NEWS MIRROR

By Akinola Ajibade Oil,  yesterday, suffered the biggest loss,  following banking turmoil across global markets, with investors watching for a potential response to the rout from OPEC and its allies. West Texas Intermediate(WTI) futures rose above $69 a barrel on Friday, but are still down about 10% for the week.  The  development made the Organisation of Petroleum Exporting Countries  OPEC + chiefs from Saudi Arabia and Russia to meet in Riyadi yesterday( Thursday) to discussed ways on how to “promote market balance and stability.” Also, the cartel's monitoring committee, which can recommend a change in production, agreed to  meet on the issue on April 3rd. OPEC+ will likely sit tight and monitor the market unless Brent drops below $70 a barrel for a sustained period, according to industry consultant FGE, while  Energy Aspects  said the producer group will probably wait for financial markets to calm before deciding whether to react. Troubles at Credit Suisse Group comb

By Akinola Ajibade Shell  has invested $8.2bilion in low carbon energy and non-energy products in the financial year ending 2022.  The oil major invested around a third of its total cash capital expenditure of $25 billion, Out of this,  $4.3 billion was invested in low-carbon energy solutions, marking an  increase of 89% compared with the previous year. In the 2022 budget are capital spending on biofuels, hydrogen and charging for electric vehicles, as well as wind and solar power [ The remaining $3.9 billion was invested in non-energy products such as chemicals, lubricants and convenience retail, which do not produce emissions when they are used by our customers. According to Shell Plc’s Published Energy Transition Progress Report 2022, which is expected to be presented to shareholders for an advisory vote during its Annual General Meeting on May 23, this year, the global oil firm has made remarkable progress  towards becoming a net-zero emissions energy business by 2050,

Sanwoolu  By Akinola Ajibade Barely four days to the March 18th Governorship and House of Assemblies Election, the Houston Chapter of All Progressive Congress ( APC) in the United States, has thrown its weight behind  the incumbent, Governor Babatunde Sanwoolu.  According to its Chairman,Dr. Emmanuel Abiodun Dada, the electorate in Lagos has seen the achievements of the governor and as a result, need to return to  return him for second term in order to able to  deliver on his political promises of rebuilding Lagos.  Dada, also the Founder of Renew Our Hope, a USA-based not-for-profit organization, at media parley in Lagos, reminded residents that it is risky to hand over the biggest economy in Nigeria to those without knowledge of historical growth of the state.  He raised concerns about the future of the youths in the state, adding that the only way the youths can achieve their aspirations is to support the reelection of the able, tested, and impressive Governor Sanwo-Olu,

CBN's headquarters, Abuja. Favour Ajibade The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, advised his counterparts in other African countries to put in place  measures that would prevent any run on financial institutions in their jurisdictions.. He said sound regulatory and supervisory mechanisms and day to day monitoring of the financial institutions are crucial, if the banks would remain healthy.  He gave the advice at the opening of the 2023 African Central Bank Conference held at the Global Leadership Center, Johannesburg, South Africa.  Speaking on the current global dynamics and specific policy developments in Nigeria to address emerging shocks, he advised central banks on the continent to draw lessons from the recent failure of Silicon Valley Bank (SVB) and Signature Bank in the United States of America, by putting in place regulations that will prevent any run on banks in their countries. Emefiele, while sharing Nigeria’s experience in r

By Favour Ajibade The Shell Petroleum Development Company of Nigeria Limited (SPDC), operator of the SPDC joint venture, yesterday, lifted the force majeure on Bonny export programme.  The company declared force majeure over a year ago, precisely March 3,2022, following a significant decline in crude receipts at the Bonny Oil and Gas Terminal. A Spokesperson of SPDC said: “The Shell Petroleum Development Company of Nigeria Limited (SPDC), has lifted the force majeure on Bonny export programme with effect from Wednesday, March 15, 2023.

