Oil Price Rebounds to U.S.$66 On U.S., China Deal

Crude oil prices rose yesterday, buoyed by reports that the United States and China are inching closer to a deal on a tariff row that has slowed global economic growth.

This is coming as the international oil companies (IOCs) operating in Nigeria have dragged the federal government to court over its claims that the oil firms owed Nigeria billions of dollars of unpaid oil and gas-related taxes.

The output cuts deal by the Organisation of Petroleum Exporting Countries (OPEC) to remove excess inventory in the global oil market has also supported oil prices as supply from the producer-group fell to a four-year low in February.

Brent crude futures were up 1.07 cents at $66.14 per barrel as at the last trading, the US West Texas Intermediate (WTI) crude futures were up 55 cents at $56.35 per barrel.

Reuters reported that the United States and China appear close to a deal that would roll back US tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on US goods, a source briefed on the negotiations said on Sunday in Washington.

Hopes of an end to the trade spat between the two world's biggest economies added support to the oil market that has been rallying for the past two months on cuts to production.

Supply from OPEC fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its allies over-delivered on the group's supply pact while Venezuelan output registered a further involuntary decline.

In the US, there are signs that the oil production boom of the past years, which has seen crude output rise by more than 2 million bpd since early 2018 to more than 12 million bpd, may slow down.

US energy firms last week cut the number of oil rigs looking for new reserves to the lowest in almost nine months as some producers follow through on plans to cut spending despite an increase of more than 20 percent in crude futures so far this year.

IOCs Drag FG to Court over Tax Claims

Meanwhile, the IOCs operating in Nigeria have dragged the federal government to court over its claims that the oil firms owed Nigeria billions of dollars of unpaid oil and gas-related taxes.

The federal government had given the IOCs operating in Nigeria's deep offshore and inland basin a 14 day-ultimatum to pay all outstanding revenues on Production Sharing Contracts (PSCs), estimated at over $20 billion.

The government said the revenues were as a result of the Supreme Court judgment last October, which had noted that the IOCs are in default of adjusting the revenue accruals in accordance with the provisions of section 16(1) of the Deep Offshore and Inland Basin Production Sharing Contracts Act, Cap D3, Laws of the Federation, 2004.

In one of the letters written by the federal government's consultants/recovery agents, the government had threatened that any IOC which refused to pay would have its PSC terminated.

Also in another letter sent to the companies, the government had claimed that Royal Dutch Shell, Chevron, Exxon Mobil, Eni, and Total owed about $5 billion each.

The government had also threatened to file a complaint against such defaulting oil firm at international fora under the Foreign Corrupt Practices Act in the United States of America and other related international protocols for failing to observe the mandatory obligations under Section 16(1) of the Deep Offshore and Inland Basin Production Sharing Act.

Following a suit filed by the Attorneys-General of Rivers, Bayelsa and Akwa Ibom States, the Supreme Court had in a landmark judgment on October 17, 2018, ordered the federal government to adjust its share of proceeds from the sale of crude oil whenever the price exceeds $20 per barrel.

To give effect to the Supreme Court judgment, the federal government, THISDAY gathered had written to the affected companies demanding payment of between $5 billion and $2.5 billion from each of the multinational energy firms.

THISDAY, however, learnt that the IOCs have dragged the federal government to a Federal High Court in Lagos challenging the legality of the claims.

A source in one of the major multinational companies told THISDAY that the companies have filed court action to challenge the figures.

"The IOCs have filed a suit in a Federal High Court in Lagos but no date has been fixed for hearing. The companies are ready to negotiate with the government on the issue but the figures (amount of money) they are asking the oil firms to refund are not realistic. The government and their consultants did not get the numbers right. This issue calls for negotiation to reach a win-win situation and not a unilateral decision of one party. For the government to unilaterally determine the figures is not right. It sends a wrong signal to investors," the source explained.

The Supreme Court had in a unanimous ruling, ordered that the 13 per cent derivation that was due to the oil producing states be paid upon recovery, in accordance with Section 162 of the 1999 Constitution (as amended).

