Stormy session in Senate over Saraki’s confidence vote

• Ex-Senate President Mark walks out
• Saraki read out ministerial nominees today

By Adetutu Folasade-Koyi, Fred Itua and Kemi Yesufu, Abuja


Senators almost came to fisticuffs yesterday when the chamber resumed in plenary after a six-week summer recess.
Majority of Senators have thrown their weight behind Senate President, Dr. Bukola Saraki and the Senate leadership.
Two weeks ago, the Senate President was arraigned before the Code of Conduct Tribunal (CCT) on a 13-count charge of false and anticipatory declaration of assets.
Meanwhile, Buhari’s National Assembly Adviser, Senator Ita Enang personally handed over the list of ministerial nominees to the Senate President yesterday.
Saraki is expected to read out the list to his colleagues at plenary today.
Tempers flared yesterday shortly after a motion from Senator David Umaru (APC, Niger State) which was done through Order 42 and 52 of the Senate Standing Orders. The orders deal with issues of urgent national importance.
Umaru’s motion, which was raised on the floor, was done on behalf of 82 other Senators. Curiously, some of the Senate leadership were also included in the motion.
A breakdown shows that his motion was endorsed by 48 Peoples Democratic Party (PDP) Senators and 35 from his Saraki’s All Progressives Party,  APC.
The confidence vote would be the second in two months as no fewer than 81 out of the 108-members passed a similar one on July 28.
In the motion, Umaru noted with dismay, attempts and continued interference in the affairs of the Senate by “detractors and media propagandists against Senators, Senate and its leadership for selfish politicians.”
He said Senate will “not succumb to cheap blackmail” in the course of carrying out its constitutional responsibilities by any individual or group of people under any pretence or guise for personal political interest.
Quickly, Senator Babajide Omoworare, chairman of the Senate Committee on Rules and Business dissociated himself from the motion.
He vehemently denied being a co-sponsor even ad he said his view was not sought before it was published in the Order Paper.
Attempts by Senator Kabir Marafa to speak on the motion was blocked by the Senate President. Rather than allow Marafa speak, Saraki subjected prayers in the motion to a vote. The ensuing voice vote was overwhelmingly in support of the vote of confidence and Saraki ruled in favour of the sponsors.
Marafa, who was later recognized to speak after Saraki had ruled on the motion, cited order 53 (5) of the Senate Standing Rule which forbids the senate from discussing any issue before the court.
The insistence of Saraki that Marafa should also read the provision of Order 53 (6), which equally forbids any senator from raising any issue upon which the senate president had ruled upon, degenerated into an open confrontation between the two lawmakers.
While Marafa argued that Saraki deliberately denied him an opportunity to talk before he ruled on the issue, the senate president stood his ground and ruled the Zamfara senator out of order.
Marafa,  who was obviously furious over his treatment,  pointedly accused the senate president of giving only his loyalists opportunities to speak on the floor.
His action disrupted deliberation on the motion on the outbreak of Cholera moved by  Senator Soni Ogbuoji.
While the rumpus went, immediate past Senate President David Mark quietly walked out of the chamber.
It was during the confusion that the APC member representing Bauchi Central, Senator Issah Missau,  stood up on his seat and shouted at Marafa to shut up and sit down but his action further infuriated the SUF spokesperson who threatened to beat him up  if he repeated his statement.
When it was obvious that Marafa had succeeded in drawing attention to himself by literally stopping proceedings in the chamber, Saraki asked the Sergeant-At-Arms to take necessary steps to restore order.
But some of Marafa’s colleagues in the SUF, led by Senator Ahmad Lawan, who tried to pacify him, sent back the Sergeant-At-Arms, with an assurance that the situation was under control.
Marafa was, thereafter, led out of the chamber by some Senators who took him to the office of Senator Olusola Adeyeye (Osun Central) and subsequently barred him from speaking to newsmen.
Marafa later returned to the chamber and the Deputy Senate President, Ike Ekweremadu, apologised on his behalf to the Senate.
Addressing newsmen after plenary, Senate spokesman, Dino Melaye, lamented “the unruly behaviour of Marafa” and warned that Senate would take necessary disciplinary actions against him if he put up such attitude in future.
“That act is disgraceful,  unacceptable, condemnable and Senate regrets that. We want to assure Nigerians that this will be the last time Senate will condone such misbehaviour. His action contravenes Section 56 of the Standing Rules of the Senate but his misbehaviour is regrettable.
“Senate will do everything within its powers to ensure that the situation does not repeat itself and where it is repeated,  it would be met with stiff adherence to the rules of the Senate,” he said.
Again, the Senate President has attributed his ordeal at the Code of Conduct Tribunal (CCT) to the actions of certain individuals outside the Senate who do not want him as Senate President.
“I wish to reiterate my remarks before the Tribunal, that I have no iota of doubt that I am on trial today because I am the president of the Nigerian Senate, against the wishes of some powerful individuals outside this Chambers.
“But what is clear to me also, is that the laws of Nigeria, and the rules of the National Assembly give consideration only to the wishes and desires of those of you who are here today as members of the Senate, to elect as you wish, one of your peers as President of the Senate.
“This, in your wisdom, is what you have done by electing me to be the first among all of you who are my equals. The laws of Nigeria does not give any consideration to any other forces outside the Senate in the election of its President.
“To yield the ground on this note, is to be complicit in the subversion of democracy and its core principles of separation of powers as enshrined in our constitution.”
Meanwhile, some protesters yesterday barricaded the entrance to the National Assembly. The protesters who carried placards with different inscription drummed support for the embattled Senate President, Bukola Saraki and his deputy, Ike Ekweremadu.
The pro-Saraki group, championed by Ohanaeze Ndi-Igbo Youth Movement and led by Mr. Uche Nnadi, told newsmen that the rally was also to protest the use of anti-corruption agencies by politicians for personal gains.
Culled from The Sun

