All Posts in "Day: December 18, 2023"

We’ll Continue To Sustain Our Investment In Nigeria-Chevron

Mohammed Shosanya

Chevron Nigeria Limited (“CNL”), operator of the joint venture between the Nigerian National Petroleum Company Limited (“NNPCL”) and CNL,says it will continue to sustain its investment in Nigeria .

The position was sequel to a misleading media report alleging that CNL has snubbed Nigeria in terms of investment prospects in 2024.

Esimaje Brikinn,General Manager, Policy, Government and Public Affairs,Chevron Nigeria Limited,said in a statement that the allegation is untrue and does not represent the position of CNL in Nigeria.

It added:”CNL remains committed to sustaining the existing mutually beneficial and long-term relationship with Nigeria and other stakeholders as demonstrated by our significant economic and social investments in Nigeria over the last six decades. These investments have generated visible and viable socio-economic development in several communities across Nigeria.

“CNL affirms that capital discipline and higher returns to shareholders remain some of our top priorities. CNL will, along with industry peers in Nigeria, continue to engage the government on policies and opportunities to ensure global competitiveness and sustainability of the petroleum industry”

admin by — December 18, 2023 in Oil&Gas 0
TotalEnergies Promises To Deepen Partnership With Nigeria

Mohammed Shosanya

Patrick Pouyanné, Chairman and CEO of TotalEnergies, Monday met in Abuja with Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, to reaffirm the long-term partnership between TotalEnergies and Nigeria.

The company has been the largest private energy investor in the country, developing major projects such as Egina, Ofon Phase 2, the OML 58 Upgrade, and recently Ikike, which started in 2022,it said in a statement.

Its long-term commitment to Nigeria is also demonstrated by the continued exploration, evidenced by the Ntokon discovery in June 2023.

Patrick Pouyanné and President Bola Tinubu discussed ways to improve the investment climate and security of operations, TotalEnergies’ future investment program in the country as well as TotalEnergies efforts to support carbon emissions reduction in Nigeria.

TotalEnergies, as a founding member of the World Bank’s Global Gas Flaring Reduction (GGFR) partnership, had endorsed the “Zero Routine Flaring by 2030” initiative. As evidence of this commitment, TotalEnergies, in partnership with Nigerian National Petroleum Company Limited (NNPCL), has finalized in December 2023 the OML 100 Flare Out project, thereby becoming the first major operator in Nigeria to completely eliminate routine flaring from all operated assets.

TotalEnergies also announces the signature of a cooperation agreement with NNPCL to carry out methane detection and measurement campaigns using its advanced drone-based technology AUSEA on Oil & Gas facilities in Nigeria. This announcement follows similar agreements signed ahead of COP28 with three other National Oil & Gas Companies, Petrobras in Brazil, SOCAR in Azerbaijan and Sonangol in Angola.

“TotalEnergies is pleased to announce the end of routine flaring in its operations in Nigeria and the sharing of our in-house AUSEA technology with NNPCL, concretely supporting NNPCL to deliver the commitment taken at COP28 by endorsing the Oil & Gas Decarbonization Charter. We had a very constructive and pragmatic discussion today with President Tinubu on key actions Nigeria should take to attract increased investment in the country”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies”.

admin by — December 18, 2023 in Oil&Gas 0
Nigeria Will Compete With Global Oil,Gas Industry-NNPC Board

Mohammed Shosanya

The newly inaugurated Board of the Nigerian National Petroleum Company Limited (NNPCL),has promised that Nigeria will compete with the oil and gas industry around the world while it ensures that the key performance indicators of the oil industry of the country are rated number one in Africa.

The board is also committed to raise the nation’s crude oil production to the minimum of 2million barrels per day by 2024.

The Chairman of the NNPCL Board, Chief Pius Akinyelure,who announced this on Monday while speaking to State House Correspondents after the inauguration of the NNPCL Board by President Bola Ahmed Tinubu.

According to him,if the board is to achieve this, the Federal government would ensure an overhaul of the security architecture of the oil-producing regions across the country to end the issue of oil theft and vandalization of pipelines.

He said:“It is not an easy task, we know we have the challenge of oil stealing, and vandalization of our pipelines, our commitment is to produce 2 million barrels per day anytime from next year but for this, we have to overhaul our security architecture so that the incidences of stealing, vandalization of oil pipelines can be reduced and this will help to beef up our cash flow and we will become a better nation.”

He also said that the Board members assured the President of collective efforts to reposition the Nigerian National Petroleum Company Limited “to sustain the economy better while it guarantee improved fortune for Nigeria.

He added:“We have assured him of our collective effort to make it a company that we will all be proud of and a company that will help sustain the economy and make sure we create some element of prosperity for Nigerians.”

Chief Akinyelure further disclosed that the board secured 100 per cent assurance and support of the President to carry out its responsibilities fully.

“He has assured us of his support and on our part too we have given him our 100percent assurance that we will do the best we can to make sure the key performance Indicators of the oil Industry in Nigeria will be rated number one in Africa and proudly competing with Oil and Gas industry around the world,” Chief Akinyelure added.

admin by — December 18, 2023 in Oil&Gas 0
All On, BAOBAB Plus Nigeria To Deploy 1,536 Solar Energy Systems With $2.25m

Mohammed Shosanya

All On,a Nigerian impact investment company through its Demand Aggregation for Renewable Technology (DART) program has recently signed a $2.25 million credit facility investment with Baobab Plus Nigeria,a provider of innovative energy and digital solutions to deploy 1,536 Solar Energy Systems (SES) ranging between 600W – 3KW through its distribution channels in Nigeria.

The partnership aims to utilize Baobab+ Nigeria’s current Pay-as-you-Go (PAYGO) Agent Network in 21 locations across South West, North Central and North West of Nigeria, to reach the goal of deploying 1,536 SES

According to a statement,with this investment, Baobab+ will also be expanding its PayGo Agent Network into new locations and leveraging its collaboration with financial institutions across the country.

This deployment will mark a pivotal moment towards a sustainable energy future in Nigeria by providing affordable, reliable solar energy products for SMEs and Individuals. Baobab+ Nigeria and All On DART’s programme are not only illuminating the homes and communities of the underserved and unserved, but also empowering communities, and protecting the environment,the statement said.

The PayGo distribution channel will be used to finance and distribute stand-alone Solar Energy Systems to rural off-grid and underserved communities through agent network systems to aid last mile distribution.

The flexible payment offered to the consumers, which DART’s attractive financing options contributes to, makes it possible to remove the major price barrier and make products accessible to people on low incomes by adapting to their spending habits. Baobab+ is also providing premium after-sales services to ensure the best possible customer experience.

“All On is committed to increasing access to energy products and services for under-served and un-served communities in Nigeria and supporting innovative companies that are leading the charge in renewable energy access.” says CEO, All On, Caroline Eboumbou. “This collaboration with Baobab+ is a proof of our commitment to supporting Nigeria’s path to sustainable development and creating a brighter future for all Nigerians.”

The CEO, Baobab+ Nigeria, Kolawole Osinowo said, “Baobab+ is thrilled by this innovative partnership with All On’s DART Programme. This investment is a unique financing model that allows us to expand our reach and empower SMEs and communities across the country to seamlessly transition to renewable energy. By providing affordable solar systems, we are not only delivering cost savings and improved living conditions, but also safeguarding the environment for future generations. This perfectly aligns with Baobab+’s mission, and with All On’s invaluable support, we can make a significant impact on the lives of countless people.”

The Demand Aggregation for Renewable Technology (DART) program which is seeded by investments from GEAPP and All On combines demand pooling, aggregated procurement of solar equipment and access to affordable finance to unlock economies of scale for solar companies, achieve cost savings for end-users, and accelerate the growth of the renewable energy sector in Nigeria.

admin by — December 18, 2023 in Power 0
Nigeria Customs Gives N90bn Housing Units To Officers

Mohammed Shosanya

The Comptroller General of Nigeria Customs Service, Mr Bashir Adewale Adeniyi has announced the provision of 5,000 housing units for officers across the country.

Adeniyi,who announced thisat the inauguration of housing scheme and symbolic handover of residences to beneficiaries to members of the Nigeria Customs Cooperative which held at Ajoda, Ibadan on Monday,said the development was necessary in order to ameliorate the housing deficit in Nigeria,

The housing units which were provided in partnership with some private companies are located in Ibadan, Port Harcourt, Abuja, Kaduna cost Ninety billion naira (N90b).

He noted that in order to cushion the harmful effects of the fuel subsidy, he had signed a document for the payment of N35,000 to all officers of Customs starting from September this year.

Before the symbolic handover of the housing units, he added that “the aim of NCS is to instill loyalty, motivation and sustained productivity among the workforce.

According to him, “NCS has instituted an array of welfare programmes initiatives, recognition and awards instituted to celebrate exceptional performance, dedication and achievements which serve as catalyst to boost morale and motivation.

“Concurrently, community engagement initiatives actively encourage our officers to partake in social responsibility support programmes recognising the interconnectedness of personal and professional lives, extend services and benefits to the families of our officers.

“Through these initiatives, Customs will foster an environment where our officers would not only flourish in their professional capacities but also experience profound sense of well-being and fulfilment.

“NCS has embarked on ambitious projects which aim to construct 5,000 housing units nationwide. The visionary initiatives seek to provide a stable foundation imploring them to invest in their families and future”.

admin by — December 18, 2023 in Property 0
EFCC Arraigns Energy Commission Director For N3.8m Contract Fraud

Mohammed Shosanya

The Economic and Financial Crimes Commission (EFCC) has arraigned an Acting Director of Renewable Energy Department of the Energy Commission of Nigeria , Alhassan Musa before Justice A.Y. Shafa of the Federal Capital Territory, FCT, High Court Gwagwalada.

He was arraigned for allegedly defrauding one Alhaji Musa Baba the sum of N3,800,000 in a failed contract award.

Dele Oyewale, Head, Media and Publicity at EFCC in a statement to newsmen said, “He was arraigned on Wednesday, December 13, 2023, on three-count charges bordering on obtaining money by false pretense.”

Count one reads, “That you Alhassan Musa on or about the 21st January 2019 at Abuja within the jurisdiction of this Honourable Court by false pretenses and with intent to defraud did obtain the sum of N3,800,000.00 for yourself from one Alhaji Musa Baba as fee for the award of a contract for the rehabilitation of Jatropha Farm Karshi for Bio Diesel Production by the Energy Commission of Nigeria and thereby committed an offence contrary to Section 1 (1)(a) of the Advanced Fee Fraud and Other Related Offences Act 2006 and punishable under Section 1(3) of the same Act.”

Count two reads, “That you Alhassan Musa on or about the 21st January 2019 did make a false contract award on Energy Commission of Nigeria letterhead with intent to cause one Alhaji Musa Baba to part with the sum of N3, 800,000.00 only and thereby committed an offence contrary to Section 363 of the Penal Code Act, Laws of the Federation (Abuja) 1990 and punishable under Section 364 of the same Act.”

He pleaded not guilty to all three count charges when they were read to him, which prompted the prosecution to seek a trial date.

Justice Shafa,however,granted the defendant bail in the sum of N1, 000,000 with one surety in like sum. He further ordered that the suspect be remanded in Kuje Correctional Service till February 22, 2024 pending the fulfillment of his bail condition.

Musa, an Acting Director with Renewable Energy Department of the Energy Commission of Nigeria was arrested by the EFCC through a petition for allegedly collecting the sum of N3,800,000 from the petitioner, sometimes in January 21, 2019 with a promise of offering him a contract for the rehabilitation of Jetropha Farms Karshi for BioDiesel production which he since did not fulfil.

admin by — December 18, 2023 in News 0
Rivers Assembly Seeks Fresh Election For 25 Vacant Seats

Mohammed Shosanya

The Speaker of the Rivers State House of Assembly, Rt. Hon. Edison Ehie, has formally written to notify the Independent National Electoral Commission (INEC), of the existence of 25 vacant seats in the state legislature, urging the electoral body to conduct a fresh election on the affected constituencies.

The action was sequel to last Wednesday’s resolution passed by Ehie-led lawmakers who declared the seats of the 25 members of the House vacant after they dumped the Peoples Democratic Party (PDP) for the All Progressives Congress (APC) vacant, citing Section 109(1) (g) of the Constitution Of the Federal Republic of Nigeria (as amended).

This was as a Rivers High Court in Port Harcourt, on Tuesday, December 12, declared Edison Ehie, the authentic Speaker of the Rivers State House of Assembly, following the assembly leadership tussle between Ehie and Amaewhule.

Justice M. W. Danagogo, in an ex parte motion brought by Ehie, restrained Rt. Hon. Martin Amaewhule from parading himself as the Speaker of the state assembly.

The Amaewhule-led lawmakers on October 30 attempted an impeachment on the state Governor, Sir Siminalayi Fubara, promoting some other lawmakers loyal to the Governor to impeach Amaewhule as the Speaker and elected Ehie as new Speaker of the house.

The letter, dated December 14 2023, was received and acknowledged by the electoral body on Friday, December 15.

The letter reads in part: “I write to formally bring to your notice vacancies in the seat of the under-listed constituencies and membership pursuant to Section 109(1)(g) of the Constitution of the Federal Republic of Nigeria 1999 (as amended).

