Railway fencing: Contractors protest non-payment of N500m debt
Sub-contractors under the aegis of the Abuja-Kaduna Railway Fencing Sub-Contractors Association on Monday, in Abuja, protested the non-payment of the N500 million debt owed them by Deux Projects Limited since 2018.
According to the News Agency of Nigeria (NAN), Onyeka Enechuku, the association’s spokesman, said that the contractors were angry with the management of Deux Projects Limited, the major contractor for the railway fencing project.
The protesters expressed their anger on placards, demonstrating their frustration over the continued non-payment of the money owed by Deux Projects Limited, a company owned by Dr. Tunji Olowolafe.
Enechuku pleaded with the federal government to help address this issue of non-payment as members of the association were facing several difficulties, making it hard to keep up with their responsibilities.
According to him, the chairman had made so many unfulfilled promises to pay the contractors.
Eco Atlantic acquires additional participating interest in block 3b/4b offshore South Africa
Eco Atlantic, a Canadian oil and gas exploration company, has signed a farm-out agreement for the acquisition of an additional 6.25 percent participating interest in Block 3B/4B offshore South Africa through its subsidiary Azinam Limited.
The $10 million deal, pending approval from the South African government and other relevant parties, will expand Eco Atlantic’s participating interest in Block 3B/4B to 26.25 percent.
With South Africa, Namibia and the African continent at large are focusing on expanding oil and gas exploration and boosting investment in energy developments through improved partnerships with international independents such as Eco Atlantic, the African Energy Chamber (AEC), as the voice of the African energy sector, strongly supports the farm-out agreement and marks the deal as a game-changer for South Africa.
At a time when Africa’s untapped resources hold the solution to the world’s energy crisis, agreements such as this will be key for unlocking a new era of exploration and production in Africa, experts suggest.
The deal itself positions Eco Atlantic at the forefront of frontier exploration in Africa.
Zamfara assembly passes banditry, terrorism, other offences bill
Following the state government’s announcement that citizens can apply to carry weapons for the purpose of protecting themselves from kidnappers, bandits, and other miscreants, the Zamfara Assembly supported this action by passing a bill to provide a law to stop rising cases of banditry, cattle rustling, cultism, kidnapping, terrorism, and other incidental offences. 2022.
The bill was presented to the house by Nasiru Bello-Lawal, the deputy House Llleader and chairman of the House Committee on Justice and the Judiciary. The committee commended Gov. Bello Matawalle for his foresight in trying to curb the menace of banditry, kidnapping and other offences in the state.
Read also: Zamfara sacks 2 emirs over banditry
Brent crude jumps to $116
Brent crude futures rose to $116 per barrel on Tuesday. This rise is the third time the price of Brent crude has gone higher, amid reports of supply developments in the UAE and Saudi Arabia, following news of near-capacity production.
It is also driven by the political unrest in Libya and Ecuador.
On Monday, Suhail al-Mazrouei, the Energy Minister of the UAE, said that the country was nearing its production capacity of 3.168 million barrels per day under the new agreement with OPEC+.
Zimbabwe’s annual inflation surges to 191% in June
Zimbabwe’s annual inflation rate rose to 191 percent in June, one of the highest in the world. This is according to a report released by the Zimbabwe National Statistics Agency.
In a country already struggling with an extreme rise in the prices of food items and other commodities, it is feared that the country may enter into another state of political, social, and economic anarchy.
According to Zimbabwesituation.com, the southern African nation already suffers from sanctions that have worsened the pre-existing economic crisis. A situation that makes it increasingly difficult for the population to afford a living.
The country, which had dollarised its economy, had hoped to attract much-needed foreign investment to jump-start its recovery, but Zimbabwe’s inflation rate has risen from 66 percent to more than 130 percent since the start of the Russia-Ukraine conflict in May.
The country’s situation became even more difficult when a global supply shortage pushed inflation to around 200 percent in just two months.
Reports by some local and international media state that the country will likely experience the worst form of hyperinflation, which is a rise in unemployment accompanied by a skyrocketing rise in prices of commodities in a matter of weeks.