By Favour Ajibade The Nigerian Liquefied Natural Gas, NLNG is struggling to boost output, despite rising  demands  from its European buyers, a report by the Natural Gas Intelligence has said. This follows heavy flooding, upstream gas issues, pipeline vandalism among other problems, which have left the six-train facility on Bonny Island producing far below capacity last year. According to recent natural gas exports, exportation of the product has been witnessing a major decline since last October 2022 when NLNG  declared a force majeure due to flooding among other issues.  A gas analyst, Ana Subasic noted that the Nigeria’s LNG exports have been lower, but steady since the beginning of this year.  Subasic said NLNG, a major Atlantic Basin supplier since 1999 when the first train came online, delivered 1 million tons (Mt) to the global market at a 53 per cent utilization rate in January. The situation seems to be improving, however, as exports bounced back to 1.07 Mt last mon

Ajaero addressing union members Nigeria may witnessed another strike action,in the event that the Federal Government fails to put an end to the cash crunch, occasioned by the changing of old naira notes to new ones. Recall that the eight months strike embarked upon by the Academic Staff Union of Universities ( ASUU) ended late last year( 2012) only for the Nigerian Labour Congress ( NLC) to  threaten to go on  another strike, if the government refuses to end the cash crunch, which has impacted negatively on Nigerians across boards. NLC's President,  Comrade Joe Ajaero, yesterday ( Monday) issued ultimatum that the body begin another strike, if the  scarcity of naira was not addressed in time by the government. Ajaero, who spoke at  opening session of the Central Working Committee (CWC) meeting of the apex labour union, expressed disgust over the hardship Nigerians were going through as a result of the cash swap policy of the Federal Government, warned that on the expira

By Favour Ajibade Pension investments in Federal Government of Nigeria ( FGN) securities have increased from N9.19 trillion in September 2021  to N9.64 trillion in December 2022. According to the National Pension Commission  (NPC, the increase represents N451.82 billion or 4.92 per cent. The body further attributed the  increase in the value of investments in FGN Securities to additional investments in assets class during the last quarter. While referring to its fourth Quarter of 2022 Report, PenCom said that the total value of pension fund assets as at December 31, 2022 was N14.99 trillion. The assets, PenCom said, was made up of N10.72 trillion RSA ‘Active’ Funds I, II III and V; N1.19 trillion RSA Retiree Fund IV; N1.57 trillion Closed Pension Fund Administrators (CPFAs); and N1.48 trillion Approved Existing Schemes. Fund VI Active and Retiree Fund amounted to N36.20 billion.  A breakdown of the fund, the agency said, showed that pension fund assets were mainly invested

By Akinola Ajibade Abuja Electricity Distribution Company (AEDC) says it would start  rationalising supply of electricity in its jurisdictions soon. The firm covers Federal Capital Territory ( FCT)), Nasarawa, Niger and Kogi.  The company, in a statement obtained by News Mirror blamed the development on insufficient power allocation. In the statement copied to all customers across its franchise, the DisCo said: “We would like to inform you that we are aware of the unstable power supply experienced in recent times essentially caused by insufficient power allocation.. It added that " “Due to the limited energy allocation, which the firm has, implementation of load curtailment directives across our franchise is important, if we  want to ensure grid stability.  Doing this will involve occasional temporary interruption of power supply in order ascertain areas, which need supply of electricity for a limited period of time. We understand that this may cause inconvenience to our customers

Brown  Seplat Energy Plc, yesterday, refuted the claims in some quarters that its Chief Executive officer, Mr Rogers Brown, who stepped aside briefly in order to clear some burning issues pertaining to his office,violated some corporate governance issues in the country. The firm, in a statement signed by the Chairman,  Board of Seplat, Mr Basil Omiyi and made available to the News Mirror, expressed confidence in its CEOs, stating that the ex-parte interim order passed recently by Justice C.J Aneke in order to restrain Rogers Brown from operating as Seplat's helsman  for seven days was unconstitutional. Aneke was of the Federal High Court sitting in Lagos.  The Board believes these allegations are a spurious and vindictive reaction to its  enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the Company. As a result of this, the Board has no option other than to pass a vote of confidence in Mr Brown

