All Posts in "Day: January 24, 2023"

NUPRC Rallies Investors For Gas Flare Elimination,Value Creation

By Tunde Sholanke

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC),says it is planning a bidders’ conference/investors forum where stakeholders and investors in the country’s upstream petroleum sector will be offered the opportunity to seek clarifications on the programme.

Engr. Gbenga Komolafe, the NUPRC’s Chief Executive Officer, disclosed this in a statement,explained that the exercise is in furtherance of the Nigerian Gas Flare Commercialisation Programme (NGFCP) of the Federal Government.

Komolaf noted that the conference, scheduled for February 2, 2023 in Abuja,adding that participants in next week’s event include qualified applicants, financiers, technology providers, equipment manufacturers, service providers, funders, and other interested entities.

“The Abuja conference which is programmed as a hybrid event with a virtual option will not only afford participants the opportunity to seek clarifications and provide valuable inputs on the programme requirements but will also facilitate engagements of qualified applicants with technology providers, prospective lenders, finance institutions; as well as foster business relationships and partnerships for the overall programme success.

“Nigerian Upstream Petroleum Regulatory Commission in August 2022, re-launched the Nigerian Gas Flare Commercialisation Programme (“NGFCP 2022”) to drive Nigeria’s commitment to end routine gas flaring within the decade, support the imperatives of the Nigeria Energy Transition Plan (ETP) and create value from waste.

“The NGFCP 2022 was restructured to reflect current gas flaring situation and prevailing operational realities in the industry, as well as changes in the socio-economic landscape due to the passage of time since the NGFCP was originally conceived in alignment with the Petroleum Industry Act 2021 (PIA)” ,he stated.

He recalled that the PIA was enacted to redefine the legal, governance, regulatory, and fiscal structure of the Nigerian oil and gas industry for enhanced efficiency and value.

He said,in addition to establishing the Commission as the upstream technical and commercial regulator, the PIA provides a clear framework for flare elimination & monetisation in Nigeria which underpins the redesign of the NGFCP.

He stated that the Petroleum Industry Act 2021 (PIA) and its enhanced regulatory enablers have addressed the bottlenecks that hitherto impeded the expeditious implementation of the programme.

He added that the NGFCP 2022 is modified to deliver end-to-end value from flare gas commercialisation to both existing and new participants.

“In accordance with Section 105 (2) of the PIA and similar provisions enabling the Commission in that respect, the Commission commenced the Request for Qualification (RFQ) stage of the NGFCP 2022 through the issuance of Statement of Qualification (SOQ) to enable existing applicants to validate their status and for new investors to register to participate through the NGFCP website/ portal.

“The NGFCP 2022 recorded significant interest from stakeholders including existing participants, new investors, multi-lateral institutions, equipment manufacturers and the wider investment communities, both domestic and international.

“As at the SOQ submission deadline, three hundred (300) companies/entities had registered their interest to either revalidate their prequalification status as existing participants or submit Statement of Qualification (SOQ) as new participants.

Also, in line with the provisions of the RFQ, the SOQ evaluation exercise was conducted by the Commission where in a total of One Hundred and Thirty-Nine (139) applicants were deemed successful and awarded the Qualified Applicant status.

admin by — January 24, 2023 in Oil&Gas 0
Scarcity: Buhari Chairs Petrol Distribution Management Committee

 

President Muhammadu Buhari has approved the constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution management, which he will personally chair.

Horatius Egua, Senior Adviser (Media & Communications) to Minister of State Petroleum Resources, who disclosed this in a statement journalists in Abuja on Tuesday,said the development was necessary in order to find lasting solution to the disruptions in the supply and distribution of petroleum products in the country,

The Steering Committee, which has Minister of State for Petroleum Resource Chief Timipre Sylva as Alternate Chairman is expected to among other things to ensure transparent and efficient supply and distribution of petroleum products across the country,the statement said.

Other terms of reference are to ensure national strategic stock management,visibility on the NNPC Limited refineries rehabilitation programme and ensure end-end tracking of petroleum products, especial PMS to ascertain daily national consumption and eliminate smuggling.

