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Nigeria’s Crude Oil Production Can Hit 1.5m BPD In 2024 — OPEC

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The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria can achieve an oil production quota of 1.5 million barrels of crude oil per day (bpd) in 2024

OPEC made this known at the 36th OPEC and non-OPEC ministerial meeting, held on Thursday.

As part of the resolutions at its last meeting, Nigeria’s production level was reduced to 1.38 million bpd, from the current 1.74 million bpd, effective from January 2024.

“The required production level for Congo and Nigeria may be updated to equal the average production that can be achieved in 2024, as assessed by the three independent sources (IHS, Wood Mackenzie, and Rystad Energy) specialised in oil upstream by the next ONOMM to be held by the end of 2023,” OPEC had said in June.

Reiterating its position at the meeting held on Thursday, OPEC said Nigeria can reach a production level of 1.5 million bpd by 2024.

“Noted that, by the decision of the 35th OPEC and non-OPEC ministerial meeting, the completion of the assessment by the three independent sources (IHS, Wood Mackenzie and Rystad Energy) for production level that can be achieved in 2024 by Angola, Congo and Nigeria as follows: Angola at 1,110 t/bd, Congo at 277 t/bd and Nigeria at 1,500 t/bd,” the oil cartel said.

  • OPEC+ Members Agree To Additional Cuts Of Over 2.2M BPD

At its last meeting in June, OPEC+ decided to extend its voluntary cuts until the end of 2024.

On Wednesday, OPEC+ countries also announced additional voluntary cuts of 2.2 million bpd, aimed at supporting the stability and balance of oil markets.

The voluntary cuts are calculated from the 2024 required production level as per its previous meeting held on June 4, 2023, and are in addition to the voluntary cuts previously announced in April 2023 extended until the end of 2024.

Representing the largest cut, Saudi Arabia said it will extend its voluntary cut for the first quarter of 2024.

“These additional voluntary cuts are announced by the following OPEC+ countries: Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates 1(163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024. Afterwards, itosupport market stability, these voluntary cuts will be returned gradually subject to market conditions,” OPEC said.

The oil cartel said the cuts will be in addition to the announced 500,000 bpd voluntary cut by Russia for the same period, starting January 1 2023, until the end of March 2024,

OPEC said it will be “made from the average export levels of the months of May and June of 2023 and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products”.

The global oil charter scheduled its next meeting, to be held in Vienna, to June 1, 2024.

Also, at the meeting, the oil alliance agreed to admit Brazil into the charter.

The meeting welcomed Alexandre Silveira de Oliveira, minister of mines and energy of Brazil, who will join the OPEC+ charter of cooperation in January 2024.

BIG STORY

Amaechi Is Unpatriotic, He’s Among Those Who Devastated Nigeria — APC

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The All Progressives Congress (APC) has described Rotimi Amaechi, a former governor of Rivers state, as “unpatriotic.”

This statement from the ruling party followed remarks made by Amaechi, a former minister of transportation.

Amaechi had expressed disappointment in Nigerians, criticizing their passive reaction to the ongoing economic hardships across the country. He said, “There should be protests. Not even protests against anybody but against the politicians that ‘we won’t vote.'”

In response, Felix Morka, APC national spokesperson, issued a statement on Friday accusing Amaechi of being “a leading participant in the generational devastation of our country’s economy.”

Morka further stated, “Attempting to hoodwink Nigerians into his web of false empathy and incitement to violence is hypocritical, provocative and dangerous.”

He added that, “The only real anger that Amaechi and his fellow tribesmen of naysayers of the likes of Atiku Abubakar, Peter Obi, and Rabiu Musa Kwankwaso, must feel is that they are not in the saddle of government today.

“But that was a decision made by Nigeria’s ultimate political authority – the electorate.”

Morka also highlighted that “Nigerians are highly perceptive, discerning, demure, and mindful that economic discomforts associated with the administration’s inevitable reforms are transient and will pale into insignificance in comparison to the enduring transformative dividends which are already beginning to manifest.”

He emphasized, “Nigerians will not be cajoled into taking back through street violence what they handed to the administration through the ballot, as Amaechi and his partisan tribesmen would wish.”

Morka concluded by advising Amaechi to focus on “trying to solve the crippling crisis in Rivers state that he once governed.”

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Federal Government Seeks Arrest Of Dana Air MD Hathiramani Ranesh Over ‘N1.3bn Fraud’

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The federal government has asked a high court sitting in Abuja to issue a bench warrant for the arrest of Hathiramani Ranesh, managing director of Dana Air.

Mojisola Okeya, counsel to the attorney-general of the federation (AGF), made the oral application on Thursday before Obiora Egwuatu, the presiding judge. The application followed Ranesh’s absence in court for his arraignment.

The federal government alleged that the managing director has refused to appear for his arraignment in the alleged N1.3 billion fraud.

The AGF had filed a six-count charge against Ranesh and two others. In the charge marked: FHC/ABJ/CR/101/2021 and filed by Moshood Adeyemi, deputy director of public prosecutions in the office of the AGF and minister of justice, Dana Group PLC and Dana Steel Ltd were joined as second and third defendants respectively.

In the first count, Ranesh, the two businesses, and unidentified individuals were accused of committing a crime on the property of the Dana Steel Rolling Factory in Katsina between September and December of 2018. They were alleged to have conspired to remove, convert, and sell four units of industrial generators “i.e. three (3) units Ht of 9,000 KVA and 1 unit of 1,000 KVA; all valued at over N450 million, which form part of the Deed of Asset Debenture that were charged as collateral security for a bond issued in your favour, which Deed is still subsisting at all material times”.

In count three, the defendants and others at large were accused of conspiring to fraudulently divert N864 million from House No. 116, Oshodi-Apapa Expressway, Isolo-Lagos, between April 7 and 8, 2014. The funds were said to be part of Ecobank bond proceeds intended for the resuscitation of production at the Dana Steel Rolling Factory in Katsina and other unapproved purposes.

Count five alleged that the defendants and others conspired to “fraudulently remove and transfer to one Atlantic Shrimpers Account No: 0001633175 with Access Bank and divert the sum of N60,300,000 (Sixty Million Three Hundred Thousand Naira).” The money was also said to be part of the bond proceeds from Ecobank meant for the resuscitation of production at the aforementioned factory and other unapproved uses.

The cumulative amount involved in the charge stands at N1,374,300,000.

When the matter was called on Thursday, Okeya told the court that though the case was scheduled for the arraignment of the defendants, Ranesh was not in court. She then urged the court to issue a bench warrant for Ranesh’s arrest.

However, Bidemi Ademola-Bello, defence lawyer, disagreed with Okeya. Ademola-Bello said they had filed a preliminary objection challenging the jurisdiction of the court to hear the matter and that the prosecution had already been served. Okeya, on her part, objected to taking the preliminary objection on the ground that the defendants ought to be arraigned first before the court could entertain any other application.

In his ruling, Egwuatu asked Ademola-Bello to refer the court to any section of the Administration of Criminal Justice Act (ACJA), 2015, that makes provision for his request. The judge also ordered the parties to address the court in the next adjourned date on whether the preliminary objection ought to be taken before arraignment.

He subsequently adjourned the matter until November 4.

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I’ve Never Sponsored Thugs, I Don’t Want To Miss Heaven — Rotimi Amaechi

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Former Rivers state governor, Rotimi Amaechi, has stated that he has never sponsored thugs during his political career.

Amaechi, who served as the governor of Rivers state from 2007 to 2015 and later as the minister of transportation under President Muhammadu Buhari, explained in an interview with ABN TV that his priest had warned him against promoting political violence, as it could jeopardize his chances of getting into heaven.

He said, “Let me quote former President Jonathan, he said, no life worth my ambition. You will not see me in any political meeting planning for thugs, you will not see me say this money is for thugs; I will not.”

He further explained, “My Priest tells me that anybody who dies in the course of that money, you will be held accountable. The society may not hold you accountable or send you to prison because you are a big man — but God will not allow you into heaven because he will hold you accountable. I don’t want to miss heaven.”

Amaechi emphasized that he teaches his family to live by these principles, adding, “That’s why I teach my children, my wife can testify, I teach it at home, we would like to go to heaven.”

He addressed public misconceptions, saying, “When they say I am stubborn it’s not correct; I’m only disciplined. Let one person, including my former boss, say that I betrayed him before, and you will see if it is true or not when I say my own story.”

His remarks come amid rising tensions between the current Rivers state governor, Siminalayi Fubara, and the Minister of the Federal Capital Territory, Nyesom Wike, over control of the state’s political structure.

The political crisis escalated after local government elections were marked by violence at secretariats in Emohua, Eleme, and Ikwerre.

In the interview, Amaechi described Rivers state as the “capital of betrayal,” claiming that many politicians in the state owe their careers to him.

He said his key principles in mentoring young politicians were honesty and public service, adding, “Name one politician in Port Harcourt that is in the space that didn’t pass through me.”

Referring to Fubara, he said, “Sim (Fubara) was an accountant under me, he was an accountant under Wike. When I became governor, Wike became Chief of Staff but, I don’t like calling his name; unfortunately, I don’t know why I’m calling his name.”

Amaechi continued, “Just name any Rivers politician that didn’t pass through me — only people you can mention are the likes of Prince Uche Secondus; we were contemporaries, maybe Senator Lee.”

He attributed the current political climate to a lack of character among today’s politicians, stating, “It’s not about mentorship; it’s about hunger. A lot of them are hungry and could not manage the situation.”

Reflecting on his own political journey, Amaechi said, “I joined politics at the age of 22 and there were two camps: Rufus George camp, very poor and broke; we hardly had food to eat and Abule’s camp which was very rich and everybody was rushing to him, he had a bank.”

He added, “But those of us who bothered about character, because my father taught me character, stood with Rufus without knowing if we would win or not. And at the end of the day, God delivered us and we became government. He became governor and I became Special Assistant.”

Finally, Amaechi contrasted today’s politicians with those of his time, saying, “The crop of politicians then are different from what we have now, I am not interested in politics…I will discuss politics at the right time.”

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