The seven-man panel of the apex court, which included the now suspended Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, also ordered that effect should be given to the provisions of Section 16(1) of the Deep Offshore and Inland Basin Production Sharing Contracts Acts Cap, Laws of the Federation, 2004.

The said Section 16(1) of the Act reproduced hereunder for your reference states, "The provisions of this Act shall be subject to review to ensure that if the price of crude oil at any time exceeds $20 per barrel, real terms, the share of the government of the federation in the additional revenue shall be adjusted under the production sharing contracts to such extent that the production sharing contracts be economically beneficial to the government of the federation."

Tiwa Savage escapes mob attack hours after N200m suit by Danny Young

Supreme Mavin Dynasty (SMD) songstress Tiwa Savage got a rough deal when she visited a beach on Lagos Island with her friends.

According to the mother of one who went on a trip to the said beach to lap the sun with her close friends, things got awry as she nearly escaped mob attack when she was about leaving the fun spot.

The singer shared her experience on Insta story when she wrote thus;

“IT’S ALL LOVE, BUT IT GOT A BIT CRAZY YESTERDAY DAMN.

Her experience comes after reports made the rounds that she has all but decided to leave Mavin records and hours after she was slammed with a N200 million suit by Danny Young for copyright theft.

Atiku’s son-in-law released as PDP reveals why EFCC arrested Turaki

Babalele Abdullahi, an associate of Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP) has been released by the Economic Financial Crimes Commission (EFCC).

Abdullahi is Atiku’s son in-law and Finance Director of companies owned by the Wazirin Adamawa.

Segun Sowunmi, Atiku’s spokesman, confirmed the development Tuesday morning on Twitter.

“Atiku Abubakar’s son in-law has been released. That is the way to go. Thank you is in order”, he tweeted.

EFCC had on Monday said it had begun investigation of alleged money-laundering against Abdullahi.

EFCC acting spokesman of EFCC, Mr Tony Orilade, stated: “We are investigating a case of money laundering against Abdullahi. We shall speak at the appropriate time”.

He declined to disclose the figure involved in the laundering allegation against Abdullahi.

Meanwhile, Deputy Director General (Admin) of PDP Campaign Organization, Barr. Tanimu Turaki, has been arrested by the EFCC.

A source in the party confirmed to DAILY POST that Turaki, a Senior Advocate of Nigeria (SAN) was playing a major role in the suit against Buhari’s victory and that it was the reason EFCC was holding him.

He said: “It might interest you to know that Turaki is the one coordinating the body of lawyers for Tuesday’s filing of the suit challenging the mandate stolen by Buhari February 23.

“EFCC swapped Babalele, Lawan and Lawani for Turaki, who came in the afternoon to perfect release of the trio. As the trio were released at about 10.30pm, KTT (Turaki) was detained in their stead.”

Reacting, PDP spokesman, Kola Ologbondiyan, in a statement, noted that Turaki’s arrest and detention is part of the grand plot by the Buhari Presidency and the All Progressives Congress (APC) to use state apparatus of power to intimidate PDP leaders and scuttle PDP’s determination to reclaim its victory in court.

It reads: “Since the people’s candidate, Atiku Abubakar and the PDP expressed our unwavering determination to reclaim our victory at the tribunal, being armed with overwhelming evidence, our leaders have been subjected to escalated harassments, constant threats, blackmails, cajoling and contrivances by the APC to drop our legal option.

“The PDP, however, states in clear terms that the APC and the Buhari Presidency are fighting a lost battle as no amount of harassment and threats will ever make the party to buckle in its determination to take back the mandate, in line with the wishes and aspirations of Nigerians.

“Nigerians are resolute on this struggle to reclaim the mandate freely given to Atiku Abubakar at the polls and the PDP will pursue this decision to its logical end and secure justice for the Nigerian people”.

