All Posts in "Day: October 6, 2022"

Senate Orders NUPRC To Return Atala Oil To Original Owners

The Senate Committee on ethics, privileges and public petitions, on Thursday, ordered the Nigerian Upstream Petroleum Regulatory Commission ( NUPRC ), to restore the Atala Marginal Oil field ( OML 46) to its former owners.

The Oil field, which was originally owned by the trio of Bayelsa Oil Company Limited (BOCL), Hardy Oil Nigeria Limited (HONL) and Century Exploration and Production Limited, was erroneously reallocated to Halkin Exploration and Production Company Limited (Halkin E&P), through a letter dated 7th July, 2021 by the then regulatory agency, Department of Petroleum Resources (DPR), over alleged inability to bring the Atala Field to production.

President Muhammadu Buhari, in October 2020, in response to the appeal by the Marginal Field Operators Group (MFOG), directed the immediate “reinstatement of the ten revoked Marginal Fields licences, on a discretionary basis, to qualified companies with consideration given to the previous operators of the respective fields, subject to the demonstration of technical/financial capacity and payment of applicable Good and Valuable Consideration (GVC).”

Despite the Presidential directive, the DPR, (now NUPRC), reallocated the Atala Oil field to Halkin Exploration and Production Limited which was not among the previous operators, while it returned the other nine to original owners.

Worried by the flagrant disobedience to the President’s directive, one of the original owners, Hardy Oil Nigeria Limited, through a petition signed by Sir Daniel Chukwudozie, urged the Nigerian Senate to intervene, by prevailing on the regulatory agency to comply with Buhari’s Order.

Appearing before the Senate Committee last Friday, 30th September, 2022, the Executive Commissioner, Economic Relation and Strategies of NUPRC, Dr. Kelechi Ofoegbu, made representations on behalf of both his agency and the beneficiary of the Oil field, Halkin.

He was subsequently asked to appear before the Committee on Thursday, to show written evidence of how President Buhari, who also doubles as Minister of Petroleum, instructed that the Atala Oil field should be reallocated to Halkin.

But neither the NUPRC nor the Halkin Exploration and Production Company Limited showed up at the resumed hearing on Thursday, while Barrister Ike Onwuchuluba made appearance on behalf of th petitioner, Hardy Oil Nigeria Limited.

Pronouncing the resolution of the Senate’s Committee on Thursday,its Chairman, Senator Ayo Akinyelure (Ondo Central), frowned at the total disregard for the Order of President Buhari that the Atala Oil field be reallocated to the original owners.

He also expressed disappointment over the non appearance of both NUPRC and the beneficiary, Halkin Oil during Thursday’s hearing.

He added:”We have invited them severally and again, they have not been able to come before Nigerians and prove that the allocation of Atala Oil to Halkin is justified before the law and before humans.The position of this particular committee in the last sitting was that, we want the NUPRC to provide evidence before this committee today, to inform our decision on whether to support the position of NUPRC or not.

“The Nigerian Senate has asked the NUPRC to provide a written evidence that Mr. President reversed his own order. It has not been heard anywhere allover the world that, when Mr. President gives a presidential Order, a civil servant would go ahead and reverse it without a written permission from Mr. President.So, we are not convinced by the report of the NUPRC and we make bold to say the NUPRC has been misinformed, to allocate Atala Oil to a private limited liability company, when Mr. President had given a presidential Order that they should give considerations to former owners of ten Oil fields. Out of these ten, nine were considered, but the one of Atala is being taken away from the owners.

“Today we are here, but we can’t see NUPRC, we can’t even see the MD of Halkin Oil to show us the President’s Order that reversed his earlier Order. This committee therefore, resolved as follows: that the revocation and allocation of Atala Oil is hereby declared void; that the Atala Oil should be returned to its original owners, in line with the Presidential Order; that the NUPRC should carry out the Presidential Order immediately”, Senator Akinyelure said.

admin by — October 6, 2022 in News 0
Nigeria’s Waterways Now Safe -NIMASA DG

Nigerian Maritime Administration and Safety Agency, NIMASA, has said that the country’s waterways are now safe

The agency gave the assessment at the ministerial briefing organized by the Presidential Communications Team at the Presidential Villa, Abuja on Thursday.

It noted that no attack has been ochestrated by pirates on the sea shores since March this year.

