Nigerian oilfield resumes pumping
Oil production has resumed at a Nigerian offshore installation six days after an attack by militants.
The Bonga oil field, 120km (75 miles) offshore accounts for a tenth of Nigeria's production.
The Movement for the Emancipation of the Niger Delta (Mend) claimed it carried out the attack, then announced they would go on a ceasefire.
On Tuesday the military clashed with militants suspected to be responsible for the Bonga attack, Reuters reported.
The facility was previously thought safe from militants' attacks, which have shut down oil production by around a quarter in recent years.
"We're up and running on Bonga," a spokeswoman for the energy company Royal Dutch Shell told the AFP news agency.
One American was kidnapped from another boat during the attack but was later released.
Ceasefire
The Nigerian government is planning a peace summit with Niger Delta militants in the capital Abuja next month.
Their chosen mediator, UN Deputy Secretary Ibrahim Gambari, announced he would seek a 90 day truce to allow the summit to go on "in an atmosphere of calm".
Mend announced on Sunday it would begin began a ceasefire on Tuesday night, but it still refuses to participate in the peace conference unless one of their leaders, currently on trial for treason and gun-running, is given an amnesty to participate.
On Wednesday, the group said they chased off a group of military gunboats from near one of their camps in Bayelsa, hours before they were due to commence the ceasefire.
"As our fighters approached in over fifty war boats, the eight gun boats turned and fled from the area thereby averting a clash and maintaining the on-going ceasefire," the group said in an e-mail to journalists.
A military commander told Reuters news agency they were conducting surveillance on the group of militants responsible for the attack on the Bonga field.
"We had intelligence reports that the camp was responsible for the attack, so we went after them," he said.
It was unclear if there had been any casualties.
Big business
Also at the weekend, violence erupted in the Bayelsa state capital Yenagoa as two separate militant groups clashed, killing at least six, Reuters reported.
Correspondents say that violence is big business cross the Delta region.
Groups of unemployed, armed youths are involved in oil theft, extortion and kidnapping.
Mend, the most publically visible militants, is a loosely affiliated group of factions, some of which have been on ceasefire for almost a year.
In e-mails to journalists, Mend demands a bigger share of the oil wealth, but there are many more armed youths who see the pipelines that cross the Delta as an easy way to get money and power, correspondents say.
Story from BBC NEWS:http://news.bbc.co.uk/go/pr/fr/-/2/hi/africa/7472830.stmPublished: 2008/06/25 16:23:23 GMT© BBC MMVIII
Friday, June 27, 2008
Nigeria needs $85bn to fix power
Nigeria needs $85bn to fix power
Nigeria needs $85bn (£42.7bn) of investment in its power infrastructure in order to produce electricity 24 hours a day, experts say.
The sum is 17 times the amount the government announced it would spend on the power sector, and four and a half times the country's oil savings.
Most of Nigeria's 140m residents live without reliable power.
The sum was given by a panel of experts appointed by President Umaru Yar'Adua after nine months research.
Their final report has not been released to the public.
NIGERIA ELECTRICITY FACTS
Currently generates 1,800MW
Nigeria wants to generate 6,000MW by 2009
In 12 years it wants to be able to generate 20,000MW
Would need 100,000MW to become an industrialised economy, according to the ex-president
Six power stations begun under the last administration have not been completed
$16bn (£8bn) has so far been spent on the power sector since 1999
But the panel's chairman Rilwanu Lukman told journalists the power generation in the country had dropped to 1,800 megawatts (MW), from a capacity of 3,500MW.
He also said even if the country's power stations were working at full capacity, the transmission grid was broken down and neglected.
"The grid is very weak much of the equipment is currently responsible for causing the power cuts across the country," he said.
The country's short-term goal of 6,000MW by 2009 would cost $3bn (£1.5bn), Mr Lukman said.
The government announced last week it would spend $5bn (£2.5bn) from the nation's oil windfall on the power sector.
Subsidies
Mr Lukman said there were not enough engineers in the country to work in power stations or maintain the electricity grid.
Nigeria wants to become one of the world's top 20 economies by 2020.
But in May the president said the continual power cuts were preventing investment in the country.
The government is working on plans to attract private investors by subsidising their electricity bills, the finance ministry said this month.
Before his election last year Mr Yar'Adua said he would declare a "state of emergency" on power.
Correspondents say revamping the power sector remains one of his greatest challenges.
