Yemisi Izuora The 2018 World Day of Peace as declared by Pope Francis is scheduled to hold on New Year Day January 1, 2018 with the theme: ‘Migrants and Refugees: Men and Women in search of Peace’ The World Peace Day is set aside annually by the Holy See to spread the gospel of peaceful co-existence amongst peoples of the world. Here in the Archdiocese of Lagos, the event will kick off with a Holy Mass at the Holy Cross Cathedral with the Archbishop of Lagos, Most Rev Dr. Alfred Adewale Martins as the Chief Celebrant, to be assisted by…
Author: Orientalnews Staff
Yemisi Izuora The Securities and Exchange Commission (SEC) has expressed readiness to partner with relevant bodies in its quest to ensure zero tolerance on infractions in Nigeria’s capital market and to ensure that perpetrators of fraudulent acts are brought to book. Acting Director General of SEC, Dr. Abdul Zubair stated this when the chairman and members of Investments and Securities Tribunal, IST, visited him in his office in Abuja. Zubair said the present management of SEC has zero tolerance on infractions adding that anyone that flouts the rules will be made to face the consequences of such actions. He told…
Yemisi Izuora The Depot and Petroleum Products Marketing Association, DAPPMA has insisted that the current scarcity of petrol across the country was not as a result of alleged hoarding of the product by marketers, rather it linked the crises to the challenges encountered by Direct-Sale-Direct-Purchase, DSDP, initiative adopted by the Nigerian National Petroleum Corporation, NNPC. Dr. Ibe Kachikwu, while serving as the Group Managing Director of the NNPC replaced the crude-for-products exchange arrangement popularly referred to as crude swap with the DSDP arrangement. The DSDP was adopted to replace the Crude Oil Swap initiative and the Offshore Processing…
Gerard Izuora There are assurances that motorists in Lagos and Ogun state would begin to see stability in distribution of petrol following Independent Petroleum Marketers Association of Nigeria, IPMAN confirmation that supply has reached major products holding facilities in Lagos state. The IPMAN confirmed that the Ejigbo Satellite and Mosimi depots which are critical facilities that ensures effective products distribution in the south west have been fully supplied with petrol and promised that the current ravaging fuel scarcity hitting Lagos and Ogun state will end a few days time. The Association said that the Nigerian National Petroleum Corporation, NNPC,…
Gerard Izuora Nipco Plc, said it has received supply of petrol from the Nigerian National Petroleum Corporation, NNPC, and has also commenced 24 hour loading of trucks at its Lagos depot. Chief Corporate Affairs Manager, of NipCo, Alh. Lawal Taofeek, confirmed the 24 hour-loading and said the trucks were being dispatched to all parts of the country with immediate effect. NipCo also commended NNPC Management as well as that of its subsidiary Company, Petroleum Products Marketing Company (PPMC) for boosting petroleum products supplies, disclosing that Nigerians would soon feel the impact of NNPC intervention immediately. “Our terminal is already burbling…
Yemisi Izuora The executive secretary of the Nigerian Content Development And Monitoring Board, NCDMB, Simbi Wabote has expressed confidence that extension of Local Content Law implementation in other critical sectors of the economy would offer local firms opportunities to build capacity. Wabote also revealed that already the Nigerian oil and gas supply chain is now able to retain $5billion from the annual $20billion spend in contracts award a marked departure from the past when almost the whole budget ended up in foreign economies. Speaking at a workshop organized by the Board for members of the House of Representatives Committee…
Gerard Izuora A new report has painted a scenario where oil prices could reach a record level of $80 per barrel in 2018. According to an analysis by financial firm Nomura, increased tensions in the Middle East next year could drive up global oil prices and have knock on effects on inflation. A “bigger proxy war in the Middle East” is one of Nomura’s 10 possible “grey swan” events for 2018. These are unlikely but impactful scenarios that could impact markets next year, outside of the more widely discussed possibilities such as the Italian election and US impeachment risk. Recent conflicts…
Yemisi Izuora Oil price is beginning to slide downward as a major evacuation facility in the North Sea returns to operations. Crude oil prices had on Wednesday slipped away from two-and-a-half year highs hit the previous session as the gradual resumption of flows through a major North Sea pipeline made up for supply disruption in Libya. But the two outages in quick succession have highlighted how much tighter global oil markets have become a year into supply cuts led by OPEC and Russia. On account of the development the US West Texas Intermediate (WTI) crude futures were at $59.74 a…
Sterling Bank Plc in partnership with Primero, LAMATA and E-Purse Systems Limited have begun implementation of e-ticketing system for Bus Rapid Transport (BRT) in Lagos. The e-ticketing system is an integral part of the Intelligent Transport System (ITS), which will help commuters to plan their journey and drastically reduce time spent waiting for buses at bus stops. It also helps in recording important data in transport operations, which will assist in planning and regulating transport services in the state. Speaking during a bus ride by senior executives of Sterling Bank and other stakeholders to demonstrate the workability of the new…
Yemisi Izuora The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has explained the major cause of the fuel scarcity currently being witnessed across the country, saying shortfall in supply of petroleum products, is major cause. Kachikwu, who stated this however, said that the Nigerian National Petroleum Corporation (NNPC) was making efforts to ensure that queues at filling stations disappeared in a couple of days. “Presently, queues in Lagos have reduced. We know that Lagos, Abuja, Benue, Port Harcourt were among the worst-hit areas. “Benue has been dealt with; Port Harcourt is quite moderated. Apart from these areas, other…