All Posts in "Day: May 27, 2022"

Chad, Savannah Energy Ink Deal On 500MW Renewable Energy Projects

Savannah Energy plc, the British independent energy company,has announced the signing of an agreement with the Ministry of Petroleum and Energy of the Republic of Chad for the development of up to 500 megawatts of renewable energy projects.

The projects will supply electricity to the Doba Oil Project and the towns of Moundou and Doba in Southern Chad, and the capital city, N’Djamena (“the Projects”).

The signing ceremony was held on Friday in N’Djamena, attended by His Excellency Djerassem le Bemadjiel, the Minister of Petroleum and Energy of the Republic of Chad, His Excellency Mark Matthews, Ambassador of the United Kingdom to the Republic of Chad, Sarah Wilson, Deputy Head of Mission at the British Embassy N’Djamena, Chad, and Andrew Knott, Chief Executive Officer of Savannah,according to a statement.

The first Project Savannah has agreed to develop comprises an up to 300 MW photovoltaic solar farm and battery energy storage system (“BESS”) located in Komé, Southern Chad (the “Centrale Solaire de Komé”).

The project is being developed to provide clean, reliable power generation for the Doba Oil Project and the surrounding towns of Moundou and Doba. It will displace existing hydrocarbon power supply resulting in a significant reduction in CO2 emissions and provide a supply of clean, reliable electricity on a potential 24/7 basis to the surrounding towns of Moundou and Doba (which currently only have intermittent power access).

The expected tariff for the electricity generated from this Project is expected to be significantly less than that being paid for the current hydrocarbon-based power generation in the region. At 300 MW, the Centrale Solaire de Komé would be the largest solar project in sub-Saharan Africa (excluding South Africa) as well as constituting the largest battery storage project in Africa. Project sanction for the Centrale Solaire de Komé is expected in 2023 with first power in 2025.

The second project covered by the Agreement involves the development of solar and wind projects of up to 100 MW each to supply power to the country’s capital city, N’Djamena (the “Centrales d’Energie Renouvelable de N’Djamena”).

A significant portion of this project is anticipated to benefit from the installation of a BESS, potentially enabling the provision of 24/7 power supply. At up to 200 MW, the Centrales d’Energie Renouvelable de N’Djamena would more than double the existing installed generation capacity supplying the city and increase total installed grid-connected power generation capacity in Chad by an estimated 63%.

Savannah expects the cost of power from the Centrales d’Energie Renouvelable de N’Djamena to be lower than existing competing power projects, which are currently primarily hydrocarbon-based. Project sanction for the Centrales d’Energie Renouvelable de N’Djamena is expected in 2023/24 with first power in 2025/26.

Savannah said it expects to fund the Projects from a combination of its own internally generated cashflows and project specific debt.

His Excellency Djerassem le Bemadjiel, the Minister of Petroleum and Energy of the Republic of Chad, said:”We are delighted to work with Savannah on these two potentially transformational power projects for Chad. Our country is blessed with a significant renewable energy resource and we are excited that a leading British company such as Savannah is seeking to harness this resource to provide utility scale power to our country.

“I warmly welcome the projects and Savannah’s entry into the Chadian power sector. We are already engaged to provide all the support needed for implementing these projects and having the first power delivered to our population and our industries in line with the State plan for enhancing the power offering in our country.”

Speaking,His Excellency Mark Matthews, Ambassador of the United Kingdom to the Republic of Chad, commented:“I am delighted that a British company, Savannah Energy, is making such a substantial investment in renewable energy in Chad. Chad has plentiful resources of renewable energy which, through investments like this, can be harnessed to develop the economy and improve the lives of Chadians. This is a further example of UK commitment to Chad.”

Andrew Knott, Chief Executive Officer, Savannah Energy,said:“I am delighted to announce the Centrale Solaire de Komé and the Centrales d’Energie Renouvelable de N’Djamena projects. Both of these represent a major vote of confidence in Chad by Savannah and have the potential to contribute to a transformative change in the country’s GDP over the course of the coming years, as well as bringing the significant quality of life benefits associated with access to regularised power to the regions in which the Projects are situated. The Projects represent one of the largest ever foreign direct investments in Chad and are believed to the largest ever by a British company.

“I would like to thank General Mahamat Idriss Deby Itno, President of the Transitional Military Council, President of the Republic of Chad and Head of State; His Excellency Djerassem Le Bemadjiel, Minister of Petroleum and Energy of the Republic of Chad, and the wider Chadian government for the enthusiastic support we have received in relation to making these projects happen. We look forward to working with the Government and our developmental finance partners over the course of the coming years as we move through the feasibility and construction phases of the projects to our intended first power dates in 2025/26.

“Centrale Solaire de Komé and Centrales d’Energie Renouvelable de N’Djamena are the second and third large-scale greenfield renewable energy projects that Savannah has announced this year, following on from our announcement of the up to 250 MW Parc Eolien de la Tarka project in Niger. We expect to announce our involvement in further large-scale greenfield power projects over the course of the next 12 months”

admin by — May 27, 2022 in Power 0
Police Nab Fake Revenue Collectors in Lagos 

Operatives of the Rapid Response Squad (RRS) have arrested four suspects for extorting motorists in the State while posing as officials of the disbanded Lagos State Committee on the Removal of Abandoned Vehicles (RAVC).

The suspects are: Taiwo Falodun, aka Biggy (48), Adedire Olaniyi (42), Femi Osunkoya (53) and Olalekan Edu (51).

Two of the suspects, Adedire and Osunkoya, were apprehended yesterday after impounding the vehicle of a motorist for changing lanes at Alausa,according to a statement by the police public relations officer,Lagos state command,Benjamin Hundeyin

He said the motorist stated that the suspects took her vehicle to a park in front of Elephant Cement House, where she was asked to pay N50,000 as fine. She, however, reached out to friends who contacted the Rapid Response Squad (RRS).

He added:”The RRS arrived the scene promptly, arrested the suspects and commenced preliminary investigations. While investigation was ongoing, their leader, one Taiwo Falodun, came along with a government official, identified as Olalekan Edu to solicit the release of the arrested suspects. They were both arrested too.

“RRS fingerprint records showed that Taiwo Falodun and Adedire Olaniyi were once arrested in 2020 for extorting a university professor while posing as local government officials on LASU-Igando Road.

The Lagos State Commissioner of Police, Abiodun Alabi, has directed the Commander RRS, CSP Olayinka Egbeyemi to charge the suspects to court at the conclusion of investigations,he added.

admin by — May 27, 2022 in Crime/Metro 0
Nigeria’s Low Oil Output Insufficient To Cater For Fuel Imports -FG

Nigeria’s low crude oil production is barely able to cover the cost of imported petrol from its oil and gas revenue, Finance Minister Zainab Ahmed has said.

She told Reuters at the World Economic Forum in Davos that she hoped Nigerian oil production would average 1.6 million barrels per day (bpd) this year, up from around 1.5 million bpd in the first quarter.

The government had budgeted 1.8 million bpd of production, Ahmed said, blaming crude theft and attacks on oil infrastructure for the shortfall.

She said:“We are not seeing the revenues that we had planned for,” Ahmed said. “When the production is low it means we’re … barely able to cover the volumes that are required for the (petrol) that we need to import.”

Nigeria exports crude oil and imports refined petrol, suffering intermittent fuel shortages. It faces double-digit inflation and low growth, amid a shrinking labour market and mounting insecurity.

A plan to abolish its petrol subsidy was scrapped ahead of national elections in February 2023 and $9.6 billion was added to planned spending to cover it, putting pressure on the budget.

Nigeria raised $1.25 billion via a Eurobond sale in March at a premium rate and had planned to issue another bond. But Ahmed said the government had “not seen a good opportunity to go in.”

Its deficit is set to rise to 4.5 per cent of GDP this year due to the fuel subsidy, up from an original estimate of 3.42 per cent in the budget.

Nigeria’s central bank surprised markets this week by raising its main lending rate by 150 basis points to 13 per cent, after inflation rose to 16.82 per cent in April, the highest in eight months.

Ahmed said the central bank move was necessary.

admin by — May 27, 2022 in Oil&Gas 0
CBN Pledges To Fund Ikeja DisCo’s  Metering Project

The Central Bank of Nigeria (CBN) has assured Ikeja Electricity Distribution Company (IKEDC) that it would provide funds for the Phase One of its metering project.

