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Iran Reached Nuclear Agreement With World Powers

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Offshore oil platform is seen in Huntington Beach

Iran reached a new landmark yesterday when together with six world powers sealed a historic accord to put an end to the Islamic Republic’s nuclear program in return for its freedom, lifting of sanctions that have hindered the nation from global transactions for years. If finally sealed, this will be the greatest breakthrough in relations in decades after two years of tough diplomacy.

According to an official involved in the talks, who asked not to be identified “diplomats reached an agreement in Vienna”. Although he didn’t elaborate on the details of the deal but many people except Israel believed it is the dawn of a new era for Iran and will further strengthen its relationship with the rest of the world.

The six world power promised to put an end to 12 years standoff over Iran’s nuclear activities that has drawn threats of military actions from U.S and Israel. Even though unconfirmed report had it that Israel has indicated its interest to lobby American law makers to reject the deal.

Analysts have said that with new flows of Iranian oil expected to hit an oversupplied Brent market, price of crude oil is expected to drop further, the global benchmark fell 2.1 percent to $56.63 a barrel as at 7:59 a.m. in London this morning.

The deal is expected to be one of President Barack Obama biggest foreign policy achievements if it survived review.

Implementation

The full implementation of the agreement would take months to be actualized although it depend on the pace at which Iran meets its part of the deal.

The lifting of sanctions would enable Iran to explore fully the potential of its energy exports and access foreign financiers which is expected to open its economy to global investors. In Russia, Europe and China the deal will be welcome by corporations looking to access an untapped market of over 77 million people.

According to investment bank Renaissance Capital, Iran is an economy bigger than Thailand and oil reserves equal that of Canada but yet to be accessed by global investors, which is what makes Iran the most important market still closed to major equity investors.

Also lifting sanctions could open the stock market to investors in 2016, said Renaissance’s Charles Robertson and Daniel Salter in a report on Monday.

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.

Economy

NNPC to Focus on Domestic Gas Growth, Says Kyari

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Gas Exports Drop as Shell Declares Force Majeure

FG, NNPC to Focus on Growing Domestic Gas Utilisation

Mr. Mele Kyari, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), has said the corporation is presenting focusing on growing domestic gas utilisation.

The Managing Director disclosed this on Tuesday during a virtual BusinessDay Energy Series Summit with the theme, “Nigeria at 60: Harnessing Nigeria’s Energy for the Future.”

The NNPC boss also said the corporation is committed to delivering key gas infrastructures such as Escravos-Lagos Pipeline System II, Obiafu-Obrikom-Oben Gas Pipeline, Ajaokuta-Kaduna-Kano Gas Pipeline, and Central Gas Processing Facilities.

He stated that NNPC was working on developing five gigawatts of power generation by 2022.

He said, “At the NNPC we are aggressively pursuing other gas development initiatives with the aim of improving Nigeria’s economy using the appropriate fuels.

“In terms of gas and power, we are developing and integrating gas and power infrastructure networks (increase interconnectivity) as well as stimulating gas demand (power generation, feedstock and transport, etc).”

Kennie Obateru, the NNPC spokesperson, quoted the NNPC boss in a statement issued in Abuja. He said the corporation was working on domestic gas utilisation to five billion standard cubic feet of gas per day.

He added that the Nigerian Liquefied Natural Gas Train 7 would be completed and delivered by 2024.

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Economy

Senator Rejects Aisha Umar From North-East as PenCom DG Replacement for South-East

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pension funds

Law Markers Rejects President Buhari’s PenCOM Director-General Nominee

The Senate has rejected President Buhari nominated Director-General of the National Pension Commission, Aisha Umar.

Some of the Senators, who vehemently protested the nomination immediately the Senate President, Ahmad Lawan, read Buhari’s letter said Aisha Umar from the North-East should not be replacing the former DG, Mrs Chinelo Anohu-Amazu, who is from the South-East.

The aggrieved senators said the action of the president is flagrant breach of the Act that established the PenCom.

According to Section 20(1) and section 21(1) and (2) of the National Pension Commission Act 2014, states, “In the event of a vacancy, the President shall appoint replacement from the geopolitical zone of the immediate past member that vacated office to complete the remaining tenure.”

Meaning President Buhari had acted against the Act establishing the PenCom.

Speaking on behalf of the aggrieved Senators, Enyinnaya Abaribe, the Senate Minority Leader, said “I recall that the tenure of the incumbent was truncated. Therefore, the new letter from the president that has now moved the chairman of the commission to another zone may not be correct.

“It is against the law setting up the National Pension Commission and the Federal Character Commission.

“Before you (Lawan) send it to the appropriate committee tomorrow, (Wednesday), I wish to draw the attention of the committee to it.”

The Senate President, however, rejected the minority leader’s point of order and observation, saying “That is for me to interpret because I interpret the laws here. If there is any petition to that effect it should be sent to the committee.”

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Economy

Electricity Regulatory Commission Suspends Tariff Increase for 14 Days

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ossiomo

Nigerian Electricity Regulatory Commission Suspends Tariff Increase for 14 Days

The Nigerian Electricity Regulatory Commission (NERC) has suspended the increase in electricity tariff in accordance with the resolution reached between the Federal Government and the Nigerian Labour Congress and Civil Rights groups.

The commission suspended the new tariff implemented on September 1, 2020 for 14 days.

The NERC, in its Order No. NERC/209/2020 issued around 10.30 pm on Tuesday, describing the regulatory instrument as “NERC Order on suspension of the Multi Year Tariff Order 2020 for the electricity distribution licensees.”

The commission said, “This order shall take effect from 28th September 2020 and shall cease to have effect on the 11th October 2020.”

This is coming a day after the labour union agreed to halt a nationwide industrial action to allow the government fashioned out a way to address the recent increase in prices from pump price to electricity bill.

Labour had described Federal Government action as anti-people policy, especially given current economic realities.

The government on the other hand had said the hikes were touch necessary decision to advance the nation’s economy and further improve power supply and revenue generation necessary to deepen economic growth.

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