Clark, leader of the Pan Niger Delta Forum (PANDEF), says Shell must divest its ownership of OML 25, otherwise known as Belema oil field, to an indigenous firm.

Addressing a press conference on Monday, Clark opposed the sale of the field to Chrester Nigeria Limited and asked the federal government to grant Niger Delta indigenes and the Niger Delta state governments the right of first refusal in the renewal and award of oil licenses.

“Over the years, International Oil Companies exemplified by Shell have not only exploited the resources and degraded our lands; they are also taking advantage of the people, inducing unnecessary crisis and conflicts,” the elder statesman said.

“Host communities of OML 25, otherwise known as Belema, Offinama, Ngeje, Kilama, Diaba, Okoama, amongst others and the entire Kula Kingdom have resolved that SPDC must divest OML 25 to an indigenous firm.”

“SPDC must therefore put on hold any planned sale of OML 25 in the overall interest of peace and stability of the Niger Delta Region.”

Clark said granting rights to an indigenous firm or the states in the region would positively impact on the social and economic prosperity of the region and the country as a whole.

Clark accused SPDC of failing to honour its agreement with the host communities of OML 25, noting that it instead sold some of the flow stations in 2014 and was presently planning to sell the Belema Gas Station to Chrester Nigeria Ltd.

“SPDC must produce the report of pre-environmental impact assessment carried out before their operations and post-impact assessment to determine the state of the environment.

“This will be done in partnership with UN Environmental Protection Agency, the communities, the State and the Federal Government environmental agencies, PANDEF and SPDC.”

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ECONOMY

FG to sell 10 state-owned coys to fund 2018 budget

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Joe Anichebe, a director at the Bureau of Public Entreprises (BPE), says the federal government will sell 10 state-owned companies for sale in the fourth quarter of 2018.

According to the director, the sales will raise N289 billion for the funding of the 2018 budget.

Anichebe said preparations are in the final stages for the sales of the companies, which range from aviation to insurance.

Bloomberg reports that the first set of companies to be sold are Nicon Insurance Ltd. and Skyway Aviation Handling Co., which the director said will be sold “this month or early next month” through an initial public offering.

The N9.1 trillion 2019 budget was signed into law in June with a

Ita Enang, senior special assistant to the president on national assembly matters, had said the greater part of the 2018 budget will be funded by loans .

“Mr President assented to the budget. The time we are now, we are working on the implementation of the budget. We are working on steps to raise fund for the budget. You know that the greater part of the budget is going to be funded by loans, because it is a deficit budget. And so we are working on modalities to make appropriate request before the legislature,” the adviser said.

“Some of the ministries have already advertised and commenced the procurement process pending which of the projects will finally come out of the budget and how much they will come out even the budget was finally approved.”

The Central Bank of Nigeria recently paid N12.4 billion (pictured) for a 21% stake in the Nigeria Security Printing and Minting Company (NSPMC).

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Oil hits four-year high as OPEC, allies maintain supply cut

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Brent crude, the global oil benchmark, rose to $80.87 on Monday to mark its highest level since November 2014.

The 2.835% rise is attributable to the agreement reached by the Organisation of Petroleum Exporting Countries (OPEC) and its allies to maintain supply cuts.

OPEC and non-OPEC producers reached the agreement at its 10th Joint Ministerial Monitoring Committee (JMMC) in Algeria on Sunday, despite US President Donald Trump’s repeated calls for lower prices.

West Texas Intermediate (WTI) also gained 2.13% to $72.29, its highest level since June.

In a statement on its website, the cartel said it was satisfied “regarding the current oil-market outlook, with an overall healthy balance between supply and demand.”

In a speech, Mohammad Barkindo, OPEC secretary general, said the organisation would “work hard to ensure a sustainable stability in the global oil market, enabling steady and lasting economic growth across consuming and producing countries.”

Trump has called out OPEC publicly, saying the cartel should induce lower prices by boosting production.

“We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!” Trump tweeted on September 20.

Donald J. Trump

@realDonaldTrump

We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!

12:13 PM – Sep 20, 2018

81.4K 33K people are talking about this

OPEC and Russia have capped production by 1.8 million barrels per day since January 2017 to increase prices and end the glut in the market

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