Group Managing Director of Nigerian state oil firm NNPC and the Governor of Central Bank of Nigeria told the National Assembly and the country's airline association on Monday that they were unable to help with soaring jet fuel prices.

However, in a resolution to the meeting, NNPC agreed to supply jet fuel to marketers nominated by the Airline Operators of Nigeria, and the association will itself apply and be granted a jet fuel import licence, Speaker of the House of Representatives, Femi Gbajabiamila, said.

Fuel prices have risen sharply around the world since Western companies began imposing a series of increasingly tight financial sanctions on Russia after its invasion of Ukraine in late February.

The price increase has affected already debt-laden airlines that rely on imported kerosene, or jet fuel, that is not subsidised, unlike gasoline.

"We cannot fix the prices of aviation fuel on a deregulated commodity. The only way we can fix the price of aviation fuel is to introduce a subsidy," NNPC chief, Mele Kyari told lawmakers.

Nevertheless, the head of AON said NNPC had failed on its earlier promise to supply jet fuel at a fixed N500 naira a litre.

"NNPC told us the president has approved 25,000 metric tonnes for us (airlines) but we never got this fuel," Allen Onyeama, vice president of AON and chairman of Air Peace, said, referring to President Muhammadu Buhari.

"We nominated some marketers who have been licensed ... to handle the 25,000 tonnes, but we are yet to get this fuel."

The AON almost suspended flights but U-turned on the decision just hours before the move was due to take effect on Sunday.

CBN governor Godwin Emefiele said he could not offer the airlines a "concessionary rate" on foreign exchange to help with more imports.

"If it is naira intervention that airlines want, they could approach their banks. The banks would look at it," Emefiele told lawmakers.

Lauretta Fagbohun, Ogun

Former Senate President who is a Presidential aspirant under the Peoples’ Democratic Party, PDP, Dr. Bukola Saraki, on Monday, promised to provide the kind of unifying leadership that the country needs at this time with his versed experience and knowledge in governance.

The Presidential aspirant stated this after a closed door meeting with former president Olusegun Obasanjo before heading to the PDP secretariat at the Oke-Mosan area of the state, where he met the State PDP delegates. 

Dr Saraki while speaking with newsmen in his words said "I am here to see PDP delegates but I can't come to Ogun State without paying a visit to the former president, Chief Olusegun Obasanjo, who is our father”.

He stated that “Chief Obasanjo's energy for this great country,inspires him to provide the kind of leadership for the country as baba wishes”.

Saraki told delegates that he is confident that he can provide the type of leadership this time requires as he continues to consult across the country.

According to him, “I can see the type of capacity people are looking for in their leader. They are looking for someone who can unite the country, somebody who is not about South or North. Someone who is not religiously biased, someone with experience and the energy to save our people and work for the betterment of the Country”.

“At this time there is the need for a serious decision to be taken, as Nigeria needs a courageous and bold personality”.

"it's  not about just wanting to be a  president as an ambition. We are in a very delicate period in our nation thus, we need somebody who has experience, somebody who can stand, who is bold and courageous, somebody who can unite us because without unity we cannot go anywhere, and somebody who can be a bridge between the public and private sector “. 

“Now, a lot of our delegates are beginning to understand that it's not about just anybody, but we need to find that person with all this great qualities. With the greatest humility, I believe that I am that candidate for the PDP and for this country at this time in our national life”.

The Abiodun Akinlade Group, TAAG says moves by the lawmaker representing Lagos West senatorial district in the ninth  Assembly, Senator Solomon Adeola, popularly called Yayi, to legitimize his indigeneship of Yewa land through a chieftaincy title will be rebuffed by sons and daughters of the zone.

The Media Director of, The Abiodun Akinlade Group, Lateef Odede, in a statement on Monday said the Lagos Senator can’t use money and chieftaincy title to buy the heritage of Yewa people.

