19 May

Daily Watch – NLC strike stutters, DISCOs face revenue squeeze

  • The NLC has commended its members and civil society allies for turning out “enmasse” to prosecute the strike action against the increase in pump price of petroleum product. The congress praised those who supported the protest, for taking action “in spite of teething challenges”. The strike fell short of expectations and had little effect on normal activities in several states. Full compliance was recorded only in a few states. However, the union vowed
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18 May

Daily Watch – Labour to defy courts, Four airports go private

  • The National Industrial Court has asked the NLC to suspend the strike which was called to protest the petrol price increase. Ruling on an application filed by Abubakar Malami, attorney-general of the federation, Babatunde Adejumo ordered parties to maintain the status quo until the hearing and determination of the motion. He also ordered the government to dialogue with the NLC towards an amicable resolution of their dispute. The case was adjourned to May 24.
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17 May

Daily Watch – Inflation rises again, Aviation fuel scarcity bites

  • Nigeria’s CPI for April showed that prices of goods and services surged for the third consecutive month to 13.7 percent just as food price index soared to 13.2 per cent from March. Latest report by the NBS said that the headline index (year-on-year) increased by roughly 0.9 percent points from 12.8 percent rates recorded in March, while food sub-index jumped by 0.4 percent points from rates recorded in March. The higher rate of increase relative to the previous
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16 May

A new type of militant emerges

Chevron Nigeria received reports that at about 11pm Wednesday 4th of May, 2016 their Okan Valve Platform offshore Abiteye, Warri South West Local Government of Delta State, had been breached. This platform serves as a production hub for Chevron Nigeria/NNPC JV south and north offshore production. This means all of the oil and associated gas produced in fields offshore get to flow through this platform en route the terminal in Escravos. The company immediately moved................   read more

13 May

The week ahead – Trouble ahead over fuel price hike

On Wednesday, Nigeria’s government raised the price of petrol, saying that “it would now sell for not more than 145 a litre.” However, despite its best efforts to get the buy-in of the major labour unions, which for decades had thwarted the attempts by previous administrations to remove the subsidy on petrol, the Nigeria Labour Congress warned that it would resist the move. The government, nonetheless, got the support of the Manufacturers Association................   read more

13 May

Daily Watch – Oil output at 1.4 million BPD, Presco profits take a hit

  • The naira weakened to N345 to the American dollar on the parallel market on Thursday after petrol prices were raised by 67 percent, traders said. A trader said that the new rate was because of a scarcity occasioned by people holding on to dollars in anticipation of an increase in demand for dollars by oil importers following the FG’s announcement that petrol importers were now allowed to get dollars from the
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12 May

Daily Watch – Petrol prices hit a new ceiling, Oyo suspends salaries of 16k workers

  • Nigeria has announced that the price of petrol will go up at N145 per litre as a result of the current fuel scarcity and supply difficulties in the country. According to Ibe Kachikwu, minister of state for petroleum resources, subject to meeting the minimum standards, any Nigerian is free to import the product and sell at a price not higher than N145 per litre. The
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11 May

Daily Watch – 30% of Nigeria’s electricity is unpaid for, TUC craves FG intervention in mass sacks

  • Jay McCoskey, the CEO of the Port Harcourt Electric Distribution Company, has said that Nigeria loses up to N21 billion to stolen electricity. McCoskey also said up to 30 percent of electricity generated is not paid for by users. McCoskey also complained that up to N7 billion debt is owed distribution companies by government customers. The Minister for Power, Babatunde
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10 May

Daily Watch – Shell evacuates production facility, FG stealthily deregulates downstream

  • Renewed militant activity has forced Royal Dutch Shell to evacuate most of its staff from its production facility, Eja OML 79. The Shell evacuation was carried out via helicopter over the weekend. Ninety-eight key personnel were airlifted from Eja OML 79, run by SPDC, where the production of 90,000 barrels of oil per day has been halted. A small group of staff was left on the platform to carry out skeletal operations. The staff and facility are offered protection
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