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Petrol Subsidy: NNPC Under Pressure

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There are indications that the Federal Government through the Nigerian National Petroleum Corporation (NNPC) would be under more pressure to fund Nigeria’s petrol under-recovery or a subsidy as the price of Bonny Light rises to $65 per barrel in May, 2021.
This showed an increase of 150 per cent when juxtaposed against $26 per barrel recorded in the corresponding period of 2020 when the outbreak of Coronavirus pandemic, and low demand for crude oil had culminated in low prices.
However, the current high prices of crudes, and by extension petrol is attributed to the re-opening of many economies, the discovery of Coronavirus pandemic vaccines and the efforts of the Organisation of Petroleum Exporting Countries (OPEC) to achieve market stability.
The 16th Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC), which took place via teleconference on Tuesday, April 27, 2021, under the Chairmanship of Saudi Arabia’s Minister of Energy, Prince Abdul Aziz bin Salman; and Co-Chair, Deputy Prime Minister of the Russian Federation, Alexander Novak, had raised hope for increased stability.
In a statement, OPEC, had stated, “The Meeting emphasized the ongoing positive contributions of the Declaration of Cooperation in supporting a rebalancing of the global oil market in line with the historic decisions taken at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting (ONOMM) on April 12, 2020 to adjust downwards overall crude oil production, and subsequent decisions.
“The meeting highlighted the continuing recovery in the global economy, supported by unprecedented levels of monetary and fiscal support, while noting that the recovery is expected to pick up speed in the second half of the year.
The ministerial meeting emphasized, however, that Covid-19 cases are rising in a number of countries, despite the ongoing vaccination campaigns, and that the resurgence could hamper the economic and oil demand recovery.
“The meeting reviewed the monthly report prepared by the Joint Ministerial Monitoring Committee (JMMC), including the crude oil production data for March, 2021, and welcomed the positive performance of the participating countries.
Overall conformity to the production adjustments was 115 per cent in March, 2021, reinforcing the trend of high conformity by the participating countries.
The meeting expressed its “appreciation to the participating countries that performed beyond expectation in March, 2021, with total over-conformed volumes of 1.23 mb/d.”
Commenting on the development, a Port Harcourt-based analyst, Dr. Bala Zaka, said, “With the rise in oil price, it would now cost more to procure and refine crude oil, meaning that the cost would be transferred to Nigeria as the nation currently imports all its petrol from the global market.”
The downstream sector of Nigeria’s petroleum industry was deregulated in March, 2020, when the prices of crude were relatively low at less than $35 per barrel, meaning that the cost of refining and price of petrol were relatively cheaper then.
In its April, 2020 report, OPEC confirmed that, “Crude oil prices collapsed in March, 2020, recording their deepest monthly drop since the global financial crisis in 2008.
“The ramifications of the Covid-19 pandemic were the main driving force, resulting in unprecedented worldwide oil demand shock and massive sell-offs in the global oil markets, amid a significant crude surplus.”
But the greatest pressure is currently fuelled by the smuggling of the product to neighbouring countries, especially Cameroun, Chad, Niger, and Benin.
The investigation, weekend, showed that increased smuggling of petrol across Nigeria’s borders has put pressure on the NNPC to meet the national daily demand, currently estimated at ‘72.72 million litres’ as the smuggled product goes for between N300 and N500 per litre in these nations.
However, in an interview, the Chairman, Major Oil Marketers Association of Nigeria (MOMAN), Mr. Adetunji Oyebanji, who is also the Managing Director, 11 Plc, said the huge price differential across the borders, provides an adequate incentive for smugglers.
He said, “The incentive is much. Even if you put the angels at the borders, the differential is too much. The only solution is to bridge the gap and remove the incentive. If not, it will continue.”
Nevertheless, the Department of Petroleum Resources (DPR) said it has sealed many stations nationwide for committing various offences, including under-dispensing and hoarding, but not much has been achieved in the battle against petroleum products diversion.
Nevertheless, the National President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, maintained that, once the deregulation is properly outlined and the rules of engagement brought out, its members, comprising major and independent marketers, as well as depot owners, are ready to commence fuel import.
“In reality, there is no way any marketer, retail outlet owners, or tanker and depot owners, would invest in a business they cannot be certain that they would make a profit.”

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Elder Statesman, Others Emerge PH Boat Club’s New Officials

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The Port Harcourt Boat Club 1947 has elected new officers to pilot its affairs.
An elder statesman and staunch supporter of Governor Siminalayi Fubara, Sir Kingsley Fubara Hart emerged the club’s Secretary.
Sir Hart’s emergence followed an election conducted by the electoral committee over the weekend which threw up new officials to pilot its affairs at its corporate headquarters in Port Harcourt.
The election which was adjudged one of the most credible, fairest and freest elections in the annals of the Port Harcourt Boat Club 1947, saw the emergence of Dan Harrison as Chairman.
Other members elected to run the activities of the body are Chief Coker Jimmy, Dr Oma Awoh, Chief Bib- Manuel Afonya, Dawari Dingo, Dango Kala- Otaji, Bara Alagoma and Dago George.
Recall that Port Harcourt Boat Club 1947 was founded by the former Military Governor of old Rivers State, King Alfred Diete-Spiff.
Many years after its inception, the club is still waxing strong with notable personalities as members.
Former Secretary to the Rivers State Government, Chief AbiyeSekibo is also a prominent member of the club.
The elected officials including Sir Kingsley Fubara Hart were subsequently sworn in, signalling a new chapter for the revered group of bigwigs in the oil- rich region.
With the likes of an elder statesman, Sir Kingsley Fubara Hart on board, the narrative has changed for Port Harcourt Boat Club 1947 as expectations are high.
The newly elected boat Secretary, Sir Fubara Hart promised to work assiduously with the chairman and other members to chart a new course for the esteemed club.
He said efforts are in top gear to enroll new members who will contribute their quota to the advancement of the club.
Sir Hart described his emergence as an act of God, promising to support the new leadership to achieve the desired objective.
He hinted that the core values of the club would be upheld with vigour, saying working in synergy with the principles laid down by its founders remains their watchword.
He said the rules and regulations of the club shall be sustained in the interest of the club and every legitimate member.

