Nigeria Clears Additional Backlog of January Crude Oil Cargoes
NUPRC seeks collaboration to mitigate methane emissions
in Abuja
Nigeria is making headway in finding customers for its January cargoes, with 10 to 12 cargoes left, out of an estimated 20 earlier in the week, a trader has told Reuters.
This is coming as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that Nigeria is poised to receive substantial support in its endeavour to mitigate methane emissions originating from the oil and gas sector.
However, at this stage of the trading cycle, this is still a considerable overhang, given the fact that there are February-loading cargoes also still on offer, while the country’s of the Supreme Court’s verdict on the Kano State governorship election, Governor Yusuf also clarified that President Tinubu and Vice President Shettima did not interfere in the legal battle, despite stiff pressure from those he described as some disgruntled elements.
Kwankwaso has also clarified that time shall tell if he will join Tinubu’s administration.
According to a statement issued yesterday by the Director of Public Enlightenment in Kano Government House, Aliyu Yusuf, the governor stated this on Friday while briefing journalists at the premises of the Supreme Court in Abuja shortly after the apex court’s judgement that reversed his sack.
The statement added that the governor noted with pleasure how the duo of Tinubu and Shettima never involved themselves in the matter.
The visibly elated governor also extended hands of friendship to his departments of the apex bank were affected by the transfer.
He stated that the move is also aimed at cutting costs and ensuring their safety.
According to the memo, the departments affected by the relocation approved by the CBN Governor, Yemi Cardoso include Banking Supervision; Other Financial Institutions Supervision; Consumer Protection Department; Payment System Management Department and the Financial Policy Regulations Department.
Speaking further on the plan, the CBN official noted that most of the bank’s headquarters are in Lagos.
According to him, the CBN usually sends members of staff of the affected departments from Abuja to work in Lagos for a duration of up to one or two months before they return to the head office.
“It is not safe for them to be on the road all the time and it is also not cost-efficient for the bank. Anybody who is asked to leave his or her comfort zone will feel the initial discomfort and complain. So, it is natural that some of the affected workers are complaining,” the official added.
He also noted that the Abuja head office was designed for 3, 000 members of staff, adding that the staff strength at the head office has hit 4, 000.
“The facility managers have already warned of the implication; the security of staff is also at stake with the increased number because it overwhelms the managers,” the official said.
Part of the internal memo reads: “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion plan designed to optimise the operational environment of the bank.
“This initiative aims to ensure compliance with building safety standards and enhance the efficient utilisation of our office space.
March programme is expected in the coming weeks, the report said.
Premiums for Nigerian crude oil have begun to fall, as competition from Saudi Arabia heats up.
Offers for the grade Qua Iboe are in the range of dated Brent plus $1.5 a barrel for January loading, while the same grade is being offered at dated Brent plus $1 a barrel for February loading, another trader added.
Also, the report added that only about 10 cargoes of Angola’s February-loading cargoes are left, out of the 32 scheduled for loading, a trader said earlier this week. Angola’s March programme is expected to emerge next week.
Also, a new report by Deloitte has major opponent on the platform of All Progressives Congress (APC), Dr. Nasiru Yusuf Gawuna and his followers to join hands with his government towards the development of the state.
The statement reads: “According to Governor Abba, as a true democrat and progressive, I call on my opponent and his supporters to join hands with me in the crusade of developing our dear state Kano for the betterment of its teaming citizens.
“People of Kano need leaders with vision, passion, zeal, and commitment to initiating projects, policies and programmes that have a direct bearing on their lives in all facets and across nooks and crannies of the state.
“Alhaji Abba Kabir thanked Almighty Allah, the most exalted for the victory, commending the people of Kano for their support, steadfastness, prayers, sacrifices and
“This action is necessitated by several factors, including the need to align the bank’s structure with its functions and objectives, redistribute skills to ensure a more even geographical spread of talent and comply with building regulations, as indicated by repeated warnings from the Facility Manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.
“The action plan focuses on optimising the utilisation of other bank’s premises. With this plan, 1,533 staff will be moved to other CBN facilities within Abuja, Lagos and understaffed branches.
