Tag Archives: Loses

Nigeria Loses 130m Barrels of Crude Oil to 32 Militant Groups This Year

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Nigeria has lost over 130 million barrels of crude oil from January to November this year to the activities of 32 militant groups in the Niger Delta region since the resurgence of militancy in the oil-producing region in 2015, the Vice-Chairman of the Security Subcommittee of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Shina Bankole, has said.

This is coming as the Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that President Muhammadu Buhari’s Petroleum Industry Roadmap, better known as the “7 Big Wins”, will stabilise the region for oil and gas business.

Also, the former Minister of State for Energy and the Amayanabo of Nembe Kingdom in Bayelsa State, Dr. Edmund Daukoru, has called on the people of the Niger Delta to listen to themselves and the outside world, adding that blowing up pipelines amounted to cutting their nose to spite their face.

Speaking in Lagos yesterday at the 17th Health Safety and Environment (HSE) Biennial Conference on the Oil and Gas Industry in Nigeria organised by the Department of Petroleum Resources (DPR), Bankole, who is also the General Manager in charge of Security at Chevron Nigeria Limited, said insecurity in the Niger Delta had led to the proliferation of several militant groups, as well as small arms and weapons.

Bankole added that between January and November, 58 incidents of sabotage were recorded where oil and gas facilities belonging to the oil companies were vandalised.

“Again, within the same period, the rate of sabotage on oil and gas assets has led to lost production opportunities by the oil companies. As of today, more than 130 million barrels of crude oil have been lost due to the inability of the oil companies to produce as a result of the activities of the militants,” he added.

He said with the rehabilitation of about 30,000 ex-agitators, the Amnesty Programme introduced in 2009 by the federal government had successfully restored normalcy to the oil-producing region until 2015 when new militant groups began to emerge.

“The resurgence of militancy since 2015 has led to the proliferation of militant groups. As of today, no fewer than 32 of such groups have emerged in the Niger Delta – some with possible ethnic agenda, while others came with a criminal agenda,” he said.

Bankole disclosed that of the over 275 cases of kidnappings recorded across 29 states between January and November, 45 cases were related to oil and gas industry personnel and their dependants.

According to him, of the 99 incidents of sea robberies and pirates recorded within the same period, 19 cases involved the oil and gas industry.

In his keynote address, Kachikwu said the insecurity in the Niger Delta had raised the cost of security by six times over the past 10 years, adding that the entire ecosystem of Niger Delta was under threat as a result of the oil spills caused by vandalism of facilities by militants.

“In the last couple of weeks, the Ministry of Petroleum has launched the 7 Big Wins. The first of the Big Wins is getting the Niger Delta stabilised through engagement, empowerment and enforcement. The other aspect of the Big Wins is righting the wrongs through remediation and education,” Kachikwu, who was represented by his Senior Technical Adviser on Fiscal and Regulatory Matters, Dr. Tim Okon, said.

Read More: thisdaylive

Russia Loses Paralympics Ban Appeal

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Russia will not compete at next month’s Paralympics in Rio de Janeiro, Brazil, after losing an appeal against a ban imposed for state-sponsored doping.

The Court of Arbitration for Sport (CAS) upheld the International Paralympic Committee’s (IPC) ban on all Russian competitors, the BBC reports.

The IPC made the decision in light of the McLaren report, which detailed a state-sponsored doping programme operated by Russia.

The Paralympics begin on September 7.

The IPC’s decision to ban the entire Russian team “was proportionate in the circumstances,” according to the CAS panel, which said it would publish the full grounds for its decision later.

It added that the Russian Paralympic Committee did not file any evidence contradicting the facts put forward by the IPC.

The IPC’s decision is in contrast to the International Olympic Committee (IOC), which chose not to hand Russia a blanket ban from the Olympic Games.

The IOC was widely criticised for ignoring the World Anti-Doping Agency (WADA) recommendation to ban Russia.

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Russia lose Paralympics ban appeal

Dope: Nigeria Profits As Russia Loses Beijing Relay Gold

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Russia was stripped of a relay gold medal from the 2008 Beijing Olympics on Tuesday night, after one of its female runners tested positive for steroids in a reanalysis of her doping samples.

