All Posts in "Day: January 27, 2022"

CEO Discourse To  Unfold Strategies For Nigeria’s  Energy Transition

N.I.E.S 2022: CEO Roundtable To Unfold Strategies For Seamless Energy Transition - Majorwaves Energy Report- Local Content Policy In Nigeria Oil And Gas Industry
The CEO roundtable of the upcoming Nigeria International Energy Summit (N.I.E.S 2022) taking place in Abuja from February 27th to March 3rd, 2022, will unfold strategies for a seamless energy transition with the view to ensuring energy security for Nigeria
The session,according to a statement, will kick off with a keynote address by the Minister of State for Petroleum Resources, His Excellency, Chief Timipre Sylva.
The former Minister of State for Petroleum Resources, Dr. Ibe Kachikwu will be joined on the panel by a crack team of top industry CEOs which include Mr. Mele Kolo Kyari, Group Managing Director, Nigerian National Petroleum Corporation (NNPC) Ltd; Mr. Osagie Okunbor, Chairman Shell Companies in Nigeria/MD Shell Petroleum Development Company of Nigeria (SPDC); Mr. Ricky Kennedy, Chairman/MD Chevron Nigeria Limited; Mr. Michael Sangster, Managing Director/CEO, Total Energies Nigeria; Mr. Philip Mselbila, Managing Director/CEO, Nigeria LNG Limited and Mr. Richard Laing, Chairman/Managing Director, ExxonMobil Companies in Nigeria.
The statement said  thev Chairman Independent Petroleum Producers Group (IPPG)/Waltersmith Petroman Oil Limited, Mr. Abdulrazaq Isa will deliver the wrap up for the session.
“With the significant and accelerating global energy transition and a COVID-19 that impacted the industry’s foundations, it is our hope that this session will unfold the broad strategies to revive the industry fortune and chart a pathway for the future”, says James Shindi Managing Director, Brevity Anderson, event producers of NIES2022.
“In line with the energy transition global agenda, strategies outlined at the CEO Roundtable will bring about a significant structural change in energy systems in Nigeria driven by a recognition that that the target is zero carbon emission”, Shindi added.
According to United Nations in one of its publications on energy transition, “an energy revolution based on renewables and energy efficiency is urgently needed not just to accelerate economic progress and development, but also to slash emissions that are rapidly warming our planet”.
The Nigeria International Energy Summit (N.I.E.S) formerly known as the Nigerian International Petroleum Summit (NIPS), is the official oil and gas meeting of the Federal Republic of Nigeria. Over the years, N.I.E.S has witnessed the highest level of attendance by top decision makers, industry leaders and all stakeholders from both the public and private sectors.
N.I.E.S is a federal government of Nigeria official petroleum industry event with the Federal Ministry of Petroleum Resources and all its parastatals including the Nigerian National Petroleum Corporation (NNPC), Nigerian Content Development and Monitoring Board (NCDMB), Department of Petroleum Resources (DPR), Petroleum Equalization Fund (PEF), Petroleum Technology Development Fund (PTDF) and Petroleum Training Institute (PTI) are joint hosts.
Online Editor by — January 27, 2022 in Oil&Gas 0
Author  Faults Obasanjo,Says Niger Delta Owns Oil