“Our current occupancy level of 4,233 significantly exceeds the optimal capacity of 2,700 designed for the Head Office building. This overcrowding poses several critical challenges:
“Safety Concerns: The building’s infrastructure was designed for a specific number of occupants. Exceeding this capacity has raised safety concerns, increased health and accident risks – and hinders efficient emergency evacuation.
“Reduced Efficiency: Crowded workspaces are negatively impacting productivity and collaboration. Additionally, overstretched facilities have led to increased maintenance costs.
“Structural Integrity: The building’s integrity can be compromised by exceeding its designed capacity.”
The memo further said the decongestion would also improve the apex bank’s operational and workflow efficiency.
“Strategic alignment: The decision to redistribute departments and staff is rooted in a strategic approach to align the structure of the bank with its functions and objectives. Certain departments may be better suited to operate in proximity to financial institutions’ head offices, which are predominantly located in Lagos. This strategic alignment ensures optimal collaboration and efficiency,” the memo stated. projected that energy trends estimate global oil prices will be stuck at low levels for the next couple of years.
The analysis predicts an average West Texas Intermediate (WTI) price — typically regarded as the benchmark for crude oil — of $72 US per barrel this year.
That depression in price is because of cuts from major producers, record production in the United States and slowing growth in demand, according to the report.
Oil prices are at their lowest in two years, with prices hovering around 2021 levels.
"We do have a lot of production out there, and money spent by energy companies in 2023 is bringing lots brevity in affirming what they have elected as well as the Supreme Court Judges for upholding the glory of the Judiciary.
“He also appreciated NNPP leaders at all levels particularly the world leader of the Kwankwasiyya movement, Senator Rabi’u Musa Kwankwaso for his guidance and support during the trying period.
“The governor noted with pleasure how President Bola Ahmed Tinubu and his deputy, Kashim Shettima didn’t interfere in the apex court judgment despite stiff pressure from disgruntled quarters”.
Meanwhile, Kwankwaso has also clarified that he did not reach an agreement with President Tinubu or anyone else concerning the outcome of the Supreme Court’s verdict.
Kwankwaso stated this while responding to the claims that he had reached an agreement with Tinubu before the judgment.
The Supreme Court had on Friday affirmed Governor Abba Kabir Yusuf of the NNPP as the duly elected governor of Kano State after a series of litigations. seek justice for the sacked lawmakers.
A panel of the Court of Appeal led by Justice Elfrieda Williams-Dawodu, had in a unanimous decision in November 2023 ruled that Governor Caleb Muftwang of Plateau State was not validly sponsored by the Peoples Democratic Party (PDP) because the party had no structure in the state.
The appellate court therefore nullified his election and declared the candidate of the All Progressives Congress (APC), Dr. Nentawe Yilwadta as the governor of the state.
The Court of Appeal also nullified the victories of 11 candidates of the PDP who were elected into the state and National Assembly on the same grounds of alleged invalid nomination.
However, while the Supreme Court on Friday overturned the judgment of the Appeal Court on the governorship election and affirmed the victory of Governor Muftwang, the sacked state and federal lawmakers cannot take their appeals to the Supreme Court based on the electoral laws which terminate their appeals at the Court of Appeal.
Justice Emmanuel Agim who read the Supreme Court’s lead judgment, noted that the APC’s contention that Governor Muftwang was not qualified to contest the election because of non-compliance with the electoral law was faulty.
Justice Agim said: “We have held in a plethora of cases that the sponsorship of a candidate for election is an internal affair of a political party. The Court of Appeal lacks the jurisdiction to determine the validity of the candidacy of the PDP. Yilwatda of the APC has no right to challenge the emergence of Governor Mutfwang as a ticket-holder of the PDP.”
Apparently referring to the sacked lawmakers, Justice Inyang Okoro who headed the apex court’s five-member panel, in his consenting decision, said: “My only worry is that a lot of people have suffered as a result of volumes out there, and maybe we're a little bit more resource and supply-heavy than we were last year," said a partner at Deloitte, Andrew Botterill, who leads the energy and chemicals file.