Sprinter Yulia Chermoshanskaya tested positive for two drugs — stanozolol and turinabol — and has been retroactively disqualified and, along with her teammates, stripped of the gold medal in the women’s 4×100-meter relay, the International Olympic Committee (IOC) said.

Chermoshanskaya was also disqualified from the 200 meters, in which she finished eighth.
Belgium stands to be upgraded to the relay gold, with Nigeria moving up to silver and Brazil to bronze.

The IOC asked the IAAF to modify the results and consider any further sanctions against Chermoshanskaya, who is no longer competing.

The three other Russians runners in the relay final were Yulia Gushchina, Alexandra Fedoriva and Evgeniya Polyakova. Under IAAF rules, an entire relay team loses its medals if one of the runners tests positive.

The Belgian runners in line to get gold are Olivia Borlee, Hanna Marien, Elodie Ouedraogo and Kim Gevaert.

The United States did not make the relay final after dropping the baton in the heats. The Jamaican and British teams dropped the baton in the final.
The IOC said Chermoshanskaya claimed in a written statement that she had been injured ahead of the Beijing Games and had been receiving injections on medical advice. The IOC said she should have declared those medications at the time.

Turinabol and stanozolol are traditional steroids that go back decades. Canadian sprinter Ben Johnson tested positive for stanozolol at the 1988 Seoul Olympics, and he was stripped of the gold medal in the 100 meters.

Tuesday’s decision was another black eye for Russia. The country’s track and field team was banned from the Rio de Janeiro Olympics over allegations of state-sponsored doping. Investigations are continuing into wider systematic doping in Russia involving dozens of other summer and winter Olympic sports.

Using enhanced techniques, the IOC has retested more than 1,000 doping samples from the 2008 Beijing Games and 2012 London Olympics to catch those who evaded detection at the time. A total of 98 athletes have been caught.

Read More: ThisDayLive

Nigeria Loses 127 Billion Yearly To Cybercrime- Minister

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The Minister of Communications, Adebayo Shittu said Tuesday that Nigeria is losing about 127 billion naira annually to cybercrime and urged stakeholders in the Information and Communication Technology, ICT, industry to rise up to the challenge.

He also the Ministry in collaboration with the military is poised to use modern technology to fight insurgency, corruption and other crimes that pose a threat to Nigeria’s unity.

He spoke while declaring open the 26th edition of the National Conference of the Computer Society of Nigeria holding at NAF Centre, Abuja.

He told the gathering that all hands must be on the deck to face the challenges confronting the nation with the deployment of ICT, stressing that the theme of this year’s conference was more apt as “no nation can develop without safety and security.”

He said: “national safety and security further encompasses securing the nation’s cyber space. Our growing dependence on digital infrastructure introduces and poses grave threats to national security. It is quite shocking that Nigeria loses about N127 billion which is 0.08 per cent of the country’s Gross Domestic Products (GDP), yearly to cybercrime”.

He said further “Without safety and security, growth is impossible. “Information Technology for National Safety and Security”, the Conference theme, is highly relevant as it aligns with the National safety and security priority of the administration of President Muhammadu Buhari.

“Securing lives and properties is both an enabler and an imperative for growth and development. Threats emanate from local and global terrorism which strikes fear and shatters the much needed national peace and security.

“Nobody, no organization can perform optimally under a cloud of fear. Uncertainties and raised anxieties strain our economy and society. We must however acknowledge successes recorded so far in the fight to keep Nigeria secure.

“It is appropriate that the efforts of the armed forces and the significant achievements in the fight against Boko Haram are recognized. Though the Nigerian Army is already using some technology platforms, there may be some requiring close attention by the conference.  The Ministry is also engaging with the Nigerian Army on possible technology collaboration to tackle the activities of insurgents and other security challenges in the country.

“Beyond military might, financial crimes and corruption are added burden to the national security challenges that threaten the very existence and development of the nation. In Public finance, the electronic platforms used by the Nigerian government such as the Treasury Single Account (TSA), the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS) have resulted in significant savings and elimination of waste in governance.

