Olu of Warri urges Niger Delta leaders to unite

The Olu of Warri, Ogiame Atuwatse III, has urged leaders in the Niger Delta to de-emphasise their personal interests and work together to tackle challenges facing the region. This is contained a statement by the Special Adviser on Media to retired Col. Milland Dikio, the Interim Administrator of Presidential Amnesty Programme, Nneotabase Egbe. The statement said that the traditional ruler spoke in his palace on Wednesday in Warri when he received Dikio. He insisted that only collective action backed by the sincerity of purpose would bring lasting peace and sustainable development to the region and its people. The Olu decried the division among the people, particularly the leaders and stressed that the desired destination could only be reached with the concerted effort of all stakeholders in the region. “Our heads have been held down for too long. We have always been capable of greatness. The division among us have not allowed us to attain the greatness we desire,” he said. He urged Dikio to use his office to unite people of the region, saying “once the Niger Delta gets it …

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Solar Energy: Ogoni Youths Look Beyond Oil

By Our Correspondent Port Harcourt (Precise Post) – Youths in Ogoni land are now focusing on making an impact beyond the oil sector with the help of the Ogoni Liberation Initiative (OLI), who has engaged them on solar energy production in partnership with Green Energy Revolution. Dr. Douglas Fabeke, the President of the OLI said the aim is to refocus youths and reposition them for a greater future beyond oil gains. Fabeke said the OLI has vowed to champion a new narrative towards stimulating the growth of micro, small, and medium enterprises (MSME), in the region. He said with the skills acquired in solar energy production, the Ogoni youths can compete favourably with solar energy producers in the country. He urged the Ogoni youths to be part of constructive engagement that would enable them to plan strategically for economic survival in the country. Fabeke made the remarks at the weekend in statement sent to our correspondent, admonishing some group of youths who graduated from solar manufacturing fully sponsored by the OLI. He urged the graduating youths to prepare themselves to …

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Oil Spill: Finally, Shell Agrees To Pay N45.9bn Compensation To Ogoni People

By Our Correspondent Abuja – Finally, Shell Petroleum Company agreed to pay a whopping sum of N45.9billion to the Ogoni people for the loses suffered during oil spillage that ravaged their communities. Justice came the way of the Ogoni people of Rivers state on Wednesday at the Federal High Court in Abuja where a multi-national oil company agreed to pay a whopping sum of N45.9billion to the people. The monetary compensation ordered by a Federal High Court ten years ago will be paid to the Ogonis through their lawyer, Chief Lucius Nwosu. Shell Petroleum Company through its lawyer, Chief A. O Ejelamo, a Senior Advocate of Nigeria announced the decision to pay up the money while addressing Justice Ahmed Ramat Mohammed of the Federal High Court Abuja on Wednesday. The senior lawyer sought order of Justice Mohammed to permit payment of the debt through the Chief Registrar of the court in a bank account to be opened for the purpose. Final decision to pay up the money was endorsed by Justice Ahmed Ramat Mohammed of the Federal High court Abuja. …

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Nigeria Will Leverage On Huge Gas Reserve As Transition Fuel Option – Sylva

By Our Reporter Abuja – Minister of State Petroleum Resources Chief Timipre Sylva said Nigeria will leverage on its huge gas reserve as a transition fuel option in the country. This is also as he has reiterated the Federal Government’s determination to continue to invest in hydrocarbons despite the global clamour for renewable energy. Recall that Nigeria currently has a huge gas reserve of about 600 trillion scf of gas deposit. Sylva stated this while delivering an address at the Society of Petroleum Engineers Nigeria Council-44th Nigeria Annual International Conference and Exhibition (NAICE) 2021 virtually, on Tuesday. The Minister said he believes that oil and gas will continue to be relevant and play a major part in the energy mix in the foreseeable future adding that “our approach towards the climate-change-net-zero-emission debate is to optimize the use of our abundant gas resource domestically as a transition fuel option towards meeting our Nationally Determined Contributions on climate change”. He maintained that “as a government, we are determined to encourage more penetration of natural gas and its derivatives for domestic utilization, power …

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Buhari: You can’t manage unsecured country