Bashir Jamoh, Director General of the agency, said from the first quarter of this year to date, there has not been a single accident or incident on our territorial waters, particularly in terms of piracy attack and from last quarter of 2021 till date, which is over a year, no single attack has also been recorded.

He disclosed that this trend may have led to the cancellation of the stigma placed on Nigeria as the most dangerous water in the world.

He also noted that Nigeria has exited the list of countries with the worst form of pirate activities for the first time in March 2022.

According to him,the feat was achieved through the sustained effort of the Muhammadu Buhari led administration; leading to the overwhelming support Nigeria now receives form the International Maritime Organization.

“With this, Nigeria continues to receive support from the international community. What we did was to establish what we call Joint Industry Working Group; to open up our system to the international community and we told them that Nigeria is not the only country where there is insecurity or piracy but they always point on Nigeria only.

“Through that group, all stakeholders in our own industry now meet every month to discuss the progress of maritime insecurity in Nigeria and the entire Gulf of Guinea, under that agreement, we now signed an agreement between NIMASA, Nigerian Navy and the International Coordinating Centre at Younde, Cameroun, so that we can address issues that have to do with maritime security, so by extension, in the entire Gulf of Guinea, we have not had piracy attack since March,” he said.

Through the Deep Blue Project, there are ground and air patrols around Nigeria’s water ways to ensure safety of ships and lives on board, Jamoh said.

He noted that the Authority had to introduce the Deep Blue Project where they had to procure a number of various platforms.

He added that the President had earlier inaugurated the platform of the project, which has made Nigeria proud while many nations are coming to model us to learn how we manage our maritime security.

“We have two special mission vessels, which have the capacity of dynamic positioning. We can keep them at the high sea for a number of days, we also have three special mission helicopters, 16 armoured vehicles specifically meant for creeks.They have special features and can enter into the creeks and search for criminals. We also have two special mission aircrafts with a 24/7 special cameras which they use to film any place or environment and sends the signals immediately,” he explained.

He added that in order to ensure the safety of the waterways, NIMASA has embarked on the removal of wrecks, maritime litters and has entered into collaboration with the Nigeria Metrological Agency (NIMET).

He stated that the agency had to introduce the concept of marine litter and plastic action plan, through which wastes are discarded like empty water bottles and sachets of water which are harmful to aquatic lives.

“We sent the plan to the international Maritime Organization, they approved and we are now implementing it. The second thing is, we now try to improve on the marine environment management in order to ensure that the environment is safer. Any oil company found wanting will be forced to pay for such damages. We also collaborate with NIMET to have weather forecast for our own maritime domain in order to ensure safety of navigation in our waters,” he added.

He also revealed that NIMASA has so far enjoyed infrastructural support from Japan and Korea Republic, whereby, Japan assisted the agency with $ 2.7 million for the building of ships while Korea donated a war ship to boost the capacity of the agency in fighting pirates.

admin by — October 6, 2022 in Business 0
Group Faults NNPC’s N674bn Profit,Seeks Investigation Of Board

The Conference Of Nigeria Political Parties (CNPP) has expressed doubt over the N674billion released by the Nigerian National Petroleum Company Limited (NNPCL) as its profit after tax.

The group advocated the need for an independent investigation of the management of the company and its Board members in the last seven years.

The company had declared a profit after tax of N674bn according to the Group Chief Executive Officer of NNPC Limited, Mele Kyari, who said that the company grew its profit after tax from N287bn in 2020 to N674bn in 2021.

The CNPP, conveyed its positions in a statement signed by its Secretary General, Chief Willy Ezugwu.

It said that:”it is difficult for the NNPC Limited to convince patriotic Nigerians that its declared profits in two years are not manipulated. The CNPP calls for proper investigation of the management of the company and the Board of NNPC over the last seven years, particularly those who approved 2021 audited financial statements, declaring NNPC to have made the unimaginable 134.8% YoY profit growth in 2021.

Stating reasons why the profits being declared annually by NNPC since 2020 are doubtful, the group noted that in 2017, Nigerian lawmakers uncover alleged $15billion unremitted oil and gas revenue.

The alleged revenue leakage was exposed by the House of Representatives ad-hoc committee investigating missing $17 billion crude oil and liquefied natural gas revenue when the committee uncovered the $15 billion unremitted revenue into Federation Account.

It said the trace of the alleged missing fund, believed to have been stolen and diverted to a foreign destination, was contained in two documents submitted by the then Nigerian National Petroleum Corporation, NNPC, at the committee’s sitting.