Obasanjo's provocative statement on Niger Delta oil | The Nation
A Nigerian author and journalist, Dr. Michael Owhoko, has said that the oil found in the Niger Delta region belongs to the people of the area, and not Nigeria.
He said that God provided every habitat with natural resources, including agricultural crops for subsistence.
He also said the Niger Delta region had existed before Nigeria was created, and the oil was never part of sovereignty it ceded to bring about the country.
He said: “Therefore, it is morally wrong for the government to single out the most valuable resource of a particular region for confiscation, while leaving other regions to enjoy their resources exclusively”, he said.
In apparent reference to former President Olusegun Obasanjo who said that the oil belongs to Nigeria, and not Niger Delta, Owhoko asserted that the oil is owned by Niger Delta, but that the Federal Government has oppressively expropriated it by transferring ownership to itself, using the law to legitimize the process, which he said, does not make it morally right.
He said the obnoxious Petroleum Act of 1966 which now forms part of Section 44(3) of the 1999 constitution was used to legitimize this illegality, which confers on the Federal Government, ownership and control of all petroleum resources found in, under or upon all land or waters in the country.
He said the development  is at variance with practices in advanced democracies where host communities, states or regions own the resources and pay taxes and royalties to government.
In an article entitled, “Oil is owned by Niger Delta, not Nigeria”, Dr. Owhoko who is also the author of “The Language of Oil and Gas”, an authoritative petroleum industry book, said “In law, whoever owns the land, owns the resources therein, and this principle is supported by the Ad Coelum Doctrine.”
“Why singling out petroleum resources in a particular region for acquisition?  If the intention of government was sincere, the law should have been extended to cover all natural resources, including food and cash crops across the country”, he added.
He added that depriving the Niger Delta region of its oil while leaving other regions or communities to exploit natural resources found in their areas, amounts to injustice, citing Zamfara and Osun as states currently enjoying the benefits of gold mining along other states or regions reaping from their agricultural crops.
He noted that the Niger Delta people are not only deprived of their oil resource, they also bear the brunt of oil exploration, including destruction of their ecosystem.  Fish, crops, weather, water and other organisms in the region suffer pollution and contamination.  Oil has brought miseries to the people to the extent that even basic agricultural and fishery activities which provide succour for the people are no longer generative, due to environmental degradation.
According to him, when groundnut, cocoa and palm produce were Nigeria’s economic mainstay, the parts of the country where these produces were derived, namely, the North, West and East separately received 50 percent of the revenue in line with the derivation principle as contained in the 1963 Constitution.
“Why then is the government reluctant to raise the derivation revenue that should accrue to the Niger Delta region to 50 percent when the 1999 Constitution has given a window for upward review?,he queried
He disclosed that the 13 percent derivation principles as contained in Section 162, Sub-section 2 of the 1999 Constitution (as amended) is intended to adequately compensate the people of the region for confiscation and damages arising from oil exploration and production.
He said, while the region was still contending for an upward review of the 13 percent, about 59 Northern lawmakers in the House of Representatives lately had vexatiously pushed for a bill to expunge the derivation principle under the 1999 Constitution.
He said:“Obviously, the intention of the 59 legislators is to deny the Niger Delta region of the 13 percent derivation revenue to enable redistribution of the proceeds to shore up revenues in their region. This motive is not only thoughtless and heartless, it smacks of parliamentary hypocrisy and insincerity, capable of plunging the region into pointless crisis that could worsen the country’s economic woes”.
Online Editor by — January 27, 2022 in News 0
Stop Patronizing  Loan Sharks,CBN Cautions Nigerians

CBN to Nigerians: You're at risk patronising loan sharks – Desert Herald
The Central Bank of Nigeria (CBN),has advised Nigerians  to stop seeking credit facilities from loan sharks for financial purposes.
CBN Governor, Godwin Emefiele, gave the advice at the end of the Monetary Policy Committee meeting held on Tuesday in Abuja.
He expressed  that there is no need for people to go for loan sharks because the CBN has put in place the avenue through which they can raise funds.
They include the microfinance banks and target credit facilities established by the government to cater to the needs of the operators of Small and Medium Scale Enterprises (SMSEs).
He added:“You don’t have to know anybody, just go to the portal, fill the form, send your data, and if it is correct, you will be able to access loans.We have a large number of testimonials from people who have accessed the facility without knowing anybody and they have benefitted from it.
“The bank is making effort to stop loan sharks, and when these people are found, they will be dealt with mercilessly.”
Online Editor by — January 27, 2022 in Banking&Finance 0
 Senate  Moves To Empower FG To Seize Proceeds of Corruption, Crime And Terrorism

