True Dominion Enterprises Ltd: March 2016

True Dominion Enterprises Ltd

Thursday 31 March 2016

China reduces import of Nigerian crude oil

The country bought crude from Nigeria in five months last year, compared to nine months in 2014. More »

CSEA predicts modest growth in Nigeria’s foreign reserves

The policy research organization, which made the projection in the latest edition of its Nigeria Economic Update released recently, hinged the positive outlook on the easing market conditions in the international crude market. More »

The System Operator further noted that on Monday, it attained a peak generation of 3778.90Mw, low generation of 3,305.80Mw, adding that its highest frequency was 51.28 Hz while lowest frequency was 48.83Hz. More »

Petrol crisis: Kachikwu, IPMAN agree on major intervention measures

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu and members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday reached an agreement that will see IPMAN play a major role in the distribution of petrol to the hinterlands and state capitals in Nigeria. More »

Operators seek govt’s guarantee for $40b facility to stabilise electricity

*Discos decry N60b debt by MDAs, ‘harassment’ of employees 31 March 2016, Lagos — Players in Nigeria’s power sector yesterday said $40 billion (about N9 trillion) was required to guarantee a 20,000 megawatt (MW) electricity supply in parts of the country. According to them, the sum was to boost sectoral investment and strengthen the networks […] More »

Power: Local manufacturers to produce 25,000 meters monthly to meet demand

The Electricity Meters Manufacturers Association of Nigeria (EMMAN) expressed its commitment to the successful implementation of the Federal Government’s presidential initiative on metering scheme for Nigerians. More »

$180m Halliburton probe: EFCC boss, AGF visit US, participate in bilateral talks

Sources have indicated that the Halliburton bribery scandal may be top on the agenda at the talks this year, after the EFCC reopened investigation into the $180 million scam in January this year. More »

Nigeria in talks with Chevron, Total and Eni to revamp refineries

Kachikwu has previously said Nigerian National Petroleum Corporation, NNPC, was looking at partnerships or takeovers. More »

U.S. to invest $600m in Nigeria to develop energy, fight terrorism – Kerry

“Our Power Africa Initiative is aimed at strengthening the energy sector, where shortage in electricity has frustrated the population and impeded growth," the US Secretary of State said. More »

Relief as PPPRA slashes NNPC’s allocation for Q2 fuel imports

31 March 2016, Lagos – The Petroleum Products Pricing Regulatory Agency (PPPRA) has released the second quarter petrol import allocations to the Nigerian National Petroleum Corporation (NNPC) and the private oil marketing companies, a development that will potentially ease the current product shortages. THISDAY also gathered that as part of the measures to correct the distortion and […] More »

Fuel scarcity: Kachikwu brokers IPMAN peace deal

31 March 2016, Abuja – In a bid to end the petrol scarcity across the country, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has waded into the lingering crises within the Independent Petroleum Marketers Association of Nigeria. The minister, who held a meeting with the feuding factions of IPMAN at the corporate headquarters […] More »

Govt nominates former NNPC boss, Barkindo for OPEC Secretary-General

31 March 2016, Lagos – The Federal Government has nominated a former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation, NNPC, Mohammed Barkindo, for the position of the Secretary-General of the Organisation for Petroleum Exporting Countries, OPEC, come July 2016. Barkindo had previously served as Acting Secretary-General of OPEC in 2006, and was GMD […] More »

Fuel scarcity: Blame Buhari, not Kachikwu – Bishop

31 March 2016, Onitsha – The Bishop of Niger West (Anglican Communion) in Anambra State, Rt Revd. Johnson Ekwe has picked holes with Nigerians who are attacking the Minister of State, Petroleum and Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachichukwu over scarcity of Premium Motor Spirit in the country insisting the attack […] More »

Persistent fuel scarcity, a sabotage – ASUU

31 March 2016, Lagos – The Academic Staff Union of Universities (ASUU) has said that the persistent fuel scarcity faced by Nigerians is part of the ongoing sabotage in the political system. ‎ Dr Nasir Fagge, the national president of the union, told the News Agency of Nigeria (NAN) in Lagos after paying a courtesy […] More »

