Connect with us

News

NNPC Allays Fears Over Fall In Crude Oil Price To $0 Per Barrel

Published

on

The slump in the United States crude oil futures below $0 per barrel is not a reflection of the reality in the global oil market capable of impacting Nigeria’s oil production, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said.
Last Monday, the U.S. crude oil price dropped to its worst level since New York Mercantile Exchange (NYMEX) opened oil futures trading in 1983.
The drop, coming few days after Nigeria’s benchmark crude oil grade, Bonny Light, slumped to an average $12-$13 per barrel, heightened apprehension about Nigeria abandoning oil production amid declining prices.
Despite the recent intervention by the Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia, to cut global crude oil, no significant improvement has emerged in the oil market.
With crude oil prices on a downward swing, market analysts say the record output cuts by OPEC+ expected to take effect from May 1 needs some time to rebalance the market.
But the GMD of NNPC, who spoke with newsmen, yesterday, said Nigeria has no cause to be apprehensive over the current situation as the US $0 price has no capacity to impact Nigeria’s oil production.
“That is not real crude oil price. That is the traders’ paper figure just showing the detail at the close of their business for the month. You would have observed that it has changed this morning (Tuesday). This is because they are not sure of the storage facilities for their stock of products they have,” the NNPC boss said.
He said the situation, which reflects the current position in the U.S market, does not have any direct impact on the price of the Brent crude oil blend, which rose to about $28 per barrel before dropping to the current price of to $26.24 a barrel, yesterday.
“Usually, the spread between OPEC price and the other prices vary by about $8 to $9. When that is deducted from the prevailing price, we have the real price in the market. But, today, Brent is about $28 per barrel. If $8 or $9 is deducted, we will know what the real price is today.
“But, it’s really nothing for us (Nigeria) to worry about at all. Like I said the other day, the market will still change and rebound after the OPEC output cut. We will have to wait and see what is going to happen. It is just the close of the market month,” he said.
On whether the current situation has any impact on Nigeria’s oil production, he said that is a different issue, pointing out that oil production is usually a factor of the availability of the market for the product.
He said now that there is a drastic drop in the price of crude oil at the internal oil market, there is the problem of storage facilities, which is why traders have taken that position to show inactivity.
However, as soon as most countries return to the market by May after the lockdown period, as a result of the impact of the Coronavirus on the global economy, Kyari said storage facilities would become available, and of course, crude oil price will rebound.

Continue Reading

News

FG Declares Thursday Additional Holiday For Eid-el-Fitri

Published

on

The Federal Government has declared tomorrow, Thursday, as additional public holiday to commemorate this year’s Eid-el-Fitr.
The Permanent Secretary, Ministry of Interior, Dr Aishetu Ndayako, made this known in a statement he shared on the ministry’s X account, yesterday.
The statement said, “The Federal Government has approved Thursday, April 11, 2024 as an additional public holiday to celebrate this year’s Eid-el-Fitr.
“The Minister of Interior, Dr Olubunmi Tunji-Ojo, while congratulating the Muslim Ummah for a successful completion of a month of spiritual rejuvenation, reiterates President Bola Ahmed Tinubu’s firm commitment to providing a safe and prosperous Nigeria for all to thrive.”
Saudi Arabia, on Monday, said the crescent of Shawwal has not been sighted, indicating that the fasting would continue on Tuesday.
It also added that the Eid-el-Fitr would hold today, Wednesday, to mark the beginning of the new Islamic month.
The Federal Government had earlier on Sunday declared yesterday (Tuesday) and today, (Wednesday) as public holidays to mark the Eid-el-Fitr celebration.

Continue Reading

News

Engage In Credible Opposition, We Won’t Hunt You, Fubara Tells IPAC …As Group Passes Confidence Vote On Rivers Gov

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has assured that the right climate will be created for all political parties to operate so that they can engage with Government and offer credible opposition.
The Governor emphasised that it was the best thing to do, especially because the opposition political parties have acknowledged that elections are over, and are resolved to offer effective support required to advance good governance in the State.
Governor Fubara spoke on Monday when he played host to the leadership of the Inter-Party Advisory Council (IPAC), Rivers State Chapter, led by its Chairman, Barrister Sensei Solsuema Osaro, at Government House in Port Harcourt.
The Governor insisted that an egalitarian society will be engendered so that people can feel free to voice their opinions without intimidation, because, according to him, those criticisms will contribute to having more focused implementation of policies that serve the general good of the State.
“So, we are happy to identify with you. We are assuring you, even when you leave here, criticise me, I don’t have problem with that, it is meant to spur me to do well. We will continue to give you the freedom. We will not cage anybody. We will not revoke your property.
“You can also take my message to your National Secretariat, we will continue to stand on the right path. We will support them because we can see that they are also doing what is right. Anytime they need our support, let them feel free to ask for it,” the Governor said.
Governor Fubara commended IPAC for identifying with his Administration, and pledging to collaborate efforts for the good of the State.
The State Chief Executive pointed out that no person who truly loves Rivers State, whether embittered, or not, will gladly want to burn down the State to achieve personal or political agenda.
The Governor said whatever political strength anybody claims to have, it amounts to nothing without the State and its people.
Governor Fubara assured that his team in Government will steadily work, genuinely, to protect the interest of the State.
While thanking the delegation for the vote of confidence passed on him and investing him as their Grand Patron, Governor Fubara urged them to tread the path of peace always in their activities.
Governor Fubara promised to consult with them and include their interest whenever appointments are made, and promised to donate a utility vehicle to enhance their logistics, while committing to support the upcoming programme of the body.
In his address, the Rivers State Chairman of Inter-Party Advisory Council (IPAC), Barrister Sensei Solsuema Osaro, thanked Governor Fubara for the opportunity to meet with them, and announced that IPAC has passed a vote of confidence on the Governor.
He also announced the decision of IPAC to honour the Governor as the Grand Patron and Leader of the umbrella body of all political parties in the State.
“IPAC is a roundtable of political parties saddled with the responsibility of enlightenment, advocacy, educating, and inspiring courage among political parties and the society at large.
“With the elections come and gone, it is practically the time for governance and to ensure all derivable of dividends of democracy to the people of Rivers State.
“Herein lies the core of our visit today to forge a collaborative bond with you, His Excellency, to foster partnership for the overall interest of Rivers State.
“We heartily congratulate you on your victory at Supreme Court judgement, which affirmed your election at the polls. To this end, we in IPAC have passed a vote of confidence on His Excellency, and assure you of our collaborative, collective and individual support to succeed now, and in the course of your administration, and after,” he added.
More than 17 State Chairmen of Registered Political Parties in the State were in the delegation to pay a solidarity visit to the Governor.
Highlights of the visit were the presentation of a large plaque of portrait picture, certificate as Grand Patron, IPAC T-Shirt and Fez Cap by IPAC Chairman to Governor Fubara.

