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Greece Dispatches Officials To US Over Default
Greece sent senior officials to Washington on Monday for meetings with the International Monetary Fund as it raced against the clock to break a deadlock in debt swap talks that has prompted new fears of an unruly default.
Reuters reported that barely a month after an injection of bailout funds helped avert bankruptcy, Greece is back at the centre of the euro zone crisis as fears of a default and a subsequent euro zone exit overshadow a mass credit downgrade of euro zone countries.
Athens needs a deal with the private sector within days to avoid going bankrupt when 14.5 billion euros of bond redemptions fall due in late March. But talks with its creditor banks broke down without an agreement on Friday.
Greece put a brave face on the standoff.
“There is a little pause in these discussions. But I am confident that they will continue and we will reach an agreement that is mutually acceptable in time,” Greek Prime Minister Lucas Papademos told CNBC television.
He said talks on both the debt swap and the latest bailout must be completed over the next two to three weeks.
“This is the objective. I think the conditions are in place in order to do so,” Papademos told the broadcaster.
A deal with the banks must be sealed before senior inspectors from the EU, IMF and ECB “troika” arrive in Athens next week to finalise a second, 130-billion-euro bailout.
The banks say Athens is not the problem in the talks, suggesting the issue lies with terms insisted on by foreign lenders keeping Greece afloat with aid.
In a bid to resolve the impasse, a government source said the head of Greece’s debt agency and a senior adviser were travelling on Monday to Washington to meet IMF officials – just a day before a team of technical experts from the troika arrives in the Greek capital.
Under the bailout terms agreed in October, Greek privately held debt would be reduced by half so that, together with structural reforms, the overall debt to GDP ratio of Greece would fall to 120 per cent in 2020 from 160 per cent now.
Head of the Institute of International Finance, Charles Dallara, who represents Greece’s private creditors, told the Financial Times an agreement in principle was needed by the end of this week if it was to be finalised in time for the March bond redemptions. He said the Greeks were not the problem.
“All the European heads of state said they wanted a deal with a 50 per cent (haircut) and a voluntary agreement,” Dallara was quoted as saying. “Some of their own collaborators are not following that decision.”
After initial optimism last week that a deal was near, negotiations stalled on Friday over the interest rate Greece must pay on new bonds it offers.
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A group, ‘Concerned Bayelsa Stakeholders Forum (CBSF)’ has intensified calls on the State Governor, Senator Douye Diri, to leave the Peoples Democratic Party (PDP) for the All Progressives Congress (APC).
The CBSF which comprises members of various political parties, non-partisan citizens and residents of the state also has non-indigenes and people from different religious organizations as members.
Speaking at a world press conference held in Yenagoa, the State capital on Tuesday, the group, through its Convener who doubles as Technical Adviser to the governor on Media/Public Affairs, Snr. Comrade Wisdom Ikuli, passed a confidence vote on Governor Diri, commending his selfless service to the state and the Ijaw nation.
Mr Ikuli averred that there was need for the state to align with the federal government, citing the benefits of having a government at the centre that can attract development to the state, he noted that the PDP at the national level had been long enmeshed in crisis.
“The current leadership of the PDP under whose platform the governor is leading the state has been hijacked by few individuals. This poses threats to the interest of the state.
“Presently, our state is standing alone as the only PDP state in the whole of the South South region. The above may not be too much an issue. The greatest challenge here is the hijack of the PDP by few individuals and the very dangerous traps that they have set for Bayelsa in 2027, particularly those that intend to fly the flag of PDP.
“There are concluded arrangements to hide under the excuse of crisis and countless court cases in PDP at different levels to work to nullify the nomination of all candidates that will emerge under the party platform. So, we can imagine the pains, agony and disarray that the state shall experience if the state remains in PDP.
“The ongoing Coalition is also an embodiment of people who conspired to deny Bayelsa State and indeed the entire Ijaw Nation, a second term at the Presidency in 2015. Thus, the coalition can never be an option.