The Organisation of the Petroleum Exporting Countries (OPEC) recently decided to cut 2.2 million barrels a day in the first quarter of 2024.
Demand is forecast to increase by about 1 million barrels per day in 2024, compared with 1.6 million last year, per analysis by the US Energy Information Administration.
"It's the pendulum of this energy industry. When prices are high, money is spent. And then, of course, when those volumes come
Speaking with BBC Hausa, Kwankwaso said: “What happened at the Supreme Court is a lesson for all of us. I know that I mean well to everyone. Throughout the period, I have not done anything to anyone. And anybody would reap what he sows. To the best of my knowledge, I have not reached an agreement with anybody.
“All I know is that President Bola Ahmed Tinubu is my contemporary. I joined politics at the same time as him in the SDP (Social Democratic Party). Then he was a senator and I was serving as the deputy speaker of the House of Representatives. In 1999, he was my colleague as the governor of Lagos State.
“We founded the APC together and we participated fully in the struggles which followed up. People should know that a lie has a short life. Despite the machinations those people staged, the judges have done what is right.
“There is no problem. They have their party; we have our own. We will work together where necessary. On the issue of joining of the Court of Appeal’s decision. It was absolutely wrong. The appeal is allowed.”
Reacting to the development in separate interviews with THISDAY, yesterday, some senior lawyers lamented the absence of a remedy for 11 lawmakers unjustly sacked by the Court of Appeal.
In his reaction, the former Chairman of the NHRC, Professor Odinkalu has called on the President of the Court of Appeal, Justice Dongban-Mensem to resign her position.
He described the case of Plateau State as extraordinary and a willful miscarriage of justice which requires extraordinary measures.
Odinkalu accused the President of the Court of Appeal of being either totally irresponsible or comprehensively corrupt, adding that she had no place in a credible judiciary.
On whether the affected candidates should demand a judicial review, he said: "Well, judicial review, strictly speaking, is a term of art that is inapplicable in this case. It applies to the review of administrative action or actions of lower courts. You don't have judicial review of the decision of a final court which the Court of Appeal is in parliamentary election disputes.
"However, it is possible for the court to review its own decision in exceptional cases. The scale of the wilful miscarriage in Plateau State is extraordinary. It calls for extraordinary measures. I personally believe that the current President of the Court of Appeal who is from Plateau State is complicit in the injustice. She comes from the same LGA - Shendam - as the immediate past governor whom they have now installed as Senator for Plateau Central. I would go as far as to say she has been privy to everything that happened in these Court of Appeal violations.
"But there is a way for her to on, things will soften a little bit. So I think this is a little to be expected from where we were," he stressed.
Deloitte forecasts the average WTI price will remain low through 2026 before rebounding slightly in the years leading up to 2030 — however, prices still aren't expected to climb over $80 a barrel.
While lower oil prices may leave the province readjusting its budget, Botterill said consumers can do a version of the same exercise.
Meanwhile, the NUPRC has said that Nigeria is poised to receive substantial support in its endeavour to mitigate methane emissions originating from the oil and gas sector. the government, only time can tell.”
Kwankwaso also said he would not lord it over Kano State governor, noting that he could only advise him.
He said: “Kabir Yusuf is the governor. We can only advise. Even if he were a biological son, I can’t rule over him. I have given him advice even before the government came in. There are thousands of people like me. I can’t do it alone. When a governor or a president does well, the credit goes to him. If he does otherwise, the blame is directed at him.
“People misunderstand this. When I was a governor, I would pick suggestions kept by people even in dustbins. The same is true on radio stations and newspapers. For everything has an appointed time. Those who succeed should be allowed to prove their worth.
“There were errors with the previous judgment, but the Supreme Court undid what the lower courts did. If it were in other climes, those who delivered the judgments in the lower courts would quit their jobs.”
Supreme Court Has Upheld Principles of Fairness, NNPP Insists show she is not: She can constitute a different panel of the Court of Appeal to hear applications for review of the decisions. That is the least she can do,” he added.
