Supreme Court raises oil revenue for Rivers, Bayelsa, A-Ibom

Three oil-producing states of the Niger Delta on Wednesday, got a landmark judgment at the Supreme Court of Nigeria that would substantially boost their revenue from oil production with effect from the date of the judgement.

Crude Oil The verdict was handed down by the Supreme Court yesterday. The three states: Rivers, Bayelsa and Akwa-Ibom, had approached the Supreme Court for the interpretation of Section 16(1) of the Deep Offshore and Inland Basin Production Sharing Contract Act in suit number SC964/2016 filed on their behalf by their lead Counsel, Mr. Lucius Nwosu, ,SAN. The particular section required the Federal Government to adjust the shares of the revenue accruable to the Federation whenever the price of crude oil exceeds 20 Dollars per barrel. The judgment delivered by Justice John Okoro mandated the federal government to embark on an upward adjustment of the shares of revenues accruing to the government whenever the price of crude oil exceeds $20 per barrel. The Governor of Bayelsa State, Mr. Henry Seriake Dickson, celebrated the verdict, which he described as a victory for the littoral states and indeed Nigeria. Dickson said this in a statement by his Adviser on Media Relations, Mr. Fidelis Soriwei. According to him, even before the first offshore swamp oil well was discovered under the particular Act by the Nigeria AGIP Energy, the price of crude oil had exceeded $20 per barrel being used as a benchmark to share oil revenues in the state.

Comments

IMF making progress on new Argentina crisis loan deal

Worldwide Monetary Fund authorities are "gaining vital ground" on another emergency credit bargain for disturbed Argentina, which keeps on observing its money decay, the reserve said Monday. The group in Buenos Aires proceeds with work to concur on another bundle of measures that would permit quick endorsement by the leading group of the loaning organization, the IMF said in an announcement. The IMF and Buenos Aires concurred in June on a three-year, $50 billion safeguard loaning program however Argentina has since requested a more quick payment. The IMF mission has held meetings with the economic team and central bank in Buenos Aires over the past week and “important progress is being made toward strengthening Argentina’s economic policy plan, supported by a Stand-By Arrangement with the IMF,” the statement said. “We are working hard to conclude these staff-level talks in short order and present a proposal to the IMF Executive Board.” Buenos Aires has received $15 billion so...

Naked Attraction gets brutal when contestant awkwardly only compliments rival on 'nice skin'

Yes, it's the weirdest show on telly. But things got even weirder when two rivals had to compliment each other... Naked Attraction viewers were laughing even more than usual when one contestant could only offer the compliment “nice skin” to a rival. In a recent episode of the show - in which would-be lovers pick out a partner based only on their naked genitalia - a contestant called Melissa made it to the final with another woman called Jordan, and potential partner Charles had to pick one of them to go on a date with. They were both asked to compliment each other. Jordan said: “She’s got amazing teeth and blue eyes”. But Melissa paused for a while, and could only muster: “"She's got... really nice skin..." Charles then told the pair his final choice: "This is right hard. It's going to have to be Jordan." When Melissa left the show, she quipped: "It's been a nice experience but if I went on a date with Charles all I would have in...

Inspirational Motivational Quotes

1. Our greatest glory is not in never falling, but in rising every time we fall. — Confucius 2. All our dreams can come true, if we have the courage to pursue them. – Walt Disney 3. It does not matter how slowly you go as long as you do not stop. – Confucius 4. Everything you’ve ever wanted is on the other side of fear. — George Addair 5. Success is not final, failure is not fatal: it is the courage to continue that counts. – Winston Churchill 6. Hardships often prepare ordinary people for an extraordinary destiny. – C.S. Lewis 7. Believe in yourself. You are braver than you think, more talented than you know, and capable of more than you imagine. ― Roy T. Bennett 8. I learned that courage was not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear. – Nelson Mandela 9. There is only one thing that makes a dream impossible to achieve: the fear of failure. ― Paulo Coelho 10. It’s not whether you ...

Ejconnect

Search This Blog