Items filtered by date: Saturday, 06 April 2019

The National Bureau of Statistics (NBS) on Thursday said the volume of premium motor spirit (PMS), popularly known as petrol, importation has been reversed with a 21.7 percent rise in the fourth quarter of 2018 (Q4’18) to 5.32 billion litres up from 4.37 billion recorded in Q3’18.

NBS in its report titled: “Petroleum Products Imports and Consumption (Truck Out) Statistics (Q4 2018)” said Nigeria imported 5.32 billion litres of PMS and 1.30 billion litres of automotive gas oil (AGO), or diesel in Q4’18.

It also stated that, 114.19 million litres of dual purpose kerosene (DPK), 267.80 million litres of aviation turbine kerosene (ATK), 50.73 million litres of base oil, 42.38 million litres of bitumen, 10.63 million litres of low pour fuel oil (LPFO) and 331.78 million litres of Liquefied Petroleum Gas (LPG) were imported into the country in Q4’18.

This followed an earlier decline in the volume to 4.79 billion litres in Q2’18 from 5.67 billion litres in Q1’18 while it further declined to 4.37 billion litres in the period under review.

The report further showed State-wide distribution of truck-out volume for Q4’18 as 5.17 billion liters of PMS, 1.16 billion litres of automotive gas oil (AGO), 81.12 million litres of household kerosene (HHK), 256.73 million litres of aviation turbine kerosene (ATK) and 137.53 million of Liquefied Petroleum Gas (LPG) were distributed nationwide during the period.

Published in Business

Suspended Chief Justice of Nigeria, CJN, Walter Onnoghen has resigned his position.

Onnoghen is facing the Code of Conduct Tribunal, CCT, trial over alleged false assets declaration.

News reports that Onnoghen turned in his resignation letter to President Muhammadu Buhari on Thursday evening, a day after the National Judicial Council (NJC) recommended that he be compulsorily retired for misconduct.

By virtue of section 306 of the 1999 constitution, his resignation takes immediate effect.

Section 306 says “(1) Save as otherwise provided in this section, any person who is appointed, elected or otherwise selected to any office established by this Constitution may resign from that office by writing under his hand addressed to the authority or person by whom he was appointed, elected or selected. (2) The resignation of any person from any office established by this Constitution shall take effect when the writing signifying the resignation is received by the authority or person to whom it is addressed or by any person authorised by that authority or person to receive it.”

The resignation, News reports, was the “best possible option” for Onnoghen under the current circumstance.

It is on record that Onnoghen’s retirement benefits in cash and kind would cost tax payers about N2.5 billion.

As part of the package for a retired chief justice, a house will be built for him in Abuja with a nine-digit sum for furnishing — in addition to a severance gratuity that is 300% of his annual basic salary of N3,363,972.50, as well as pension for life.

Just like state governors, a retired chief justice is entitled to a number of domestic staff and sundry allowances for personal upkeep.

It could be recalled that Onnoghen closed his defence at the CCT and the tribunal is expected to give its judgment at the next sitting on April 15.

But for the crisis, Onnoghen, who is 68, was due for retirement in 2020.

If the “soft landing” option is favoured by Buhari, the EFCC may not proceed with filing criminal charges while the case at the CCT could become academic because the major punishment for Onnoghen would have been his removal from office.

He could be banned from holding public office for 10 years, while his assets believed to have been acquired illegitimately will be confiscated.

Published in World
Saturday, 06 April 2019 14:08

Crude oil prices hit the $70 dollar mark

Crude oil prices in the international market witnessed a robust leap, hitting the $70 dollar mark on Thursday, the first time since November, 2018.

This is coming amidst expectations of a tight global supply of the product despite pressures arising from increasingly rising U.S production.

Brent futures went up by 69 cents, to $70.01 a barrel around, touching its highest since November 12, when it last traded above $70.

The United States West Texas Intermediate crudes were up 26 cents at $62.72 a barrel.

This is however a drop of 12 cents in the previous session after briefly hitting $62.99, also the highest since November.

Published in Business

Executive Directors of the World Bank on Friday unanimously selected David Malpass, a senior US Treasury official in President Donald Trump’s administration, as the new president of the World Bank Group.

Malpass’ five-year term will begin on April 9, replacing former President Jim Yong Kim, whose surprise departure in February came not even halfway through his second term.

According to the group’s statement on Friday, the selection of Malpass followed an open, transparent nomination process as agreed in 2011

The group said “thorough due diligence and a comprehensive interview of Mr. Malpass by the Executive Directors followed the nomination.

Despite the fact that since the bank’s creation following World War II, all of its presidents have been American men, the bank inists that any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director.

The World Bank Group in its statement also expressed the Board’s gratitude to Interim President, Kristalina Georgieva, for her dedication and leadership in recent months.

It looked forward to working with Mr. Malpass on the implementation of the Forward Look and the capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.

The World Bank President is Chair of the Boards of Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

The president is also ex officio Chair of the Boards of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

Published in Bank & Finance

The Accident Investigation Bureau (AIB) has reviewed its accident investigation regulations.

Commissioner and Chief Executive Officer of the Company, Mr Akin Olateru, said on Friday, at the conclusion of a two-day stakeholders’ meeting for the review, that it was in line with global best practices of regularly updating accident investigation regulations.

Hr said the review became necessary so as to improve the industry and prevent accidents through recommendations.

“We need to move the industry forward by constantly reviewing our strategies to ensure we are doing the right thing; we cannot be doing the same thing and expect different results. Aviation is a serious business globally and we owe it to over 180 million Nigerians to do the right thing,” he said.

The Director-General, Nigerian Civil Aviation Authority, Capt. Muhtar Usman, who also spoke at the event acknowledged the contributions of AIB in improving safety through safety recommendations.

Usman notes that 29 of the 37 safety recommendations issued to the NCAA were fully implemented by the other two were close to being implemented.

He added, “On the remaining five, the NCAA did not agree with the safety recommendations and had provided reasons. Recently, the NCAA had forwarded the status of implementation of the three outstanding safety recommendations to the committee”.

Published in Travel & Tourism
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