All Posts in "Day: January 7, 2022"

 Buhari Sets Agenda  For  New NNPC Board 

Buhari Replaces Ararume, Names Okadigbo As NNPC Board Chairman – The Whistler Nigeria
President Muhammadu Buhari has o inaugurated the new board of the Nigerian National Petroleum Company (NNPC) Limited, urging  them to make profit for the country.
Inaugurating the board chaired by Senator Margret Chuba Okadigbo, the President implored them to comply strictly with corporate governance principles, including ensuring that they do business with the highest ethical standards, integrity, and transparency.
He  tasked them to focus on profitability and operate at par with its industry peers across the world.
He said:”‘I expect the NNPC Limited to be mindful of our commitments to our net carbon zero aspirations and to ensure total alignment with the global energy transition realities”.
He  said that the board members  came on board as a result of the reforms put forward by the Petroleum Industry Act (PIA) 2021.
The President said his vision is to reposition the Nigerian petroleum industry to a commercially viable and competitive industry in line with global business dynamics and best practices.
”The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfilment of legal and regulatory requirements.
”NNPC Limited is expected to operate at par with its industry peers across the world, while acting as Enabler Company that will foster the development of other sectors of our Economy.
”The inauguration of this Board is a major step in the ongoing transition to a more viable petroleum industry that will attract investment to support our economic growth and generate employment to millions of our people,” he said.
He emphasized  that there should be full alignment and synergy between NNPC Limited, the Upstream Regulatory Commission and the Midstream & Downstream Regulatory Authority in compliance with the provisions of the law in all respects to deliver the onerous reforms envisaged for the energy industry.
”NNPC Limited is expected to operate at par with its industry peers elsewhere in the world, while acting as Enabler Company that will foster the development of other sectors of our Economy,”he stated.
Online Editor by — January 7, 2022 in News 0
Report Sees Strong FPSO Market  In 2022

