News
Fubara Faults Handing Over Of Pipelines’ Contract To One Man
Rivers State Governor, Siminalayi Fubara has faulted federal government’s decision to cede contracts for security/surveillance of oil pipelines in the hands of an individual or a few persons.
Fubara, who stated this on Saturday while addressing the Joint Presidential Committee on Crude Oil Theft at Government House Port Harcourt, said the development won’t help the fight against oil theft.
The governor said until the federal government clamps down on the powerful Abuja cartel bankrolling oil theft, no amount of efforts would end the economic sabotage associated with the crime.
He said, “Security of pipelines should not be placed in the hands of one man or a few individuals. You can’t say for instance that somebody from Kalabari should be asked to determine and control what is happening in Ogba-Egbema.
“It’s not possible, not workable. Or somebody from Ogba-Egbema should take charge in Ogoni. You can understand there is no way it would work. You need to come down to bring on board all these host communities heads or leaders.
“Those people you are dealing with, you can engage on this other end, but those key leaders and influential power brokers in other major host communities must be engaged. Once you are able to do that, make them part of the process, no two ways about it. The tide of the economic sabotage through oil theft will go down.
“We are one of the first states that was able to break the ranks on illegal bunkering, and we remain committed to partnering with the security agencies.
“And what breeds all of this is unemployment and poverty. The big people in this business aren’t from here (operating environment). They are those in Abuja who have licence to operate.
“If they are not encouraging it, I don’t think it will thrive. We need to work not just on the locals, but also see what we can do to really clamp down on those big ones that sit in Abuja that are a big part of this.”
Fubara decried the neglect of critical infrastructure in Rivers State, citing the deplorable East West Road, yet to receive any attention from the federal government despite its strategic importance to the economic development of the country.
In his remarks, the National Security Adviser, Nuhu Ribadu, who led the federal government delegation, thanked the governor for the audience, noting that beyond the resources in the region, the Niger Delta deserves peace and better living standards, assuring federal commitment to arresting challenges of insecurity in the region.
Also speaking, the Minister of Defence, Mohammed Badaru said the team had the marching order of the President to visit facilities in the Niger Delta and work with the states to promote peace in the region and ensure that national assets are protected.
Bitcoin experienced sharp fluctuations following President Donald Trump’s April 2 tariff announcement, initially surging to $88,000 before dropping to $82,000.
By April 3, it stabilized around $83,000, with the broader crypto market down over 4%. Major altcoins like Ethereum and Solana also declined over 6%, hitting multi-month lows.
Analysts see the tariff news as reducing market uncertainty, potentially attracting institutional investors.
Despite higher-than-expected rates, experts believe the clarity could help Bitcoin regain momentum toward $90,000. Bitcoin ETFs, led by BlackRock, recorded $218 million in inflows on April 2, reversing prior outflows.
Kraken’s Thomas Perfumo challenged the idea that institutional interest stabilizes crypto, emphasizing that volatility signals demand for a scarce asset.
Some analysts viewed the sell-off as an overreaction to trade policy concerns, highlighting Bitcoin’s resilience as a store of value.
With ETFs showing strong demand, Bitcoin’s price may stabilize and rise, though market participants remain cautious, monitoring trade policies and economic conditions.
Violent clashes between pastoralist groups and settled farming communities have long been a challenge in South Sudan.
However, the recent outbreak of violence in the northern Ruweng Administrative Area has further heightened concerns over the nation’s fragile peace. At least 30 people lost their lives after an armed youth group launched a brutal attack on a northern South Sudanese town, according to local officials.
The incident, linked to an escalating cattle raid, saw the town briefly fall under the control of the attackers before security forces regained control.
The violence began when a group of armed youth stole lambs earlier in the week. Security forces quickly intervened, forcing the raiders to retreat. However, instead of dispersing, the group reorganised and launched a more aggressive attack on Abiemnom the following day.
Local Minister of Information, Simon Chol Mialith, confirmed that despite resistance from local youth and security personnel, the town was overrun by the Mayom armed youth. The attack led to significant casualties and destruction before security forces were able to reclaim the town.
On Wednesday, the South Sudan People’s Defence Force (SSPDF) successfully pushed the attackers out, restoring a semblance of calm. However, the scale of the destruction was already severe, with over 40 individuals injured in addition to the fatalities.
Although reports suggest that some of the deceased were members of the armed groups, official confirmation remains pending.
The attack comes at a time of growing instability in South Sudan, with tensions between forces loyal to President Salva Kiir and First Vice President Riek Machar intensifying. This political rivalry threatens to unravel the delicate 2018 peace agreement that ended the nation’s five-year civil war.
Since gaining independence in 2011, South Sudan has struggled with continuous unrest. Despite its vast oil resources, the country remains impoverished, with conflicts like these exacerbating economic and social difficulties.
Key Business Developments to Monitor This Week: Crude Oil Transactions in Naira and Resumption of Emirates Flights
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have announced an increase in crude oil production by 411,000 barrels per day (bpd) starting in May. This decision follows a virtual meeting among eight member nations, which agreed to gradually reduce previously implemented output cuts.
The nations involved in this agreement include Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.
As a result of this production increase, Brent crude prices fell by 6.8% to $69.85 per barrel, while West Texas Intermediate (WTI) crude dropped by 7.08% to $66.63, as of 10 PM WAT.
According to Reuters, these fluctuations are closely linked to the recent announcement by U.S. President Donald Trump imposing a 10% tariff on all imported goods.
### Voluntary Production Cuts by Eight OPEC+ Member Nations
In April 2023, eight OPEC+ countries declared additional voluntary reductions amounting to 1.65 million bpd, lasting until the end of December 2026. Subsequently, in November 2023, an additional voluntary cut of 2.2 million bpd was announced.
On December 5, 2024, the oil cartel revealed plans to extend these adjustments through March 2025, indicating that the 2.2 million bpd reductions would be gradually phased out on a monthly basis until the end of September 2026, aimed at maintaining market stability. However, on March 3, these nations agreed to implement a planned increase in oil production starting April 1.
### Monthly Phasing Out of Oil Production by Eight OPEC Member Countries
OPEC stated that the eight participating countries will implement a production adjustment of 411,000 barrels per day, divided into three monthly increments, beginning in May 2025. This adjustment includes the planned increment for May plus two additional monthly increases. The oil alliance emphasized that these gradual increases could be paused or reversed depending on market conditions, allowing for continued support of oil market stability.
Furthermore, OPEC+ noted that this measure would provide an opportunity for member nations to expedite their compensation efforts. The eight countries will convene monthly to assess market conditions, compliance, and compensation strategies.
The next meeting is scheduled for May 5, where decisions regarding June production levels will be made.