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Forcados Shutdown: Nigeria Loses N356.6bn

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Five months after it was
attacked and shut down, Shell Petroleum Development Company of Nigeria’s Forcados export terminal remains offline, causing the country a loss of about $1.6billion (N356.6billion) in revenue.
It is still uncertain when the pipeline would come back on stream, although the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had assured that repairs would be completed by the end of July.
In February 21, Shell declared force majeure – a legal clause that allows it to stop shipments without breaching contracts – a week after militants blew up a pipeline feeding the Forcados export terminal, knocking out at least 250,000 barrels per day.
The International Energy Agency had in April estimated that Nigeria could lose an estimated $1billion (N197billion) in revenue by May, when repairs of the Forcados terminal was expected to be completed.
The IEA said, “The Forcados terminal in Delta State, one of Nigeria’s biggest terminals, was scheduled to load 250,000 barrels of crude per day. At $40 per barrel, Nigeria could stand to lose an estimated $1billion between February, when force majeure was declared, and May, when repairs are expected to be completed.”
At an average oil price of $40 and exchange rate of N197 to the dollar, the country lost at least N246.4billion as of June 19 and N110.2billion from June 20 to July 27 (using $290/$).
The Nigerian National Petroleum Corporation (NNPC) had said the deficit and low revenue recorded by its exploration and production subsidiary, Nigerian Petroleum Development Company (NPDC), from February to April, was due to production shut-in, resulting in loss of entire NPDC’s revenue from crude oil sales of about N20billion occasioned by vandalism of Forcados export line.
The corporation said recent upsurge in vandalism had negatively impacted on the Nigerian crude oil production output, losing its African top crude oil producer to Angola.
It said, “About 380,000barrels per day remained shut in due to vandalism of the 48-inch subsea export line on February 15, 2016.

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Why Wike Is Playing God In Rivers -Asari Dokubo

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A former Niger Delta militant, Asari Dokubo, has claimed that the Minister of the Federal Capital Territory, Nyesom Wike, is “playing god” in the current political crisis that has pitched him against the Rivers State Governor, Sir Siminalayi Fubara.
Dokubo also chided President Bola Tinubu for, according to him, handing over “Rivers and Bayelsa” to the ex-governor.
“He is now playing god. It is dead on arrival, all those things that he is doing,” Dokubo said in a video that surfaced on X.com on Monday.
He added, “I advise my friend, President Bola Tinubu; what you are doing to all Ijaw, Ikwerre people in Rivers State (sic). You took Rivers state and gave it one man”
In April, Fubara revealed that the administration has raised the monthly Internally Generated Revenue of the state from N12 billion which he met upon assumption of office to N27 billion.
Dokubo described the development as commendable while alleging that the governor only had access to N6 billion when he assumed office.
“The governor had come out to say that the IGR for Rivers State is now N27bn up from N12bn. The governor is even being economical with the truth. When the governor came in, they were giving him a paltry sum of N6bn,” he said.
Meanwhile, in another twist to the ongoing crisis, Fubara on Monday said that he would set up a panel of inquiry to look into the affairs of governance in the state.
He disclosed this during the swearing-in and administration of the oath of office on Dagogo Iboroma, SAN, as the Attorney General of the state and Commissioner for Justice.
The governor criticized recent comments by the former Attorney-General of the State and Justice Commissioner, Prof. Zacchaeus Adangor, SAN, who resigned from his cabinet over a fortnight ago and urged the new Attorney-General to defend the state.
He stated, “It is not the one that while you were here… the only thing you do is to sabotage the government.
“Instead of you to close your mouth, you publicly claim that you’re a learned person to tell people that you’re the Chief Law Officer. Chief Law Officer, you were here and went to stand before a Magistrate Court.
“At that time you didn’t remember that you’re a Chief Law Officer going against the ethics of your job.”

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Investors, Tourists To Get Visa Within 48 Hours, FG Assures

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The Federal Executive Council chaired by President Bola Tinubu has approved the establishment of a tripartite committee to streamline visa processes and acquisition for investors interested in investing in Nigeria.
The Minister of Information and National Orientation, Mohammed Idris, revealed this, yesterday, after the FEC meeting held at the Council Chambers of the Presidential Villa, Abuja.
“Our visa processes are becoming cumbersome. The ease of doing business is also tied to our visa processes.
“Going forward, those investors, tourists would find it easy to acquire a visa within the next 48 hours,” Idris said.
The meeting which began on Monday was adjourned till Tuesday to allow for other “far-reaching” decisions, the information minister had told journalists.

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Panel To Probe Governance In Rivers Underway -Fubara …Swears In Iboroma As New Attorney-General

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Rivers State Governor, Sir Siminalayi Fubara, has declared his readiness to set up a panel of inquiry to look into the affairs of governance in the state.
Fubara disclosed this during the swearing-in and administration of the oath of office on Dagogo Iboroma, SAN, as the new Attorney General of the state and Commissioner for Justice.
The governor criticised recent comments by the former Attorney-General of the State and Justice Commissioner, Prof. Zacchaeus Adangor, SAN, who resigned from his cabinet over a fortnight ago and urged the new Attorney-General to defend the state.
Fubara stated, “It is not the one that while you were here… the only thing you do is to sabotage the government.
“Instead of you to close your mouth, you publicly claim that you’re a learned person to tell people that you’re the Chief Law Officer. Chief Law Officer, you were here and went to stand before a Magistrate Court.
“At that time you didn’t remember that you’re a Chief Law Officer going against the ethics of your job.”
Addressing the new AG, the governor said, “You have a big task. As it is today in the local parlance, they say the jungle has matured. We will be setting a panel of inquiry to investigate the affair of governance.”
The governor further said there was a deliberate attempt to sabotage his administration, saying, “If we disagree, no matter how bad it is, it should be resolved.
“But it has become very clear that this disagreement there is no headway to it, and for many reasons, there is very visible evidence that there is sabotage, a deliberate attempt to sabotage this administration.
“Maybe where they are they are telling them nothing will happen, it is happening here live, we have our own legislators that are performing their duties according to the Constitution. So that record is threatened.”

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