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Economy

Shell to resume TNP pipeline test

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Shell resumes crude oil export operations at Forcados Oil Terminal

… As Group urges FG to engage host communities, over Oil theft***

Shell Petroleum Development Company of Nigeria Limited (SPDC) is planning to resume the testing of its main trunk line, the Trans Niger Pipeline (TNP).

A competent source, who pleaded anonymity, confirmed the development to the newsmen on Wednesday in Lagos.

Newsmen report that the TNP takes crude from production fields to SPDC joint venture terminal in Bonny Island in Rivers.

It supports crude oil production from the facilities of the SPDC joint venture and other producers who rely on the Bonny terminal for crude export.

The source said that the company and the Bodo community in Rivers might be nearing some agreement in resolving the dispute over the pipeline

According to the source, the resolution will allow regulators and SPDC to access to any troubled sections of the TNP in the community for investigation and necessary repairs.

The source added the community had given both SPDC and regulators some conditions before granting them access.

“Some people prevented the company and regulators from accessing the site of the alleged spills, but I can tell you that the access challenge is being resolved such that the regulator and SPDC will be allowed to visit the site at any moment.

“We know the SPDC joint venture’s TNP is not formally shut, but we also know that the line has not conveyed significant oil in more than two months.

” So, if it is established that a spill did occur, we expect that any impact of the spill would be minimal,” the source said.

Also, Mr Michael Adande, spokesperson for SPDC, said the company was working with relevant stakeholders to enable access to the locations of reported incidents along the TNP’s pathway.

He said the access would allow for a regulator-led investigation of the alleged incidents and subsequent repairs, which would enable the resumption of the TNP system test.

In another development,  a pressure group, Movement for Just Utilization of Resources in the South East (M-JURSE), has urged the Federal Government to grant oil pipeline protection contracts to youths of host communities.

Mr. Stanley Okafor, National Coordinator, M-JURSE, who made the call on Thursday on Awka, said that the move would stem vandalism and oil theft in the region.

He said there was the need for such collaboration with the youths to improve local production and exports and boost revenue accruing to the federation account.

“It has become imperative for the federal government to look inward and into means of integrating the Southeast in mainstream of national life.

“This can be done by co-opting the youths as partners in the sourcing and protection of resources found in the region, including infrastructure necessary for oil exploration production and conveyance.

“The youths are willing and capable of protecting oil infrastructure in the region and granting licence to these youths will be a workable way to check youth restiveness,” he said.

Okafor urged the government to conduct an environmental impact assessment in Enugu, where coal was exploited years ago when the commodity served as one of the greatest exports of the country.

He said water cannot be drilled in Enugu State as the entire area was hollow underneath.

“We, therefore, hope that government will show sincere interest in assessing the impact of these years of exploitation on the environment and adequately compensate the region,” he said.

Also speaking, Mr. Innocent Nduanya, Deputy President, National Youths Council of Nigeria, said that gold deposits and other precious minerals in the Southeast should be exploited with greater coordination and purposes.

“We have abundant geological deposits in Ebonyi, Enugu, Anambra Imo and Abia states, and we want the federal government to exploit these resources with youths of the region as partners in progress.

“We need the youths to be engaged so that they can become national vanguards and that way, peace and national identity can gradually be restored.

“We will reach out to necessary organs of the Federal Government to ensure compliance to our demands in a responsible manner,” he said.

 

 

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Economy

Selloffs In MTN, Others Drag Market N25bn Down

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Selloffs In MTN, Others Drag Market N25bn Down

…RT.BRISCOE, Tantalizer lead the losers’ table 

 The equity market on Wednesday lost N25 billion due to selloffs in MTN Nigeria, Dangote Sugar and Guaranty Trust Holding Company (GTCO), among other stocks.

Specifically, the market capitalisation, which opened at N56.670 trillion, shed N25 billion or 0.04 per cent to close at N56.645 trillion.

The All-Share Index also dropped 0.04 per cent, or 43.3 points, to close at 100,032.32, as against 100,075.59 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return slipped to 33.78 per cent.

United Capital led 10 per cent to close at N36.30, Africa Prudential followed by 9.88 per cent to close at N8.90, and Cutix gained 9.86 per cent to close at N6.13 per share.

Oando rose by 5.63 per cent to close at N16.90, and Julius Berger advanced by 4.79 per cent to close at N87.50 per share.

Conversely, RTBRISCOE led the losers’ log with 5.71 per cent to close at 66k, and FTN Cocoa Processors trailed by 4.44 per cent to close at N1.72 per share.

Tantalizer declined by 4.26 per cent to close at 45K, Neimeth International Pharmaceuticals shed 3.53 per cent to close at N1.64 and Consolidated Hallmark Plc lost N3.45 to close at N1.40 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 35.71 per cent.

A total of 1.10 million shares valued at N10.08 billion were exchanged in 8,720 deals, compared to 368.39 million shares valued at N7.42 billion exchanged in 8,151 deals posted previously.

Jaiz Bank led the activity log-in volume with 528.49 million shares worth N1.15 billion, Cutix followed by 194.64 million shares worth N1.19 billion.

Zenith traded 77.75 million shares valued at N3.11 billion to lead the log-in value, Universal Insurance transacted 36.26 million shares worth N12.35 million and FCMB sold 33.88 million shares worth N257.09 million. 

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Economy

Stock Market Maintains Positive Trends, Up 0.11%

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Stock market maintains positive trends, up 0.11%

…Redstarex, Deap Capital lead the losers’ table 

 The Nigerian stock market maintained its positive trends on Tuesday, increasing the overall market index by 0.11 per cent.

Investors gained N62 billion or 0.11 per cent as the market capitalisation, which opened at N56.608 trillion closed at N56.670 trillion.

The All-Share Index also advanced by 0.11 per cent or 109.3 points to close at 100,075.59, compared to 99,966.28 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 33.84 per cent.

Sustained by interest in Tier-one banking tickers such as Zenith Bank, FBN Holdings, United Bank For Africa (UBA), and Access Corporation, alongside United Capital, UACN and other advanced equities drove the market’s positive performance.

Meanwhile, market breadth closed positive with 19 gainers and 15 losers on the floor of the Exchange.

On the gainers’ table, United Capital led by 10 per cent to close at N33, Cutix Plc followed by 9.84 per cent to close at N5.58 and Sunu Assurances gained 7.75 per cent to close at N1.39 per share.

Cornerstone Insurance rose by 7.69 per cent to close at N2.10 and UACN went up by 7.42 per cent to close at N15.20 per share.

On the other hand,  Redstarex led the losers’ table by 9.82 per cent to close at N3, and McNichols Plc trailed by 9.01 per cent to close at N1.01 per cent.

Deap Capital Management and Trust Plc lost 5.77 per cent to close at 49k, Eterna Plc declined by 4.44 per cent to close at N17.20 and Universal Insurance shed 2.78 per cent to close at 35k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 0.78 per cent.

A total of 368.39 million shares valued at N7.42 billion were exchanged in 8,151 deals, compared with 362.43 million shares valued at N7.37 billion exchanged in 8,405 deals posted previously.

Zenith Bank led the activity table in volume and value with 57.42 million shares worth N2.25 billion, and Access Corporation followed with 36.75 million shares valued at N707.17 million.

Guaranty Trust Holding Company(GTCO) also sold 29.16 million shares valued at N1.33 billion, Jaiz Bank traded 28.34 million shares worth N60.94 million and UBA transacted 20.31 million shares valued at N466.16 million.

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Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

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 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

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