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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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Be Patient With Us, Diri Tells Bayelsans … Inspects New 60mw IPP …Expresses Confidence In Technical Partners, BECL MD

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Bayelsa State Governor, Senator Douye Diri has sued for patience on the ongoing installation of the state’s new independent power project.
The Tide gathered that the 60-megawatt gas turbine project, which installation commenced in October this year, was earlier scheduled to be completed by December but suffered logistics related delays.
The governor called on people of the state to have an open mind about the project, which he said now requires a new completion date due to unforeseen challenges.
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?The Tide further reports that the State’s Chief Executive who undertook an on-the-spot-assessment of the project at Elebele in Ogbia Local Government Area on Wednesday, said like other citizens of the state, he was also disappointed that the December completion deadline could not be met.
However, he stated that his reaction to the delay had been that of understanding rather than being angry as had been noticed, particularly on the social media.
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?”You can see I’ve  gone round the whole facility. It was based on the working agreement and information available at my disposal that I gave the December date. But as it is with every human endeavor, we must all have an open mind, when it comes to issues, particularly technical matters like this.
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?”I am as disappointed as any other Bayelsan because I believed that we were going to celebrate the 2025 Christmas with our own independent power, but it turned out not to be so.
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?”I call on Bayelsans to have an open mind. These technical experts are working virtually 24 hours, but delays like this will certainly come”, he said.
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He implored the people 9f the state to appreciate the work of the engineers, stressing that a minor mistake was capable of jeopardising the millions of dollars expended on the project.
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?”For 29 years Bayelsa has been in darkness or has endured epileptic power supply. Now that we are getting close to the day of liberation, some people have become impatient.
“Let us not behave like the proverbial tortoise in the prison for years that asked to be released immediately as the place was smelling the moment he knew it would regain freedom the next day”, the governor added.
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?The Bayelss Governor gave a thumps up to the technical partners, Jampur Group, and its team on ground as well as the Managing Director of the Bayelsa Electricity Company Ltd, Engr. Olice Kemenanabo, saying they were working round the clock to ensure the job was completed.
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?”Those who have been following me on this inspection would know that work has not stopped even for one day since it started. I am sure the job is more than 90 per cent complete. So let us hold our fire.
“Engineer Olice, I am not putting you under any pressure. From the reports I have, Olice is one of the best electrical engineers in Nigeria”, governor Diri said.
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The governor, however, hinted that the government was looking at inaugurating the project during its sixth anniversary in February.
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The MD of the Bayelsa Electricity Company Limited, Kemenanabo, who also spoke, said the state was on the right track towards actualising the project and assured that the alignment of the entire system, including the gas generator and alternator were on course.
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He also stated that the remaining two turbines would be delivered to the project site in a few days.
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?Speaking on behalf of the Jampur Group, Mr. Sherrif Abu-Anif said the company was in good position to meet its own end of the bargain and appreciated the state government for playing its part very well.
By Ariwera Ibibo-Howells, Yenagoa
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Akpabio Withdraws All Defamation Suits After Priest’s Sermon 

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The Senate President, Senator Godswill Akpabio, has directed his lawyers to withdraw all ongoing defamation lawsuits against several individuals, saying he was moved by counsel during a New Year Mass.

Speaking at the Sacred Heart Parish in Uyo, yesterday, Akpabio said he had filed nearly nine lawsuits against individuals he accused of defaming him.

He said, “I had almost nine cases in court against some individuals who defamed me, who lied against me, who slandered my name.

“But I listened to the priest and suddenly realised he was talking to me, so I hereby direct my solicitor to withdraw all lawsuits against them.”

In 2025, Akpabio had filed several high-profile defamation lawsuits, including one against colleague Senator Natasha Akpoti?Uduaghan.

In late 2025, Akpabio filed a N200 billion defamation lawsuit against her over allegations of sexual harassment, which he denied and urged her to substantiate in court.

Earlier in the year, Akpabio’s wife also filed defamation suits against Akpoti?Uduaghan over claims she said had harmed her family’s reputation.

