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Nigeria hit hard by Russia-Ukraine war, as Asian countries look away – NNPC

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“To illustrate the extent of this shift, Nigeria’s crude exports to India dwindled from approximately 250,000 barrels per day (bpd) in the six months preceding the February 2022 invasion of Ukraine to 194,000 in the subsequent six months afterwards. And so far, this year, only around 120,000 bpd of Nigerian crude volumes have made their way to India.”

These were the exact words with which the Nigerian National Petroleum Company Limited (NNPCL) painted the stark realities of the negative side of the current war between Russia and Ukraine, particularly the dwindling interest in the nation’s crude.

Maryamu Idris, Executive Director, Crude & Condensate, NNPC Trading Limited, who painted the dark pictures, said the lingering conflict between Russia and Ukraine had impacted Nigerian crude oil inflows in the international oil market, leading to a dip in demand from the once-dependable Asian market at the onset of hostilities in the Eastern bloc.

At a panel presentation at the Argus European Crude Conference in London, she added that in addition to the substantial price shocks impacting commodity and energy prices globally, the conflict between Russia and Ukraine had triggered a situation where India, a primary destination for Nigerian grades, increased its appetite for discounted Russian barrels to the detriment of some Nigerian volumes.

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She also noted that Nigerian crude flow to Europe had increased in a bid to fill supply gaps left by the ban on Russian crude, pointing out that six months before the war, 678,000 bpd of Nigerian crude grades went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year.

She added: “This trend makes it evident that Nigerian grades are increasingly becoming a significant component in the post-war palette of European refiners. Several Nigerian distillate-rich grades have become a steady preference for many European refiners, given the absence of Russian Urals and diesel. Forcados Blend, Escravos Light, Bonga, and Egina appear to be the most popular, and our latest addition — Nembe Crude – fits well into this basket. This was a strong factor behind our choice of London and the Argus European Crude Conference as the most ideal launch hub for the grade.”

On production challenges, Idris remarked that, like many other oil-producing countries, Nigeria had faced production challenges aggravated by the COVID-19 pandemic, including reduced investment in the upstream sector, supply chain disruptions impacting upstream operations, ageing oil fields, and oil theft by unscrupulous elements. These factors, she said, contributed to production declines in the second half of 2022 and early 2023.

Idris, however, noted that the challenges are fast becoming a thing of the past with the introduction and implementation of a new framework for the domestic petroleum industry (the PIA of 2021), rejuvenating the business landscape, and re-positioning NNPC Limited to adopt a more commercial approach to the management of the nation’s hydrocarbon resources.

According to her, NNPC Limited has secured vital partnerships with notable financial institutions to promote upstream investments to restore and sustainably grow production capacity in the coming years.

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“NNPC Limited is championing concerted efforts in partnership with host communities and private stakeholders to address the security and environmental challenges in the Niger Delta to further fortify production growth. Suffice to say we have already begun seeing significant progress on the rebound. In September 2023, Nigeria recorded its highest crude oil and condensate output in nearly two years, reaching 1.72 million barrels per day. This, we believe, is just the beginning of our production rebound.”

She affirmed that in addition to sustainably growing upstream production volumes, NNPC Limited is also increasing its participation in the downstream sector in line with a ‘wells-to-wheels’ approach, taking the country’s unique hydrocarbon molecules as close as possible to end-users.

The vehicle for this, she said, is the restructured NNPC Trading Company, focused on growing NNPC’s presence in the global market for crude, condensate, gas, and petroleum products.

The Argus Crude European Crude Conference Panel Session, according to a statement by NNPCL spokesman, Sola Soneye, held with the theme: The Invisible Hand: How Are Shareholders and Asset Managers Meeting the Crude Industry? What Does This Mean for the Future of Crude in Europe? was moderated by Vice President Crude of Argus, James Gooder.

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BREAKING: Death penalty for fake drugs! *NAFDAC to push new law at NASS

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Those peddling fake and substandard drugs in Nigeria should be ready for the hangman’s noose, if the thinking of the National Agency for Food and Drugs Administration and Control (NAFDAC), becomes the new law.

Mojisola Adeyeye, Director General of the body, who said on Friday that no other form of punishment is fitting enough, gave instances of where the application of such dangerous substances in form of health drugs, had led to fatalities.