Ogoni Clean-Up Project: Govt Begins Field Level

Minister of Environment, Suleiman Zarma, has said that the Federal Government has commenced the field level implementation of the Ogoni clean-up exercise in Niger Delta.

Speaking yesterday at World Wildlife Day in Abuja, Zarma enthused that Niger Deltans would soon benefit from the project because of the exotic species of fishes in that environment.On completion, the hitherto polluted water bodies would be decontaminated to bring back life to Ogoni communities, he added.

According to him, the ministry is making efforts to clean up plastic wastes that are degrading the water bodies.After assessment of the devastation of Ogoniland by oil exploration in 2011, the United Nations Environment Programme (UNEP) had recommended a clean-up of the area by the FEDERAL GOVERNMENT and the oil majors involved.

"As part of increasing our focus on life below water, Nigeria would soon be one of the countries in the world with a marine national park to be established in Niger Delta," the minister said."For such services, it is imperative that we do everything we can to preserve and protect marines and the diverse species therein.

"In pursuit of the above, we are guided by the 2016-2020 Environment Sector Strategic Plan, which seeks to support both the government and people in delivering economic and social changes."We commend the efforts of the Nigerian Inland Waterways Authority (NIWA) and Lagos State government for tackling water hyacinth infestation in Lagos."

Waste to wealth: Recycling factory engages 10,000 Nigerians

Nigeria’s efforts at turning waste to wealth is paying off, as over 10,000 direct and indirect jobs have been created in the recycling of pet beverages bottles.

This is even as the initiative has created million dollars in foreign exchange earnings to support the nation’s ailing economy.

The Executive Director of Lexsz plastics, Oba Olufemi Akowe, said the $8 million dollar factory located in Ogun state was established in 2011 and presently has over 400 direct staff and ten thousand local workers for the factories recycling plastics.

He noted that the company’s initial target was to export the recycled plastic fiber to China, which it has effectively done in the past eight years.

He said, “But now the company is set to expand and supply Nigerian industries that may need our products as their raw materials.

“The company’s products not only save a lot of energy and resources, but also effective for environmental protection areas in Lagos State and has contributed millions of dollars in foreign exchange earnings and job opportunity for many Nigerians.”

He added that the company had in its eight years of operation taken the lead in waste to wealth management by empowering Public, Private Sector Operations in clearing waste in the environment which are later bought and paid for by the company as raw materials.

“We rely on individual who go around the cities and towns picking wastes which are later sold to us. We also help governments in some South West states to clear theIR dump sites and even pay their agencies.” He said

Akowe explained that with the four production lines refining and processing, Lexsz production scale of PET bottles and preforms per year amounted to over 100, 000 tons thus  meeting the major chemical Yangtze River Delta region of China class enterprise demand for a large number of raw materials.

He stated that since the company entered the plastics manufacturing business through waste recycling, it has played a prominent role in enhancing and consistently cleaning environmental waste in Ogun State and other surrounding states. 

He however lamented that the government has not been supportive of private sector operators, who daily faced challenges of poor infrastructure, multiple taxation and others.

“We appeal for co-operation, support and a conducive business environment so that our business can flourish. We particularly appeal to our stakeholders to redouble their efforts by ensuring that our waste to wealthefforts through recycling of the environmental wastes are successful,” he said.

36 Presidential Candidates Beg Atiku Not to Challenge Buhari’s Victory in Court

The Forum of Presidential Candidates and Political Parties for Good Governance, has appealed to the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, not to challenge the outcome of the recent presidential election in court.

The forum made up of chairmen and candidates of 36 political parties, who contested the election with the winner, President Muhammadu Buhari, specifically urged Atiku to disregard the advice of those asking him to challenge the outcome of the poll in court.

In a statement read on behalf of his colleagues at a press conference in Abuja yesterday, the chairman of the forum, Mr. Shittu Kabir, said the group had started a robust discussion with Buhari and the leadership of the All Progressives Congress (APC) with a view to being magnanimous in victory by setting up a government of national unity.

