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Oil Revenue Dwindles As Nigeria Misses January OPEC Quota

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Nigeria fell short of its crude oil output target for January 2022, pumping 1.46 million barrels per day against the 1.683 million barrels per day target set by the Organization of Petroleum Exporting Countries.

The country’s persistent inability to fulfill its output objective, according to officials from the Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited, has resulted in a monthly decline in the NNPC’s remittances to the Federation Account.

They blamed Nigeria’s long-term inability to reach its OPEC output limit on a wave of oil pipeline vandalism, as well as a delay in fully implementing the Petroleum Industry Act.

It was gathered that before the PIA was assented to by the President in August 2021, some international oil companies were already developing cold feet with respect to investing in the upstream oil business.

It was, however, learned that the President’s assent to the PIA gave confidence to some of the IOCs.

But government officials explained that the drag in the implementation of the PIA coupled with the recent suspension of petrol subsidy removal and a possible amendment of the Act was currently impacting negatively on the sector.

These factors, according to experts and senior government sources, are contributory to the inability of Nigeria to meet its OPEC crude oil production target.

Nigeria is a strong and long-standing member of OPEC. A document obtained on Tuesday from the 13-member organization, which was a Reuters survey of OPEC crude oil production for January 2022, showed that the country’s output last month was below the OPEC-approved crude oil production target.

It was observed that Nigeria’s 1.46mbpd production in January was slightly higher than its 1.41mbpd December 2021 output, but the survey pointed out that OPEC struggled to pump at target due to the inability of members to meet their targets despite the rise in oil prices.

The survey indicated that the OPEC output in January this year rose by 210,000 barrels per day over the December 2020 production, adding that Angola and Nigeria were among the producers that could not meet their targets.

It stated that OPEC’s oil output in January again undershot the increase planned under a deal with allies, highlighting some producers’ struggle to pump more even as prices trade at a seven-year high.

“OPEC pumped 28.01 million barrels per day in January, up by 210,000bpd from the previous month but short of the 254,000bpd increase allowed under the supply deal,” the document read in part.

OPEC and its allies, a group is known as OPEC+, had agreed to allow for a 400,000bpd production increase in January from all members, of which about 254,000bpd was shared by the 10 OPEC members participating in the deal, according to OPEC documents.

Commenting on the factors limiting Nigeria’s ability to meet its OPEC quota, an official of the NNPC, who pleaded not to be named due to lack of authorization, said, “Vandalism, oil theft and the impact of COVID-19 are affecting our production capacity.

“However, it is important to state that with energy transition globally, the IOCs are not very keen on increasing crude oil production. Although this is a global issue.”

Another source at the oil firm observed that “the seeming uncertainties in the implementation of the PIA, coupled with the investment drop and divestments by the IOCs, particularly onshore and shallow water assets are also taking their toll on our oil production.”

Speaking further on the matter, an impeccable source at the FMPR told our correspondent that the oil production slump also warranted the monthly fall in remittances to the Federation Accounts Allocation Committee by the NNPC.

“This is despite rising crude oil prices, which crossed $90 per barrel recently,” the source stated.

Meanwhile, industry figures seen on Tuesday showed that the cost of Brent, the crude against which Nigeria’s oil is priced, dropped marginally by $0.78 or 0.87 percent to $88.48 per barrel as of 4 pm Nigerian time.

BIG STORY

‘Obidients’ Threatening To Burn Down Afrika Shrine – Femi Kuti

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Afrobeat singer Femi Kuti has alleged that some people threatened to burn down the New Afrika Shrine in Ikeja over reports that he called supporters of Labour Party presidential candidate Peter Obi ‘zombies’.

The 60-year-old said this in a video posted on Instagram on Friday night, where he insisted he never called Mr Obi’s supporters ‘zombies’.

On Friday, reports that he described the LP candidate’s supporters as zombies emerged.

The singer immediately debunked the report, describing it as misleading.

In a performance at the Afrika Shrine on Thursday night, Mr Kuti said that at 60, he could not be obedient.

Supporters of the LP candidate refer to themselves as ‘Obidients’.

The threat
Despite clearing the air, the singer said he woke up to a barrage of insults and abuses by people whom he described as Mr Obi’s supporters.

He said, “I woke up today to insults abusing me, my family and my children, threatening that they will burn the shrine because they said I said Peter Obi’s supporters are zombies.”

Clearing the air, Mr Kuti said that he was too angry, too sad, and depressed to be obedient.