Power generation crumbles to 0MW for several hours

31 March 2016, Lagos – Nigeria’s power generation collapsed completely on Thursday at exactly 12.58pm to zero megawatt and this persisted for about three hours. Data from the country’s System Operator showed that around 1pm on Thursday, no power generation company in Nigeria produced a single megawatt of electricity. Industry operators told our correspondent that as […] More »

U.S. refiners press on despite unbalanced fuel demand

31 March 2016, London — The views expressed are his own.) Strong growth in consumption of gasoline while demand for other fuels remains more subdued is creating a headache for oil refiners in the United States and around the rest of the world. U.S. refineries are configured to turn just under half of the crude […] More »

Nigeria can overcome ‘oil curse’ – Korean Ambassador

31 March 2016, Abuja – The Korean Ambassador to Nigeria, Noh Kyu-duk, has said the outstanding growth witnessed by Nigeria’s non-oil sector recently is a clear indication that the country could overcome the so called ‘oil course’ and emerge as one of the top global economies. The Envoy predicted that with current policies of the present […] More »

Licences: Solid minerals operators rush to beat deadline

31 March 2016, Lagos – The Federal Government has raised more than N500m as licensees and leaseholders in the solid minerals sector struggle to beat Thursday’s deadline for them to activate their operations or lose their licences. Investigation by our correspondent on Wednesday showed that the Mining Cadastral Office handling the regularisation of the licences […] More »

Workers shutdown Bristow Helicopters’ activities over “unfair policies”

31 March 2016, Lagos – National Association of Aircraft Pilots and Engineers of Nigeria, an affiliate of the Trade Union Congress on Thursday morning shut down all Bristow Helicopters’ offices in Port Harcourt to protest against what it described as the company’s discriminatory policies. Led by NAAPEN’s Isaac Balami in company with national officials and […] More »

31 March 2016, Lagos – The total generated electricity on Wednesday fell to 2,030.5 megawatts from the over 5,000MW peak recorded earlier this year. Data obtained from the power System Operator in Abuja on Wednesday showed that as of 8.37am, electricity generation had fallen by over 800MW when compared to the 2,841.9MW that was recorded […] More »

Marketers, hawkers raise petrol price as scarcity worsens

31 March 2016, Lagos – The current scarcity of petrol became more acute on Wednesday as reports from various parts of the country indicated that the product was selling far above the official pump price at filling stations operated by independent and major marketers. Black market hawkers also had a field day in most cities […] More »

31 March 2016, Lagos – These are indeed very hard days for the Nigerian Electricity Regulatory Commission (NERC). A court order has just been issued to restrain the Commission from increasing electricity tariffs which it announced would take effect from February 1 2016. It is subjudice to comment on a case in court so NERC […] More »

Oil prices edge higher, but growing stocks loom

31 March 2016, London — Oil futures rebounded from early losses on Thursday but the recovery was muted as the market’s focus switched back to signs of growing oil stocks. Brent and WTI crude were on track for their strongest March since 2002, despite U.S. crude earlier in the day hitting a more than two-week […] More »

OPEC daily basket price close at $34.91/b

31 March 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $34.91 a barrel on Wednesday, compared with $34.50 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas […] More »

Oando Energy Resources records $455m revenue

Ike Amos 31 March 2016, Sweetcrude, Abuja — Oando Energy Resources, OER, has recorded an improvement in its top and bottom line figures, as its revenue grew by 7.97 percent to $455 million in its 2015 financial year, compared to revenue of $421.4 million recorded in the 2014 financial year. The company, in a presentation […] More »

Fuel Crisis: CSOs withdraw protest ultimatum against Kachikwu

31 March 2016, Abuja – The Coalition of Civil Society groups have withdrawn an ultimatum earlier issued to the Minister of State for Petroleum and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Ibe Kachikwu to organise a protest if the lingering fuel scarcity fails to abate. National President of Coalition of […] More »

