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http://ift.tt/eA8V8J S HELL Petroleum Development Company, SPDC has expressed commitment to invest in deepwater oil and gas exploration in Nigeria and other parts of the world. The company indicated in its latest report that the plan is based on the discovery that deepwater holds great prospect for the making of new finds. “Shell has a long history of successfully developing deep-water energy projects worldwide. We use our knowledge, experience and proven deep-water technologies to unlock new resources safely and efficiently. We work to limit the impact of our operations on the environment and share the benefits with neighbouring communities. “Beneath the world’s oceans – in waters ranging from a few hundred to several thousand metres deep – lie vast supplies of oil and natural gas which have the potential to boost economic growth and play a vital role in the future energy mix. Freezing temperatures, immense water pressure and pitch darkness all make producing oil and gas from dee...

http://ift.tt/eA8V8J Blames NPDC for N45bn loss in 2016 T hree executive directors of Seplat Petroleum Development Company Plc earned $12.923 million, about N4.781 billion as remunerations, between 2015 and 2016. The company, an independent indigenous upstream exploration and production company with focus on Nigeria and listed on the Nigerian and London Stock Exchanges, in its Annual Reports and Accounts for its 2016 financial year, disclosed that $6.162 million and $6.76 million were paid to the three executive directors in 2015 and 2016 respectively. The company listed the executive directors, comprising one Nigerian and two expatriates, as Mr. Austin Avuru, Chief Executive Officer; Mr Stuart Connal, Chief Operating Officer; and Mr. Roger Brown, Chief Finance Officer. The remunerations comprise salary, taxable benefits, bonus, Long-Term Incentive Plan (LTIP), pension and others. The payments, notwithstanding, the company posted a loss after tax of N45.384 billion in the 2016 f...

http://ift.tt/eA8V8J By Ediri Ejoh P OTENTIAL investors have been called upon to collectively invest in the construction of new refineries because of high cost of construction estimated at $259 million. Speaking at a panel session, former Executive Secretary of Petroleum Products Pricing Regulatory Agency, PPPRA, Reginald Stanley, said investors should collaborate and invest in developing refineries in the country. According to him, a single marketer may not be able to build a refinery because it costs over $250million for 20,000 barrels refinery today. Stanley said, “Refinery is not going to work with the present structure of management. This is a very tough business and should not be under government management in order to achieve its purpose. Today, refineries are such that you must be extremely efficient, because it’s a tough business as it is only the toughest that will survive.” Dr. Gabriel Ogbechie, Group Managing Director, Rainoil Limited, explained that “with the increa...

http://ift.tt/eA8V8J The Federal Government’s Economic Recovery and Growth Plan 2017-2020 (ERGP) was designed with the broad objective of restoring growth, investing in social infrastructure and building a globally competitive economy. The second leg of a 2-part summary of Sunday Sun Newspaper’s Onyedika Aghedo’s recent interview with this writer on the feasibility of the ERGP follows hereafter. By Henry Boyo Given your projection of failure, what should be the priority of government to make this plan a success? Government should ensure that the private sector has ample latitude to perform its role as the genuine driver of economic growth. However, businesses cannot perform that role if the tripod of monetary instruments, earlier mentioned remains at variance with best practice elsewhere. Evidently, inflation at over 17% is at variance with 2-3% in successful economies. Similarly, cost of funds at over 205, is also at variance with 4-5% in successful economies. Furthermore, the sus...

http://ift.tt/eA8V8J The Nigerian Navy football team will tomorrow challenge the defending champions, the Nigeria Customs Service (NCS), in what promises to be a robust encounter in the opening match of the 9th edition of the Ships & Ports Annual Maritime Cup competition. The match will be played at the Legacy pitch, National Stadium Surulere Lagos. Two other matches scheduled for the opening day are those between the Nigerian Ports Authority (NPA) and Tin Can Island Container Terminal (TICT) as well as the encounter between Josephdam Port Services and African Circle Company, which will both be played at NPA Sports Ground, Surulere, Lagos. Feelers show that expectations are high among the competing teams as each is well prepared to aim for the coveted trophy. Coordinator of the Annual Maritime Cup Competition, Mrs. Eucharia Udoaka, said the event was put together to promote competitive sporting activities in the maritime industry and also to serve as a social engagement platfor...