 

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New Oneh Eta Akpajo Emerges

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The Akpajo Clan in Eleme Local Government Area was recently agog with activities following the coronation of HRH Emere Sunday Obo as the Oneh Eta Akpajo XII/paramount ruler of Akpajo clan in Eleme Local Government Area of Rivers State.
Emere Obo was crowned by the traditional staff bearer of the clan,  Chief Joseph Goka on behalf of the land priests at the community square.
Before his coronation, the new King was an acting traditional ruler of the community since the death of his predecessor, Emere Friedrich on the 11th of January, 2023.
He was also a member of the late King’s Council of Chiefs and member of Nchia and Eleme Council of Chiefs respectively.
Speaking with newsmen shortly after his coronation,the new Akpajo monarch said his reign will usher in peace and prosperity to the Kingdom.
He said he intends to work together with the government and companies operating in the Kingdom to attract development to Akpajo clan.
According to the monarch, he will always seek the advice of his elders and other clansmen before taking any decisions.
“I have promised them that I cannot use my authority to do anything without hearing from them first,” he said.
Emere Obo also stressed the need for the youths in the area to toe the path of peace, adding that as a traditional ruler, his responsibility is to ensure that Akpajo clan remains peaceful.
He also assured the government of support and praised both past and current administrations in the State for siting projects in the community.
Also speaking , the traditional staff bearer of the clan, Chief Joseph Goka said Emere Obo’s installation was in line with the customs and traditions of Akpajo Kingdom.
He also told newsmen that the king makers have not received any protest from any quarters concerning the installation since the process started months ago.
Chief Goka  equally said his crowning of the monarch was based on instructions from the clan’s land priests and expressed optimism that Emere Obo is capable of representing the clan Traditionally and other wise.
Chief Goka described Emere Obo as trustworthy and law-abiding, adding that having worked with the late traditional ruler, Emere Obo has a full knowledge of the customs and traditions of not only Akpajo clan but the entire Eleme Kingdom.
He assured the new monarch of the support of the people of Akpajo and the entire traditional institution in the area.
Also speaking, one of the community’s land priests, Levy Kattey Jumaa said the installation of the new Akpajo monarch was in line with the customs and traditions of Akpajo and Eleme kingdom.
According to him, the new King has all the qualities expected from a chief in Eleme land, stressing that Emere Obo was only ascending the throne of his fathers having come from the royal family of Akpajo Kingdom.
He urged the public to disregard any insinuations concerning the installation, ”if at all there is any,” adding that it is only the land priests families that talk about kingship installations in Akpajo and Eleme and no other persons outside the land priests families can do that.

By: John Bibor

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Awo Idemili Community May Become Ghost Town If

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If urgent steps are not taken by concerned authorities, the Awo Idemili community in Orsu Local Government Area of Imo State may become a ghost town, due to incessant killings, arson and kidnapping of residents by some alleged criminal elements suspected to be members of the Indigenous People of Biafra ( IPOB).
The Tide’s sourc learnt that a certain family, the Emenikes, said the only possible solution to save the lives of the family members and that of others was to seek protection in a foreign land.
According to sources, one of the family members, Mr Peter Emenike was adbucted and murdered in a gruesome manner by people believed to be members of the IPOB recently.
It was further learnt that Peter Emenike, now deceased, was the Personal Assistant to the Imo State Commissioner for Chieftaincy and Traditional Matters and was never a member of any secret organisation as to warrant the fate that befell him.
His only offence as further gathered, was an alleged intelligence leaked to the Imo Government which the IPOB framed up in order to get him and his family members nailed.
It also learnt on a good authority that Peter Emenike’s lifeless body alongside that of his wife was found at their residence in Awo – Idemili, Imo State on 14th November, 2024 .
It was also reported that few days later, some family members of the Emenike family were declared missing and as one of them was found dead by a bush path, while others were still held hostage as at when this report was filed.
The Tide’s source claimed that a letter purportedly written by the IPOB members was delivered and dropped inside the car of the deceased bearing the insignia of the IPOB with the inscription: ‘None of your family members can hide for long’.
Unconfirmed report has it that the family, out of fear could not immediately report the matter to the Imo State Police Command as the group is believed to possess some spiritual powers to identify their perceived enemies from afar.
The family members of the deceased including oneMr Daniel Emenike, Boniface Emenike , Paul Emenike and others are now under serious threat by the separatist group (IPOB), thus the urgent need for protection especially in a foreign land.
A security analyst who pleaded anolmity, warned that the assassination of Peter Emenike and the serial killings and abduction of his family members stood as a signal to a new phase of IPOB’s operations .
“ This is not an attack on one family , but on the nation and our collective safety . The government must act swiftly not just to rescue the family but to reaffirm their stance on zero tolerance to terrorism “ he said .

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