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OPEC+ upward adjustment on crude oil production starts August

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By Gistflash News

July 18, 2021

The Organisation of Petroleum Exporting Countries and its allies known as OPEC+ have decided to adjust upwards their overall production by 0.4 million barrels per day (mbd).

The decision was taken at the end of the 19th OPEC and non-OPEC Ministerial Meeting on Sunday.

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A statement issued after meeting said the upward adjustment would take effect from August.

It said in view of the current oil market fundamentals and the consensus on its outlook, the participating countries reaffirmed the framework of the Declaration of Cooperation signed on 10 December 2016, further endorsed in subsequent meetings, including on 12 April 2020.

It said it was decided to extend the decision of the 10th OPEC and non-OPEC Ministerial Meeting (April 2020) until the 31st December 2022.

It said they also decided to adjust upward overall production by 0.4 mb/d on a monthly basis starting August 2021 up until phasing out the 5.8 mbd production adjustment, and in December 2021 assess market developments and Participating Countries’ performance.

It added that the meeting would continue to adhere to the mechanism to hold monthly OPEC and non-OPEC Ministerial meetings for the entire duration of the Declaration of Cooperation.

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This, it said, would help to assess market conditions and decide on production level adjustments for the following month, adding that it targeted to end the production adjustment by the end of September 2022 subject to market conditions.

It further said it adjusted effective 1st May 2022, the baseline for the calculations of the production adjustments according to the table.

It reiterated the critical importance of adhering to full conformity and taking advantage of the extension of the compensation period until the end of September 2021.

“Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting,” it said,

noting that the 20th OPEC and non-OPEC Ministerial meeting would hold on Sept. 1.

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Gunmen Attack Anambra Police Station, Kill Four Officers

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Gunmen Attack Anambra Police Station, Kill Four Officers
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Unknown gunmen in the early hours of Wednesday attacked a police station located in Atani, the headquarters of Ogbaru Local Government Area of Anambra State.

It was gathered that the gunmen launched the attack on the police facility around 1:30 am on Wednesday.

A further report had it that four police officers were killed in the attack.

Since the emergence of Charles Soludo as the Governor of Anambra State there had been series of attacks on police and government facilities in the state.

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Meanwhile, the spokesman of the state police command, DSP Toochukwu Ikenga, has confirmed the development.

He said, “The hoodlums came around 1 a.m., and unlucky for us, four police operatives paid the supreme price.”

“The Commissioner of Police, CP Echeng Echeng on hearing of the attack immediately mobilized men of the command from various units to the area.

“The hoodlums were still there when the CP personally led men of the command to the affected area, and the timely arrival saved the day and the hoodlums were successfully repelled, and the facility was saved.

“We have commenced intelligence already, and we hope to unravel the persons behind the attack.”

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Supreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John Yakubu

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Supreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John Yakubu

Supreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John YakubSupreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John Yakubu

The Supreme Court has affirmed the six years imprisonment imposed on a former Federal Director of Pensions, Mister John Yakubu, and also ordered him to refund the sum of N22.9b to the Federal Government.

The N22.9b was part of the police pension fund he admitted before a High Court of the Federal Capital Territory (FCT) to have been misappropriate

Justice Tijjani Abubakar in a judgment in an appeal filed by Yusuf upheld the decision of the Court of Appeal which in 2018 sent him to six years imprisonment in addition to the refund of the sum.

The apex court held that Yusuf and others engaging in fraudulent practices must be told through court judgments that it is no longer business as usual.

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Sept 26, 2021A Senior Advocate of Nigeria (SAN), Mallam Yusuf Ali, says it is not to late for members of the  National Assembly to revisit the issue of  electronic transmission of election results to ensure credibility.Ali, who made the remarks while speaking in an interview with newsmen on Sunday in Osogbo, said the more credible elections were, the less litigations they will attract.The  News Agency of Nigeria (NAN) reports  that the Nigerian Senate had on July 16, passed the Electoral Act (Amendment) Bill, 2021, after division among its members on the electronic transmission of results.

