Continued Rise Predicted

Oil prices may rise amid supply disruptions in Nigeria and the threat of lower output from Iran, a Bloomberg survey showed.

Nineteen of 54 analysts, traders and brokers, or 35 percent, said prices will rise next week. Eighteen, or 33 percent, expected little change and 17 forecast a drop. Forty-one percent of respondents predicted a decline a week ago.

Attacks in Nigeria, Africa's largest oil producer, have cut almost a fifth of its output since Feb. 18. Militants yesterday said they wouldn't free three kidnapped foreign oil workers to force talks to cede control over the industry to the Niger River Delta states. Iran may react to United Nations sanctions because of its nuclear program with threats to halt oil exports.

``Crude will rise next week on saber-rattling in Nigeria and the UN Security Council meeting,'' said Kurt Barrow, senior principal at Purvin & Gertz Inc., an oil and gas consultant in Singapore.

Crude oil for April delivery gained 45 cents, or 0.7 percent, to $63.36 a barrel on the New York Mercantile Exchange in the first four days of this week. Oil has climbed 19 percent in the past year. Today, oil rose 0.3 percent to $63.54 at 12:21 p.m. Singapore time.

Royal Dutch Shell Plc's venture in Nigeria has halted 455,000 barrels a day of production following attacks by militants on an export terminal and a pipeline in the Niger River delta. Militants set fire to the Forcados terminal and blew up the Chanomi pipeline during the attacks.

Nigeria produced 2.36 million barrels a day last month, making it the sixth-biggest producer in OPEC, according to data compiled by Bloomberg. Iran, which pumped an average of 3.9 million barrels a day last month, is OPEC's second-biggest producer after Saudi Arabia.

Militants in Nigeria warned earlier in the week that they would continue attacks on oil installations in the OPEC member country where they have already brought one-fifth of crude exports to a halt.

The Movement for the Emancipation of the Niger Delta warned on Wednesday that it was concentrating its resources on "one huge crippling blow to the Nigerian oil industry" with an aim of completely discontinuing exports of onshore crude oil.

Three-Fourths of Nigeria's Governors Under Indictment

The Independent Corrupt Practices and Other Related Offences Commission, on Wednesday, said 24 state governors had been referred to the Chief Justice of Nigeria, Muhammadu Uwais, for corruption trial.

According to the ICPC Chairman, Justice Emmanuel Ayoola, the charges against the governors have not been dropped. He said reports of the commission’s investigation, detailing their alleged corrupt practices, were pending before the CJN.

Ayoola, a retired Justice of the Supreme Court, told journalists in Abuja that Uwais had not appointed independent investigators to proceed against the governors because there was no fund to hire such investigators.

He said that hiring an independent investigator could cost between N10million to N20million.

“As I am talking to you, neither the ICPC nor the CJN had been given the required funds to appoint independent investigators,” he added.

The ICPC chairman said as soon as funds were made available, the process of prosecuting the governors would commence.

But Ayoola declined to make the names of the affected governor public.

The commission had last year filed cases of corruption against 24 governors with the CJN, who is to appoint independent investigators in line with the provisions of the anti-graft law.

There had been speculations that the cases against the governors had been dropped.

Ayoola said on Wednesday, “We have not dropped any of these cases. They are live issues and are still being pursued.”

Section 308 of the 1999 Constitution prevents the President, Vice-President, governors and their deputies from being prosecuted while in office.

But the ICPC Act makes a special provision for the impeachment and consequent prosecution of corrupt governors.

Ayoola said it was not ICPC’s duty to remove the governors.

He also said the commission was re-strategising in its fight against corruption.

Some of these, he said, included streamlining its investigation procedure, enlisting members of the public and introducing a corruption perception index, among others.

He admitted that frequent procurement of interlocutory orders was hampering the prosecution of suspects.

He, however, said that an arrangement was being made to collaborate with judges so that ICPC’s cases would be given special attention.

Ayoola also reacted to insinuations that its sister agency, the Economic and Financial Crimes Commission, had done better than the ICPC.

He said, “We have a value, a respect for the rule of law. We will continue to respect suspects’ rights.

“If you have been locked up in a cell before, you will appreciate what ICPC is doing.

“There are values which we must protect. We cannot make the country lawless.

“I do not think EFCC wants to be lawless too.”

He also said the commission had no intention to adopt the policy of plea-bargaining, to secure speedy prosecution of suspects.

MEND Attacks/Robs Vessel

"The month of March is here at last. The next phase of our sophisticated rebellion is unsealed. The guerilla strategies shall be unleashed", a MEND spokesman has announced

"Operation oiled venom is on the sea. The tempers of the goods of Izonland is sailing with hammer of a whirlwind. The month of March shall witness mayhem, madness and murder of every element, institution or ideology that dare to sabotage the economic autonomy of the Niger Delta people. Beware!" MEND further warned.

An ocean going vessel named Africa Prince, conveying diesel to Warri refinery was attacked by militant youths at Okerenkoko in Warri South West of Delta State in the early hours of yesterday.

Ten militant youths, who were said to have dispossed the Captain of the ship and other crew member of the sum of $ 400,000.00 ( N 50m) also siphoned the content of the vessel.

It would be recalled that a vessel conveying kerosine was attacked by the militants at Chanomi creek in the early hours of Tuesday carting away huge sum of money and valuables belonging to member of the crew.

When contacted the commanding officer NNS Delta Naval base, Warri, Captain Mufutau Ajibade confirmed the incident. He said that the navy will henceforth provide naval escort for vessels.

He added that the attacked vessel has been released and anchored at Warri jetty, he said naval patrol will be increased in the Warri water ways.

It is believed the militants have resorted to attacking vessels because they are running out of funds for their operations due to military activities on the water ways.

New Group Opposes Third Term

A new pressure group known as "Obasanjo-Must-Vacate-Aso-Rock-Come-2007 (OVARC-2007)" has also warned that any extension of the tenure of current political office holders was capable of breeding terrorism and secession.

Briefing newsmen in Abuja, the group's national co-ordinator, Mr. Olusegun Bamgbose appealed to those behind the plan to drop it in the interest of national peace and corporate existence of the country.

The group promised "to use all legal and democratic means to stop the Controversial third term project, even as it called on "the Conference of Nigerian Political Parties (CNPP) to convene an all-stakeholders meeting, immediately, to adopt a common stance against the idea.

Bamgbose said "the group, which would be formally launched in May, was out to make it practically impossible for Obasanjo to stay in office beyond May 29, 2007.

While admitting that President Obasanjo has done his best for the country, he said, "We need a change. He has to leave for us to avoid secession and civil war. Third term will breed and promote terrorism and secession will become inevitable".

Mr. Bamgbose called on world leaders like President George Bush of the United States and Prime Minister Tony Blair of Britain to dissuade him from contemplating such a move.

When reminded that a constitutional amendment could allow the President run for a third term in office, the coordinator maintained that "it is our belief that he (Obasanjo) is a tenant in Aso Rock and his rent cannot be renewed irrespective of constitutional amendments".

Faulting the recent blanket endorsement given President Obasanjo by South-west governors to seek an extension of his tenure, he vowed that the group would challenge "such sycophancy" when OMVARC-2007 campaign formally kicks off in an undisclosed South-west state in May.

On strategies to be adopted by the group, Bamgbose disclosed that fervent prayers would be used to seek divine intervention, as well as public enlightenment and persuasion of political parties and members of the National Assembly.

He urged President Obasanjo to investigate allegations that governors of the South-South states have been clandestinely responsible for terrorist acts in the creeks of the Niger Delta.