Senate moves to empower FG to seize assets acquired through corruption - Vanguard News
The Senate has moved to empower the federal government to seize and confiscate assets acquired by corrupt public officers, money launderers and criminals involved in terrorist financing and other crimes.
The legislation entitled, “A bill For An Act To Make Comprehensive Provisions For Seizure, Confiscation, Forfeiture, And Management Of Properties Reasonably Suspected To Have Been Derived From Unlawful Activities” and which was sponsored by Senator Suleiman Abdu Kwari passed second reading on the floor of the Upper Chamber of the National Assembly on Wednesday.
Kwari, in his lead debate, said the bill was first read on 16th March, 2021, and also listed as a version among the bills of interest contained in the recent Executive Communication from President Muhammadu Buhari.
He explained that the main objective of the bill is to provide for the establishment of a department in the relevant organisations to manage forfeited assets.
The department he added would provide for an effective legal and institutional framework for the recovery and management of the proceeds of crime, as well as civil forfeitures in non-conviction based sentencing.
“This Bill further makes provisions for restraint, seizure, confiscation and forfeiture of property derived from property unlawful activities; any instrumentality used or intended to be used in the commission of such unlawful activities; and for non-conviction based procedure for recovery of proceeds of crime.
“The Bill’s other objectives are to strengthen the criminal confiscation procedure by ensuring that the total benefit from a person’s criminal activity is calculated and an equivalent amount, where recoverable, is confiscated on behalf of the Federal Government.
“It also galvanizes collaborative efforts among the relevant government agencies to implement confiscation proceedings against a convicted person in tracing and forfeiting properties reasonably suspected to be proceeds of unlawful through non-conviction based forfeiture activity proceedings”, he said.
Contributing to the debate, Senator Smart Adeyemi (Kogi West), who threw his weight behind the bill, said it has become expedient for government to go after anyone who cannot account for how they acquired their properties.
“In supporting this bill, Mr. President, I hold the view that the people who have acquired their properties legally and with good funds have no cause to fear.
“Now that our nation is bleeding and our economy is in problem, we must look at how some people have acquired their properties.
“[And] I say this with every sense of responsibility that those who have acquired properties through questionable means should be ready to forfeit them.
“If people have properties they cannot account for, the government should go after them. I so submit, Mr. President.”
Senator Aliyu Sabi Abdullahi said, “I think the critical caution we should be making here is the issue of fair hearing.
“By the time you decide to say somebody has done something unlawful or illegal where you have not been able to prove that, and you’re already taking the steps that a law court ordinarily in our present jurisprudence should be taking, I think is like putting the cart before the horse.
“I think it is our duty to support such a law, but it must not be done in a manner that at the end of the day, when you have somebody that does not mean well, you have given him a weapon to go after his perceived enemies. I think that is where caution has to come in.”
Senator Stella Oduah, who kicked against the bill said, “for very brilliant Senators such as us, we cannot be seen to pass a bill which we haven’t thought through and that is not in line with best global practice.
“Mr. President, we shouldn’t play ostrich with this bill. We are going to create a situation where conflict of interest within establishments will continue to exist.
“Subjectivity in handling issues will be the subject of the day, and innocent Nigerians will be made to be victims of this law, and laws are not supposed to be like that.
“Laws are supposed to stand the test of time. This bill will not stand the test of time because it will be very subjective.”
The bill after consideration was referred by the Senate President, Ahmad Lawan, to the Joint Committee on Anti-Corruption and Financial Crimes; and Judiciary, Human Rights and Legal Matters.
The Joint Committee was given four weeks to report back to the Senate in plenary.
Online Editor by — January 27, 2022 in Power 0
Fuel Supply In Nigeria Enough,Says NNPC

The Nigerian National Petroleum Company Limited,says it  has sufficient stock of fuel to cater for the consumption of  Nigerians.
The company’s affirmation came on the heels of scarcity of the product in Abuja and its environs.
 Garba Deen Muhammad, Group General Manager,Group Public Affairs Division, NNPC,urged Nigerians not to engage in panic buying of the product.
He added:”The NNPC Ltd. wishes to assure the public that the Company has sufficient PMS stock to meet the needs of Nigerians. The public is therefore, advised not to engage in panic buying of petrol; and to ignore all rumours that may suggest otherwise.In line with the existing laws of the land, NNPC Ltd. is deeply committed to ensuring energy security for the country”.
Online Editor by — January 27, 2022 in Oil&Gas 0
New Lagos Cautions Cops Against Corruption

The new Commissioner of Police, Lagos State, CP Abiodun Alabi, has warned officers against corruption and infringement on fundamental human rights of Nigerians.
Alabi,who gave the admonition at a brief ceremony  at the Command Headquarters, Ikeja,promised that he would always provide good leadership that would help them succeed in the discharge of their duties.
He  urged Area Commanders, DPOs/HODs and tactical commanders to translate their long-time relationship with him to success in the state.
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The warning was informed by the believe that some officers he has known for some time now may take an undue advantage of their familiarity with him, take things for granted and abdicate their statutory duties.
The new CP said that although he cherished friendship,but same  must not be at the detriment of diligence, result-oriented policing and quality service delivery to the people.
He  also directed the Area Commanders and Divisional Police Officers to constantly engage and partner with critical stakeholders in their areas of responsibilities for effective policing.
Online Editor by — January 27, 2022 in Uncategorized 0
Stop Castigating Tinubu-Cleric