Kabir said, “We have advised the government to be magnanimous in victory. I believe that will be done. We have urged them that irrespective of political party or religion or tribe, the government should pick the best brains across the land and those who can contribute to the development of the country across the nation.”

He noted that Atiku, who has already set up a formidable team of legal experts for the judicial battle ahead, has the right to approach the court but added that he should forget the litigation option in the interest of peace.

He said, “We strongly urge Alhaji Abubakar to drop the legal option in expressing his grievances. This is consistent with the counsel of many well-meaning Nigerians including Chief Olisa Agbakoba.

“We also believe that the former vice president has made a mark among Nigerians of means who have positively impacted their communities. We think he has a lot more to contribute to developing humanity and promoting peace and progress in our nation, even without holding any political office.

“At his age, he should now avoid any action and utterances capable of fanning the embers of discord, disagreement and violent conduct. Nigeria is greater than any personal or class interest.

“Atiku has his right and nobody can infringe on his right. That is why we have not said he cannot go to court but we are saying he should not go to court.

“Instead of wasting that time and maybe draw our developmental stride backwards, let us give our nation time for development and let the government be focused on providing good governance.

“We need to get the country out of the wood and address national issues instead of diverting the attention of the government by going to
court.”

It also said part of their task would be to convince the President to sign the Electoral Bill into law with a view to preventing the irregularities, rigging and violence that usually characterised elections in the country.

He said, “If that bill as approved by the National Assembly had been assented by the president, all the litigations and crimes that we are having would been taken care of.”

Buhari "APC will complete the takeover of Delta on Saturday"

President Muhammadu Buhari has said next Saturday’s election will complete All Progressives Congress’ (APC) takeover of Delta State, going by the party’s scores in the state during the presidential and National Assembly elections.

Buhari spoke at the PTI Conference Centre, Effurun, Uvwie council area yesterday when he addressed a congregation of the party’s stakeholders and others including traditional rulers.

Buhari, who was represented by the Vice President, Professor Yemi Osinbajo, also assured the stakeholders that the Federal Government would ensure adequate security during next Saturday’s elections to address concerns about rigging and other electoral anomalies.

Osinbajo said: “What happened last Saturday is a great victory for us, but it is only the beginning because the completion of that victory is going to come by the grace of God on Saturday March 9, 2019 when we vote in our own governor, Great Ogboru, who will, by the grace of God, be a governor from that very day.

“It is very clear to everybody and to the world that Delta State can never be the same again. It’s impossible for Delta State to go back after what happened on Saturday. As the APC chairman said, we all watched to see what will happen in Delta State. Delta State was a focus of all of our attention.

“Just as the chairman has said, we have seen a Delta State where the PDP was unable to record a vote of 1.2 million and we knew they wrote the result. We wanted to see what way they can be curtailed, but you all proved that ‘you can tell a lie for a thousand years, but one day the truth will catch up’ and the truth caught up with them last Saturday. That truth will manifest itself fully this Saturday when we hold the next election. Delta State has proved a very important point that this state is ready for change to the next level.”

“The other reason why it is so important for us to ensure that Delta State become an APC state has been pointed out. The social investment programme that we put in place, it is only APC governor that can implement such programmes faithfully. We believe that once we are able to have an APC governor such programmes will be implemented,” the Vice President said.

Speaking on why the state should not remain in the opposition to the Federal Government, Osinbajo pointed at the various projects for the economic and social development of the oil-rich Niger Delta, especially Delta State.

“I heard talks about Delta Steel Company (DSC), after so many years, the Itakpe-Aladja railway has been completed, 35 years after being on the cards. It’s this same President that completed it. PDP has been in power all these many years, why didn’t they complete it? They (PDP) are the ones who created this mess.

“Even the Warri seaport which we are now dredging has been there for years. They didn’t do it. All of these times that PDP has been in power. Sometimes, it surprises me that with the resources that Delta State has had for so many years; where are the fruit of the resources? Look at the Warri Seaport, it could have been seamlessly done by the state. Here we are, we (APC) are completing the dredging of the channel. Even the East-West road; this is the first government that has put resources for its completion. We are putting large amount of money into the East-West road. We all will benefit from it.

