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Crude Falls 3% As OPEC+ Plans Production Cuts Phase Out

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Crude Falls 3% As OPEC+ Plans Production Cuts Phase Out

Crude oil tumbled more than $2 per barrel on Monday as investors worried about the demand outlook despite an output decision from the Organisation of the Petroleum Exporting Countries and its allies ,OPEC+, to phase out voluntary production cuts totalling 2.2 million barrels per day.

Brent crude futures lost $2.75 or 3.4% to settle at $78.36 a barrel while the US West Texas Intermediate ,WTI, crude futures dropped $2.77 or 3.6% to $74.22 per barrel.

A coalition of eight OPEC+ members led by Saudi Arabia and Russia announced Sunday that they would begin phasing out those cuts over 12 months starting in October.

However, the planned phase-out will be subject to market conditions and could be reversed, the producers said.

OPEC+ is keeping separate tranches of production cuts totalling 3.6 million barrels per day in place until the end of 2025. Under the plan, more than 500,000 barrels per day would return to the market by December, and 1.8 million barrels per day would come back by June 2025.

The group also agreed to a new output target for the United Arab Emirates, which has been pushing for a higher quota.

Analysts at Goldman Sach said the outcome was negative for oil prices as the phasing out of voluntary cuts shows a strong desire by several OPEC+ members to bring back output despite recent increases in global oil stocks.

Other analysts also called the group’s decision incrementally bearish for oil prices in light of high interest rates and rising output from non-OPEC producers like the US. Some also worried that the OPEC+ announcement would make traders reluctant to buy oil for delivery later this year due to worries that prices will fall as supply returns to the market

On the geopolitical front, Israeli Prime Minister, Mr Benjamin Netanyahu confirmed on Sunday that Israel had accepted a framework deal being advanced by the US for winding down the Gaza war, although the Israeli side called it a flawed deal.

Meanwhile, signs of weakening demand growth have also weighed on oil prices in recent months, with data on US fuel consumption in focus. The US Energy Information Administration ,EIA, will release estimates of oil stocks and fuel demand on Wednesday, which will show how much gasoline (petrol) was consumed around Memorial Day weekend which is regarded as the start of the US driving season.

GenCos Say N3.7trn Debt Threatening Power Generation

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GenCos Say N3.7trn Debt Threatening Power Generation

By ABAH ADAH, Abuja

Power Generation Companies, GenCos, have stated that the accumulated huge debt of over N3.7 trillion owed them is taking a huge toll on their operations and may soon force them to begin to close shop if the Federal Government fails to address the liquidity challenge facing the upstream segment of the industry urgently and sustainably.

In a statement issued recently, signed by the board chairman, Col Sani Bello ,Retd, the GenCos said they were “constrained to draw the attention of the Federal Government  and key stakeholders to the need to urgently address the issue of inadequate payment for electricity generated by them and consumed on the national grid, which is currently threatening the continued operation of their power generation plants”. 

Regretting that they have continued to bear the brunt of the liquidity crisis in the Nigerian Electric Supply Industry, NESI. The GenCos said aside other pressing challenges, the liquidity crisis had reduced their ability to continue to perform their obligations, thereby threatening to completely undermine the electricity value chain.

The GenCos lamented that over time, since the privatisation 10 years ago when they took over, their products have continued to be consumed in full without corresponding full payment, notwithstanding the commencement of the Partial Activation of Contracts in the NESI which took effect from July 1, 2022, the minimum remittance order, bilateral market declaration, waterfall arrangement, the risks of inflation, forex volatility, the supplementary MYTO  which leaves about 90% of GenCos monthly invoices unmet without a bankable securitisation, or financing plan. 

“GenCos are currently owed over two trillion Naira for power they generated, put unto the national grid, and consumed by end users. This is in addition to the over N1.7trillion funding gap created in the recent supplementary MYTO 2024 without a designated fund to fill the gap. 

