The Nigerian National Petroleum Company (NNPC) signed an agreement to exit the Joint Venture Cash Call (JVC) with some international oil companies. The agreement was signed between the Federal Government and Shell, Chevron, Agip, Total, and Oando.
Nigeria owes an estimated $6.8 billion accumulated over 14 years however secured a discount of $1.7 billion, leaving a debt of $5.1 billion to be repaid. The Minister of State for Petroleum, Ibe Kachikwu, who signed on behalf of the Federal Government, expressed that the signage would bring more investments into the country.
Maikanti Baru, Group Managing Director of the NNPC, said the agreement was aimed at addressing long standing issues of unpaid cash call arrears, under-funding the joint venture and the burden of monthly payments by the Nigerian government.
He said inability of the NNPC to regain technical costs had been a major reason for the accumulation of the arrears over time. Under the new funding model, government would continue to receive royalties, taxes and profit from its equity share of Joint Venture oil and gas production. Signing of the agreement would restore investor confidence and provide opportunity for NNPC and joint venture partners to easily raise capital to finance oil and gas operations.
EMEFIELE TO LEAD IILMC
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been elected as the Chairman of the International Islamic Liquidity Management Corporation (IILM). By virtue of this development, Emefiele had also become the Head of the General Assembly of the financial body, comprising nine (9) countries and the Islamic Development Bank.
The IILM was established by central banks, monetary authorities and multilateral organizations to create and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border Islamic liquidity management. By creating more liquid Shari’ah-compliant financial markets for institutions offering Islamic financial services (IIFS), the IILM aims to enhance cross-border investment flows, international linkages and financial stability. Its current shareholders comprise of the central banks and monetary authorities of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates and the Islamic Development Bank.
NIGERIA’S AMINA MOHAMMED BECOMES UN DEPUTY SECRETARY-GENERAL
The incoming UN Secretary-General António Guterres has also appointed three women into top UN positions. Amina J. Mohammed, the Honorable Minister of Environment of Nigeria as the UN Deputy Secretary-General while having Ms. Maria Luiza Ribeiro Viotti of Brazil as the Chef de Cabinet and Ms. Kyung-wha Kang of the Republic of Korea as Special Advisor on Policy
This announcement was made public by the spokesman of the Secretary-General, Stephane Dujarric. Announcement reads in part; “I am happy to count on the efforts of these three highly competent women, whom I have chosen for their strong backgrounds in global affairs, development, diplomacy, human rights and humanitarian action. These appointments are the foundations of my team, which I will continue to build, respecting my pledges on gender parity and geographical diversity…”
Prior to this position, Ms Mohammed was a key player in the Post-2015 development process. She served as the Special Adviser to outgoing UN Secretary-General Ban Ki-Moon on Post-2015 development planning and the 2030 Agenda for development.
The UN chief, who succeeds outgoing secretary-general Ban, will assume office on January 1, 2017, for the next five years.
NIGERIA’S NO 1. GOLFER, ODOH SET FOR 4TH WAGT TITLE
Andrew Odoh, Nigeria’s number one ranked golfer has said he was set to win his fourth title of the West Africa Golf Tour (WAGT). WAGT Championship which teed-off today would be concluded on Sunday at the Arsenal Golf Club, Obinze, Owerri, Imo State. Odoh had won three out of the five tournaments organized by WAGT since the inception of the tour in February, while finishing in the runners up positions at the other two. He was recently crowned champion of the WAGT’s Nigeria Masters which took place at the IBB Golf and Country Club in November.
The championship was the tour’s finale for the year and the leading 30 professional players of the Order of Merit are expected to play the season ending Championship. Over the span of all events staged by the WAGT, its players had been earning points based on the result in each of the five tournaments staged at different locations around Nigeria. Each of the 109 members of the Tour has earned a position on the ranking system, ‘the Order of Merit’ and the top professional golfer would be crowned the region’s best player. The country’s number one player expressed hope that the combination of form, experience and a special affinity with the WAGT would lead to his success.
In Partnership with Nigerian Investment Promotion Commission (NIPC), National Institute of Marketing Nigeria (NIMN) and Securities and Exchange Commission (SEC)
Editor: Chienye Nnenna Obiajulu, LL.M
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As part of its economic stimulus plan, the Federal Government is considering