Continue Reading

News

Our Position On Rivers PDP Ward, LGA, State Excos Unshaken -Fubara

Published

on

The National Working Committee of the Peoples Democratic Party (PDP) has debunked as fake and misleading, the purported list of Caretaker Committee members circulating in the social media and published in some national dailies on Thursday, April 4, 2024.
The Rivers State Governor, Sir Siminalayi Fubara, who said this after a meeting with the NWC at the National Secretariat, Wadata Plaza in Abuja, last Thursday evening, restated that the resolutions of a meeting held between the NWC and members of the Board of Trustees (BOTs) and PDP Governors’ Forum in Abuja in March on the issue remain valid.
Governor Fubara reiterated the position of the party that the executive officers whose tenures had expired in March, shall remain in their various capacities until the three months’extension period approved by the NWC elapses, and new congresses conducted to replace them.
He recalled that a letter signed by the National Organising Secretary, Hon Umar M. Bature, dated Wednesday, March 27, 2024, addressed to the Chairman, Rivers State Caretaker Committee, Peoples Democratic Party (PDP), Hon Aaron Chukwuemeka, and titled: “Approval of Wards, Local Government Area and State Caretaker Committee Members for Rivers State”, had clearly resolved the issue of the authentic members of the Caretaker Committees at the affected levels.
The letter, copied the Acting National Chairman, Amb. Umar Iliya Damagum; Deputy National Chairman, South, His Excellency, Amb. Taofeek Arapaja; the Executive Governor of Rivers State, His Excellency, Sir Siminalayi Fubara; National Secretary, Senator Samuel Anyanwu; and National Legal Adviser, Ajibade Kamaldeen Adeyemi, SAN, reads in full, “Following the expiration of the elected Ward, LGA, and State Executive Members in Rivers State, the National Working Committee (NWC), pursuant to the provisions of Section 29 (2) (b) of the Constitution of our Party, has, on behalf of the National Executive Committee (NEC) approved the appointment of the expired Excos as Caretaker Committee Members.
“For the avoidance of doubt, attached to this letter is theauthentic list of the Caretaker Committee Members in Rivers State. These Caretaker Committees shall run the affairs of our Party at their appropriate levels for a period of three (3) months effective from the dates of their expiration, i.e. March 14, 18, 21, 2024 for Wards, LGA, and State, respectively.
“Please note that the NWC equally approved that anywhere vacancies have occurred due to death, removal, resignation, or defection, such vacancies shall not be filled.
“While thanking you for your continuous commitment, please accept the assurances of the NWC’s highest regards”.
Governor Fubara emphasized that the party stands on the agreement reached on the issue as encapsulated in the letter by the NWC to the State Chairman of PDP dated March 27, adding that no amount of intimidation, clandestine moves, wasteful lobbying and needless expenditure of public funds will change the position already taken.
The Governor stated that the list purported to be members of the Caretaker Committees of the party in the state was only the imagination of its purveyors, and advised those whose names were removed in the fake list and gullible members of the public to ignore it in its entirety.
He said that the party did not at any time remove or replace the names of officers whose tenures had been officially extended for three months, pending possible National Executive Committee ratification on April 18.
Governor Fubara insisted that what was published on Thursday and circulated on social media is not only fake, concocted and manipulated to suit the desperate ambitions of enemies of the State and its people, but a deliberate attempt to provoke members and cause discord in the party.
He observed that the list published in some national dailies and circulated on social media on Thursday was the handiwork of politicians who were spending public funds to cause unnecessary tension, anxiety and friction in the polity, and also distract the Government from the real task of governance in the State.
The Governor urged the elected officers of the party at ward, local government, and state levels whose names were removed and replaced with fictitious names to remain calm, and go about their legitimate duties as officers of the party.
He also warned those fomenting trouble and fanning the embers of confusion and disunity to retrace their steps, and embrace peace or face severe consequences.
The Governor also warned those whose names were forced into the fake and fabricated list of purported Caretaker Committee members being circulated not to be deceived by anybody with unmerited appointment, and avoid parading themselves or showing their presence at any party offices pretending to be officials, as anyone caught would be made to face the full wrath of the law for forgery and impersonation.

Continue Reading

Trending