“Though great strides have been made in these areas, there is still a lot to do to secure our dear nation. We all know that ICT is the globally recognized enabler in all spheres of development and it is most appropriate for NCS to step in by offering the nation an authentic platform to explore the role of ICT in national safety and security. Using ICT and Geographical Information System (GIS) to tackle Boko Haram, Niger Delta militancy and other security challenges with enhanced efficiency and professionalism has become a matter of paramount importance. ”

“As at today, ICT is currently contributing up to 10 percent of Nigeria’s GDP and had created over 10 million jobs in the past 10 years. Developments in the ICT sector have provided well over $32 billion in foreign direct investment (FDI) over the last 15 years. It is indeed one of the fastest growing sectors of the Nigerian economy which is the second largest ICT market in Africa.  The number of Internet subscribers in Nigeria also rose from less than one million in 2003 to over 80 million in November 2015,” the Minister added.

Credit: TheNation

Desmond Tutu’s Daughter Loses Church License After Gay Marriage

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Desmond Tutu’s daughter has been forced to give up her duties as a priest in South Africa’s Anglican church after she married a woman, she told AFP on Tuesday.

Reverend Canon Mpho Tutu-van Furth can no longer preside at Holy Communion, weddings, baptisms or funerals after handing in her license because the church does not recognize gay marriage. She said her father, the retired archbishop and celebrated anti-apartheid campaigner, was “sad but not surprised” at the news.

“The canon (law) of the South African Church states that marriage is between one man and one woman,” Tutu-van Furth said in an email. “After my marriage… the Bishop of Saldanha Bay was advised that he must revoke my license. I offered to return my license rather than require that he take it from me.”

Mpho and Marceline Tutu-van Furth have been on honeymoon on the Indonesian island of Bali after holding a wedding party outside Cape Town earlier this month.

Credit: vanguardngr

Saraki Loses Again As Code Of Conduct Tribunal Refuses To Quash Corruption Charges

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The Code of Conduct Tribunal has dismissed an application by the senate president, Bukola Saraki, for false asset declaration charges against him to be dropped.

Mr. Saraki’s lawyer, Kanu Agabi, had argued that the 13-count charge was invalid procedurally because the Code of Conduct Bureau which filed the charges, failed to allow Mr. Saraki explain discrepancies in his assets declaration forms as required by law.

But in his ruling Thursday, the chairman of the tribunal, Danladi Umar, said there was no breach of law as the Code of Conduct Bureau and Tribunal Act, 1989, still allows the senate president raise his clarifications at the level of the tribunal.

Mr. Danladi said by law, the CCB could receive complaints of breach of the Act and refer such complaints to the Tribunal, provided that it will allow the person involved to give a statement affirming or denying the said misconduct.

Also, upholding the argument made by the prosecution, Mr. Umar said Section 3 (e) of the 3rd schedule of the 1999 Constitution gives the bureau the right to receive complaints of such nature and where necessary refer such matter to the tribunal.

According to Mr. Danladi, Section 174 of the Constitution also gives the Attorney General of the Federation the prerogative to file criminal proceedings and does not owe any explanations to any one on how to go about it.

He therefore ordered the continuation of the trial.

Mr. Saraki had earlier lost his bid to stop the trial after the Supreme Court dismissed his initial objections.

Credit: PremiumTimes

Nigerian Stock Market Loses N2.354tn In One Year

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The market capitalization (equities only) of the Nigerian stock market has shed a total of N2.354tn in the past year.

The Nigerian Stock Exchange, in its fourth quarter 2014 Fact Sheet, put the market capitalization at N11.478tn; but at the end of trading on Friday, it stood at N9.124tn.

This, therefore, represents a 20.5 per cent drop in the stock market value.

The market had been on a decline for the greater part of this year due to various factors.

In January alone, the renewed dumping of shares by investors at the stock market over uncertainty in the political landscape led to a dip of N1.16tn in the market capitalization of the Exchange in the first three trading days of the year.