Rystad Energy | Sponsor | Energy Council
Rystad Energy report says there would be strong market for floating production,storage and offloading(FPSO),this year.
The market for floating production, storage, and offloading (FPSO) units almost brushed off the pandemic’s effect in 2021 and is likely to continue apace in 2022, with 10 new awards expected,the report said.
Two lease contracts were awarded in the fourth quarter of 2021, bringing the total for the year to 10 – up from just three in 2020 – a strong rebound for the FPSO market.
Demand for FPSO units in Brazil was a significant contributing factor that drove 2021 growth, with seven of last year’s 10 contract awards being Brazilian projects. The South American nation is expected to continue driving global awards in 2022, with an additional three FPSOs expected. Not only is Brazil delivering more awards, but the Brazilian projects are expected to be the largest in terms of production capability. For instance, the unit bound for P-80 will become the ninth in the Buzios area. It will have an oil processing capacity of around 225,000 barrels per day (bpd) and a gas processing capacity of about 12 million cubic meters per day, which is the same size as the FPSO Almirante Tamandare awarded in early 2021.
In 2022, fellow South American player Guyana is expected to contribute one FPSO to the global total, with the UK adding two projects. Angola, Australia, China, and Malaysia are forecast to each award one new FPSO contract this year.
“With around 30 FPSO units under construction or queued up for construction, and another 10 expected to be awarded over the next 12 months, the market is set to build on its recent success. However, as witnessed in many other facets of the global economy in recent months, supply chain concerns linger and will test the market’s ability to take in new contracts without uncontrollable cost overruns and delays,” says Zhenying Wu, a senior analyst with Rystad Energy.
The FPSO market saw a strong finish to 2021, with two lease-and-operate contracts, two front-end engineering and design (FEED) contracts and one contract extension awarded in the fourth quarter.
In Brazil, Yinson has been awarded two letters of intent (LOI) from Petrobras to supply the Integrado Parque das Baleias (IPB) FPSO and for operation and maintenance services under a lease-and-operate agreement lasting 22 years and six months from the day of final acceptance. The FPSO will be deployed at the Jubarte field in the North Campos basin and is scheduled to start production in late 2024.
Enauta Energia issued Yinson another LOI to provide, operate and maintain an FPSO at the Atlanta field in the Santos basin in Brazil. The job covers the adaptation of FPSO OSX-2 by Yinson through a turnkey engineering, procurement, construction and installation (EPCI) contract, with warranty and operations and maintenance for 24 months. The FPSO acquisition and adaptation cost will be around $505 million. Yinson has the option to purchase a unit linked to funding. If the call option is exercised, it will be linked to charter, operation and maintenance contracts for 15 years, which may be extended for another five years, totaling $2 billion for the 20 years. The contract is Yinson’s third project award in Brazil and is subject to a final investment decision during the first quarter of 2022.
Elsewhere in South America, ExxonMobil awarded SBM Offshore an FPSO FEED contract for the deepwater Yellowtail development in the Stabroek block off the coast of Guyana. The FPSO will be designed to have an oil-processing capacity of 250,000 bpd, a gas-processing capacity of 450 million cubic feet per day and storage of up to 2 million barrels. When finished, the FPSO will be the company’s largest producing unit ever built.
ExxonMobil is currently producing from Stabroek via the Liza Destiny FPSO. The Liza Unity FPSO arrived in Guyanese waters on 26 October, and ExxonMobil expects both units to produce this year. When the Prosperity and Yellowtail projects come online in 2024 and 2025, respectively, ExxonMobil will have a total processing capacity of more than 800,000 bpd in Guyana.
In Nigeria, BW Offshore secured a lease extension for the FPSO Sendje Berge, operating for Addax Petroleum Exploration (Nigeria) Ltd, that will run through to the fourth quarter of 2022.
In Norway, Aker Solutions received an LOI for a FEED contract from Equinor to supply an FPSO to be employed at the Wisting field in the Norwegian sector of the Barents Sea. The scope of the FEED is to provide front-end engineering design for a circular FPSO solution, which includes an option for EPCI of the FPSO topside. If the project moves forward to the execution phase, the EPCI option potentially represents a significant contract that is estimated to be worth between $960 million and $1.45 billion.
Online Editor by — January 7, 2022 in Oil&Gas 0
How Suspected Ritualist Murdered Unijos Student In Hotel

Suspected ritualist kills female UNIJOS student in hotel, plucks out eyes
 Plateau State Police CommandThursday confirmed the killing of a 300-level student of the University of Jos, Jennifer Antony, by unknown gunmen suspected to be ritualist  in a hotel in Jos ,the  Plateau State capital .
Police Public Relations Officer (PPRO) ASP Ubah Gabriel Ogaba ,told newsmen in Jos    that the Command received a distress call in respect to the sad incidence  and  swung  into action to unravel the perpetrators of the evil act..
Late Jennifer was said to have been missing since December 30, 2021, and her corpse was discovered on January 1 in a yet to be identified hotel along Zaria Road, Jos.
She  was a student of Special Education and Rehabilitation Sciences, University of Jos .
According to him, the  killing is suspected to have been carried out by suspected ritualist , who allegedly drugged the victim before removing her eyes.
Ogaba said following this sad Incident, the police commissioner  held a meeting with all hotels operators in the state and introduced new techniques of identifying crimes around them.
‘‘We are aware of the incident involving the student and investigation has since commenced with a view to identify and arrest the perpetrators.The commissioner of police also held a meeting with all hotel managers in the state and introduced a new way of identifying and tracking new crime in the state.
We urge the public to always feed the police with credible information about any crime happening around your community with a view to track the perpetrators.’’
Online Editor by — January 7, 2022 in News 0
Minimum Wage: NASS Staff To Commence Strike  Monday 