Relations between the two lawmakers soured after Akpoti?Uduaghan accused Akpabio of influencing her suspension from the Senate in March 2025, following her public allegations of misconduct.

The Senator had previously challenged actions taken against her in court, including a N100 billion defamation suit she filed against Akpabio and other defendants over alleged remarks that she said damaged her reputation.

With yesterday’s announcement, Akpabio has formally ended all pending legal disputes arising from defamation claims, signalling closure to the publicised litigations as the year begins.

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‘Best Way To Show Gratitude Is To Deliver Tinubu in 2027’

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Rivers State Governor, Sir Siminalayi Fubara, has declared that the best form of gratitude Rivers people owe President Bola Ahmed Tinubu for protecting the interest of the State is to galvanize massive support for the President in 2027.

 

Fubara disclosed this last Monday during the commissioning of Permanent Secretaries Quarters built by his administration at Elimgbu in Obio Akpor Local Government Area of the State.

 

He said that the State has what it takes to deliver the President during the 2027 general elections.

 

“We’ve taken a decision,our decision is for the good of Rivers State, our decision is to say thank you for the protection we have from Mr President, our decision is to prove that we have what it takes to deliver Mr President.”

 

Fubara expressed delight over the completion of the project,  stating that the initiative was to provide accommodation, a basic need of life  for public servants in the state to improve their productivity.

 

He explained that lack of effective social welfare was at the root of some incriminating actions that undermine the purpose of governance, noting that the commissioning of the newly built Permanent Secretaries Quarters marks a significant milestone in civil service welfare and institutional development.

 

“Insecurity begins when individuals are uncertain of what the next hour holds. This situation is especially challenging for family men and women, affecting confidence and decision-making,” he observed.

 

Fubara emphasized the need for proper maintenance of the facility and urged the beneficiaries to protect the project like a personal property, while directing the State Head of Service to appoint a facility manager to ensure long-term maintenance.

 

In her remarks, the Special Guest of Honour and Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, who unveiled the project, expressed appreciation to the governor and Rivers State for inviting her to commission the project.

 

She commended Fubara for prioritizing the welfare of Permanent Secretaries who are senior public servants and accounting officers, noting that the project reflects purposeful and visionary leadership, and urged other states to borrow a cue from the Rivers State Governor.

 

Walson-Jack described the initiative as a strategic investment in staff welfare and institutional continuity which she noted is in line with Renewed Hope Initiative on provision of mass housing and social stability.

 

“The commissioning of these houses reflect a deliberate commitment to the dignity, welfare, and productivity of senior public servants responsible for policy coordination and service delivery,” she said.

 

In his goodwill message, the National Secretary of the All Progressives Congress (APC), Senator Ajibode Bashiru, who led a high powered delegation on a visit to the governor, congratulated Rivers people for aligning with the Pan Nigerian political party, assuring that the interest of Rivers State will be duly protected in the APC.

 

He described President Bola Tinubu as a detribalised Nigerian who anchors his leadership on equity, fairness and justice, adding that the APC will provide a level playing ground for all.

 

The APC chief scribe also commended Fubara for providing good accommodation for public servants, stating that it will address issues of sabotage, compromise and disloyalty on the part of public servants.

 

Giving the project description,  Permanent Secretary, Rivers State Ministry of Works, Dr. Austin Ezekiel-Hart, said the estate comprises 29 units, including nine standalone duplexes and 20 terrace buildings.

 

Facilities feature a water treatment plant, synchronized power generators, CCTV and alarm systems, a gym, recreational areas, and green spaces—designed to enhance comfort, performance, and productivity.

 

Earlier, the Head of the Rivers State Civil Service, Dr Mrs Inyingi Brown, had thanked the governor for his visionary initiative and unwavering commitment to the welfare of Rivers State Civil Servants, and restated the commitment of the State civil servants to the success of Fubara’s administration.

 By: Taneh Beemene

 

 

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