It lamented that till date, nobody has been prosecuted and nobody was sacked.

It added:“Again, by 2018, N4 trillion was reported to be unremitted by the NNPC as revealed in 2016 audit report indicating that some revenue collecting agencies in NNPC and DPR did not remit any revenue into the Federation account for some months, neither was any explanation given why those months recorded no revenue.

“The audit report highlighted few of the auditor’s discoveries, indicating that the total unremitted revenue as at 1st January 2016 from amounts payable into the Federation Account by NNPC was ₦3,878,955,039,855.73 (that is, three trillion, eight hundred and seventy-eight billion, nine hundred and fifty-five million, thirty-nine thousand and eight hundred and fifty-five naira).

“Also, the sum of N1,198,138,355,860.30 was due in revenue to the Federation Account out of the total generated in 2016, however, NNPC paid the sum of N1,000,545,058,966.2 resulting in an amount withheld of N197,593,296,894.02. This brought the total amount withheld by NNPC from the Federation Account as at 31 December 2016 to N4,076,548,336,749.75”, the CNPP stated.

The umbrella body of all registered political parties and political associations in Nigeria then accused the “NNPC management of inability to keep accurate records let alone making huge profits as it has been declaring since the 2020 pandemic year.

“For instance, it was reported that NNPC failed to clearly state exactly the quantity of crude oil lifted or delivered to Warri Refinery and Petrochemical Company (WRPC), and Kaduna Refinery and Petrochemical company (KRPC) in the said audit report.

“Accordingly media report in 2018, from the examination of the Demestic Crude Oil Lifting sales profile, a total crude oil lifting of 8,399,027 bbls with a total sales value of $376,655,589.03 (N102, 659,577,632.16) was stated to have been lifted jointly by these two companies.

“Therefore, the auditor held that the failure to properly separate these deliveries and charge directly to each company makes it difficult to reconcile and account for each lifting. Again, till date, nobody was queried and no person was sacked”, the CNPP observed.

“Also, in 2019, the House of Representatives accused Federal Government’s ministries, departments and agencies of failing to follow the Treasury Single Account (TSA) policy, leading to revenue leakages.

“The House said it had discovered that over $900m was still “being held” by the MDAs outside the TSA.The House indicted the Nigerian National Petroleum Corporation, the Nigerian Ports Authority, the Federal Inland Revenue Service, the Nigeria Customs Service, ministries and banks of various infractions.

“The House specifically accused the NNPC of extra-budgetary spending as the committee said that from the information submitted by NNPC itself, Brass LNG received an appropriation of $511.60m while the actual release was $461.54m during 2012-2017 fiscal years.

“The House panel said that the ‘Appropriation Acts 2012-2017 depicted $550.33m for the Brass LNG project. But it is very important to note some key observations on the table above: The total appropriation is $511.60m, according to the NNPC. The actual funding for the Brass LNG project from 2012 to 2017 stood at $461.54m. The unutilised portion is $331.72m. The NNPC stated unrealised balance with the DMBs being $708.29m.’

“The House Committee then observed that some MDAS claimed to have obtained a presidential exemption to operate certain accounts outside the TSA policy.n the case of NNPC, the committee insisted to sight the purported exemption letter. However, to the dismay of the committee, the letter was only conveying the approval of the President signed by an assistant director.

“The lawmakers also accused NNPC of financial operations outside the TSA, saying, “The balance in this (CBN Joint Venture) account as reported by the NNPC, dated 30th October, 2017, stood at $188,900,383.49. These are the various accounts classified as accounts still not being moved to TSA by CBN, DMBs account”.

“The House committee had also discovered three accounts held by the NNPC in Aso Savings and Loans PLC and Unity Bank PLC where the accounts included two placement accounts called NNPC PFL Placement Deposit and the third account called NNPC Pension Fund account. The total balance in these accounts as of August 27, 2017, stood at N1, 079,444,746.49”, the CNPP quoted the committee.

“No fewer than 20 recommendations by the House Committee panel were unanimously approved by the House and till date, no official of NNPC was sacked even as none was prosecuted.

“According a report by Nigeria Extractive Industries Transparency Initiative (NEITI) in 2021 and widely published in the media, a total of 77 oil companies were owing Nigeria N2.659trn unremitted funds.

