Category: Nigeria

Photo In Kano on Wednesday, the victory of Muhammadu Buhari made for news and commerce. It was Nigeria’s first peaceful transition at the ballot box. Credit Samuel Aranda for The New York Times KANO, Nigeria — Nigeria ’s president-elect, Muhammadu Buhari, did not smile while making his acceptance speech on Wednesday — understandably, as terrorism and corruption were his main talking points. A day after piling up substantial vote totals against the incumbent president, Mr. Buhari, a former general who once rose to power in a military coup, further consolidated something extraordinary for Nigeria: the peaceful passing of power from one political party to another through the ballot box. The country is now a democratic nation like others, Mr. Buhari suggested Wednesday, both in his words and in the fact that the democratic process had worked well enough that he could give the speech at all. But in his […]

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Revenue received by the federation from crude oil sales, Petroleum Products Taxes (PPT), and royalties (after subsidies provided by Nigerian National Petroleum Corporation (NNPC) and cash calls) has decreased from $45 billion in 2011 to $32.3 billion in 2014, according to International Monetary Fund (IMF) Country Report on Nigeria. Besides, between 2011 and 2014, oil lifting fell from 2.38 to 2.19 mbpd (71⁄2 per cent decline), largely due to stoppages associated with pipeline vandalism. The report, which was released on Monday, stated that the drop in oil revenue over 2011 to 2014, was larger than expected from the evolution of oil prices and production. The IMF said that in 2015, oil exports are projected to decline by six percentage points (ppts) of Gross Domestic Product and oil revenue by 2.4 ppts of GDP from 2014 levels, with a reduction in the current account balance and loss in international reserves. […]

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Photo Muhammadu Buhari spent 30 years out of power before winning election as president. Credit Ben Curtis/Associated Press KANO, Nigeria — The 72-year-old former general elected as Nigeria ’s new president this week is not exactly new to the democratic process: He spent much of the past decade campaigning for the office in three successive elections — and failing each time. But then, as detractors insist and many supporters acknowledge, the former general, Muhammadu Buhari, had a long way to go to prove that he had left the military barracks behind. He first came to power in a coup over 30 years ago and became one of his country’s harshest military rulers, waging a “war against indiscipline” that prescribed humiliating punishment for tardy civil servants. He publicly executed young drug dealers on the beach, jailed journalists and expelled thousands of immigrants. He arrested 475 politicians and businessmen on corruption […]

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ABUJA (Reuters) – Nigerian election winner Muhammadu Buhari congratulated outgoing president Goodluck Jonathan for peacefully relinquishing power on Wednesday, a day after becoming the first Nigerian politician to unseat a sitting leader at the ballot box. In an unprecedented step, Jonathan phoned Buhari to concede defeat and issued a statement urging his supporters to accept the result, a signal of deepening democracy in Africa’s most populous nation that few had expected. "President Jonathan was a worthy opponent and I extend the hand of fellowship to him," Buhari told journalists and supporters to loud applause, wearing a black cap and kaftan. "We have proven to the world that we are people who have embraced democracy. We have put one-party state behind us." The 72-year-old general, who first came to power three decades ago via a military coup, campaigned as a born-again democrat intent on cleaning up the corrupt politics of […]

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LONDON (Reuters) – The victory of opposition candidate Muhammadu Buhari in Nigeria’s presidential election could mark a turning point toward genuine democracy for the country, improving the image and moral standing of Africa’s troubled giant. The defeat of President Goodluck Jonathan, whose People’s Democratic Party (PDP) has run Africa’s most populous nation since it returned to civilian rule in 1999, was the first time a Nigerian head of state lost power to an opposition challenger through the ballot box. "It’s not the result that we wanted but it’s a good day for Nigeria if we show the world we can run a credible election," said a minister in Jonathan’s government, who did not wish to be named because others in the PDP were angry about the result. Jonathan telephoned Buhari on Tuesday to congratulate him on winning this weekend’s election, a spokesman for Buhari’s All Progressives Congress (APC) said. […]

