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World Bank Ends Oil, Gas Projects’ Funding In 2019

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The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced, yesterday, at a climate summit seeking to boost the global economy’s shift to clean energy.
“The World Bank Group will no longer finance upstream oil and gas, after 2019,” it said in a statement in Paris, where world leaders sought to unlock more money for the shift away from Earth-warming fossil fuels.
The move, it said, was meant to help countries meet the greenhouse gas-curbing pledges they had made in support of the 2015 Paris Agreement to limit global warming.
“In exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries’ Paris Agreement commitments,” the statement said.
The bank also announced it was “On track to meet its target of 28 percent of its lending going to climate action by 2020.”
The World Bank’s mandate is to provide finance and other assistance to aid the economic advancement of developing countries.
It co-sponsored the one-day summit called by French President, Emmanuel Macron to find ways to unlock the money needed for the global economy’s costly shift away from fossil fuels to less-polluting energy sources, and to shore up countries’ defences against climate-change induced weather disasters.
Trillions of dollars must be invested in clean energy technology to meet the Paris Agreement’s goal of limiting average global warming to two degrees Celsius (3.6 degrees Fahrenheit) over pre-Industrial Revolution levels, experts say. A lack of money has long been a constraint to the global effort to limit global warming, worsened by United States President, Donald Trump’s decision to withdraw America from the Paris Agreement and slash funding for climate projects.
In its 2016 annual report, the World Bank Group said it had invested just over $3billion in “extractive industries”, which also include mining, in 2016 — three times as much as the year before.

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Rivers Senior Citizens Seek Domestication Of 2017 National Law

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The Rivers State chapter of the Senior Citizens  Forum has urged the Rivers State Government to domesticate the National Law on Senior Citizens’ Act 2017, as well as implement the National Policy on Ageing.

 

This was contained in a communique made available to The Tide during the Forum’s courtesy call on the Acting General Manager of The Rivers State Newspaper Corporation, Mrs Stella Gbaraba, in Port Harcourt, recently.

 

The communique contains the outcome of a meeting by the Forum in Port Harcourt, last Friday.

 

The communique titled, “The Silver Vote: Ensuring Inclusive and Dignified Participation for Senior Citizens in the Electoral Process”, urged the state government to provide a centre for the care of senior citizens in the State.

 

According to the Forum, the proposed centre must be properly equipped with health, recreational office, boarding facilities and everything that concerns the happiness and total wellbeing of  senior citizens in the State.

It said the proposal should also be replicated at the local government levels.

 

The Forum acknowledged the commitment of the Rivers State Government to strengthening social protection for elderly citizens in the state through the payment of #200,000 for 500 elderly citizens above 65 years and above in December 2025.

 

“We advocate for the sustainability of the scheme and an increase in the number of beneficiaries as our Rivers State Senior Citizens Forum is ever willing and ready to partner with the Rivers State Ministry of Social Welfare in carrying the laudable scheme across the 23 LGAs of Rivers State.

 

“We appealed for the inclusion of persons aged 60 years and above in this scheme,” the communique read in part.

 

The Forum further requested for the provision of monthly allowances to senior citizens in the State to cater for their needs like medication and other social needs, as well as the establishment of retirement homes for them as being done in some advanced climes.

 

The senior citizens also demanded that polling units should be made more accessible to them, while Authorities should train polling officials to serve the elderly with patience and respect.

 

According to the Forum, the Independent National Electoral Commission (INEC) and Rivers State Independent Electoral Commission (RSIEC) should ensure the provisions of ramps with sitting and shaded standard waiting areas for the elderly while priorities are given to the elderly for timely accreditation and voting.

 

“We recommend that the Rivers State Independent Electoral Commission and Independent National Electoral Commission should integrate Senior citizens into the Electoral Support Programme as resource persons to train the polling Adhoc Staff of the Electoral Process,” the communique stated.

 

The Forum, however, appreciated the security agencies for maintaining law and order in the State.

 

“We particularly thank the General Officer Commanding -GOC 6 Div Nigerian Army and the Commissioner of Police, Rivers State Command for participating in our citizens open forum.

 

“We wish this cordial relationship between the senior citizens and uniformed personnel will be sustained,” the Forum said.

 

The senior citizens, however, condemned the raging insecurity in the country and called on the government, security agencies, politicians, traditional rulers community leaders , youths, women, parents and the entire Nigerians to do more towards ensuring a safe and peaceful society.

 

The delegation was led by the Queen of Ogoniland and President, Rivers State Senior Citizens’ Forum, HRM Queen Georgiana Tenalo, and Secretary, Rivers State Senior Citizens’ Forum, Chief Joseph B Otudor.

 

The delegation had earlier visited the Permanent Secretary, Rivers State Ministry of Information and Communications, Dr Honour Sirawoo.