Seplat Energy Plc has appointed Samson Ezugworie as its acting Chief Executive Officer CEO . By this, Ezugworie will hold sway as the company’s helmsman pending the period Mr Roger Brown,the embattled former CEO,is required to step back from his executive duties as directed by a Nigerian Court. He was the company’s Chief Operating Officer, before his present appointment,a statement said. In a The statement which was issued by its board chairman, Mr Basil Omiyi, the company was last week ( March 9,2023) served with court processes and ex-parte Interim Order of the Hon Justice C. J. Aneke of the Federal High Court, Lagos, Nigeria, restraining the Chief Executive Officer, Mr. Roger Brown from participating in the running of the Company for a period of 7 days. The interim orders, according to the statement,  are based on allegations of unfair, prejudicial, and offensive acts by the Chairman, CEO, and all of the Independent Non-Executive Directors (INEDs) of Seplat Energy. It al

Imo Capital, Owerri in darkness Imo is experiencing acute shortage of  electricity because of the industrial organised by the labour union in state, the Head, Corporate Communication, Enugu Electricity Distribution Company ( EECD), Mr Emeka Ezeh has said. He said the development has paralysed  activities, as business owners are counting thrur losses. While speaking  to journalists in Enugu yesterday, Ezeh said that the industrial action has resulted in the shutting down of source of electricity supply in the state, adding that issue  has made it difficult for the DisCo to distribute energy to individual and corporate consumers.  Ezeh said:" All customers of the company in Imo are currently lacking access to electricity on account of the development.  We understand the inconveniences, which the issue has caused to the residents and we are hopeful that it would be resolved within the shortest possible time soon.  According to him, EEDC has no choice than to call on custo

Seplat Energy Plc has described the allegations qthat its Chief Executive officer, Mr Roger Brown is discriminsting against Nigerian employees as baseless.  Seplat was accused of favouring foreign workers as well as possessing  possessing a Combined Expatriate Residence Permit and Aliens Card (CERPAC) contrary to valid expatriate quota. Also, its CEO was also alleged to have failed to honour invitations by the ministry’s panel, which investigated the matter. Seplat's CEO, Brown The company, in a statement made available to the News Mirror today ( Thursday) punctured the allegations. The statement said: “Seplat Energy wishes to refute the false allegations against Mr. Brown, which have been presented to the Ministry of Interior and the public by certain petitioners and which have not been brought to the attention of Mr. Roger Brown or Seplat Energy for a reaction”.  According to the company, the media reports was orchestrated in order to tarnish its image, ad

INEC's Chair, Prof Mahmood Yakubu By Akinola Ajibade Amid plans by the Presidential Candidates of the People Democratic Party( PDP) Alhaji Abubakar Atiku Labour Party( LP), Mr Peter Obi  respectively, to contest the result of the February 25th election won by Asiwaju Bola Ahmed in Court, the Independent National Electoral Commission( INEC) has announced a shift in the Governorship and  House of Assemb ly elections by one week.  Both Atiku and Obi are former Vice President and Governor respectively. Under the new rule, as announced by the electoral umpire recently, the exercise, which was earlier billed  to hold this Saturday March 11th is  now postponed to March 18th.  Citing problems such as transportation and poor configuration of Biomedal Voters Accreditation System ( BVAS), the INEC's Chairman,  Prof Mahmoud Yakubu,  said that the body has no option than to hold the elections at a latter date, if meaningful and errors free exercise is going to take place in the

By Akinola Ajibade Nigerians, especially depositors and traders  were still sceptical about the validity of N500 and N1,000 notes that were reissued into public domain by commercial banks, days afterSupreme Court’s ruling that both the new and old naira notes should be used until December 31, 2023, when they would cease to be legal tender. In areas such as Ketu, Ojota, Oshodi, Ilupeju and others visited yesterday, by News Mirror, many Nigerians still want to get assurance from the Governor, Central Bank of Nigeria( CBN) Mr Godwin Emiefele that the apex bank has complied with the Supreme Court'judgement, while others are asking President Muhammad Buhari to give orders first before they spend the old naira notes. Findings showed that some of the Point of Sale  (POS) operators are not to go to banks for fear of being paid old notes at the counter or Automated Teller Machines ( ATMs). Their fears were justified, as traders in the above visited areas in Lagos, strongly  resi

