Source Punch The immediate past Minister of State for Defence and a Peoples Democratic Party governorship aspirant in Lagos, Senator Musiliu Obanikoro has said he has not stepped down for any aspirant of the party, contrary to reports. Obanikoro, while addressing journalist at the venue of the PDP governorship primary in Oregun, condemned alleged attacks against his supporters. Asked to speak about the conduct of the primary, the ex-minister declined comments, noting that he was still making assessments. He said, “Nobody can persuade me to step down. I resigned the coveted office of a Minister to participate in this…
Author: orientalnewsng
By Yemisi Izuora-Lagos The Nigerian Capital Market is currently facing some challenges that must be addressed in other to sustain the Market recovery and prevent another crash and adverse effect on the economy. The group Chief Executive Officer of UBA Capital Plc Oluwatoyin Sanni said this while delivering a paper titled “Sustaining Capital Market Recovery” at the ongoing CAMCAM workshop which began today In Lagos. She said that investor confidence must be restored now that the. General election is going to take place early next year. She observed that some international and local investors have withdrawn their investments in anticipation…
By Ijeoma Agudosi-Lagos Oando Energy Resources a company focused on oil and gas exploration and production in Nigeria has announced the completion of the 45,000bbls/d, 51km Umugini pipeline. The pipeline will provide an alternative evacuation route for crude oil produced from the Ebendo Field through the Trans Forcados export pipeline. Following the successful drilling of Ebendo wells 5, 6, and 7 over the past 12 months, oil production capacity within OML 56 has grown to 7,140boepd gross for OER and Energia Limited the operator of the asset (3,052boepd net to OER). However, export had been constrained at 3,093boepd (1,322boepd OER…
By Yemis Izuora-Lagos Pensioners under the Future Unity Glanvills Pensions Limited at the recent Retiree Forum organized by the company in Lagos have commended the company for reshaping their lives after retirement. Acknowledging the impact of various pre-retirement sensitization workshops organized by the PFA on how to utilize their pension monies at retirement, they confessed that the programmes have tutored them on how to continue to live a meaningful life with their pension monies. They commended the effort of the company in ensuring that their monthly pension is regular and prompt, while continually serving them better. The Acting Chairman, FUG…
By Yemisi Izuora-Lagos Retirees under the Contributory Pension Scheme (CPS), have complained over alleged delay in transfer of their pension funds meant for purchase of annuity to a life insurance company. The complainants said they have appealed to their Pension Fund Administrator (PFA), Premium Pensions Limited to transfer their money to an insurance company of their choice for the purchase of life annuity. Briefing the journalists on the issue they alleged that the PFA is depriving them the right to choose between the available options provided in the Pension Reform Act 2014 by forcefully imposing a programme withdrawal on them against…
By Ijeoma Agudosi-Lagos Analysts have hinted of possible significant abandonment of key oil and projects across the world in 2015 following declining oil prices, according to news monitored by oriental news Nigeria on Friday. The outlook for both onshore and offshore developments is looking increasingly uncertain with prices plunging by more than 40 percent to about $70 a barrel amid a glut of supply. Decisions on projects worth $500 billion are set to be made next year, according to Norwegian consultancy Rystad Energy, the equivalent of almost 60 billion barrels of oil but with prices low, at least a third…
By Gerard Izuora-Lagos Bowalds Energy riding at the back of the UK Trade and Investment (UKTI) influence has entered into discussions with major oil and gas firms operating in Nigeria with the view to expanding its footprint in the country. In 2013 at the Global Nigerian-Aberdeen Forum, UK Trade and Investment (UKTI) and Royal Dutch Shell discussed the demand for experienced oil and gas engineering and consultancy firms prompting the setting up Bowalds Energy UK Ltd in Aberdeen, Scotland. Subsequently, the Bowalds Energy has discussed development initiatives with GE Oil and Gas, Orando PLC, Seplat Petroleum and Wood Group. Wilson…
By Angela Okisor Serious issues necessitated the round table: One, Nigeria has had outrageous substandard goods profile (over 85 per cent in 2011 and now around 40 per cent in consumer goods) and of which majority of is imported. Two, the Standards Organisation of Nigeria need be serious with the sector in order to impact better in its zero tolerance for fake products project. In addition, SON is losing revenue through importers who devise numerous tricks to avoid goods inspections and paying service charges statutorily due the agency. For the maritime operators, however, the need for uninterrupted flow of goods…
By Yemisi Izuora-Lagos Oando Energy Resources Inc a company focused on oil and gas exploration and production in Nigeria, today is pleased to announce the completion of the 45,000bbls/d, 51km Umugini pipeline. The pipeline will provide an alternative evacuation route for crude oil produced from the Ebendo Field through the Trans Forcados export pipeline. Following the successful drilling of Ebendo wells 5, 6, and 7 over the past 12 months, oil production capacity within OML 56 has grown to 7,140boepd gross for OER and Energia Limited the operator of the asset (3,052boepd net to OER). However, export had been constrained…
The extremist Boko Haram sect is currently attacking Bajoga town of Gombe state, according to information obtained by oriental news nigeria from premium times. A reporter could hear sounds of gunshots and explosion as he interviewed a resident of the town, who telephoned to inform this newspaper of the development. “Sound of explosion and gunshots woke us up from sleep and we had to hurriedly leave to the outskirts of town where I am calling you from,” said our source, who gave his name as Mr. Sunday. Bajoga hosts the Ashaka cement plant, and the Boko Haram sect carried out…