Nigerian oil union shuts down Halliburton operation over job cuts

 

Nigeria's main oil union has shut down the local operations of U.S. oilfield services provider Halliburton Co. in protest against job cuts, the trade body said on Tuesday.


Tokunbo Korodo, Lagos chairman for the National Union of Petroleum and Natural Gas Workers (NUPENG), told Reuters the group halted operations on Monday saying it was opposed to Halliburton's decision to sack 46 local staff members.

The union accused Halliburton of not following due process.

Halliburton, which offers drilling services to Royal Dutch Shell and Chevron in Africa's top oil producer, was not immediately available to comment.

Government Releases Full Report On Missing $20bn Oil Money

The incumbent President Goodluck Jonathan demanded the immediate full report of the forensic audit of the Nigerian National Petroleum Corporation (NNPC).

The president said that his government has nothing to cover on the matter.

Jonathan also rejected accusations credited to the All Progressives Congress (APC) that his officials were boarding on last minute looting.

HERE is the report...

Governors got N2.92tr from ECA in 4 years - NOI

 

Five days after Ngozi Okonjo-Iweala, minister of finance and coordinating minister of the economy, promised that the ministry would publish details of the excess crude account (ECA) for the last four years, the information has been made public.

Paul Nwabuikwu, her special adviser on communications, released a statement late Sunday, revealing that the federal and state governments shared a total of N6. 21 trillion from the ECA between 2011 and 2015.

A breakdown of the sum collected by the state governments were N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 billion in 2014. Okonjo-Iweala had promised to disclose ECA details after the Nigerian governors forum (NGF) alleged that $20 billion being accruals of the excess crude account (ECA) from May 2013 till April 2015, was unaccounted for.

SEE THE FIGURES HERE...

NOI: Governors got N2.92tr from ECA in 4 years ⌂Back To Homepage Subscribe To RSS Feed NOI: Governors got N2.92tr from ECA in 4 years May 25 07:58 2015 Print This Article Share it With Friends 👤by Taiwo George  0 Comments Five days after Ngozi Okonjo-Iweala, minister of finance and coordinating minister of the economy, promised that the ministry would publish details of the excess crude account (ECA) for the last four years, the information has been made public. Paul Nwabuikwu, her special adviser on communications, released a statement late Sunday, revealing that the federal and state governments shared a total of N6. 21 trillion from the ECA between 2011 and 2015. A breakdown of the sum collected by the state governments were N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 billion in 2014. Okonjo-Iweala had promised to disclose ECA details after the Nigerian governors forum (NGF) alleged that $20 billion being accruals of the excess crude account (ECA) from May 2013 till April 2015, was unaccounted for. The minister dismissed the allegation, asking the governors to consult their commissioners of finance if they needed clarification. “The statement by the governors is totally strange because Federal Accounts Allocation Committee (FAAC), meets every month and the ECA is discussed at every session with all the state commissioners of finance present,” she had said. “Nothing is hidden. At these meetings, the minister of state, who is the chairman of FAAC, announces the balance in the ECA which is then discussed. Governors who want any information about the ECA should ask for details from their commissioners who should have the records of what was discussed and agreed upon.” From the figures released, five states, including Akwa Ibom, Rivers, Delta, Bayelsa, Kano and Lagos top the list of highest recipients with N265 billion, N230.4 billion, N216.7 billion, N176.3 billion, N106.5 billion and N82.9 billion, respectively. While Kwara, Enugu, Gombe, Nassarawa, Ekiti and Ebonyi states received the lowest allocations of N52.8 billion, N51.6 billion, N47.7 billion, N46.9 billion, N46.8 billion and N44.3 billion respectively. The balance of the ECA as at May 2015 was put at $2.07 billion. The statement added that the summary of the inflows and outflows from the account shows that the opening balance was $4.56 billion in 2011 and reached a peak the following year at $8.7 billion before declining to $2.3 billion in 2013. The fluctuation was attributed to the sharing of the proceeds usually requested by state governors as well as the practice of augmentation which involves additional sharing from the ECA when available funds are not adequate to meet revenue projections. The ministry noted that Subsidy and SURE-P payments were also made from the account. Below is a breakdown of the allocations. S/N STATE