“Delta State should not be an opposition state. Why should Delta be an opposition state? Why? There is no reason for it at all. For all the periods that Delta State has had high resources; what we need was a change from a progressive party. The time has come. This is the moment, let us seize that moment. You have shown courage, it is only the courageous that wins,” he said.

Various speakers had urged Buhari to ensure strict security cover for the state to prevent the rigging of next Saturday’s election, warning that the Peoples Democratic Party (PDP) would repeat its alleged rigging pattern during the governorship and House of Assembly election if there is no proper security to deter such.

The event gathered leaders and stakeholders of the party, including the governorship candidate, Chief Great Ogboru, the leaders of the party, such as the Minister of State of Petroleum Resources, Dr Ibe Kachikwu, former Governor Emmanuel Uduaghan, Olorogun O’tega Emerhor, Senator Ovie Omo-Agege and others.

Buhari hosts Presidential Campaign Council to dinner

President Muhammadu Buhari on Monday night hosted the officials of the Presidential Campaign Council (PCC) to a dinner.

It was held at the New Banquet Hall of the presidential villa, Abuja.

Those in attendance when the dinner started around 8:10pm include; the Director General of the PCC, Rotimi Amaechi, former Senate President, Ken Nnmani, Senator Ali Ndume, Senator Abdullahi Adamu.

Also at the dinner were the former Chairman of the Economic and Financial Crimes Commission (EFCC), Nuhu Ribadu and Senator Bashir Lado.

Others were the Secretary to the Government of the Federation, Boss Mustapha,  Chief of Staff, Abba Kyari, Minister of Education, Adamu Adamu.

The President had in January, inaugurated the campaign council with him as chairman and Asiwaju Bola Ahmed Tinubu as the co-chairman.

Presidency reportedly denies sacking of Emefiele as CBN governor

CBN confirms Emefiele still in charge

Godwin Emefiele remains the governor of the Central Bank of Nigeria, TheCable can report.

The Central Bank of Nigeria (CBN) on Monday debunked claims that the governor, Mr Godwin Emefiele, had been sacked.

Emefiele reportedly received a letter from the office of President Muhammadu Buhari on Monday to vacate his office.

Sources within the presidency told TheCable there is no truth in the reports.

“The president does not have the power to sack the CBN governor without the approval of the national assembly,” one of the persons familiar with the matter told TheCable.

“The reports are fake.”

When TheCable likened the matter to the suspension of Muhammad Sanusi II, the former CBN governor, the source said: “Suspension is different from sack, and Emefiele has not done anything wrong to be suspended or asked to proceed on terminal leave.”

Section eight of the CBN Act of 2007 says a CBN governor can be removed by the president “provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed”.

Emefiele’s tenure as CBN governor is expected to come to an end on June 3, 2019 — five years after his appointment.

Another source said “the rumour mill is grinding so fast, seeing its exactly three months to the expiration of his tenure”.

TheCable understands that Emefiele was in his office on Monday and no such letter was received by the office of the governor.

Emefiele can be reappointed as the CBN governor based on the discretion of the president and the approval of the national assembly.

Section 10 of the CBN Act prescribes that “the Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for re-appointment for another term not exceeding five years”.

The act is silent on terminal leave, but TheCable understands that CBN governors do not go on terminal leave due to the sensitivity of the job.

Luke Perry Ex 'Beverly Hills, 90210' star dies at 52 after stroke

Actor Luke Perry, who rose to superstardom on the teen-oriented 1990s U.S. television drama “Beverly Hills 90210” and then aged into a fatherly role on comic-based “Riverdale,” died on Monday at the age of 52 after suffering a “massive” stroke last week, his publicist said.

Publicist Arnold Robinson said Perry died in a Los Angeles area hospital surrounded by his family and close friends, including his former wife Minnie Sharp, his two children, and his fiance Wendy Madison Bauer.

