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The workers are demanding the adoption of the long-awaited Petroleum Industry Bill (PIB), which is aimed at improving oil and gas operations in the country. They have also called on the government to manage corrupt labor practices carried out by the government and oil companies. In addition, the unions have said in an earlier statement that the strike action is also against “the inability of the government to carry out turnaround maintenance of the refineries” and its failure to reduce gas prices after global oil prices dropped.

The Nigerian government has also been accused of failing to fight pipeline vandalism. The workers have also demanded that the government work to improve the country’s neglected roads, which they say is hindering the transportation of oil. The unions have stated that the strike will not end until the government and operators show “a strong commitment” to resolve the problems they face. Although Nigeria is Africa’s largest oil producer, it imports most of its fuel from other nations due to a lack of refining capacity. Despite the abundance of natural resources in Africa’s biggest economy, a large number of Nigerian people live in poverty.

Culled from Presstv

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Ngwa Bertrand

17.Dec.2014

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Rita Akana

Alamine Ousmane Mey, Cameroon Finance Minister has provided details of the third bond issued by the state of Cameroon.  The minister revealed to local and international media on Tuesday the 16th of December the framework of the bond, its purpose, its characteristics and conditions of subscription, and the different mechanisms related to the operation. Cameroon Concord gathered that the funds collected will be used to partially finance structuring projects included in the 2014 Finance Act and none of these projects is in Anglophone Cameroon.

The Biya Francophone Beti-Ewondo Finance Minister cited what he described as major projects which included the tarring of 27,381 kilometres of roads in Francophone Cameroon, the continuation of work at the Kribi port (a project that was born after the Francophone Beti-Ewondo government stifled the Limbe port scheme) and the Douala- Yaounde highway.

Minister Alamine Ousmane revealed that  the ECMR bond had a subscription rate of 5.5%  which is also net nominal interest rate per year from 2014 to 2019) and extends from 24 November to 23 December 2014.  The operation launched by the Cameroonian government is open to all interested investors and has received from the Bank of Central African States (BEAC) the operation safety waste mechanism. The amount of the bond issue by public offering (ECMR) is 150 billion FCFA. The price of the bond is 10 000 FCFA minimum for the subscription, 10 obligations. 15 million of bonds in total have been placed on the market.

The Finance boss said the date of duration for the use of selected titles is 3 days after the closing of the transaction and it also has a 1 year grace period. However, our chief economic reporter says it is unwise for any investor to channel his money to a country where cabinet ministers are constantly being harassed by judges of a so called Special Criminal Court.

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17.Dec.2014

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The workers are demanding the adoption of the long-awaited Petroleum Industry Bill (PIB), which is aimed at addressing all issues threatening the country’s oil and gas sector. They have also called on the government to manage corrupt labor practices carried out by the government and oil companies. The strike is also in protest against “the inability of the government to carry out turnaround maintenance of the refineries" and its failure to reduce gas prices after global oil prices dropped.

The Nigerian government has been accused of failing to maintain the refineries and fight pipeline vandalism. The workers have also demanded that the government work to improve the country’s neglected roads. The unions added that the strike would not end until the government and operators showed “a strong commitment” to resolve the problems they face. Although Nigeria is Africa's largest oil producer, it imports most of its fuel from other nations due to a lack of refining capacity. Despite the abundance of natural resources in Africa’s biggest economy, a large number of Nigerian people live in poverty.

 

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Ngwa Bertrand

15.Dec.2014

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By NFOR Hanson NCHANJI

Tension almost escalated to violence between traders and the management team of the Sandaga market in the economic capital of Douala as a two hour meeting that held at the office of the government delegate to the Douala city council ended in a fiasco. A consensus on how to better manage the market was never arrived at. However, the government delegate to the Douala City Council, Dr Fritz NTONE NTONE who chaired the meeting, urged the two camps to adhere to the resolutions arrived at which were that the Arthur cabinet will have to work in close collaboration with the Douala City Council to spell out the judicial terms of management, though without precision, it was decided that taxes per shop and stall will be reduced.

Cameroon Concord gathered that traders are asking the management team which owns the land, Arthur Cabinet to reduce taxes on stalls which according to them is sheer extortion. Shops now cost 30,000 fcfa to 150 000, which at first were given out at 3000; stalls are now rented on break-neck-figures, which the traders say they can’t afford.

Violence had earlier escalated in the month of October when tracks were allegedly distributed by an NGO Cameroon O’Bosso, calling on traders to embark on a violent strike action but police dispersed the crowd before they could make any move. Located along the coastal zone in Douala, the Sandaga market is the biggest fruit and vegetable market in the Central African sub region with 80 percent of traders mostly women, commonly called ‘buyam sellam’.

 

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Ngwa Bertrand

13.Dec.2014

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The Cameroon government has secured the confidence of some major banks to jointly finance the three-year Emergency Plan (2015-2018) to accelerate the growth of the country's economy. The banks include the Cameroonian subsidiary BGFI, Standard Chartered Bank, Atlantic Bank, Ecobank and Deutsche Bank in Madrid. Cameroon Concord gathered that the above banks will provide 633.5 billion to add to the 925 billion CFA Francs sought by the State for the implementation of this project.

 The Deutsche Bank SAE intends to make available the sum of 13 million euros (about 8.5 billion CFA Francs) to enable Cameroon finance the construction of slaughterhouses and cold stores in many parts of the country. For its part BGFI Cameroon intends to release 100 billion CFA Francs which will be used to finance the rehabilitation of secondary roads and street lighting in the cities of Douala and Yaoundé. Ecobank has promised $ 35 billion which will be for the construction of water supply systems urban and rural regions. The Ecobank money will also be channelled to building 3,000 wells in areas of Adamawa and North and also the construction of the gendarmerie and police stations in Yaoundé and Douala.

Bank Atlantic Cameroon has announced that it is ready to release 190 billion that will be for the financing of the "Project 100 Social Housing" in every capital of the ten regions. This will also include the construction project and equipping of reference hospitals in the regional capitals and above all, the rehabilitation and upgrading of technical facilities

Standard Chartered Bank Cameroon reported to be raising the lions share approximately 300 billion CFA Francs) will be to finance the construction project of roads linking up each region, as well as the proposed creation of agro poles and 12,000 hectares of hydro-agricultural perimeter. According to the President of the Republic who was speaking at the Ministerial Council held last Tuesday, the loans were obtained in the "best interest of the Cameroonian people”.

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12.Dec.2014

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11.Dec.2014

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