NDIC Clarifies Report On Liquidation Of 20 Banks

Mohammed Shosanya

The Nigeria Deposit Insurance Corporation (NDIC),has described as misleading the recent misleading news reports circulating on various social media platforms under the headline “CBN Liquidates 20 Banks – NDIC (Names).”

The NDIC gave clarification in a statement signed by Bashir Nuhu, the Director, Communication and Public Affairs.

It said that contrary to the misleading headline,NDIC clarifies that the 20 banks mentioned in those reports were among the banks that had been previously closed due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018.

It added:”The general public should be aware that the NDIC has fulfilled its commitment by paying the guaranteed sums owed to depositors.

“Additionally, the Corporation has made cumulative payments of liquidation dividends totalling N45.45 billion as of July 2023, representing amounts exceeding the guaranteed sums to depositors of the 20 banks.

“In light of further recoveries from debtors of the liquidated banks, the Corporation has announced an additional N16.18 billion in liquidation dividends to be paid to depositors, creditors, and shareholders of the 20 banks in liquidation.

“We urge relevant stakeholders to visit any NDIC office or access the claims page on our website, www.ndic.gov.ng, to download, complete, and submit the verification form along with the prescribed supporting documents.

“Submissions should be sent to the dedicated email:claimscomplaints@ndic.gov.ng.

“The closed banks covered by this exercise include Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank, and Prime Merchant Bank. Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank, and Amicable Bank in-liquidation.

“It’s important to note that liquidation dividend represents the amount in excess of the insured sums paid by the NDIC to depositors of a closed bank.

“This amount is derived from recoveries made from the realization of assets of failed financial institutions and covers payments to creditors and shareholders after the full payment to depositors of the defunct bank”.

Nigeria Needs Increased Crude Oil,Gas Output To Avert Importation For Refineries -Wabote

Mohammed Shosanya

Nigeria might resort to importing crude oil for its upcoming and existing refineries if concerted efforts are not made to increase the current low production numbers,Executive Secretary Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has warned that

He gave the warning in his goodwill message at the 41st Annual Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) on Monday in Lagos.

He lamented that Nigeria’s low production of crude oil and gas despite the abundant reserves and challenged members of the Nigerian Association of Petroleum Explorationists (NAPE) and other industry stakeholders to initiate efforts to reverse the situation.

He emphasized that the nation’s 37 billion barrels of oil reserves needed close attention bearing in mind the various efforts at revamping the refineries and commissioning of greenfield refineries.

According to him, “it will be a sad outcome if we stop the importation of refined petroleum products only to replace it with the importation of crude oil for use in our local refineries.”

He commended the important role of petroleum explorationists in the energy mix, especially in discovering, evaluating, and establishing the reliability and sustainability of the size of oil and gas reserves.

Speaking on gas, the Executive Secretary hinted that Nigeria has about 208 trillion cubic feet (TCF) of proven gas reserves and about 600TCF unproven reserves.

He implored petroleum explorationists to apply their skills and technology toward confirming the recoverable volumes from these unproven reserves and developing the proven reserves.

He hinted that the focus on gas is important because gas is no longer Nigeria’s transition fuel but the destination fuel.

He assured that NCDMB is committed to providing all the necessary support to realize the gas business agenda of President Bola Tinubu.

Commenting on the conference’s theme which is “Repositioning the oil and gas industry for future energy dynamics,” the NCDMB boss noted that the world stands at a key point where adequate consideration must be made to address the Energy Trilemma, which is, achieving an appropriate balance between energy security, sustainability, and affordability.

He added that the oil and gas industry has been a key pillar of global energy as it has powered and continues to power industrial and economic developments across the world.

He indicated that repositioning the Nigerian oil and gas industry for national development required collaboration and partnerships with key players and agencies across the upstream, midstream and downstream sectors and its entire value chain.

He added that the Nigerian Oil and Gas Content Development Act (2010) provided the compass to enable the development and growth of local capacities and capabilities in the Nigerian oil and gas industry.

Wabote commended the Federal Government’s determination to sustain the gains realized in the oil and gas industry and the eagerness to consolidate them rather than reverse the gains of Nigerian Content.

He conveyed the Board’s readiness to support various oil and gas initiatives that would ensure patronage of local investments, boost investors’ confidence, and create jobs to sustain the relative peace in the oil and gas sector.

WAEC Opts For Computer Based Test For WASSCE

Mohammed Shosanya

The Nigeria National Office of the West African Examinations Council (WAEC) has concluded plans to migrate its WASSCE for Private Candidates Examination Diets from Paper and Pencil Test to Computer Based Examination (CBE).

In a statement informing the general public, and all its stakeholders, WAEC said the innovation will commence with WASSCE for Private Candidates, 2024 – First Series, which is slated to hold in February 2024.

Moyosola Adesina – Ag. Head, Public Affairs of WAEC explained that the Objective Tests will be fully Computer Based, the Essay and Test of Practical papers will be hybrid, in which the examination questions will be delivered on screen and candidates required to write answers on the answer booklets given to them.

Adesina said, the examination will be conducted in urban centres/cities and candidates with special needs have been factored into the plan.

She noted that registration for the examination will commence on Monday, December 18, 2023.

Adesina also noted that in order to enable candidates to familiarise themselves with the new examination platform, arrangements have been concluded for a Mock Examination to be conducted in February 2024, before the examination commences.

“To this end, the Council implores all prospective candidates to hone their computer skills and be fully
prepared to embrace this innovation.

“As Africa’s foremost examining body, providing qualitative and reliable educational assessment,
encouraging academic and moral excellence, it is the vision of the Council that in the near future, all its examinations will be delivered via the computer,” the statement added.