NASS workers begin strike Monday over unpaid 8 months minimum wage, 15 months allowances
Staff of the National Assembly under the umbrella of the Parliament Staff Association of Nigeria (PASAN)  would commence strike week over  the non-payment of 15 months arrears of CONPECULIAR allowances half year outstanding  balance of minimum wage respectively.
They conveyed the strike notice   in a joint statement issued by the chairman of PASAN in the National Assembly,  Comrade Sunday Sabiyi and the vice chairman (National Assembly Service Commission), Comrade M.A.Liman .
The association conveyed their resolutions in a letter copied  to the Senate president, Senator Ahmad Lawan, Speaker Femi Gbajabimila, chairman of the Nationa Assembly Service Commission (NASC), the director of DSS and DPO of National Assembly.
In the letter dated 6 January 2022, the group  noted that “Following management breach of the memorandum of understanding (MOU) entered  with PASAN on the 13th of April 2021 on the full implementation of the new national minimum wage Act 2019 and the revised condition of service, congress  observed
beach of MoU by the decision of the management not to honour it agreement as at 31st December 2021, being the fourth quarter of 2021
It said in  view of the resolutions, congress resolves to embark on industrial action, commencing with mass picketing from Monday, 10th January 2022 in protest of the breach of the MOU.
It also said due to the contraventions,the NASC/NASS joint emergency congress resolves as follows:
“That management should pay with immediate effect 5 months outstanding balance of minimum wage,  year 2021 rent subsidy, 15 months arrears of CONPECULIAR allowances, 6 months arrears of hazard allowance to National Assembly staff.
“In addition to the MOU, congress also  demands the implementation of 50 per cent balance of CONLESS, immediate release of year 2022 training template for staff and evidence of provision of gratuity for retiring staff”.
Online Editor by — January 7, 2022 in News 0
Ogun Community Welcomes  First Monarch After 108 Years Of Creation 

Ogun community gets first monarch in 108 years - Tribune Online
Oba James Taiwo has been installed as the first monarch of Moriwi Kingdom in Imeko-Afon Local Government Area of Ogun state after over a century of its existence
The community was  founded by Baale Salako during the first World War in 1914.
The governor presented the letter of appointment to the monarch, while the staff of office was handed over to him by the Olu of Ilaro and Paramount Ruler of Yewaland, Oba Kehinde Olugbenle, who was represented by Olu of Imeko, Oba Benjamin Olanite.
Abiodun, who was  represented at the occasion by the Commissioner for Local Government and Chieftaincy Affairs, Afolabi Afuape, said his appointment is a call to serve, as well as opportunity to create sustainable conducive environment for credible investors.
According to him,the new position should also be used to champion efforts that would further enhance peaceful co-existence among his people and other neighbouring towns.
He  enjoined the people of Moriwi and its environs to cooperate with the new King, in order to bring about development they have been yearning for in the community.
He  cautioned the monarch against going beyond Moriwi to install chiefs.
He said:”Let me inform you that as a coronet Oba, your domain remains Moriwi. You are not expected to extend your authority beyond Moriwi and you have not been authorized to install Baale over any settlement in your neighbourhood”
Oba Taiwo,in his acceptance speech,appreciated the governor for the trust reposed in him, promising to discharge his responsibilities with the fear of God, equity, fairness and justice.
He also  implored the Federal and State Governments to urgently construct Abeokuta-Imeko Moriwi – Okeagbede- Okuta Wasinmi- Iwoye- Jabata road in order bring rapid developments to Moriwi land and its environs
Online Editor by — January 7, 2022 in Oduduwa 0
TotalEnergies EP Nigeria  Strengthens Operations,Names New CFO