“Besides the consistent revenue shortfall yearly, which resulted to Nigeria’s borrowing sprees to finance its huge budget deficit with debt servicing gulping as much as 98 per cent of Nigeria’s revenues, the NNPC was reported to have made a huge deduction of N149.2 billion from the federation’s joint account when the Federation Account Allocation Committee (FAAC) met in October 2021.

“If NNPC makes huge deductions from the Federation Account and often withholds Federal Government’s legitimate revenues, how is it possible for the same NNPC to be declaring profits for the second consecutive year?Or does the NNPC convert the unremitted revenues and deductions from Federal Accounts into profits?, the CNPP asked.

The issue of oil theft was also mentioned by the NNPC Limited’s boss, Mallam Mele Kyari.He said that the oil spill in the Bodo community of Rivers State has led to the Nembe pipeline which is making the country loose over 100,000 barrels per day, while lamenting the high rate of oil theft in the country.

“For the CNPP, we believe that the NNPC knows those behind oil theft and they should go after them instead of mouthing that it has heavily invested in securing its facilities in the oil-rich region. If they don’t know, they should see human rights lawyer, Femi Falana (SAN) who recently said that they have all information relating to stolen Nigerian crude oil. The lawyer recently pledged to make available such information if needed by the Federal government”, the CNPP stated.

“As far as the CNPP is concerned, rather than continuing the fruitless policy of destroying hundreds of thousands of illegal refineries operating in the Niger Delta for these years, the NNPC should set up criteria for both standardising the operations of the legal refineries operators and licencing them as modular refineries operators in the region to save Nigeria billions of dollars wasted on importation of refined petroleum products due to ineffective government refining facilities.

“But such ideas as local refining of crude oil can never be welcomed by the NNPC management and Board who could be the ultimate beneficiaries of the sustained fuel subsidy regime that has been severally adjudged as the most corrupt in the world even by the All Progressives Congress (APC) before it came to power in 2015.

“NNPC management would rather invest in endless and wasteful turnaround maintenance of Nigeria’s expired refineries instead of building modern refineries, at least one refinery in the last seven years of the APC administration. Until NNPC management is made to answer all questions relating to unremitted revenues and its corruption infested subsidy regime, the CNPP will consider any profit declared by the NNPC management as mere paper work and, mostly likely, a manipulation of figures to confuse unsuspecting Nigerians.

“Therefore, we believe that a profitable NNPC can only be possible when the management of NNPC is held accountable and Nigeria gets functional refineries that would bring to an end the current importation of refined petroleum products into the country. We’ll continue to insist on an independent forensic audit of NNPC operations from 1999 to date to enable Nigeria recover all stolen oil revenues, some of which have been declared as unremitted, particularly since 2015”, the CNPP said.

admin by — October 6, 2022 in Oil&Gas 0
Flooding Responsible For Abuja Fuel Scarcity – NMDPRA

The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA has blamed the return of fuel queues
in the Federal Capital Territory FCT Abuja,on unprecedented flooding in Lokoja, Kogi State,

The agency,in a statement said the flooding has submerged a greater part of the city and grounded all vehicular movements.

It said:”NMDPRA is providing this advisory on the current queues at fuel stations in Abuja. The Authority wishes to state that the fuel queues are caused by unprecedented flooding in Lokoja, Kogi State, which has submerged a greater part of the city and grounded all vehicular movements.

“This unfortunately has affected the distribution of petroleum products to the Federal Capital Territory, Abuja and environs. As part of measures to mitigate the situation, trucking through alternative routes is currently ongoing. The Authority assures the public that there are sufficient petroleum products inland. Consequently, the general public is advised to avoid panic buying at fuel stations as the NMDPRA is working assiduously with relevant stakeholders and Government agencies to ensure product availability across the country.

It advised marketers to desist from hoarding the product and reiterated its commitment to Nigerians to ensure seamless supply and distribution of Petroleum Products nationwide”.

Meanwhile, Garba Deen Muhammad, Group General Manager, Group Public Affairs Division of NNPC Ltd, in a statement, blamed current queue situation in some parts of Abuja and its environs is as a result of delays in arrival of fuel trucks.

“NNPC Ltd wishes to inform the general public that it has sufficient stock of petroleum products and the public should not give in to panic buying.The current queue situation in some parts of Abuja and its environs is as a result of delays in arrival of fuel trucks.