Story from BBC NEWS:http://news.bbc.co.uk/go/pr/fr/-/2/hi/in_depth/7475284.stmPublished: 2008/06/26 13:54:15 GMT© BBC MMVIII
Nigeria needs $85bn (£42.7bn) of investment in its power infrastructure in order to produce electricity 24 hours a day, experts say.
The sum is 17 times the amount the government announced it would spend on the power sector, and four and a half times the country's oil savings.
Most of Nigeria's 140m residents live without reliable power.
The sum was given by a panel of experts appointed by President Umaru Yar'Adua after nine months research.
Their final report has not been released to the public.
NIGERIA ELECTRICITY FACTS
Currently generates 1,800MW
Nigeria wants to generate 6,000MW by 2009
In 12 years it wants to be able to generate 20,000MW
Would need 100,000MW to become an industrialised economy, according to the ex-president
Six power stations begun under the last administration have not been completed
$16bn (£8bn) has so far been spent on the power sector since 1999
But the panel's chairman Rilwanu Lukman told journalists the power generation in the country had dropped to 1,800 megawatts (MW), from a capacity of 3,500MW.
He also said even if the country's power stations were working at full capacity, the transmission grid was broken down and neglected.
"The grid is very weak much of the equipment is currently responsible for causing the power cuts across the country," he said.
The country's short-term goal of 6,000MW by 2009 would cost $3bn (£1.5bn), Mr Lukman said.
The government announced last week it would spend $5bn (£2.5bn) from the nation's oil windfall on the power sector.
Subsidies
Mr Lukman said there were not enough engineers in the country to work in power stations or maintain the electricity grid.
Nigeria wants to become one of the world's top 20 economies by 2020.
But in May the president said the continual power cuts were preventing investment in the country.
The government is working on plans to attract private investors by subsidising their electricity bills, the finance ministry said this month.
Before his election last year Mr Yar'Adua said he would declare a "state of emergency" on power.
Correspondents say revamping the power sector remains one of his greatest challenges.
Story from BBC NEWS:http://news.bbc.co.uk/go/pr/fr/-/2/hi/in_depth/7475284.stmPublished: 2008/06/26 13:54:15 GMT© BBC MMVIII
GTB assets base hits N1trillion
GTB assets base hits N1trillion
Written by Kayode Ekundayo, Lagos, on 27-06-2008 00:00
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89
Guaranty Trust Bank (GTB) management said on Wednesday that the bank’s asset base has risen to N1 trillion, 76 per cent increase above the previous year’s N603 billion.
Besides, the management also disclosed that the bank’s subsidiary in Sierra Leone also recorded significant growth as its shareholders’ funds grew to $6.5 million in 2007 against $2.2 million recorded in the proceeding year, about 195 per cent growth.
According to the bank’s general manager, finance and strategy Demola Odeyemi, the bank’s total shareholders’ fund increased by 240 per cent from N47 billion in 2006 to N160 billion.
The increased, Odeyemi explained was as a result $750 million offer for subscription of global depositary receipts(GDR) which, he said was over subscribed while the bank’s market capitalization has also risen to N499 billion.
In July 2007, the bank had issued 73,588,313 units of GDR to both foreign and local investors. The GDR was issued at $11.2 per GDR and 1 GDR is equivalent to 50 units of the bank’s ordinary shares.
The net proceeds of N99.1 billion received by the bank, according to Odeyemi has been accounted for in the share capital account.
"We became the first African bank and first Nigerian company to be listed on the main market of the London Stock Exchange following the success of our $750 million offer for subscription of Global Depositary Receipts (GDRs). So far we have recorded several milestones in our journey towards becoming a global bank," he said.
He said though the bank is meticulous in granting loans, it has been able to grow its loan by 140 per cent and at the same time reduce its non performing loans ratio by 36 per cent.
With 130 branches nationwide, Odeyemi said the bank is the sixth largest providers of ATM in the country, adding that despite the expansion, there have been challenge of increasing cost of doing business in Nigeria and other cost pressures.
He said the bank’s shareholders currently stands at 325,000 and that the bank’s board of director has approved the launch Guaranty Trust Bank operations in Monrovia, Liberia and other Francophone West Africa countries.
Written by Kayode Ekundayo, Lagos, on 27-06-2008 00:00
Views
89
Guaranty Trust Bank (GTB) management said on Wednesday that the bank’s asset base has risen to N1 trillion, 76 per cent increase above the previous year’s N603 billion.
Besides, the management also disclosed that the bank’s subsidiary in Sierra Leone also recorded significant growth as its shareholders’ funds grew to $6.5 million in 2007 against $2.2 million recorded in the proceeding year, about 195 per cent growth.