Trading on the NSE in 2014 had closed with a decline of 16.1 per cent in the market capitalization, which resulted in the stock market opening 2015 on a bearish note.

The NSE All Share Index, which stood at an average 34,657.15 points in the last quarter of 2014, has fallen to 26,537.36 so far this year, according to NSE statistics released on Friday. This represents a drop of 23.4 per cent.

This trend has further shattered the dreams of the Exchange to stabilize and further grow the market capitalization.

The Chief Executive Officer of the NSE, Mr. Oscar Onyema, had in the early part of this year said that his self-imposed target of achieving $1tn (about N197tn) market capitalization by 2016 was no longer feasible.

Credit: Punch

Army Loses Two Soldiers In Bama Ambush

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The Nigerian Army says it lost two personnel on Thursday  in an ambush staged by fleeing Boko Haram members in operational areas in Borno state.

A military official said the ambush occurred along Konduga-Bama axis of the state recently visited by a Federal Government delegation led by the Minister of Information, Mr Lai Mohammed.

The Commanding Officer, a Lieutenant Colonel and a private soldier were killed in the attack, the theatre commander of the Operation Lafiya Dole, Major General Yusha’u Abubakar, told reporters in Maiduguri.

Major General Abubakar also said that the advancing troops, in an offensive operation, dislodged insurgents around Jakana and Alagarno axis of the state.

On Wednesday, Nigerian troops and the Borno Youths Empowerment, otherwise known as Civilian JTF on Wednesday foiled planned attacks by four suicide bombers in the outskirt of Maiduguri.

A military source said that at about 7.30am on Wednesday, four female suicide bombers were intercepted by troops and the Civilian JTF, ahead of a checkpoint about 25km away from Maiduguri the capital of Borno State.

Credit: ChannelsTV

Suswam Loses Bid To Stop Probe

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A former governor of Benue state, Mr Gabriel Suswam, on Monday lost his bid to stop the probe instituted against him by Gov. Samuel Ortom at the state’s High Court. Reports have it that Ortom constituted an investigative panel to determine the actual state of indebtedness of the state and to verify government’s assets.

Suswam had dragged Ortom and the commission to court, seeking leave of the court to disband and set aside the Administrative Commission of Inquiry instituted against him. He averred that the commission was incapable of exercising judicial powers and lacked constitutional powers to investigate or adjudicate upon the issues submitted to it for inquiry.

Reports also show that the commission was expected to make findings of those responsible for lease or allocation of real property belonging to the Benue Government public. Suswam in his application alleged that the commission was set up to witch-hunt and smear his name and destroy his legacy.

He had claimed that his administration was transparent and rendered periodic account of its stewardship to the state throughout his eight years in office. The former governor argued that the resources of the state were judiciously used and that the impact could be seen all over the state.

He, therefore, prayed the court to grant his application by quashing the commission. It will be recalled that the state’s Chief Judge, Justice Iorhemen Hwande, had on Oct. 12, ordered a stay of proceedings on the commission, following Suswam’s suit.

But giving his ruling on the suit on Monday, Justice Adam Onum, vacated the order on the commission and ordered resumed sitting of the commission with immediate effect. Onum declared that the commission could issue letters of summon on individuals.

Credit: Vanguard

Saraki Loses Fundamental Rights Suit In Court

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The Senate President, Bukola Saraki lost another legal battle Friday as a Federal High Court in Lagos, struck out a suit filed by him to seek the enforcement of his fundamental human rights.

The presiding Judge, Justice Ibrahim Buba in a short ruling, declined jurisdiction to entertain the suit.

Saraki had in his suit through his lawyer, Mr Ajibola Oluyede, on Sept. 30 asked for the protection of the court to guarantee his fundamental rights against “political victimization”.

Joined as respondents in the suit are: The Attorney General of the Federation, the Economic and Financial Crimes Commission,EFCC and the Independent Corrupt Practices Commission, ICPC.

Other respondents are: Inspector General of Police, Code of Conduct Bureau, Code of Conduct Tribunal and Justice Danladi Umar.