http://ift.tt/eA8V8J By Simon Ebegbulem B ENIN —GOVERNOR Godwin Obaseki of Edo State has commissioned the Nigerian Pavilion at the 57th International Art Exhibition of La Biennale di Venezia, Italy, the governor also stressed the need for Nigeria to exploit its arts potential to boost the nation’s economy. This will be  the first time Nigeria would have a pavilion at the historical art biennale. According to the governor, “My love for art started when I was a child born in the ancient city of Benin. Due to our rich cultural and artistic prowess, I believe that if properly tapped, we will exploit our potentials in that sector to earn foreign exchange for the Nigerian economy. “Art brings beauty into our world, giving us a sense of enjoyment and pleasure. But art is not all fun and personal gratification, it is also central to social change. Through their expressive talents, artists can deepen knowledge of, as well as initiate positive changes, in the people‘s political, economic...

http://ift.tt/eA8V8J By Gabriel Enogholase B ENIN —THE crisis rocking All Progressives Congress, APC, in  Uhunmwode Local Government Area, Edo State, assumed a new dimension as 19 of the 26 Ward executives   in Umagbae South  passed a vote of confidence on the Chairman of the Ward Mr. Godwin Obamwonyi. The vote of confidence on the Ward chairman came on the heels of his suspension by the secretary of the party and four other leaders, insisting they   had no power to suspend the chairman and described their action as laughable. In a resolution yesterday, signed by the Youth Leader of the party in the local government, Mr. Osaro Ekuase and Publicity Secretary of the Ward, Mr. Philip Idahor, other Ward executives members and ward leaders, they stated that they were not surprised as the reign of impunity in the administration of the party was taking its toll at every level. The Ward leaders also announced the suspension of the Secretary of the ward Lucky I...

http://ift.tt/eA8V8J By Festus Ahon A SABA —SPEAKER of Delta State House of Assembly, Chief Monday Igbuya, was yesterday, impeached and replaced by Mr Sheriff Oborevwori, representing Okpe constituency in the House. Twenty-six out of the 29 members of the House that signed the impeachment notice accused Igbuya of incompetence, high handedness and unacceptable leadership style. At plenary, presided over by Deputy Speaker, Friday Osanebi, the former majority leader, Tim Owhofere, was also sacked and replaced with Johnson Erijo. A motion for Igbuya’s impeachment  was moved under matters of urgent public importance by Johnson Erijo (Isoko South II), who frowned at the leadership style of the erstwhile Speaker. Erijo, while moving the motion seconded by Peter Onwusanya (Oshimili South), insisted  that the House needed a vibrant leader in its determination to sustain democratic dividends in the state. He was also  armed with the list of the 22 members who signed the impea...

http://ift.tt/eA8V8J By Chinonso Alozie O werri — Anxiety has enveloped communities in Imo State, seeking recognition for an autonomous status following the squabble between Imo State House of Assembly and the state Commissioner for Community Government Council, Mr. Innocent Eke, in connection with creation of autonomous communities in the state. Investigations by Vanguard, yesterday, in Owerri, confirmed that the genesis of what has now created anxiety in the communities started when the state Assembly recommended the sack of Eke due to the disagreement between the office of the Community Government Council and the Assembly Committee on Autonomous Communities and Chieftaincy Affairs. However, at the last plenary of the House, some of the lawmakers argued that communities seeking autonomous status should not engage in any transaction with Eke and that the House has withdrawn its  recognition of the commissioner. As a result of this development, some community stakeholders pu...

