NNPC Finalises $6bn Oil-for-Product Swaps Ejiofor Alike with agency reports
As part of measures to sustain the supply of petroleum products across the country, the Nigerian National Petroleum Corporation (NNPC) is in the final stage of signing $6 billion worth of deals with local and international traders to
exchange about 330,000 barrels per day (bpd) of crude oil for imported petrol and diesel. The deals, which were previously referred to as offshore crude oil processing agreements (OPAs) and crude-for-products exchange
arrangements, are now known as Direct Sale-Direct Purchase Agreements (DSDP). The Minister of State for Petroleum, Dr. Ibe Kachikwu had said the DSDP was adopted to replace the oil swaps and the offshore
processing contracts so as to entrench transparency into the crude oil-for-product transactions and save the country $1 billion. The signing of the deals earlier scheduled to take off by April, it was learnt, was
delayed for three months to allow the NNPC and the oil traders negotiate the fuel specifications, among other issues. This year’s beneficiaries also exceeded those of last year by three consortiums,
EU Bars Medview, Others from Its Airspace ... Page 48
indicating the country’s increased dependence on the NNPC for fuel importation. Kachikwu had stated in Lagos on Wednesday that with the rise of crude oil price above $52 per barrel, the country finds itself reverting to position if found itself in, in Continued on page 10
Friday 19 May, 2017 Vol 22. No 8065. Price: N250
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Osinbajo Signs Executive Order to Aid Budget Submission by Agencies Signs orders on local content, transparency also
Omololu Ogunmade in Abuja In a swift response to the ultimatum given by the Senate asking the presidency
to submit the budgets of revenue generating agencies within the next two weeks, acting President Yemi Osinbajo yesterday signed three
executive orders aimed at revolutionising government operations. The three orders, according to a statement by his
spokesman, Laolu Akande, were intended to guarantee the timely submission of budgets by the respective federal government agencies,
promote transparency and ease of doing business, and boost local content in public procurement. The statement added that
the acting president signed the orders after an interactive session with ministers, Continued on page 10
Army Yet to Make Arrests After Buratai’s Warning, Says Spokesman
Transparency Int’l: N4.62tn allocated to defence sector in five years, unaccounted for Reveals graft in sector undermined war against insurgency DHQ: Report is targeted at blocking support for war against terror Senator Iroegbu and Paul Obi in Abuja Following the revelation by the Chief of Army Staff (COAS), Lt.-Gen. Tukur Buratai of attempts by some politicians to infiltrate the military, the Nigerian Army said yesterday that it was yet to make any arrests. This is just as a report by Transparency International (TI) stated yesterday that the Nigerian defence and security sector is steeped in corruption, revealing that over N4.6 trillion ($15 billion) allocated to the sector in five years was either embezzled or unaccounted for. Buratai on Tuesday had warned officers and soldiers of the Nigerian Army to steer clear of politics and politicians,
whom he claimed were attempting to influence them. Continued on page 10
TOP GAINERS NGN NGN OANDO 0.82 9.37 NAHCO 0.24 3.09 UBA 0.51 7.01 ZENITHBANK 0.87 17.97 PORTPAINT 0.10 2.10 TOP LOSERS NGN NGN MOBIL 16.60 315.40 TRANSEXPRESS 0.04 0.78 C &I LEASING 0.03 0.64 CCNN 0.22 4.78 JAIZBABK 0.04 0.91 HPE Nestle Nig Plc N835.00 Volume: 353.144 million shares Value: N9.162 billion Deals: 4,034 As at yesterday 18/05/17 See details on Page 42
% 9.5 8.4 7.8 5.0 5.0 % 5.0 4.8 4.4 4.4 4.2
Ebola: No Screening Points, Machines at Seme Border... Page 47
CHANGING THE WAY GOVT WORKS…
L-R: Minister of Information, Alhaji Lai Mohammed; acting President Yemi Osinbajo; Minister of Budget and National Planning, Senator Udoma Udo Udoma; and Minister of Interior, Lt.-Gen. Abdulrahman Dambazau (rtd.), during the Presidential Enabling Business Environment Council, held at the Presidential Villa, Abuja… yesterday state house