Adeola, who is eyeing Ogun West senatorial seat after serving out eight years as Senator in Lagos State, is expected to be installed as the Aremo-Oba Yewa by the paramount ruler of Yewaland and Olu of Ilaro, HRM Oba Kehinde Olugbenle this weekend at Ilaro, in Yewa South LGA of Ogun State.

The statement from TAAG, said, “Conferment of AREMO to the Lagos Senator has not authenticated him as an indigene of Yewaland nor qualified him to contest for election in Ogun West. You can't build something on nothing."

"No matter how long a lie flies, truth will surely prevail at last. Our respected political leaders should not be carried away with the Greek gifts from the Lagos Senator who is looking for what does not belong to him” the statement reads.

Akinlade, who is one of the aspirants for the All Progressives Congress (APC) ticket for Ogun West in 2023, was a three-term House of Representatives member for Yewa South/Ipokia federal constituency and Deputy  Director General campaign, Dapo Abiodun 2019 Gubernatorial Campaign

Speaking on the chances of the three-term member of the Federal House of Representatives to clinch the APC ticket for the Ogun West Senatorial seat, the group said “Our principal (Akinlade) has remained committed to the development of Ogun West and we challenge any aspirant that can match his numerous records of achievements to come forward for an issue-based campaign.” 

"Akinlade Group is challenging Senator Adeola to come up with his records of stewardship for all the  over 20 years he has been representing Lagos West if it can match the landmark achievements of our principal who is widely referred to as Mr. Project, Job Portal and Baba Omo kekeke (father of the Youths)."

The Statement further revealed that the claim by Senator Adeola that Yewa Monarchs came to beg Asiwaju Bola Tinubu to release him to contest in Ogun State is not only insulting to the traditional institution of the region but also ridiculous.

 "Adeola should mention the names of the Monarchs who came to appeal to Asiwaju Bola Tinubu to release him from Lagos West to Ogun West".

"We want to  passionately appeal to the National Leader of our party, Asiwaju Tinubu, not to allow the inordinate ambition of the Lagos Senator to drag his good name into the mud in Ogun State because he (Adeola) has been going around dropping the name of our leader as the one behind his latest foray for survival in Ogun West politics".

The group also appeal to  the traditional institutions to always carry out due diligence and background check on anyone they honor with titles in their domain. 

“In as much as we believe that it is the prerogative of the traditional institutions to confer chieftaincy titles on anybody irrespective of the background, we want to appeal to them as the custodian of our tradition to ensure that due diligence and background checks are conducted to be able to protect and preserve our collective heritage."

“Conferment of AREMO on the Lagos-based Senator has not and won’t authenticate his indigineship of Yewaland nor qualify him to contest for election in Ogun West. While you can use your money to buy a few consciences, you can't buy the majority because you cannot build something on nothing. 

“We urge our people to be guided, see through and reject this overheated inordinate ambition that has received backlash and negative reviews from within and outside our zone. We cannot afford to be the political laughing stock of our country,” the statement said.

A 40-year-old broadcaster, Uche Igwe, who allegedly shared on Twitter, a video of a 10-year- old Chrisland School student,  was Monday brought before a Yaba Chief Magistrates’ Court in Lagos State.

Igwe, who resides at No. 14 Ogundare Street in the Ikorodu area of Lagos State, is facing a two-count charge of cyberstalking and breach of peace. He, however, pleaded not guilty to the charge.

Prosecution counsel attached to the State Criminal Investigation Department Panti, Mr Augustine Nwabuisi, told the court that the defendant committed the offences on April 18, on the Twitter application.

He said that the defendant intentionally sent a video of the 10-year-old female student engaging in sexual intercourse with another student in Dubai, to the application.

Nwabuisi said that the defendant used his personal Twitter handle, @uchedark, to share the video on the internet for public viewing without the consent of the student’s parents or the school.

The alleged offences contravene Section 24 (1) (a) (b) (i) of the Cybercrime (Prohibition and Prevention) Act of 2015, and Section 168 (d) of the Criminal Law of Lagos State, 2015.