Residents protest as Naval officers kill three in Arepo

30 March 2016, Lagos – Many motorists were held up in traffic jam on Wednesday as demonstrators blocked the main entrance into the Arepo Community to protest against the alleged killing of three men by naval officers safeguarding the Nigerian National Petroleum Corporation pipelines. The three men were said to have been abducted on Sunday […] More »

Naira still struggling against the dollar

30 March 2016, Lagos – The Naira on Wednesday, maintained its exchange rate at N322 to a dollar. It also remained firm against the two other major currencies, the pounds sterling which exchanged at N448 and the\euro which sold for N355. However, at the official interbank rate, N197, was exchange for a dollar. Some traders at […] More »

NSCDC arrests suspected bomber of three oil workers

30 March 2016, Yenagoa – The Nigeria Security and Civil Defence Corps, Bayelsa State Command, says it has arrested one of the suspected criminals that planted the dynamites that killed three oil workers in the state on Easter Sunday. Three oil workers, said to be employees of an oil servicing firm, reportedly lost their lives […] More »

30 March 2016, Lagos – The Dangote Group, which is currently building what it calls the world’s largest refinery, has given an assurance that when the plant comes on stream, it will put an end to the recurring fuel crises in the country. “That plant itself is the largest single refinery plant anywhere in the […] More »

30 March 2016, Lagos – Global oil benchmark, Brent crude, fell on Tuesday, reflecting growing concerns that a two-month rally might be fading, as supply looked set to keep rising and there appeared to be little immediate prospect of demand keeping pace. It fell by $1.27, or 3.15 per cent, to $39 per barrel, while the […] More »

30 March 2016, Abuja – The Ministries, Departments and Agencies of the three tiers of government collectively owe the electricity distribution companies about N60bn. According to the Association of Nigerian Electricity Distributors, the umbrella body of the firms, the Nigerian Army is the highest debtor, with over N15bn as of December 2015. The Executive Director, […] More »

President delays budget signing as N’Assembly withholds details

30 March 2016, Abuja – President Muhammadu Buhari will not sign the 2016 Appropriation Bill into law until the National Assembly makes the details of the budget available to him, a top government official has said. The Senate is currently on Easter break while Buhari will be travelling to Washington, United States, for the Nuclear […] More »

hell dragged into Nigeria oil corruption probe

30 March 2016, Lagos – Oil giant Shell has been dragged into a corruption probe linked to a major offshore deal in Nigeria, the company confirmed on Wednesday. Following revelations in the Italian media, the Anglo-Dutch group said that its offices had been “visited” by anti-fraud investigators. “We can confirm that representatives of the Dutch Financial […] More »

Tata Steel sparks outcry over crisis-hit sector

30 March 2016, Lagos – Indian giant Tata Steel on Wednesday put its British business up for sale, sparking calls for the government to intervene and safeguard thousands of jobs in the crisis-hit industry. Tata said in a statement that trading had “rapidly deteriorated” in Britain and Europe, adding it will “explore all options for portfolio […] More »

Nigeria, China trade volume hits N2.9trn

30 March 2016, Abuja – The trade volume between Nigeria and China has hit N2.9 trillion. This was revealed during a courtesy visit by the Chinese ambassador to Nigeria, Xiaojie Gu, to the Minister of Science and Technology, Dr. Ogbonnaya Onu in Abuja. According to the envoy, the latest trade volume was recorded as at […] More »

Oil jumps on Wall Street rally, weak dollar

30 March 2016, London — Oil futures rose 3 percent Wednesday, rallying in tandem with share prices on Wall Street and in reaction to a weaker dollar, ahead of U.S. government data likely to show a smaller build in crude inventories in the latest week. The International Energy Agency’s remarks downplaying expectations for a deluge […] More »

Nigeria’s promise turns to peril as investors head for the exits

*Retailer Truworths Throws in Towel on Biggest African Economy *Buhari’s Defense of Naira Chokes Imports, Spurs Black Market 30 March 2016, Abuja — The promise of Africa’s biggest economy has turned to peril. Companies drawn to Nigeria by the prospect of a population bigger than Germany and Turkey’s combined are retreating; those staying have publicly […] More »

