Connect with us

Markets

Niger Delta Nationalities Forum Seeks Buhari’s Intervention in OPL 245 Dispute

Published

on

oil
  • Niger Delta Nationalities Forum Seeks Buhari’s Intervention in OPL 245 Dispute

The Niger Delta Nationalities Forum in Lagos has urged President Muhammadu Buhari to intervene in the protracted dispute involving Oil Prospecting Lease (OPL) 245, stressing that it is an act of injustice that the only oil block awarded to an indigene of Niger Delta by the late General Sani Abacha has become a source of unending dispute.

The Forum also lauded the federal government’s decision to dialogue with leaders of Niger Delta region to find solution to the crisis in the region, describing it as the best option for the country.

Speaking to journalists in Lagos at the weekend, the Chairman of the Forum, Mr. Seigha Manager said the people of the region were grateful to the late General Sani Abacha for creating Bayelsa State and allocating three oil blocks to the deserving Nigerian citizens from the Southeast, Northeast and South-south (Niger Delta).

He identified the three oil blocks as Oil Prospecting Leases (OPLs) 244, OPL 245 and OPL 246. According to him, OPL 245 was the only oil block allocated to a Niger Delta citizen.

“While the other two have enjoyed peace and tranquility in the hands of their owners, that of the Niger Delta citizen, OPL 245, is akin to a bird standing on a tiny rope. Neither the bird nor the rope has seen peace till date. It is the only oil block that every passing regime has poked into simply because the allottee is a Niger Deltan. It is the only oil block that has been allocated, cancelled, later returned to the allottee and then is under probe at any given time. All of this is happening because the allottee is from the Niger Delta, yet the owner does not fall in the bracket of rich persons in Nigeria not to talk of Africa. There are other issues like that,” Manager said.

He argued that the allegation by Senator Ita Enang that about 85 per cent of oil blocks were allocated to northerners and others to the exclusion of Niger Deltans was not a false allegation, adding that the only oil block allocated to a Niger Deltan has become a source of dispute.

He urged President Buhari as a man of integrity to intervene in the OPL 245 matter.

“Even when these oil blocks are domiciled in our backyard where the oil exploration and exploitation activities affect our people, other Nigerians do not think we deserve to own anything relating to oil in the Niger Delta. These are the things that bring restiveness to the Niger Delta. Therefore, I am appealing to Mr. President and even the national assembly members, whom we know that as at today, have constituted committees again and again to probe this particular oil block, to please sympathise with us in the Niger Delta and allow us to have some peace.”

Manager said the dialogue with the Niger Delta was delayed probably because President Buhari was “overwhelmed by the undue pressure and misinformation from either his party or overzealous folks, otherwise as a former head of state, a former governor of the old eastern region, a former oil minister and a former Petroleum Trust Fund (PTF) chairman, he should be the most qualified, most guided and most experienced leader to handle the Niger Delta crisis with utmost care”.

“The president is today doing what he should have done since last year; just like what Obasanjo did in 1999 as well as Yar’Adua in 2007. In any case, it is better late than never,” Manager added.

On the expectations of the people of Niger Delta from President Buhari, Manager said the people wanted due respect as stakeholders in Nigeria without discrimination.

According to him, the Niger Delta has rejected the second class citizenship status, which other regions try to bestow on the region.

To support his allegation that the major tribes treated the Niger Delta as second class citizens in a country, Manager alleged that the people of the region were shortchanged in allocation of oil blocks.

“The richest woman in Nigeria cum Africa is from the southwest and her source of wealth is oil. The richest man in Nigeria cum Africa is from the northwest and his wealth is largely tied to oil exploit. The second richest man in Nigeria and fifth in Africa is from the northeast and he is simply an oil magnate. Again, the third richest man in Nigeria and eighth in Africa is still from the northeast and he is also another oil magnate. Oil block allocation is the prerogative of the president of Nigeria at any point in time and when he allocates, until such allocation is changed by law, it remains so,” he explained.

To solve the militancy problem in the Niger Delta, he suggested that President Buhari should look into the issue of Amnesty Programme and give it every support that is necessary.

“He should bring in more restive youths into it and pay them their stipend as and when due. Although we talk of the infrastructural development and all sorts of development in Niger Delta, the one that is immediate and can affect the lives of the youth is the amnesty, which is the only successful interventionist programme in Niger Delta,” he said.

He also urged the president to make up his mind to fund other interventionist agencies like the Niger Delta Development Commission (NDDC) and the Niger Delta Ministry, properly or scrap them completely.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

Published

on

Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

Continue Reading

Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

Published

on

Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

Continue Reading

Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

Published

on

Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending