Steady Indian and Indonesian demand has helped lift price indications for two of Nigerias top grades, Bonny Light and Qua Iboe crude, to near five-year highs, according to traders and shipping data.

This is happening as Americas light shale oil has led to almost zero demand for Nigerias crude in the country. The abundance of the cheaper oil is also putting Nigerias premium crude under pressure in Europe, as well.

Its only because Indias economy has been growing, and to a lesser extent Indonesia, that there remains decent demand for Nigerian crude. Without those two countries, the European buyers would have dragged the market much lower, one seller said.

A projected rise in buying from European refineries, which supply fuel to the United States, is offering some support for now. Light Nigerian oil is easily processed into higher octane gasoline increasingly used in the United States, where the summer driving season looms.

As a result, sellers of Bonny Light and Qua Iboe crude are offering at and above a premium of $2.00 a barrel compared to dated Brent, the benchmark North Sea crude.

But European refiners are also driving a hard bargain, balking at higher Nigerian prices when one trader said the market was flooded by a sea of cheap U.S. oil.

We have many options that mean Nigerian wont work for us at these prices, another trader said, adding that in addition to U.S. oil, European refiners could turn to North Sea and Caspian Pipeline Consortium (CPC) crudes.

CPC oil costs us 50 cents less a barrel compared to the prices being asked for Nigerian, given the freight costs and market structure, he said.

Sellers of Nigerian crude are still learning to live with the surge in U.S. shale output, which has turned the United States into the worlds top crude producer and dampened demand for imports in what had been a reliable market for Nigeria.

Nigerian crude has taken a beating for the last 10 years ever since the U.S. scaled back buying, the seller added.

Nigerian exports of crude and petroleum products to the United States plunged from 36.4 million barrels in July 2010 to just 5.6 million barrels in January 2019, according to the U.S. Energy Information Administration.

After Washington lifted a four-decade ban on exports of U.S. oil in 2015, shipments to Europe hit an all-time high of 25 million barrels in March 2019 from just 2 million barrels in February 2016, Refinitiv Eikon data showed.

This has put a squeeze on a prime Nigerian market.

U.S. oil is also heading to India, where it is increasingly competing with Nigerian crude. Indian Oil Corp, the countrys top refiner, signed its first annual deal to buy U.S. oil in February, paying about $1.5 billion for 60,000 barrels a day up to March 2020.

Despite the pressure from U.S. barrels, Nigerian exports to Europe, India and Indonesia have held generally steady so far.

Consistent tenders from state buyers in India and Indonesia ensure these remain major destinations for Nigerian oil.

But one Asian buyer said Indian tenders were largely finished for the month, and that Nigerian cargoes for April and May would soon need to find buyers in Europe instead.

Nigerian is facing stiff competition almost everywhere, a trading source said. Sooner or later Nigerian oil is going to need to expand into new markets.

*Reported by Reuters

Source: NAN

The Minister of Transport, Mr Rotimi Amaechi, has blamed the China Civil Engineering Construction Corporation (CCECC) for the slow pace of work at the ongoing construction of Lagos-Ibadan Standard Gauge rail line.

Amaechi expressed disappointment on the progress of work done so far while inspecting the project on Monday.

The minister chided the contractor for slowing down work and track-laying from Distance Kilometre (DK) 121 to 157 of the Lagos-Ibadan rail line project.

According to him, the Federal Government plans to commence transportation of cargoes from the sea ports through the standard rail gauge by December.

Since you came to this segment of the project, you have not done anything here.

To those of you who are here with me on this inspection, did you see any work going on? There is no work at all.

From Kilometre 121 to 157, there is no work at all; and you have no reason whatsoever not to have worked, because we are not owing you.

You are doing no job, absolutely no job, he said.

Amaechi also said that the Federal Executive Council would discuss the issue of the project during its next meeting.

The minister said he was dissatisfied with the contractor, saying the company had failed to implement the affected section of the project as earlier discussed with them at a previous meeting.

According to him, the Federal Government has paid its own counterpart fund for the project.

He said that the China construction company had no acceptable reason to tender for its inaction, since there was no funding problem on execution of the contract.

The minister, however, said that the contractor had pleaded for more time to meet the May deadline for the delivery date of the project

Source: NAN

By Desmond Ejibas

Rivers Police Command on Monday said it has commenced the deployment of personnel to strategic areas and centres for election results collation scheduled to begin in the state on Tuesday.

The Commands Spokesman, DSP Nnamdi Omoni, made this known in a statement issued in Port Harcourt on Monday.

The Independent National Electoral Commission (INEC) had on March 21, announced the resumption of collation and announcement of results in the state between April 2 and April 5.

According to Omoni, the decision to deploy personnel was reached following a meeting between the state Police Commissioner and the Inter-Agency Consultative Committee on Election Security (ICCES).

ICCES agreed to put in place adequate security measures to ensure that the entire process is transparent and seamlessly carried out.

Part of the security measures that were agreed include massive deployment of police personnel and other sister security agencies to the venue and the outer perimeter of collation centres.

Omoni said that Waterlines and GRA junction axis of Port Harcourt/Aba Express Road, would be shut to traffic during the duration of the exercise.

He said that both lanes of the road would be closed to motorists, advising road users to divert to Olu Obansanjo and Polo Club Roads.

The police note with concern the temporary hardship the closure will cause. We appeal to the public to show understanding and bear with us.

The closure is done in the overall interest of the public, as well as to provide a conducive atmosphere for the collation.

Politicians, candidates and indeed unauthorised persons, are warned to stay clear from the collation centres, he said.

The police spokesperson warned that any individual or group seen undermining the process would be arrested and prosecuted in accordance with the Electoral Act.

Omoni solicited for the cooperation and support of the public towards a successful conduct of the exercise.

Source: NAN

Senator Ademola Adeleke presented a fake school certificate result to enable qualify him to contest for the governorship election in Osun state, Abuja High Court sitting in Bwari ruled on Tuesday.

The court presided over by Justice Oathman Musa therefore nullified the nomination of Adeleke as candidate of the Peoples Democratic Party (PDP) to contest the Sept. 2018 Governorship Election.

The court ruled that Adeleke, who represents Osun West Senatorial District at the National Assembly, had a certificate that is fraught with discrepancies and inconsistencies.

The court said that his nomination into governorship election was invalid and therefore not qualified for the office he vied for.

Wahab Raheem and Adam Habeeb, members of All Progressives Congress (APC), in 2018 lodged the complaint before the court few days to the governorship election.

They accused Adeleke of not possessing the requisite educational qualification (secondary school certificate) to contest for the office of governor and prayed the court to disqualify Adeleke from participating in the Sept 22 governorship election.

Justice Musa annulled Adelekes nomination on the grounds that Adeleke breached section 177 of the 1999 constitution as amended which stipulates that candidates for the position of governor must be educated up to secondary school level.

According to Justice Musa, while the courts findings showed that Adeleke entered secondary school in 1976, there was no record to show that he actually graduated as his name was no longer seen in the schools register from 1980.

Justice Musa further stated that the result Adeleke attached to his form CF001 which he submitted to the Independent National Electoral Commission (INEC) was fake, as it was found to be different from the one presented to the court by the principal of Ede Muslim High School, Ede, Osun State.

While the suite was in court Adeleke went ahead to contest the election and was defeated by Mr. Gboyega Oyetola in a supplementary election following a stalemate in the main poll.

He took his case to the Osun state governorship election petition tribunal which overturned the decision of INEC.

In a sitting in Apo, on Friday, nullified the election of the Governor of Osun State, Gboyega Oyetola and ordered the Independent National Electoral Commission (INEC) to immediately withdraw the Certificate of Return earlier issued to him as winner of the September 2018 Election.

However, the chairman of the Tribunal, Justice Ibrahim Sirajo upheld the whole election.

