Saturday 21st May 2016

Page 1

Again, Militants Blow Up another Escravos Gas Pipeline in Warri Attack disrupts gas supply to Egbin, Geregu, Omotosho Power stations, others Our correspondents The war against oil installations in the Niger Delta by emergent militants in the region appears to be relentless as they have

again blown up a gas pipeline to Escravos in Warri South-West Local Government Area of Delta State. Apparently reacting to earlier bombings, President Muhammadu Buhari has directed the Chief of Naval Staff

to reorganise and strengthen the military Joint Task Force (JTF) in the Niger Delta to deal effectively with the resurgence of militancy and the sabotage of oil installations. THISDAY gathered that the facility, which belongs to the

Buhari orders naval chief to reorganise JTF to stop vandals

Nigerian Gas Company (NGC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), was attacked with explosives early yesterday. Although, no official statement confirming the incident could be obtained

from either the NGC or the security task force (JTF) in the region, a dependable security source said the gas trunk-line was blown up at a portion near Warri metropolis near Ogbe-Ijoh, the administrative headquarters of Warri South-

West Local Government Area. It is feared that the latest attack could worsen the very bad gas production and supply situation in Nigeria with heavy toll on the energy generation Continued on page 6

EgyptAir Crash: Body Parts, Seats, Luggage Found at Wreckage Site ...Page 60 Saturday 21 May, 2016 Vol 21. No 7689 Price: N250

www.thisdaylive.com TR

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CBN Disburses N55bn to 24 Power Firms as FG Seeks Improved Supply Obinna Chima As part of efforts to address the worsening power situation in the country, the Central Bank of Nigeria (CBN) yesterday disbursed a total of N55,456,161,481 from its Nigerian Electricity Market Stabilisation Facility (NEMSF)

to firms in the power. A breakdown of the amount showed that while all the distribution companies got N8,670,234,863.76; the generating companies - N35,834,536,939; gas suppliers N10,491,710,788.66; all the service providers in the power value chain were given

a total of N459,678,889.55. The amount was the fourth batch from the N213 billion stabilisation that was designed by the central bank as part of development finance intervention in the economy. Speaking during the signing of the agreement for the disbursement of the fund

and presentation of cheques to the power sector investors in Lagos, CBN Governor, Mr. Godwin Emefiele, said the fourth batch disbursement marked a major milestone in the effort of the Bank in collaboration with the federal government to achieve a contract based electricity market.

This, according to him would activate Power Purchase Agreements (PPA) by the Nigerian Bulk Electricity Traders (NBET) and signal activation of industry contracts for power generation. Emefiele added: "By the end of today, total disbursements to the Discos will be N49.73

billion (91.7%); gencos N54.29 billion (62.5%), gas companies N15.73 billion (36.9%) and service providers N0.46 billion (1.7%). With today’s event, the total disbursements under the initiative will be N120.2 billion, Continued on page 6

Nigeria’s GDP Falls to Historic Low, Heads Towards Recession Declines to -0.36%

Unemployment rate rises to 12.1%

James Emejo in Abuja

OLABINTAN FAMUTIMI

Nigeria’s real Gross Domestic Product (GDP) growth rate declined to -0.36 per cent in the first quarter of this year (Q1 2016) compared to 2.11 per cent in Q4 of 2015, the National Bureau of Statistics (NBS) stated yesterday. This negative GDP growth apparently confirms an earlier statement by the Minister of Information, Alhaji Lai Mohammed that the federal government was broke and taking painful decisions/tough adjustments. He said the decision to increase the pump price of Premium Motor Spirit (PMS) from N86.50 to N145 per litre was one of those decisions to free funds for government's other financial obligations. By this negative growth rate, the country appears to be on a recessionary mode as it requires one more negative growth rate in the next quarter to enter into recession. It also emerged yesterday Continued on page 6

No Law Says My Children Must Succeed Me in Business

SuperSaturday pg. 8-9

PAUL PA P AUL O AUL ORAJIAKA RAJIAKA I Used $100 to Build a Multi-Million Dollar Toy Enterprise

Plus pg. 17

OIL ON THEIR MINDS

R-L: Minister of State for Petroleum, Dr Ibe Kachikwu, President Muhammadu Buhari, Shell Global Upstream Director, Mr. Andrew Brown and MD/Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor during an audience with the President at the State House, Abuja ...yesterday STATE HOUSE

PDP National Convention Holds Today, Says Wike...Page 61

Continued on page 6


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