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Thread: Latest Nigerian News from Forex Forum Nigeria.

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    NNPC extends oil lifting contracts to 2 years -Source

    The Nigerian National Petroleum Corporation (NNPC) has issued crude export contracts that are expected to last two years instead of the usual one year, trading sources familiar with the matter said yesterday.

    Reuters reported that a partial preliminary list showed 30 companies including the world’s largest energy traders Vitol, Trafigura and Glencore.

    The final list could contain between 50 to 60 companies, the sources added. NNPC did not immediately respond to a request for comment on the matter.
    Meanwhile the Nigeria National Petroleum Corporation (NNPC) imported 12.966 billion litres of premium motor spirit (PMS) otherwise called petrol while the country’s three refineries contributed only 1.508 billion litres of the product NNPC supplied in the country last year.

    Analysis of the corporation’s monthly financial and operations report released at the weekend showed that the imported volume represents 90 percent of a total 14.475 billion litres of PMS supplied and distributed by the state oil firm in 2017.
    By implication, the refineries only contributed 10 percent of the product the NNPC supplied and distributed last year.

    A breakdown of the data showed that March and October 2017 recorded the highest volumes of PMS import into the country at 1.491 billion and 1.478 billion litres respectively. The highest volumes of petrol refined by the refineries were 235 million and 185 million litres in January and February 2017 respectively.
    Private fuel marketers who imported most of the petrol consumed in the country were said to have stopped importation leaving NNPC to import petrol for almost all part of the year in 2017.

    On March 2, Group Managing Director of NNPC, Dr. Maikanti Baru, said Nigeria was the only member country in the Organisation of Petroleum Exporting Countries (OPEC) that imports petrol and is currently the largest importer of PMS in the world because its refineries have not worked to their maximum capacity.

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    No Presidential approval for ex-Airway workers' N45bn pay - Adeosun

    Minister of Finance, Mrs. Kemi Adeosun has declared that there was no presidential approval given on the N45bn pension benefits of the ex- workers of the defunct Nigeria Airways.


    The declaration came as a shocker to the workers who have been agitating for the payment of the entitlements, protesting in Lagos and Abuja.

    Minister of State for Aviation, Senator Hadi Sirika had thrive assured the workers that their money would be paid before the last Christmas, New Year and Easter but this did not happen.


    The aviation workers' unions were on the verge of issuing fresh ultimatum for strike as the affected workers blamed the Finance Minister for allegedly withholding their entitlement.

    But in an apparently shocking revelation through her tweeter page, @HMKemiAdeosun, the Minister explained that the N45bn approval was part of the inherited government debts to be cleared through promissory notes.

    She said, "There has been a misconception in the media that the President had approved the payment of N45 billion terminal benefits to the ex-workers of Nigeria Airways. I should make it clear that there is no presidential approval and no appropriation yet for the payment.


    "The terminal benefits of ex-Nigeria Airways workers are also part of the outstanding inherited debts. These benefits have been reconciled & agreed at N45 billion, following verification. But we don’t have Presidential approval yet for the payment. It also has to be appropriated."

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    How to avoid another round of oil price crash – Barkindo

    To avoid another around of oil price downfall, the producers must always be vigilant of market signs and indicators and always have the mid-and long-term in mind before making calculations and decisions, the Secretary General of the Organisation of Petroleum Exporting Countries, Mohammed S. Barkindo has said.
    The price of crude oil continues to soar in the global market amidst the likely sanction by the United States on Iran over the nuclear programme. The Brent crude grade yesterday traded above $79 per barrel.

    Speaking at the 22nd International Exhibition & Conference “Oil & Gas Uzbekistan (OGU)” Tashkent, Uzbekistan, yesterday, the secretary general said the most recent and perhaps worst prolonged oil market downturn in history nearly grounded the oil and gas industry.

    Another way to avoid future crisis however, “is that we should no longer act alone. The complexity and interrelated nature of markets and economies today requires concerted efforts to „not go it alone‟ and to instead seek ways to work together in common cause. Collective problems require collective responses - and this is something that the international community continues to learn.”