Mr. Frederick Asasa has been appointed  as the  new  Chief Financial Officer and member of the company’s Corporate Executive Committee (EXCOM) of TotalEnergies EP Nigeria Limited.
Assa,whose appointment  takes  effect from January 1st, 2022,succeeds Mrs. Tai Oshisanya who will retire from the Company at the end of March, 2022.
Mr. Asasa,according to a statement from the company, brings to the position over three decades of extensive experience in finance.
He joined TotalEnergies in 1999 as Head of Accounts and has since held several senior positions within the Company in Nigeria and at its headquarters in France. Until his appointment, Mr. Asasa was Finance Controller responsible for group financial reporting activities of affiliates in the North Sea, Russia and Continental Europe at TotalEnergies EP Headquarters in Paris, France.
He had previously been seconded as Finance Controller at the Nigeria Liquefied Natural Gas (NLNG) Limited and more recently as the General Manager, Deepwater Assets’ Finance, TotalEnergies EP Nigeria Limited.
With a bachelor’s degree in Mathematics and an MBA, Mr Asasa is a Fellow, Institute of Chartered Accountants of Nigeria (FCA) and Fellow of the Chartered Institute of Taxation of Nigeria (FCTI).
Online Editor by — January 7, 2022 in Oil&Gas 0
 Dangote Refinery Game Changer For Nigeria’s Downstream Sector In 2022

The Centre for the Promotion of Private Enterprise (CPPE), an economic advocacy group, says Dangote Petroleum Refinery,is one of the key expected drivers of growth that would impact positively on the downstream sector of the Nigerian economy in 2022.
Financial Derivatives Company Limited, a financial institution, in its recent Economic Report for 2022, expressed optimism that Dangote Refinery would boost the growth of the downstream sector of the economy and enhance petroleum products distribution across Africa.
The Managing Director/CEO of Financial Derivatives Company, Bismarck Rewane,  warned that the refinery, when operational, would not be a final solution to Nigeria’s economic crises.
He said: “The coming on stream of Dangote Refinery will no doubt enhance product distribution across Africa. Will Dangote refinery solve Nigeria’s problem? The answer is no. But the company is going to make Nigeria an exporter of refined petroleum products,” he added.
In a Nigeria Economic Outlook for 2022 released by the CPPE, its Chief Executive Officer, Dr. Muda Yusuf said an activation of the Petroleum Industry Act (PIA) in 2022 is expected to impact positively on the economic outlook.
“We expect to see positive outcomes as investor sentiments in the oil and gas sector improve on account of the reforms anchored on the PIA. This will however depend on the political will deployed to drive the implementation of the provisions of the Act. It is also expected that the coming on stream of the Dangote refinery in 2022 will also impact positively on the downstream sector of the economy”, he added.
He said the average oil price in 2022 is expected to exceed the budgeted benchmark of sixty-two dollars ($62) per barrel, offering some fiscal headroom. This, he noted, would be powered by higher energy demand driven by the recovery of economic activities globally.
“This trajectory is expected to impact on our foreign reserve and strengthen the capacity of the Central Bank of Nigeria (CBN) to support the foreign exchange market”, Yusuf said. He, however, added that if the Dangote refinery comes on stream in 2022, the fiscal pressure on the economy may abate, but not completely eliminated.
He said because the service sector is less vulnerable to the structural constraints of the economy, especially the real sector of the economy, it will continue to outpace the real sector in 2022.
He said, “The service sector of the Nigerian economy will continue to outpace the real sector in 2022. In the third quarter of 2021, service sector contribution to GDP was 50 per cent and the growth of the sector was 8.41 per cent. Oil sector contribution to GDP was 7.5 per cent while the non-oil sector contribution was 92.5 per cent. While the industrial sector growth contracted by 1.63 per cent, agriculture grew by 1.2 per cent.”
Yusuf said the Gross Domestic Product (GDP) growth would remain fragile at about three per cent, pointing out that the key expected drivers of growth would be sustained recovery of global oil price.
He said, “We expect that the average oil price in 2022 will exceed the budgeted benchmark of $62 per barrel, offering some fiscal headroom. This would be powered by higher energy demand driven by the recovery of economic activities globally.”
The economist noted that despite the downside risks, the economy would continue to present huge opportunities for investors across all sectors. “This is on account of the resourcefulness of the Nigerian people, especially the entrepreneurs. Other inherent strengths of the Nigerian economy include the market size, the population, and the demographic characteristics”, he added.
Online Editor by — January 7, 2022 in Oil&Gas 0
 Nigeria Commodity Exchange Gets  New Directors

