Oil
Ex-DSS director: Some bandits are former Boko Haram militants
A former assistant director in the Department of State Services (DSS), Dennis Amachree, says some bandits are former members of the Boko Haram insurgent group. Speaking when he featured on an Arise TV programme on Saturday, Amachree said he learnt this from the confession of some bandits. He added that unlike the Niger Delta militants protesting pollution of their areas, bandits do not deserve amnesty as they are “faceless criminals”. “From investigations, we have even discovered that some of them were Boko Haram fighters,” he said. “Some of them have confessed to having fought with Boko Haram. And now, you have these people infiltrating, collecting money for ransoms, raping women and sending them back to Boko Haram. “Anybody who is comparing them to militants in the Niger Delta, I want to...
President Buhari hailed for sacking service chiefs
An environmental activist, Chief Sheriff Mulade, has commended President Muhammadu Buhari for relieving service chiefs of their positions and appointing their replacements, saying the development showed that the president has a listening ear given the growing agitation from Nigerians for a change of guard in the nation’s security architecture. This was as he called for the urgent restructuring of the country following what he referred to as “the mismanagement of the nation’s resources, as well as the endless marginalization of the South-South region of the country.” The peace advocate, while reacting to the president’s action, at a media conference in Abuja, expressed optimism that the action would bring improvement in security management in the country. Mulade, who is the National Coordin...
Court orders final forfeiture of ex-Zamfara governor’s money in Zenith, Polaris banks
The Federal High Court, Abuja, on Tuesday, ordered the final forfeiture of former Governor of Zamfara, Abdulaziz Yari’s funds domiciled in Zenith and Polaris Banks. While 56, 056.75 dollars was lodged in Polaris Bank account, the sums of N12.9 million, N11.2 million, 301, 319.99 dollars; N217, 388.04 and 311, 872.15 dollars were kept in different Zenith Bank accounts in the name of Yari and his companies. Justice Ijeoma Ojukwu, in a judgment, held that the former governor had not shown good cause why the order sought by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) should not be granted. Yari served as governor of Zamfara between May 2011 and May 2019. The ICPC had instituted a suit, praying the court for the former governor to show cause why the money unde...
Rangers forward Israel Abia wins Eunisell Boot award
Enugu Rangers forward Israel Abia has emerged winner of the prestigious Eunisell Boot Award for the top scorer in the 2019/20 Nigeria Professional Football League season. Instituted by Eunisell, West Africa’s largest independent chemical as well as oil and gas engineering solutions company, the Eunisell Boot seeks to instill greatness in players in the domestic top flight and celebrate their success story. Abia scored 12 goals last season after featuring for Sunshine Stars as well as Rangers and becomes the fourth player to win the glamorous award. After scoring seven goals at Akure based Sunshine during the first half of the season, he made an ambitious switch to the Enugu based side and registered five goals to continue his magical season, last term. A lot was expected from the forward, ...
Nigerian government seizes bank’s assets over Shell’s N183 billion debt
File Photo Nigerian government have moved to sequester the assets of the country’s premier lender First Bank of Nigeria Limited in an effort to recover the damages oil major Royal Dutch Shell owed the Ejama Ebubu community of Rivers State in a legal contest spanning many decades, Bloomberg reported Thursday. Police operatives and court officials arrived the bank’s main branch in Port Harcourt on Tuesday to execute an order to seize the lender’s asset, FirstBank said in a statement. The bank said the incident leading to the confiscation of its properties was “unjustified, illegal and a reckless misuse of the machinery of justice.” Lagos-headquartered FirstBank resolved to guarantee the damages awarded against Shell by a Rivers State high court judge a decade ago. According to the estimation...
