Markets

Buhari Approves Transaction Advisor for C’River Deep Seaport

Published

7 years ago

October 11, 2017

Buhari Approves Transaction Advisor for C’River Deep Seaport

President Muhammadu Buhari has approved a transaction advisor for the Cross River State deep seaport project in fulfillment of his earlier promise to assist the state in its quest to establish a deep seaport which will bridge the distance and foster economic activities between the northern and southern states.

As the news broke yesterday, Governor Ben Ayade of Cross River State and members of the state Executive Council gave a standing ovation to President Buhari in appreciation of the approval of a transaction advisor for the Bakassi Deep Seaport project by the federal government.

The news of the approval of the transaction advisor for the multi-billion naira project was announced to the members of the state executive council at the council chambers by the governor moments after a presentation by Siemens, which is seeking to invest in the state.

It was greeted with a aloud standing ovation, which the governor said was the least the state could do in appreciation of a president that has a special love for the state.

“As the president receives a standing ovation in this executive chambers, I want to appreciate him for graciously keeping to his promise by appointing a transaction advisor for the people of Cross River for the uptake and starting of the Bakassi Deep Seaport project.

“It is a classical demonstration of the president’s commitment to his words,” an excited Ayade said.

Recalling that the president had during the groundbreaking ceremony for the project promised to assist the state in actualising it, he said the approval of the transaction advisor in just two years is record-setting.

According to him, “The people and government of Cross River State are grateful to President Buhari for helping us to achieve this feat within record speed of two years.”

He explained that the appointment of the transaction advisor for the project means that work would soon commence on site.

Ayade used the occasion to also express gratitude to the Minister of Transport, Hon. Rotimi Amaechi, who according to him, stopped at no point in putting pressure on his entire team to get the transaction advisor approved.

On what the development means for the state, he said: “For us as a state, it puts an end to the dreaming phase, now we are in reality, thank God for President Buhari and the Ministry of Transport who made it possible.

“Preliminary reclamation works will commence soon while commencement of the actual work will also start this year.”

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

Published

2 days ago

September 5, 2024

Samed Olukoya

Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

Published

3 days ago

September 4, 2024

Samed Olukoya

Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

Crude Oil

Again NNPC Raises Petrol Price to N897/litre

Published

3 days ago

September 4, 2024

Investors King

The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.