“This huge debt outlay is now greatly inhibiting GenCos ability to meet their obligations to lenders, O&M operations,  necessary maintenance, spare parts procurements, and employee-related  obligations etc., the statement read in part.

The GenCos also lamented that their expectations of being settled through external support such as the World Bank PSRO has also been dampened due to other market participants’ inability to meet their respective distribution linked indicators ,DLIs, enshrined in the Power Sector Recovery Programme, PSRP.

They equally noted that access to forex is another problem given that major operations and maintenance need in the generation subsector are dollarized, stressing that the importance of a specialised window or stable dollar allocation option for the GenCos cannot be overemphasised.

They said that there is need for a coordinated approach by all stakeholders in the NESI to address the liquidity issue realistically and sustainably in the power sector so that Nigerians can have access to reliable electricity supply”.

The GenCos said the liquidity challenges of the subsector is further worsened by the various policies introduced such as the payment waterfall in the NESI, which, according to them, deprioritises payment to GenCos. 

“The implication of this is that GenCos only get paid a portion of their invoices (9%, 11%) from whatever amount is left.

“This is an aberration as it is a clear departure from existing terms of the Power Purchase Agreement ,PPA, guiding the contractual relationship between GenCos and the Nigeria Bulk Electricity Trading Plc, NBET, by which NBET as buyer has contracted to purchase the available capacity as agreed under the PPA”,  the DisCos said.

 They therefore proffered several solutions to nip in the bud the impending operational shutdown which include: Immediate implementation of payment plans to settle all outstanding GenCos invoices, in line with their PPAs. Reprioritization of payments under the waterfall arrangement to give full 

priority to a 100% payment of GenCos’ invoices as at when due. A clear financing plan to backstop the exposures in the NERC’s Supplementary  Order to the MYTO and the DRO 2024.

They also recommended provision of payment security, guarantees, backed by World Bank/AfDB to guarantee full payment to GenCos, to enable them meet their critical needs, improve generation to Nigeria and implement respect growth and expansion plans. Ensuring greater transparency in the billing, collection, and remittance process of sector funds among others.

Royal Dispute: We Stand For Peace, Decorum, Justice – Benin Enigie

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Royal Dispute: We Stand For Peace, Decorum, Justice – Benin Enigie

FROM IKHILI EBALU, BENIN CITY 

Members of the Association of Enigie in Edo South Senatorial District said yesterday that they have reviewed all the developments relating to the Traditional Rulership Institution in Benin Kingdom, particularly the alleged suspension of some Enigie and cases pending in the high court, in which the monarch, Oba Ewuare II alongside others are defendants.

Addressing a press briefing in Benin, the Enogie of Evbuobanosa, Professor Gregory Akenzua, who spoke on behalf of the association, said it welcomed the initiative of those who proposed an amicable settlement of the dispute and regrets the comments by some palace chiefs, members of the royal family and the Oba’s lawyers.

Akenzua said such do not augur well for the prospect of peace and it is against the legacy of late Oba Adolo who was a champion of conciliation. 

“We found it necessary to provide a historical background to the matter and the root cause of the dispute, as well as the specific grievances that we as Enigie have had, the efforts we made to have the issue addressed formally at the level of the Benin Traditional Council, as well as through informal channels. 

“We highlight the letter we were compelled to write to the governor of Edo State, the purpose for which the letter was written and how this led to the orchestrated suspension of the leaders of our association. 

“We also highlight that beyond the suspension, how the palace of the Oba of Benin got our said leaders arrested and sought to have them sent to jail.

“We also note that the first case to be filed was from the palace of the Oba of Benin through proxies against the Edo State government for heeding our calls for the establishment of local traditional councils, which till date, we believe will augur well for the benefit of our people,  particularly in rural areas. 

“Of course, we also passed resolutions on the case filed by Professor Akenzua and His Highness, Edomwonyi Iduozee Ogiegbaen against His Royal Majesty, Oba Ewuare II and two others which essentially is to uphold our right to fair hearing, which we believe every citizen is entitled to. We do not think it is honorable or dignifying for those who claim to be supporters of the Oba to disrupt the sitting of the court each time the case comes up,” he said.