According to the bank’s general manager, finance and strategy Demola Odeyemi, the bank’s total shareholders’ fund increased by 240 per cent from N47 billion in 2006 to N160 billion.
The increased, Odeyemi explained was as a result $750 million offer for subscription of global depositary receipts(GDR) which, he said was over subscribed while the bank’s market capitalization has also risen to N499 billion.
In July 2007, the bank had issued 73,588,313 units of GDR to both foreign and local investors. The GDR was issued at $11.2 per GDR and 1 GDR is equivalent to 50 units of the bank’s ordinary shares.
The net proceeds of N99.1 billion received by the bank, according to Odeyemi has been accounted for in the share capital account.
"We became the first African bank and first Nigerian company to be listed on the main market of the London Stock Exchange following the success of our $750 million offer for subscription of Global Depositary Receipts (GDRs). So far we have recorded several milestones in our journey towards becoming a global bank," he said.
He said though the bank is meticulous in granting loans, it has been able to grow its loan by 140 per cent and at the same time reduce its non performing loans ratio by 36 per cent.
With 130 branches nationwide, Odeyemi said the bank is the sixth largest providers of ATM in the country, adding that despite the expansion, there have been challenge of increasing cost of doing business in Nigeria and other cost pressures.
He said the bank’s shareholders currently stands at 325,000 and that the bank’s board of director has approved the launch Guaranty Trust Bank operations in Monrovia, Liberia and other Francophone West Africa countries.
Yar’Adua throws back Obasanjo’s 23 left-over bills to Senate
Yar’Adua throws back Obasanjo’s 23 left-over bills to Senate…‘Missing’ FOI bill ‘found’ in Villa By BASHIR UMAR, AbujaFriday, June 27, 2008
•President Umaru Yar’aduaPhoto: Sun News Publishing
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Following former President Olusegun Obasanjo’s failure to assent to 23 “major” bills, the Senate is overloaded, as President Umaru Yar’adua has re-introduced all the abandoned bills for fresh legislative re-jigging and passage. This is in addition to the 37 others pending before the upper chamber. Having laboured for the passage of 23 bills left over by Obasanjo, the Senate may override President Yar’Adua’s reshuffling request deal.The president, in a letter dated June 23, 2008, which was read yesterday on the floor of the Senate by the Deputy Senate President, Senator Ike Ekweremadu, returned the 23 bills already passed by the National Assembly and forwarded to the presidency for assent.Among the 23 bills returned to the Senate is the Freedom of Information (FOI) bill, which the former president claimed did not reach his table while in office. The last Senate under former Senate President, Ken Nnamani, had insisted that the FOI bill was sent to the presidency. During the plenary session yesterday, the Deputy Minority Whip, Senator Olorunmibe Mamora, said return of the 23 bills, which were mostly private members’ bills, would discourage members from sponsoring bills after charging their mental capability to get them passed. The Lagos senator, who raised a constitutional order citing Section 58 (1) of the 1999 Constitution, advised that the rules of the Senate should be looked into, to tackle the situation. He said: “I am a bit worried by the number of bills that were not signed into law. After all the brainwork and they were passed by the National Assembly and yet they were not signed by the president. Over 90 per cent of them are private members’ bills and this will discourage members from sponsoring their bills.“I just want us to look at this in our rules and see what we can do under this circumstance,” he stated.Also speaking on the matter, Senator Nuhu Aliyu said: “It is a very serious matter. We should find a special day for us to sit and consider all these.”Deputy Senate president informed the Senate that there were two sets of bills explaining: “The first set starts with bills pending with the president for his assent and I believe they have been returned.” Yar’Adua letter that escorted the 23 returned bills said: “I hereby re-introduce for formal consideration and passage into law by the Senate, the attached list of pending executive bills which were not passed at the time the preceeding legislature stood dissolved.”He said: “Included in the list are all the executive bills related to major sectoral, economic and social reforms proposed by the previous administration.”He expressed hope that the bills will “receive the usual prompt attention of the Senate.”
