Friday 9th December 2016

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India Seeks to Import 11m Metric Tonnes of Nigerian Crude in 2017 Ejiofor Alike with agency reports

Barely one month after the Minister of State for Petroleum, Dr. Ibe Kachikwu, negotiated a $15 billion crude-for-cash swap deal with India that would see the Indian government

making an upfront payment to Nigeria for crude purchases, Indian refiners have indicated interest in increasing Nigerian crude imports from nine million metric tonnes in 2016 (MMTPA) to 11 million metric tonnes in 2017. By the terms of the deal,

which are yet to be agreed, the $15 billion would be repaid on the basis of firm term crude contracts over some years and in consideration for Indian public sector (PSU) companies collaborating in the refining sector. Other methods of repayment

include: exploration and production activities on a government-to-government basis by Indian PSU companies, and long-term contracts for the supply of crude to Indian PSU companies from Nigeria. Successful bidders for

Nigeria’s crude oil term lifting contracts for 2017 will emerge by the middle of this month. Indian refiners such as Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) currently have crude oil lifting

contracts for 2016 with the Nigerian National Petroleum Corporation (NNPC). However, NNPC’s Group Executive Director, Refineries, Anibor Kragha, told S&P Global Platts in an interview Continued on page 10

Senate Constitution Review Proposal Outlaws Joint Local Govt Account...

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Friday 9 December, 2016 Vol 21. No 7904. Price: N250

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Court Okays Suit Seeking Amaechi, Onu’s Arrest for Alleged Perversion of Justice Tobi Soniyi in Abuja

A Federal High Court in Abuja has granted leave to a group, Kingdom Human Rights Foundation, to initiate proceeding for an order

to arrest the Minister of Transportation, Mr. Chibuike Amaechi, and his Science and Technology counterpart, Dr. Ogbonnaya Onu, over the recent allegations levelled against them by two justices

of the Supreme Court. The plaintiff, in its substantive suit, asked the court to make an order of mandamus compelling the Department of State Services (DSS) and the Economic and

Financial Crimes Commission (EFCC) to “perform their statutory obligations” by immediately arresting and prosecuting the two ministers. The group also sought an order of mandamus compelling

President Muhammadu Buhari to immediately sack both ministers “in the public interest and public morality” based on allegations of attempts to influence court decisions, as recently alleged by the two

justices of the Supreme Court. Journalists yesterday in Abuja were served with copies of the enrolled order made by Justice Ahmed Continued on page 8

Rerun Polls: APC Unleashes Full Weight of Federal Might on Rivers

This is election of our lives, says Transport Minister State govt declares Ganduje persona non grata Illegal withdrawal of my CSO has put my life at risk, Wike tells IG Ernest Chinwo in Port Harcourt The national leadership of the All Progressives Congress (APC) admitted yesterday that it came to Rivers State with the full complement of the federal might to ensure the success of the party in tomorrow’s federal and state legislative rerun elections in the state. This came as the Minister of Transportation, Chibuike Amaechi, described the polls as “the election of our lives” and called on APC members and supporters to defend themselves if attacked on Election Day. Addressing an APC mega campaign rally for the polls at the Yakubu Gowon Stadium, Port Harcourt yesterday, the National Chairman of the party, Chief John OdigieOyegun, declared that the party brought the federal might to Rivers State ahead of tomorrow’s polls.

No fewer than 10 state governors, ministers, members of the National Assembly and other party bigwigs attended the rally. APC state governors that attended the rally included Continued on page 8

TOP GAINERS NGN NGN FORTEOIL 8.95 96.37 HONEYWELL 0.09 1.06 PORTLANDPAINTS 0.10 2.28 WEMA 0.02 0.55 AIICO 0.02 0.59 TOP LOSERS NGN NGN TOTAL 27.56 276.05 INTERBREW 0.95 18.05 MOBIL 16.16 307.15 FIDSON 0.07 1.39 NEIMETH 0.03 0.60 HPE Nestle Nig Plc N810.00 Volume: 165.999 million shares Value: N1.274 billion Deals: 2,485 As at yesterday 08/12/16 See details on Page 54

% 10.2 9.2 4.5 3.7 3.5 % 9.1 5.0 5.0 4.7 4.7

NEW U.S. AMBASSADOR MAKES THE ROUNDS...

L-R: U.S. Ambassador to Nigeria, Mr. Stuart Symington; Lagos State Governor, Mr. Akinwunmi Ambode; and US Consul General in Lagos, Mr. John Bray, when the new U.S. ambassador visited the governor at the Lagos House, Ikeja… yesterday


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