Oil Prices Hit $65 on North Sea Pipeline Closure Chineme Okafor in Abuja with agency report Oil prices in the international market sustained their rally yesterday, with the Brent crude, the international benchmark for crude oil, trading at $65.24 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded at 58.21 dollars
a barrel The last time oil prices exceeded the $65-mark was in June 2015 when it traded at $65.49. Reuters reported that Brent crude oil prices jumped above $65 per barrel after the
closure of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts. Britain’s Forties oil pipeline, the country’s largest at a
capacity of 450,000 barrels per day (bpd), was shut down on Monday after cracks were revealed. Its operators said that the pipeline could be shut down for weeks as they pursue repairs, adding that
a hairline crack was discovered last week. “It is a supply concern not only because the pipeline transports a significant portion of North Sea crude oil output, but also because it may take weeks before the
Oyegun Salutes Secondus, Calls for Robust Engagement … Page 10
issue is resolved,” Abhishek Kumar, Senior Energy Analyst at Interfax Energy’s Global Gas Analytics, told Reuters. Also, market analysts who weighed in on the development said there was equally an oil price support from the consumer side. Continued on page 55
Wednesday 13 December, 2017 Vol 22. No 8273. Price: N250
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A’Court Affirms CCT Ruling on 15 Charges Against Saraki Returns him to tribunal on three others Senate President: Verdict vindicates me Alex Enumah and Damilola Oyedele in Abuja The Court of Appeal in Abuja yesterday upheld the ruling of the Code of Conduct Tribunal (CCT), which had discharged and acquitted the President of the Senate, Dr. Bukola Saraki, on 15 of the 18 false asset declaration charges preferred against him by the federal government.
However, the appellate court referred him back to the tribunal to enter his defence on three charges, for which he had been discharged and acquitted by the CCT. But his counsel, Mr. Paul Usoro (SAN) said the judgment would be swiftly studied, adding that the Supreme Court would be approached Continued on page 55
Lawyers Welcome Appeal Court Judgment on Prosecution of Judges Say it promotes separation of powers Tobi Soniyi in Lagos Senior lawyers in the country have commended the justices of the Lagos Division of the Court of Appeal for upholding the principle of separation of powers when they held that a serving judge could not be
prosecuted until such judge had either been dismissed or compulsorily retired by the National Judicial Council (NJC) for alleged corruption. The justices of the Appeal Court on Tuesday Continued on page 10
Trafficking of Opioid Pills Used by Boko Haram Suicide Bombers Soars in Sahel... Page 57
L-R: Vice-President Yemi Osinbajo; Speaker of the House of Representatives Rt. Hon. Yakubu Dogara; and Central Bank of Nigeria governor, Mr. Godwin Emefiele; when the VP presented the PEBEC Impact Award to Emefiele in recognition of his contributions to the 2016 -2017 Ease of Doing Business Reforms at the Presidential Enabling Business Environment Council (PEBEC) Impact Award ceremony at the Old Banquet Hall, State House, Abuja... Monday