Also joined are: Mr Ataedze Adza, Mr Sam Saba, Mr Mohammed Diri and Mr M.S Hassan.

Credit: Vanguard

Nigeria Loses $100 Billion To Daily Blackout- Report

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Nigeria has lost about $100 billion in a year to the daily blackouts, a World Bank report has indicated.

The country, which is Africa’s biggest oil producer, is still experiencing power generation bottlenecks, which previous governments had spent huge funds on, in efforts to provide electricity to Nigerians.

Electricity has continued to threaten Nigeria’s role as a destination for investors, as confirmed by the latest “World Bank’s “Doing Business Report’, which places Nigeria in 189th position.

The government is, however, working to end the huge amounts lost to daily blackout.

President Muhammadu Buhari, nonetheless, described it as a national shame that the nation would still be having electricity challenges.

In the last two years, generated output has hovered around 5,000 megawatts, which is about one-third of peak demand.

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Christina Milian’s Sister Loses Baby Hours After Birth

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Christina Milian’s younger sister Danielle lost her newborn son on Wednesday just hours after welcoming him into the world.

On Tuesday, the 29-year-old, who is already a mother to 12-month-old Naomi and 8-year-old Daniel, Instagrammed about the newest edition to her family, writing, “Baby Richie has arrived! #prayersup for my #babyboy. He is already a fighter!”

The following day, Danielle returned to Instagram with the somber message that Richie was no longer with us.

“Yesterday I was blessed with the birth of my Richie Bear,” Danielle wrote as the caption for a black and white photo of herself bearing what appears to be the baby’s handprint. “Unfortunately, last night he took his place with the Lord and we said goodbye. I so appreciate the prayers and support from everyone. He touched my heart and was perfect in so many ways.”

Read More: ET

Nigeria Loses N50 Trillion Annually From Untapped Natural Resources

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Federal, states and local governments are losing about N50 trillion annually from untapped resources that abound in the nation’s soil. Nigeria is estimated to be losing about N8 trillion annually from untapped gold. The estimates are monies that should have accrued to the federation account from royalties, taxes, charges and other fees from companies and individuals operating in the solid mineral sector if the Federal Government had paid enough attention to the development of solid minerals in the country.

Going by this, Nigeria should not have had any financial crisis any time crude oil prices face southward. In fact, states in the country would have been well off financially and would not have been talking about bail out.

However, the Mining and Mineral Act of 2007 which puts the exploration and exploitation of mineral resources in the exclusive list has hindered state from developing mineral deposit in their jurisdiction. Nigerians put the blame at the feet of federal politicians that have paid lip service to fiscal federalism.

The Nigeria Extractive Industries Transparency Initiative, NEITI, audit report of 2012 suggests that there are about 40 different kinds of solid minerals and precious metals buried in Nigeria soil waiting to be exploited. The commercial value of Nigeria’s solid minerals has been estimated to run into hundreds of trillions of dollars, with 70 per cent of these buried in the bowel of Northern Nigeria.

Read More: vanguardngr

 

Nigeria Loses $2bn Annually To Fake Subsidy Operators- Saraki

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Former governor of Kwara State and senator representing Kwara Central, Bukola Saraki, has said that Nigeria was losing a total of $2 billion to fake fuel subsidy operators, insisting that the fuel subsidy management in the country was a very big platform for fraud.

Saraki, who regretted that the alleged fraud in the scheme was being allowed to fester by the Federal Government, urged the incoming administration of General Muhammadu Buhari to completely remove the fuel subsidy and restore normalcy to the petroleum sector.

Speaking to newsmen, yesterday, in Abuja, the senator accused the government of issuing import licenses to very bogus number of companies totaling 82 and being used by oil marketers and government officials to rip off the national treasury on yearly basis.

He argued that it would be better to remove the fuel subsidy and deliver the sector and the citizenry from the grip of racketeers in the industry, who would never allow things to work well because of their personal aggrandizement.

According to him, subsidy in itself was never a problem to the country but the bad management of the subsidy, which he said had been turned into a huge racket that created the lingering crisis in the oil sector.

