Thursday, March 27, 2014
Video - Oil theft a threat to Nigeria's economy
Oil theft is a threat to the Nigerian economy that the government is determined to curb. On Sunday at the Global Nuclear Security Summit in the Netherlands it announced it had allocated huge resources to cut down on theft and vandalism and to prosecute thieves.
Aliko Dangote 'Africa's richest man' plans to acquire Shell assets
According to a report by Africa Intelligence, Dangote Industries submitted the highest bid for Shell’s stake in Oil Mining Lease (OML) 18 at an auction organized last year in the Niger Delta region. The financial details of the bid and the exact stake Dangote is looking to acquire are undisclosed.
Shell is currently the operator of the Alakiri Creek plant on the OML 18 field. The Alakiri Creek plant processes 80 million standard cubic feet per day (MMpc/d), but has the potential to rise to 120 million square feet per day (mmsf/d). The OML 18 field is said to have reserves of close to 1.5 billion barrel of oil equivalent (BOE) of gas.
This is not the first time Dangote would make an attempt to acquire an asset owned by the Dutch oil major. In 2010 Dangote put in a bid for Shell’s 45% stake on OML 30, but lost his bid to Conoil Producing, an exploration company owned by billionaire Mike Adenuga. The Nigerian Petroleum Development Company (NPDC), the exploration and production subsidiary of the Nigerian government-owned oil company would later cancel the sale of the stake to Adenuga and sell it to London-listed Heritage Oil PLC. Shell has recently been divesting from some of its key Nigerian assets in the wake of crude oil theft and weak refining margins.
Dangote, who made his $24 billion fortune trading cement, sugar and flour, has recently ramped up his efforts to boost his investments in Nigeria’s booming oil sector. While his largest and most publicized investment in the energy sector is a planned $9 billion private oil refinery in Nigeria, Dangote also owns minority stakes in a handful of oil exploration concerns, including a 9% stake in block 1 in the Joint Development Zone between Nigeria and Sao Tome, where Chevron is the operator. He also owns a 10% stake of block 3 in the JDZ.
Forbes
Related stories: Nigerian Aliko Dangote is 23rd richest man in the world
Wednesday, March 26, 2014
Godwin Emefiele to replace Lamido Sanusi as Cenral Bank Governor
Nigeria’s upper house of parliament approved President Goodluck Jonathan’s nomination of Godwin Emefiele as the country’s next central bank governor.
The Senate confirmed Emefiele, the 52-year-old chief executive officer of Zenith Bank Plc, at a hearing today in the capital, Abuja. He will take up his post in June, replacing Lamido Sanusi, 52, who was suspended by Jonathan last month for “financial recklessness and misconduct.” Sanusi has denied the allegations.
Emefiele will have to steer Africa’s most populous nation through next year’s presidential election amid pressure to boost government spending, support a currency that has declined 2.5 percent versus the dollar this year and keep inflation under control. He also faces the task of convincing investors and the public of the independence of the central bank following Sanusi’s removal.
The Monetary Policy Committee, led by acting Governor Sarah Alade, held its key interest rate at a record 12 percent and increased the cash reserve requirements on private sector deposits to 15 percent from 12 percent yesterday, citing the continued need for a tight monetary stance. It was the first MPC meeting since Sanusi was dismissed.
Sanusi’s suspension came after he alleged that billions of dollars of government oil revenue were unaccounted for. Jonathan’s actions were criticized by investors concerned that the independence of the central bank may be compromised.
A banker with 26 years of experience, Emefiele became the managing director of Zenith Bank, Nigeria’s second-largest lender by assets, in August 2010 after serving as deputy managing director from 2001.
He has an MBA degree from the University of Nigeria in Nsukka and lectured at the University of Port Harcourt, the institution where Jonathan taught before he entered politics.
Bloomberg
The Senate confirmed Emefiele, the 52-year-old chief executive officer of Zenith Bank Plc, at a hearing today in the capital, Abuja. He will take up his post in June, replacing Lamido Sanusi, 52, who was suspended by Jonathan last month for “financial recklessness and misconduct.” Sanusi has denied the allegations.
Emefiele will have to steer Africa’s most populous nation through next year’s presidential election amid pressure to boost government spending, support a currency that has declined 2.5 percent versus the dollar this year and keep inflation under control. He also faces the task of convincing investors and the public of the independence of the central bank following Sanusi’s removal.
