Presidential Cttee Member Fingers Retired Military Top Brass in Oil Theft
A member of the Presidential Committee on Defence Strategy, Professor Isaac Olawale Albert has insisted that crude oil theft has continued to boom without an end in sight because retired top military officers are among masterminds of such heinous crime against the nation.
Nigeria loses revenue worth billions of dollars annually due to the unpatriotic activities of oil thieves and pipeline vandals. Read more
Thousands Flee Gubio Town As Boko Haram Sends Threat Letter
Thousands of residents from Gubio town in Borno State yesterday fled to Maiduguri, the Borno state capital after suspected Boko Haram terrorists reportedly sent them a letter threatening an imminent attack.
The fleeing residents, who arrived Maiduguri on lorries, vans and trucks were seen moving towards the direction of the Shehu of Borno’s palace as well as towards the city centre. Read more
Naira devaluation: House committee faults CBN
The House of Representatives Committee on banking and currency, has frowned at the devaluation of the local currency and increase in the Monetary Policy Rate (MPR), saying that the development would further suffocate budding businesses.
The Chairman of the House Committee, Chukwudi Jones Onyereri, said CBN’s decision should have been preceded by considerations of attendant hike in interest rates by banks. Read more
CBN Warns against Counterfeiting of Naira
The Central Bank of Nigeria (CBN) in its resolve to sustain stakeholder confidence in the country’s currency has commenced the education of Nigerians on the incorporated security features of the naira, even as it warned culprits to desist from the unwholesome act of counterfeiting.
The CBN Governor, Mr. Godwin Emefiele gave the charge yesterday while declaring open the maiden temporary exhibitions of the Currency, according to a statement. Read more
PDP gov aspirants shun police security meeting in Kwara
A planned summit of all 13 governorship aspirants of the Peoples Democratic Party (PDP) in Kwara State with the state police command has been postponed indefinitely.
The meeting was called by the state police command on the directive of the national headquarters of the Nigeria Police ahead of December 8, 2014 PDP governorship primaries in Kwara State. Read more
Transcorp to begin construction on $140m Lagos hotel in 2 weeks
Transcorp Hotels plc will begin the construction of its $140 million Lagos Hilton in two weeks, as it seeks to ride a wave of growth in Africa’s largest economy.
“We have signed the agreements for piling works to begin,” said Valentine Ozigbo, its CEO, in a recent interview with BusinessDay in Lagos. Read more
Mining: Poor Standards Hamper Nigerian Products in International Market
Stakeholders in the minerals and mining sector have often bemoaned the rejection of their locally mined products even when they think their products are of high and exceptional quality. Poor quality control, poor regulations and the high rate of illegal/informal mining activities in the sector are critical to the rejection of locally mined products on the international market. Read more
Devaluation: Naira hits N186 in parallel market
The exchange rate for the dollar in Abuja parallel market, otherwise called the black market, on Wednesday rose to between N182 and N186, a day after the Central Bank of Nigeria devalued the nation’s currency by N13, an investigation by a News Agency of Nigeria correspondent revealed.
This is against the new official exchange rate N168 announced on Tuesday by the Governor of CBN, Mr Godwin Emefiele. Read more
Oil and Gas
Seplat Achieves 74,000BOPD Gross
Seplat hit 74,000Barrels of Oil Per Day operated production in Oil Mining Leases (OMLs) 4, 38 and 41 in early November 2014 and has maintained between 73,000 and 74,000BOPD for most of the month so far. The company’s gross production for November 21, 2014 was 73,166BOPD and equity production was 32, 925BOPD.
Seplat exited 2013 at around 59,000BOPD (operated), thus netting 26,550BOPD equity crude. However, in the first four months of 2014, the company’s total oil and gas production was impacted by 43 days of shut-down of Shell’s Trans Forcados Pipeline (TFP). In May 2014, Seplat reported it had completed a new 10km pipeline to the Warri refinery in the west of the Niger Delta basin, “creating an alternative liquids export route to reduce impact of future third-party pipeline and terminal shut-downs”. It then declared it was “on track to deliver its 2014 target gross operated production exit rate of 72,000 BOPD”. This target seems clearly in hand. Read more
Oil price: OPEC meets today to determine production quota
Amidst dwindling global crude oil prices, the Organisation of Petroleum Exporting Countries (OPEC) is meeting today to deliberate on the development and possibly set new production quota for member countries.