The News Agency of Nigeria (NAN) reports that Section 24 (1) of the  Cybercrime (Prohibition and Prevention) Act of 2015 provides for 10 years’ imprisonment for cyberstalking.

Breach of the peace is punishable with three months jail term under Section 168 (d) of the Criminal Law of Lagos State, 2015.

The Chief Magistrate, Mrs Adeola Adedayo, admitted the defendant to bail in the sum of N10 million with three sureties in like sum.

Adedayo ruled that the sureties must submit their National Identification Numbers and their Lagos State Residents Registration Agency cards.

She also directed that one of the sureties must be a landowner, adding that all the sureties must reside within the court’s jurisdiction.

Adedayo ordered that the sureties must be gainfully employed and have evidence of three years’ tax payment to the Lagos State Government.

She adjourned the case until June 13 for mention.

Ten persons may have died when a petroleum pipeline exploded in Abia State at the weekend.

The explosion took place in Uzuaku community in Ukwa West council of the state.

Names of the affected victims were not available at press time, but a community source confirmed the incident, which he said occurred in the wee hours of Saturday.

The incident is said to have thrown the community into mourning.

The source said the explosion took place when community residents went to fetch spilled petrol from a burst pipeline.

The villagers did not report the spill but rather went to help themselves to the flowing hot liquid and were killed when it went up in flames.

Many were burnt but survived and taken to hospital.

A community leader said some of the wounded died in hospital.

Nigerian National Petroleum Corporation (NNPC) says “low loadouts” at depots are “very likely” contributing to the queues observed at petrol stations in Abuja.

Over the weekend, queues had resurfaced at filling stations in parts of the federal capital territory (FCT).

Speaking on the development in a statement issued on Sunday, Garba Deen Muhammad, NNPC spokesman, said purchases by residents who recently returned after the public holidays also contributed to the queues.

Loadouts involve the process of moving petroleum product from depots to filling stations.

NNPC, however, said efforts are ongoing to address the situation.

“NNPC Ltd notes the sudden appearance of fuel queues in parts of Abuja. This is very likely due to low loadouts at depots which usually happen during long public holidays, in this case, the Sallah celebrations,” the statement reads.

“Another contributing factor to the sudden appearances of queues is the increased fuel purchases which is also usual with returning residents of the FCT from the public holidays.

“NNPC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in conjunction with our marketing partners, have taken necessary measures to ramp up loadouts from all depots.

“We assure all residents of the FCT, and indeed all Nigerians, that we have ample local supplies and national stock in excess of 2.5 billion liters, with sufficiency of more than 43 days.

“The NNPC Ltd hereby advises motorists not to engage in panic buying as supplies are adequate as will become increasingly evident in the coming days.”

Almost half the shortfall in planned oil supply by OPEC and its allies is down to Nigeria and Angola, data seen by Reuters shows, reflecting a number of factors including moves by Western oil majors away from African projects.

OPEC and its allies, known as OPEC+, pumped 1.45 million barrels per day (bpd) - equal to 1.5% of world supply - below its target in March, the OPEC+ figures seen by Reuters show.

According to the figures, Angola was responsible for almost 300,000 bpd of the OPEC+ supply shortfall while Nigeria was pumping almost 400,000 bpd below target. The war in Ukraine has also hit Russia's oil trading and its output was about 300,000 bpd short of its March supply target.

The OPEC+ shortfall is one of the reasons global oil prices hit a 14-year high in March above $139 a barrel and it has prompted calls by the United States and other consumers for producers to pump more.

The Organization of the Petroleum Exporting Countries, however, has repeatedly rebuffed the calls - and one contributing factor is simply that some of its members don't have oil available to pump.

In OPEC's view, investment cuts after oil prices collapsed in 2015-2016 due to oversupply, along with a growing focus by investors on economic, social and governance (ESG) issues, have led to a shortfall in the spending needed to meet demand.