Read more at: http://www.thecable.ng

NOI: Governors got N2.92tr from ECA in 4 years ⌂Back To Homepage Subscribe To RSS Feed NOI: Governors got N2.92tr from ECA in 4 years May 25 07:58 2015 Print This Article Share it With Friends 👤by Taiwo George  0 Comments Five days after Ngozi Okonjo-Iweala, minister of finance and coordinating minister of the economy, promised that the ministry would publish details of the excess crude account (ECA) for the last four years, the information has been made public. Paul Nwabuikwu, her special adviser on communications, released a statement late Sunday, revealing that the federal and state governments shared a total of N6. 21 trillion from the ECA between 2011 and 2015. A breakdown of the sum collected by the state governments were N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 billion in 2014. Okonjo-Iweala had promised to disclose ECA details after the Nigerian governors forum (NGF) alleged that $20 billion being accruals of the excess crude account (ECA) from May 2013 till April 2015, was unaccounted for. The minister dismissed the allegation, asking the governors to consult their commissioners of finance if they needed clarification. “The statement by the governors is totally strange because Federal Accounts Allocation Committee (FAAC), meets every month and the ECA is discussed at every session with all the state commissioners of finance present,” she had said. “Nothing is hidden. At these meetings, the minister of state, who is the chairman of FAAC, announces the balance in the ECA which is then discussed. Governors who want any information about the ECA should ask for details from their commissioners who should have the records of what was discussed and agreed upon.” From the figures released, five states, including Akwa Ibom, Rivers, Delta, Bayelsa, Kano and Lagos top the list of highest recipients with N265 billion, N230.4 billion, N216.7 billion, N176.3 billion, N106.5 billion and N82.9 billion, respectively. While Kwara, Enugu, Gombe, Nassarawa, Ekiti and Ebonyi states received the lowest allocations of N52.8 billion, N51.6 billion, N47.7 billion, N46.9 billion, N46.8 billion and N44.3 billion respectively. The balance of the ECA as at May 2015 was put at $2.07 billion. The statement added that the summary of the inflows and outflows from the account shows that the opening balance was $4.56 billion in 2011 and reached a peak the following year at $8.7 billion before declining to $2.3 billion in 2013. The fluctuation was attributed to the sharing of the proceeds usually requested by state governors as well as the practice of augmentation which involves additional sharing from the ECA when available funds are not adequate to meet revenue projections. The ministry noted that Subsidy and SURE-P payments were also made from the account. Below is a breakdown of the allocations. S/N STATE

Read more at: http://www.thecable.ng

NOI: Governors got N2.92tr from ECA in 4 years ⌂Back To Homepage Subscribe To RSS Feed NOI: Governors got N2.92tr from ECA in 4 years May 25 07:58 2015 Print This Article Share it With Friends 👤by Taiwo George  0 Comments Five days after Ngozi Okonjo-Iweala, minister of finance and coordinating minister of the economy, promised that the ministry would publish details of the excess crude account (ECA) for the last four years, the information has been made public. Paul Nwabuikwu, her special adviser on communications, released a statement late Sunday, revealing that the federal and state governments shared a total of N6. 21 trillion from the ECA between 2011 and 2015. A breakdown of the sum collected by the state governments were N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 billion in 2014. Okonjo-Iweala had promised to disclose ECA details after the Nigerian governors forum (NGF) alleged that $20 billion being accruals of the excess crude account (ECA) from May 2013 till April 2015, was unaccounted for. The minister dismissed the allegation, asking the governors to consult their commissioners of finance if they needed clarification. “The statement by the governors is totally strange because Federal Accounts Allocation Committee (FAAC), meets every month and the ECA is discussed at every session with all the state commissioners of finance present,” she had said. “Nothing is hidden. At these meetings, the minister of state, who is the chairman of FAAC, announces the balance in the ECA which is then discussed. Governors who want any information about the ECA should ask for details from their commissioners who should have the records of what was discussed and agreed upon.” From the figures released, five states, including Akwa Ibom, Rivers, Delta, Bayelsa, Kano and Lagos top the list of highest recipients with N265 billion, N230.4 billion, N216.7 billion, N176.3 billion, N106.5 billion and N82.9 billion, respectively. While Kwara, Enugu, Gombe, Nassarawa, Ekiti and Ebonyi states received the lowest allocations of N52.8 billion, N51.6 billion, N47.7 billion, N46.9 billion, N46.8 billion and N44.3 billion respectively. The balance of the ECA as at May 2015 was put at $2.07 billion. The statement added that the summary of the inflows and outflows from the account shows that the opening balance was $4.56 billion in 2011 and reached a peak the following year at $8.7 billion before declining to $2.3 billion in 2013. The fluctuation was attributed to the sharing of the proceeds usually requested by state governors as well as the practice of augmentation which involves additional sharing from the ECA when available funds are not adequate to meet revenue projections. The ministry noted that Subsidy and SURE-P payments were also made from the account. Below is a breakdown of the allocations.

