- PENGASSAN has begun a gradual withdrawal of workers from the offshore loading bays and flow stations’ in the oil and gas industry. This comes as a meeting called for Thursday between representatives of the government, and the leadership of PENGASSAN, to discuss concerns raised by labour and other lingering issues in the petroleum sector, has been put off till Monday, at the instance of the union because of the Eid el Fitri holiday. PENGASSAN’s spokesman, Ojugbana, restated that the strike was to press home PENGASSAN’s demands for government’s attention to some critical challenges impacting the survival of the nation’s oil and gas industry. Some of the challenges, according to the senior oil workers’ union, include lingering irregular Joint Venture funding and Cash Call payment arrears, lack of a clear cut direction on the PIB, forceful co-option of government agencies in the industry into the Integrated Personnel Payroll Information System, and a spate of redundancy and retrenchment in the oil and gas industry.
- Pan Africa Solar has Solar Power Purchase Agreement with the FG, and plans to invest $146 million in building a new power plant. The 75MW solar photo-voltaic power project in Katsina State would sell power for a tariff of ₦40 per kWh and will start operations in 2017. Once inaugurated, the 75MW solar project would provide power for 1.1 million Nigerians. It is also expected to generate employment for over 500 Nigerians during the 12-month construction period, and more than 40,000 new jobs could be created from the additional economic activity stimulated by the power plant.
- Shell Nigeria has resumed the export of Bonny Light crude oil grade from the Bonny Terminal, almost two months after force majeure was declared on the export of the commodity. The lifting of the force majeure was due to the restoration of product flow into the Bonny Terminal following the repairs of the Nembe Creek Trunk Line. The company said the lifting of the force majeure took effect from 0900 WAT on Thursday. Shell had declared the force majeure on Bonny Light exports on May 11, following the closure of the NCTL for repairs after a leak.
- The CBN has reassured bank customers unsettled by last Monday’s decision to take over the management of Skye Bank. The CBN had forced the resignation of members of the bank’s board and management team, in what it called “proactive and unavoidable regulatory step to forestall the bank from falling into distress”. The CBN said Skye Bank had persistently failed to meet minimum thresholds in critical “prudential and adequacy ratios”, culminating in its permanent presence at the CBN lending window. Since the decision, bank customers have been engaging in panic withdrawals from their accounts in various banks across the country apparently in response to speculations that the country’s entire banking system was at the verge of imminent crash. The speculations were fuelled by reports that the takeover of Skye Bank was the first of 11 banks pencilled for similar action by CBN for alleged massive breaches of financial regulations guiding their operations.