Akenzua said members of the Association of Enigie in Edo South stand for peace founded on decorum, integrity and justice.  

Enugu Govt To Recruit 4,000 Clinical Staff

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Enugu Govt To Recruit 4,000 Clinical Staff

From CHARLES ONYEKWERE, ABAKILIKI

Enugu State government said it will employ no fewer than 400 clinical and non-clinical staff in Primary Healthcare Centres, PHCs, to strengthen its manpower needs.

Executive Secretary of Enugu State Primary Health Care Development Agency, ENS-PHCDA, Dr Ifeyinwa Ani-Osheku disclosed this in Enugu yesterday.

Ani-Osheku noted that this followed the existing manpower gap identified in PHCs in each of the 17 council areas.

She said the agency and the health ministry had already collated data on the PHC centre equipment and manpower gap.

According to her, from the onset, accurate manpower, equipment needs and gaps were identified and duly recorded; and now the state government has concluded plans to fill the manpower gap in each PHC.

She said the recruitment would involve clinical staff like nurses, midwives and laboratory scientists, as well as other non-clinical staff such as ward attendants, cleaners among others.

The executive secretary noted that in order to check truancy, those to be recruited would come from communities or council areas where the PHC they would work is domiciled.

Ani-Osheku said Type-2 PHC facilities, being built and well-furnished, would come with accommodation for staff on duty so that issue of truancy or abandonment of facility would never surface again.

She added that with all set, PHC centres would deliver quality services at the doorsteps of the people and ensure that the healthcare burden of communities are addressed timely.

“We are going to have a digital clocking system which will also be viewed in my office, to enable us know when and how many staff report to work on-the-spot each day.

“This will be done with a digital firm that had entered into partnership with the state government. 

“We are also synergising with community dwellers to get feedback from them on service delivery and the attitude of staff posted to their PHC centres.

Zamfara Gov Vows To Prioritise Security

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Zamfara Gov Vows To Prioritise Security

Zamfara State governor, Dauda Lawal has reiterated his administration’s commitment on security to ensure the protection of lives and properties of the people.

The governor announced this yesterday at the passing out parade of Agro Rangers Corps, Nigeria Security and Civil Defense Corps, NSCDC.

Governor Dauda revealed that the agro rangers are special marshals of NSCDC who underwent intensive refresher training.

He added that the special marshals were trained in preparation for the consolidation operation in the fight against brigandage in Zamfara State.

The governor commended NSCDC for its initiative. “This came at a crucial time and aligns with our commitment to embrace effective measures in the fight against insecurity.
“We consider this a monumental step in addressing the challenges that have removed our communities from farming activities, agricultural practices, legitimate trades and other means of sustenance.
“The government of Zamfara State identifies security and agriculture as major priority areas. We have initiated various measures to address the security challenges and thus boost agricultural production in the state.
“We, therefore, view this initiative by the Nigeria Security and Civil Defense Corps as a significant step in complementing the ongoing security measures we are taking as a government alongside security agencies working in the state.
“As a government, we will continue to cooperate with institutions, groups and individuals in the fight against all forms of criminalities. We are committed to providing the support these institutions and individuals require to discharge your duties.

“The primary objective is to secure our communities and make them safe for socio-economic activities that will facilitate the development of the state and the people,” he said.
Earlier, the State Commandant of NSCDC, Sani Mustapha thanked the governor and the state government for supporting the training programme and the Agro Rangers Corps in Zamfara.

50 Trapped At Mining Site In Niger

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50 Trapped At Mining Site In Niger

Fifty miners were reportedly trapped at a mining site in Niger State. 

The incident occurred after a torrential rainfall on Sunday in Galkogo community, Shiroro Local Government Area.

It was learnt that the site belongs to a mining company, African Minerals and Logistics Limited.

A reliable source told newsmen that one person has already been confirmed dead, while six others sustained various degrees of injuries.