The Director of Development Finance, CBN, Yila Yusuf, disclosed this  during a monitoring and evaluation tour of IKEDC facilities in Ikeja, Lagos, where he also expressed the bank’,s satisfaction with the projects executed with funds earlier disbursed.

He said:“Let me say that Ikeja Electricity is very innovative; we have followed some of the things you have done, especially providing electricity upward of 20 hours with different prices, among others.I think that’s the only way you can ensure that you run the DISCO well. I look at all the performance numbers, month by month and you have done excellently well, to be honest compared to the others.

“We will continue to task you as you go to Phase One from the Phase Zero metering.And we look forward to providing the requisite funding for that intervention, and we believe it will go a long way in ensuring that the market is not only liquid but electricity gets to consumers”

He promised that his bank  would design interventions that would sort out some of the challenges with the energy sector.

He  disclosed  that the bank, as part of its development finance effort, disbursed N8.83 trillion to different sectors, adding that 24 per cent of the funds went to the energy sector.

He also said energy was important for development and without energy (electricity), no country could grow on the path of sustainable development.

In her earlier remarks,the Chief Executive Officer of Ikeja Disco, Mrs Folake Soetan, implored the CBN team to expedite its intervention for the company.

She said:“The projects that we have executed so far were for 2021, and we are already in Q2 2022. So, in order to effectively execute the projects that we planned for 2022, we once again require your support as we have always done.

“For the National mass Metering Initiative, Phase Zero, for Ikeja Electric, we executed on time, we completed the number of metering that was required of us and we are very eager to start Phase One.So, I’m appealing once again for your support in helping us fast track that process. Opex (Operational Expenditure) is very key at this time”

admin by — May 27, 2022 in Power 0
Expenditure On Alternative Energy Declines By N12.71bn  In Q4, 2021 – MAN

The Manufacturers Association of Nigeria (MAN) says  expenditure on alternative energy source dipped to N45.04 billion in the fourth quarter of last year  from N57.75 billion recorded in the corresponding half of 2020.

This indicates  N12.71 billion or 22.0 per cent decline over the period,according to
Engr Mansur Ahmed, President, MAN

Ahmed,in the association’s second half of 2021 economic report, disclosed  that electricity supply from the national grid improved in the second half of 2021.

He said  that average daily supply of electricity was stable at 11 hours and power outage, three times per day respectively.

The economy  recorded a 2.28 per cent growth rate in the fourth quarter of 2021,translating  to 3.79 per cent increase when compared with -1.51 percent recorded in the corresponding quarter of 2020,he added

He  attributed the positive performance of the manufacturing sector in the period under review to the palliative measures imposed by government to salvage the sector from the effect of COVID-19 pandemic.

He noted that the sector’s performance contracted by 2.01 per cent in comparison to 4.29 per cent recorded in the preceding quarter of 2021.

He added:“Nevertheless, to improve and reposition the sector back as the engine of growth, there is need to maintain those policies and formulate others that will encourage investments and boost economy growth”

He  explained that such investment would also boost the stability of exchange rate, development of local raw materials, protection of lives and property, among others.

He  said in the second half of 2021, the average cost of borrowing in the sector from the commercial banks was 24.0 per cent against 22 per cent of the corresponding half in 2020, and 19 per cent of the preceding half.

Besides, cost of capital in the sector averaged 21.5 per cent in 2021 as against 20.8 per cent of 2020.

“Consequently, cost of loanable funds maintained a key challenge to manufacturing notwithstanding the monetary easing stance of the Central Bank of Nigeria,” he said.

According to him, in Q4 2022, Nigeria’s trade value stood at N11, 707.20 billion, representing 11.79 per cent increase when compared to N10,472.42 billion recorded in the preceding quarter of 2021.

He said the development resulted to 74.71 per cent increase compared with N6701.05 billion recorded in the Q4 2020.

He added that  the country’s import value was N5940.58 billion, indicating 11.33 per cent increase when compared with N5335.86 billion recorded in the preceding quarter of 2021.

