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Oil Market: Bonny Light Price Hits $121.4 Per Barrel

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The price of Nigeria’s Bonny Light, yesterday, rose to $121.4 per barrel, from $118 per barrel, recorded last Thursday, in the global market, apparently the highest in recent times.
This showed $79.4 per barrel over the nation’s $62 per barrel budget 2022 benchmark, which was also based on 1.8million barrels per day, including condensate.
The current market situation was attributed to a disruption in supply following moves to ban Russian oil by the European Union and increasing demand around the world.
Experts believe the relatively high price of oil will go a long way to swelling the nation’s Excess Crude Account (ECA), while the government will spend more to import petrol for domestic consumption.
But the country might not be in a position to meet its 1.772million barrels per day quota of the Organisation of Petroleum Exporting Countries (OPEC) due to increased oil theft and illegal refining in the Niger Delta.
However, in its statement, OPEC had maintained, “Following the conclusion of the 28th OPEC and non-OPEC Ministerial Meeting, held via videoconference on 5th May, it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market. It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic.
“The OPEC and participating non-OPEC oil-producing countries, therefore, decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April, 2020, and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on the 18th July, 2021.
“Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432mb/d for the month of June, 2022, as per the attached schedule.
“Reiterate the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June, 2022. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.”
In an interview with newsmen, the National President, Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, who lamented the inability of Nigeria to meet the OPEC quota, said the oil market will continue to be unstable in the coming months until the end of Ukraine-Russian war.
He called for increased diversification and investment in the gas sector in the spirit of the energy transition, currently sweeping across the globe.
Speaking recently at the Seplat Energy tree planting event in Abuja, Minister of State for Petroleum Resources, Chief Timipre Sylva, who commented on oil market instability, had said that gas would be the pathway to clean energy, which was why the government was committed to creating a lot of opportunities for local operators to leverage.
He had said, “The Petroleum Industry Act, PIA, will enable a vast amount of gas projects but it behoves operators in the industry to also take advantage of the opportunity provided by the PIA to deepen the gas business in Nigeria.
“And to achieve that, we have declared the year 2021 to the year 2030 as the decade of gas and we are not just declaring it, we are creating a road map to achieving the decade of gas.”

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N1.8bn Discovery: Recall Buratai For Investigation, PDP Tasks Buhari

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The Peoples Democratic Party (PDP) has called on President Muhammadu Buhari to recall the former Chief of Army Staff (COAS) and Ambassador to Benin Republic, Lt.-Gen. Tukur Buratai (rtd), to face investigations over an alleged connection with the N1.8billion recovered in a property in Abuja.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) recently recovered N1.8billion worth of property owned by a military contractor in Abuja.
The opposition party, in a statement by its National Organising Secretary, Hon. Debo Ologunagba, yesterday, demanded the recall and investigation of Buratai.
PDP said its demand was predicated on the alleged missing $1billion meant to purchase arms to fight terrorism.
It added that corruption under President Muhammadu Buhari’s APC-led administration has led to the upsurge in unhindered terrorism attacks, mass killing of citizens, and loss of many of our gallant fighters.
The statement partly read, “It is therefore of serious interest to Nigerians when reports that the ICPC discovered the sum of N1.8billion in various currencies, expensive cars, and jewellery secreted in a property in Abuja allegedly linked to the former COAS broke out.
“There are already apprehensions that the discovered money is part of the security fund that was criminally diverted. This is especially against the backdrop of the frenzy and spirited efforts by certain quarters linked to the APC to suppress investigation and free flow of information, politicise the matter and sweep it under the carpet.
“Nigerians will recall that our Party has on several occasions alerted that the looting of our treasury is officially sanctioned and enabled by the APC administration with its refusal to prosecute those who were alleged and found to have been involved in massive corruption.
“It would also be recalled that the PDP drew attention to plans of the APC to create a slush fund account from monies fraudulently drawn from the national treasury to finance their plot to rig the 2023 general election.”
According to the PDP, the APC test runs their 2023 rigging plot in the Ekiti State governorship election with massive use of money to prosecute a vote-buying scheme.
The opposition party insisted that the reports of alleged massive looting under Buhari’s watch further confirm the APC administration as a haven for treasury looters.
“Moreover, the recently exposed looting of N80billion by the suspended Accountant General of the Federation, Ahmed Idris, which investigation has now gone cold is suspected to have been engineered by the cabal at the very high level of the APC administration,” it added.
The PDP maintained that Buratai should return to the country and be made to face investigation.
According to the party, this is important because any allegation bordering on the looting of funds meant for the fight against terrorism is of grave national concern and consequence.
PDP requested that Buratai be thoroughly investigated and if found wanting must be made to face the full weight of the law.

