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10 pirates bag 120-year imprisonment for hijack of FV Hailufeng II

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In a major victory for Nigeria’s new anti-piracy law, a Nigerian Federal High Court has sentenced 10 pirates involved in the 2020 hijack of a merchant vessel FV HAILUFENG II to 12 years imprisonment each with a N250,000.00 fine on each count.

Delivering judgement today, Justice Ayokunle Faji of the Federal High Court, Ikoyi submitted that piracy has been an embarrassment to the nation and has impacted the economy negatively, Commodore Suleman Dahun of the Nigeria Naval Command disclosed in a press statement.

Hence, Justice Faji stated that punishment for this act must be proportionate to the offence committed by the convicts to serve as deterrence to others.

In his submission, the lead prosecution counsel, Mr Labaran Magaji averred that the verdict would send strong warning to other criminal elements that Nigeria has zero tolerance for maritime criminals and that Nigerian institutions, both Nigerian Navy, prosecuting agencies and security agencies are ready to counter criminal activities.

The defence counsel has promised to appeal the judgment.

It could be recalled that the Nigerian Navy (NN) rescued 18 crew members on board a Chinese vessel, FV HAILUFENG II from pirates’ attack on 15 May 2020.

Subsequently, 10 suspects were charged before the Federal High Court, Ikoyi.

The suspects were charged to 3 counts on piracy with the offence contravening the provisions of Section 3, 10 and 12 of the Suppression of Piracy and Other Maritime Offences Act 2019.

The defendants included Frank Abaka, Jude Ebaragha, Shina Alolo, Joshua Iwiki, David Akinseye, Ahmed Toyin, Shobajo Saheed, Adekole Philip, Matthew Masi, and Bright Agbedeyi.


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Economy /Business

NNPC records crude oil, gas sales of $219.75m in May

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Posts ₦295.72bn from Sale of Petroleum Products
The Nigerian National Petroleum Corporation (NNPC) says it recorded a total crude oil and gas export sales of $219.75m in May 2021, representing 180.29% increase on sales from the previous month of April 2021, Garba Deen Muhammad, Group General Manager, Group Public Affairs Division revealed in a statement.


This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Mr. Garba Deen Muhammad.
According to the report, crude oil export sales contributed $181.19m (82.45%) of the dollar transactions compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56million in May 2021.


The report also showed that between May 2020 and May 2021, the Corporation exported crude oil and gas worth $1.64billion.
In the gas sector, the report showed that natural gas production in the month under review increased by 6.19% at 222.23billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.


For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced representing an average daily production of 7,322.94mmscf during the period.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94%, 20.04% and 18.99% respectively.


Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialized, consisting of 44.02bcf and 89.54bcf for the domestic and export markets respectively.
This translates to a total supply of 1,419.83mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month.


This implies that 61.75% of the average daily gas produced was commercialized while the balance of 38.25% was either re-injected, used as upstream fuel or flared.
In the Downstream sector, the report indicates that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total sum of ₦295.72bn from the sales of petroleum products in the month of May 2021 compared with ₦220.13billion sales in April 2021.


Furthermore, total revenues generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at ₦2.345trillion where Premium Motor Spirit (PMS) contributed about 99.61% of the total sales with a value of ₦2.336trillion.
In terms of volume, the figure translates to a total of 2.241billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673billion litres in the month of April 2021.
Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651billion litres and PMS accounted for 99.69% of total volume.


In May 2021, 64 pipeline points were vandalized representing 39.13% increase from the 46 points recorded in April 2021. The Port Harcourt area accounted for 65% and Mosimi and Kaduna Areas accounted for 30% and 5% respectively of the vandalized points.
NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace.
The 70th edition of the NNPC MFOR highlights the Corporation’s activities for the period of May 2020 to May 2021.



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Federal government to incorporate NNPC board in six months

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President Muhammadu Buhari
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President Muhammadu Buhari said on Sunday he had appointed a board for the NNPC and directed that it should be incorporated within six months, a move that could allow it to sell shares in the future.

The President signed the petroleum bill into law last month which has been in the works for nearly two decades, aiming to overhaul the sector and turn the state-owned oil company into a private firm.

The new oil law requires NNPC to be incorporated within six months, Buhari said in a statement, appointing Ifeanyi Ararume as NNPC chairman and its current Chief Executive Mele Kyari to lead the firm.

Kyari has said NNPC could consider an initial public offering (IPO) within three years. The incorporation could pave the way for NNPC to sell shares.

Buhari said last month that NNPC made its first profit in 44 years in 2020.

Source:(Global World News)


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Economy /Business

Nigerian President approves incorporation Of NNPC, appoints board members

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By Goodluck Ikiebe

President Muhammadu Buhari has directed that the Nigerian National Petroleum Company Limited be incorporated.

He also approved the appointment of the Board and Management of the NNPC Limited with Senator Ifeanyi Ararume as Chairman.

A statement by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, in Abuja on Sunday, says, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, was appointed Chief Executive Officer.

The statement said that the president acted in accordance with the Petroleum Industry Act 2021.

The statement read, “President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.

“This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the Company.

“The Group Managing Director of the NNPC, Mr Mele Kolo Kyari, has, therefore, been directed to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.

“Also, by the power vested in him under Section 59(2) of the PIA 2021, President Buhari has approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the Company.

“Chairman of the Board is Senator Ifeanyi Ararume, while Mele Kolo Kyari and Umar I. Ajiya are Chief Executive Officer, and Chief Financial Officer, respectively.

“Other Board Members are; Dr Tajudeen Umar (North East), Mrs Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Senator Margaret Chuba Okadigbo (South East), Barrister Constance Harry Marshal (South South), and Chief Pius Akinyelure (South West).


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