The Monetary Policy Committee, led by acting Governor Sarah Alade, held its key interest rate at a record 12 percent and increased the cash reserve requirements on private sector deposits to 15 percent from 12 percent yesterday, citing the continued need for a tight monetary stance. It was the first MPC meeting since Sanusi was dismissed.
Sanusi’s suspension came after he alleged that billions of dollars of government oil revenue were unaccounted for. Jonathan’s actions were criticized by investors concerned that the independence of the central bank may be compromised.
A banker with 26 years of experience, Emefiele became the managing director of Zenith Bank, Nigeria’s second-largest lender by assets, in August 2010 after serving as deputy managing director from 2001.
He has an MBA degree from the University of Nigeria in Nsukka and lectured at the University of Port Harcourt, the institution where Jonathan taught before he entered politics.
Bloomberg
Fire at Central Bank of Nigeria office in Lagos
The Tinubu, Lagos office of the Central Bank of Nigeria, CBN, went up in flames yesterday.
The cause of the fire said to have started from the third floor of the five storey building was yet to be ascertained as at time of writing this report.
But unconfirmed report said it was caused by electrical fault.
It was gathered that it started at about 5.10pm as workers were about moving documents and other sensitive items to the new building . Eye witnesses said an alarm was raised by a passer-by who noticed smoke billowing from the affected floor, causing staff of the apex bank who had closed for the day to scamper for safety.
The Lagos State Director of Fire Service, Mr. Rasaq Fadipe, when contacted, said two fire trucks from Onikan and Sari Iganmu stations with 10,000 litres of water each were drafted to the scene immediately information reached the service at about 5.45pm.
The fire fighters were still battling to contain the situation at about 6.50pm.
Fadipe could, however, not give the exact number of offices affected. He stated that it would be ascertained at the end of the operation, assuring that his men were on top of the situation.
The tragedy took a new turn when a state fire officer (names withheld) collapsed due to suffocation by the fumes he inhaled but he was later rescued and taken to a nearby hospital.
CBN reacts
While reacting to the fire incidence, the Director, Corporate Communications Department, Central Bank of Nigeria, CBN, Mr. Isaac Okorafor, in a statement said: "The CBN wishes to inform its stakeholders and the general public that a fire incident occurred at its Lagos Branch Office at about 5.30 this evening (Tuesday, March 25, 2014).
"The fire, which occurred on the first floor of the building, has been put out by a combined team of fire fighters from the CBN and other institutions. We wish to assure our numerous stakeholders that the records of the bank are intact, as the bank has an effective backup of all its records as part of our disaster recovery infrastructure."
Vanguard
The cause of the fire said to have started from the third floor of the five storey building was yet to be ascertained as at time of writing this report.
But unconfirmed report said it was caused by electrical fault.
It was gathered that it started at about 5.10pm as workers were about moving documents and other sensitive items to the new building . Eye witnesses said an alarm was raised by a passer-by who noticed smoke billowing from the affected floor, causing staff of the apex bank who had closed for the day to scamper for safety.
The Lagos State Director of Fire Service, Mr. Rasaq Fadipe, when contacted, said two fire trucks from Onikan and Sari Iganmu stations with 10,000 litres of water each were drafted to the scene immediately information reached the service at about 5.45pm.
The fire fighters were still battling to contain the situation at about 6.50pm.
Fadipe could, however, not give the exact number of offices affected. He stated that it would be ascertained at the end of the operation, assuring that his men were on top of the situation.
The tragedy took a new turn when a state fire officer (names withheld) collapsed due to suffocation by the fumes he inhaled but he was later rescued and taken to a nearby hospital.
CBN reacts
While reacting to the fire incidence, the Director, Corporate Communications Department, Central Bank of Nigeria, CBN, Mr. Isaac Okorafor, in a statement said: "The CBN wishes to inform its stakeholders and the general public that a fire incident occurred at its Lagos Branch Office at about 5.30 this evening (Tuesday, March 25, 2014).
"The fire, which occurred on the first floor of the building, has been put out by a combined team of fire fighters from the CBN and other institutions. We wish to assure our numerous stakeholders that the records of the bank are intact, as the bank has an effective backup of all its records as part of our disaster recovery infrastructure."
Vanguard
Monday, March 24, 2014
Video - Local govrnment fight to take youth off the streets in Kano, Nigeria
Northern Nigeria has some of the highest unemployment and school dropout in the world. Many of those jobless young people are exploited as foot soldiers for criminal gangs. Several programmes have started to try and nip trouble in the bud.
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