 

John Bibor,/Boubai Samuel/Membere Kurotamunoye/Ezekiel Wisdom

 

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FCCPC Questions Slow Fuel Price Cuts Despite Crude Oil Crash

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The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns over what it described as possible consumer exploitation in Nigeria’s downstream petroleum sector following the failure of fuel prices to decline significantly despite a sharp drop in global crude oil prices.

 

The commission said its ongoing market surveillance showed that local refiners, depot operators, marketers and filling station owners had implemented only marginal reductions in fuel prices, a development it said was not commensurate with the steep decline in international crude oil prices.

 

In a statement issued  yesterday by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the commission said a review of prevailing gantry and retail prices suggested that consumers were yet to fully benefit from the easing in global oil prices.

 

The statement read, “The Federal Competition and Consumer Protection Commission has expressed concern over findings from an ongoing surveillance of the downstream petroleum market suggesting undue exploitation of consumers.

 

“A review of the gantry prices of local refiners, marketers, depot operators and retail outlet operators revealed token reductions in prices that are not commensurate with the steep fall in crude prices in the global market.”

 

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the commission was concerned by what appeared to be a one-sided response to changes in crude oil prices.

 

According to him, operators in the downstream sector often move swiftly to raise pump prices whenever crude oil prices increase but are reluctant to pass on the benefits to consumers when prices fall.

 

Bello said, “To be clear, the Commission does not regulate or approve petroleum prices in a deregulated downstream market. Our responsibility under the Federal Competition and Consumer Protection Act, 2018, is to promote competitive markets, prevent anti-competitive conduct, and protect consumers from unfair, deceptive and exploitative business practices.

 

“We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking forever for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions.”

 

The commission’s concerns come amid a sharp reversal in global oil prices following a ceasefire agreement between the United States and Iran and the reopening of the Strait of Hormuz, a major global oil shipping route.

 

The Tide reports that the price of petrol has remained high even as crude oil prices fell to about $73 per barrel last Wednesday, their lowest level since the US-Iran conflict began in February.

 

Crude oil prices, which had climbed to about $120 per barrel in April amid fears of supply disruptions arising from the Middle East crisis, have since fallen to around $73 per barrel, returning to levels last seen in February.

 

The earlier surge in crude prices triggered immediate increases in local fuel prices, with petrol selling for between N1,350 and N1,500 per litre in several parts of the country, while diesel prices climbed to about N2,000 per litre.

 

In February, however, petrol sold for between N800 and N900 per litre.

 

Despite the significant decline in crude oil prices, the commission noted that petrol is still being sold at an average of about N1,200 per litre across the country, while some local refiners currently have gantry prices ranging from N1,025 to N1,075 per litre.

 

Although the FCCPC acknowledged that domestic fuel prices are influenced by several commercial factors, including foreign exchange fluctuations, logistics costs, financing expenses, refining costs and distribution charges, it maintained that competitive market forces should ordinarily have led to more substantial reductions in pump prices.

 

Bello said, “Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment. Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the Commission will investigate and take appropriate enforcement action.”

 

He urged Nigerians to continue reporting suspected cases of anti-competitive conduct, price manipulation and other unfair market practices through the commission’s complaint channels.

 

The FCCPC’s concerns are likely to reignite debate over the effectiveness of the deregulated petroleum market, with many consumers and industry stakeholders questioning why reductions in international crude oil prices have not translated into proportionate declines at the pumps.

 

Since the removal of fuel subsidy and the full deregulation of the downstream sector, fuel prices in Nigeria have become increasingly tied to movements in global crude oil prices and exchange rate fluctuations.

 

However, consumer groups have repeatedly accused marketers of implementing price increases almost immediately while delaying price reductions whenever market conditions improve.

 

The FCCPC said its warning signalled possible regulatory scrutiny of pricing practices in the sector as pressure mounts on operators to ensure that the gains from lower crude oil prices are passed on to consumers.

 

 

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Primaries: APC Disowns Purported List Of Successful Candidates  …Says It’s Fake, Unauthorised

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The All Progressives Congress (APC) has disowned the purported official list of successful candidates from its recently-held primaries in circulation, describing it as fake and unauthorised.

 

The party’s National Publicity Secretary, Mr Felix Morka, in a statement yesterday in Abuja, said the party had not released any official list of winners of its primaries.

 

“The APC hereby informs the general public that it has not released the official list of successful candidates from its recently-conducted primaries,” he said.

 

Morka called on members, stakeholders and the general public to disregard any publication or report announcing the outcome of the primaries.

 

According to him, successful candidates will be duly notified through the party’s official channels and certificates of return will thereafter be issued in accordance with established procedures.

 

The APC spokesperson urged the public to rely only on official communications from the party.

 

The Independent National Electoral Commission (INEC) has opened its window for political parties to upload the names of candidates emerging from primaries ahead of the 2027 general elections.

 

While APC said the original list of its successful candidates at the primaries had not been officially made public, sources within the party confirmed that internal collation and verification processes are already ongoing pending the release of the list to the public.

 

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