•President Umaru Yar’aduaPhoto: Sun News Publishing
More Stories on This Section
Following former President Olusegun Obasanjo’s failure to assent to 23 “major” bills, the Senate is overloaded, as President Umaru Yar’adua has re-introduced all the abandoned bills for fresh legislative re-jigging and passage. This is in addition to the 37 others pending before the upper chamber. Having laboured for the passage of 23 bills left over by Obasanjo, the Senate may override President Yar’Adua’s reshuffling request deal.The president, in a letter dated June 23, 2008, which was read yesterday on the floor of the Senate by the Deputy Senate President, Senator Ike Ekweremadu, returned the 23 bills already passed by the National Assembly and forwarded to the presidency for assent.Among the 23 bills returned to the Senate is the Freedom of Information (FOI) bill, which the former president claimed did not reach his table while in office. The last Senate under former Senate President, Ken Nnamani, had insisted that the FOI bill was sent to the presidency. During the plenary session yesterday, the Deputy Minority Whip, Senator Olorunmibe Mamora, said return of the 23 bills, which were mostly private members’ bills, would discourage members from sponsoring bills after charging their mental capability to get them passed. The Lagos senator, who raised a constitutional order citing Section 58 (1) of the 1999 Constitution, advised that the rules of the Senate should be looked into, to tackle the situation. He said: “I am a bit worried by the number of bills that were not signed into law. After all the brainwork and they were passed by the National Assembly and yet they were not signed by the president. Over 90 per cent of them are private members’ bills and this will discourage members from sponsoring their bills.“I just want us to look at this in our rules and see what we can do under this circumstance,” he stated.Also speaking on the matter, Senator Nuhu Aliyu said: “It is a very serious matter. We should find a special day for us to sit and consider all these.”Deputy Senate president informed the Senate that there were two sets of bills explaining: “The first set starts with bills pending with the president for his assent and I believe they have been returned.” Yar’Adua letter that escorted the 23 returned bills said: “I hereby re-introduce for formal consideration and passage into law by the Senate, the attached list of pending executive bills which were not passed at the time the preceeding legislature stood dissolved.”He said: “Included in the list are all the executive bills related to major sectoral, economic and social reforms proposed by the previous administration.”He expressed hope that the bills will “receive the usual prompt attention of the Senate.”
PDP Recommends 7-year Single Term for President
PDP Recommends 7-year Single Term for President• Six years for governors, three for council chairFrom Chuks Okocha in Abuja, 06.27.2008
The Peoples Democratic Party (PDP) yesterday submitted a seven-year single term for President and six-year single term for governors as part of its recommendations to the Electoral Reform Committee in Abuja.It also recommended a zoning arrangement on the basis of North and South for the presidency and rotation along senatorial zones for the governorship.The recommendation submitted before the reform panel at its sitting in Abuja may also bring to the fore again the contentious issue of tenure of president and governors.The 1999 Constitution in operation in the country okays two terms of four years each for president and governors.In its eleven-page recommendation signed by PDP National Chairman Vincent Ogbulafor but presented by National Publicity Secretary Ahmed Rufai Alkali, the party said in view of the fact that incumbency had become a major obstacle; calling on incumbents to resign before elections no doubt would create anarchy and disorder.In this regard, “PDP therefore recommends a system of tenure of seven years for President, six years for governors and three years for local government chairmen. In the case of the Houses of Assembly and National Assembly, candidates may continue to seek re-election as long as they are electable.”The party also recommends a six-month interval between election and swearing-in to enable all petitions to be disposed off before winners assume office.According to the party, the presidency should rotate between the North and South, while the governorship should rotate among the senatorial zones.PDP also called for the de-registration of political parties that fail to win at least 10 per cent seats in the National Assembly. This, it said, became necessary if the party must enjoy financial support and recognition of the electoral body.Also, the party recommended proportional representation for women at the electoral, administrative and all executive levels, while urging the electoral panel to propose the Open Ballot System for the country in the interim until the country becomes politically matured.Meanwhile, the Arewa Consultative Forum (ACF) and the Middle Belt Forum (MBF) have called for the re-introduction of the Option A4 introduced by the regime of General Ibrahim Babangida.In separate papers presented by General I.B.M. Haruna and Chief Isaac Shaahu for the ACF and MBF respectively, they described Option A4 as the best electoral system capable of eliminating rigging and other electoral vices.Both ACF and MBF also advocated a two-party system and the scrapping of state electoral commissions.While ACF called for stiff punishment for electoral offenders including jail terms of up to 21 years, MBF called for a 2-year punishment for all categories of electoral offenders, including INEC officials.MBF further called for the inclusion of Electronic Voting Machine, while people with physical disabilities supported the call for electronic voting with a modification for Electronic Audio Voting System to help the dumb, deaf and blind in casting their voting.The chairman of the group, Brandison Hart, said that this became necessary because there were over 19 million Nigerians that are physically challenged.
