Three Months after Force Majeure, ExxonMobil Resumes Export Crude oil price slumps 3% after IEA’s gloomy forecast
Ejiofor Alike with agency report Mobil Producing Nigeria Unlimited, a unit of ExxonMobil, will resume shipment of Qua Iboe crude, Nigeria’s largest grade of crude oil in October, three
months after the company had declared force majeure on the exports of the grade. This is coming as oil prices slumped three per cent yesterday following
another gloomy prediction by the International Energy Agency (IEA) on demand growth that suggested that oversupply in the oil market might persist for longer than
anticipated. ExxonMobil had declared the force majeure after it observed a leak caused by what it described as a “system anomaly” during a routine
check of its loading facility on July 14, this year. The cause of the leak was not clear, but the force majeure came just days after a militant group, the Niger Delta
CBN Warns Nigerians against Investing in Wonder Banks... Page 12
Avengers (NDA), claimed to have bombed the company’s 48-inch Qua Iboe crude oil export pipeline on July 11. But 24 hours after the claim by the militants, the company’s spokesperson, Todd Spitler, Continued on page 8
Wednesday 14 September, 2016 Vol 21. No 7811. Price: N250
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Senate to Investigate Recession as Saraki Calls for Collaboration on Economy Okonjo-Iweala suggests the way forward Obinna Chima in Lagos and Hammed Shittu in Ilorin Concerned by the worsening conditions of Nigerians as a result of the economic recession, the President of the Senate, Dr. Bukola Saraki, said yesterday in Ilorin that the Senate upon resumption next week, would probe the cause of the recession, stating that it
was necessary to know why in spite of budgetary provisions, many more citizens have receded below poverty line. “The Senate on resumption will respond to the economic crisis with a number of measures including getting managers of the economy to give account to the Continued on page 8
Forget Biafra, Buhari Tells Separatist Agitators Says Nigeria is big enough for all Tobi Soniyi in Abuja, DavidChyddy Eleke in Awka and Bassey Inyang in Calabar Separatists agitating for the independent state of Biafra in the South-east of Nigeria have been told in stern terms by President Muhammadu Buhari to perish the thought, saying the indivisibility of the country under his watch is sacrosanct. The president spoke yesterday in his Daura,
Katsina State home while receiving members of the National Youth Service Corps (NYSC) serving in the town and told them that in spite of the failure of leadership that engendered feelings of alienation, particularly in the South-eastern flank of the country, Nigeria was still big enough for all its people to live happily together. Continued on page 8
SALLAH... Arik Airline Resumes Operations CELEBRATING Ogun State Governor, Senator Ibikunle Amosu, celebrating Eid-el-Kabir with children at the Governor's Office, Oke-Mosan, after Temporary Suspension... Page 8 Abeokuta...yesterday