"There was massive underinvestment in the industry over the years, further complicated by the effect of ESG," OPEC Secretary General Mohammad Barkindo told Reuters.

"There was a contraction of 25% in 2015 and 2016 - unprecedented. There was no significant recovery before 2020, when we registered a 30% contraction in investments in the industry," he said.

Figures from the International Energy Agency (IEA) show there was no significant increase in investment in global oil and gas exploration and production during 2017-2019 - followed by a 32% plunge in 2020.

2010-2020

International oil companies are gradually pulling out of Nigeria's onshore oil production, although they continue to invest in its vast offshore oil and gas resources, where costs remain competitive.

Shell, which helped transform Nigeria into a leading producer since the 1930s, did not immediately respond to a request for comment about investment and the reasons for the decline in Nigerian output.

OPEC's Gulf producers led by Saudi Arabia are largely meeting their OPEC+ targets, and OPEC sources say their relative lack of dependence on outside investors has helped.

"The investment shortfall affected more the countries where reliance on foreign investment is more prominent," an OPEC+ source from a Gulf producer said.

IEA figures show that in 2019, final investment decisions (FIDs) affecting over eight times more crude reserves in the Middle East were taken than those affecting African reserves.

Middle East approvals were also consistently higher from 2011 through 2018.

"Saudi Arabia, the United Arab Emirates and Kuwait are increasing investment and that to some extent can help offset declines elsewhere," said Audun Martinsen, analyst at Rystad Energy.

"It also highlights why OPEC is not intervening more because it is quite hard for OPEC to increase production overnight," Martinsen said.

Angolan state oil company Sonangol and Nigeria's state oil firm NNPC did not immediately respond to Reuters requests for comment on their production decline or the reasons for it.

According to a 2021 report from the Arab Petroleum Investments Corporation or APICORP, Middle East and North African producers were still expected to boost energy investment to $805 billion in 2021-2025 - up $13 billion on the previous year's five-year outlook, despite the impact of the pandemic.

In February, Saudi Arabia-based APICORP said it expected rising oil and gas prices to further support energy investment in the region.

While Western majors are increasingly focusing on the energy transition and selling oil assets, they remain big producers in Africa. Big Western companies are responsible for 40% of output in Nigeria and 60% in Angola, according to Rystad.

Rystad sees some potential for new investment in Nigeria and Angola but projects remain "too expensive" for the majors.

"Since 2015 the majors have been focusing on cost and developing things in Africa has been too much of a risk with cost overruns," Rystad's Martinsen said. "It's not really part of their key focus any longer."

Angolan production has fallen 50% since 2015 and output is down by about 30% over the same period in Nigeria, he said. In Nigeria production is expected to grow slightly by 200,000 bpd in the coming years, but then decline again after 2024.

Shell said last month that oil spills arising from pipeline tapping in the Niger Delta doubled in 2021 to the highest since 2016.

Underlining the extent of the decline, exports of key Nigerian crude grade Bonny Light have fallen to just two or three cargoes a month from about eight or nine previously as a result of escalating oil theft.

PRESS RELEASE

President Muhammadu Buhari on Sunday, May 8, 2022, left for Abidjan, Cote d'Ivoire, to attend a United Nations organized conference on the future of land, regarding desertification, drought, degradation, rights, restoration and implications for national and world economies.

Buhari, who will participate in a Summit of Head of States and Government, May 9th-10th, 2022, joined world leaders at Sofitel Hotel, for the 15th session of the Conference Of the parties (COP15) of the United Nations Convention to Combat Desertification (UNCCD), with the theme “, ‘Land. Life. Legacy: From scarcity to prosperity.”

The convention aims to take action to ensure that land, the lifeline on the planet, continues to benefit present and future generations.

To achieve the visionary objective of land restoration and balance, COP15 will bring together leaders from governments, the private sector, civil society and other key stakeholders from around the world to drive progress in the future of sustainable management of one of the most precious assets, land.