Commenting on the issue, a Professor of Constitutional Law, Edoba Omoregie (SAN), who described the Court of Appeal’s judgment as judicial rascality, said the appellate court was final and could not be reversed.
According to him, if the Court of Appeal had not displayed 'judicial rascality,' which manifested in their unacceptable failure to follow previous Supreme Court decisions, the victories of those lawmakers would not have been nullified.
He said: "The Court of Appeal decision cannot be reversed, unfortunately. This is because the court is the final forum in such matters.
"The bigger issue raised by the entire scenario relates to the problem of judicial rascality being displayed by the Court of Appeal and the lower courts or tribunals which manifest in their unacceptable failure to follow previous Supreme Court decisions such as in Jegede v. APC. Lower courts are obliged to follow previous decisions of the Supreme Court in similar circumstances. In the particular issue at stake, those previous decisions had made it categorically clear that matters of the nomination of candidates by political parties are internal affairs of political parties outside the concern of other political parties.
“The only remedy open now is for the legislature to consider legislative action to right the wrong. This can only be by fresh legislation which will be effective in the next election cycle," he added.
Speaking on the issue, Reverend John Baiyeshea (SAN) described the appellate court’s judgments which sacked the lawmakers as quite unfortunate.
Stressing that this will be partly achieved through a collaboration between the country and the Climate and Clean Air Coalition, it stated that the partnership signifies a significant step towards addressing environmental challenges associated with the energy industry.
The industry regulator added that methane, a potent greenhouse gas, has been a growing concern globally, and the partnership was tailored to bolster Nigeria’s initiatives in curbing its impact on climate change.
“As a prime regulator in Nigeria’s oil and gas sector, the NUPRC is set to leverage the expertise and resources of the Climate and Clean Air Coalition.
Meanwhile, the NNPP asserted that the Supreme Court’s verdict confirming Yusuf’s election reflects the court’s commitment to fairness.
Speaking at a news conference in Abuja, the Acting National Chairman of the party, Alhaji Kawu Ali, praised the bravery, courage, and meticulous nature of the apex court Justices for overturning the removal of the governor.
Kawu said the verdict affirmed the victory of NNPP and their candidate in the March 18, 2023 election as the authentic, duly elected, governor of Kano State.
He held out an olive branch to the All Progressives Congress, (APC), the Peoples Democratic Party (PDP) and other opposition parties in the state, adding that as a party, it does not believe in taking revenge.
Kawu described the NNPP as a party for the future and for 2027, saying, “to be frank with you, we know what APC stands for in Kano. The NNPP has a different ideology from other parties. We don’t fight or undermine others unlike what they do.
"This is one of the ugly scenarios in our Nigerian system and one of the irreversible errors in our legal/ administration of justice. It is obvious now that with the judgment of the Supreme Court affirming the election of the Governor of that state (who was removed by the Court of Appeal for the same reasons that the National Assembly members were removed), the Court of Appeal's judgment is a complete travesty of justice to those National Assembly members," he said.
Baiyeshea, while noting that the governor was lucky because he had his case reviewed by the apex court, regretted that the injustice done to the lawmakers is permanent and irreversible.
"There is no remedy for them now for this monumental travesty of justice to them. Our legal system should not at our present state of development, present citizens with such helpless situations where there is no remedy for such a brutal wrong done to its citizens.
"This is why those who have the privilege of presiding over the affairs of others to determine their fate should be very careful not to abuse such privilege.
“It is quite sad that before our eyes, the representatives the people of Plateau State voted for have been replaced by those 'selected' by the Court of Appeal. Democracy has been obliterated, bastardised and the people shortchanged.
He urged the National Assembly and other stakeholders to amend the Constitution and other laws to remedy this anomaly to avoid future recurrence.
On his part, a former Chairman of the Abuja Branch of the Nigerian Bar Association (NBA), Mr. Moses Ebute (SAN), while also sympathising with the lawmakers stated that the Court of Appeal "being a final court, its decision cannot be appealed against.