Headlines
OPEC Forecasts 240m Barrels Emergency Stock by October
By Derrick Bangura
The Organisation of Petroleum Exporting Countries (OPEC) on Wednesday said with all current market dynamics at play, the global oil supply market could have as much as 240 million barrels of emergency crude oil in the next six months.
It came against the backdrop of pressure from the United States and its allies on the organisation to ramp up global supply and indications that the cartel would supply plan unchanged during its meeting today
Speaking at the opening of the 62nd meeting of the Joint Technical Committee (JTC), meant to review oil market developments ahead of the conference, OPEC Secretary General, Dr. Sanusi Barkindo, maintained that the current non-fundamentals driving oil prices were beyond the body’s control.
Sanusi noted that the Covid-19 pandemic clearly remained with the world as had been evident most recently with lockdowns across China, with its impact on transportation fuels and petrochemical feedstock.
He further highlighted the implications and the possible far-reaching consequences of the conflict between Russia and Ukraine which he said had compounded the uncertainties, leading to further economic volatility and elevated risk premiums for oil.
“The crises we face are causing huge volatility, with daily price swings of more than $5/b occurring on 13 occasions across March and April.
“I must point out, however, that the non-fundamental factors are elements that we as producers have no control over. What we can do is what we have always done – and that is to continue collaborating through DoC actions to help support market stability and economic growth,” he stated.
Recalling the month of April 2020, Barkindo described it as perhaps the darkest and most sudden downturn in the history of the oil industry when global oil demand dropped by more than 20 million barrels a day (mb/d), and industries and populations locked down.
The Nigerian-born Barkindo reiterated that from the oil market perspective, what was clear was that Russia’s oil and other liquids exports of more than 7 mb/d cannot be made up from elsewhere. “The spare capacity just does not exist,” he stated. The statement was not unconnected to the demand from the West that Russia oil and gas should be cut off.
He urged global leaders to continue to support the type of multilateralism exhibited in the deal that returned some semblance of stability to the market in 2020 to ensure an unhindered, stable and secure flow of energy to the whole world.
According to him, the events and challenges the world currently face were fluid and constantly evolving, promising that OPEC will continue to monitor events.
Barkindo added that the assessment for 2022 had dropped from 4.2 per cent to 3.9 per cent taking into account the implications of the conflict in Ukraine, as well as the ongoing effects of the pandemic.
“Global oil demand growth for 2021 remains similar to last month, at 5.7 mb/d, but 2022 growth has been revised down by 0.5 mb/d to stand at 3.7 mb/d. This mostly reflects the downward revision in world economic growth,” he stressed.
He confirmed that the latest data showed that OPEC production conformity levels reached 157 per cent in March, and stand at 113 per cent overall since May 2020.
“As of March 2022, participating countries were producing 2.37 mb more on a daily basis than in August of 2021. Some countries continue to produce under their agreed levels, with the shortfall at 1.45 mb/d in March,” Barkindo said.
He urged members to be cognisant that commitments for the emergency release of oil stocks from International Energy Agency (IEA) members, amount to 120 million barrels to be released over a six-month period.
“The US has agreed to contribute about 60 million barrels to this, part of a larger drawdown from its Strategic Petroleum Reserve (SPR) announced on 31 March.
“Taken together, over the next six months, there could potentially be around 240 million barrels of emergency oil stocks, the equivalent of over 1 mb/d for a period of eight months, made available to the global market,” he stated.
On the energy transition debate, Barkindo noted that what had been learnt in the last few months was that it was not about moving from one energy to another, but about utilising all available energies and understanding the energy security dimension of the future to enable the necessary investments.
“This was clearly highlighted last month by US investment bank, JP Morgan in its first annual energy outlook. It said the world needs to find $1.3 trillion of incremental investment by 2030 to boost all types of energy output and infrastructure from renewables to oil and gas to avoid an energy crunch.
“What we are seeing is a wake-up call to all stakeholders. We need to ensure there is a clear pathway for all energy investments. Sustained investment in oil is required if we are to expand production and ensure adequate spare capacity, a vital cog in the oil market landscape,” Barkindo argued.
Headlines
Adamawa Business School Hosts Workshop on New Tax Reform Law
Adamawa Business School Hosts Workshop on New Tax Reform Law
By Ibrahim Abubakar Jimeta
The Adamawa Business School (ABS) has organised a high-level training and sensitisation workshop on the New Tax Reform Law in Nigeria, aimed at enhancing understanding of recent fiscal reforms and strengthening public sector administration in Adamawa State.
The workshop, held in collaboration with the Office of the Head of the Civil Service of Adamawa State and supported by the Federal Inland Revenue Service (FIRS), brought together Permanent Secretaries, senior public servants, tax officials, and policy experts to examine the implications of the new tax framework for governance and fiscal sustainability.
Speaking during the opening session, the Co-Founder of Adamawa Business School, Mallam Jamilu Yusuf, described the workshop as a strategic intervention designed to bridge knowledge gaps and improve policy implementation within Ministries, Departments, and Agencies (MDAs).
Yusuf explained that the engagement was organised under the school’s Public Policy Support Initiative, a non-profit platform that provides research, training, and capacity development support to government institutions. He noted that Nigeria’s evolving tax landscape, driven by Finance Acts, administrative reforms, and digital innovations, requires senior public officials to be well-informed in order to translate policy into effective practice.
According to him, Permanent Secretaries and top civil servants play a crucial role in ensuring compliance and successful implementation of tax reforms at the sub-national level, stressing that inadequate understanding of tax laws often creates implementation challenges that negatively affect citizens and institutions.
He reaffirmed Adamawa Business School’s commitment to supporting the state government through policy-focused learning, dialogue, and partnerships that promote transparency, fiscal sustainability, and improved service delivery.
In his remarks, the Head of the Adamawa State Civil Service, Isa Shehu Ardo, mni, emphasised the importance of equipping senior public servants with a clear understanding of the new tax laws. He noted that Permanent Secretaries, as the most senior career officers in the public service, must fully comprehend the reforms in order to guide implementation and avoid difficulties that often arise from poor information and limited awareness.
Delivering the welcome address on behalf of the Office of the Head of Civil Service, the Permanent Secretary, Establishment and Training, Fabian S. Wambai, commended Adamawa Business School for organising the workshop as part of its corporate social responsibility.
Wambai described the new national tax law as a major reform with far-reaching implications for public finance, compliance, and economic stability. He said the workshop provided a valuable opportunity for Permanent Secretaries, as accounting officers and senior administrators, to deepen their understanding of the law and its impact on government operations and engagements with the private sector.
He urged participants to actively engage in discussions, interact with resource persons, and leverage the knowledge gained to strengthen institutional compliance, improve advisory roles to political leadership, and promote transparent and accountable governance.
The workshop featured sessions led by experienced tax professionals, focusing on the provisions of the new tax reform law, its implications for public financial management, and strategies for effective collaboration between federal and state institutions.
Participants expressed optimism that the training would enhance policy implementation, reduce administrative challenges, and contribute to a more efficient and fiscally informed public service in Adamawa State.
Headlines
Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja
Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
Headlines
NEPZA, FCT agree to create world-class FTZ environment
The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
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