” It is based on the above that we unanimously appeal to the Governor to defect to the ruling All Progressives Congress (APC) to show southern solidarity with other southern governors who are with Mr. President”, the group said.
“But as we move forward, one of the greatest priorities in the alliance with the centre should be the actualization of the Agge Seaport that will help to boost the state economy and also bring about unimaginable transformation and prosperity. In the next few days we shall begin a daily rally on the streets of Yenagoa to prevail on His Excellency to do the needful.
“Finally, His Excellency should ignore all opposing voices against his defection. We say this because they are all fighting to protect their individual political interest without prioritizing that of the state and the entire Ijaw nation.
” We wish to reassure His Excellency that vast majority of Bayelsans are with him and together, we shall move forward”, the CBSF added.
The group thanked President Bola Tinubu for appointing Ijaw sons and daughters into key positions, including Senator Heineken Lokpobiri as Minister of State for Petroleum Resources; Chief Samuel Ogbuku as Managing Director of Niger Delta Development Commission (NDDC); Chief Ebitimi Amgbare as Managing Director, Niger Delta Basin Development Authority (NDBDA), amongst others.
Meanwhile, the CBSF has also charged Governor Diri to prioritize the actualization of the Agge Deep Seaport project, saying it will boost the economy of the state and bring about transformation and prosperity, noting, however, that plans have reached advanced stages for the CBSF to hit the streets of Yenagoa with rallies with a view to prevailing on the governor to defect to the APC.
By Ariwera Ibibo-Howells, Yenagoa
The Nigerian Content Development and Monitoring Board (NCDMB) and the Dangote Petroleum Refinery and Petrochemical Company have inaugurated a Joint Technical Committee (JrefineryTC) aimed at advancing local content implementation during the operational phase of the 650,000 barrels per day plant.
A statement from the Directorate of Corporate Communications of the Board noted that the inauguration ceremony took place at the Dangote Free Trade Zone, Ibeju-Lekki, Lagos State.
The statement also said the inauguration marks a pivotal moment in fostering strategic collaboration between the both institutions, and was a significant move to reinforce local content development in the oil and gas sector.
Presided over by the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, and the Group Vice President, Oil and Gas, Dangote Group, Chief Edwin Devakumar, the event featured the formal sign-off of the Committee’s Terms of Reference (ToR), a guided tour of the refinery, other critical facilities, and the official commencement of the JTC’s responsibilities.
According to the Board, the visit also featured the presentation of the certificate of the Nigerian Content Downstream Operator of the Year Award won by the Dangote Petroleum Refinery and Petrochemical Company at the inaugural ‘Champions of Nigerian Content Awards’ held recently in May.
The NCDMB’s boss made the presentation to the President of the Dangote Group, Alhalji Aliko Dangote, who expressed delight at the recognition, noting that he would display the certificate proudly at his office.
Ogbe congratulated the Dangote Group on the successful development and commissioning of the largest single train refinery in the world, as well as petrochemical and fertiliser plants, describing the projects as a historic milestone not for Nigeria alone, but for the entire continent.
He emphasized that the Dangote Refinery stands as a testament to the success of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 and the transformative potential of Nigerian-led industrial projects.
“At an optimal daily production capacity of 650,000 barrels, this refinery will significantly enhance Nigeria’s energy security and contribute to the supply of refined petroleum products across West Africa.
“Nigerians, have to own the plant, we have to make sure that the plant works well. We have to secure it, we have to maintain it. The NCDMB would continue to collaborate with Dangote Petroleum Refinery”, Engr Ogbe said.
Highlighting the need to ensure more value retention in the sector, as mandated by the Nigerian Oil and Gas Industry Content Development Act (NOGICD) 2010, the Board’s helmsman demanded compliance with Sections 32 and 33 of the NOGICD Act, with particular reference to local manpower utilization and requirements for NCDMB’s approval prior to the engagement of expatriates.
“The NOGICD Act stipulates that no expatriate can be employed in any organization in the oil and gas industry without the prior approval of the NCDMB. We will work with you, We’ve to protect jobs for Nigerians. It’s critical to job creation, skills development, and national capacity building in line with the ‘Renewed Hope Agenda’ of President Bola Ahmed Tinubu”, he said.