In the majority judgment delivered by Justice Peter Obiara, the tribunal set aside the rerun election conducted on September 27, 2018 for being unlawful.

Justice Obiora held that the poll conducted in the seven units is unknown by law because INEC has no power to conduct it.

The tribunal declared the candidate of the Peoples Democratic Partys (PDP), Adeleke in the governorship election as the duly elected governor and ordered INEC to immediately issue him with Certificate of Return.

The tribunal agreed that PDP and Adeleke established beyond reasonable doubt that INEC did not comply substantially with the Electoral Act in 17 polling units.

Consequently, over 2,000 votes credited to the All Progressives Congress (APC) and Governor Oyetola by INEC were deducted from the tribunal, while over 1,000 votes said to have been scored by the PDP and its candidate were also removed from their total votes.

The majority judgment held that the returning officer who cancelled the result in the affected units after the announcement had no power to have done so.

NAN reports that Prof. Joseph Fuwape, vice chancellor of the University of Technology, Akure was the Returning Officer for the Sept. 22 election

Fuwape said the election was inconclusive because 3498 votes were cancelled as a result of ballot box snatching that occurred in some polling units during the election.

The affected polling units were Ife North, (one polling unit), Ife south, (two polling units), Orolu,( three polling units) and Osogbo, one polling unit.

According to Fuwape, Sen. Ademola Adeleke, the candidate of the Peoples Democratic Party (PDP) scored 254,698 votes, while Alhaji Gboyega Oyetola, the candidate of the All Progressives Congress (APC), scored 254, 345 votes. He thus called for rerun elections at the polling units where results were cancelled.

The majority judgment after deductions of the votes recorded in the rerun poll gave Adelekes score as 253777 and Oyetolas as 253,476.

In the minority judgment, Justice Ibrahim Sirajo, Chairman of the tribunal, held that the petitioners, PDP and Adeleke failed to prove how the non-compliance of non-recording in the columns of accredited votes and account of ballots in the result sheets substantially affected the final results.

He further stated that even when non substantial compliance affects the outcome of the election, the tribunal, by virtue of section 140(2) of the Electoral Act, does not have the power to subtract the votes affected by the non-compliance from the scores of the candidates and announce a winner.

According to him the tribunal only has the power to nullify the results of the Polling units affected by the noncompliance and order a supplementary poll.

He concluded that even if the non-compliance was substantial, it was not proved by the petitioners.

Source: NAN

By Douglas Okoro

Some political stakeholders in Ebonyi, have expressed divergent views on the expectations from ex-governors elected as senators during the 2019 General Elections.

The News Agency of Nigeria (NAN) reports that no fewer than 15 ex-governors will be in the 9th Senate which will commence sitting in June.

Chief Egwu Chima, a chieftain of the All Progressives Congress (APC), described the election of the former governors into the Senate as a welcome development.

Chima, former Commissioner for Information and State Orientation in Ebonyi, told NAN on Tuesday in Abakaliki, that the ex-governors would bring their wealth of experience to bear in the legislative activities in the senate.

Chima said that former governors who served creditably in their respective states deserved a chance to go and show-case their leadership prowess at the senate.

According to him, former governors have acquired enough experience that could be harnessed to advance the nations democracy through viable and qualitative representation.

He said: The best way for any governor that has served for eight years is to go and take a seat in the senate.

The work load and expectations of the people on you as a governor are completely absent, the person will have full time to carry out his legislative functions.

If after serving as a governor and you retire to your house, you may decay fast, lose political relevant and may even die early.

As a lawmaker, the ex-governors will be able to direct their focus to the nation with the experience that they have gathered over the years on how to build strong, united and virile democracy.

I can tell you categorically that it is pertinent that former governors should go to senate after serving their states where their wealth of political, leadership and administrative experience will be utilised.

He advised ex-governors who are senators-elect from the different political parties to carry their experiences from their various sections of the country into the larger Nigeria.