The Peoples Democratic Party (PDP) yesterday submitted a seven-year single term for President and six-year single term for governors as part of its recommendations to the Electoral Reform Committee in Abuja.It also recommended a zoning arrangement on the basis of North and South for the presidency and rotation along senatorial zones for the governorship.The recommendation submitted before the reform panel at its sitting in Abuja may also bring to the fore again the contentious issue of tenure of president and governors.The 1999 Constitution in operation in the country okays two terms of four years each for president and governors.In its eleven-page recommendation signed by PDP National Chairman Vincent Ogbulafor but presented by National Publicity Secretary Ahmed Rufai Alkali, the party said in view of the fact that incumbency had become a major obstacle; calling on incumbents to resign before elections no doubt would create anarchy and disorder.In this regard, “PDP therefore recommends a system of tenure of seven years for President, six years for governors and three years for local government chairmen. In the case of the Houses of Assembly and National Assembly, candidates may continue to seek re-election as long as they are electable.”The party also recommends a six-month interval between election and swearing-in to enable all petitions to be disposed off before winners assume office.According to the party, the presidency should rotate between the North and South, while the governorship should rotate among the senatorial zones.PDP also called for the de-registration of political parties that fail to win at least 10 per cent seats in the National Assembly. This, it said, became necessary if the party must enjoy financial support and recognition of the electoral body.Also, the party recommended proportional representation for women at the electoral, administrative and all executive levels, while urging the electoral panel to propose the Open Ballot System for the country in the interim until the country becomes politically matured.Meanwhile, the Arewa Consultative Forum (ACF) and the Middle Belt Forum (MBF) have called for the re-introduction of the Option A4 introduced by the regime of General Ibrahim Babangida.In separate papers presented by General I.B.M. Haruna and Chief Isaac Shaahu for the ACF and MBF respectively, they described Option A4 as the best electoral system capable of eliminating rigging and other electoral vices.Both ACF and MBF also advocated a two-party system and the scrapping of state electoral commissions.While ACF called for stiff punishment for electoral offenders including jail terms of up to 21 years, MBF called for a 2-year punishment for all categories of electoral offenders, including INEC officials.MBF further called for the inclusion of Electronic Voting Machine, while people with physical disabilities supported the call for electronic voting with a modification for Electronic Audio Voting System to help the dumb, deaf and blind in casting their voting.The chairman of the group, Brandison Hart, said that this became necessary because there were over 19 million Nigerians that are physically challenged.
Gunmen attack Uduaghan’s security aides•Kill 1, injure 2
Gunmen attack Uduaghan’s security aides•Kill 1, injure 2 By EMMANUEL OGOIGBE, Warri and BUCHY ENYINNAYA, AsabaFriday, June 27, 2008
•Dr Emmanuel UduaghanPhoto: Sun News Publishing
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Dare-devil robbers on Thursday engaged the advanced security team of Delta State Governor, Dr Emmanuel Uduaghan, in a gun duel, leaving a police driver identified simply as John killed and two others injured.The security team was heading for Warri from Asaba, the state capital for the scheduled testimonial match organized in honour of football star and former Super Eagles skipper, Austin Jay Jay Okocha.The security men, according to the Chief Press Secretary to Governor Uduaghan, encountered the armed robbers operating at Pamol Estate, Oghara at about 2.30 p.m.According to the statement, the governor was not affected by the incident and he had proceeded to the Warri Stadium for the football match.“The governor regrets the incident and wishes to assure the general public that everything is being done to ensure their security, he also praised the gallantry of the security team that dislodged the armed robbers,” the statement added. The injured victims of the gun attack are receiving treatment in the hospital.
•Dr Emmanuel UduaghanPhoto: Sun News Publishing
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Dare-devil robbers on Thursday engaged the advanced security team of Delta State Governor, Dr Emmanuel Uduaghan, in a gun duel, leaving a police driver identified simply as John killed and two others injured.The security team was heading for Warri from Asaba, the state capital for the scheduled testimonial match organized in honour of football star and former Super Eagles skipper, Austin Jay Jay Okocha.The security men, according to the Chief Press Secretary to Governor Uduaghan, encountered the armed robbers operating at Pamol Estate, Oghara at about 2.30 p.m.According to the statement, the governor was not affected by the incident and he had proceeded to the Warri Stadium for the football match.“The governor regrets the incident and wishes to assure the general public that everything is being done to ensure their security, he also praised the gallantry of the security team that dislodged the armed robbers,” the statement added. The injured victims of the gun attack are receiving treatment in the hospital.
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