The clause 52(2) of the bill gives the Independent National Electoral Commission (INEC) the discretion to determine when, where and how voting and transmission of results will be done.

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The Senate had ruled out the possibility of having results transmitted electronically when it voted that the NCC, with the National Assembly’s approval, would determine whether INEC could transmit results electronically or not.

Similarly, the House of Representatives, on July 16, passed the Electoral Act (Amendment) Bill, maintaining the controversial Clause 52(2) as presented amidst protests, especially by members of the minority caucus.

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Justice Abubakar said that the appeal of the former federal pension director seeking to set aside the six years jail term against him was frivolous and devoid of merit.

He further held that victims of the convicted director deserve restitution which can only be achieved through justice.

Yusuf had dragged the Federal Government before the apex court seeking to overturn the six years imprisonment slammed on by the Court of Appeal.

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The former pensions director, who is serving the six years jail term at the Kuje correctional facility, also asked the Supreme Court to set aside a whopping sum of N22.9 billion he was ordered to refund to the government treasury by the Court of Appeal in a 2018 judgment.

He was sent to prison in 2018 by the Court of Appeal in Abuja upon being found guilty of defrauding the Federal Government to the tune of N22.9 billion through police pensions.

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Stakeholders task Nigerian youths on good governance, leadership advocacy

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Dr Odiakpo Obire, the founder of Good leadership for Africa, an Abuja based Non-Governmental Organisation (NGO) said the aim of the awards were to encourage African leaders to take their place as leaders among world leaders.
He said the youths of Africa had what it takes to elect the right leaders into offices as this was fundamental to their future and the success of the country.


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Abuja Nov 5, 2021 (NAN) Stakeholders in governance have urged Nigerian youths to be advocates of good governance and leadership in order to make Nigeria a better place.

They gave the advice in separate interviews with the News Agency of Nigeria (NAN) at the second global good governance awards and summit held in Abuja on Friday.

The theme for the award is “ Good governance mentality for global impact.

Dr Odiakpo Obire, the founder of Good leadership for Africa, an Abuja based Non-Governmental Organisation (NGO) said the aim of the awards were to encourage African leaders to take their place as leaders among world leaders.

He said the youths of Africa had what it takes to elect the right leaders into offices as this was fundamental to their future and the success of the country.

According to him, good governance and leadership are achievable and controllable by the youths.
“ Good governance and leadership make strong institutions.

“ The Africa and Nigeria of our dreams cannot be achieved if youths neglect accountability and advocacy of good leadership’, he said.

Obire stated that everyone appointed into a leadership position could help achieve a great Nigeria if they put the needs of the masses first and do what was expected of them.

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“ From the Federal Government to the local government, to the appointees to the least held office, everyone has the responsibility to do the right thing, ” he said.

He said democracy in Nigeria is over 22 years and youths had to rise to the responsibility of advocating for good leadership and accountability.

“ Good governance starts from selecting good leaders by the youths, ” he said.

Amb. Louis Temisan, Mayorking Ultimate International Magazine said a lot of people, institutions and NGOs are worthy of celebration because they advocate good governance.

“ People, institutions and NGOs who are staff minded, support youth empowerment, community development deserve all the celebration and recognition, ” he said.

According to him, advocating for and publicising good governance will challenge other lacking leaders to do better in their respective communities.

Amb. Anthony Nwangwu disclosed that good governance should be measured by good directions and steps taken by a leader to ensure life was easy for people.

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He said good governance is not measured by the number of cars a leader has or how much cash they throw around.

Nwangwu said good governance affects every facets of life.

NAN reports that about 30 people from the private and public sectors were recipients of different awards.

Some category of these awards include, award of Excellence in Human resource, award of best security outfit and award of best youth empowerment. (NAN)

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