He said: “No matter what is happening now, if you go back to look at it, the major issue that dwindled us was the subsidy management. We are talking of about minimum of over $32 billion wasted on it over the last five to six years.

“That is the difference between where we are now and that time. It has impacted on our exchange rate, it is going to impact on our infrastructure, there is no money for capital budget.

Speaking on his ambition of becoming the next Senate President, Saraki maintained that he had the capacity, competence and the will power to drive the 8th Senate to reposition the country towards rapid socio-economic development, advising the elected Senators of the All Progressives Congress, APC, to focus on competence, capacity and merit in their choice of the next President of the Senate and other principal officers rather than on sentiments.

He said he had observed with dismay that Nigerians were not receiving the needed services from their elected representatives in the last many years of democratic governance in the country because leaders usually emerged through ethnic, religious and sectional sentiments rather than on the basis of qualification and competence.

Credit: vanguardngr

Nigeria Loses N5tn Annually To Oil Theft

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The Chief Executive Officer, Nigerco Nigeria Limited, Yabagi Sani said the country is experiencing an annual operational losses of $25bn (about N5tn) from the oil and gas sector.

He said the losses were being incurred through crude oil theft and non-adherence to principles and standards as stipulated in the Weights and Measures Act.

Yabagi’s firm is currently implementing the legal metrology system in Nigeria on behalf of the Weights and Measures Department of the Ministry of Industry, Trade and Investment.

He said implementation of legal metrology in the oil and gas sector of the Nigerian economy would help reduce the massive corruption in the sector.

Yabagi said in view of the dwindling oil revenue from the oil and gas sector, strict adherence to principles and standards of weights and measures were fundamental for the growth of any economy.

However, he regretted that since 2013, there had been a lot of slack and ineffectiveness in the enforcement of the legal metrology law in the various sectors of the economy particularly the oil and gas sector.

Read More: Punch

Bureau De Change: Naira Loses N3 Against Dollar

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The value of the Naira on Monday depreciated against the dollar by N3, to close at N208 at the Bureau De Change (BDC) from the N205 it sold for on Friday. The development was an appreciation following the N224 it sold for before the March 28 presidential election.

The Naira, however, at the parallel market, otherwise known as the black market, remained stable at N206 to the dollar since Friday. The currency traded against the pound at N301.50k at the BDCs and the black market, respectively.

The Naira also exchanged for the Euro at N228, from the N230 it traded for on Friday. Meanwhile, the official rate is still N197 to the dollar at the Central Bank of Nigeria (CBN).

Credit: NAN

ISIS Runs Out Of Oil, Loses 3 Oilfields In Iraq

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ISIS has lost control over “at least three large oilfields” in Iraq where the army is carrying out operations to expel the militants, a report says.

German newspaper Sueddeutsche Zeitung made the announcement on Thursday, citing German federal intelligence services. Now, the militants have only “five percent” of the extraction capabilities across the country, the paper said in reference to Baghdad’s biggest victory on the heels of the liberation of the city of Tikrit over a week ago.

The ISIS has lost “at least three large oilfields”, the daily said, adding that satellite images from last month show the militants set fire to two of them — the Himrin and Ajil fields — in the face of the advancing counteroffensive against the Takfiris.

“In the eyes of the BND (German foreign intelligence agency Bundesnachrichtendienst), that is proof that ISIS itself does not believe in a quick recapture (of lost territory),” the newspaper said.

Read More: presstv

Mu’azu Loses Ward To Buhari

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The National Chairman of the Peoples Democratic Party (PDP), Adamu Mu’azu has failed to deliver his ward to the party’s presidential candidate, President Goodluck Jonathan. The PDP lost in both the presidential and National Assembly elections in Mu’azu’s ward, Kardam B, Boto Ward in Tafawa Balewa council of Bauchi State.

President Jonathan got only 98 votes while the presidential candidate of the All Progressives Congress, (APC) Muhammadu Buhari, got 2 993 . Despite the lost of his word, Mu’azu said he was optimistic the PDP would still win the elections.

Read More: NationalMirror