“This is happening as a result of heavy flooding that has submerged parts of the highway passing through Lokoja, Kogi State and also an incidence of a failed road section around Badegi-Agaie highway in Niger State.Consequently, vehicles, especially fuel tankers, are finding alternative roads to get to their intended destinations.

“NNPC Ltd is working assiduously, in collaboration with relevant government agencies, to open up this major highway.While we do that, we urge the general public to remain calm and not to engage in panic buying of petroleum products.

“The current situation is temporary and has nothing to do with shortage of Premium Motor Spirit (PMS) as the NNPC Ltd has a thirty-day products’ sufficiency” reads the statement in parts”

admin by — October 6, 2022 in Oil&Gas 0
Nigerian Troops Arrest Suspected Cameroonian Rebels In Cross River Hotel

Troops of the Nigerian Armed Forces have arrested two Cameroonians suspected to be Ambazonian rebels’ informants at a hotel, in Cross River State.

They also killed scores of terrorists in different theatres of operations, arrested many and rescued two Chibok Girls, their children and other abductees.

The Director, Defence Media Operations (DMO), General Musa Danmadami, discloses this on Thursday on behalf of the Chief of Defence Staff (CDS), General Lucky Irabor, in Abuja, at the bi-weekly press briefing, on troops activities and operational successes in various operational theaters of the six geo-political zones.

He stated that the kinetic and non-kinetic operations covered the operational activities of the Armed Forces of Nigeria and other security agencies between the period 22nd September to 6th October, 2022.

He added:”Troops of Operation DAKATAR DA BARA on the 28th September, 2022, arrested two Cameroonians, suspected to be Ambazonian rebels’ informants at a hotel in Ikang in Bakassi Local Government Area of Cross River State.

“Equally, on 24th September, 2022 troops also conducted a snap road block and arrested a suspected criminal logistics supplier at Amana in Obanliku Local Government Area of Cross Rivers State. Items recovered from the suspect include 20 pairs of black boots, 20 pairs of special force uniforms, two mobile phones and the sum of N15,200 only.

He said troops of Operation HADIN KAI in the North East Zone rescued two Chibok girls by name, Yana Pogu and Rejoice Senki on serial 19 and 70 of the abducted Chibok girls lists with their children at Bula Davo village in Bama Local Government Area and Kawur village in Konduga Local Government Area of Borno State with 12 others abductees.”

Between 26th September and 3rd October, 2022, he stated that troops arrested a suspected Boko Haram Terrorist and ISWAP ammunition technician at Gorom village in Monguno Local Government Area of Borno State, with 300 empty cases of ammunition suspected to be used for fabricating 7.62mm specials while six suspected Boko Haram Terrorist and ISWAP informant and collaborators including a foreigner were arrested at different locations.

He said,between 22nd September to 4th October, 2022, troops were said to have conducted ambushes, clearance operations, fighting patrols and cordon and search as well as other operations at different locations in Biu, Damboa, kaga, Kukawa and Gubio Local Government Area all in Borno State.

During the operations 29 Boko Haram terrorist and ISWAP logistic suppliers were arrested.

He said items recovered from Boko Haram, General Danmadami said include, 50 big bags of dry fish, two big sacks of fried meat, 55 jerry cans of Premium Motor Spirit, one big bag of coal, 13 bags of breads, one bag of salt, one bag of beans, five cartons of detergent, three packs of batteries, 50 leathers of mosquito coil, 10 mobile phones, four vehicles, one bicycle and the a total sum of 2,479,740.00 as well as other sundry items.

Also, “Troops within the period in focus recovered six AK47 rifles, 14 AK47 magazines, one HK gun, one G3 rifle, 112 rounds of 7.62mm special, 285 rustled cattle and gallons of Premium Motor Spirit.

“They also neutralized 19 terrorists, arrested 42 suspected terrorist logistics suppliers, rescued three civilians while a total of 418 suspected Boko Haram Terrorists and ISWAP terrorists, who claimed to have lost interest in the ideology of Boko Haram Terrorists surrendered to own troops at different locations with their families comprised of 44 adults males, 135 adult females and 239 children.

“All surrendered Boko Haram Terrorist and ISWAP terrorists and their families are being profiled for further action.Furthermore, between 23rd and 28th September, 2022, the air component of Operation HADIN KAI carried out air interdiction operation at identified terrorists enclaves at Kolaram and Bukar Meram both in the Southern Lake Chad region of Borno State. The air strikes resulted in the neutralization of several terrorists with several of their structures destroyed.”