“The family appreciates the outpouring of support and prayers that have been extended to Luke from around the world, and respectfully request privacy in this time of great mourning. No further details will be released at this time,” Robinson said in a statement.

Perry was rushed to a Los Angeles hospital on Wednesday after suffering the stroke at his home, celebrity website TMZ.com reported last week. TMZ said on Monday that Perry never recovered consciousness.

Perry was taken ill the same day that Fox television announced it was reviving the “Beverly Hills 90210” series with many of the original cast, including Jason Priestley, Jennie Garth and Tori Spelling. Perry was not among those announced as returning for the limited run of six new episodes this summer.

Since 2016, Perry had played Fred Andrews, father of Archie Andrews, in the television series “Riverdale,” a dark twist on the Archie comic books, but more than 20 years earlier the actor had been a heartthrob who adorned the cover of scores of magazines aimed at adolescent girls, thanks to “Beverly Hills 90210.”

Perry’s death prompted an outpouring of grief.

“Riverdale” producers in a statement called Perry an “incredibly caring, consummate professional.” Molly Ringwald, one of his co-stars on the show, said on Twitter, “My heart is broken.”

“Beverly Hills, 90210,” which aired on the Fox network, was about a group of attractive high school students living the sweet life amid Southern California affluence while dealing with teen angst, as well as a raft of more serious issues such as date rape, AIDS and teen pregnancy.

Perry was in his mid-20s when he started playing high schooler Dylan McKay, a brooding loner on a motorcycle with prominent sideburns and bad-boy tendencies. An avalanche of comparisons to the late James Dean soon followed.

“Beverly Hills 90210” got off to a slow start in the ratings in 1990 but built a cult following that grew to become a cultural phenomenon with its target demographic. One of the key plot lines was Perry’s character developing a romance with Brenda, a wholesome Midwestern transplant to Beverly Hills, played by Shannen Doherty, before moving on to her best friend, Kelly, played by Garth.

Along the way Perry, Doherty, Garth and co-stars Priestley, Spelling and Ian Ziering became stars.

MOB SCENES

Perry’s fame was such that he was getting 4,000 fan letters a week and drawing crowds of thousands of teenage girls to his personal appearances. Once Perry had to be smuggled out of a Seattle mall hiding in a laundry hamper because of overzealous fans and at another appearance, some 20 people were injured rushing a stage.

He eventually gave up the personal appearances for security concerns and did not like being considered a “teen idol.”

“My problem with that is it’s inaccurate for two reasons,” he said at a news conference in 1992. “One, I’m not a teenager. Two, I don’t think anyone idolizes anybody.”

Perry left “90210” after its sixth season but returned two years later as the show finished its 10-year run. By the time it was over, Perry’s Dylan had endured a drinking problem, cocaine and heroin abuse, financial hardship, a near-fatal car crash, his father’s faked death, various romances and a marriage that ended when his wife was mistakenly killed by a hitman hired by her mobster father.

Perry also was in the 1992 movie “Buffy the Vampire Slayer” that preceded the TV series of that name and during his “90210” run portrayed real-life rodeo star Lane Frost in “8 Seconds.” He learned to ride bulls and did many of his own stunts in the film.

Perry’s other TV credits included “Windfall,” a 2006 series about a group of friends who win a big lottery jackpot; two seasons of “Jeremiah,” a post-apocalyptic drama; and a season on “Oz,” a prison drama on which he played a preacher convicted of embezzlement.

His stage work included starring in London stage adaptation of “When Harry Met Sally” in 2004 and playing Brad in “The Rocky Horror Show” on Broadway in 2001.

Perry grew up in Fredericktown, Ohio, population 2,300, and after graduating from high school headed to Los Angeles to pursue acting while working construction jobs and in a doorknob factory. In the late 1980s, he took on soap opera roles and television commercials in New York before landing the “Beverly Hills 90210” part.