Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

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2018 Games torch relay to begin in Nov

The torch relay for next year’s Winter Olympics will begin in South Korea in November and travel 2,018 kilometres around the country before arriving in Pyeongchang to mark the start of the Feb. 9-25 Games, organisers said on Monday. The flame will be lit in Olympia, Greece on Oct. 24 before coming to Korea for the domestic relay. It would then be taken through 17 cities and provinces by 7,500 torchbearers, beginning on Nov. 1 — the 100-day countdown to the Games, POCOG said in a statement. The identity of…

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Opponents to challenge Turkey ‘Yes’ vote

  Turkey’s main opposition party has said it will challenge the country’s referendum result after the president won a vote to expand his powers. The Republican People’s Party (CHP) has questioned the legitimacy of the close result, citing irregularities in the electoral process. President Recep Tayyip Erdogan’s push for an executive presidency succeeded with just over 51% of the vote. The win was met with both celebrations and protests across Turkey. The CHP is refusing to accept the “Yes” victory and is demanding a recount of 60% of the votes,…

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Slippery crude oil swap

The recent payment of over $202 million to the Nigerian National Petroleum Corporation (NNPC) downstream entities by Aiteo Energy Resources Limited for fraudulent deals under the scrapped crude oil swap arrangement has reaffirmed the need to fully unravel all transactions surrounding the controversial barter plan during the last administration. The amount includes Aiteo’s share of the $184 million total indebtedness by three companies on crude swap obligations and other downstream liabilities. Televaras Group of Companies has also pledged to make a tranche payment of $17.2 million while NNPC is still…

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Modified pig organs may correct birth defects in humans

A team of doctors in Britain have perfected the use of modified pig organs to treat newborn babies with birth defects. Babies born missing a section of their oesophagus, the tube linking the mouth to the stomach, are to receive the transplants harvested from pigs and then modified using the child’s stem cells. ‘The Australian’ an online news portal reported that the landmark lifesaving treatment would be used next year at Great Ormond Street Hospital in London on about 10 children born with severe cases of oesophageal atresia (EA). Similarly,…

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Team Nigeria targets Badminton title in SA

Nigeria’s badminton team to the Africa Badminton Championship in South Africa is confident of emerging champions as hostility begins on Monday (today). The team departed the country at the weekend for the championship scheduled for April 16 to 23 with six players, comprising of four male and two female who will be representing the country in the Mixed Team event as well as Individual Championship. Captain of the team Babalola Gideon who is ranked number one in the country, was confident Nigeria would come out tops in South Africa. “We…

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Dwayne ‘The Rock’ Johnson explains why he’s bald

Dwayne “The Rock” Johnson has a strong, recognisable look. Big smile. Kind eyes. Biceps like three biceps stacked atop one another. Bald head. The latter signature is nearly as iconic as the photo of the Rock himself, minus about 20 years, but plus a turtleneck, gold chain, and fanny pack. Wherever the Rock is, there goes that gorgeous bowling ball of a noggin. Now, thanks to a single GIF, the mystery of why The Rock went fully hairless has been solved. Johnson is not bald by genetic predisposition; he is…

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Turks in key vote on presidential powers

  Voting is under way in Turkey in a landmark referendum that will determine whether President Recep Tayyip Erdogan will be granted sweeping new powers. Erdogan is seeking to replace Turkey’s parliamentary system with an executive presidency. Supporters say the move would streamline and modernise the country, but opponents fear it could lead to greater authoritarianism. A “yes” vote could also see Erdogan remain in office until 2029. On Saturday, Turkish politicians made their final appeals to voters preparing to cast their ballots on one of the most sweeping programmes…

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Just let Godwin Obaseki be

Edo people escaped the invading and importuning clutches of severe misrule and diabolic maladministration by the whiskers when the spirits of the ancestors and the provisions of the law booted out the Peoples’ Democratic Party (PDP) to usher in good governance under Comrade Adams Oshiomhole. PDP had been in power for 10 excruciating years and had bled the soul of the heartbeat state dry, looted the exchequer, and done enough damage to undo the exemplary works of the late Dr Samuel Osaigbovo Ogbemudia. Again, the desire for good governance and…

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Debt threatens FG’s economic recovery plan

Nigeria’s recently launched Economic Recovery and Growth Plan (ERGP2017-2020) appears to have been generally well received by industry experts. However, the country’s already high debt service ratio in proportion to income, is raising concerns in some quarters about government’s ability to fund the scheme. TONY CHUKWUNYEM writes   Nearly two years after he assumed office, President Muhammadu Buhari last Wednesday, launched what his administration has tagged the Nigeria Economic Recovery and Growth Plan (NERGP2017-2020). Although the event came about a month after the Ministry of Budget and National Planning posted…

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