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W. Africa Crude-Angolan trade slows, Nigerian diffs fall - REUTERS

SEPTEMBER 14, 2017

LONDON, Sept 14 (Reuters) - Activity was muted on Thursday with cargoes lingering after being on offer for some two weeks, with levels falling for Nigerian grades.

ANGOLA

* About eight cargoes were still available from the October schedule, one trader said.

* Total was still showing Girassol and Nemba. Chevron was also still offering a cargo of Cabinda.

* Unipec offered a cargo of Pazflor at dated Brent plus 45 cents and a cargo of Sangos at dated Brent plus 35 cents a barrel.

NIGERIA

* About 20 October-loading cargoes were still available.

* Unipec offered a cargo of Okwori along with Ghanaian Jubilee and Congolese Djeno.

* Offers for Forcados have sunk from close to dated Brent plus $2 a barrel to just above dated Brent plus $1 a barrel, one potential buyer said.

TENDERS

* Indian refiner BPCL is looking for West African grades in a tender it is running this week. The tender closes on Friday. (Reporting by Julia Payne; editing by David Clarke) ))

 

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EFCC Confirms Move To Extradite Alison-Madueke - SAHARA REPORTERS

SEPTEMBER 14, 2017

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The Anti-graft Agency, EFCC, on Wednesday, confirmed that plans were in place to extradite former Petroleum Minister, Diezani Alison-Madueke.

 

The Anti-graft Agency, EFCC, on Wednesday, confirmed that plans were in place to extradite former Petroleum Minister, Diezani Alison-Madueke.

Several Nigerians have called for her extradition from the UK after different corruption allegations were leveled against her.
Properties worth billions of Naira linked to her have since been forfeited to the federal government, many permanently.

Speaking on Wednesday while addressing journalists, civic groups, and others, the EFCC acting chairman, Ibrahim Magu, confirmed the moves to extradite Mrs. Alison-Madueke.
“I want you to know that nobody will go unpunished. We are even seeking to extradite Diezani, but investigations are still ongoing,” Mr. Magu said.

“We have reached a level where nobody can stop us in the fight against corruption, but we all must realize that we are all stakeholders, and this fight is for the future generation.”

He added that all Nigerians must play their roles, “because EFCC can only do its best; but we must support the agency, and the law should take its course, policies should be strengthened, and punishment must be meted out in good time.”

Mr. Magu also blamed recent separatist agitations in Nigeria on corruption.

“Every evil that is happening now is caused by corruption: agitations, strikes, whatever. Corruption has chased our good human resources out of the country. It is the duty of this generation to correct the evils caused by corruption.”

The anti-graft chief also spoke on corruption among members of his organization.

“I want you to tell us if there is corruption in the EFCC,” he said. “It makes no sense if people are fighting corruption and they are corrupt. So tell us, don’t keep quiet.”

Nigeria cocoa output seen rebounding in 2017/18 - REUTERS

SEPTEMBER 14, 2017

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LAGOS, Sept 14 (Reuters) - Nigeria should see a bumper cocoa harvest in the coming season as late rains have helped boost pod production, the head of the cocoa association said on Thursday.

Sayina Riman, president of the Cocoa Association of Nigeria (CAN), expects output for the new season which starts in October to hit between 300,000 tonnes and 320,000 tonnes, up sharply from the season just ended which was blighted by poor weather.

The cocoa season in Nigeria, the world’s fourth biggest producer, runs from October to September, with an October-to-February main crop and a smaller light or mid-crop that begins in April or May and runs through September.

The 2016/17 season started at a slow pace after drought cut the mid-crop harvest by 40 percent. Output for that season was estimated to reach 260,000 tonnes, Riman said, lower than a revised forecast of 280,000 tonnes and down from 340,000 tonnes forecast at the start of the season.

“We have late rains which has affected production. We are hoping that from the first week of October, we should be talking of increased yield,” Riman told Reuters.

The International Cocoa Organization (ICCO), however, gives much lower estimates of Nigerian cocoa output. It forecast last season’s production at 220,000 tonnes.

Riman did not give a reason for the discrepancy. Nigerian government production figures are also significantly higher than ICCO estimates.

“We are looking at new plantations ... rehabilitation of old farms, the level of youth coming into farming and the recovery rate of abandoned farms,” he said by phone.