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King Jaja, Alapu-In-Council Receive Rivers PDP Guber Candidate In Opobo …Say Fubara’s Emergence Represents Riverine Communities’ Yearnings

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The Chairman of Rivers State Council of Traditional Rulers and Amanyanabo of Opobo Kingdom, King Dandeson Douglas Jaja, alongside the Alapu-In-Council, last Saturday, received the Rivers State gubernatorial candidate of the Peoples Democratic Party (PDP) for the 2023 general election, Sir Siminialayi Fubara in Opobo, the headquarters of Opobo/Nkoro Local Government Area of Rivers State.
While receiving the candidate, King Jaja said Fubara’s emergence represents the long yearnings of the riverine communities to produce the governor of the state since creation, and prayed that God perfects his victory at the elections.
The Amanyanabo noted that the kingdom would not take the opportunity of his emergence for granted as he expressed the undying gratitude of his kingdom to Rivers State Governor, Chief Nyesom Wike, who supported the emergence of their son as the candidate of the ruling party.
He urged his people to leave no stone unturned in supporting Fubara to victory in 2023.
Speaking earlier, the PDP flag bearer, Sir Siminialayi Fubara,had told the Amanyanabo and the Council of Chiefs that his visit was to intimate them of his emergence as the gubernatorial candidate of the PDP in the 2023 elections, and to seek their blessings as their son.
He said he considered it proper to do this before party campaigns commence, especially in seeking their prayers and blessings.
Fubara noted that his victory at the primary was not by his effort but grace of God at work, and enjoined the kingdom to join him in applauding Governor Nyesom Wike for supporting his emergence.
He further commended the governor for his developmental strides in Opobo and across the state.
The standard bearer visited the Amanyanabo and Alapu-In-Council along with party stalwarts and elders of Opobo/Nkoro extraction.

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Insecurity: Northern Group Backs Matawalle On Self-Defence Order

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A northern group, Arewa Development Forum for Peace and Justice (ADFPJ), has said the directive by the Zamfara State Governor, Bello Matawalle, that residents in the state should bear arms to defend themselves was in order.
This, the group, while rising from an emergency meeting held in Kaduna, yesterday, said was because the people of the North-West part of the country had suffered so much from banditry activities over the years.
They, therefore, noted that any lawful measure taken by the state to stop the rampaging terrorists that had consistently invaded the state, was in order.
Consequently, a statement released by the Executive Chairman of the group, Alhaji Zubairu Mustafa, also urged governors from the North-West to emulate the Zamfara State’s helmsman by issuing similar directives to their citizens.
The North-West comprises Kaduna, Katsina, Kano, Kebbi, Jigawa, Sokoto and Zamfara states.
The group also knocked the Chief of Defence Staff, Gen. Lucky Irabor, and other elites for hastily rebuking and condemning the governor’s order, adding that they were just being economical with the truth over the spate of insecurity in Zamfara State and other parts of the country.
According to them, the insecurity has festered across the country because there was no serious strategy in place by security agencies to end the challenge.
They added that with Matawalle’s order, the insecurity in his state would cease because if citizens were armed, bandits or terrorists or other criminal elements, would rethink before striking.
The statement read in part, “The Northern Elements Group, known as AREWA Development Forum for Peace and Justice, has risen from an urgent meeting of general concern in Kaduna with the resolution to support the idea of Zamfara State Governor, Bello Mohammed Mutawall, on giving permission to citizens to acquire and use weapons for protection against invading bandits in their communities.
“The group pleads with the state governors in the North-West region to set up machinery and measures for the Joint Task Force of able youths as community-based vigilante volunteers in order to complement the efforts of security operatives in the fight against criminal activities in the region like that of the Community Protection Guard (CPG) launched in Zamfara on Saturday.
“The group faulted negative reactions over the suggestion of Zamfara State Governor and bemoans at hurried comments of discouragement by the Chief of Defence Staff, General Lucky Irabor, and other elites who are economical with the truth of happening on the recent kidnapping, killings and attacks of the communities in North-West region and environs by suspected bandits.
“From Zurmi to Tsafe, from Bakura to Maru to Shinkafi, these bandits have continued with their deadly and dastardly attacks against innocent people because security agencies are overwhelmed with inadequate manpower, precision equipment and logistics facilities to nip the nefarious activities of these blood-thirsty terrorists, insurgents and bandits in the bud.
“In this case, Governor Matawalle is the man wearing the shoe and knows where it hurts, hence, our call on all meaning Nigerians to support his call on locals to legally acquire arms to protect and defend their communities against any form of criminal invasion.
“Therefore, we are supporting any leader that seems to have agreed and made a clear and acceptable decision within the ambit of law to bring lasting peace and security to the lives and properties of citizens.
“Nothing is more important than a leader in playing his role of saving lives and properties of his people than attending funerals or making a sympathy visit and lamentations after attacks.
“Proactive measures that include supporting military & Police operations, provision of logistics and giving communities’ rights of self-defence, are more important and best options for bringing a lasting and assured peace, cohesion and security to people in dire situations like now.”

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