Saraki: Anxiety As Senate Resumes Today-By Jonathan Nda-Isaiah

As the Senate today resumes from its six weeks recess, JONATHAN NDA – ISAIAH takes a look at events that will dominate it in the coming weeks.
All eyes are on the senate as the Upper Chamber resumes from its six weeks recess today. The Senate as an institution is under attack due to the trial of the Senate President Bukola Saraki by the Code of Conduct Tribunal over an alleged false declaration of his assets in 2003.
The trial has dominated the media in the last few days and the first agenda today will be on how the senate will respond to the allegation. The senate is set for a stormy session over moves by both pro and anti-Saraki senators to disrupt plenary.
There are arguments in some quarters that a trial of Saraki which is perceived as a witch-hunt is an affront on the Senate as an institution as the constitution clearly stipulates the separation of power between the executive and the legislature. ‎While some political watchers said the trial of Saraki, the number three citizen, is a boost for President Muhammadu Buhari’s anti corruption war.
Saraki, who is presently in the eye of the storm, lamented that he is being persecuted because he is the senate president. When he appeared before the tribunal last week, he stated that: ”I’m a true believer of the Rule of Law and I have come here with great respect. I have come here to subject myself. I strongly believe that I am here because I am the Senate President.”
“I observe and make reference to some of the good works the Senate has done. The same Senate was the one that passed the Code of Conduct Bureau Act, 2001 that clearly states in Section 3 (d) that if there is a breach of the asset declaration, the Code of Conduct Bureau shall require a matter to the Tribunal after giving the person an opportunity to either confirm whether those facts are true. And if he admits, the matter shall not be referred to the tribunal”.
LEADERSHIP checks reveal that there are moves by the members of the Unity Forum who supported the aspirations of Senator Ahmad Lawan’s senate presidency to move a motion calling on the Senate president to resign over his ongoing trial, a move that may not see the light of the day as some senators argued that the trial is still ongoing and the senate cannot speak on a matter that is before a court of law.
There are also unconfirmed reports that the leadership of the All Progressives Congress (APC) has already penciled down the names of Senator George Akume or Barnabas Gemade to take over the leadership of the Senate in the event that Saraki resigns or is found guilty by the Tribunal.
However, former governor of Sokoto state, Senator Aliyu Magatatakarda Wamakko, has dismissed media reports that there are plots to find a replacement for Saraki saying that majority of the senators are with the Senate President.
Wamakko also dismissed reports that members of the Peoples Democratic Party (PDP) are planning to take over the Senate as mere propaganda.
The former governor in a chat with journalists said such reports were mere imaginations of pundits, because according to him, the present reality on Senate matters never tallies with the reports.
Wamakko said Senators are rather meeting to strengthen the Senate under Saraki with a view to recovering the lost grounds on the legislative business under the APC-led government.
He said unknown to many, President Muhammadu Buhari had nothing to do with Saraki’s present ordeal, most especially his stand off with the Code of Conduct Bureau, which had dragged him before the tribunal.
President Buhari, he noted is rather worried about the near state of inaction in the National Assembly and hence, has never been opposed to moves by the Senator to get the Senate back on a high octave in the interest of democracy.
He said, ‘‘I see Mr. President, Saraki and Senators holding a meeting very soon on how to salvage democracy which certain elements have been trying to subvert. They will find time to meet to stop our opponents from progressing with acts to sabotage democracy.
“Once the President and the Senate leadership sit on a roundtable with a resolve to re-oil the wheels of democracy for national progress, the cynics, the political rabble-rousers and those who never mean well for the APC-led government will go to sleep.
Wamakko said Saraki. having submitted himself to the law by appearing before the tribunal has helped the case preferred against him by the bureau, appealing to critics to stop pre-empting the cause of law.
He noted that those hoping to promote discord between President Buhari and the Senate President, banking on excuses would soon realise that democracy has advanced in Nigeria with more Senators anxious to make it work.
Wamakko appealed to the media to show deeper understanding of the situation in the Senate by avoiding reports capable of setting the Senate on fire.
He said the removal of Saraki as being canvassed by those he described as faceless groups outside the National Assembly will end up as an ill-wind that will blow no good for the Senate, democracy and Nigeria.
He said that “majority of Senators weeks ago passed a vote of confidence in Saraki because they were convinced that his style of leadership has been broad and progress inclined. Nothing has changed. Majority of our colleagues still believe that Saraki remains a stabilizing factor in the Senate for now.
“A change of leadership, at this point in time, as being canvassed, will certainly spark some endless sessions of rancour, suspicion, crises and uncertainty among members. When such begin to happen, no one will be able to predict the end”.
Wamakko said Saraki shares the same ideology of ‘change’ with President Buhari, stating that every step so far taken by the Senate has been inclined towards promoting the change mantra, with national progress at the core of all considerations by Senators.

Ministerial List
It is expected that the Senate will receive the much anticipated ministerial list from the President today or tomorrow. The special adviser to the president on media and publicity, Mr. Femi Adesina confirmed in New York weekend that the list of ministerial nominees will be made public on last day of the month being tomorrow.
Adesina noted that Buhari is a man of his word who would not renege on his promise to Nigerians that he would announce members of his cabinet this month.
Corroborating Adesina’s position, the senior special assistant on media and publicity to the president, Mallam Garba Shehu, also urged Nigerians to be patient, as nothing will stop the president from keeping to his promise.
“The president had said it twice that he would submit his ministerial list to the National Assembly in September. As you can see, that position has not changed”, Shehu was quoted as saying in New York where he accompanied Buhari for the United Nations General Assembly.
President Buhari had on September 7 declared in Ghana that his earlier promise of naming his cabinet before the end of the month remained sacrosanct.
LEADERSHIP gathered that the President will send the ministerial list in batches. Some political watchers are of the view that Saraki may try to get back at the presidency who many believe are behind his present travails by frustrating or even dropping some of the names of the ministerial nominees.

Composition of Standing Committees
It is also expected that the senate will constitute its standing committees in the coming days so that legislative work may start in earnest. The Senate had earlier constituted the Rules and Business, as well as Ethics and Privileges ‎committees and the remaining 55 will be constituted in the next few days. Some of the committees, when constituted are expected to screen and clear some appointments Buhari made when the Senate was in recess. Appointments of Ahmed Kuru as AMCON boss; Col Hammeed Ali as the Comptroller General of Customs; Immigration Boss, Kure Abeshi and Dr Babatunde Fowler as Federal Inland Revenue Service ( FIRS) boss.
Also, the President will send a supplementary budget to the National Assembly which will be screened and worked on by the Appropriation and Finance Committees.
The supplementary budget is hinged on the fact that the Federal Government had since exhausted its borrowing limit in the 2015 budget and the Debt Management Office had continued to issue fresh government bonds and treasury bills.

