Top News Update 25/07/2017
1. Stock market hits two-year high, soars by N218bn
2. TSA fund: FG serves forfeiture order on banks
3. Power generation falls below 3,000MW, seven plants idle
4. Militants destroy Trans-Niger pipeline, Nigeria loses 150,000bpd
5. Nigeria won’t exceed oil output target – Barkindo
6. Russia urges OPEC to limit oil output rises from Libya, Nigeria
7. Caleb varsity embarks on research to end Lagos traffic
8. LASIEC releases official Lagos LG election results
Stock Market Hits Two-year High, Soars by N218bn
The nation’s bourse recorded its highest return in over two years on Monday, as the Nigerian Stock Exchange market capitalisation appreciated by N218bn in one session. At the close of trading on Monday, equities’ capitalisation rose to N11.943tn from N11.725tn recorded last Friday, while the NSE All-Share Index closed at 34,652.52 basis points from 34,020.37 basis points.
TSA Fund: FG Serves Forfeiture Order On Banks
The Federal Government has served seven banks with the order of the Federal High Court in Lagos directing a temporary forfeiture of $793.2m allegedly hidden with the banks in contravention of its Treasury Single Account policy. The Federal Government’s lawyer, Prof. Yemi Akinseye-George (SAN), who obtained the ex parte order on July 20, confirmed this to our correspondent in a telephone interview on Monday.
Power Generation Falls Below 3,000MW, Seven Plants Idle
The nation’s power generation has fallen below the 3,000 megawatts mark as the number of idle power plants increased to eight on Sunday from five on Friday. The nation’s power grid lost a total of 743.4MW over the weekend as generation dropped from 3,306.6MW on Friday to 2,632.4MW and 2,563.2MW on Saturday and Sunday, respectively.
Militants Destroy Trans-Niger Pipeline, Nigeria Loses 150,000bpd
Suspected militants on Monday vandalised the Trans-Niger pipeline in Ogoniland in the Niger Delta region, reducing the Nigerian National Petroleum Corporation’s crude oil production by 150,000 barrels per day. According to the Group Managing Director, NNPC, Dr. Maikanti Baru, the country has not been able to sustain the recent gains recorded in crude oil production as a result of the rupturing of pipelines in the region.
Nigeria Won’t Exceed Oil Output Target – Barkindo
OPEC Secretary-General Mohammad Barkindo said on Monday Nigeria has no intention of going beyond its oil production target of 1.8 million barrels per day (bpd) until the end of March 2018. Barkindo made this known at the opening of the fourth Joint OPEC-non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia. He also said Libya has an output target of 1.25 million bpd by December, but it remains a target given the challenges the country faces.
Russia Urges OPEC To Limit Oil Output Rises From Libya, Nigeria
Russia called on OPEC to limit oil output rises from its members Libya and Nigeria in the near future, as it hosted a meeting of key OPEC states on Monday to discuss ways to prop up oil prices. OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million bpd from January 2017 until the end of March. OPEC states Libya and Nigeria are exempt and their production has been rising.
Caleb Varsity Embarks On Research To End Lagos Traffic
Students of Caleb University at Imota in Ikorodu, near Lagos, are currently doing a research to provide a lasting solution to the nerve-racking traffic in Lagos, Nigeria’s commercial capital. The Vice-Chancellor of Caleb University, Prof. Daniel Aina, made the disclosure at the News Agency of Nigeria (NAN) forum in Lagos on Monday. Aina said the university took up the research in compliance with the mission statement of the university to focus on environmental issues and commerce.
LASIEC Releases Official Lagos LG Election Results
The Lagos State Independent Electoral Commission on Monday released the official results of the Chairmanship and Councillorship elections into the 57 Local Governments/Local Council Development Areas of Lagos State. The All Progressives Congress won the chairmanship seats in the 20 Local Government Areas and 37 Local Council Development Areas in the State. The APC also won 369 councillorship seats while the People’s Democratic Party won four seats, and Accord Party, three.