Farmers across Nigeria’s main growing regions were optimistic as some had used the drought to prepare their farms, Riman said, but some have been stuck with about two-thirds of their produce due to the glut in the world market.

World cocoa prices have declined by a third in the last year amid a global supply glut after record production from top growers Ivory Coast and Ghana. ICCO predicts a global surplus of 371,000 tonnes for 2016/17.

Demand for the London September contract has been dampened by the prospect of receiving cocoa from Nigeria and Cameroon where buyers have less control over the quality of beans.

Cocoa trees need a delicate balance of rainy and dry weather. Too little rain and they wither; too much and they become susceptible to insects or fungal black pod disease. Beans can also go mouldy if small farmers are unable to dry them outside.

One farmer in the southeast region said prices dropped from a high of 1.2 million naira ($3,922) earlier this year to 400,000 naira within a six-month period.

Riman says the West African country needed to develop its local markets. “All of us in producing countries have realised that you need local consumption to make cocoa farming sustainable.” ($1 = 306.00 naira) (Editing by Susan Fenton)

‘Opportunities abound in foreign institutions for Nigerian students’ - NIGERIA TRIBUNE

SEPTEMBER 14, 2017

The current state of Nigeria’s tertiary education sector has been a serious concern to many stakeholders in the country; but the managing director, Online Dynamics, Mr Wale Michael, in this interview with KEHINDE ADIO, says Nigerian students can take advantage of several opportunities overseas. Excerpt:

HOW would you assess the state of tertiary institutions in Nigeria today?

It’s not good enough. Education in Nigeria, just like any other sector in the country, is still struggling to survive. It is a known fact that incessant strikes by the various university unions have become a common phenomenon in the education sector without any lasting solution in sight yet. A student who stays at home for   five months doing nothing, what do you expect from such a student? There is a lot to be done in the sector. Having said that, it is not as if efforts have not been put in place to reengineer or resuscitate Nigerian educational system, but we are still very far from international educational standard.

Can you compare the situation here with what obtains in other countries?

 

Nigeria is not on the same page with other foreign countries as far as education development is concerned. For instance, a recent development in the tertiary admission process in Nigeria took many people aback when government’s admission pass mark was put at 30 per cent. Why? What will be the end products of these students after graduation? If a student with 30 per cent score is given an admission into an institution, what it means is that he or she has passed the examination. So, 30 per cent represents our pass mark. It means that these students will have the impression that 30 per cent is the bench mark for academic success. Then students will pass out as 30 per cent graduates, which is below average. Government, education policy makers and allied education agencies will have to review our education standard.

When you look at other countries like Canada, Ukraine or even South Africa, things are different over there. For instance, Ukraine is regarded as the best country for medical training. Education in all those countries is practical-based. Do you know that Nigerian university graduates cannot stand with graduates of high school in those advanced countries in the labour market? Education must translate to productivity. Education must affect the market place. If researches and findings in the Nigerian universities remain on the library shelves, education has not served its purposes and growth and development in Nigeria will remain elusive.

On this note, it is advisable for Nigerian students to consider foreign universities as alternatives to get better education for our nation building.

Is there any way your office can assist Nigerian students to have access to these foreign universities?

Yes. We have been doing that for not less than 10 years through our Visa process initiative education to study in USA, Canada, Ukraine, Cyprus, Malaysia, Bellarus, Georgia and South Africa for undergraduate and postgraduate programmes. The process is ongoing. On-Line Dynamics will give Nigerian students information on scholarship opportunities and best foreign fee-avoidable universities across the globe.

The Trouble With Oil Pipelines in Nigeria - COUNCIL ON FOREIGN RELATION

SEPTEMBER 14, 2017

An oil pipeline spews oil after a leak in Nigeria's oil state of Bayelsa November 26, 2012. Thousands of people in Nigeria engage in a practice known locally as 'oil bunkering'—hacking into pipelines to steal crude then refining it or selling it abroad. Akintunde Akinleye/Reuters

 

 

 

 

Ralph Bunche Senior Fellow for Africa Policy Studies

On Wednesday in Abuja, the group managing director of the Nigerian National Petroleum Corporation (NNPC) stated that in 2016, pipeline vandalism resulted in roughly 700,000 barrels per day (bpd) being “deferred.” Accordingly, production was 1.3 million bpd rather than the projected 2.2 million bpd, costing the country about $13.3 billion in revenue (at an average price of $52 per barrel). While Nigerian statistics can be problematic, those used by the managing director are likely to be the best available. Oil provides more than 70 percent of the revenue of Nigeria’s government at all levels (this figure has been as high as 90 percent in the past), and more than 90 percent of its foreign exchange. At a time when international oil prices were relatively low and the country was in recession, the fall in oil production due to pipeline vandalism is especially serious.