Culled from Leadership

Be your brother’s keeper, not kidnapper –Kalu

EMINENT businessman and former governor of Abia State, who is also the President of Slok Group, Dr. Orji Uzor Kalu has called on Nigerians to see themselves as their broth­er’s keeper and not kidnap­per.
In a statement issued by the Orji Uzor Kalu Media Centre, Abuja, and signed by Mrs. Rubby Obinna, the businessman frowned on the lackadaisical attitude among Nigerians in recent times, in their relationship with one another.
Kalu reiterated he was not happy with unfolding events in the country, espe­cially with the kidnap of an elder statesman, Chief Olu Falae, who was a former minster of finance and sec­retary to the federation.
Going down memory lane, Kalu recalled that in his childhood, things were not as haywire, as they have become today, add­ing that Nigerians were their brother’s keeper in those days, unlike today when they become their brother’s kidnapper.

 Culled from The Sun

Govt Must Function Within The Law – Osinbajo By Pembi David-Stephen

Home / News / Govt Must Function Within The Law – Osinbajo

Vice President Yemi Osinbajo has tasked lawyers to be alive to the onerous responsibility of ensuring that the Federal Capital Territory Administration runs smoothly within the law.
Osinbajo who spoke through the deputy chief of staff, Mr Ade Ipaye, at the opening ceremony of the retreat for the legal services secretariat in Abuja, noted that the work of the Abuja legal secretariat is undoubtedly herculean but he has no doubt that they have the potential to tackle same proficiently.
He said: “Government or for that matter, any institution of government must, of necessity, function within the law as provided by the constitution, statutes, and laid down rules and regulations.”
“Issues of compensation to the original inhabitants, removal of illegal structures, general development control, massive infrastructural developments, provision of social services such as schools and hospitals, and general land administration, must be situated within extant laws using the traditional contract model.
as well as the new public private partnership approach.”
Speaking earlier, permanent secretary of Federal Capital Territory Administration, Engr. John Chukwu said:” there is a need to re – engage a positive synergy that will engender mutual respect and the middle level cadre, down to the junior officials. You must make conscious effort to attain the level of leadership expounded by his great legal thinker.”