Insecurity: Your prayers, sermons should gear towards peace, stability of Nigeria — Tinubu charges clerics
The National President,  All Christian Leaders and Ministers forum, Rev. Sam Ogedengbe, has advised  Nigerians to stop castigating the National Leader and Presidential aspirant of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, in the 2023 general election.
Ogedengbe,who is also  the National Coordinator, Bola Ahmed Tinubu’s Christian Forum 2023,  gave the advice  at the headquarters of the organization at Abule-Egba, Lagos.
Ogedengbe maintained that Tinubu has the right to aspire for the post of president in line with the dictates of the constitution of Nigeria.
  that under the law, every Nigerians has the right to vie for any position of his choice, so far he is a legitimate and law abiding citizen of the country.
“He has the right as Nigerian citizen to fulfil his ambition. I know him since 1999 and I believe he has paid or even overpaid his due and he is entitled to contest the position of Nigeria president.
“Tinubu has his own weakness like any other person, he has his own bad side like any other person. Tinubu is not a saint as none of us is.Let us leave Tinubu alone. If God says he will be President, he will be and if God says no, no one can force it to happen”.
Ogedengbe said the party’s  national leader has a good heart and has been able to over the period of time manage the affairs of the party,while engaging members proactively.
He said with the reconciliation committee put to address the grievances of aggrieved members, Tinubu had distinguished himself as an astute and reputable politician of note.
Ogedengbe urged the people to stop blame game and work towards moving Nigeria forward by coming out enmasse to support the candidature of Aṣíwájú Tinubu as President next year.
Online Editor by — January 27, 2022 in Politics 0
FIRS Records N840m Loss In One Year

The Federal Inland Revenue Service has recorded  a decline of revenue from N216.65bn in 2021 to  N215.81 billion.
This was revealed  during Senate’s consideration of a report by the Committee on Finance during plenary.
Deliberating on the FIRS budget for the fiscal year, 2022, the Upper Chamber of the National Assembly approved the sum of N215,811,290,243 billion naira as budget for the Service,
The chairman of the Senate Committee on Finance, Senator Solomon Olamilekan Adeola (Lagos West), said of the amount approved, N119,684,218,735 was for personnel cost; N60,160,518,057 for overhead vost; and N35,966,553,451 for capital cost.
The difference represents a cost of collection (CoC) decrease of N840 million on the overall projected non-oil revenue,he said,adding  that personnel cost was based on staff strength on the payroll including social benefits such as NHIS, pension contribution among others, and anticipated performance bonus for the year.
He attributed the increase in overhead projection to the need for more robust operational activities which has a direct relationship with overhead budget lines such as electricity tariff, generator fuel cost, legal services due to tax disputes, local travels and transport and critical ones that relate directly to tax collection and administration.
He said  that capital cost estimates reported include on-going and new projects which are to be executed during the 2022 financial year.
“These are a result of expected completion of projects, payment of retention on completed projects and some new projects for effective revenue drive”, he said.
Speaking on the  review of the 2021 budget performance of the FIRS, Adeola said the agency  collected N4.53 trillion as at 31st October, 2021 out of the total projected revenue target of N7.61 trillion which represents 60 percent achievement.
He added:“The performance based on the target for the period of N6.34 trillion represents 71 percent achievement. The non-Oil component of the tax collected stands at N3.5 trillion and represents 63% achievement of total non-oil revenue target of N5.6 trillion.”
Online Editor by — January 27, 2022 in News 0
Only 8 States Enjoying Fuel Subsidy-Governors

