..As Nigeria’s Output Slipped By 40,000 Barrels Yemisi Izuora Oil production output from Organisation of Oil Exporting Countries, OPEC fell in November by 300,000 barrels per day (bpd) to its lowest since May, a situation that was pressured by a drop in Angolan and Iraqi exports and strong compliance with a supply cut deal and involunary declines. OPEC’s adherence to pledged supply curbs rose to 112 percent from October’s 92 percent, Reuters survey disclosed. Saudi Arabia reportedly pumped below its OPEC target, as did all other members except Ecuador, Gabon and the United Arab Emirates. The OPEC is reducing output…
Author: Orientalnews Staff
Yemisi Izuora Oil markets rose in early Asian trade on Tuesday, buoyed by expectations of a drop in U.S. crude stockpiles and after last week’s deal between OPEC and other crude producers to extend output curbs. International benchmark Brent crude futures were up 11 cents from their last close, or 0.18 percent, at $62.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.26 percent, at $57.62 per barrel. The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers last week rolled over their agreement to cut output by 1.8 million barrels per day (bpd) until…
Yemisi Izuora The Coalition of Border Communities Development Associations CBCDA in Ogun State, has said activities of Ibadan Electricity Distribution Company, IBDEC, is hindering growth and development of many Communities in the state. The coalition in a communique after it’s end of the year meeting in Ota area, at the weekend, said more than 50 developing Communities bordering Lagos will celebrate the festive season in darkness due to highardness and insensitivity of IBEDC. The communique signed by its Coalition Chairman, Samuel Ayo-Oloye and Secretary General Prince Adekola Adeseyi said reports about electrifications of developing Communities in Ogun State under IBEDC is shameful and gross violation…
PRESIDENT Muhammadu Buhari is not moved by the defection from the All Progressives Congress, APC, of former Vice President, Atiku Abubakar, and will not take his bait to pre-empt the 2019 presidential campaign, high-level Presidency sources have affirmed. National Chairman of the APC, Chief John Odigie-Oyegun, has, however, described Atiku’s defection as an act of frustration for a man determined to become president at the last opportuned time in his old age, saying the party had for over a year, known of his move to jump ship. Atiku’s defection and challenge to Buhari were, however, dismissed as inconsequential by Mrs.…
The Securities and Exchange Commission (SEC), has reiterated its decision to conduct a Forensic Exercise into the activities of Oando Plc. This commitment is contained in a letter dated December 5, 2017 addressed to the CEO of Oando Plc, Wale Tinubu, the Commission assured the general public of its zero tolerance to infractions in the Nigerian Capital Market. The letter, titled ‘Re: Forensic Audit into the Affairs of Oando Plc’, reads in part: “Further to our letter to you dated November 27, 2017 and another letter to your lawyers dated November 28, 2017, wherein the Commission had notified Oando Plc of…
Yemisi Izuora Ghana’s High Commissioner To U.K. and Republic of Ireland, Papa Owusu-Ankomah, has assured senior business executives of high return on their investment in Ghana. The High Commissioner, in the first of the round table engagement series organised by Hogan Lovells in collaboration with the African missions in UK underscored the urgent need for more foreign direct investment as the country seeks to deepen its industrialisation programme, create decent jobs and generate foreign exchange. The Hogan Lovells African Engagement Series focuses on promoting Africa as an investment destination. Hogan Lovells, one of the largest global law firms with offices…
Yemisi Izuora An Indigenous smart pre-paid meter producer Mojec International Limited, has reaffirmed the quality of its smart prepaid meters, describing its products as ‘best in class’ in terms of quality, meeting both national and international quality standards. The company is reaffirming the quality of its products in the wake of a recent allegations raised on the floor of the House of Representatives during plenary entitled, “Need to Curb Excessive Electricity Charges Being Levied on Consumers by Distribution Companies (DISCOs), Through Prepaid Meters,” and published in some news medium bothering on the quality of meters manufactured by the company. Responding…
Yemisi Izuora An Indigenous oil company, Petrolex has set aside $6 billion to enable it actualise a set objectives that will make impact in the downstream up to upstream sectors of the Nigerian oil and gas sector including powers sector. This massive Investment will make the company a one stop energy provider not only in Nigeria but in the sub Sahara Africa. Already Petrolex has commenced the planning, design and development of The Petrolex Mega Oil City, located in Ibefun, Ogun State where it has acquired over 13,000 acres of prime land and currently concluding the negotiation of another 12,000…
The trending economic recovery news in the third quarter of 2017 (Q3’17)/first nine months 2017 (9-M’17) did not prevent the banking sector from some misery in the form of rising bad loans as 14 banks quoted on the Nigerian Stock Exchange recorded 8.0 per cent increase in bad loans (impairment losses), within the period, Financial Vanguard investigations revealed. Industry stakeholders have said the economy has not fully recovered as banks’ credit customers were still grappling with hardships in meeting their loan repayment obligations. It will be recalled that the National Bureau of Statistics recently announced that the nation’s Gross Domestic…
About 70 per cent of retirees receiving monthly pension through the Programme Withdrawal mode will from this month receive an increase in their monthly pension payments, The Nation has learnt. This is coming on the heels of findings by the National Pension Commission (PenCom), that earnings of retirees under the Contributory Pension Scheme (CPS) have grown more, based on investment of their pension fund made by their various Pension Fund Administrators (PFAs). As a result, the commission sought approval from the Presidency to increase pensions of retirees in the country. It was also gathered that PenCom has kicked against Senator Wammako’s proposed…