  Culled from Leadership

Make or mar day for Saraki-By Iheanacho Nwosu

SENATE President, Dr Bukola Saraki has a date with with his­tory today. The outcome of the day’s event will determine, sub­stantially, the shape and tenor his political life will assume.
Will he be arraigned today by the Code of Conduct Tribunal (CCT) or will the Appeal Court intervene in his favour? This is certainly what most Nigerians will focus their attention on today. One thing is obvious:What happens today will determine the course of Saraki’s Senate presidency .
The tribunal last weekend issued a warrant of arrest on the Senate President for failing to appear before it last Friday . His invitation to appear before the tribunal is sequel to his being slammed of a 13 point charge bordering on corruption by the Code of Conduct Bureau (CCB) last week.
The Bureau in charge number ABT/01/15, dated September 11 and filed before CCT accused the Senate President of engag­ing in anticipatory declaration of assets. It also alleged that he made false declaration of assets in forms he filed before the Code of Conduct Bureau during his days as governor of Kwara state.
the bureau in its charge sheet claimed that Saraki with-held some of his assets while declaring his assets in 2003 .
Apart from that it accused the senate president of acquiring assets beyond his legitimate earn­ings while in office as governor and operating foreign accounts both at the time he served as governor and during his time in the senate .
The body declared that the above offences violated sections of the Fifth Schedule of the Con­stitution of the Federal Republic of Nigeria 1999, as amended.
In addition to that CCB alleged that the Senate President Sara­ki breached Section 2 of the Code of Conduct Bureau and Tribunal Act and punishable under para­graph 9 of the said Fifth Schedule of the Constitution.
A deputy director in the office of the Attorney Gen­eral of the Federation Mr M.S. Hassan,prepared the charge . At first, the whole thing was dismissed with a wave of the hand by many. But Saraki did not . His office quickly issued a statement lambasting the Bureau and point­ing fingers to those he felt was behind the new onslaught .
His statement read “The at­tention of Dr.Bukola Saraki, President of the Senate, has been drawn to a charge sheet being widely circulated on the online media, upon which he is expected to be tried at the Code of Conduct Tribunal (CCT).
“ It should be noted that at the time of writing this state­ment (10.00am on September 16, 2015), Dr. Saraki has not been served the court process. However, we recognise that as a public officer, he owes mem­bers of the public explanation on the allegations contained in the charge sheet.
“We therefore state as fol­lows: That all the claims con­tained in the charge sheet are false, incorrect and untrue. That Dr. Saraki has consistently declared his assets as required by law at every point before resuming any political office and that of 2015 is not an exception. It is surprising that the alleged charges is now referring his asset declaration made in 2003 while in office as Governor of Kwara State to formulate their charges. They therefore ignored the recent dec­laration for which they last week issued an acknowledgement.
“ That we believe that the Code of Conduct Bureau following their processes in which after a declaration is submitted to the bureau they ought to have carried out their verification of the assets and ascertain the claims made and not wait till 12 years later to be pointing out an alleged inconsis­tencies in a document submitted to it in 2003.
“This is why we are of the opin­ion that present effort is a desper­ate move initiated due to external influence and interference.”
The statement continued “ It should also be noted that contrary to the procedure indicated in the law setting up the CCB, the bu­reau never wrote to Dr. Saraki to complain of any inconsistency in his asset declaration forms.
“ It should also be noted that Dr. Saraki as Governor of Kwara State never operated a foreign account. That some of the issues contained in the charge sheet are subjects of earlier decided and on-going Court cases. We there­fore believe those behind filing of these charges are engaging in forum-shopping.
It should be noted that we do not know on whose authority these charges are filed when the Code of Conduct Bureau and Tri­bunal Act clearly indicate that any prosecution must be authorised by an Attorney General and we know the nation last had an AG in May 2015. This is another clear indica­tion that the CCT is acting under influence from outside its domain and therefore ready to bend the rules to achieve this obnoxious objective.
“We therefore conclude that this is not an anti corruption driven case and cannot be part of the moves aimed at fighting corrup­tion. It is simply a pure mali­cious and politically motivated prosecution aimed at undermining the person and office of the Senate President.
“That those behind this plot will definitely meet Dr. Saraki in court as this case which is based on outright fabrication and mischief will not and cannot stand the test of justice.
“It should be noted that throughout his career as a public official democratically elected to high public service, Dr Saraki has always held himself, to global standards of transparency and accountability, to a far higher standard of diligence, disclosure, and compliance, than required or even requested by Nigeria’s Code Of Conduct protocols. Thus, Dr Saraki has always, lawfully and accountably, declared his assets, both directly owned, and in which he may derive any historical and on-going degree of beneficial interest.”
The statement concluded “In view of the above, Senator Saraki hereby affirms his belief in the justice system and that when the proposed case comes to the tribunal, he will diligently state his case. He is also ready to co-operate with the Tribunal and other lawful government agencies in the bid to genuinely fight cor­ruption and eliminate impunity in our public affairs.
“We also note that anytime you try to fight corruption or insist that the right thing should be done, the system will always come after you. This is another case of desperation to fight Dr. Saraki because of his recent stance on national issues.”
Not surprisingly CCB did not join issues with the Senate Presi­dent in the public domain. But that did not stop it from forging ahead with its plans to arraign him. The body asked to appear before it last weekend.
Saraki got the message clearly and rushed to the Federal High Court to stop it. The court some­how yielded to his request as it or­dered the maintenance of a status quo until today. He felt relieved by the order. But he got a shocker few hours after. The CCT brushed aside the order and asked the In­spector General of Police to arrest and produce the Senate President today for arraignment.
Justice Danladi Umar, head of the tribunal who is presiding over the matter, issued a bench warrant against Saraki . He hinged the de­cision on the refusal of Saraki to appear before the tribunal last Friday.
Anticipating a likely negative reaction from the public , the prosecution counsel , Muslim Hassan, explained that the brush­ing aside of the High Court order was based on the fact that both the tribunal and the high court had parallel jurisdiction .
That Saraki was stupefied by the decision of the tribunal was well captured in a statement signed on his behalf by his media aide ,Yusuph Olaniyonu .
The statement read “The Federal High Court on Thursday, September 17, 2015, therefore ordered that all parties in the case should appear before it on Monday, September 21, 2015. The implication of this ruling by a court of competent jurisdiction is that the sitting today has been overtaken by events. It is for this reason that Dr. Saraki chose to go about with his normal official schedule”.
Before the statement was issued .Counsel to Saraki Joseph Daudu had fought hard to stop the tribu­nal from issuing the arrest warrant on his principal but his effort was futile. The tribunal stuck to its gun. Part of Dauda’s pleas to the tribunal was to adjourn the case until after the Federal High Court sitting on Monday.
But the tribunal chairman granted the prayer of the prosecu­tor, Hassan who sought that an arrest warrant should be issued against the senate president.
What the Constitution says:
As would be expected , the Senate President is clutching on everything in a bid to wriggle out of the current noose on his neck. The debate has shifted to the constitutionality or otherwise of the ongoing move by CCT. The law clearly specify that that the Attorney General of the Federa­tion or anybody he mandates is vested with the power to initiate the prosecution of offenders.
Saraki is cashing in on this provision to squeeze himself out of the tight situation. He is of the opinion that the insistence on his prosecution by the bureau runs foul of the law since the country does not have an attorney general at the moment . His position enjoys the backing of some lawyers . But even those who have sympathy for him on that believe that the best platform to push such argument is at the tribunal itself.Ironically he does not want his foot to step into the tribunal. “ I think there is no reason to be afraid of appearing before the tribunal, he should go there and argue the constitutional­ity or otherwise of his prosecu­tion” Tunde Rauf, a lawyer said . He continued “I believe the law is clear on the processes that  must be followed. We don’t have an attorney general right now and some of these things cannot be brushed aside. But he must go to the tribunal and argue it”.
Alleged motives
The move against Saraki has, understandably, left on its trail a huge buzz in diverse circles . It is the dominant issue in the nation’s political space today. Expectedly, a lot are being spinned, many are hazarding a guess as to why the tribunal suddenly remembered Saraki and garnered an unusual gut to go after him 13 years after.
The Senate President him­self has pointed fingers at some forces as being behind him. But, either for lack of courage or self restraint he did not name those forces .
For some, the whole thing is in line with plots to oust Saraki as the Senate President . Those who feel this way easily point their fingers at the presidency and key leaders of the All Progressives Congress (APC) who have not hidden their stand that they are opposed to the man calling the shot at the senate . It is possible that such claim has some truths . It is also not impossible that it is baseless and a mere figment of the imagination of some day dream­ers .
There is equally another version that claims that the leadership of the Economic and Financial Crimes Commission (EFCC) is behind the current onslaught on the Senate President. Those who peddle this rumour claim that the Chairman of the Commission, Ibrahim Larmode,is out to humili­ate Saraki for endorsing his probe by the senate. They claim the CCT Chairman is merely acting out the bidding of Larmode on this . Again it is possible that the claim is rooted in falsehood or has some facts .
What is obvious is that Saraki and Larmode are not enjoying the best of amity . The Senate President did not pretend that he was incensed by the recent invita­tion and investigation of his wife, Toyin, by EFCC. Senate initiated investigation of Larmode soon after that incident.
EFCC has since retaliated. Just last week, it declared the former managing director of the now rested Societe Generale Bank (SGB), the firm of Saraki’s fam­ily, Kennedy Izuagbe wanted. May be the whole thing is in line with the anti-corruption stance of the incumbent administration. It may also be part of the plots to unleash an unbearable heat on him and yank him off the number three seat.
Implication of Saraki’s pros­ecution:
The planned docking of the Senate President by the tribunal, on the surface connotes little or nothing but informed Nigerians know that it bears deeper meaning that meets the eye. It will be the highest humiliation Saraki’s politi­cal career has suffered .
That the man is fighting to stave off the arraignment is an effort to save his political career. Many Nigerians are likely to join the clamour that he quits his office and face his case if he is ar­raigned.
It would have been a bit toler­able for Saraki if it was accepted that his counsel should stand in the dock in his place . The insis­tence of the tribunal that he must appear is synonymous to drilling a hole on his political image.And that is exactly what his political foes want.
When the former Lagos state governor , Bola Ahmed Tinubu suffered the same treatment some years ago, some of his political opponents danced in the streets. But the luck he had was that he was not holding any public office. People erased it from their mind soon after it happened.
It is a different scenario with Saraki. The current move could cost him his plum office . If he survives , it may colour his per­ception of President Muhammadu Buhari’s war on corruption. He made an oblique reference to that when he declared that the move against him was not in tandem with the fight against corruption but a mere witch-hunt.
For sure , those who helped the Senate President to come to office may not be happy with the unfolding events.They are likely to fight back, albeit in a differ­ent way. And that would mean that the crevices in the APC fold would be widened . Certainly the battle has just begun. The outcome of today’s legal duel will not only tell Saraki’s next political move but will test the indepen­dence of the nation’s judiciary .

