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I made more money from snatching cars than treating broken bones 25-year-old suspect says
Cardi B and Offset are back together as they are spotted jet skiing in Puerto Rico (Photos)
Runtown's billboard spotted in Time-square, New York (Video)
INEC says 14.5 million PVC of registered voters between 2017 and 2018 have been printed and ready for collection
US government partially shuts down for the third time in a year after congress failed to reach a funding deal for the border wall
Nigeria’s Oil, Gas Earnings Slumped To $17.05bn In 2016, Lowest In 10 Years
Yearly average price of crude oil per barrel was $43.73 in 2016 as against $52.5 in 2015. Total oil production in 2016 was 659 million barrels as against 776 million barrels produced in 2015,
File Photo
The total financial flows from Nigeria’s oil and gas sector slumped to $17.05 billion in 2016, representing a 31 per cent decline when compared to $24.79 billion in 2015, and a 75 percent plunge on the sector’s peak earnings of $68.44 billion generated in 2011.
The figures are contained in the latest report of the Nigeria Extractive Industries Transparency Initiative (NEITI) released on Friday in Abuja.
Analysis of the report showed that the $17.05 billion earned in 2016 is the lowest in ten years and the fifth lowest in the 18 years covered by NEITI’s audit reports so far (1999 to 2016).
According to the report titled ‘NEITI 2016 Oil and Gas Industry Audit Report’, the plunge in revenue in 2016 resulted from the double whammy of low oil prices in the global market and reduced oil production in Nigeria, which in turn was caused by disruption and vandalism of oil assets and spike in crude theft, among others.
Yearly average price of crude oil per barrel was $43.73 in 2016 as against $52.5 in 2015. Total oil production in 2016 was 659 million barrels as against 776 million barrels produced in 2015, a fall of 15 percent.
According to the report, details of which were explained by NEITI’s spokesman, Dr. Orji Ogbonnaya Orji, the losses due to crude oil theft and sabotage rose from 27 million barrels in 2015 to 101 million barrels in 2016, representing an increase of 274 percent. This was aside losses due to deferment, which in 2016 was put at 144 million barrels which also went up by 65 percent when compared to the 87.5 million barrels in 2015.
“The bombing of the under-water 48-inch Forcados Oil Loading/Export Pipeline was one of many major occurrences that befell the industry in the year under review.
“This incident occurred in February 2016 and the line remained not operational for seven months,” the NEITI report stated.
The report noted that after surviving the slump in the global oil market in 2008 and 2009, Nigeria’s oil sector rebounded in 2010 with a 49 percent increase in total financial flows to $44.94 billion, followed by the peak of $68.44 billion in 2011.
However, flows from the sector have been trending downward since that peak year with $62.94 billion generated in 2012, $58.08 billion in 2013, $54.56 billion in 2014, and $24.79 billion in 2015.
Similarly, oil production has been on steady decline with 866 million barrels produced in 2012, 800 million barrels in 2013, 798 million barrels in 2014, 776 million barrels in 2015 and 659 million barrels in 2016.
NEITI’s audit reports independently reconcile payments by companies against receipts by government agencies, and cover key financial flows such as earnings from sale of Federation’s crude oil and gas, sector-specific taxes, fees and levies such as royalty, Petroleum Profit Tax (PPT), signature bonus, gas flared penalty, and other flows such as NDDC contribution, NCDMB levy, NESS fees, education tax and others.
The breakdown of the payment showed that the major earnings for 2016 came from export and domestic sale of the Federation crude oil and gas with $7.97 billion, PPT with $4.21 billion, and royalty oil with $1.57 billion.
A major highlight of 2016, according to the report, was that for the first time in Nigeria’s history, crude oil produced from Production Sharing Contracts (PSCs) overtook output from the Joint Ventures (JVs).
“In 2016, PSCs accounted for 324 million barrels, while the JVs accounted for 289.1 million barrels, (as against the 320 million barrels for PSCs and 375.5 million barrels for JVs in 2015).
“PSCs, a production arrangement introduced in 1993, thus became the leading production arrangement in 2016. The PSCs are mostly offshore, thus insulated from vandalism and sabotage, and are not constrained by adequacy/availability of equity funding by the Federation.
“This change in production structure pushes to the fore the need to renegotiate the terms of the PSCs as stipulated in the Deep Offshore and Inland Basin Production Sharing Contracts Act of 1993 so as to increase government’s take.