    “Let me also add here that we must also expand and institutionalize this powerful international dialogue and cooperation if we hope to effectively address the major global challenges related to climate change and the environment, sustainable development and energy poverty.”

    He explained that the group achieved an historic decision in December 2016 of voluntary adjustments under the name of the ‘Declaration of Cooperation’. “We have now been implementing this decision for the past 17 months with visible positive outcomes that have been widely acclaimed around the world.”

    He said the success of the Declaration of Cooperation has been undeniable with levels of conformity reaching impressive levels throughout 2017, rising to well above 130% in recent months. In March, it reached a new record of 149%.

    On the climate change, Barkindo said OPEC continues to be actively engaged and supportive of the Paris Agreement. It is our firm belief that a global consensus through multilateral channels remains the optimum way for all nations to collectively counter climate change in a fair and equitable manner. All energy sources will be required, especially to meet the dire needs of the estimated 1.1 billion people in developing countries that have no access to electricity and the 2.3 billion without commercial energy.

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    Law to criminalise breach of Executive Orders on local content soon – FG

    The Federal Government will enact a holistic law to criminalise breach of the Executive Orders 003 and 005 on local content in Information Technology, the Minister of Communications, Adebayo Shittu, has said.

    Mr Shittu disclosed this, yesterday, at a press conference to commemorate the 2018 World Telecommunications and Information Society Day (WTISD-18) in Abuja.

    He said the law would give teeth to the executive orders which were designed to give local software industry and the practitioners chance to improve their skills and products.

    He added that it would also allow local products and services to face minimal stifling competition from foreign firms.

    The minister said government would include artificial intelligence (AI) and coding in educational agenda.

    “Government will extend the focus on science technology engineering and mathematics (STEM) to Artificial Intelligence Science and Technology Engineering and Mathematics (AISTEM).

    “With this, our youth would be put to the right path as ICT and AI would have deeply affected the ways we labour and relate with one another in the fourth industrial revolution era’’, he said.

    He urged parents to allow their children and wards to take coding classes and buy them educational toys that could contribute to the spirit of invention and creativity.

    He further urged the private sector to take the lead in the field of artificial intelligence by sponsoring research activities.

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    Electric vehicles: Is Nigeria ready for disruption of fossil fuel market?

    There are signs that Electric Vehicles (EVs) pose a bleak future for the fossil fuel market: Volvo, a Swedish vehicle manufacturer, has committed to fit every car it produces by 2019 with electric or hybrid engines and BMW plans to mass-produce EVs by 2020, offering 12 models by 2025.

    A recent report published by the World Economic Forum entitled ‘Electric Vehicles for Smarter Cities: The Future of Energy and Mobility’, also indicated that Renault plans to produce 20 electrified models by 2022 while Volkswagen will invest up to $84 billion in battery and EV technology to electrify all 300 of its models by 2030.

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    DisCos owe GenCos N33bn in February

    Eight of the 11 electricity Distribution Companies (DisCos) have remitted N11.38 billion only from the invoices of N44.44bn they received from the Generation Companies (GenCos) for the electricity they purchased in February 2018, data from the Nigerian Bulk Electricity Trading Plc (NBET) has revealed.

    The update of monthly remittances for the 3,225 megawatts hour per hour (MWh/h) energy consumed by the DisCos posted on the website of NBET showed that the payment represented a paltry 25.62 per cent payment of the invoices.

    The record showed that three other DisCos remitted zero amount in the month from the N8.68bn invoice prepared by the GenCos for them.

    The three DisCos without any remittance, according to the data, are Kaduna DisCo with N3.30bn invoice; Port Harcourt DisCo, N3.75bn; and Yola DisCo, N1.63bn.

    Leading the DisCos on the remittance list was Ikeja DisCo by 47 per cent after it remitted N2.63bn from its N5.59bn invoice; followed by Eko DisCo at 40 per cent after the firm remitted N2.09bn from N5.22bn invoice.

