Tag Archives: Installation

Nigeria Lost N2.1trn to Militancy – NNPC boss

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Nigeria has lost over N2 trillion to militancy and pipeline vandalism since the beginning of the year, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Maikanti Baru has said.

He said: “Over 7000kpd of crude oil has been lost due to vandalism this year. A bulk of the loss is from JV assets.

“This implies that 60 percent of oil production lost is NNPC-FGN equity. At an estimated price of $45 per barrel, the total 2016 revenue loss to the Federation Account translates to about $7 billion.

“This loss is equivalent to a new 7,000mw power plant; new 350kpd refinery; over 30 per cent of national budget; and a new 1,700- kilometre pipeline,’’ he was quoted as saying by online newspaper Premium Times

To resolve this, Baru said the NNPC planned to increase the security of oil and gas assets, improve its community social responsibility and the amnesty programme.

He added that the NNPC planned “to renegotiate terms of Production Sharing Contracts with deep offshore operating companies because, with the current agreement, only 17.7 per cent of total revenue comes to government”.

Olu Of Warri-Designate To Be Crowned Dec 12

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The Olu of Warri designate, Prince Godfrey Emiko, will be crowned the 20th Olu of Warri on December 12, 2015.
Chief Yaya Pessu, Ojomo of Warri Kingdom and Chairman, Warri Traditional Council, who disclosed this to newsmen in Warri, Delta State, yesterday, said that Abiloye’s coronation would be preceded by the final funeral rites for his predecessor, HRM, Ogiame Atuwatse II.

 

Chief Pessu, joined by the Funeral/Coronation Publicity Committee, headed by Prince Yemi Emiko, said: “The final funeral rites for the late Olu will last 14 days from November 20. The day before, we will have a commendation night.

 

“And by December 12, coronation of the Olu designate begins with a regatta at the Warri Club jetty before the rites at Ode-Itsekiri. We are expecting dignitaries from far and near and we enjoin all to cooperate with us throughout these special moments.”
The release of the programme of events further raised the excitement among the Itsekiri in Warri Kingdom, yesterday, as various communities and families intensified preparations for robust participation in the coming events.

 

Credit : Vanguard