Meanwhile, an excavator has already been sent to the area for rescue operations.

Edo LP Lifts Suspension Of 308 Members, Inaugurates New LG Chairmen 

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Edo LP Lifts Suspension Of 308 Members, Inaugurates New LG Chairmen 

FROM IKHILI EBALU, BENIN CITY 

Labour Party, LP, Edo State chapter, yesterday lifted the suspension order on 308 members. 

Acting Chairman of the party, Elizabeth Ativie called on the concerned members to join the party towards ensuring victory in the governorship election slated for September, 21.

“All members of the party should come together as one family and campaign to ensure that Labour Party wins the governorship election,” Ativie said.

Meanwhile, new chairmen and secretaries of the 18 local government chapters have been sworn in by the state caretaker committee. 

The ceremony, which had in attendance, the member representing Egor/Ikpoba Okha Federal Constituency, Murphy Osaro-Omoruyi, was conducted in Benin City on the directive of the national secretariat of the party chaired by Barrister Julius Abure.

Inaugurating the new local government chairmen, Mrs Ativie said “the national secretariat of the party dissolved the previous executive due to the expiration of their tenure and consequently constituted a new executive.”

She said the local government chairmen and their secretaries are to midwife a fresh election to usher in new executives in a congress that will be held soon. 

She urged the new leadership to put in place measures that will ensure victory for the party with Barrister Olumide Akpata as the flag bearer. 

We’ll Adhere To Whatever FG Decides On State Police – IGP

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We’ll Adhere To Whatever FG Decides On State Police – IGP

Inspector-General of Police, IGP, Mr Olukayode Egbetokun said the Force will abide by whatever decision the federal government takes on the issue of state police.

Egbetokun disclosed this on Monday in Lagos State through the Coordinating Deputy Inspector-General of Police, DIG, South-West, Mr Abiodun Alabi, who was on a working visit to the state.

He said the Force decided to explain its stand in view of the many opinions and views that the matter had generated.

The police chief advised officers and men to continue in their job as stipulated by the constitution.

Egbetokun charged the men to be disciplined, hard working, respect human rights and carry out their duties in the best professional ways.

He warned the personnel against misuse of firearms, stressing that such should be used responsibly in strict accordance with the law.

On the mental and physical health of the men, the IGP said the officer-in-charge of Police Medical had been given orders to carry out mental and psychological test on personnel for better performance.

Egbetokun said the Force is already working with some consultants on a befitting accommodation for the officers and men, stressing that very soon, the personnel would access their own homes.

The police chief warned his officers and men against rivalry with other security agents, stressing that the police alone cannot provide the needed security for Nigerians.

He charged them to always work harmoniously with other security agencies, with a view to providing good security for all Nigerians.

On cultism in Lagos State, Egbetokun urged the men to be proactive by reaching out and engaging youths on the dangers of cultism.

Earlier, the Commissioner of Police in Lagos State, Mr Adegoke Fayoade, who welcomed the DIG to the command, said all security architecture put in place in collaboration with stakeholders had brought down the crime rate in the state.

“It is, however, gratifying to note that since the introduction of people centered, collaborative and cooperative, crime prevention strategies by the commissioner of police, crime and criminal activities have reduced drastically.

“The strategies adopted include: prevention strategies such as (intelligence raid of criminal hideouts, cordon and search) intelligence-led policing.

“Use of modern technology device(s) (scientific aid) to track down dangerous criminals e.g kidnappers, armed robbers, car hijackers etc. Extensive and Intensive Patrol and Community Policing Strategy amongst others”, he said.

The police boss in Lagos re-assured the visiting DIG that the current tempo in crime fighting would be sustained until the state is rid of all criminal elements.

The News Agency of Nigeria, NAN, reports that the DIG was in the command in Lagos, as the first state in the South-West on his working visit.