Nigeria Commodity Exchange Appoints New Directors - Rave Online News
The Nigeria Commodity Exchange Plc (NCX) has appointed  three new directors in line with the provisions of the Companies & Allied Matters Act (LAMA) 2020
The new directors were appointed at the General Meeting of the NCX held on January 4, 2022, at which all shareholders unanimously approved the retirement of Directors and the appointment of
The  new Directors – Mrs. Aishah N. Ahmad, Dr Angela Sere-Ejembi and Mr. Phillip Yila Yusuf,
were appointed at the General Meeting of the NCX held on January 4, 2022, at which all shareholders unanimously approved the retirement of Directors and the appointment of  new
Mrs. Ahmad was named the  chairman of the Board at the inaugural board meeting, which also held on January 4, 2022 while additional board appointments will be made in due course.
According to the  company, the newly reconstituted Board along with a Transition Management Team, headed by Mr. Elenwor Jima, who was acting as interim coordinator, will temporarily oversee the operations of the Exchange, supervising an independent and transparent process to appoint a new Executive Management Team.
At the meeting, the core shareholders of the NCX thanked  the outgoing Board and Executive Management for their patriotic service to the company and wish them all the best in their future endeavors.
Online Editor by — January 7, 2022 in Next Level 0
Some Debtors Negotiating Behind Doors Over Publication Of List- AMCON

AMCON To Publish Names of Debtors January 6th - Businessweek.ng
 There are indications that the 7,912 debtors owing Asset Management Corporation of Nigeria (AMCON) N4.4trillion could be lesser than anticipated.
This  is because some of the debtors are currently negotiating with the agency with a view to avoiding the publication of their names
The Asset Management Corporation of Nigeria had  confirmed ongoing plans to proceed with the publication of names of the 7,912 debtors owing the agency N4.4 trillion following the expiration of the deadline on Wednesday, January 5, 2022.
Jude Nwauzor, spokesman of the corporation,said: “Yes, there are people coming to negotiate with us, who do not want their names on the list being prepared for publication.”
He said  pending cases in  courts would determine names to be published among debtors list.
The chief executive of AMCON, Ahmed Lawan Kuru, had  lamented that only 350 outstanding obligors account for 83% of the corporation’s total Eligible Bank Assets balance; of which the top 244 are in various courts.
According to him,the collateral coverage for these assets stands at a mere 16% of the total current exposure.
Last December,the Senate Committee on Banking, Insurance and other Financial Institutions, directed AMCON),  hinted at a 30-day grace which expires on January 5, 2022, to come with a payment proposal to upset their outstanding debt obligations.
Senate committee chairman, Senator Uba Sani (Kaduna Central) directed publication of the new list of recalcitrant debtor individuals, and institutions, as well as their directors on its Non-Performing Loans (NPLs) portfolio in national newspapers.
A statement by the corporation’s spokesman,had said: “The corporation will have no choice than to carry out the directive of the National Assembly (and) will not be blamed having taken the pain to warn the debtors ahead of the planned publication.”
According to the AMCON Act Section 50B. (1) as amended that, “notwithstanding any rule or contractual obligation as to confidentiality, the Corporation may publish, in the national daily newspapers, a list of debtors that have failed to meet their debt or other repayment obligation to the Corporation in connection with any Eligible Bank Asset acquired by the Corporation…”
Online Editor by — January 7, 2022 in News 0
Niger Delta:Troops  Destroy 145 Illegal Refineries,Recover Stolen Petroleum Products