He commended the firm for training and employing Nigerian engineers, saying the collaboration will ensure that qualified Nigerians were given opportunities across all operational roles, while also urging the Dangote Petroleum Refinery and Petrochemicals to support the Board’s initiative which aims at developing oil and gas industrial parks across the country to foster local content and manufacturing in the sector.
He noted that the Nigerian Oil and Gas Parks Scheme (NOGaPS) seeks to create an enabling environment for Small and Medium Enterprises in the sector.
“NOGaPS was conceived by the Board to develop facilities close to oil fields where manufacturing of oil and gas components, as well as research and development, can be carried out.
“We would like Dangote to support one of our major activities, which is the oil and gas industrial parks scheme. The parks are aimed at creating an enabling environment for SMEs in the industry to do fabrications and create more jobs for Nigerians”, the NCDMB’S boss stated.
In his welcome address, the Dangote Group Vice President, Devakumar, highlighted that the refinery project and NCDMB have been working together, promoting local content development during the construction stages of the project.
“We can’t say we have achieved everything, because there is opportunity to do more. We’re grateful to the NCDMB for all their support and advice. As entrepreneurs, we’re trying to optimise costs. It’s a Nigerian company, it’s also an entrepreneur-driven company. As a Nigerian company, the focus will be on Nigerian content. As an entrepreneur-driven company, it will be cost-focused”, he noted.
Devakumar underscored the long-standing commitment of the Dangote Group to national development and capacity building, saying that the Group’s vision is to grow Nigeria’s industrial landscape.
High points of the visit, according to the Corporate Communications Directorate of the NCDMB, was the inauguration of the Committee members.
The statement from the NCDMB further added that the committee is to ensure the implementation of local content in the refinery’s operations, while its core objectives include promoting the use of Nigerian skilled manpower, services, and locally sourced materials in compliance with Section 3 of the NOGICD Act.
The Tide learnt that the committee will also support Dangote Refinery in aligning its operational procedures with the Act’s requirements.
In his acceptance remarks, Director of Corporate Services at NCDMB and Chairman of the Committee, Mr. Abdulmalik Halilu, expressed gratitude to the leadership of both organizations, reiterating the Committee’s dedication to upholding the highest standards of local content enforcement and fostering measurable outcomes that will benefit the nation’s economy.
Ariwera Ibibo-Howells, Yenagoa
The Managing Director of the Niger Delta Development Commission (NDDC), Samuel Ogbuku, says the commission has paid its counterpart fund for the Livelihood Improvement Family Enterprise Project to ensure food security in the region.
The LIFE-ND project is an agriculture intervention project sponsored by the Federal Government, the International Fund for Agricultural Development, and the NDDC to boost food security in the region.
Mr. Ogbuku disclosed this while fielding questions at the commission’s 25th anniversary world press briefing in Asaba, Delta State.
He stated that the commission has equipped and trained farmers in the region on best practices, adding that it has also established Niger Delta Chambers of Commerce with a commitment of N30 billion, but has released N5 billion to encourage commerce and entrepreneurship in the area.
According to him, agriculture is among the next phase of the commission’s programmes aimed at addressing food security in the region.
“Our target is to use agriculture to fight criminalities in the Niger Delta region”, he said.
The NDDC boss said the commission would hold a retreat to marshal plans to enhance the cultivation of rice, oil palm, cassava, and maize for industrialisation.
He also disclosed that its fund allocation from the Federal Government has improved, adding that funding from International Oil Companies has also increased, with greater compliance.
Ogbuku revealed that although its revenue has improved, the commission had thought it wise not to borrow but to deploy the surplus to execute more projects.
According to him, the commission has gone digital in its documentation and data generation to address its human capital development projects, ensuring the even deployment of resources, which allows people to take turns being trained in their chosen profession.
He stated that the NDDC was committed to addressing environmental challenges in erosion-prone areas in Edo, Delta, and other states, contingent upon the availability of funds.
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