All Posts in "Day: February 19, 2023"

Nigeria Loses 40percent Of Crude Oil To Measurement Errors,Not Theft – NUPRC

 

Engr Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Regulatory Commission (NUPRC),has said 40percent of the volume of crude losses in the Nigerian petroleum industry are due to measurement inaccuracies.

He faulted earlier reports attributing the losses to theft.

Komolafe,who stated this in Lagos at the Petroleum Club Quarterly Dinner, said the revelation was sequel to a forensic audit conducted by the Commission covering the period January 2020 to November 2022 on crude theft numbers.

He explained that the audit was to ascertain with accuracy the stolen volume of crude oil within the reference period.

Speaking on “Nigerian upstream petroleum sector: value optimization, energy transition and regulatory perspectives”, Engr. Komolafe said the Commission is committed to dealing with the issue of metering errors by ensuring that Original Equipment Manufacturers (OEMs) licensed directly as agents of the Commission will be responsible for deployment and maintenance of metering facilities across the Nigeria’s oil and gas facilities, for transparency in hydrocarbon accounting.

According to him,the reform measure adopted by the Commission offers a paradigm shift from the trajectory in Nigeria’s hydrocarbon measurement since oil was discovered in Nigeria in Oloibiri in 1956; and was aimed at ensuring that no one becomes a judge in his own case.

He added:”Admittedly, one major area of value erosion in the industry is the menace of crude oil theft.Our records indicate that the menace of oil theft has negatively impacted the oil and gas sector for about two decades with attendant huge financial losses to our nation”

He said the Commission, in collaboration with the various arms of the security forces, the NNPC Limited and the host communities, have been able to suppress the ugly trend of hydrocarbon value decimation.

Nigeria,he said,has continued to record good dividends of these collaborative efforts as production figures are progressively increasing.

He said the January 2023 volume is approximately 1.5 million barrels per day of oil and condensates,adding that it is expected that this number will continue to increase as further measures are introduced and sustained to remove all illegal connections that aid crude oil theft.

“Currently, Nigeria is flaring about 10% of gas produced, a feature the Commission is also determined to eliminate through the on-going Gas Flare Commercialization Programme (GFCP). Nigeria produces about 8BSCF/D of gas, out of which approximately 20% is delivered to the domestic market, approximately 40% is exported to international markets, 30% is utilized for producer’s internal consumption and the excess gas is flared.

“In alignment with our objectives, as outlined in Section 6 of the Petroleum Industry Act, the Commission is diligently pursuing the basic regulatory goals which include: increasing Nigeria’s oil and gas reserves and production, developing a transparent approach to hydrocarbon accounting, and attaining operational efficiency and effectiveness in industry operations.

“In addition, the Commission is committed to facilitating peace and harmony in the host communities to guarantee conducive operating environment for investors, positively impacting on operating cost and attracting more investment opportunities. Komolafe outlined the measures undertaken by the commission.

“Also, as part of our strategy for value optimization and increased production from our national oil and gas reserves, the Commission has focused on regulatory initiative aimed at reviving declining wells through enhanced oil recovery approach. We are working with operators to identify candidate wells and appropriate interventions that would lead to increased production.
In addition, the Commission is focusing on shut-in wells which can be revived.

“In pursuance of this, The Commission inaugurated a committee on June 23, 2022, to conduct industry-wide study on reactivation of Shut-in strings. The committee has submitted its report, and includes recommendations categorised into Quick Wins, Medium and Long-Term initiatives that will enhance national oil and gas production volumes.

“Findings from the report revealed that over 900,000 barrels of oil per day can be earned from the quick win interventions while the medium and long-term initiatives could potentially add 1.2 million barrels of oil per day if properly and fully implemented”.

admin by — February 19, 2023 in Oil&Gas 0
Polls: Immigration Moves 11 ACGs, 30 State Comptrollers

Tunde Sholanke

Alhaji Isa Jere, the Comptroller General of Immigration,has redeployed 41 senior officers ahead of the February 25 Presidential and National Assembly elections.

Tony Akuneme,Public Relations officer and Comptroller of Immigration,who disclosed this in a statement said the redeployment affected 11 Assistant Comptrollers General in charge of the different zones as well as thirty Comptrollers posted to new states.

