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FG, NLC, ASUU Meet Today over Strike, Planned Protest



  • FG, NLC, ASUU Meet Today over Strike, Planned Protest

The Minister of Labour and Employment, Chris Ngige will lead the federal government team, including the Ministers of Finance and that of the National Budget and Planning to a crucial meeting today with the Nigerian Labour Congress (NLC), Trade Union Congress (TUC) and other labour unions, as part of his efforts to avert the planned industrial action by the labour over the delay in the implementation of the recommended new minimum wage.

The federal government negotiating team will also hold another round of discussions with the leadership of the Academic Staff Union of Universities (ASUU) in a bid to resolve their differences and reopen the country’s public tertiary institutions that have been shut down in the past one month.

The issue in contention between the federal government and the organised labour movement is the N30,000 new national minimum wage, which the organised labour is demanding that the bill be forwarded to the National Assembly for enactment.

Instead of forwarding the bill, the federal government had said it would subject the report of the tripartite committee on minimum wage to a further scrutiny by a technical committee.

On its part, the organised labour had reacted to what it described as undue delay tactics by the federal government, threatening to embark on nationwide protest beginning from Tuesday.

A meeting was recently held between the government team and with the labour movement, represented by the NLC and TUC but it ended inconclusive.

Addressing journalists at the end of the meeting last Friday, Ngige said the issues were not conclusively dealt with.

He said although significant progress has been made in getting labour to understand the position of the government, there was the need for another round of talks today to agree on the period for the transmission of the National Minimum Wage Bill to the legislature.

“No, the meeting is not deadlocked, we are continuing on Monday (today). We have made substantial progress in our talks with labour in terms of the transmission of the New National Minimum Wage Bill to the National Assembly,” Ngige said.

Also speaking on the outcome of the meeting, the NLC President, Ayuba Wabba, said the meeting was inconclusive as there were still some physical issues that needed to be concluded when they reconvene today.

According to Wabba, “We have had a social dialogue bothering on the national minimum wage, as you are aware; and the meeting decided to adjourn and reconvene on Monday for us to do further consultations before the issues are concluded.’’

He said the issue at stake is to make sure that the minimum wage bill is transmitted, including other auxiliary issues that government said they were trying to put together.

In the case of ASUU, the union is currently on an industrial action, which has stretched for over one month.

ASUU had on November 4, 2018, embarked on nationwide strike over unfulfilled past agreements by the federal government.

Since the lecturers downed tools, several meetings have ended in deadlock, with the President of ASUU, Prof. Biodun Ogunyemi, and other leaders of the union insist that the federal government must fulfil agreements reached with the union in 2009, 2013 and 2017.

While decrying the decay in infrastructure and equipment in public universities, ASUU had demanded N1.1 trillion to fund the university system, while condemning the failure by the federal government to pay the arrears of the shortfall in their salaries

The last meeting between the federal government team and the ASUU delegation ended in a deadlock, with the lecturers expressing dissatisfaction.

As for the dissatisfaction shown by ASUU leaders, Ngige said: “As a union leader, if one doesn’t get 100 per cent of what he wants, you won’t expect him to be smiling. Any meeting that you see people smiling, you know that somebody has cheated the other.’’

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

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NNPC Plans Divestment Pathway For Joint Ventures Partnership



NNPC Nigeria

The Nigerian National Petroleum Corporation (NNPC) has said it would outline policies to guide its joint venture partners (JVC) that wish to divest from joint ventures or the Nigerian oil and gas industry.

NNPC Group Managing Director, Mele Kyari on Monday said that Nigeria, as a key player in global energy security, was addressing its challenges, mainly fiscal, security and cost competitiveness, to stimulate investments in the oil and gas industry.

Kyari, who spoke in Lagos while delivering an address at the opening ceremony of the Nigeria Annual International Conference and Exhibition said, “NNPC, as a national oil company, is leading multiple initiatives to address this and other issues.

“As we celebrate the passage of the PIB, we have moved our focus to improve security architecture through collaboration with major stakeholders.”

According to him, the Nigerian Upstream Cost Optimisation Programme is working with operators and service contractors to challenge the cost of operations and increase profitability and growth in the industry.

“On the other hand, we are seeing a wave of divestment by oil majors operating in Nigeria. NNPC as a national oil company cannot stop partners from divesting their interest, even though it creates challenges for us in ensuring that we get the right and competent investors to take a position and add value to the assets.

