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Shell’s Production in Nigeria Drops by 41%

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Global oil giant, Royal Dutch Shell, on Thursday said its liquids production available for sale in Nigeria plunged by 41 per cent in the second quarter of this year.

Shell announced a 72 per cent drop in second quarter earnings amid the continued weakness in global oil and gas prices.

The oil major’s liquids production available for sale in Nigeria was put at 37,000 barrels per day in the second quarter of this year, down from 63,000 bpd in the same period of 2015.

Total production by Shell Production Development Company of Nigeria Limited, its local subsidiary, stood at 128,000 barrels of oil equivalent per day, down from 163,000 boepd in the same quarter of last year.

A series of militant attacks in the Niger Delta targeted at oil and gas facilities belonging to oil majors, including Shell, Eni and Chevron, the Nigerian National Petroleum Corporation and Aiteo, has led to the shutdown of several fields in the country.

Currently, Forcados, Qua Iboe and Brass River crude oil grades are under force majeure, while Escravos and Bonny Light are facing significant loading delays.

“Earnings could be further impacted if the security conditions continue to deteriorate,” Shell said in its second quarter 2016 report.

This month, Shell shut the Trans Niger pipeline, which is one of the pipelines that carry crude to the Bonny Light Export Terminal, following a leak in Ogoniland.

Oil theft and sabotage are rampant in the Niger Delta. Militant groups have orchestrated a campaign of attacks on oil infrastructure this year that saw the nation’s oil production fall to its lowest in nearly three decades.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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FG Introduces NEXIT Portal for Npower Batch A and B Beneficiaries

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The Federal Government has introduced a new online portal for exited Npower beneficiaries of batch A and B.

According to the Minister for Humanitarian Affairs, Sadiya Farouq, the portal was launched in collaboration with the Central Bank of Nigeria (CBN) to enable exited Npower beneficiaries apply for available federal government empowerment options.

This was disclosed in a statement issued by Nneka Anibeze, the media aide to the minister, on Friday.

The ministry said the NEXIT portal will be used to determine the suitability of exited beneficiaries for various CBN-affiliated programmes.

She explained that selection will be based on the conditions and criteria set by the apex bank.

Ms Farouq, therefore, urged interested exited Npower beneficiaries to log on to the NEXIT portal and provide the required additional information for possible placements into central bank’s intervention options.

The Minister expressed her deep appreciation to the CBN Governor Mr Godwin Emefiele CON for his support adding that the Ministry of Humanitarian Affairs remained committed to the vision of Mr President to lift 100 million Nigerians out of poverty in the next 10 years.

“Minister Umar Farouq pledged the Ministry’s willingness to collaborate with relevant agencies of government and other stakeholders towards the realization of that vision and congratulated the exited beneficiaries while wishing them well in their future endeavours.

“The Federal Government of Nigeria is very proud of the milestones you have achieved during your period of service to the nation. As we prepare to exit into prospective endeavours.”

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Ellah Lakes Partner Ondo State Government to Develop Oil Palm, Cassava in the State

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The management of Ellah Lakes Plc said it has partnered with Ondo State Government to develop and manage 5000 hectares of land for the purpose of cultivating oil palm and cassava in Ondo State, Nigeria.

The company stated in a statement signed by Kenechi Ezezika, Company Secretary, Ellah Lakes Plc.

Speaking on the development, the Chief Executive Officer, Chuka Mordi said: “This is a significant landmark for the Company in the development of our landbank, & we are very excited to be working with ODSG.

I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base. I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State”.

The Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi, who also spoke on the development said: “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”

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Unilever Nigeria Appoints Mr Jaime Aguilera as a Non-Executive Director

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Unilever Nigeria Plc announced it has appointed Mr. Jaime Aguilera as a Non-Executive Director of the company effective from January 2021.

The company stated in a statement filed with the Nigerian Stock Exchange.

Mr Jaime Aguilera worked with Coca-cola, Nestle and Procter & Gamble before joining Unilever as Executive Vice President Unilever Eastern Europe in September 2016.

Therefore, his experience spans from Europe, Americas and Asia.

His key expertise areas are “in Sales & Marketing and he has lead teams in Spain, Brazil, South Eastern Europe, Middle East, Mexico and Global teams.

“In 2009, he joined Unilever Spain as EVP & Chairman and then moved to his current role as Unilever Executive Vice President Africa, leading the Unilever business in Africa. Jaime is of Spanish origin and is an alumnus of the Universidad Pontificia de Comillas- ICADE. Jaime majored in Economic Sciences, Management & Business Administration.”

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