According to the posting order, signed on behalf of the Comptroller General by the Deputy Comptroller General incharge of Human Resources, Usman Babangida, the states affected were mainly those that bordered Nigeria with neighboring countries, such as Yobe, Adamawa, Sokoto, Katsina, Zamfara, Oyo, Lagos (Seme Border) and Cross River states. Other states who are getting new Comptrollers include Gombe, Kaduna, kano, Plateau, Bauchi, FCT, Nassarawa, Edo, Bayelsa, Rivers (Marine Command), Anambra and Enugu, among others.

He further stated that all the deployments are with immediate effect and that the CGIS placed a very high premium on the critical role of his personnel in the success of the forthcoming general elections.

admin by — February 19, 2023 in News 0
Naira Redesign: Obey S/Court Order, Ease Nigerians’ Suffering,APC Govs Tell Buhari

By Musbau Babatunde

The leadership of the All Progressives Congress and governors elected under the platform of the party have urged the Attorney General of the Federation Abubakar Malami and the Godwin Emefiele,the Governor of the Central Bank, to respect a subsisting order of the Supreme Court.

The development was part of the resolution of a joint meeting of the APC National Working Committee and the APC Governor’s Forum which on Sundayat the party’s national secretariat in Abuja .

The meeting implored President Mohammadu Buhari to immediately intervene in the standoff so as to ease the suffering of Nigerians occasioned by the Naira Swap policy.

Rising from the meeting attended by 14 APC governors ,Presidential Candidate of the party Asiwaju Bola Ahmed,and the full complement of members of NWC, APC National Chairman Senator Abdullahi Adamu noted that the people and the national economy is on the edge and facing tremendous difficulties.

It said”I’m sure you are quite aware of the fact that a meeting comprising of APC governors was held today and the leadership of the NWC of our great party was summon for this afternoon and we had discussion and at the end of the discussion, we have resolved as follows and this resolution is without prejudice or whatsoever to the case that is lying at the supreme court at this point in time. This has to do with the issue of currency redesign.

“We note very seriously that the programme and its implementation is causing tremendous difficulties to the people of Nigeria and to the national economy.That we urge the Attorney General of the Federation and the Governor of the Central Bank of Nigeria to respect the supreme court order of Interim injunction which is still subsisting

“That the meeting is urging his Excellency, Mr President to intervene in resolving issues that are causing this great difficulties to the economy”.

Commentingon the presence of the Tinubu at the meeting,the APC chairman said his visit was normal adding that the leadership of the party and the governor’s forum are on the same page on the issue under discuss

President Buhari had during his recent broadcast insisted that the old 500 and 1000 naira had seized to be legal tender while permitting the CBN to refloat the old 200 naira note.

Speaking the readiness of the party for next Saturday’s Jigawa State governor Abubakar Badaru said the party has mounted a strong campaign and expect Nigerians to elect its candidate

“Director General of the campaign and indeed, governors and the candidate across the country have been doing a tremendous job of mobilizing the Nigerian populace and we are very, very impressed with the support of the majority of Nigeria”, he said.

admin by — February 19, 2023 in News 0
Naira Swap: CPPE Boss Seeks Review Of Process Of Returning Old Notes

By Tunde Sholanke

The Centre for the Promotion of Private Enterprise CPPE,has implored the Central Bank of Nigeria,CBN to allow old notes to be deposited at the commercial banks in the country.

Chief Executive Officer of CPPE,Dr.Muda Yussuf,who conveyed the plea in a statement on Sunday,said the development was necessary in order to ease the current pains and ordeal of returning the old notes by Nigerians.

He added that the process should also be simplified to accommodate millions of rural dwellers, the informal sector players, the over 30 million unbanked Nigerians and several millions who are not literate.

According to him,the current guidelines which require filling of forms on the CBN portals, generating codes does not reckon with millions of Nigerians that seek to return their old notes who are not literate and rural dwellers who don’t have access to internets.

He added:”They are Nigerians and are entitled to a fair consideration in the implementation process. Most of them are women, microenterprises and small businesses contributing immensely to employment, poverty reduction and social stability at the bottom of the economic pyramid of our country.

“It is bad enough that their lives and livelihoods have been terribly disrupted and disoriented. We plead with the CBN to review its processes in the interest of fairness, justice and social inclusion”.

