Yemisi Izuora The Nigerian National Petroleum Corporation (NNPC) and the Enugu State Government have pledged to work together to revamp the strategic Enugu Depot towards meeting the petroleum products demand of the entire South-East region and beyond. This was made known when the Group Managing Director of the Corporation, Dr. Maikanti Baru paid a courtesy call on the Enugu State Governor, Rt. Hon. IfeanyiUgwuanyi, at the Government House, Enugu on Thursday. Dr. Baru who lamented the incessant acts of vandalism on the Aba-Enugu products pipeline said at some point, about 700 breaches were recorded on the pipeline, a situation that has hampered efficient supply and distribution of petroleum products not…
Author: Orientalnews Staff
Yemisi Izuora Global electricity demand witnessed a 3.1 per cent jump in 2017 with major contribution coming from China and India. The two nations together accounted for 70 per cent of the rise, International Energy Agency said in a report. With a third of the world’s population currently residing in India and China, the two countries accounted for a total of 540 Terra Watt Hour (TWh) of electricity demand growth in 2017, out of the global increase of 780 TWh. This global rise in electricity was significantly higher than the overall increase in the energy demand. The Paris-based agency also…
Yemisi Izuora Global oil prices rose on Monday with international Brent crude futures opening above $70 per barrel for the first time since January. Prices were lifted by expectations that Saudi Arabia may extend supply cuts into 2019, as well as concerns that the United States may re-introduce sanctions against Iran. In Asia, meanwhile, Monday saw the launch of Shanghai crude oil futures , potentially marking the dawn of a new oil price benchmark to rival dominant Brent and West Texas Intermediate (WTI). U.S. West Texas Intermediate (WTI) crude futures were at $66.06 a barrel up 18 cents, or 0.2…
Yemisi Izuora The African Trade Insurance (ATI) and European Investment Bank (EIB) have launched a $1 billion Renewable Energy Facility for sub-Saharan Africa. The facility is supported by the government of Germany and the EU as part of their commitment to backing the UN’s Sustainable Energy for All initiative. The facility was launched at the Berne Union Spring Meeting hosted by ATI and supported by the government of Kenya. Representing Kenya’s Cabinet Secretary for the National Treasury, Henry Rotich, and Kenya Principal Secretary for Energy Eng. Joseph Njoroge said Kenya was honoured to be hosting this important meeting of insurers…
Yemisi Izuora The Media Rights Agenda (MRA), has inducted the Petroleum Equalisation Fund (Management) Board into its Freedom of Information (FOI) Hall of Shame, saying the Board’s refusal to be transparent and its preference for cult-like secrecy in its operations only serve to heighten questions about its continued relevance in light of its failure to achieve the objectives for which it was established. The Board was established in 1975 by Decree No. 9 of 1975, which was later amended in 1989 by Decree No. 32 of 1989, to offset the inequality in the transportation cost of distributing petroleum products in…
Yemisi Izuora/Agency Report The federal government is in talks with Islamist militant group Boko Haram about a possible cease-fire and the talks have been going on for some time, Information Minister Lai Mohammed said on Sunday. It is the first time in years the government has said it was talking to Boko Haram about a cease-fire. President Muhammadu Buhari’s government has previously said it was willing to hold talks with the group but has given no details. Boko Haram has waged an insurgency in northeast Nigeria and neighboring countries since 2009 and aims to create an Islamic state. Tens of…
Yemisi Izuora Continental Reinsurance Plc said the consolidated gross premium for the group rose by 32 per cent from N22.4billion in 2016 to N29.7billion in the 2017 financial year. The firm said the increase was mainly driven by strong aggregated growth from its operations in Africa. It said the underwriting profit, despite mixed performances at the regional level, rose by 213 per cent to N1.3billion from N414million in 2016, which was buoyed by the group’s increasing focus on underwriting discipline, and benign claims experience in the principal Nigerian market. Throughout 2017, the firm said the African…
Joseph Bakare The Northern Governors’ Forum (NGF) has held a meeting with the national leadership and state chapters of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) as part of efforts to resolve the continued clashes between herdsmen and farmers. The meeting, which held in Sokoto, was attended by the NGF chairman and Borno State Governor Kashim Shettima, host Governor Aminu Tambuwal and their counterparts from Kano (Abdullahi Ganduje) and Kaduna (Nasir El-Rufai). Though no formal communiqué was issued after the meeting, reports showed that the gathering discussed genesis of the crisis, efforts to contain it and how to…
Yemisi Izuora Nigeria’s aviation unions have threatened to begin a nationwide strike in the next 14 days following the failure of the Federal Government to pay the N45bn severance package of former workers of the liquidated Nigeria Airways Limited. The National Association of Aircraft Pilots and Engineers, National Union of Air Transport Employees and the Air Transport Senior Staff Services Association of Nigeria stated that it was insensitive of the Ministry of Finance to refuse to pay the workers more than 10 months after the approval of the Federal Executive Council. “We will not wait until the entire workers of…
Yemisi Izuora The Peoples Democratic Party (PDP) has said that the call by a former Minister of Defence, Lt. Gen.Theophilus Danjuma (retd.), that Nigerians should defend themselves against killers was a testimony of the “tragic situation which the Muhammadu Buhari Presidency and the All Progressives Congress (APC) have dragged the nation into.” Danjuma had, on Saturday at the maiden convocation of the Taraba State University, told Nigerians to defend themselves against killers, saying the Nigerian Armed Forces were not ready to defend them. He had said, “There is an attempt at ethnic cleansing in the state (Taraba) and of course,…