    Ibadan DisCo came third, remitting N1.93bn (32.83 per cent) from its N5.89bn invoice. Although Abuja DisCo had the highest invoice of N6.19bn, it was fourth on the list having remitted 32.19 per cent equivalent to N1.99bn.

    The sixth firm on the remittance level was Enugu DisCo on 26.63 per cent. The firm remitted N1bn out of an invoice of N3.75bn. At the sixth place was Benin DisCo which remitted N1bn of its N3.79bn invoice, representing 26.51 per cent, the record showed.

    Jos DisCo remitted the least of N225 million from N2.26bn invoice it got, representing 9.92 per cent payment level; Kano DisCo was at 16.49 per cent as it remitted N500m from its N3.03bn invoice.

    Late payment of N9.36bn was recorded for January 2018 invoices summing the February payment to N20.75bn, the electricity market intermediary agency noted.

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    ‘Why domestic carriers should join IATA BSP platform’

    Domestic carriers have been charged to join the Billing and Settlement Plan (BSP) platform of the International Air Transportation Association (IATA) to propel them to forge code-share agreement with foreign airlines.

    The BSP is a platform designed to facilitate and simplify the selling, reporting and remitting procedures of IATA accredited passenger sales agents, as well as improve financial control and cash flow.

    The system currently serves more than 370 participating airlines, it was learnt.
    With over 30 foreign carriers operating in Nigeria, none of them has a code-share agreement with any of the eight domestic carriers despite that most of the carriers have passed the International Air Airport Association (IATA) Operational and Safety Audit popularly known as IOSA certification.

    The code-share agreement would have allowed the domestic carriers to distribute in-bound passengers conveyed by foreign airlines. But this is not the case at the moment as foreign airlines crave for multiple destinations in major Nigerian cities.

    One of the factors that has stymied the growth of most of the aerodromes also is the low capacity of local carriers which are also constrained by few passengers connecting cities.

    Experts however believe that the domestic carriers would have had more passengers to carry if multiple destinations had not been conferred on foreign airlines.

    Many say there is an “imbalance” in the destinations with some carriers flying to as many as five routes in the country.

    “I have written a lot about the imbalance of multiple destinations given to foreign airlines; except this is reduced to maximum of two (either Lagos or Abuja and any other) to the foreign airlines, the domestic airlines cannot prosper beyond 4/5 years lifespan”, aviation expert, John Ojikutu observed.

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    FG approves 22 firms to takeover meter distribution from DisCos

    The Nigerian Electricity Regulatory Commission (NERC) says it has granted a ‘No Objection’ to 22 firms to procure and install meters for customers under the 11 Distribution Companies (DisCos).

    A statement by the General Manager, Public Affairs, Usman Abba-Arabi, said the ‘No Objection’ qualifies intending investors to participate in the meter procurement process in the Nigerian Electricity Supply Industry (NESI).

    The MAP Regulation that enabled new investors to finance mass metering plans for electricity users was brought into effect by NERC on April 3, 2018.
    It mandates the DisCos to engage meter assets providers who fund purchase, installation and replacement of meters to meet DisCos’ metering obligations to their customers.
    “This is to ensure that all electricity customers are metered thereby reducing incidences of estimated electricity billing to the barest minimum,” NERC said in the statement available on its social media platforms.

    The commission said the approval was given after it had conducted due diligence on the supporting documents to the applications submitted by interested investors as prescribed by the regulation.

    NERC however said more applicants can do so as the exercise is continuous.
    Among the approved firms are Huawei Technology Company Nigeria Ltd, Bilview Energy Ltd, Chintech Electro Nigeria Ltd, Holley Metering Ltd, MEMCOL, and Meron Nigeria Ltd.

    Others include Integrated Power, MBH Power, Trimani Engineering, Sapropel Energy Resources, Megawatt Distribution International, and Unistar Hi-Tech Systems.

    Still in the list are Imperial Infrastructure Development Company, Ratio Consulting, Protogy Global Services, Paktim Metering, Sabrud Consortium, Tinuten, Kayz Consortium, BTS Power, CIG Metering Assets, and Cresthill Energy.

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