http://ift.tt/eA8V8J By Juliet Ebririm The gorgeous wife of Billionaire industrialist Aare Razak Okoya, Folashade Noimat Okoya’s much anticipated multi million naira 40th  birthday shindig has come and gone but the memories still lingers in the minds of celebrities who throng the party in their droves. Dignitaries all around the country converged at the expansive Razaq Okoya’s Oluwa-ni-Shola estate in Lekki to celebrate the beautiful heartthrob of the quintessential business tycoon. The prestigious hall was adorn with a mind blowing multimillion naira decoration as guests were wowed at display of class and panache of the elegance of the venue’s outlook. People and places can also divulge that the gigantic birthday cake had cost a fortune as it was indeed a cynosure of all eyes of onlookers at the high-class event. The intimidating roll call at posh 40th  birthday gig includes: Chief Samuel Adedoyin and his petite wife, Stella Chinyelu Okoli of Emzor, OKoya’s in-law, The O...

http://ift.tt/eA8V8J BY ROTIMI AGBANA In a graceful effort to deliver entertainment with class, the ‘Asa Encore Live in Lagos Concert’ opened doors to fans of the artiste who thronged the   Convention Centre of Eko Hotel and Suites to experience a magical evening of unrivalled performance, as showcased by soul singer, Asa. The show opened with beautiful musical renditions from ‘The Voice’ finalist, Nonso, spiced up by sultry performances from soul singing artistes Omolara, Lindsey, Funbi, and Aramide. Host for the night, Olisa Adibua, introduced Asa to the delight of cheering fans as she kicked off her performances for the evening with popular Yoruba laced folksong ‘Awe’, as the crowd got off their seats whipping out mobile devices to capture the moments while they sang along. She performed her hit tracks such as ‘Satan be Gone’, ‘Fire on the mountain’, ‘The one who never comes’, ‘Bibanke’,   ‘Why can’t we be’ and a host of other beautiful numbers off her albums,...

http://ift.tt/eA8V8J By Juliet Ebirim Lagos popular female celebrity, Kemi Nelson Southwest women Leader of All Progressives Congress (APC) and one of the heartbeats of social life in the Lagos circles is in a joyous mood over her new juicy federal appointment. The beautiful Lagos celebrity woman is now one of the Executive Directors at Nigeria Social Insurance trust Fund (NSITF). Kemi Nelson’s name was amongst those names announced by President Buhari week ago into different boards. The elegant high society woman hasn’t stopped receiving congratulatory messages from family, friends and political fans across the country ever since the news broke out. Recall, that months ago she turned 60 in style and she indeed disappointment friends who were expecting a mother of all parties. Today, aside being the women leader, South West and Lagos State for All Progressives Congress (APC), she is one of the deciding factors in Ikeja politics. Chief (Mrs.) Kemi Nelson is also well known in so...

http://ift.tt/eA8V8J By Ifeanyi Okolie If General Ossy, the leader of the dreaded militant group that had been terrorizing residents of Ikorodu, Arepo, Epe, Isheri, Igando and Ogijo areas of Lagos and Ogun States in last three years had known what would befall him while relocating his camp from his stronghold in Ishawo, Ikorodu to Ajapa, Ondo State, he would have had a rethink. The middle-aged man, who hailed from Arogbo, an Ijaw community in Ondo State, was mistakenly shot dead Monday morning by a member of his gang identified as Idolo, during an attack on a military gunboat patrolling the creeks of Ajapa in Ese-Odo Local Government Area of Ondo State. Ossy was said to have led members of his gang on Sunday evening to attack a military check point very close to their camp in Ajapa where they killed a soldier and injured three others. Sources disclosed that he carried out the attack because he believed that the soldiers were preparing to attack his camp. Few hours after the first a...

http://ift.tt/eA8V8J By Vincent Ujumadu A wka — THERE was excitement among professional and business groups, yesterday, in Onitsha, Anambra State, when officials of the Debt Management Office, DMO, assembled them for the ongoing campaign on the need to invest in the Federal Government’s savings bond. The groups that attended the event include Nigeria Bar Association, NBA; Nigeria Medical Association, NMA, and over 50 traders’ associations in the major markets in the town. Director-General of DMO, Dr. Abraham Nwankwo, said the decision to involve Nigerians at the grassroots level in the activities of DMO was the discovery that most Nigerians were getting poorer while the country’s economy was growing, which was an indication that people were not participating effectively in the nation’s economic activities. According to him, before now, the Federal Government’s savings bond was patronized only by the rich, adding that DMO decided to allow the generality of the people benefit from t...