The convention will explore links between land and other key development issues, which will be discussed during the high-level segment, including a Heads of States Summit, high-level roundtables and interactive dialogue sessions.

COP 15 is a key moment in the fight against desertification, land degradation and drought. Accordingly, it will build on the findings of the second edition of the Global Land Outlook and offer a concrete response to the interconnected challenges of land degradation, climate change and biodiversity loss as the world steps into the UN Decade on Ecosystem Restoration.

Drought, land restoration, and related enablers such as land rights, gender equality and youth empowerment are among the top items on the Conference agenda.

Buhari, who is also the President of the Great Green Wall in Africa, was accompanied on the trip by Minister of Foreign Affairs, Geoffrey Onyeama, Minister of Environment, Mohammed H. Abdullahi, Minister of Agriculture, Mahmoud Mohammed and Minister of Water Resources, Suleiman H. Adamu.

Also, on the President’s team to Abidjan are the National Security Adviser, Mohammed Monguno, Director General, National Intelligence Agency, Ahmed Rufai Abubakar and Chairman/CEO, Nigerians in Diaspora Commission, Abike Dabiri- Erewa.

Garba Shehu

Senior Special Assistant to the President

(Media & Publicity)

Central Bank of Nigeria (CBN) has begun the collection of electronic stamp duty due to the rift between the Federal Inland Revenue Service (FIRS) and Nigeria Postal Service (NIPOST).

President-General of the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC), Kayode Alakija, disclosed this during an interview with Labour Correspondents in Abuja at the weekend.

Alakija said the association, an affiliate of TUC, could not be watching akimbo while NIPOST, one of the branches of SSASCGOC, was being deprived of its power.

The two government agencies fought over collection of the N50 stamp duty before the matter was later taken to court for adjudication.

While both parties are still awaiting stakeholders’ intervention and the court’s final decision, the apex bank took over collection of the electronic aspect, while the adhesive production aspect was ceded to the NIPOST.

Alakija said, “The issue of stamp duty was actually addressed. Initially, if you followed it, there was a time they came up with the law tagged Finance Act where stamp duty was ceded to another agency.

“The adhesive aspect of the stamp is what they have given the NIPOST exclusive rights to produce. Meanwhile the electronic aspect of it has been given to the CBN for now.”

He explained that his association has begun to address many complaints of NIPOST customers by partnering with the service’s management.

According to him, “What we are doing is that we are working closely with the NIPOST management to see how we can improve efficiency and effectiveness in that organization.

“We’ve had so many complaints from customers of NIPOST which we are working with the management to see that the right services are delivered because ours is to partner with management of an organization to get the best for our members.”

Airline operators on Sunday announced that they have “acceded” to appeals from the government to withdraw plans to suspend operations from Monday (today) over high cost of jet fuel and other operational costs.

The information was conveyed in a letter signed by Serina Abdulmunaf, president, Airline Operators Association, and jointly signed by the chief executive officers of six domestic airline operators.

“…the AON has acceded to requests to withdraw the action for the time being while we allow for a fresh round of dialogue with the government in the hope of reaching an amicable solution,” the letter read in part.

Airline operators had on Friday in a letter addressed to the Minister of Aviation, Hadi Sirika, and the Nigerian Civil Aviation Authority said they would halt operations from Monday, amidst an astronomical increase in aviation fuel.

In reaction to the letter, Sirika pleaded with the airlines to suspend their planned shutdown of operations over the increase of cost of aviation fuel from N190 to N700 per litre.

Following the move, four airlines separately pulled out of the plan and said they would continue their operations. The airlines are Ibom Air, Arik, Air Peace, Aero Contractors and Dana.

On Sunday, AON said all airlines had suspensed the plan and operations will no longer be halted.

“We have also reached this decision with the highest consideration for our esteemed customers who have been faced with uncertainty over the last few days and to enable them to have access to travel to their various destinations for the time being during the period of discussions with relevant authorities,” the airlines said.