Egwu advised them to use the experiences to contribute to the development, unity and oneness of the nation.

Also speaking, Dr Paul Okorie, a former Commissioner for Works, Housing and Transportation in Ebonyi, said that the former governors were driven by the desire to maintain their grip on the political space in their various states.

Okorie said that some of the former governors that served in the previous senate did not show enough political fire work and quality representation, stressing that they were in the senate to feather their political nest.

He decried the development and urged ex-governors who were elected as senators to place the interest of the country and their constituencies above personal considerations.

They should put the interest of the nation first, think more of their constituents and to remember first and foremost that their constituents are the people that elected them into the senate.

They should bring their experiences as former governors to bear in the legislative process and thereby advance our democracy, Okorie said.

Former governors elected to serve in the 9th Senate include two ex-governors of Abia, Chief Orji Kalu and his successor, Theodore Orji, incumbent governor of Borno, Kashim Shettima, Dr Sam Egwu of Ebonyi, among others.

Source: NAN

The Christian Association of Nigeria (CAN) has said saboteurs and politicians in cassock attempted to prevent its leadership from paying congratulatory visit to President Muhammadu Buhari.

The President of CAN, Rev. Samson Ayokunle, at State House after the leadership of CAN visited Buhari on Friday, dismissed the allegation that pressure was mounted on the CAN leaders to congratulate the president on his re-election.

A national daily and some online platforms had reported that some influential people working closely with the Federal Government were mounting pressure on CAN leadership to pay a congratulatory visit to Buhari.

The report quoted a source closed to CAN leadership as saying: If you know the pressure mounted on CAN leadership that we, as a body, have to go and congratulate the president.

However, the church is saying this election is controversial and we see what is happening. But, they are still mounting pressure seriously.

They are telling us if we dont congratulate him, it means we are against him and that we are partisan.

However, we are saying let them resolve the issues (in court) before we go and congratulate whoever wins. Thats the situation we find ourselves as the Church of God.

The CAN leader, however, dismissed the report, saying it was the handiwork of saboteurs and enemies of progress, who did not wish the association well.

He said: Saboteurs who didnt want us to come here (Aso Rock). We are old enough to know what to do and what not to do.

If somebody like me after 60 years of age will be under pressure it means that my life would never have meaning again.

But by the grace of God we have a meaningful life, I know what to do. By Gods grace He has prepared me well for this assignment.

So, those distractors and those politicians in cassock should go and find better job to do, he said.

Ayokunle noted that the CAN leadership was in the villa not only to congratulate the president on his re-election, but to remind him of the yearnings of Nigerians.

The cleric said that Nigerians wanted him to perform 100 per cent better than that of the first term.

He, therefore, advised the president that only the best Nigerians should be considered while constituting his new cabinet, stressing that he should do more in addressing socio-economic challenges facing the citizens.

Now, he has mastered the job; he has mustered enough strengthen to be able to go full swing into action.

We want him to do more on security- kidnappings almost everywhere and the issue of insurgency in the northeast, the insurgents should be silenced once and for all.

These ethnic militias that have now moved to the northwest, which used to be peaceful, and they are now causing violence there before they will grow wings their wings should be clipped completely, he added.(NAN)

Source: NAN

By Taiye Agbaje

Three days after the Court of Appeal upheld an earlier judgment of Federal High Court, nullifying Jones Erue-led faction of APC executive committee in Delta, Sen. Ovie Omo-Agege said he was undaunted.

He restated that his re-election was valid.

Omo-Agege, who re-contested the senatorial seat on the platform of APC faction led by Erue, said his re-election remains valid and legitimate.

Omo-Agege, who represents Delta Central Senatorial District, said in a statement by Godwin Anaughe, his Senior Special Assistant, Communications and Strategy, in Abuja.

The News Agency of Nigeria (NAN) reports that the Court of Appeal, Benin, had on March 29, upheld the earlier judgment delivered by the Asaba Federal High Court which nullified the Jones Erue-led APC state executive committee.

