Friday 21st October 2016

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NNPC Offers Its Oil at a Discount to Regain Market Share World Bank raises 2017 price forecast to $55/b

Obinna Chima with agency report Nigeria has cut the price of every type of crude it sells in an effort to regain the share

of the global oil market at a time when there’s a “huge” glut of cargoes. The Nigerian National Petroleum Corporation (NNPC) lowered by at least

$1 a barrel its official selling prices (OSPs) for 20 out of 26 oil grades monitored by Bloomberg, according to pricing lists. Qua Iboe, Nigeria’s largest export crude under normal

circumstances, was reduced by the most since 2014. The price reductions are due to a “huge cargo overhang” as the country attempts to regain market share, Mele Kyari,

Group General Manager for the Oil Marketing Division at NNPC, said by phone. Like every other producer country, Nigeria is grappling with prices that are less than

half what they were in July 2014. What makes the African nation’s situation more acute is a militant campaign that Continued on page 8

MTN Admits Non-compliance with Extant Law on Repatriation of $13.9 bn… Page 55 Friday 21 October, 2016 Vol 21. No 7855. Price: N250

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NBA Asks Accused Judges to Proceed on Leave, Another Justice Indicts Amaechi Justice Ngwuta alleges Onu also attempted to influence him, accuses DSS of planting money in his house Again, transport minister denies claim APC gives Justice Okoro ultimatum to withdraw bribery allegation Tobi Soniyi in Abuja and Ernest Chinwo in Port Harcourt As the indicted judges who were recently arrested by the Department of State Services (DSS) attempt to exonerate themselves of the corruption allegations against them by blaming chieftains of the All Progressives Congress (APC) and the DSS, the Nigerian Bar Association (NBA), which at the outset of their arrest condemned the DSS, changed its position yesterday, when it asked the affected judges to Continued on page 8

TOP GAINERS NGN NGN GTBANK 1.19 24.49 INTERBREW 0.95 19.95 NEM 0.04 0.84 CAVERTON 0.03 0.82 FCMB 0.04 1.13 TOP LOSERS NGN NGN TRIPPGEE 0.07 1.36 AFRIPRUD 0.13 2.56 NEIMETH 0.83 15.78 LIVESTOCK 0.04 0.84 FIDSON 0.07 1.52 HPE Nestle Nig Plc ₦800.00 Volume: 111.898 million shares Value: N4.012 billion Deals: 2,699 As at 20/10/16 See details on Page 52

% 5.1 5.0 5.0 3.8 3.6 % 4.9 4.8 5.0 4.5 4.4

HEAR COMES OBA EWUARE II… LONG LIVE THE KING

His Royal Mayesty, Omo N'Oba N'Edo, Uku Akpolokpolo, Oba Ewuare II of Benin (centre), flanked by the bearers of the royal swords, when he crossed the symbolical Omi River during the procession from Usama Palace to Urhokpota Hall, where he received staff of office from Governor Adams Oshiomhole of Edo State… yesterday (See story on page 12) abiodun ajala


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Friday 21st October 2016 by THISDAY Newspapers Ltd - Issuu