“It meant a 69.41 per cent increase in comparison with N3506.55 billion recorded in the corresponding quarter of 2020.Similarly, the export value of N5766.62 billion recorded in the period under review revealed 12.27 per cent increase when compared with N5136.56 billion recorded in the preceding quarter of 2021,” he explained.

Ahmed  added that  the figure also showed that the export value increased by 80.52 per cent in comparison with N3194.50 billion recorded in corresponding quarter of 2020.

He  stated that there was noticeable improvement in the statistics of foreign exchange flows released by Centra Bank of Nigeria (CBN) in the third quarter of 2021.

He said the situation was due to additional Special Drawing Right (SDR) allocation, proceeds from the Euro bond sales and increase in non-oil receipts.

“The 16831.30 million dollars recorded in the third quarter indicates an increase of 158.43 per cent when compared to 6512.89 million dollars recorded in the preceding quarter.It also revealed 141.45 per cent increase in comparison with 6971.01 million dollars recorded in the corresponding quarter of 2020.

“The foreign exchange outflow dropped to 7981.37 million dollars in the third quarter of 2021 indicating 10.57 per cent decrease when compared with 8924.85 million dollars recorded in the second quarter of 2021.The decrease was due to the stoppage of sales to BDC operators by CBN.However, the data showed an increase of 14.76 per cent when compared with 6954.18 million dollars recorded in the third quarter of 2020,” he said.

Ahmed said the year 2021 provided the opportunity to redress the staggering negative impact of COVID-19 Pandemic on global, national levels.

According to him, the economy leapt from -1.94 per cent in 2020 to 3.38 per cent in 2021, just as the manufacturing sector growth increased from -2.85 per cent in 2020 to 3.37 per cent in 2021.

But, he said in spite of the improved performance of the manufacturing sector during the year, it was still far beyond its potential growth and contribution to national output due to the  challenges confronting the sector.

He advised the government to create more incentives for investment in the development of raw materials locally through the Backward Integration and Resource based industrialisation initiatives.

“We recognise an urgent need for investment and production of Active Pharmaceutical Ingredients (API) in the country; this should be adequately incentivised to encourage significant private investments.Government must improve ports administration and resume the implementation of the Export Expansion Grant (EEG), which significantly supported export in Nigeria during the peak of implementation,” he said.

admin by — May 27, 2022 in Business 0
GEF, UNDP Commence  $2.9m Rural Electrification Project In Nigeria

The  Rural Electrification Agency with funding support from the Global Environment Facility and the United Nations Development Programme has  commenced  a five-year rural electrification project.

It was tagged, ‘Derisking Sustainable Off-grid Lighting Solution in Nigeria’.The direct beneficiaries of the $2.9 million project are estimated at 96,380 persons out of which 47,540 are expected to be women.

The Managing Director/Chief Executive Officer, Rural Electrification Agency,  Ahmed Salihijo Ahmed; Executive Director, Rural Electrification Fund, Dr. Sanusi Ohiare; representative of the UNDP, Mohamad Yahya, as well as the Project Manager, ‘Derisking Sustainable Off-grid Lighting Solution in Nigeria’, Dr. Bala Tyoden,graced the official launch of the project in Abuja

The project was financed by GEF with $2.6 million and supported by UNDP with $300,000,according to its partners.

Speaking,Ahmad emphasized the need for effective collaborations in achieving rural electrification project.

Lauding the financial support from GEF and UNDP, Ahmad reiterated the imperative of rural electrification to national development and implored  the private sector for investment collaborations in renewable energy in the country.

Speaking,the Executive Director, Rural Electrification Fund, Dr. Sanusi Ohiare, also elaborated on the objectives of the programme as well as its immense positive impacts on the socio-economic development of rural dwellers, and tasked the technical working groups to ensure the project succeeds.

The representative of UNDP, Yahya, expressed optimism that the project would succeed considering the commitment of the partners and the zeal to achieve the desired result.

The Project Manager, Dr. Bala Tyoden, explained that it  was designed to develop a private sector-led technology value-chain to make off-grid renewable energy technologies such as solar lanterns and solar home systems available to rural households that might not be electrified until after 2025.