Let's battle subsidy untruths together, govs woo Labour - Vanguard News
.Reps  Begins  Probe  Of Daily Fuel Consumption Volume
Nigerian Governors’ Forum, (NGF), says  about eight states are benefitting directly from  fuel  subsidy,while the rest  contend with the situation on their own.
Dr Kayode Fayemi, the Chairman of the Nigeria Governors Forum and Governor of Ekiti State, disclosed this  during meeting in Abuja, with the leadership of the Nigerian Labour Congress (NLC), led by its President Comrade Ayuba Waba, to deliberate on the fuel subsidy removal
He said it has become necessary for the two groups, both NGF and NLC, to carefully verify all of NNPC’s estimates to ensure that whatever action is taken on subsidy, it would be the people that get direct benefits and not a few wealthy individuals and their cronies in the country.
He also said :”The nation’s economy is at the precipice and that it has become necessary for the two groups to carefully verify all of NNPC’s estimates to ensure that whatever action is taken on subsidy, it would be the people that get direct benefits and not a few wealthy individuals and their cronies in the country.
“There are raging questions of accountability associated with subsidy removal in the country and observed that the NGF and the NLC can jointly work together to proffer solutions that heal the economy and provide succour to the Nigerian people” he said.
The NGF chairman, who led a delegation of Governors Simon Bako Lalong of Plateau State and chairman of the Northern Governors Forum and Governor Godwin Obaseki of Edo State, to the meeting,emphasized  that governors cannot ignore the economics of petroleum, arguing that all the countries surrounding Nigeria including Niger, Mali, Cameroun and Ghana have their fuel pump price at the equivalent of a US dollar.
He also maintained  that the partnership with the NLC must confront the perennial issue of palliatives for the common man towards cushioning the effects of subsidy removal on the citizenry stating that “not tackling the problem now is tantamount to postponing the evil day”.
“Finding succour for the ordinary Nigerian at this time is absolutely imperative and necessary now more than ever,” the NGF Chairman emphasised.
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Speaking, the Governor of Edo State, Mr Godwin Obaseki, who usually serves the NGF as its shining light on economic issues, on his part warned that we have a choice of continuing to behave like Father Christmas (Santa Claus) or take concrete actions on a problem that is permanently with us rather than throwing away N3tr on subsidy.
He  suggested that the nation can, in the interim, increase productivity to reduce imports and create jobs.
Meanwhile,the House of Representatives,has set up an adhoc committee to investigate the actual volume of Premium Motor Spirit (PMS) otherwise called fuel or petrol consumed on daily basis to determine the level of subsidy being paid by the government.
Its Speaker, Femi Gbajabiamila who announced the composition of the panel also set up another adhoc committee to investigate the actual state of refineries to ascertain what it will cost to bring the refineries back to life again.
He said  that the time has come for the lawmakers to intervene in the issue, saying that it is only when this investigation is painstakingly carried out that the nation can determine the actual volume of fuel that is consumed daily in the country and the amount of subsidy being paid by the government.
He said membership of the Committee on fuel consumption, will be headed by Hon. Abdullahi Ningi (APC, Bauchi), with Hon. Ahmed Satomi, Hon. Prof Julius Ihonvbere, Hon. Usman Zanna, Hon. Leke Abejide, Hon. Uzoma Abonta, Hon. Chinda, Hon. Henry Nwawuba, Hon. Ibrahim Obanikoro, Hon. Akin Alabi , Hon. Dachung Bagos, Hon. Maki Yalleman, Hon. Dike Chisom and Hon. Prince Obi as members.
For the state of refineries, Hon. Hon. Ganiyu Johnson (APC, Lagos) is the head the panel, with Hon. Yusuf Buba, Hon. Fred Obua, Hon. Akinfolarin Mayowa, Hon. Haruna Dederi , Hon. Ibrahim Ishiaka, Hon. Ezenwankwo Okwudili, Hon. Wale Raji , Hon. Zakari Mohammed, Hon. Mansur Soro, Hon. Stanley Olajide, Hon. Aniekan Umanah, Hon. Olododo Cook Abdulganiyu, Hon. Comrade Aminu Suleiman and Hon. Johnson Oguma as members respectively.
The Speaker tasked members of the committees to speak to various stakeholders, and not rely on just figures being paraded around.
Gbajabiamlia said: “We will be setting up two adhoc committees, to address the issue of fuel subsidy. One will look into how much fuel we consume as a nation on a daily basis. We have had figures bandied here and there without any authenticity, before we can even begin to talk subsidy like I said , we need to know how much we are consuming. The second is to look into refineries and state of repair and determine what will be needed to bring our refineries back to life again.”
Online Editor by — January 27, 2022 in News 0