In order to ensure sanity in the supply and distribution across the value chain, Sylva has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure strict compliance with the government approved ex-depot and retail prices for fuel.

He directed the NMDPRA to ensure that NNPC Limited, which is the supplier of last resort meets the domestic supply obligation of PMS and other petroleum products in the country.

He further directed that the interests of the ordinary Nigerian is protected from price exploitation on other deregulated products such as diesel,kerosene and cooking gas.

He said the Federal Government will not allow misguided elements to bring untold hardship upon the citizenry and attempt to discredit government’s efforts in consolidating the gains made thus far in the oil and gas sector of the economy.

Other members of the committee are Minister of Finance, Permanent Secretary, Ministry of Petroleum Resources, National Economic Adviser to the President, Director-General, Department of State Services (DSS), Comptroller-General, Nigerian Customs Service (NCS), Chairman, Economic and Financial Crimes Commission Member
(EFCC), and Commandant-General, Nigerian Security and Civil Defence Corps (NSCDC)

Others include;Authority Chief Executive, Nigerian Midstream and Member Downstream Petroleum Regulatory Authority (NMDPRA), Governor, Central Bank of Nigeria (CBN), Group Chief Executive Officer, NNPC Limited, Special Advisor (Special Duties) to the HMSPR while the Technical Advisor (Midstream) to the HMSPR will serve as Secretary.

admin by — January 24, 2023 in Oil&Gas 0
Naira Redesign: Senate Seeks Extension Of Old Notes Withdrawal For Seven Months

The Senate on Tuesday urged the Central Bank of Nigeria (CBN) to extend the withdrawal date of the old naira notes for seven months, starting January 31 to July 31.

It also appealed to the apex bank to open an exchange window where people that don’t have bank accounts can deposit their old notes.

The resolution was sequel to a motion by Senator Sadiq Suleiman (APC-Kwara) who recalled that the Senate in its resolution on Dec. 28, 2022, urged the CBN to extend the use of the old notes from Jan. 31 to June 30.

Suleiman,who noted that the CBN January 31 date for the withdrawal of old Naira notes, lamented that there were not enough new naira notes in circulation, hence the need to extend the date.

He said: “Experiences around the world have shown that such abrupt decisions, if not controlled, usually create chaos.The Senate should extend the use of the old notes to July 31st”

While supporting the motion, Senator Ibrahim Hadejia (APC-Jigawa),said that the call for extension was for their constituents and not for their (lawmakers) personal benefits.

Senator Adamu Aliero (PDP-Kebbi) said that the policy would inflict untold hardship on people living in the rural areas.

Sen. Adamu Bulkachuwa (PDP-Bauchi) said that the extension was necessary otherwise there would be chaos.

Sen. Biodun Olujimi (PDP-Ekiti) who decried that in her local government area, about 90 per cent of the people have not seen a glimpse of the new naira notes, called on the apex bank to “look away from the elections”.

She said that if the date was not extended, it would lead to collateral damage which would not augur well for the economy.

Sen. Mohammed Ndume (APC-Borno) called on the Senate to use its oversight responsibility on the CBN to “order the CBN governor to extend the date”.

He said that the power of the senate should not be played down calling on the Senators to stand firm on the call for extension.

For Sen. Sam Egwu (PDP-Ebonyi), who was the only senator that opposed the motion, “Nigerians do not have the culture of keeping their money in the bank.

“It is in Nigeria where cash is used arbitrarily; other countries use electronic means. Nigerians are just averse to change,” Egwu said.

The Senate President, Ahmad Lawan, said that most of the senatorial districts did not have banks.

“In rural Nigeria, there are no banks and people transact businesses with cash more often.There is no doubt that we must have a window for exchange. We must have policies by the CBN to have bank branches established in rural areas.We need this extension for the most ordinary Nigerians,” Lawan said.

admin by — January 24, 2023 in News 0
Inflation: CBN Hikes Interest Rate

 

The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate to 17.5 percent in order to tame inflation in the country.