He  added: “The main aim of the project is to promote private sector investment in sustainable off-grid lighting technologies by establishing a sound policy environment that facilitates the creation of a self-functioning and sustainable market in Nigeria.”

admin by — May 27, 2022 in Power 0
Investment In Global Exploration, Production To Hit $344.4bn In 2022 -Report

Norwegian firm Rystad Energy, a major energy research firm, says investment in oil and gas production will grow by 20 percent to $344.4 billion this year, up from the 8 percent predicted at the start of 2022.

The  firm said it’s the highest forecasted growth rate since 2008, with investment set to go up 35 percent in shale oil areas like the Permian Basin, and offshore deepwater drilling investment is expected to increase around 30 percent.

But, it’s not investment in the U.S. spearheading the growth,the firm added.

“Brazil, Guyana, West Africa, and Australia will drive most of this growth,” said Espen Erlingsen, head of upstream research at Rystad, in a brief update. “The higher activity caused by high commodity prices is the main driver of this record-high investment growth.”

The small country of Guyana in South America, nestled between Venezuela, Brazil, Suriname and the Atlantic Ocean, has experienced rapid growth in its oil and gas activity in recent years.

Houston-based Exxon Mobil,had earlier in the year, said it made three new discoveries in the country for a total of 18 new oil and gas discoveries since 2015. Total production capacity is set to reach 340,000 barrels of oil per day by the end of this year, Exxon said, with more production set to come online within the next few years.

The price of oil is the main reason behind the increased investment, Rystad said. Oil has been trading above $100 per barrel as the global market reacts to Russia’s ongoing war against Ukraine and retaliatory sanctions on Russian oil and gas.

admin by — May 27, 2022 in Oil&Gas 0
Why I Joined Labour Party -Peter Obi

Mr. Peter Gregory Obi, former Governor of Anambra who recently resigned from the Peoples Democratic Party, has moved  to  Labour Party to fulfil him presidential ambition.
The party,he said in a statement,is synonymous with his utmost desire to serve the people of Nigeria
He added: ” I have  chosen a route that i consider to be in line with our aspirations and my mantra of taking the country from consumption to production, and  that is the Labour Party which is synonymous  with the people, workers, development, production, securing and uniting Nigeria as one family”
admin by — May 27, 2022 in News 0
Jonathan Can Contest 2023 Presidential Election -Court

The Federal High Court sitting in Yenagoa, Bayelsa State, has ruled that the former President Goodluck Jonathan is qualified to contest the 2023 general elections.

Justice Isa Hamma Dashen, who gave the verdict in a suit marked FHC/YNG/CS/86/2022, also held that the right of Jonathan to seek another term in office cannot be restricted by retroactive legislation.

The suit, which was filed before the court by Andy Solomon and Idibiye Abraham as first and second plaintiffs, listed Jonathan, the All Progressives Congress (APC) and the Independent National Electoral Commission (INEC) as first, second and third defendants respectively.

But, the APC and the INEC did not have any legal representations in the matter.

The plaintiffs, Solomon and Abraham, who are believed to be members of the APC, had approached the court through their counsels, Egbuwabi Seigha and Timi Robinson, seeking the disqualification of Jonathan from the 2023 presidential polls.

They contended that by virtue of the introduction of Section 137 sub-sections 1(b) and 3 of the 1999 Constitution of Nigeria as amended, the former president was no longer eligible to vie for the office of president because he had taken oath to that office on two previous occasions.

Delivering his verdict Justice Dashen dismissed the reliefs sought by the plaintiffs and held that the swearing of Jonathan as acting president on May 6, 2010, after the death of President Umaru Musa Yar’Adua, was a constitutional provision.

He stated that the 2007 general elections produced the late Yar’Adua as president and not Jonathan, stressing that Section 137 could not have a retroactive effect to stop him from contesting the forthcoming presidential polls.

He ruled that there was no presidential election conducted in the country in 2010 and Jonathan could not be deemed to have been sworn into office of the president that year.

He said that Section 137, which came into effect on June 7, 2018, following the fourth alteration to the constitution, “cannot apply retrospectively except the legislature in clear terms expressly stated their intention for it to be so.”