Omo-Agege and Rev. Francis Waive had earlier filed an application seeking the leave of court to join as parties to the appeal, on behalf of themselves and other candidates of the APC, against the judgment of the Asaba court.

Reacting, the lawmaker said it was instructive to note that the ruling delivered by the Court of Appeal only struck out the application on the ground that they cannot appeal the judgment as individuals since they were both members of APC who can appeal the judgment on their behalf.

According to him, the APC has already filed an appeal against the judgment.

Omo-Agege, who said that the Benin Appeal Court has not and did not determine the appeal filed before it by the APC, reiterated that the consent judgment delivered by Justice A.I. Chikere of the Abuja Federal High Court was still valid and subsisting.

And all the recent happenings in court have neither invalidated nor set aside the consent judgement.

Therefore, the Prophet Jones Erue-led Exco remains the authentic and legitimate APC Executive Committee of Delta, so also are all the candidates of APC in the just-concluded 2019 General Elections, he said.

According to him, it is settled law that a court cannot make a finding that will be prejudicial against a person that is neither before it nor a party to the case and cannot in the same vain grant a relief which will affect a person who is not a party in the suit.

OKONKWO vs. OKAGBUE (1994) 9 NWLR (PT 368) 301. The effect of Order(s) made against persons not joined as a party is that such order is a nullity and of no effect.

This remains the position of the law as affirmed by the Supreme Court in plethora of cases, including but not limited to the case of OKONTA VS PHILIP.

Therefore, the status of all the candidates of the APC in Delta for the 2019 General Elections remains valid and legitimate, Omo-Agege argued. (NAN)

Source: NAN

By Desmond Ejibas

Rivers Police Command on Monday said it has commenced the deployment of personnel to strategic areas and centres for election results collation scheduled to begin in the state on Tuesday.

The Commands Spokesman, DSP Nnamdi Omoni, made this known in a statement issued in Port Harcourt on Monday.

The Independent National Electoral Commission (INEC) had on March 21, announced the resumption of collation and announcement of results in the state between April 2 and April 5.

According to Omoni, the decision to deploy personnel was reached following a meeting between the state Police Commissioner and the Inter-Agency Consultative Committee on Election Security (ICCES).

ICCES agreed to put in place adequate security measures to ensure that the entire process is transparent and seamlessly carried out.

Part of the security measures that were agreed include massive deployment of police personnel and other sister security agencies to the venue and the outer perimeter of collation centres.

Omoni said that Waterlines and GRA junction axis of Port Harcourt/Aba Express Road, would be shut to traffic during the duration of the exercise.

He said that both lanes of the road would be closed to motorists, advising road users to divert to Olu Obansanjo and Polo Club Roads.

The police note with concern the temporary hardship the closure will cause. We appeal to the public to show understanding and bear with us.

The closure is done in the overall interest of the public, as well as to provide a conducive atmosphere for the collation.

Politicians, candidates and indeed unauthorised persons, are warned to stay clear from the collation centres, he said.

The police spokesperson warned that any individual or group seen undermining the process would be arrested and prosecuted in accordance with the Electoral Act.

Omoni solicited for the cooperation and support of the public towards a successful conduct of the exercise.

Source: NAN

A Georgia man has been arrested after he fatally shot a 19-year-old man who accidentally knocked on the wrong apartment door.

The shooting victim, Omarian Banks, was dropped off at the Retreat apartment complex in Atlanta around 12:30 a.m. on Friday.

According to police, Banks and his girlfriend recently moved into the building and Banks, still unfamiliar with the area, knocked on what he thought was his apartment door.

Banks had reportedly made an error, approaching the door of 32-year-old Darryl Bynes instead.

According to the police account, the pair had a short conversation before Bynes went inside, grabbed his gun and shot Banks as he tried to get away, WSB-TV reported.