The Governor of CBN, Mr. Godwin Emefiele, who announced this, this on Tuesday at the end of the first 2023 Monetary Policy Committee (MPC) meeting in Abuja,said that although the effects of past policy decision were being felt in the reduction of the rate of inflation, the result was not yet good enough to hold or reduce the MPR.

He also emphasized that there would be no extension of the January 31 deadline for the Naira redesign policy.

He also said all those who had the old notes had enough time to take them to the bank or swap them for the new ones within the time frame.

He also dismissed claims that CBN was holding N89 trillion Stamp Duty fund.

According to him,only N370. 386 billion had been collected through Deposit Money Banks since the policy became effective in 2016.

admin by — January 24, 2023 in Banking&Finance 0
Reps Summon Bank CEOs Over Shortage Of New Naira Note

 

The Nigerian House of Representatives on Tuesday summoned the Chief Executive Officers(CEOs) of Banks over the public outcry on the new cash withdrawal and redesigned currency policy.

The House also advocated the need for the extension of implementation of the swap to six months and make the new notes available.

The resolution of the House followed the adoption of a motion of urgent public importance, moved by Hon. Sada Soli, (APC, Katsina) on the need for the CBN to review and extend timeline for currency swap.

The House implored President Muhammadu Buhari to intervene on the deadline issues by the CBN.

They also called for the review of the cashless policy.

In his submission,Hon.Sada noted that the CBN was to ensure price stability and that the banks are places where people keep their money for safety.

He agreed that the cashless policy was in tandem with global best practices but the deposit money banks in Nigeria do not have what it take to achieve the policy.

He lamented that the CBN has refused to listen to the cry of people to extend the timeline of the currency swap.

He also urged the CBN to extend the implementation of the Cashless Policy to at least one year as well as review the daily withdrawal Limit and the charges therefrom.

He urged the CBN to expedite action on making the redesigned N200, N500 and N1,000 notes available to Nigerians.

Hon. Sada added: “The rigidity of the policy may affect the economy and therefore the apex bank should keep their policy closer to reality. The policy though good will not be fair on the new government and will impact negatively on macro economy.”

admin by — January 24, 2023 in News 0
NCP Endorses Obi, Promises To Mobilize Votes For Him

The National Conscience Party,has expressed his support for the presidential bid of Labour Party candidate,Peter Obi in the 2023 election.

The National Chairman, Yunusa Tanko, and its National Secretary, VC Odemejemba, in a statement on Monday,said that the party will also mobilize its members and supporters nationwide to canvas and vote for the LP candidate.

According to the party,Peter Obi and his running mate, Datti Baba-Ahmed shares the NCP philosophy and manifesto.

The party expressed confidence that an LP presidency will “run an entrepreneurial state able to double Nigeria’s GDP in a short time and reduce extreme poverty like China that removed 740m from poverty through a policy that emphasized social market economy.”

Underscoring its focus to create wealth through sectors that improve the wellbeing of all Nigerians, the NCP pledged to partner the leading opposition Labour Party towards ensuring “poverty reduction based on fast economic growth our governance principles, priority projects and programs that will be anchored on the 17 sustainable development goals (SDGs).”

“We have studied both the party’s manifesto and the characters of the ex-governor Peter Obi and Datti Baba Ahmed carefully and we believe that the labour party’s candidates have what it takes to earn our trust and confidence.

“We have also reviewed deeply the 7-point agenda of Peter Obi and Datti Baba Ahmad which include securing and uniting Nigeria, production centered growth for food security and export, and effective legal and institutional reforms (rule of law, corruption, and government effectiveness).

“Others are lifting Nigeria from oil to the fourth industrial revolution (4IR), expanding physical infrastructure through market driven reforms (unleashing growth, enabling entrepreneurship and market creating innovations), human capital development that empowers competitiveness, and rebus foreign policy that restores Nigeria’s strategic relevance.”

admin by — January 24, 2023 in Politics 0