The 166th OPEC conference will, among other issues, deliberate on ways to lift crude oil prices which have plunged by about one-third in value since June to about $74.24 a barrel as at Tuesday. Read more
Sierra Leone to Eclipse Liberia in Ebola Cases
Sierra Leone will soon displace Liberia as the worst-hit of the West African countries ravaged by Ebola, the World Health Organization said Wednesday.
More than 600 new cases of Ebola were reported in the three countries most affected — Sierra Leone, Liberia and Guinea — in the week that ended Sunday, and more than half were in Sierra Leone, according to figures in an updated summary of cases and deaths on the W.H.O. website. Read more
Ferguson shooting: Governor ‘rejects calls for second jury’
The governor of Missouri has reportedly rejected calls for a new grand jury to decide whether to charge a white police officer for killing a black teenager.
It follows two days of unrest in St Louis and 12 other cities over a ruling not to charge Darren Wilson for the killing of 18-year-old Michael Brown. Read more
Private Firms Filling Latin America’s Security Gap
A panic alert flashed across Alberto Herrera’s computer screen. Men claiming to be with the notorious Gulf Cartel had stopped a convoy transporting chemicals through a lawless region of northeastern Mexico. They seized two drivers from an escort truck and demanded the valuable cargo in exchange for their release.
Giant flat-screen monitors blinked with the GPS locations of dozens of vehicles carrying cargo coveted by criminals: designer jeans, rare art and business executives ripe for kidnapping. Read more
North Korea: Kim Jong-un’s sister holds senior title
The younger sister of North Korean leader Kim Jong-un has been referred to as senior party official for the first time in state media.
Kim Yo-jong, who is in her mid to late twenties, was identified as a vice-director of a department within the powerful Central Committee, KCNA said. Read more
Streets of Ferguson quiet after two nights of racial unrest
The streets of Ferguson, Missouri, were mostly quiet on Wednesday after two nights of racially charged unrest following a U.S. grand jury decision to clear a white policeman over the killing of an unarmed black teenager.
A couple of dozen protesters huddled in the falling snow outside police headquarters in the St. Louis suburb, in sharp contrast to the hundreds who took the streets on Monday in a night of arson, looting, sporadic gunfire and clashes with police that ended in more than 60 arrests. Read more
Yola power firm loses N150m monthly to insurgency
The Yola Electrical Distribution Company responsible for the distribution of electricity to Adamawa, Taraba, Yobe and Borno states has lamented the effect of insurgency on its operations.
The company said the displacement many of its customers in the zone by the activities of insurgents was responsible for its monthly revenue loss amounting to N150m. Read more
Falcons know opponents Dec. 6
Nigeria women’s team, the Super Falcons, will know their group opponents at the 2015 FIFA Women’s World Cup in Canada on December 6, when the draw will take place in Ottawa.
This is Nigeria’s seventh appearance in the tournament, having qualified for each previous edition of the competition. Read more
Inyama, Bassey, Other Nigerians for CAF Duties in E’Guinea
Chairman of the NFF Marketing, Sponsorship and Television Advisory Committee, Chief Emeka Inyama and three other eminent Nigerians have been invited by the Confederation of African Football to play important roles at the 30th Africa Cup of Nations finals in Equatorial Guinea.
NFF President, Mr. Amaju Melvin Pinnick, was earlier appointed member of the Organising Committee for the championship, which will be staged in four Equatorial Guinean cities 17th January – 8th February next year. Read more
NFF will decide on Keshi –Ministry
As the Nigerian sporting community continues to grope in the dark as to the fate of Super Eagles coach Stephen Keshi after the country failed to qualify for the 2015 Africa Nations Cup, the Ministry of Sports officials have insisted that only the Nigeria Football Federation can decide the next move. Read more
Phil Hughes: Australian batsman dies, aged 25
Australia Test batsman Phil Hughes has died, two days after being hit on the head by a ball.
Australia team doctor Peter Brukner said he never regained consciousness and died in hospital in Sydney. Read more
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