He held that if Jonathan had won his re-election bid in the 2015 general polls, in which he lost to the incumbent President Muhammadu Buhari of the APC, he would have been inaugurated as president without any legal impediment.

He said, “In my opinion, the position being propounded by the first defendant (that he is eligible to contest) is tenable. It is the duty of the plaintiffs to direct this court where the legislature stated that the provisions of Section 137 sub-section 3 of the Constitution is to apply.

“I, therefore, find the arguments of the first defendant that he has only been elected into the office of President of the Federal Republic of Nigeria only once and in the year 2011, not only irresistible but established, and I so hold.

“In law, he who asserts must prove. I find that the plaintiffs have not discharged the burden of proof placed on them by law. I, therefore, find merit in the argument of the first defendant that the introduction of Section 137 of the Constitution does not affect his right to contest for the office of President of the Federal Republic of Nigeria in the 2023 general elections.

“Before the year 2015 when the first defendant lost his re-election bid into the office of President, the restriction by Section 137 sub-section 3 was not in existence. If he had won the 2015 general elections, he would have been sworn in for the third time without any legal impediment.

“The first defendant acquired his right to contest for the office of President immediately after his term as president on May 29, 2015. Clearly, it is incontrovertible that the first defendant’s right to contest and be sworn in as president was vested in him on May 29, 2015, and I so hold.

“I declare that the provision of 137 sub-section 3 of the Constitution acquired the force of law with effect from 7th June, 2018, and as such does not have retrospective application.I also declare that the first defendant is not disqualified by the provision of Section 137 sub-section 3 of the Constitution from contesting for election into the office of President of the Federal Republic of Nigeria in the 2023 general elections.

“Consequently, I enter judgment for the first defendant and all the reliefs sought by the plaintiffs in their originating summons dated 16 May, 2022 and filed on 17 May, 2022 are all hereby dismissed.”

admin by — May 27, 2022 in News 0
Children’s Day: Buhari Advocates Domestication Of Child Rights Act

President Muhammadu Buhari, has called on all states to domesticate and effectively implement the Child Rights Act of 2003 and the Violence Against Persons Prohibition (VAPP) Act, 2015.

He also emphasized the need for the removal of children from the streets and enroll them in schools (both formal and informal); end harmful social norms and practices against children; put a framework in place to ensure children access justice both as victims and as offenders and improve birth registration which is critical for national planning and governance functions as well as serves as a foundation for achieving progress in child protection and the attainment of Sustainable Development Goals.

He spoke at the commemoration of the 2022 Nation’s Children’s Day celebration with the theme: is “Strengthening Supportive Systems for the Protection of the Nigerian Child: A Wake-Up Call”.

The President who was represented by the Federal Capital Territory (FCT) Minister, Malam Muhammad Musa Bello,said this year’s celebration affords him the opportunity to re-affirm this Administration’s commitment in protecting the rights of all children in accordance with the laws of this country.

He added: “As the future leaders of our great nation, the Government is aware that the welfare and well-being of children is a primary responsibility. As a country, when we look at today’s children, we see tomorrow’s leaders, lawyers, scientists, engineers, teachers, doctors, diplomats, journalists, entrepreneurs, etc. However, for our children to thrive and the country to remain competitive globally, we must support their development and renew public policies that work for them.

“The government of this nation set aside 27th of May each year to rededicate her unalloyed commitment to your total wellbeing and protection as enshrined in the Constitution of the Federal Republic of Nigeria 1999 as amended, the Child Rights Act, 2003, the Violence Against Persons Prohibition Act (VAPP Act) 2015 and other International Treaties and Conventions.

“We must have a child-friendly budget for their education, health, protection, and development as our failure to do so will move us towards a failed generation.

“Nigeria as a country has at both international and regional levels, signed charters, treaties, statutes, declarations and other relevant legislations committed to protecting children from violence. These include the United Nations Convention on the Rights of the Child (1989), the African Charter on the Rights and Welfare of the Child (1990), the Optional Protocol on the Involvement of Children in Armed Conflict (2000), the Optional Protocol on the Sale of Children, Child Prostitution and Child Pornography (2000), and Sustainable Development Goals (SDGs) among others”.

admin by — May 27, 2022 in News 0