Advocating that only stiff penalties would deter peddlers especially when deaths of children became involved, the NAFDAC boss, who appeared as a guest on The Morning Brief, a breakfast programme on Channels Television, said: “Somebody bought children’s medicine for N13,000 or something like that, another person was selling about N3,000 in the same mall. 

“That raised an alarm. Guess what? There was nothing inside that medicine when we tested it in our Kaduna lab. So, I want the death penalty. Because you don’t need to put a gun on the head of a child before you kill that child. Just give that child bad medicine.”

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Advocating that the National Assembly and the judiciary to make the proposal a reality, adding that the agency was open to partnering with lawmakers and other stakeholders on the matter, she added: “You cannot fight substandard, falsified medicine in isolation. The agency can do as much as it can but if there is no deterrent, there’s going to be a problem.

“Somebody brought in 225mg of Tramadol that can kill anybody, fry the brain and you give a judgment of five years in prison or N250,000. Who doesn’t know that that person will go to the ATM and get N250,000? That is part of our problem.

“There are no strict measures to deter [people] from repeating the same thing. We can do as much as we can but if our law is not strong enough, or the judiciary is not strong enough to stand up, we’re going to have a problem.

“So, our judiciary system must be strong enough. But we are working with the National Assembly to make our penalties very stiff.  But if you kill a child by bad medicine, you deserve to die. We have a lot on our plate in stemming drug peddling.

“Withe about 2,000 staff members nationwide and limited funding, NAFDAC is constrained in carrying out its activities. So, when it comes to staffing, you’re right on the point. We are short-staffed and I am hoping things will be better.”

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Give us electoral offences tribunal to take care of heist – INEC  

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Independent National Electoral Commission (INEC) on Friday, made a fresh push for the creation of an electoral offences tribunal, to curb the cases of attacks on the Nigerian democratic system.

Mahmood Yakubu, INEC Chairman, told reporters at the commission’s first regular quarterly consultative meeting with the media that the tribunal had become important owing to the backlog of electoral offence cases.

He said: “A major obstacle to the speedy dispensation of justice in this regard is that electoral offences are not time-bound as is the case with post-election offences through the tribunals. Furthermore, they are solely prosecuted by the Magistrate and State High Courts in the jurisdiction where the alleged offences are committed,” the INEC chief told the gathering.

“No priority attention is given to such cases as the courts deal with a variety of other cases. Consequently, electoral offences are carried over from one General Election to another which may sometimes affect the diligent prosecution of the cases. It is therefore imperative to renew our call for the creation of the Electoral Offences Tribunal that have a specific jurisdiction and limited timeframe for the speedy dispensation of cases.”

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Bemoaning the delay in the justice delivery system, citing the conviction of a returning officer in Akwa Ibom after six years in court, the INEC boss, said: “The recent successful prosecution of a Returning Officer in Akwa Ibom State is a case in point.

“The Commission has been diligently pursuing the case which arose from the 2019 General Election. In this particular case, it took nearly six years to achieve the successful prosecution at the trial court.

“Through our collaboration with the Nigerian Bar Association (NBA) cases involving 774 alleged offenders from the 2023 General Election are being prosecuted. So far, successful prosecutions have been recorded in Kebbi and Kogi States while our collaboration with the Economic and Financial Crimes Commission (EFCC) on vote-buying has yielded similar results in Lagos, Kwara, and Gombe States. Yet, many cases are still pending.”

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Again, terrorists attack Sokoto, kidnap 10 worshippers at a mosque

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A mosque in Bushe community, Sabon Birni Local Government Area of Sokoto State, fell into the hands of bandits on Friday, after which 10 worshippers including the Imam were spirited away, adding to growing cases of terrorist attacks.

Channels Television reports that the gunmen invaded the mosque on Thursday while worshippers were performing their early morning Subhi prayer, quoting residents as saying that the gunmen had been molesting the people of the community for some time now, even with the presence of security agents.

Ahmed Rufai, spokesman of the Sokoto State Police Command, who confirmed the attack on Friday, said the police authorities were working with other security agencies to rescue the abducted victims.

A member of the Sokoto State House of Assembly, representing the Sabon Birni B state Constituency who also confirmed the attack, commended the security agencies for their timely intervention.

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