US slaps sanctions on two foundations linked to Iranian supreme leader
The United States on Wednesday blacklisted two Iranian foundations controlled by Supreme Leader Ayatollah Ali Khamenei and their subsidiaries, saying the institutions enabled Iran’s elite to sustain a “corrupt” system of ownership over large parts of the economy. The designations announced by the US Department of the Treasury target Execution of Imam Khomeini’s Order (EIKO) and Astan Quds Razavi (AQR), their leaders and subsidiaries. These are the latest actions to reinforce the “maximum pressure” campaign on Iran pursued by US President Donald Trump’s administration. “These institutions enable Iran’s corrupt leaders to exploit a system of ownership over a wide range of sectors of Iran’s economy,” US Secretary of State Mike Pompeo said in a statement. US-Iranian tensions have risen since T...
NNPC seeks $1 billion funding to revive PHC refinery
The Nigerian National Petroleum Corporation, NNPC, is currently shopping for $1 billion to revamp Nigeria’s biggest refinery located in Port Harcourt, Rivers State. To realise its plans, the nation’s oil company is already in high-level discussion to raise the money via a prepayment deal with trading firms. If the financing is successful, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels. The money would be repaid over seven years through deliveries of Nigerian crude and products from the refinery once the refurbis...
CBN: Naira to fall further in January
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
Why we shutdown Total E&P gas plant – Rivers community
Obite indigenes in Ogba/Egbema/Ndoni Local Government Area of Rivers State have an advanced reason for shutting down a gas plant operated by Total Exploration and Producing Nigeria Limited in their domain citing alleged insensitivity of the oil multinational to their plight. The aggrieved natives, drawn from the five villages of Obite community also lamented the alleged refusal of the oil firm to honour a Supreme Court judgement that compensation is paid to the community for the land acquired in the area for its operations. Mr Daniel Clifford Uma, one of the natives, who spoke during the community protest march to the oil firm said, “What you are seeing here today is as a result of total negligence from Total E and P. This thing started 22 years ago. Some of the people that started this ma...
Nigerian polytechnic workers to begin strike January 4
The Senior Staff Association of Nigeria Polytechnics (SSANU) is beginning a warning strike on January 4 next year, the President of the association, Adebanjo Ogunsipe, says. In a press statement on Thursday, Mr Ogunsipe said the strike will last 14 days. He said the declaration was owing to the nonchalant attitude of the federal government towards issues bordering on education. Mr Ogunsipe said the polytechnics and tertiary education system generally have a myriad of problems militating against their development. “You may recall that for the past three years, the union has consistently presented these issues in our various communique at the end of our NEC/GEC meetings which comes up at least four times every year for the avoidance of doubt,” he said. Mr Ogunsipe said the association’s dema...
Minister: Industry, trade, investment key to economic diversification
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, says the sector is crucial in the drive toward diversification of the nation’s economy, away from being oil dominated. Adebayo spoke in Abuja at the Physical/Virtual 12th National Council on Industry, Trade and Investment meeting, with the theme “Revitalisation of the Industry, Trade and Investment Sector in Nigeria in the Post-COVID-19 pandemic era”. He explained the pivotal role of the ministry as a key actor in the economy with the mandate to stimulate domestic investment and attract foreign direct investment into all sectors. The minister said it was committed in facilitating trade in goods and services and maximising benefits of international trade through functional bilateral and multilateral trade relations. Acc...
NUJ calls for Sheikh Gumi’s arrest
The Nigeria Union of Journalists (NUJ), on Friday, called for the arrest of Sheikh Ahmad Gumi, for saying journalists are criminals for calling bandits criminals. The union expressed reservation on Gumi’s remarks during an interview on Arise TV on Wednesday where he labelled journalists as criminals for calling bandits criminals. In his interview, Gumi said: “You are emphasising on criminality, I don’t know. Even the Press (journalists) are criminals too because they are putting oil into fire [sic]. These people are listening to you, don’t address them as criminals”. “It is instructive to note that one of the gangs that were recently interviewed by Nigerian journalist, Abdulaziz Abdulaziz and published in Daily Trust of today where the bandit leader insisted on being introduced properly as...