Eni declared force majeure (FM) on exports of Nigerian Brass River crude oil following pipeline explosions in Bayelsa state, a source with direct knowledge of the matter said. The source added that the FM letter was dated 22 November. Eni did not immediately comment. An explosion hit pipelines at Shell and Eni facilities around Ikarama in the Yenagoa Local Government Area of Bayelsa, resulting in a leak, a community leader said on Tuesday. It is understood that the blasts may have resulted from attacks on the oil facilities by unknown persons on Monday. A youth leader in the community, Ben Warder, said residents heard loud sounds from the affected oilfields and were very afraid to go near the impacted area. “The site is not far from Ikarama. We heard sounds from the blasts and it sounded like dynamites,” Warder said. “It was not safe to go near, so when the situation became quiet we had to trace what happened and it turned out that Shell’s gas pipeline and Agip’s crude lines were destroyed. “The incident resulted in air pollution from the gas pipeline and crude leak which members of the affected communities are battling to cope with,” he added.
The Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate at 11.5 percent. CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Tuesday. The MPC also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 percent and 30 percent respectively. At the last MPC meeting in September, the committee reduced the MPR from 12.5 percent to 11.5 percent. This is coming as Nigeria entered its second recession in five years as official figures published on Saturday show that the economy shrank again in the third quarter of this year. This year’s recession, occasioned by the economic fallout of the COVID-19 pandemic, is worse than that of 2016. The National Bureau of Statistics, in its Q3 Gross Domestic Product report, said the GDP, the broadest measure of economic prosperity, fell by 3.62 per cent in the three months to September. For the first time in more than three years, the Nigerian economy shrank in the second quarter of this year as the GDP fell by 6.10 per cent, compared with a growth of 1.87 per cent in Q1.
The member of the Gombe State Assembly representing Akko Central State Constituency in Gombe, Abubakar Luggerewo, was on Tuesday, sworn in as the seventh speaker of the state assembly. The Punch reports that a voice vote by 16 out of 24 members of a House of Assembly comprising 20 All Progressives Congress and four Peoples Democratic Party members confirmed the impeachment of Ibrahim Abubakar and Luggerewo’s confirmation. Luggerewo, 36, was sworn in by the deputy speaker, Siddi Buba, who represents the Kwami West State Constituency. Buba, in a statement, said that, “The former Speaker of the house was removed due to lack of confidence. We lost confidence in his leadership and as a house, we are at liberty to change leadership. Once you lack confidence in someone then there has been breach. We felt the best thing was to remove him and replace with a brand-new speaker.” The state legislature’s Majority Leader, Samuel Markus was also removed via a voice vote the result of which was announced by Mustapha Usman, representing Gombe South. He was replaced by Ladan Yerima, representing Kaltungo East. The Deputy Chief Whip, Yahaya Kaka was also replaced by Saddam Bello, representing Funakaye. Security operatives thwarted attempts by suspected hoodlums suspected to be loyalists of the ousted speaker to interrupt the proceedings. The impeachment comes one year after the 5th Speaker, Shuaibu Adamu, was removed over his alleged loyalty to Governor Inuwa Yahaya.
Early results from Burkina Faso’s elections showed incumbent President Roch Kabore holding a strong lead, as opposition members of the electoral commission boycotted the process following accusations of fraud. The results declared by the commission, known as CENI, from 37 out of roughly 360 districts nationwide showed Kabore with more than 235,000 votes – more than three times as many as his nearest rival, former Finance Minister Zephirin Diabre. The election will go to a second round if no candidate receives more than 50 percent of Sunday’s vote. The CENI on Tuesday resumed announcing results district by district after a more than 24-hour pause caused by opposition objections. The standoff further complicates an election already troubled by threats of attacks by armed groups amid a worsening conflict that has killed thousands and displaced more than one million people. Because of the unrest, the election was not held across at least one-fifth of the country. Kabore, who won election in 2015, has said the vote went smoothly. The 63-year-old president campaigned on achievements such as free healthcare for children under the age of five and pledged to do more to address rising insecurity.