Besides,troops in the North Central Zone of the country have continued to crack down on the activities of criminal elements in their general area of operations.

Accordingly, “On 25th September, 2022, troops of Guards Brigade raided an identified illegal drug peddlers hideout along Koroduma-Asokoro Guzape in Abuja Municipal Area Council of the Federal Capital Territory and arrested five suspected drug peddlers, while 11 bags of substance suspected to be cannabis sativa was recovered from the suspects.

“On the 1st October, 2022, Guards Brigade troops also raided Karshi Hill and surrounding villages in Abuja Municipal Area Council of the Federal Capital Territory following intelligence on plans by hoodlums to disrupt the Independence Day Celebration.

“Consequently, troop arrested 64 youths in black attires armed with nine locally made guns. In another development 33 suspected illegal miners were arrested at an illegal minning site at Gwagwalada Area Council.Also, on the 30th September, 2022, troops of Operation WHIRL STROKE conducted raid operation at a suspected criminal hideout at Otukpa in Ogbadibo Local Government Area of Benue State.

“During the operation troops came in contact with terrorists who engaged own troops in a firefight but were subdued, the encounter led to the neutralization of 2 terrorists while other escaped with gunshot wounds.

“Similarly on the same day, troops responded to a distress call about the activities of a bandit leader identified as full fire and his gang members at Zaki Ibiam and Zamkara in Ukum Local Government Area of Benue State. During the operation, troops arrested two suspected bandits and recovered one locally fabricated AK47 rifle, one dane gun and two mobile phones.

“Troops also arrested one suspected bandit in his hideout, while a motorcycle and one round of 7.62mm special was recovered from the suspect. Equally, troops raided suspected terrorists hideout in Awe Local Government Area of Nasarawa State during the encounter troops neutralized two terrorists and recovered one AK47 rifle, three dane guns, one motorcycle, three mobile phones while four terrorists were also arrested.”

Similarly, troops of Operation SAFE HAVEN according to Danmadami on 23rd September, 2022 raided suspected drug dealers hideout at Mangu in Mangu Local Government Area of Plateau State.

The drug dealer was said to have been arrested with large quantity of substance suspected to be cannabis. Also on 26th September, troops arrested four suspected armed robbers at Shaka village in Bassa Local Government Area and recovered armored cables suspected to have stolen from a government property in the general area.

“Equally, on 28th September, 2022, troops in conjunction with the operatives of NSCDC arrested a notorious kidnapper and armed robber known as Anas Ayaro 22years who has been on the wanted list of security agencies along Layi in Bauchi State.The suspect is said to be the leader of a notorious gang involved in major kidnapping, cattle rustling and armed robbery incident in Plateau and neighboring states.

“Between 25th September, to 2nd October, 2022, troops arrested nine suspected kidnappers, rescued eight civilians, while troops on 4th October, 2022, responded to distress call about the attack of gun men at fefur community in Jos East Local Government Area of Plateau State, consequently, troops trailed the assailants and neutralized two suspects and recovered one fabricated pistol with 10 rounds of 7.62mm special.

All recovered items and arrested suspects, the Director said have been handed over to the appropriate authorities for further action.

admin by — October 6, 2022 in News 0
Energy Transition: Ending Gas Flaring, Gas Monetization Remain Our Priorities -Seplat

Seplat Energy Plc, Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, has said that its energy transition priorities remain to end flaring, monetise gas, displace diesel and biomass with cleaner fuel, extend along power value chain and target smaller scale gas-to-power customers.

Roger Brown, Seplat Energy CEO disclosed this while addressing global energy players at the Africa Energy Week (AOW) happening in Cape Town, South Africa.

In his keynote at the conference main stage themed: Energy Security in a Consistently Shifting Energy Landscape, he said: “As a leader in this space, our priorities a s far as energy transition is concerned, is to end flaring, monetise gas, displace diesel and biomass with cleaner fuel, extend along power value chain and target smaller scale gas-to-power customers, whilst exploring new opportunities.”

He noted that currently Seplat produces 300MMscfd, which is enough to power 1GW per day. The company ANOH and Sapele gas projects have the capacity to fuel another 2GW by 2024.

He added:“But we need to displace 20GW diesel generation with utility-scale gas-to-power / renewables. We will develop bottled gas products to displace biomass with cooking gas; and extend along value chain into power generation with gas and hybrid model”.