NLNG Faults Claims Of Total Shutdown

Mohammed Shosanya

The Nigeria Liquefied Natural Gas Limited has faulted reports that it has shut down its six-train plant

It said report alluded to an alleged total shutdown of Nigeria LNG Limited’s (NLNG’s) six-train plant over a proposed maintenance operation scheduled for February or March 2024.

NLNG,in a statement said that this report is false,and reiterated it’s commitment to the safe and uninterrupted functioning of its plant underscores the significance of routine turnaround maintenance, referred to technically as a “Shutdown.”

It said,contrary to the report’s assertions, a routine turnaround maintenance, while temporarily taking a specific train or unit offline for maintenance purposes, does not entail a complete shutdown of the entire plant.

It added:”The meticulous planning and execution of this essential activity allows for the seamless transfer of production loads to unaffected trains, resulting in minimal impact on overall production. The “shutdown” alluded to in the report is a routine turnaround maintenance and is part of NLNG’s production calendar.

“NLNG takes exception to the disconcerting lack of factual accuracy in the report, highlighting the evident absence of discretion. The company emphasises its track record of global achievements during turnaround maintenance, consistently setting high standards in safety and project management to ensure the continued operational efficiency of its assets.

“A classic example of NLNG’s achievements is the deployment of the Add-On Gate Valve (AOGV) technology in 2022 which involved the replacement of a critical valve while the plant remained online and active. NLNG plant was the first in Africa to implement this technology and its 36” line was the largest pipe size across the globe that the AOGV has ever been deployed on. It is this kind of engineering excellence and unparalleled maintenance execution discipline that NLNG is known for.

The report was not fact-based and was deprived of any balance, in contradiction to the ethics of responsible journalism, as no spokesperson of the Company was reached for comments”

SPDC JV To Boost Manpower Development With New Centre Of Excellence

Mohammed Shosanya

The Shell Petroleum Development Company (SPDC) of Nigeria Limited operated Joint Venture has built and handed over a Centre of Excellence in Geosciences and Petroleum Engineering to the University of Benin, as part of efforts to encourage manpower development in the oil and gas industry in Nigeria.

The latest achievement adds to the NNPC/SPDC JV Centre of Excellence in Marine and Offshore Engineering which opened at the Rivers State University, Nkpolu – Port Harcourt in 2017,a statement said.

The Centre of Excellence in Benin was established in 2012, and the SPDC JV funding and support over the years have resulted in the construction of a one-storey purpose-built building with lecture rooms, auditorium, offices, ICT centre, powerhouse and borehole among other facilities.

“It is a thing of joy to SPDC JV and, I believe, to the University of Benin also, that graduates of the Centre are snapped up by various companies who have come to appreciate the quality of training offered,” Managing Director of SPDC and Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, said at its formal handover to the University authorities recently. He was particularly pleased that, more than 120 graduates had been trained, many working in the oil industry and public service as well as undertaking doctorate programmes.

Speaking,the Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), Mr. Bala Wunti, who was represented by Deputy Manager, External Relations, Mrs. Bunmi Lawson, said: “This Centre is a symbol of our commitment to scientific exploration, environmental stewardship, and the pursuit of knowledge. It will serve as a hub for collaboration, innovation, and the training of future generations of geoscientists who will carry the torch of discovery forward.”

The Vice Chancellor of the University of Benin, Professor Lilian Salami, who is also the chairperson of the Board of Trustees of the Centre, described it as “a precious jewel” of the institution. “Its unique capacity to contribute immensely to local content development for the oil and gas industry in Nigeria, through well-structured, industry-focused training in the Geosciences and Petroleum Engineering, is a great source of pride to the University,” she said.

The Centre of Excellence is a joint effort of the NNPC/SPDC JV and the University of Benin and designed to bridge gaps between classroom training of young graduates, at master’s and doctorate degrees levels, and industrial practice that make them ready for the oil and gas business. Products of the Centre have won prizes and awards at conferences and exhibitions with some acquiring PhDs within and outside Nigeria “in record time.”

The NNPC/SPDC JV Centre of Excellence in Marine and Offshore Engineering at Rivers State University is also producing top-level manpower and will soon commence PhD programmes. A Professorial Chair in Environmental Management and Control at the University Nigeria, set up by NNPC/SPDC JV in 2016 is planned to transit to a Centre of Excellence in Environmental Management and Green Energy.

NNPCL Restores Output Of 275,000 bopd, Settles PENGASSAN -TotalEnergies Dispute

Mohammed Shosanya

The Nigerian National Petroleum Company Limited (NNPC Ltd.),Sunday brokered peace deal brokered olbetween the Management of TotalEnergies, operator of the NNPC / TotalEnergies JV, the Petroleum and Natural Gas Senior Staff Association, (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

On account of the development,the unions have agreed to suspend ongoing industrial action leading to immediate restoration of 275, 000 barrels of oil per day production.

Oluwafemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, said the new feat is contained in a communiqué issued at the end of a marathon negotiation session chaired by Oritsemeyiwa Eyesan, Executive Vice President, Upstream, NNPC Ltd., where all parties committed to resolving all the issues within an agreed framework.

The communiqué was signed by TotalEnergies MD/CEO Matthieu Bouyer, PENGASSAN President, Comrade Festus Osifo, and NUPENG President, Comrade Williams Akporegha.

It was witnessed by NNPC Ltd.’s, EVP Upstream Oritsemeyiwa Eyesan and Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti.

Victor Bandele, Deputy Managing Director, TotalEnergies,also attended the meeting,according to the communique.