Culled from The Sun

A Brutally Frank President Betrays Reluctance over Ministers-Tobi Soniyi

 President Muhammadu Buhari

• Says civil servants run government, ministers make noise

Displaying a lack of confidence in politicians-turned-ministers to help him run his government, President Muhammadu Buhari on Wednesday said civil servants and technocrats contribute more to the day-to-day running of the public sector while ministers “make a lot of noise”.

In a brutally frank interview with French television station, France 24, the president said civil servants run the government competently.

Buhari, who has delayed the appointment of his cabinet almost four months after he assumed office, also said the markets were not being harmed by the delay in ministerial appointments, which he said would happen by the end of the month.

He said: “No. It is what we know and which we learnt from the western system. The civil service provides the continuity, the technocrat. And in any case, they are the people who do most of the work.

“The ministers are there, I think, to make a lot of noise – for the politicians to make a lot of noise. But the work is being done by the technocrats. They are there, they have to provide the continuity, dig into the records and then guide us – those of us who are just coming in.

“They have been there, some of them for 15 years, some for 20 years. So I think this question of ministers is political. People from different constituencies want to see their people directly in government, and see what they can get out of it.”

He however restated his commitment to naming his cabinet before the end of the month, albeit reluctantly.

“As for the cabinet, I said we will have one by the end of the month, and time flies. The end of the month is coming too quickly for my liking. I will stick to it. I will send the names to the National Assembly,” he said.

Reminded by his interviewer that “some have quipped that the country runs better without ministers”, the president said: “When you started introducing me, you said I was around in 1983 to 1985.

“Even then we had ministers. So under this system, we have to have ministers, and we are going to have ministers.”
Comparing his time in government 30 years ago with today, Buhari added: “The last time I was here, I was in barracks, this time I’m in a palace, I still need to find my way, it’s so big and must be very, very expensive to maintain, but it’s there and cannot be removed.

“I believe firmly that multiparty democratic system is the best form of government but elections must be free and fair, otherwise, it’s the same old problem.”

The president also told newsmen the same day that the federal government was talking to Boko Haram prisoners in their custody and could offer them amnesty if the extremist group hands over more than 200 schoolgirls abducted last year.

Buhari added that he was confident “conventional” attacks by the group would be rooted out by November — but cautioned that deadly suicide attacks were likely to continue, reported AFP.

“The few (prisoners) we are holding, we are trying to see whether we can negotiate with them for the release of the Chibok girls,” Buhari said in an interview in Paris during a three-day visit to France. “If the Boko Haram leadership eventually agrees to turn over the Chibok girls to us — the complete number — then we may decide to give them (the prisoners) amnesty.”

His statement contrasted with the one he made on Tuesday in France when he said he would not release a major bomb maker of Boko Haram currently in government custody for the return of the girls.

Boko Haram fighters stormed a school in the remote northeastern Nigerian town of Chibok on April 14 last year, seizing 276 girls who were preparing for end-of-year exams in an abduction that shocked the world.

Fifty-seven escaped, but nothing has been heard of the 219 others since May last year, when about 100 of them appeared in a Boko Haram video, dressed in Muslim attire and reciting the Koran.

Boko Haram leader Abubakar Shekau has since said they have all converted to Islam and been “married off”.

Buhari, who has promised to stamp out the group’s bloody six-year insurgency, said the government would not release any prisoners unless it was convinced it could “get the girls in reasonably healthy condition”.

But he cautioned that negotiating with Boko Haram militants was fraught with difficulties. “We are trying to establish if they are bona fide, how useful they are in Boko Haram, have they reached a position of leadership where their absence is of relevance to the operation of Boko Haram?” he said.

Boko Haram’s insurgency, which has claimed more than 15,000 lives and forced 1.5 million others out of their homes, has intensified since Buhari came to power on May 29 on the back of a historic election win.

While it has lost territory it once controlled in northeastern Nigeria, the group has nevertheless stepped up deadly ambushes in its traditional heartland and across the border in Cameroun and Chad.

In August, Buhari gave a brand new set of military chiefs a three-month deadline to end the insurgency. He said yesterday that he was confident this deadline would be met — but only on Boko Haram’s “conventional” assaults and not necessarily on the random suicide attacks that have killed hundreds since he took office.

“The main conventional attacks, where Boko Haram use armoured cars they took from Nigerian troops, or mounted machine-guns on pick-ups and so on, we believe by the end of the three months, we will see the back of that,” he said.
“What may not absolutely stop is the occasional bombings by the use of improvised explosive devices,” he cautioned. “We do not expect a 100 per cent stoppage of the insurgency.”

Culled from Thisday

Immigration Recruitment: EFCC Quizzes Parradang BY Ejike Ejike

The Economic and Financial Crimes Commission yesterday interrogated former Comptroller-General of the Nigeria Immigration Service, David Parradang, for eight hours over alleged corruption.
EFCC spokesperson, Wilson Uwujaren, however, could not give details of Parrandang’s invitation.
He, however, confirmed that the former NIS boss arrived at the headquarters of the anti-graft agency in Abuja at about 10am and was immediately taken into the interrogation room by the Commission’s operatives.

However, another source at the EFCC told LEADERSHIP that Parradang’s invitation was unconnected with his role over the NIS recruitment tragedy, where more than 13 job applicants died during a recruitment exercise organised in 2013.
He also confirmed that the former CG was later let go after eight hours when he was granted administrative bail.
LEADERSHIP recalls that Parradang was suspended from office by President Muhammadu Buhari for his alleged complacence that led to the disastrous NIS recruitment exercise, which he blamed on Abba Moro, who he accused of hijacking the recruitment

Culled from Leadership

Buhari Awaits Attorney General to Begin Corruption Prosecutions

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President Muhammadu Buhari

Tobi Soniyi in Abuja   

The prosecution of ex-government officials who served under the Goodluck Jonathan administration and their accomplices in the private sector will begin in earnest once an Attorney General of the Federation (AGF) and Minister of Justice is appointed by President Muhammadu Buhari, THISDAY has learnt.

A presidency source, who confirmed this, said preliminary investigations had enabled the Buhari administration to identify some ex-government officials – mostly former ministers and heads of parastatals — as well as other persons in the public or private sector who helped to conceal their ill-gotten wealth for prosecution.

He added that the list of ex-government officials cuts across mainly the oil and gas sector, among other sectors, but their prosecution would only start in earnest once an attorney general who is “constitutionally recognised as the chief law officer is appointed by the president”.