According to him, providing more affordable and reliable energy will boost Nigeria’s economy, drive development and create jobs.

He described the Nigerian market as a huge opportunity for the Company, noting that with a future population projected at 500 million people by 2050, Nigeria represents a huge investment opportunity across the entire energy sector.

He said improved domestic infrastructure, Increased export capability, Increased refining capacity, Increased gas-fired capacity, improved national grid, metering, billing, payments, renewables, and clean cooking displacing biomass were clear areas of value for businesses and the Nigerian people and government.

He said the development of Africa’s energy system offers major opportunities to stimulate the creation of decent jobs that require wide-ranging skills.

In the Sustainable Africa Scenario, 4 million energy-related jobs in total are created across the continent in the 2021-30 period, largely as a result of providing universal access to modern energy to households in sub- Saharan Africa and the rapid deployment of clean energy technologies, according to the IEA report.

The Seplat Energy CEO, who also spoke in a Panel Session dubbed: International oil companies: An insight into M&A activity on the continent, explained that Seplat Energy is an indigenous Nigerian operator having good relationships with government and communities; strong operating and safety record; well-funded balance sheet through prudent financial management and strong cash flow; internationally accountable through dual listings and good governance; and commitment to high Environment Social Governance (ESG) performance.

admin by — October 6, 2022 in Oil&Gas 0
Compensation: We’re Evaluating N18.4bn Payment To Host Communities -NLNG

Nigeria LNG Limited (NLNG) says it is evaluating the resolution and circumstances surrounding the recent Senate’s directive to the company to pay N18.4 billion to host communities on the ground of infraction.

The Senate had passed the resolution following the consideration of a report by its Committee on Ethics, Privileges and Public Petitions, sequel to a petition relating to compensation for the acquisition of a Right of Way across some communities.

Andy Odeh, General Manager, External Relations and Sustainable Development, in a statement, said his company has always conducted its business responsibly and in accordance with the laws of the Federal Republic of Nigeria, including in this specific matter.

admin by — October 6, 2022 in Oil&Gas 0
Access Bank To Acquire 51% Equity Stakes In Angola-Based Finibanco S.A

Access Holdings Plc. has announced that its wholly-owned subsidiary, Access Bank Plc., has entered into a binding agreement with Montepio Holding SGPS S.A to acquire a 51% majority shareholding in Finibanco Angola S.A.

Finibanco Angola S.A. is a profitable, well-capitalized full-service commercial bank with over 20 branches and around US$300 million in total assets that has operated in Angola since 2008.

The transaction will be affected via the purchase of existing shares owned by Montepio, the holding company for Banco Montepio, one of Portugal’s well-established commercial banks.

The Angolan market is the 6th largest economy in Africa and the 7th largest country overall, with a vast and diversified natural resource base and a growing population representing a strong potential for the Bank’s growth aspiration.

The Transaction, which is subject to regulatory approvals in Nigeria and Angola is expected to close in the first half of 2023 following fulfillment of customary conditions precedents. It will be consummated at 1.0x tangible book value less pre-agreed adjustments to be determined by a customary completion audit. Upon completion of the Transaction, the Bank is expected to increase its shareholding in Finibanco S.A and has reached certain conditional agreements in this regard.

Commenting on the transaction, Dr. Herbert Wigwe, Group Chief Executive Officer, Access Holdings Plc., said “At Access, our vision remains clear as ever and our determination to harness accretive opportunities within and outside Nigeria is our core strategic focus. Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges. We remain committed to making these disciplined and well-structured investments towards creating a strong, holistic platform that will be competitive, diversified, and compelling for years to come.”

The Transaction furthers the Bank’s strategy to be Africa’s payment gateway to the world whilst working with other Africa-focused multilateral to provide robust and efficient payment platforms and ecosystems to serve the continent. The prospective operation is expected to contribute strongly to the Bank’s overall growth path and financial results over the long term.

admin by — October 6, 2022 in Banking&Finance 0
Senate Opposes Move To Cut Subsidy Funds

The Senate has opposed attempts by its committee on Finance to cut down the proposed N3.6trllion for subsidy in the 2023 budget, by the executive, to N1.7trillion.

The Senate Committee on Finance chaired by Senator Olamilekan Adeola (APC Lagos West), in its report on the proposals presented for consideration by the upper chamber, recommended N1.7trillion for fuel subsidy for the entire 2023 which was however rejected, with the Lawmakers insisting on the earlier proposed N3.6trillion earmarked for subsidy.