He will be visiting six states in the region, a visit ordered by the IGP for all DIGs to carry out on-the-spot assessment in all commands. NAN

Ododo Seeks Stakeholders Collaboration To Mitigate Flooding In Kogi

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Ododo Seeks Stakeholders Collaboration To Mitigate Flooding In Kogi

Kogi State governor, Alhaji Usman Ododo has called on stakeholders to work together and develop a proactive strategy to mitigate flood disasters as predicted by the Nigerian Meteorological Agency, NIMET.

Ododo, who made the call yesterday at a stakeholders meeting on Emergency Management and Flood Preparedness organised by the State Emergency Management Agency, SEMA, in collaboration with the National Emergency Management Agency, NEMA, said stakeholders should intensify efforts in sensitising and mitigating impending flood disasters.

Represented by his Deputy, Comrade Joel Salifu, the governor explained that flooding poses severe threats to nine local government areas in Kogi State.

“We will continue to invest in early warning to sensitise and enlighten the people, especially citizens living and dwelling along riverine areas,” he said.

While noting that government alone cannot effectively address the challenges posed by flooding in Kogi State, the governor urged stakeholders to support his administration in tackling the effects of flood.

Earlier in his welcome address, the Executive Secretary of SEMA, Alhaji Mouktar Atimah said the stakeholders meeting was to strengthen synergy and cooperation among stakeholders ahead of the anticipated flooding and to identify the needed support to enhance flood response.

Atimah informed that between April and May, over 1,000 households were affected by wind and rainstorm in three local government areas.

He, however, assured that the agency would continue to do its best in managing disasters in the state.

He urged stakeholders to take issues of flood predictions by NiMET seriously in order to reduce incidents of death and loss of property.

Police Begin Probe Into Vandalisation Of 2nd Niger Bridge

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Police Begin Probe Into Vandalisation Of 2nd Niger Bridge

Anambra State Police Command has commenced investigation into the alleged vandalism of the second Niger Bridge that links Asaba and Onitsha in Delta and Anambra Statesrespectively.

Police Public Relations Officer, PPRO, SP Tochukwu Ikenga, made this known in an interview with the News Agency of Nigeria, NAN, yesterday in Onitsha.

Ikenga said that he is yet to confirm the incident; “I have not confirmed the incident, but we have escalated it to the Divisional Police Officer, DPO, to get the necessary information.” 

When asked about the 24 hours patrol launched on August 4, 2023 by a Joint Task Force of Anambra and Delta State Police Commands as part of efforts to make the bridge safe for road users, he said the operation is ongoing.

He, however, said he is yet to confirm if the video was a recent development or not.

NAN reports that a yet-to-be-identified man was seen in a viral video narrating how some rail fittings connecting the second Niger bridge was allegedly removed by some suspected scavengers.

When contacted on the development, Mr Uche Orji, Chief Press Secretary to the Minister of Works, David Umahi, simply said that security action had been taken and he is not ready to disclose information.

Also speaking, Anambra State Commissioner for Information, Mr Paul Nwosu, added that the alleged vandalism of the 2nd Niger Bridge had been brought to the attention of the Highway Department of the Federal Ministry of Works.

According to him, this is not to say that the state government is not concerned about the theft of those iron.

“Police is aware of the theft; before now, there has been indication of nefarious human beings looking to make away with those things.

“There has been a patrol of policemen along the bridge, you know these people; you won’t know where they are hiding to know if patrol has passed before they attack.

“One thing about criminals is that they are also members of our society.

“They know where you have security presence and where you don’t; immediately they notice a kind of movement, they come out to do what they want to do.

“It is not as if the security agencies are not on alert, but just when it appears that they have moved to a different place, these thieves will strike.

“You know people who gathered condemn iron, but this one is not condemn iron, this one is not disposed iron.

“These are irons that are actively in use, to make sure that people enjoy the brand new road that the federal government put for us to enjoy, but security agencies, particularly the police have been on patrol in that area”, he said.

The commissioner noted that it had long been discovered that some thieves had been carrying out their nefarious activities on that bridge.

He said a unit of mobile police would be stationed on the bridge to forestall future occurrence. NAN

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