Union Homes office, Lagos  By Akinola Ajibade Union Homes embroils in deeper crisis over N2.5b compensation fund  All appears not well with Union Homes as the company is facing allegations such as diversion of N2.5 billion paid it by the Lagos government in order to compensate victims of demolition exercise carried out in Abule Odo and Iyana Oba areas of state among other issues. The government is believed to have paid  compensation for demolishing properties in those areas, years after all parties involved on the matter are unable to amicably resolved the matter. Sources close to the mortgage financing and estate development firms, said that N2.5 billion was sometimes ago  diverted to Aso Savings, which is a parent body of Union Homes.  Part of the allegations also include acquisition of Union Homes through shady deals ten years ago. The sources further said that Aso Savings and Loans Limited was required to inject N5billion as a purchasing consideration fee into Union Hom

Old naira notes  By Akinola Ajibade Nigerian banks, yesterday Monday March 6th, 2023 began to re-dispense old N500 and N1000 notes to their customers for improved socio-economic activities.  The development, which is in  tandem with Supreme Court judgement to extend the validity of the Central Bank of Nigeria (CBN) naira redesign policy to December this year,  saw  Deposit Money Banks(DMBs) receiving and issuing old notes to customers, with  confidence. In some of the branches  within the metropolis, visited by the News Mirror, customers were in a  relaxed moods, as they were paid a maximum of N20, 000 each, with the hope of increasing it  subsequently.  Guaranty Trust Bank (GTB), First Bank, Access Bank, United Bank for Africa( UBA) and Sterling Bank, Lagos are some of the institutions, who  conducted transactions in apparent obedience to the judgement of the Supreme Court.. A Manager of Sterling Bank in Igbogbo, who does not want his names mentioned, advised customers to

Seplat's Chief Executive officer,  Brown  By Akinola  Ajibade Seplat Energy Plc, has recorded a rise in profit before tax of N86.7 billion from N71billion in its audited results for the full year ended in 31 December 2022.  This happens, as the company generated cash from its operations to the tune of N242.4bn from N150.9bn year-on-year, rising by 51.6 per cent. The firm with listing in the Nigerian and London Stock Exchanges, also  grew its revenue by 29.8 per cent to N403.9bn from N293.6bn year-on-year; as its gross profit soars to N197.2bn from N114.2bn year-on-year, rising by 63 per cent. By this, Seplat Energy is paying a US7.5 cent final dividend, despite the significantly disrupted production experienced in the second half of the year. This amounts to a full-year dividend of US15 cents, representing a dividend yield of around 11 per cent at the current LSE share price. In its operations, Seplat Energy’s working interest production averaged 44 kboepd, impacted by

The Nigeria Labour Congress ( NLC) has elected Comrade Joe Ajaero as its new President, a development, which was brought about the exit of Comrade Ayuba Wabba, who successful completed  two terms in office this year. He served as the nation's labour union for  eight years ( 2015-2023). The new President is expected to serve the apex labour union for a term of four years or at most two, just as Wabba did.  Expectedly, President Muhammadu Buhari has congratulated the newly elected president of the Nigeria Labour Congress (NLC), Joe Ajaero as he pledged to reawaken the spirit of the labour movement to become the true champions of the Nigerian people. According to him, NLC would cry the cries of the Nigerian masses and jointly wage wars against all forces of impoverishment and misery, adding that, the current electricity tariff and provisioning had remained stacked against Nigerian workers and masses, adding that NLC would work with government to bring sanity to sector. “We urge the fe

Fuel loading trucks  By Akinola Ajibade Nigeria has the potential to become a regional  pricing  hub when its comes to trading in Petroleum Motoring Spirit (PMS) and others,as well as boasting of greater chances to supply demand, the Vice President, Argus Media, James Gooder  has said.  He spoke yesterday,during a one-day workshop organised by the Major Marketers Association of Nigeria (MOMAN) for energy correspondents in Lagos. The workshop was meant to celebrate the World International Day and also help showcase the roles played by gasoline pricing in the trading of the products, among oil consuming nations, with particular reference to Nigeria. The event topic is :" Th e Importance of Fundamentals and Price Data in  Downstream Markets,’ “.. According to him, there should be transparency in the process of developing and fixing prices for the petroleum products that can be seen and accessed by countries which chiefly rely on them for improved socio-economic activities