The 2016 NEITI report covered 84 entities, comprising the following: ten government agencies, seven power generating companies, 62 oil and gas companies, three refineries, and the NLNG and NGC.
Roads Blocked As Osinbajo Visits Delta State
A man identified as Samuel took to Facebook to share photos of how Warri Sapele road was blocked today because of Osinbajo’s visit to Delta.According to him,people were forced to trek long distances,leaving their cars and more at military blockades.He wrote…
‘OnlyInNaija
This is the ever busy Warri Sapele road, main market axis. People are forced to trek long distances, leaving their cars, keke and bikes at military blockades.
Other roads like Airport road, Osubi road, Deco road, Robert road, Avenue etc were also affected.
How can you shutdown an entire town for a whole day without prior notice or alternative route for road users just because a seating VP is visiting.
If you are not good at trekking and you leave within Warri and its environs, take my advice, better seat at home. Otherwise, you go trek belle full. As I dey type this message, my eyes don see my ears’.
Computer Science Lab In UNIBEN: Before & After Photos
Last weekend, ex-students of the Department of Computer Science, UNIBEN – Class of ’98 – donated items such as desktop computers, UPSes, computer network infrastructure, furniture, lab equipment, etc to their alma mater.
The initiative was part of the 20th anniversary reunion of the set.
The donation was received by the Deputy Vice-Chancellor (Academics), Prof. Pius Iribhogbe, who lauded the gesture of the alumni. Iribhogbe, who represented the Vice-Chancellor, Prof. Farraday Orumwense, said the role of the alumni couldn’t be overemphasized as the body had continued to play a huge role in the development of the institution through their various donations.
The Head of Department (HOD), Computer Science, Dr. Dawodu and a former HOD, Prof. Emmanuel Onibere, commended the efforts of the members of Class 1998 for remembering their alma mater and supporting the department with computers and furniture.
See the before and after photos of the Computer science lab of the university of Benin
Davido Dumps Chioma? Rumored To Be Dating A Ghanian TV Presenter
A new report that has begun serving the rounds online suggests that Nigerian top singer, Davido is secretly dating GH One News anchor, Serwaa Amihere.
This information was disclosed by an Instagram blog, SwitchFocus. According to @SwitchFocus, a Ghanaian lady who is based in the United Kingdom was flying in and out of Nigeria from the UK all because of Davido.
Because of her recurring action of flying in and out of the country, the “Assurance” singer then proposed that she comes over to stay for a while but she couldn’t make it since time caught up with her.
So the lady then decided to do her best to reach Davido’s end quite early on a particular morning… then upon getting to where Davido was lodging,
She stumbled on the TV Presenter, Serwaa Amihere who was wrapped in a white towel and was in a serious position with Davido as reported by the news breaker
Labour Threatens to resume nationwide strike January 2
LAGOS— ORGANISED Labour, yesterday, issued a December 31
deadline to the Federal Government to send a draft bill on the new
national minimum wage to the National Assembly for passage into
law to avoid a nationwide strike in the new year.
At a national leadership meeting of leaders of Nigeria Labour
Congress, NLC, Trade Union Congress of Nigeria, TUC, and United
Labour Congress of Nigeria, ULC, held in Lagos, the Organised Labour
also rejected the Federal Government’s plan to set up another
high-powered Technical Committee on the new minimum wage,
describing it as “diversionary and delay tactics.”
In a communiqué signed Ayuba Wabba, Bobboi Kaigama and Joe
Ajaero, President of NLC, TUC and ULC, respectively, they
threatened a nationwide strike from January 2, 2019, should the
Federal Government fail to send the a draft bill on the new
national minimum wage to NASS before December 31, 2018.
Reading the communiqué on behalf of the three Labour Centres,
Wabba said: “almost two months of the submission of the report
of the National Minimum Wage Tripartite Committee’s report
which included a draft bill, no bill has been submitted to the
National Assembly for passage into law.
The Federal Government is planning to set up a high-powered
Technical Committee which is alien to the tripartite process and
International Labour Organization, ILO, conventions on National
Minimum Wage setting mechanism.
The National Minimum Wage Committee was both Technical and all-
encompassing in its compositions. The National Minimum Wage is not
only for public sector workers, but for all workers both private
and public.”
The communiqué reads: “Consequently, the meeting resolves as
follows that the Federal Government is expected to transmit the
New National Minimum Wage Bill to the National Assembly on or
before December 31, 2018.