Banks girlfriend, who was on FaceTime at the time of the shooting, told the local station that she heard her boyfriend say sorry, Im at the wrong house before Bynes reportedly called him a racial slur adding you at the right house. She said she then heard two shots being fired off.

Police said that Bynes first claimed self-defense but evidence suggests the victim was shot from Bynes balcony as he tried to get away, WSB-TV reported.

Bynes was arrested and booked at the Fulton County Jail, where he is facing murder charges, inmate records indicated.

He had been arrested three previous times, according to jail records.

Source: NAN

Innoson Motors said it would move to the headquarters of Guaranty Trust Bank in Lagos to effect the judgement of courts that awarded it an estimated N8.8billion.

The companys spokesman Cornell Osigwe said this in an interview with Daily Trust on Saturday.

Already, Innosons agents had sealed seven branches of the bank in Awka and Enugu and plans to take further action by sealing the head office of the top flight bank.

From next week, we shall move to GTB head office to enforce the judgement of courts. We will sell those properties to get our money back, Osigwe said.

GTB Plc has claimed that the judgement Innoson is executing was not against it but a customer of the bank, Nigerian Customs and Excise Board.

In a statement, the banks secretary, Eric Obebeduo said the garnishee order in question arose from a judgment of the Federal High Court, Ibadan, Oyo State.

The bank said the order was not against it but a customer of the bank, Nigerian Customs and Excise Board.

It is important to state that the Judgment allegedly in issue is in respect of Garnishee Proceedings against the account of the Nigerian Customs Services Board domiciled with the Bank and not against the Bank as an entity.

The Bank as a law-abiding corporate citizen is taking all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out, Obededuo said.

However, Innoson Motors Nigeria Limited said its action, the sealing of seven GTB offices in Awka and Enugu, followed a Supreme Court judgement that affirmed the earlier judgement by the high court and the appeal court in Ibadan.

Innoson in a statement on Friday claimed it obtained a court order to take control of GTB over indebtedness of N8.8 billion.

Osigwe said the company has obtained a writ of Fi fa from the Federal High Court sitting in Awka, Anambra State, against Guaranty Trust Bank( GTB) to take over the banks properties.

According to Osigwe, Innoson Chairman, Innocent Chukwuma, has been mandated by federal high court sitting in Awka, Anambra state to take over the bank after the Supreme Court dismissed GTBs appeal against the judgement of the appeal court in Ibadan.

The Chairman of Innoson Group, Chief Dr. Innocent Chukwuma, OFR hast through a Writ of Fi Fa taken over Guaranty Trust Bank PLC for and on behalf of Innoson Nigeria Ltd as a result of the banks indebtedness to Innoson Nigeria Ltd,

In a landmark decision on February 27th 2019, the Supreme Court of Nigeria had dismissed GTBs appeal in a suit number SC.694/2014 against the judgment of court of Appeal, Ibadan Division.

The Court of Appeal, Ibadan division had in its decision of 6th February 2014 dismissed GTBs appeal against thee Federal High Court, Ibadan Division.

Thus, the Court of Appeal affirmed the judgment of the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute to pay N2.4billion to Innoson with a 22 percent interest per annum, on the judgments until the final liquidation of the debt.

Rather than obey the judgment of the Court of Appeal, GTB approached the Supreme Court to challenge the Court of Appeals decision

The company also said that in a ruling delivered by Supreme Court,Justice Olabode Rhodes-Vivour dismissed GTBs appeal and affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division.

According to the ruling, court ordered GTB to pay N2.4 billion to Innoson with a 22 percent interest, per annum, on the judgment until the final liquidation of the judgment.

The Judgment debt of N2.4bn has accrued an interest of about N6,717,909,849.96 today, which results to about N8.8 billion,

Based on the Supreme Courts decision of 27th February 2019 the counsel to Innoson , Prof McCarthy Mbadugha ESQ, approached the Federal High Court Awka Division for leave to enforce the judgment having obtained certificates of Judgment from the Ibadan Division of the Federal High court, Osigwe said.

Source: NAN