Read more at: http://www.thecable.ng

NOI: Governors got N2.92tr from ECA in 4 years ⌂Back To Homepage Subscribe To RSS Feed NOI: Governors got N2.92tr from ECA in 4 years May 25 07:58 2015 Print This Article Share it With Friends 👤by Taiwo George  0 Comments Five days after Ngozi Okonjo-Iweala, minister of finance and coordinating minister of the economy, promised that the ministry would publish details of the excess crude account (ECA) for the last four years, the information has been made public. Paul Nwabuikwu, her special adviser on communications, released a statement late Sunday, revealing that the federal and state governments shared a total of N6. 21 trillion from the ECA between 2011 and 2015. A breakdown of the sum collected by the state governments were N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 billion in 2014. Okonjo-Iweala had promised to disclose ECA details after the Nigerian governors forum (NGF) alleged that $20 billion being accruals of the excess crude account (ECA) from May 2013 till April 2015, was unaccounted for. The minister dismissed the allegation, asking the governors to consult their commissioners of finance if they needed clarification. “The statement by the governors is totally strange because Federal Accounts Allocation Committee (FAAC), meets every month and the ECA is discussed at every session with all the state commissioners of finance present,” she had said. “Nothing is hidden. At these meetings, the minister of state, who is the chairman of FAAC, announces the balance in the ECA which is then discussed. Governors who want any information about the ECA should ask for details from their commissioners who should have the records of what was discussed and agreed upon.” From the figures released, five states, including Akwa Ibom, Rivers, Delta, Bayelsa, Kano and Lagos top the list of highest recipients with N265 billion, N230.4 billion, N216.7 billion, N176.3 billion, N106.5 billion and N82.9 billion, respectively. While Kwara, Enugu, Gombe, Nassarawa, Ekiti and Ebonyi states received the lowest allocations of N52.8 billion, N51.6 billion, N47.7 billion, N46.9 billion, N46.8 billion and N44.3 billion respectively. The balance of the ECA as at May 2015 was put at $2.07 billion. The statement added that the summary of the inflows and outflows from the account shows that the opening balance was $4.56 billion in 2011 and reached a peak the following year at $8.7 billion before declining to $2.3 billion in 2013. The fluctuation was attributed to the sharing of the proceeds usually requested by state governors as well as the practice of augmentation which involves additional sharing from the ECA when available funds are not adequate to meet revenue projections. The ministry noted that Subsidy and SURE-P payments were also made from the account. Below is a breakdown of the allocations.

Read more at: http://www.thecable.ng

Etisalat says Nigeria fuel shortages may disrupt local services

 

Abu Dhabi-listed telecommunications company Etisalat said on Monday its local services may be adversely affected by Nigeria's fuel shortages.




"The scarcity of petroleum products has impacted every sector of the economy and the provision of telecommunications services is no exception," it said in a statement.

Guaranty Trust bank closed early on Monday due to fuel shortage

Nigeria's Guaranty Trust bank today closed all its branches nationwide from 1 pm local time due to the national fuel shortage, a spokeswoman said on Monday, confirming the contents of a message sent by the bank to customers.

Bank customers were seen in large numbers queuing up to get into the bank before 1pm. The development is uncertain if it will be sustained, following the agreement reached between the government and oil marketers earlier today. 

Fuel shortages hit MTN, Guaranty Trust bank

 

Severe fuel shortages in Nigeria hit the services of Africa's largest mobile telecoms operator, MTN, on Monday and forced Guaranty Trust Bank to close its branches nationwide at lunchtime.

"Services are already degraded and some of our customers are already feeling the impact," Funmilayo Onajide, a spokeswoman for South Africa-based MTN, said.

Africa's biggest crude producer subsidises gasoline heavily and depends on imports for the bulk of its domestic fuel due to inadequate refineries.

The gasoline importers say they are owed money from the government and have shut depots until their demands have been met.

The telecommunications, banking and aviation sectors have been brought to a virtual standstill because fuel is needed to power the private generators that produce most of the electricity in the nation of 170 million.

MTN had nearly 60 million users in Nigeria in 2014 - about 27 percent of its entire subscriber base across 22 countries - making Africa's most populous country its biggest revenue contributor.

In the commercial hub of Lagos, the usually gridlocked streets were relatively clear during the Monday morning rush-hour because many drivers had run out of petrol.

Some drivers resorted to buying black market fuel for 500 naira per litre, more than five times the 87 naira per litre subsidised price.

Oil Marketers Resolve Differences, Begin Lifting Of Petroleum Products

The oil marketers have agreed to make petroleum products available in the country in the next six hours.
The National Union of Road Transport Workers (NURTW) have also agreed to begin lifting petroleum products also in the next six hours.

These agreements were reached at a meeting called by the Senate Committees on Petroleum Upstream and Downstream to find solutions to the lingering fuel crises in the country.

The agreement also states that the Department Of Petroleum Resources, DPR, should also revoke the license of any oil marketer that refuses to lift petroleum products across the country.

In addition, the Depot and Petroleum Products Marketers Association, DAPMAN, has also agreed to open their depot in the next six hours.