Fishermen Beg Buhari Over Unpaid $3.6bn Oil Spill Fines

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Dipo Olowookere South Africa’s Minister of Trade and Industry, Mr Rob Davies, has disclosed that exports from his country to Nigeria slightly declined to R6.4 billion (about N156 billion) in 2016. Speaking ahead of his visit to Nigeria to strengthen business relations between the two African countries, Mr Davies said he would be in Nigeria to identify and create export markets for South African value-added products and services whilst creating business partnerships between business communities. According to the Minister, the Department of Trade and Industry (the dti) has prioritised engagements with Nigeria following the successful state visit to the

By Investors Hub Asian stocks turned in a mixed performance on Friday in response to a dovish European Central Bank statement and the Bank of Japan’s weaker view on the inflation outlook. Trade concerns persisted ahead of likely announcement of U.S. tariffs on Chinese goods. The euro extended declines against the dollar after the ECB indicated plans to wind down its bond-buying program and pledged to keep interest rates on hold for at least a year. Chinese shares hit a 20-month low on worries that rising trade tensions could add pressure to the country’s economic growth. The benchmark Shanghai Composite

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) says it has in stock, a robust inland supply of over 1.2 billion litres of petrol sufficient for more than 34 days forward consumption. The Corporation’s product supply outlook for March to May, 2017, shows that steps have been taken to ensure adequate supply of diesel and aviation fuel. For Automotive Gas Oil and Aviation Turbine Kerosene, NNPC will continue to import to supplement local refining. Also, the Central Bank of Nigeria has released foreign exchange to marketers to import AGO and ATK. In addition, NNPC has re-commissioned its strategic 479.2

By Adedapo Adesanya The Naira extended its stability against the United States Dollar into a second day at the various windows of the foreign exchange (FX) market on Tuesday, December 15. During the trading session, the value of the local currency closed flat against the American currency at the major segments of the market. At the Investors and Exporters (I&E) window of the market, the domestic currency maintained its previous exchange rate against the greenback at N394/$1 despite the 3.4 per cent or $3.68 million rise in the demand for forex to $112.08 million from the previous day’s $108.40 million.

By Adedapo Adesanya Twenty-four Nigerians have filed a lawsuit against the Independent National Electoral Commission (INEC) for “failing to give them and other seven million Nigerians adequate time and opportunity to complete their voter registration after they have carried out their registration online.” The plaintiffs, who are suing for themselves and on behalf of 7 million other Nigerians, want to “complete the registration process so that they can obtain their permanent voter cards (PVCs), and exercise their right to vote.” INEC recently disclosed that out of 10,487,972 Nigerians who carried out their pre-registration online, only 3,444,378 completed the process at

By Adedapo Adesanya  Oil prices crashed more than 9 percent to their lowest level in nearly three years on Friday night as major producing nations failed to agree on supply cuts. The final meeting between the members of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies led by Russia ended in no deal, sending markets to the southern pole. Brent and WTI crude futures tumbled by nearly $5 a barrel after the outcome of the meeting was made public. Brent crude was down $4.40 or 8.80 percent at $45.58 per barrel, while the US West Texas Intermediate

By Christie Oby Ndukwe Forces that have kept Nigeria in chains are stronger than the Prince of Persia, that withheld Daniel’s answers for 21 days. Tell me how else to describe the frustration faced by candidates who seek redress in court after INEC had declared winners in an election fraught with bare-faced irregularities and deliberate manipulations? The style now is “Let us win first and let them go to court.” Yes, it is easier for a camel to go through the eye of a needle than for a candidate to prove electoral fraud at the Election Petition Tribunal. What is

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) has signed a 7-year term loan agreement with Nigeria’s Alphaden Energy & Oilfield Limited for the construction of a 20 million standard cubic feet per day gas processing facility in Bayelsa State. The deal was signed by Mr Paschal Anyanwu, CEO of Alphaden Energy & Oilfield Limited, and Mr Rene Awabeng, Director and Global Head of Client Relations at Afreximbank, during the second day of African Energy Week (AEW) 2023, taking place in Cape Town, South Africa October organised by the African Energy Chamber (AEC). Speaking on the deal, Mr NJ Ayuk,