….Says stability of Libya   matters to countries in Lake Chad Basin  By Johnbosco Agbakwuru Abuja – PRESIDENT Muhammadu Buhari on Wednesday said that unless a country or institution is secured, it will be difficult to efficiently manage it. President Buhari stated this when he hosted the Chairman, Presidential Council of Libya, His Excellency Mohammed Younis Menfi, at the Presidential Villa, Abuja. The President, who said that security of Nigeria was number one priority to him, further stressed that a stable or unstable Libya has implications for countries in the Lake Chad Basin area, including Nigeria. A statement issued by the Special Adviser to the President on Media and Publicity, Chief Femi Adesina, quoted Buhari as saying, “Republics of Chad, and Niger, have extensive borders with Libya, and they are our immediate neighbours. Whatever affects them affects us. The stability or instability of Libya will directly affect us. “Unless a country or institution is secured, there’s no way you can efficiently manage it. President Buhari said he was happy that the Chairman of the Presidential Council of Libya could personally attend …

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National Sports Festival: Rivers State Government Confident Of A Colourful Outing

By Joan Nnenna Iwuchukwu Abuja (Precise Post) – The government of Rivers state has expressed confidence that its contingent to the 20th National Sports Festival tagged Edo 2020, coming up later this month will excel. Commissioner for sports in the oil rich state Boma Iyaye during a press briefing today as the state continue to put finishing touches to their preparations for the multi sports event said the government is doing everything humanly possible to ensure that the Athletes will not lack basic motivation. In his speech, He said “Rivers state has always participated in all editions of the National Sports Festival since the inception in 1973, we have hosted two editions in 1988 and 2011 respectively” The commissioner added that “In recent past, we have been a major contender during the 2011, 2012 editions, it’s our commitment and desire to maintain the BAR in the Edo 2020 edition, in spite of the several postponements”. Boma Iyaye stressed that the support of the state Governor, His Excellency Nyesom Wike has been tremendous, He said his interest in sport gives credence …

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Returning Officer, Prof Ogban Who Manipulated Election Results In Akwa Ibom Jailed For 3 Years

By Our Reporter Abuja (Precise Post) – The Professor of soil science at the University of Calabar, Peter Ogban who manipulation election results has been sentenced to three years in prison by the High Court in Akwa Ibom. Ogban was the returning officer in the senatorial election in Akwa Ibom north-west in 2019. He was prosecuted by the Independent National Electoral Commission (INEC). The court found him guilty of altering results of the election to favour the All Progressives Congress (APC) against the Peoples Democratic Party (PDP). Details later….

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FG Gets Revenue Boost As Oil Prices Near $60

By Ogechi Okorie Abuja (Precise Post) – The revenue profile of Nigeria may get a further boost in the days ahead as oil prices near $60 per barrel in a move propelled by the Organisation of Petroleum Exporting Countries (OPEC). U.S. West Texas Intermediate crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel level on economic revival hopes led by strong compliance with the planned output cuts by OPEC+. Also contributing to the gains were a government report that showed another draw in crude stockpiles, optimism over a speedier U.S. economic recovery on the prospect of additional stimulus from Washington and a successful rollout of the U.S. vaccination program. OPEC+ maintained its oil output policy at a meeting last Wednesday, a sign producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the pandemic lingers. A Joint Ministerial Monitoring Committee of OPEC and allies, known as OPEC+, is “optimistic for (a) year of …

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Nigerian Youth And A Future On Keg Of Gun Power

BY Retson Tedheke The youth of any society are the engine of social transformation. But there is a caveat: When the youth are constructively engaged. However, when they face a bleak future, they could become dynamites that could bring to peril, a prevailing social order. Like other parts of Nigeria, the Niger Delta is naturally endowed with creative, energetic and socially mobile youths. Alas, disconnections arising from long term government misapplications, misallocations, misappropriation and outright theft of state resources and absence of proper planning have reduced the supposed enterprising and energetic youth of the Niger Delta to miscreants, such as I witnessed penultimate week. I was in Warri, Delta State last week, what I saw convinced me that the violent future of the Niger Delta and Nigeria is right before our faces. To avoid this uncertain future from befalling us, every state should begin to correct the insanity of yesterday and the wastefulness of today. The Niger Delta reality is heart-breaking. It is worrisome to explain to any sane mind that governments of a region that have enjoyed 13 percent …

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PIB: Like Coal, Era of Oil Will Soon be Over – FG