“The NNPC will ensure that Nigeria’s national strategic interest is safeguarded by developing a comprehensive divestment policy that will provide clear guidelines and criteria for divestment of partners’ interest,” Kyari said.

He said the corporation would make clear distinctions between divestment of shares and operatorship agreements under various joint operating agreements while leveraging its rights of pre-emption and evaluating the operational competence and tract records of new partners.

Kyari said in order to sustain a prosperous business environment, particular attention would be paid to abandonment and relinquishment costs, severance of operator staff, third party contract liabilities, competency of the buyer, and post purchased technical, operational and financial capabilities.

He said the NNPC would declare its first dividend to Nigerians as it prepares to release its 2020 financial statements in the third quarter of this year.

The local unit of the Royal Dutch Shell had in May said that its onshore oil portfolio in Nigeria was ‘no longer compatible with its strategic ambitions.

“We have reduced the total number of licenses in onshore Nigeria by half. But unfortunately, our remaining onshore operations continue to be subject to sabotage and theft,” Chief Executive Officer, Ben van Beurden, told investors at the company’s AGM.

Early this year, Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited concluded the sale of their combined 45 percent interest in Oil Mining Lease 17 and related assets in the Eastern Niger Delta to TNOG Oil and Gas Limited.

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Petrol Subsidy Likely to Gulp N2T This Year –Rainoil GMD



petrol scarcity Nigeria

Nigeria may end up spending N2 trillion on petrol subsidy this year if the current situation persists, the Group Managing Director, Rainoil Limited, Dr Gabriel Ogbechie, has said.

Ogbechie said this on Sunday at the Nigeria History Series of the Centre for Values in Leadership, themed ‘Indigenous participation in the downstream oil and gas sector’ moderated by Prof. Pat Utomi.

While lamenting the lack of deregulation in the downstream sector, he said the government was spending about N8m daily on petrol subsidy.

He described the sector as highly regulated, saying, “I wonder if there is any other sector of the economy that is as regulated as the downstream.”

He said, “The biggest elephant in the room today as far as the downstream is concerned is the failure, so to speak, of the government to deregulate the downstream – fixing the price at which petroleum products are sold, I believe, is very seriously harmful to this economy.”

According to him, the landing cost of the petrol imported into the country is about N300 per litre, based on the current naira-dollar exchange rate.

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Sirius Petroleum and Baker Hughes Collaborate on OML 65 Drilling in Nigeria



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Sirius Petroleum, the Africa-focused oil and gas production and development company, has signed a memorandum of understanding with Baker Hughes. The MoU names Baker Hughes as the approved service provider for Phase 1 of the Approved Work Program (AWP) of the OML 65 permit, a large onshore block in the western Niger Delta, Nigeria. Baker Hughes will provide a range of drilling and related services at a mutually agreed upon pricing structure to deliver the initial nine-well program.

Sirius has signed various legal agreements with COPDC, a Nigerian joint venture, to implement this program. COPDC has signed a Financial and Technical Services Agreement (FTSA) with the Nigerian Petroleum Development Company (NPDC) for the development and production of petroleum reserves and resources on OML 65. The FTSA includes an AWP which provides for development in three phases of the block. and Sirius has entered into an agreement with the joint venture to provide financing and technical services for the execution of the PTA.

The joint venture will initially focus on the redevelopment of the Abura field, involving the drilling and completion of up to nine development wells, intended to produce the remaining 2P reserves of 16.2 Mbbl, as certified by Gaffney Cline and Associates (GCA) in a CPR dated June 2021.

Commenting, Toks Azeez, Sales & Commercial Executive of Baker Hughes, said: “We are extremely happy to have been selected for this project with Sirius and their JV partners. This project represents an important step towards providing our world-class integrated well-service solutions in one of the most prolific fields in the Niger Delta. Baker Hughes’ technological efficiency and execution excellence will help Sirius improve its profitability and competitiveness in the energy market.”

Bobo Kuti, CEO of Sirius, commented: “We are delighted to have secured the services of one of the world’s leading energy technology companies to work with our joint venture team to deliver the approved work program on the block. OML 65. We look forward to building a long and mutually beneficial partnership with Baker Hughes.”

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