Troops Destroy Illegal Refineries In Niger Delta, Kill Suspected ESN Gunmen
The Nigerian Army,says troops of Operations Delta Safe working in conjunction with other security agencies have recorded remarkable results in their efforts against economic sabotage and other  crimes in the South-South Zone.
Acting Director, Defence Media Operations, Major General Bernard Onyeuko,stated this at a media briefing in Abuja.
  He disclosed that between 20th May, 2021  and  6th January, 2022, troops discovered and immobilized a cumulative total of 145 illegal refining sites.
Giving an  overview of military operations across the country,General Onyeuko  also said  troops have also Immobilized 209 ovens, 122 cooking pots and boilers, 161 cooling systems, 224    reservoirs, 160 large dugout pits and 367 storage tanks in the Niger Delta Region.”
He noted that a total of 12,846,300 litres of illegally refined Automotive Gas Oil as well as 29,237 barrels and 6,491,000 litres of stolen crude oil were recovered within the period.
“A total of 3,969,000 litres of Dual Purpose Kerosene 10,200,500 litres of illegally refined Premium Motor Spirit were recovered by troops of Operation Delta Safe.”
Troops were also said to have  recovered 33 assorted arms; 5,268 rounds of different calibres of ammunition and 21 AK-47 rifle magazines, while 3,110 bags of 50kg foreign parboiled smuggled rice, 662 pieces of galvanized pipes, 32 tanker trucks and 119 wooden boats used for illegal oil bunkering activities were impounded and handled appropriately in the course of the operations.
Meanwhile, a total of 41 kidnapped victims were rescued, while 77 criminal elements associated with pipeline vandalism, piracy, illegal oil bunkering and armed robbery were arrested within the period.
He said all  the arrested criminals and recovered items, the Director said  have been handed over to relevant security agencies for further action.
Besides, troops of Operation Awatse in the fight against pipeline vandals and economic saboteurs in the South-West Zone successfully forestalled criminal activities within the period under review.
 General Onyeuko said troops have impounded a total of 1,458,600 litres of illegally refined Premium Motor Spirit; 9,345 barrels of stolen crude oil and 355,000 litres illegally refined Automotive Gas Oil.
He also said:”Additionally, troops recovered a total of 1,594 rounds of ammunition and 14 assorted rifles. Also, within the period, a total of 15 illegal refining sites were immobilized,    while 12 boats and 13 trucks engaged in illegal activities were arrested. In the same vein, within the period 15 kidnapped civilians were rescued, while 28 criminal elements were arrested.
“In summary, the Armed Forces of Nigeria from 20 May 2021 to 6 January 2022 neutralized 1,910 criminal elements including terrorists, armed bandits and robbers as well as kidnappers across the country.This is in addition to scores of other terrorists and armed bandits killed during air strikes within the period.”
He added that, troops  have also rescued a total of 729 kidnapped victims across the Country.
He said :”Within the period in focus, troops made a cumulative total recoveries of 13,201,300 litres of illegally refined Automotive Gas Oil and 3,969,000 litres of Dual Purpose Kerosene.Also, 38,582 barrels and 6,491,000 litres of stolen crude oil as well as 11,659,500 litres of illegally refined Premium Motor Spirit were recovered and handed appropriately.
“Additionally, a total of 912 criminal elements were arrested, while large cache of arms and ammunition as well as livestock among other items of economic and security concerns were recovered by the troops during the period.”
Onyeuko further stated that their operational performance for the year 2021 showed that the Armed Forces of Nigeria is commitment to ensuring that peace is restored in the country.
“It shows the synergy between the Nigerian military and other security segencies is succeeding in tackling the security challenges facing the Country. We will continue to sustain the offensive and will not relent until peace is restored to every troubled zone in Nigeria.The general public is also assured of our commitment to protect lives and properties as well as our economic assets anywhere, with renewed vigour this year.
“The High Command of the Nigerian Military continues to thank the general public and members of the press for their support and further solicit everyone’s cooperation towards providing credible and timely information that will facilitate proactive engagements in our operations.
Online Editor by — January 7, 2022 in News 0