 

The “deferred” 700,000 bpd could not be brought to market; much or most of it remained in the ground or in storage facilities. However, some pipelines are breeched in order to steal the oil. Breeched pipelines inevitably result in oil spills, further polluting the environment and damaging the livelihoods of people nearby. Further, Nigerian oil is sweet and light, requiring little refining to produce gasoline, so that illegal mom-and-pop shops can refine the stolen oil into a usable product. Stolen oil is also sold on the international market. There has long been suspicion that political and military personalities have been involved in oil theft. However, the managing director appeared to be discussing pipeline vandalism only, not the larger issue of oil theft. 

Oil theft and pipeline vandalism is an old song in the Niger delta, where there is usually political and social unrest. The NNPC managing director outlined a proposed response to the current situation that includes technical steps (such as burying the pipelines deeper into the ground), stricter law enforcement, but also addressing the political and social drivers of Delta unrest. The latter in particular is a tall order, which no previous government has been able to fill except for relatively short periods of time. Many ‘solutions’ amount to buying off militants that would otherwise steal oil or damage infrastructure. A long term solution to oil theft and pipeline vandalism clearly requires both technological innovation and better law enforcement, but, above all, it must address the deep-seated popular grievances of the region.   

 

The Trouble With Oil Pipelines in Nigeria - COUNCIL ON FOREIGN RELATION

SEPTEMBER 14, 2017

An oil pipeline spews oil after a leak in Nigeria's oil state of Bayelsa November 26, 2012. Thousands of people in Nigeria engage in a practice known locally as 'oil bunkering'—hacking into pipelines to steal crude then refining it or selling it abroad. Akintunde Akinleye/Reuters

 

 

 

 

Ralph Bunche Senior Fellow for Africa Policy Studies

On Wednesday in Abuja, the group managing director of the Nigerian National Petroleum Corporation (NNPC) stated that in 2016, pipeline vandalism resulted in roughly 700,000 barrels per day (bpd) being “deferred.” Accordingly, production was 1.3 million bpd rather than the projected 2.2 million bpd, costing the country about $13.3 billion in revenue (at an average price of $52 per barrel). While Nigerian statistics can be problematic, those used by the managing director are likely to be the best available. Oil provides more than 70 percent of the revenue of Nigeria’s government at all levels (this figure has been as high as 90 percent in the past), and more than 90 percent of its foreign exchange. At a time when international oil prices were relatively low and the country was in recession, the fall in oil production due to pipeline vandalism is especially serious.

 

The “deferred” 700,000 bpd could not be brought to market; much or most of it remained in the ground or in storage facilities. However, some pipelines are breeched in order to steal the oil. Breeched pipelines inevitably result in oil spills, further polluting the environment and damaging the livelihoods of people nearby. Further, Nigerian oil is sweet and light, requiring little refining to produce gasoline, so that illegal mom-and-pop shops can refine the stolen oil into a usable product. Stolen oil is also sold on the international market. There has long been suspicion that political and military personalities have been involved in oil theft. However, the managing director appeared to be discussing pipeline vandalism only, not the larger issue of oil theft. 

Oil theft and pipeline vandalism is an old song in the Niger delta, where there is usually political and social unrest. The NNPC managing director outlined a proposed response to the current situation that includes technical steps (such as burying the pipelines deeper into the ground), stricter law enforcement, but also addressing the political and social drivers of Delta unrest. The latter in particular is a tall order, which no previous government has been able to fill except for relatively short periods of time. Many ‘solutions’ amount to buying off militants that would otherwise steal oil or damage infrastructure. A long term solution to oil theft and pipeline vandalism clearly requires both technological innovation and better law enforcement, but, above all, it must address the deep-seated popular grievances of the region.   

 

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