As Oil Rebounds, Kachikwu Says Fluctuating Prices Pose No Immediate Threat Chineme Okafor in Abuja The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said that the current fluctuations in oil prices pose no immediate threat to Nigeria’s economic recovery, even as oil prices
yesterday inched up for the first time in more than a week on a surprise drawdown in U.S. crude inventories and data from the International Energy Agency (IEA) suggesting that OPEC cuts could create a crude deficit in the first half of 2017.
Brent futures gained 89 cents, or 1.8 percent to settle at $51.81 a barrel, their first increase in seven days. The global benchmark on Tuesday fell to its lowest level since November 30. Kachikwu, who spoke on Arise News Network, the sister
broadcast arm of THISDAY, said it would amount to being an alarmist to consider the gyrations in the oil market a threat to the Nigerian economy, adding that Nigeria still sells most of its crude oil blends well above $50 per barrels. The minister also stated
that member countries of OPEC were alert to the current price movements and the resurgence of shale oil production, explaining that they would react to the changes as required. He explained that members of OPEC were already
exploring opportunities to engage U.S. oil producers on efforts to stabilise prices, adding that he was optimistic the U.S. would soon join OPEC and non-OPEC members to sustain existing efforts on this. Continued on page 9
Customs Boss, Hameed Ali, Shuns Senate, Risks Arrest ...
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Disquiet Among Judges over Proposed Appointment of Lawyers to S’Court Tobi Soniyi Chief Justice of Nigeria (CJN), Justice Walter Onnoghen’s plan to appoint senior lawyers directly to the Court of Appeal and the Supreme Court is causing disquiet among
justices of the higher courts. In the recent past, particularly since the advent of democratic rule, appointments into the two highest benches on Nigeria have by convention been restricted to serving judges from the lower courts.
Under the military, however, a couple of appointments to the Supreme Court were made directly from the bench, the first being Justice Teslim Elias, an academic who was appointed Chief Justice of Nigeria by Gen. Yakubu
Gowon in 1972, having been Attorney-General of the Federation and Minister of Justice at various times since 1960. Another lawyer so appointed was Justice Augustine Nnamani (SAN),
who was nominated by Gen. Olusegun Obasanjo to the Supreme Court in 1979 from his position as the AttorneyGeneral of the Federation and Minister of Justice. He was at the Supreme Court for 11 years.
However, the CJN and the President of the Court of Appeal, Justice Zainab Bulkachuwa, are now leaning backwards to this old and rare Continued on page 9
Again, Senate Rejects Magu, Says He Should Cease to Act as EFCC Chair DSS maintains he lacks
integrity, not fit for purpose Magu: I’ll fight corruption till the end Sources allege N49m recovered at Kaduna airport was a stunt by commission Damilola Oyedele and James Emejo in Abuja Exactly three months after he was rejected by the Senate to have him confirmed as the substantive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu suffered the same fate yesterday when the Senate declined to
confirm him for the second time, citing a damning letter by the Department of State Services (DSS) as reason for the decision. The Senate also said Magu should cease to act as the chairman of the anti-graft commission and a replacement should be sent by the president Continued on page 9
COUNCIL MEETING... Justice Ademola, Wife Ask Court to HOLDING Vice-President Yemi Osinbajo (left) and President Muhammadu Buhari, when the president entered the council chamber at the Villa yesterday to chair his first Federal Executive Council (FEC) meeting after his 50-day medical vacation in the Strike Out Charges against Them... Page 12 Presidential United Kingdom