“We reject in its entirety the plan by the federal government to
set up another high-powered technical Committee on the new
national minimum wage. It is diversionary and a delay tactics.
“Nigerian workers are urged to be vigilant and prepared to
campaign and vote against candidates and Political Parties who are
not supportive of the implementation of the New National
Minimum Wage. Finally Organised Labour will not guarantee
industrial Peace and harmony if after the 31st of December 2018,
the Draft Bill is not transmitted to the National Assembly.”
“This serves as a statutory notice for Organised Labour to recall
our suspended Nation-wide Industrial action.”
RED ALERT! Boko Haram chief arrested in Lagos
A Boko Haram leader , identified only as Umar, has been arrested in
Lagos .
It was learnt that Umar was arrested by the Inspector- General
of Police Intelligence Response Team on Thursday.
A member of the team , who broke the news on Instagram, claimed
that the suspect was the most wanted leader of the insurgents,
adding that he was behind the Kuje and Nyanya bombings in Abuja
in 2015.
“ Umar is the most deadly and most wanted Boko Haram leader in
Abuja, and the mastermind of the Kuje and Nyanya Abuja bombings
of 2015, gang leader of Galadimawa Roundabout attack in which
seven police officers were killed ; Lugbe police officers killer ;
Gwagwalada area police killings, all in Abuja; overall commander of
Edo and Ondo states multiple bank robberies, several killings in the
Okene area of Kogi.
“ He was the grand commander of the jailbreak of the prison in
Niger State early this year , during which he lost one of his eyes ,
while over 100 prisoners escaped .
“ The most wanted suspect was arrested by a special IRT team in
Lagos today (Thursday) after he escaped with bullet wounds from
Abuja three weeks ago when the IRT team arrested four of his
gang members and recovered four AK – 47 rifles and hundreds of
ammunition. Today is one of the happiest moments of my life , ” he
wrote in the post .
The Force spokesperson , Jimoh Moshood, confirmed the arrest.
He said, “ I am aware of some arrests made by the team . He is in
police custody.
Olamide, Lil Kesh in trouble over new single promoting money ritual
‘Logo Benz’ is the title of the song currently trending on social media for all the wrong reasons.
Nigerians expressed their displeasure on their different social media accounts shortly after the release of the song.
@Isimaodeh wrote “This Olamide and Lil Kesh song is painful to listen to. A song that glorifies rituals, internet fraud and blood money.
@Officialdaddymo , on the other hand, stated that “Why is the new Lil Kesh and Olamide song promoting and glorifying ritual killings and blood money?
“Why must you use terrible lyrics like this, ‘If money no enter I go do blood money’.
“There needs to be a line that you can’t cross when it comes to lyrics in music. This is one of them.”
@jajaPhd said “Music is usually a reflection of the society from which it originates at the time it is produced.
“So, Olamide and Lil Kesh are just producing music that reflects our society at this point in time just as Fela’s music in Fela’s time.”
@Bhadosky said “If money no enter I go do blood money.
“I have been shouting for years but people seem unbothered.
“Can we all come together and tell Olamide and Lil Kesh that enough is enough.”
Some Nigerian twitter users have called for the song to be banned while others are threatening to boycott Olamide’s upcoming concert in Lagos, ‘OLIC,’ with emphasis on the effects the song could have on children.
@peterrock wrote “I can’t wait for the government and in fact I hope the government bans Olamide ft lil kesh’s stupid song as soon as possible.
“Olamide is a cancer to the Nigerian music industry and youths in general.”
@royzkingin wrote, “At this moment, Olamide and Lil kesh are toxic to the music industry.”
@tamiromeo said “Olamide is cancelled” shouldn’t end here, If you really mean it, simply don’t show up for OLIC.
“He and his mafia should enjoy their blood money alone.”
@voiceofsanity said, “This Logo Benz song is enough a reason for Nigerians not to grace his OLIC this weekend.”
@xotie also said “You guys should boycott OLIC.
“We need to send a message to Olamide, this new song is so sad.
“There are families that have lost loved ones to rituals.”
Many would recall that Olamide had to recently respond to criticisms from fans for promoting social vices in his single ‘science student’.
This latest criticism is coming a few days to his annual concert, ‘OLIC,’ scheduled for Dec. 23 at Eko Convention Centre in Lagos.