He declined however to name the ex-government officials or the number of persons who might be prosecuted by the Nigerian government.

The presidency source noted that the dragnet would only focus on those who were once in the executive arm of government while any corrupt cases involving former governors, their aides and members of the legislature would be handled by the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC).

“The reason the attorney general is required for the prosecution of former government officials is because some of the cases will require the assistance of overseas governments to help in tracing where the loot may have been moved, the loot recovery process, and extraditions that can only be handled by the AGF,” he explained.

Buhari, who is set to release his list of ministerial nominees in the next few days, will also be expected to name his AGF and Minister of Justice.

According to presidency sources, frontline contenders for the post include human rights activist and lawyer, Mr. Femi Falana (SAN) from Ekiti State; former President of the Nigerian Bar Association (NBA), Mr. Rotimi Akeredolu (SAN) from Ondo State; and a former Legal Adviser of the defunct Congress for Progressives Change (CPC) who also served as part of Buhari’s legal team during all his presidential election petitions against successive presidents, Abubakar Malami (SAN) from Kebbi State.

Source Thisday

Power Outage Disrupts Power Probe In Senate -Jonathan Nda-Isaiah

For eight times, intermittent power failure disrupted the investigative hearing session on power sector at the Senate yesterday leading to the usage of recharge lamp and camera lights to power the session.
The session, which was the last day of the interactive session the Senate Ad-Hoc Committee members had with stakeholders of the power sector, started at about 11:30am and ended abruptly at 4pm due to 10-15 minutes power failure at intervals for eight different times from 2pm when the permanent secretary, Federal Ministry of Power, Godknows Igali, was making a submission on behalf of the various electricity companies.
Aside the perm secretary, other critical stakeholders of the sector caught in the power outage disappointment while making presentation were the director-general of Bureau of Public Enterprises (BPE), Benjamin Ezreal Dikki; the chairman, National Electricity Regulatory Commission (NERC), Sam Amadi, and some of the managing directors of electricity distribution companies (DISCOs).
Even the chairman of the committee, Abubakar Kyari (APC, Borno North), was not spared, as he was also interrupted by one of the many power outages.
Worried by the ugly development, Kyari after the session told journalists that the committee would investigate what led to the power outages during the sitting.
“The power outages experienced here today further underscores the relevance of this committee at this critical time but we shall investigate whether they were deliberate or not,” he said, adding that the actual public hearing on the sector would hold in due course.
Earlier, investors in the sector had, in their various submissions, lamented that they are running at heavy losses on monthly basis due a myriad of factors.
The managing director of Enugu Distribution Company, Mr Robert Dickerman, who spoke on behalf of all the distribution companies, said they were running the entire industry at a deficit of N20bn per month.
This, according to him, was because over 50 percent of electricity consumers were not metered and about 30 per cent were not even on the billing system of the service providers.
He also stated that even the N100billion subsidy promised by the federal government for injection into the sector was not fulfilled.
This submission was corroborated by the CEO, Ibadan Electricity Generating Company, Adeoye Fagbembi, on behalf of the six GENCOs who said transmission losses between them and the electricity distributors was a big issue, and lamented that the N100bn subsidy earlier promised by government to bridge the loss gaps was yet to be fulfilled.
But the BPE director-general, Benjamin Dikki, in his submission, said the Central Bank of Nigeria had paid N5bn of the N100bn promised by the government. He, however, admitted that the investors were running at a loss.
He further explained that the losses at initial stages were envisaged and were embedded in the performance agreement reached with the investors.
In his own presentation, the chairman of NERC, Sam Amadi, refuted the claim that the Transmission Company of Nigeria would soon be privatized by the federal government, saying government had no such plans because of the sensitive nature of that particular component to the sector.

Culled from Leadership

FG: Nigeria's Interest Paramount as JP Morgan Delists FGN Bonds

Godwin Emefiele

• In rare joint statement, CBN, finance ministry, DMO say demand for bonds remains strong

Obinna Chima
In a rare joint reaction to the decision by US investment bank, JP Morgan to phase out Federal Government of Nigeria (FGN) Bonds from its Government Bond Index for Emerging Markets (GBI-EM) by the end of October, the Federal Ministry of Finance, Central Bank of Nigeria (CBN) and Debt Management Office (DMO) yesterday said Nigeria and the interest of Nigerians were paramount, and will continue to take economic decisions that will impact positively on the lives of all citizens.

In a statement signed by CBN’s Director Corporate Communications, Mr. Ibrahim Mu’azu, on behalf of the three institutions responsible for the management of the Nigerian economy, they also said “the market for FGN Bonds remains strong and active due primarily to the strength and diversity of the domestic investor base”.

Reuters yesterday reported that JP Morgan will by October ending phase out Nigeria from its bond index, warning that currency controls introduced by the CBN in recent months were making bond market transactions too complex to meet its rules.

When the naira was weakened by the global plunge in oil prices, Nigeria first used its currency reserves to try to stabilise it, then resorted to market controls as pressure persisted.

JP Morgan’s decision to phase Nigeria out of its index which many investors track, marked the conclusion of a process initiated in January, Reuters reported.

Some bonds will be removed by the end of September and the rest by the end of October, JP Morgan said.
Earlier, it had said that to stay on the index, Nigeria would have to restore liquidity to its currency market in a way that allows foreign investors tracking the index to conduct transactions with minimal hurdles.

“Foreign investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency. As a result, Nigeria will be removed from each of the six GBI-EM indices starting Sept 30,” the bank said in a note.

The central bank had to devalue the naira and pegged it at a fixed rate against the dollar, turning trading into a one-way quote currency market whose lack of transparency angered investors and businesses.

The index provider said Nigeria would not be eligible for re-inclusion in the index for a minimum of 12 months. To get back in, it has to establish a consistent record of satisfying the index inclusion criteria, such as a liquid currency market.

Removal from the index would force funds tracking it to sell Nigerian bonds they hold, potentially resulting in significant capital outflows.
That in turn would raise borrowing costs for Africa's largest economy, already suffering from a sharp drop in revenue following the plunge in oil prices.

But in its response to the decision by JP Morgan, the finance ministry, CBN and DMO said: “While we respect the right of JP Morgan to make this decision, we would like to strongly disagree with the premise and conclusions upon which the decision rests.”

They recalled that Nigeria was included on the index in October 2012, based on the existence of an active domestic market for FGN Bonds supported by a two-way quote system, dedicated market makers and diverse investors.

