• Monday, February 26, 2024
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Five things to know to start your Friday


NPA assures approval for $1bn Ondo multipurpose deep seaport project

Mohammed Bello-Koko, the Managing Director of the Nigerian Ports Authority (NPA), said on Thursday in Lagos that the $1 billion Ondo State Multipurpose Deep Seaport project has received all the necessary approval for its implementation.

Bello-Koko said this when he received the visiting Ondo State Coordinator for Special Projects, Boye Oyewumi, who submitted the Full Business Case for the port.

Located on the coast of Ondo State, the port project would be funded through a public-private partnership.

Receiving the case report, Bello-Koko assured that the NPA would work with the Federal Ministry of Transportation and other relevant agencies to obtain approvals to enable the port to begin operations.

“The NPA has consistently restated its readiness to provide requisite technical guidance for the establishment of new ports in line with global best practises,’’ he said.

Group urges APC to zone Senate President to South-East

A coalition of Southern and Northern Organisations for Peace, on Thursday, urged All Progressives Congress (APC) to zone the position of Senate President to the South-East zone in the interest of equity, fairness, and peace.

The group stated this in a statement issued by its Secretary, Chukwuemeka Uzoka, after the National Peace Walk, organised for the President-elect, Sen. Bola Tinubu, in Abuja.

Uzoka, in the statement, said the Convener of the Northern Leaders group, Ahmed Ahmed, spoke on the need for the incoming administration to zone the position to the South-East to give a sense of inclusion to the Nigerian project.

Ahmed said that the group from Abuja Fountain Garden walked through Wuse 2 to the APC secretariat in Abuja.

He stated that the group handed over the “Peace Note” to the National Chairman, Abdullahi Adamu, on the need for equity, fairness, and peace as a way of consolidating the nation’s democratic process. (NAN)

Read more: ‘APC can gain reputation mileage with Akpabio as Senate President’

Oil communities, firms to speed up development with $5bn investment fund

Mike Emuh, the Executive National Chairman of the Host Communities of Nigeria Producing Oil and Gas, speaking on behalf of the organisation, said that it is focusing on getting a $5 billion fund in partnership with the private sector.

Emuh, who spoke in Warri, Delta State, on Thursday during the national executive committee meeting, said that the fund will help kick-start an investment drive and a much-needed development advancement in the oil-producing states in the country.

“Since our financial investors said they are ready to the extent we are also ready, we have applied for a $5 billion facility, and we hope to pull this through and begin in earnest the aggressive investment in the basic areas of our interest in the oil and gas producing states across the country,” he said.

Oil price set for weekly drop

WTI crude futures maintained its position below $69 per barrel on Friday following persistent global concerns that higher interest rates could slow the global economy and hurt energy demand. This development is most likely to push oil to lose more than 10 percent of its value this week.

According to trading economics, both the Federal Reserve and the European Central Bank raised their policy rates by 25 basis points this week, fueling fears that tightening financial conditions will push major economies into a recession.

Added to the above development, a surprise decrease in Chinese manufacturing activity also affected the prospects for the world’s top crude importer.

Heavy fighting in Khartoum; Sudan’s children caught in conflict, says UN

Fierce fighting persisted in Sudan on Thursday despite a truce agreement as U.S. intelligence said rival forces were trying to gain the upper hand ahead of possible negotiations and the U.N. warned of the violence’s devastating toll on children.

Despite multiple ceasefire declarations, the two sides appeared to be battling for control of territory in the capital Khartoum ahead of proposed talks, though the leaders of both factions have shown little public willingness to negotiate after more than two weeks of fighting.

The Sudanese army on Thursday sought to dislodge the Rapid Support Forces (RSF) paramilitary force from its positions near central Khartoum in intense battles.

“Both sides believe they can win militarily and have few incentives to come to the negotiating table,” U.S. Director of National Intelligence Avril Haines told the Senate Armed Services Committee in Washington.

With fighting having continued despite ceasefire deals, the White House said it may sanction those responsible for destabilising Sudan. (Reuters)