“The Centre for the Promotion of Private Enterprise is concerned about the conflicting directives emanating from the CBN on where to deposit the old currency notes – whether the commercial banks, or Central bank. This confusion is inflicting additional pains on already traumatized millions of innocent Nigerians seeking to return the old notes.

“Amid the chaos which the badly implemented policy has created, it is evidently impractical for the CBN offices to properly handle this process of receiving old currency notes which are still in abundance in the hands of milions of Nigerians. There is only one branch of the CBN office in each state of the federation and the FCT”

“It is practically impossible for the CBN to manage this process without subjecting our citizens to another round of harrowing experience. The experience and images and disorderliness of the past few days at the CBN offices graphically illustrates this position”

admin by — February 19, 2023 in News 0
Banks Right To Shut Operation In Violence-Prone Areas -CIBN

By Omobolanle Shosanya

The Chartered Institute of Bankers of Nigeria (CIBN),says management of banks have been empowered to take proactive measures to close operations in such locations where there is security challenge, and inform the Central Bank of Nigeria.

The Institute is liaising with the body of Banks CEOs to address the current challenges, assuring that banks would remain open across the country as long as it is safe to open for business.

Dr. Ken Opara, President/Chairman of Council, CIBN,who conveyed this in a statement on Saturday,noted that the safety and security of staff of banks is of paramount importance.

He said:”The Chartered Institute of Bankers of Nigeria is liaising with the Body of Banks CEOs to address the current challenges. As such, the banks would continue to remain open to serve the public as long as it is safe to do so. The safety and security of staff of banks is of paramount importance.

“Hence, where there is security challenge, the management of banks have been empowered to take proactive measures to close operations in such location and inform the Central Bank of Nigeria.Therefore, the safety concerns being expressed in various quarters are already being addressed.

“Banks will continue to ensure that adequate security are in place to protect staff and customers whilst safeguarding the assets of the banks in contending with the current challenge.

“Consequently, we appeal to the general public to remain calm and eschew any act of violence as the banking industry remain resolute and committed to finding ways to address all the related issues”

admin by — February 19, 2023 in Banking&Finance 0
Poor Weather: Airlines Delay, Cancel Flights

By Tunde Sholanke

Air Peace on Saturday morning diverted its Kano bound flight to the Nnamdi Azikiwe International Airport (NAIA), Abuja over poor visibility at the airport.

Besides, Azman Air and Max Air failed to operate their flights out of the Murtala Muhammed Airport (MMA), Lagos to northern destinations due to the same reason of foggy weather in most parts of the northern states.

Premium News reports that about 160 passengers of Air Peace flight P47420 on its Airbus 320 aircraft, which departed Lagos Airport at 6:25am on Saturday to Kano were diverted to Abuja on account of the poor weather .

The aircraft was within the Kano airspace as at the time the pilot decided to divert the plane to Abuja as the poor weather condition in Kano worsens.

At Abuja airports, the airline advised its passengers to either disembark or return to Lagos.

Some of the passengers took the option of returning to Lagos, while the others disembark at Abuja airport.

One of the affected passengers,Mr. Adekunle Adelabu,said that the pilot informed them of the poor visibility in Kano before diverting to Abuja.

The situation had led to the disruption of his plan in Kano, but lauded the pilot for his display of professionalism,he said.

He added: “While we were in Kano airspace, the pilot announced to us that the flight would be diverted to Abuja airport because of the poor weather in Kano. At first, some of the passengers were apprehensive of the situation, but nothing is more precious than life.

“At Abuja airport where we landed safely, the airline at first told us to wait for an hour to know if the weather condition would improve in Kano, but after about two hours, we were given an option of either disembarking on return to Lagos.

“Some of the passengers decided to return to Lagos, while others took the option of disembarking in Kano. I love the professionalism of the pilot because he didn’t expose us to unnecessary danger.”

The northern parts of the country are currently experiencing shades of cloudy and foggy conditions, while flights to southern parts were not affected so far by the poor weather.

Also, at the Ilorin Airport, no flight could land or take off as the poor weather pervades the city.

Some of the passengers who had earlier booked for flights to either Abuja or Lagos and other destinations could not do so due to the bad weather.

admin by — February 19, 2023 in Aviation 0