By Ogechi Okorie Abuja (Precise Post) – The Minister of State, Petroleum has reminded that like Coal, the era of depending heavily on the nation’s crude oil would soon be over just as the world did not move away from oil because it exhausted. Accordingly, it stressed the need to take advantage of the resources now through a robust legislative intervention that will guarantee a fair deal for the country. Minister of State for Petroleum Resources, Timipre Sylva, sounded the warning at a meeting with the leadership of the National Assembly to discuss the redrafted Petroleum Industry Bill 2020 (PIB) forwarded to the National Assembly for consideration by President Muhammadu Buhari. Both chambers of the National Assembly will formally unveil the Bill at plenary today on resumption from their over two-month annual recess. The minister who lamented various attempts to have a petroleum industry law in the last 20 years without success, however, noted that PIB remained one of the most important piece of legislation that the country needed at the moment. He said, “It is for good reason that …

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Develop Creative Industry to Diversify Economy from Oil – Envoy advises FG

Lagos – Chinese envoy to Nigeria, Mr Li Xuda, has called on the Federal Government to focus more on developing the creative industry to fortify Nigeria’s economy. He said that considering the impact of the ravaging COVID-19 pandemic, Nigeria must begin to develop other sectors of its economy and diversify from oil. The diplomat advised Nigeria to focus on fashion, film production as well as arts and culture, describing the sectors as money-spinners in the creative space. “Nigeria has very rich creative industry.  The nation is known to have the biggest economy in Africa but this can be bigger if it can develop the creative industry. “The industry has great potential of creating employment opportunities for youths,” he said. The counsellor said that the creative industry was capable of saving Nigeria from going into recession, advising government to formulate policies for the ease of developing its creative industry. Xuda, who is the Cultural Counsellor of the Embassy of the People’s Republic of China, gave the advice at a zoom meeting, organised by the National Council for Arts and Culture in Lagos. …

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Nigeria Beyond Oil: Why FG Should Be Serious With Diversifying Economy

Abuja (Precise Post) – The recent pledge by the federal government to build a digital economy around the creative sector to create jobs for young people sounds good. Yet, apart from the few people involved in the oil and gas sector, which is about the only industry that still thrives in Nigeria today, most other industries that provide sources of livelihood are in comatose. That then accounts for why at the end of every month, governors congregate in Abuja for the distribution of oil revenues. From Abuja, the shares of oil proceeds are taken to the states and local governments to be spent. This cheap money has tended to retard other productive activities in the country such that the need for economic diversification is only remembered in times like this, when revenue available for distribution to the three tiers of government is dwindling. Unfortunately, even in these moments, there is no real commitment to the much-talked-about agriculture sector which nonetheless still contributes the bulk of the Gross Domestic Product (GDP) in the country today. We are particularly worried that Nigeria …

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Oil Slips Further Below $58 As Economic Gloom Weighs

London – Oil slipped further below 58 dollars a barrel on Thursday, pressured by concerns about global economic growth, oil demand and signs of excess supply, despite OPEC-led cuts. Euro zone business growth stalled in September, a survey on Thursday showed, a day after the U.S. announced import tariffs on European Union products. U.S. crude inventories rose 3.1 million barrels last week, more than forecast. “It is simply impossible to predict where the next significant price support will come from as the focus is firmly on economic developments,” said Tamas Varga of oil broker PVM. “And those are anything but optimistic,” he added. Brent crude LCOc1 fell 13 cents to 57.56 dollars a barrel by 1100 GMT, after tumbling two per cent in the previous session. U.S. West Texas Intermediate (WTI) crude CLc dropped 13 cents to 52.51 dollars. Lending oil some support were hopes that the United States and China might make progress in resolving their trade dispute and figures showing output in the United States – which has been the fastest source of supply growth – fell in …

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Oil Falls As China’s Economic Outlook Remains Weak

London, – Oil slipped on Monday as China’s economic outlook remained weak even as manufacturing data improved, with an ongoing trade war with the United States weighing on demand growth for the world’s largest crude importer. Brent crude LCOc1 futures were down 52 cents or 0.84 per cent at 61.39 dollars a barrel by 0846 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures were 35 cents or 0.63 per cent lower at 55.56 dollars a barrel. China’s official Purchasing Managers’ Index (PMI) rose to 49.8 in September, slightly better than expected and advancing from 49.5 in August. However, it remained below the 50-point mark that separates expansion from contraction on a monthly basis, data from the National Bureau of Statistics (NBS) showed. The PMI data “remained in contractionary territory for the fifth month in a row, indicating that economic fundamentals were still weak,” Citi analysts said in a note. “The (Chinese) government will certainly step up fiscal and monetary efforts to boost domestic demand, which we believe can help stabilize, probably not accelerate, economic growth.” Top oil exporter Saudi …

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