The committee recommended a $73 per barrel oil price benchmark for the proposed N19.76 2023 budget which was approved against $70 per barrel proposed by the executive in the MTEF/FSP documents.

President Muhammadu Buhari had in the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), proposed N3.6trillion for fuel subsidy from January to June in 2023.

Besides, recommendations on the existence of 10 out of the 63 Government Owned Enterprises (GOEs), made by the committee, was also approved by the Senate.

The GOEs concerned are the Nigerian Communication Commission (NCC), Corporate Affairs Commission (CAC), Nigeria Port Authority (NPA), Joint Admission and Matriculation Board (JAMB) and Nigerian Maritime Administration and Safety Agency (NIMASA).

Others are the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), National Agency for Food and Drug Administration and Control (NAFDAC) , Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMPDRA).

According to the recommendations, “That 10 out of the 63 GOEs be placed on cost of collections to serve as a test case for other GOEs which can be added in the future. The list of these GOEs includes, NCC, CAC, NPA, NIMASA, NUPRC, FIRS, CUSTOMS, NMPDRA, JAMB and NAFDAC with immediate effect through the proposed Finance Bill 2023 coming up with amendment on the existing Act of agencies’’.

The chairman of the Senate Committee on Finance explained that scenario 2 of the 2023 budget proposed by the executive in the MTEF / FSP document, was adopted by the committee because of lesser vote for budget deficit and over N1trillion for capital votes for the various Ministries, Departments and Agencies (MDAs).

The scenario two has a proposed total expenditure profile of N19.76 trillion and deficit of N11.30 trillion as against scenario one which has a proposed total expenditure profile of N18.75 trillion with deficit of N12.41 trillion and zero allocation for capital projects for the MDAs.

The scenario two proposed recommended by the committee for approval by the Senate and accordingly approved is based on other critical parameters like 1.69million barrel oil production per day, N437.57k exchange rate to a US dollar and 3.75% Gross Domestic Product (GDP) growth rate.

Others are projected inflation rates of 17.16% and new borrowings of N8.437 trillion, N6.31trillion for Debt Service, N722.11billion as statutory transfers etc.

Before the report adoption, many of the Senators expressed their reservations on the N437 exchange rate to a dollar which according to them gives over N300 difference to the N 730 or N740 to a dollar it is at the parallel market.

In his response, Senator Adeola said the committee attempted to increase the exchange rate from N437 to N550 to a US dollar but threaded caution, in avoiding further devaluation of the Naira.

The President of the Senate, Ahmad Lawan in his remarks, said based on observations and findings made by the Committee, Nigeria is in a war situation as far as crude oil theft is concerned and also under revenue remittances by many of the MDAs. The scenarios proposed are very challenging ones and all hands must be on deck to stem the tide “, he said.

admin by — October 6, 2022 in News 0
Abuja-Kaduna Train Attack: Terrorists Release Remaining 23 Passengers

The 23 remaining passengers held hostage by Boko Haram Terrorists following the attack on the Abuja to Kaduna train on 28-3-2022, have been released.

A statement by Prof. Usman Yusuf Secretary, Chief of Defense Staff Action Committee (CDSAC), indicates that a the seven-man Presidential Committee assembled by the Chief of Defense Staff (CDS), General L E O Irabor, secured the release of the victims at 4:00pm, Wednesday 5-10-2022.

“I am pleased to announce to the nation and the world that at 1600Hrs. (4:00pm) today, Wednesday 5-10-2022, the seven-man Presidential Committee assembled by the Chief of Defense Staff (CDS), General L E O Irabor, secured the release and took custody of all the 23 remaining passengers held hostage by Boko Haram Terrorists following the attack on the Abuja to Kaduna train on 28-3-2022.

“The nation owes a debt of gratitude to the Nigerian Military under the leadership of the CDS who conceived and guided the operation from start to finish. All sister Security Agencies and the Federal Ministry of Transportation contributed immensely to this Operation.

“The unwavering support of the President and Commander in Chief of the Nigerian Armed Forces, President Muhammadu Buhari GCEFR is what made it all possible. Members of this Committee are grateful for the rare honour and privilege to be part of this Humanitarian Operation. May God Almighty Heal Our Wounds and Bring Peace to Our Land” reads the statement in part.

admin by — October 6, 2022 in News 0