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ABUJA (Reuters) – Nigerian opposition contender Muhammadu Buhari, an ex-general who first won power three decades ago in a military coup, closed in on a historic election victory on Tuesday, maintaining a hefty lead in the vote count in Africa’s most populous nation. According to a Reuters tally collated from 33 of Nigeria’s 36 states, the 72-year-old Buhari had more than 14 million votes, testament to the faith Nigerians have put in him as a born-again democrat intent on cleaning up Nigeria’s corrupt politics. Buhari’s support compared to 11 million for President Goodluck Jonathan, whose five years at the helm of the richest country in Africa have been plagued by corruption scandals and an insurgency by Islamist Boko Haram militants. One of Jonathan’s big support bases in the oil-producing Niger Delta is yet to report but the gap is so large that most analysts said it was impossible to […]

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French oil giant Total said Monday that it has sold its stake in a Nigerian oil field to a local company for $569 million (523 million euros). Total’s sale of its share in the onshore Oil Mining Lease 29 to Aiteo Eastern E&P comes after the French group made two similar divestments in Nigeria. The three transactions reached a sum of $1 billion. "These transactions … reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments," said Patrick de La Chevardiere, Total’s Chief Financial Officer. The group added that the divestment is "in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the sector". Energy groups have been slashing their investments in a bid to shore up earnings, as crude prices have collapsed by about 60 percent since June.

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KANO, Nigeria — The most sharply contested election in Nigeria ’s post-independence history wound down to a tense conclusion on Saturday amid fears that a polarized electorate would clash regardless of the outcome in a country split on religious, ethnic and sectional lines. There appeared to be little middle ground between partisans of the incumbent president, Goodluck Jonathan , a Christian from the south hated in the north for mismanaging a bloody Islamist insurgency at steep cost, and his challenger, Muhammadu Buhari, a former military ruler, a northerner and a belated democratic convert whose Muslim faith and authoritarian past are feared in the south. Voters on Saturday morning crowded around registration stations here in the north’s largest city, a packed metropolis of more than five million, as hitches in the process added to the tension. Election officials were more than two hours late in some places, and malfunctioning electronic […]

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The value of Nigeria’s external reserves, which has been on the downswing in the past few weeks, fell below the $30 billion mark to $29.865 billion as at March 25, 2015, according to latest Central Bank of Nigeria’s (CBN’s) figures. THISDAY’s findings show that the current level of the foreign reserves, which is derived mainly from the proceeds of crude oil earnings, has fallen by 13.4 per cent or $4.628 billion this year, compared with the $34.493 billion it stood at the beginning of the year. This has been attributed to the significant reduction in forex inflow into the country occasioned by the sustained low crude oil prices. Oil prices however rallied for a second straight day on Thursday after Saudi Arabia and its Gulf Arab allies began air strikes in Yemen, sparking fears of a bigger Middle East battle that could disrupt world crude supplies. Brent crude was […]

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Royal Dutch Shell unloads more assets in the Niger Delta region to national energy companies in Nigeria. File Photo UPI/Maryam Rahmanian. The Nigerian subsidiary of Royal Dutch Shell said it made further progress in its divestment strategy by selling Niger Delta assets from $1.7 billion. Shell Petroleum Development Co. of Nigeria said it completed the sale of oil mining lease 29 and the 62-mile long Nembe Creek pipeline to Aiteo Eastern E&P Co., a Nigerian company. "This divestment is part of the strategic review of SPDC’s onshore portfolio and is in line with the federal government of Nigeria’s aim of developing Nigerian companies in the country’s upstream oil and gas business," the Dutch supermajor said in a Wednesday statement. Shell last week sold its stake in oil mining lease 30 to a separate rival for $737 million. Divested fields produced around 43,000 barrels of oil per day for Shell […]

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