Business

Breaking: PENGASSAN president passes on

The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Francis Johnson, has died.
The PUNCH reports that Johnson died in the wee hours of Friday.

The General Secretary of PENGASSAN, Okugbawa Lumumba, has confirmed the development, saying, members of the union were on their way to pay a condolence visit to the family.
He said a statement would be issued later on the development.

Customs impounds N32m cannabis

. NDLEA vows to fish out suspects

Boeing 737 MAX may not return to service until August

Boeing Co's 737 MAX is unlikely to return to service before August, the head of the International Air Transport Association (IATA) said on Wednesday, adding that the final say on the timing rested with regulators.

The 737 MAX was grounded globally in March after a crash in Ethiopia killed all 157 people on board, the model's second deadly crash in five months.

"We do not expect something before 10 to 12 weeks in re-entry into service," IATA Director General Alexandre de Juniac told reporters in Seoul. "But it is not our hands. That is in the hands of regulators."

FAAN withdraws services from Gombe, Kebbi airports over debt

The Federal Airports Authority of Nigeria (FAAN) has withdrawn its services from Gombe, Kebbi airports over debt.
The airport authority said on Thursday that it was withdrawing its aviation security, aerodrome rescue and fire-fighting personnel from both states airports over N732 million indebtedness.
According to FAAN, the Gombe State-owned airport owes N607. 9 million, while Kebbi airport is owing N124. 5 million.

Shell: Dutch Court rules in favour of wives of slain Ogoni leaders

A Dutch court said on Wednesday that it had jurisdiction to hear a suit brought against Royal Dutch Shell by Esther Kiobel and three other Ogoni widows with regard to Shell’s involvement in the alleged unlawful arrest, detention and execution of their husbands by the Nigerian military government in 1995.
It ruled in favour of the Ogoni widows, the plaintiffs, that the court does have jurisdiction of the case and that it should not be time barred.

Niger governor gives corrupt workers 24hrs to return loot

By Ummi Ismaeel,
Minna

Oil falls after Trump presses OPEC to make up for Iranian sanctions

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran.

Brent crude futures were at $71.59 per barrel at 0840 GMT, down 56 cents, or 0.78 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $62.93 per barrel, down 37 cents, or 0.58 percent, from their previous settlement.

Both benchmarks fell around 3 percent in the previous session.

Reps to probe non-remittance of stamp duties worth trillions

The House of Representatives has resolved to investigate the allegation of non-remittance of stamp duties run into trillions of naira.

This followed a motion sponsored by a member from Yobe State, Bukar Lawan, during Thursday’s plenary at the lower chamber of the National Assembly in Abuja, the nation’s capital.

The lawmakers were concerned about the rate at which some government agencies have failed to remit the monies collected to the Federation Account.

Boeing's troubled jet will cost $1 billion to fix

Boeing estimates that it will spend $1 billion to fix the 737 Max and has pulled its forecast of 2019 earnings because of uncertainty surrounding the jetliner, which remains grounded after two crashes that killed 346 people.

The estimate was disclosed Wednesday in a presentation for investors as Boeing released first-quarter financial results, which missed Wall Street expectations. A spokesman said the estimate covered higher production costs over the next several years.

Shell strikes big oil in Blacktip well of Gulf Of Mexico

Royal Dutch Shell's U.S. unit said on Wednesday that it had made one of its biggest oil discoveries in the Blacktip deepwater well in the U.S. Gulf of Mexico.

Blacktip, operated by Shell and co-owned by U.S. oil giant Chevron Corp, Equinor ASA and Repsol, is the company's second material discovery in the Perdido Corridor, Shell's Upstream Director Andy Brown said.

"The Blacktip exploration well has encountered more than 400 feet (122 metres) net oil pay with good reservoir and fluid characteristics," the company said.

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