“However, in January 2015, JP Morgan placed Nigeria on an index watch as a result of their concerns in the operations of our foreign exchange market, namely: 1) lack of liquidity for transactions; 2) lack of transparency in the determination of the exchange rate; and 3) lack of a fully functional two-way forex market.

“In our continuous bid to strengthen the Nigerian financial market and enhance our status as a preferred destination for investors, we took measures to improve the market.

“Despite the fact that oil prices have fallen by nearly 60 per cent in one year, which should expectedly reduce the amount of liquidity in the market, the CBN ensured that all genuine and effective demand was met, especially those from foreign investors.

“On transparency, the CBN mandated that all forex transactions were posted online in the Reuters trading platform so that all stakeholders can easily verify all transactions in the market.
“In addition, the official forex window at the CBN was closed to ensure a level-playing field in the pricing of foreign exchange,” the statement said.

The three Nigerian institutions further drew the attention of JP to the existence of a functional two-way forex market in Nigeria, adding however that given the high propensity for speculation, round tripping, and rent-seeking in the market, “it became imperative that participants are not allowed to simply trade currencies but are only in the market to fulfill genuine customer demand to pay for eligible imports and other transactions”.

“In the light of this, we introduced an order-based, two-way forex market, which has resulted in the stability of the exchange rate in the interbank market over the past seven months and largely eliminated speculators from the market.

“Despite these positive outcomes, JP Morgan would prefer that we remove this rule, even though it is obvious that doing so would lead to an indeterminate depreciation of the naira.

“With dwindling oil prices, we believe that an order-based two-way market best serves Nigeria’s interest at the moment,” they maintained.
The ministry, CBN and DMO added that they shall continue to ensure that there is liquidity and transparency in the market, they assured JP Morgan and other investors that the market for FGN Bonds remained strong and active due primarily to the strength and diversity of the domestic investor base.

“For the avoidance of doubt, the federal government sees Nigeria and the interest of Nigerians as paramount. It will therefore only continue to take economic decisions that will impact positively in the lives of all Nigerians,” they stated.

The JP Morgan index has around $210 billion in assets under management benchmarked to it. That benchmarking supports investor demand for the bonds on the index.

Nigeria became the second African country after South Africa to be listed on the JP Morgan emerging government bond index in October 2012 after the central bank removed the restriction for foreign investors to hold government bonds for a minimum of one year before they could exit.

The index added Nigeria’s 2014, 2019, 2022 and 2024 bonds, giving Africa’s biggest economy a weight of 1.8 per cent on the index.
Analysts said JP Morgan's decision to eject Nigeria came earlier than expected. Most international investors had already exited Nigeria’s debt last year, it said.

Traders told Reuters yesterday the central bank started rationing dollars to foreign investors last week.
Nigeria’s foreign reserves stood at $31.01 billion as at September 7, down 21.6 per cent from a year ago, when it was $39.6 billion, the central bank said.

“Nigeria’s inclusion in the GBI-EM index was generally seen as a big step forward in its integration with global financial markets, opening the market to new investment and raising its profile worldwide. That will now be reversed,” an economist at Exotix, Alan Cameron said.
With Nigeria’s removal, countries like Malaysia, Indonesia and Thailand have increased their weight by more 25 basis points as of August 31, JP Morgan said in the note.

Foreign holdings of Nigerian government bonds stood at around $2.75 billion, the head of Africa strategy at Standard Chartered Bank Samir Gadio said. They had been around $8 billion last September.

He said the market was underweight Nigeria relative to the index before the announcement.
“This will initially trigger excess volatility in the market as exiting offshore accounts and onshore investors may push yields higher,” Gadio said. “A potential exclusion from the GBI-EM indices would make it more difficult to attract foreign portfolio flows in the future as Nigeria will need to rebuild its market credentials.”

Culled from Thisday

Pres. Obama To Sign Paid Sick Leave Order -By JOSH LEDERMAN

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WASHINGTON (AP) — Showing solidarity with workers on Labor Day, President Barack Obama will sign an executive order Monday requiring paid sick leave for employees of federal contractors, including 300,000 who currently receive none.

The White House wouldn't specify the cost to federal contractors to implement the executive order, which Obama was to address at a major union rally and breakfast in Boston. The Labor Department said any costs would be offset by savings that contractors would see as a result of lower attrition rates and increased worker loyalty, but produced nothing to back that up.
Under the executive order, employees working on federal contracts gain the right to a minimum of one hour of paid leave for every 30 hours they work. Stretched out over 12 months, that's up to seven days per year. The order will allow employees to use the leave to care for sick relatives as well, and will affect contracts starting in 2017 — just as Obama leaves office.
The Obama administration has been working on the executive order for months, and chose Labor Day to announce it as Obama works to enact what policies he can before his presidency ends despite resistance in Congress to laws he's proposed to improve workplace conditions. That push has reverberated in the 2016 campaign, where Democratic candidates are seeking to draw a distinction with Republicans on who's most supportive of the middle class.
"There are certain Republicans that said we can't afford to do this," said Labor Secretary Thomas Perez. He lamented how paid leave is seen as a partisan issue in the U.S. despite broad support in Europe. "The Republican Party is out of step with similar conservative governments around the world," he said.
Roughly 44 million private sector workers don't get paid sick leave — about 40 percent of the private-sector workforce, the White House said. In his speech to the Greater Boston Labor Council's breakfast, Obama was also to renew his call for Congress to expand the requirement beyond contract workers to all but the smallest U.S. businesses, an idea that has gained little traction on Capitol Hill.
The Labor Day gathering in Boston was attracting other well-known politicians, Sen. Elizabeth Warren, D-Mass., and Boston Mayor Marty Walsh among them. Vice President Joe Biden, who is considering entering the Democratic presidential primary, was to echo the labor rights theme in a march with AFL-CIO President Richard Trumka on Monday at a Labor Day parade in Pittsburgh.
Unable to push much of his agenda through a Republican-controlled Congress, Obama has in recent years used executive orders with frequency to apply policies to federal contractors that he lacks the authority to enact nationwide. His aim is to lay the groundwork for those policies to be expanded to all Americans. Earlier executive orders have barred federal contractors from discriminating against workers based on their sexual orientation or gender identity, raised the minimum wage for contractors and expanded the number of contract workers eligible for overtime.
Although labor groups have hailed those moves, they remain deeply skeptical of Obama's push to secure sweeping new trade deals with the Asia-Pacific region and with Europe. Many unions have warned that the deals could lead to the widespread elimination of certain types of U.S. jobs.