“How can anybody come up with that term? I cannot be ‘Obedient’ in this country with END SARS killings, my grandmother was killed, my father’s house burnt, and I’m supposed to be obedient.

“Did I call Peter Obi supporters zombies? Did I say that? No. What does ‘obedient’ mean? I wouldn’t say I like that terminology for myself and will never use it.

“Nothing can make me obedient. I’m too angry, too sad, too depressed to be. Stop threatening to burn the shrine, stop threatening my children, stop that rubbish,” he said.

He went on to express his reservations about Mr Obi’s candidacy.

He said, “Obi went to greet Obasanjo. That makes me sceptical. Obi went to meet Babangida. Who? Me? My family believes these people are a part of the problem in this country.

“Well, some people will say no. That is your business; you have the right to think like that if that is what you believe is good for you. But you, too, cannot tell me how to think.

“I have my reservations. I do. You cannot tell me not to have reservations.”

What transpired
An online publication reported his speech at the Afrika Shrine with the headline, ‘Femi Kuti says Obidients are zombies’.

In its report, the publication likened the Grammy nominee’s speech to his Father’s 1976 acclaimed song, ‘Zombie’.

The publication quoted the ‘Sorry Sorry’ crooner said, “You know what obedience means? Stand up, sit down, sit there — zombie.”

In his response, Mr Kuti said that the publication took his words out of context.

“You are such liars. What benefit is it to the people when you take my words out of context like this?”

He further added that he also gave his reasons for not trusting anyone else too in the present Nigerian political arena.

What actually happened
From the clip posted by People’s Gazette on YouTube, it appeared that Mr Kuti had paused a performance to talk about the 2023 presidential election.

He said, “At 60, why am I obedient? All my life, I don’t even remember a good time.

“I fear for my children; you say I should be obedient. Sit down. Be peaceful. That’s the meaning of obedience. ‘Obedient’, that was the Vice President of Atiku?

“Are you all ok in this country? Be obedient to who? Dem don suffer my life, make I come still dey stand up, obedient.”

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Akwa Ibom Monarch To Die By Hanging For Murder

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Akwa Ibom State High Court presided by Justice Edem Akpan, has sentenced 82-year-old Village Head of Efen Ibom in Ika Local Government Area of the State, Chief Essien Matthew Odiong, to death by hanging for murder.

The monarch, married to 12 wives and has 60 children, was standing trial on four counts of conspiracy, directing unlawful trial by ordeal, stealing of the motorcycle, and murder of the owner, one Udoma Udo Ubom.

Delivering judgment on Friday, Justice Akpan said the court found the accused guilty of the murder of the deceased by injecting some chemical substance on him, leading to his death on 26th April 2017.

According to the judgment, the late Ubom was accused by his brothers of being a wizard and was reported to the Village Head, who brought him before the Council, where the deceased was administered an oath to swear and prove his innocence.

The court held, “Having sensed the consequences of his criminal activity, the monarch escaped from the Village since 2017 and returned in 2019 when he was arrested by the Police.”

Justice Akpan stated, “The accused had voluntarily admitted that he sat at Efen Clan Council with five other village heads and members of the Clan Council to try the deceased on the allegation of witchcraft, and the law has relieved the prosecution of the burden to prove the offense of conspiracy.”

The court further held, “The admission of the process of trial and the decision of Efen Clan Council to administer oath on the deceased, has logically brought to the conclusion that a plastic bath on the head of the late Udoma Akpan Udo Ubom and injecting some chemical substance through a syringe into his buttocks by the village head, caused the death of the deceased.”

Justice Edem Akpan sentenced the Village Head to death by hanging for murder, seven years imprisonment with hard labor for directing unlawful trial by ordeal, and three years imprisonment for conspiracy with others now at large.

However, before the sentence was announced, the convicted Village Head, popularly known as ‘Kill and Bury’ pleaded for leniency, asking the Court to temper justice with mercy.

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”It’s Totally False And Malicious”, 2Face Debunks Rumour He Got A Banker Pregnant

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Nigerian singer, 2face Idibia has debunked reports he got a banker pregnant.

His manager, Efe Omorogbe released a statement debunking the rumor this afternoon, August 13.

Recall that few days ago, 2face came on social media to apologize to his wife, Annie Idibia, for being a “Shitty husband”.

Shortly after he shared his apology post, some social media users claimed he apologized publicly because he got a banker pregnant.

The singer has now debunked the report.

Read the statement below…

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