US urges Nigeria to adopt flexible forex policy

30 March 2016, News Wires — The United States has said it would press Nigeria in talks this week to adopt a more flexible foreign exchange rate to boost growth and investment in Africa’s largest economy. U.S. Assistant Secretary of State for Africa, Linda Thomas-Greenfield, told an audience at the U.S. Institute of Peace that […] More »

CBN, foreign airlines bicker over repatriation of funds

*Stakeholders bemoan lopsided BASAs that favour foreign airline 30 March 2016, Abuja — As the National Union of Air Transport Employees, NUATE, which has become the ‘mouthpiece’ of the foreign airlines operating in Nigeria, continues to raise the alarm over a plan to sack 2,000 Nigerians working for the foreign airlines, the Central Bank of […] More »

Funds repatriation: Eurocontrol takes on Nigerian govt in proxy war

30 March 2016, Agency Report — The European Organisation for the Safety of Air Navigation, Eurocontrol, has launched strong-arm tactics against the Nigerian government in a bid to force the Central Bank of Nigeria, CBN, to release an estimated $1.3billion foreign exchange allegedly held by the bank. Industry sources revealed yesterday that the major European […] More »

NERC orders Discos to provide data on metered customers

NERC had said that the Discos should publish a schedule of those whom they would meter to enable the public keep track of metered customers in the wake of a hiked tariff from February 2016. More »

Global greenhouse emission drops to 32.1bn

In its latest report, the agency disclosed that global energy-related carbon dioxide emissions (CO2) – the largest source of man-made greenhouse gas emissions – stayed flat for the second year in a row, according to analysis of preliminary data for 2015. More »

OPEC daily basket price close at $34.50/b

30 March 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $34.50 a barrel on Tuesday, compared with $35.48 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas […] More »

Fuel scarcity: Kachikwu says ‘I won’t resign’

Kachikwu regretted that Nigeria remains one of the biggest oil producing countries in the world that still suffers fuel scarcity. More »

Nigeria: Pipeline explosion hits Agip oil field

*Three dead, many injured 30 March 2016, Yenagoa — The National Oil Spill Detection and Response Agency, NOSDRA, has confirmed a pipeline blast at an oil field operated by Nigeria Agip Oil Company, NAOC, in Bayelsa. Three maintenance workers died in the explosion which reportedly occurred during repair work on the crude oil pipeline located […] More »

Oil prices rebound on less than expected build in stocks

30 March 2016, Singapore — Oil futures rebounded in Asian trade on Wednesday, buoyed by a less than expected build in crude oil stockpiles last week and a weakening dollar, but concern that a two-month rally was fading in an oversupplied market capped gains. A report by industry group the American Petroleum Institute late Tuesday […] More »

Military, MDAs owe Discos N58bn in unpaid electricity bills

He further appealed to President Muhammadu Buhari to also prevail on the Nigerian Army to stop assaulting the Discos staff over electricity supply, while lamenting a particular incident which occurred on the 6th of March, 2015, where an Army Major from the 33 Artillery Brigade in Ogun State, allegedly led other officers to the control room to brutalise a staff working at the injection substation. More »

Fuel scarcity: Kachikwu’s remarks cast negative outlook on economy

Hector Igbikiowubo 29 March 2016, Sweetcrude, Lagos – As the impact of fuel scarcity bites harder across Nigeria taking its toll on hapless Nigerians forced to grapple with poor power supply and the impact of the dwindling value of the Naira among other negative variables, indications are that the remarks credited to Dr. Emmanuel Ibe […] More »

Brass River, Qua Iboe crude favoured in Europe, US markets

…Traders cite high gasoline yields as reason Oscarline Onwuemenyi 30 March 2016, Sweetcrude, Abuja – Nigeria’s Brass River and Qua Iboe crude grades are getting increased demand in Europe and US markets due to their high gasoline yields, according to reports. The Brass River crude premium to Dated Brent recently jumped to its highest […] More »

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Thursday 31 March 2016

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