The White House said it couldn't estimate how many federal contractors don't offer paid leave now, citing a maze of state and local laws that make crunching the numbers difficult. Officials also declined to put a dollar figure on how much contractors would face in added compensation costs.

Cecilia Muniz, director of the White House's Domestic Policy Council, said the administration has an obligation to get the most out of every federal tax dollar.

Culled from AP

Bayelsa Polls: Jonathan, Wife, Ijaw Leaders to Attend Dickson’s Declaration

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 Former President Goodluck Jonathan,

By Segun James in Yenagoa
                                                                                               

Following the improvement in the relationship between former President Goodluck Jonathan, his wife, Patience, and Governor Seriake Dickson, over the control of the political soul of Bayelsa State, they are expected to grace the formal declaration of the governor for the forthcoming governorship election.

Also expected at the declaration is the former governor of the state, Chief D.S.P. Alamieyeseigha, Ijaw leaders from around the world and other political heavyweights from the South-south geo-political zone.
Dickson will on September 8, 2015 in Yenagoa, declare his second term bid for the governorship.

Meanwhile, Alamieyeseigha has described Dickson as a good product that would be easy to market for a second tenure in office as governor of the state.
Alamieyeseigha stated this when Dickson visited him at his country home in Amassoma  in Southern Ijaw Local Government Area of the state.

According to the former governor,  Dickson had performed well and deserves a second tenure to consolidate on the gains of the restoration agenda, stressing that, it is only a man like Dickson, who has performed creditably well that can bring victory for the PDP in the December 5 governorship poll.

In a related development, Mrs. Patience Jonathan yesterday announced the decision to bury the hatchet with Governor Dickson and directed all her loyalists in the state to work selflessly for the Peoples Democratic Party (PDP) and re-election of the incumbent in the forthcoming Governorship election election in the State.

The decision by the former first lady to set aside her differences with the governor  has led to a major boost in the second term bid of the governor and the involvement of the former aides to the former President Jonathan.

While close aides of the wife of the former president claimed the decision to support the PDP and the second term bid of  Dickson was based on the need to resist the perceived plan by the All Progressives Congress (APC) to defeat the PDP in Bayelsa and disgrace former President Goodluck Jonathan in his home state.
Others close to the PDP claimed that Mrs. Jonathan’s decision to reconcile with Dickson was based on the series of interventions on some Bayelsa Elders including Alameiyeseigha.

Mrs. Jonathan, it was learnt, had directed her followers and loyalists, including the former Special Adviser to the President on Domestic Matters, Dr. Waripamowei Dudafagh, who was also at loggerhead with the governor over his alleged anti-PDP posture and alleged sponsorship of some candidates of the All Progressives Grand Alliance (APGA) not support Dickson.

A close relative of former President  Jonathan and former state Commissioner for Special Duties (Federal Project), Mr. Mike Ogiasa, who confirmed that the processes that led to the reconciliation of Dickson and the former first lady are not known to him said.

source thisday

Oil Surges, Following Lower US Output, OPEC Talk- Chika Amanze-Nwachuku

OPEC logo

•    Biggest since 1990

The hope for better days in the oil industry was strengthened monday when the price  of oil  continued its soar for the third consecutive day, rising more than 8 percent, following a downward revision of U.S. crude production quota and the  readiness of Organisation of Petroleum Exporting Countries (OPEC) to talk with other producers, a move which helped to extend the biggest price surge in 25 years, Reuters reported on monday.

OPEC, the producer of 40 percent of the world’s oil, renewed its readiness to talk to other crude exporters to achieve “fair and reasonable prices,” according to the group’s monthly magazine.

  “There is no quick fix, but if there is a willingness to face the oil industry’s challenges together, then the prospects for the future have to be a lot better than what everyone involved in the industry has been experiencing over the past nine months or so,” said the opening commentary in its latest bulletin published on its website.

“As the Organisation has stressed on numerous occasions, it stands ready to talk to all other producers.”
Oil jumped to the highest in a month on the report released by OPEC.
Brent October futures rose $4.10, or 8.2 percent, to settle at $54.15 a barrel, with volumes relatively muted by a British public holiday, according to the newswire.
U.S. crude gained $3.98, or 8.8 percent, to settle at $49.20 a barrel, taking three-day gains to 27.5 percent, the highest over three days since August 1990.

In dollar terms, it is the biggest three-day gain since February 2011.
U.S. crude oil prices have risen high more than $10 a barrel in three days, erasing the month's declines as a series of relatively small-scale supply disruptions and output risks prompted bearish traders to take profits on short positions, which had been at near record highs a week ago.

The unprecedented shock in the global crude oil market had forced the producers to scale down on investments and reduce their workforce in the face of weak balance sheets.

Brent, which was sold for $115 per barrel in June 2014, later dropped to an all-time low of $45.19 in January this year and $46.41 two weeks ago.

The prices had initially surged earlier in the year, fueling speculations of imminent recovery, but they later witnessed a fresh dip.
In early February, the prices rose consecutively for a third day to the $53 a barrel range, as the month’s World Oil Outlook report by OPEC, predicted that Canada's oil output would grow more slowly than expected because of lower oil prices.

However, yesterday, prices fell initially but reversed course mid-morning to accelerate into the close, extending gains to more than the 20 percent mark that often signals a bull market. Even so, few were prepared to call a definitive end to the slump.

"Sharp gains over the past three trading sessions were driven by a combination of short covering and chart-readers again looking to call a bottom falsely," Citi said in a report, saying that prices may yet experience new lows before year's end.

While some analysts have been warning of a rebound in prices after a one-third slump since late June, most have been shocked by the whiplash of the past few days, and wondered whether it was an overreaction to relatively mild triggers.

Yesterday, some cited a commentary in the latest OPEC Bulletin publication suggesting the group may be increasingly willing to talk to other producers about curbing output as a factor, even though it was broadly in line with previous comments. There has been no indication this summer that core Gulf OPEC members are pushing for more talks.

The rally was also fueled by revised U.S. government figures showing that domestic production in the first half of the year was lower than initially reported. Even so, the data was in line with the overarching narrative of an industry in decline.

The Energy Information Administration said its new survey-based output data showed that the United States pumped a hair below 9.3 million barrels per day in June, down by 100,000 bpd from a revised May figure. June figure was also nearly 250,000 bpd below what the EIA had estimated a few weeks ago.

Culled from Thisday