“The under-listed members who represented the respective constituencies indicated against their names jointly and severally decamped from the Peoples Democratic Party (PDP), under whose platform they were elected to the All Progressives Congress (APC) on December 11, 2023.

“As a result, in accordance with Section 109(2) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) and by Resolution of the House at the 90th Legislative Sitting of the Rivers State House of Assembly, held on December 13, 2023, their seats were declared vacant.

“Consequently, I write on behalf of the Rivers State House of Assembly to kindly request for a by-election to be conducted to fill the vacant seats in the Rivers State House of Assembly.”

admin by — December 18, 2023 in Politics 0
NNPC Harps On Value Creation For Shareholders

Mohammed Shosanya

The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Ltd. (NNPC Ltd.),Mallam Mele Kyari,has expressed his company’s commitment to delivering value for its shareholders

He expressed this in his acceptance speech,when the company won this year’s The Whistler Newspaper’s Award for Transparency and Innovation.

Mr. Mele Kyari received the award from the Executive Governor of Abia State, His Excellency, Alex Otti, on behalf of the company during the Newspaper’s 2023 Award Night, held on Saturday n Abuja, Nigeria,a statement said.

He stressed that the award will spur the company to re-dedicate itself towards more transparency and innovation in its operations.

admin by — December 18, 2023 in Oil&Gas 0
Moniepoint MFB Launches Referral Program

Mohammed Shosanya

Moniepoint Microfinance Bank has announced the launch of its latest initiative, “the Moniepoint Personal Banking Refer and Earn” program.

The bank’s action is in tandem with the spirit of giving, generosity and goodwill that defines the Christmas season,it said in a statement.

With close to two million businesses leveraging Moniepoint MfB’S reliable and robust infrastructure in accessing payments, credit and business management tools that they need to grow, this exciting referral program is designed to reward Business Owners and Moniepoint agents who can earn up to N100,000 or more during the course of this campaign by actively referring Moniepoint personal banking app to their customers.

According to the Managing Director, Moniepoint MfB, Babatunde Olofin, “at the heart of Moniepoint’s success are our valued customers, and this initiative is a heartfelt expression of gratitude for their trust, loyalty, and transactions. It is also about exemplifying the Bank’s mantra of powering dreams and our visionary resolve to create a society where everyone experiences financial happiness.”

Leveraging the bank’s credentials as a leading innovator in the financial services space, the personal banking services extend its reliable banking infrastructure from the businesses it serves to their customers and employees and provide them with solutions that help them live productive lives as they manage their finances better.

Speaking on the import of the initiative, Olofin added that “in rewarding customers for their loyalty, we want to make it possible to let customers introduce our peerless and trusted digital banking experience to their customers while earning rewards in a fun way. Our personal banking services break the stereotype of banking services in people’s mind, and we’d like to encourage them to find joy in their financial journey.”

On the mechanics of the Refer and Earn initiative, participants have a unique referral code/link accessible through the Referral Section on the Moniepoint Business Banking app. This code/link can be shared with customers, who, upon signing up and transacting with the Moniepoint Personal Banking app, will contribute to rewards for the referrer.

For every outward interbank transaction conducted by referred customers in the next 12 months, participants will receive 4 naira. This transparent and straightforward incentive structure ensures that participants reap tangible benefits for actively promoting the Moniepoint Personal Banking app.

This win-win collaborative exercise is easily accessible to all Moniepoint business owners via the app which makes it convenient to share and track their referrals. To ensure clarity and transparency, Moniepoint MfB prioritizes open communication and encourages participants to provide feedback to enhance the program.

Observers see this move as one that contributes to the growth of the Moniepoint user community as it encourages word-of-mouth marketing, leveraging the trust and influence of existing customers to expand the reach of the Moniepoint Personal Banking app.

admin by — December 18, 2023 in Banking&Finance 0
FG Moves To Repatriate Proceeds From Oil,Gas

Mohammed Shosanya

The Federal government has initiated moves for the repatriation of all proceeds on export of oil and gas products in a bid to increase the inflow of foreign exchange in the country.

Dr. Doris Uzoka-Anite, Minister of Industry, Trade and Investment, who stated this in Abuja, while playing host to stakeholders in the oil and gas sector at the weekend.

She said the repatriation of export proceeds in the industry would go a long way in bringing stability to foreign exchange pricing regime in the country.

She explained that, “export proceeds are by law to be remitted to the country of origin. We have three guiding legal status requiring that export proceeds be repatriated.

She added: “My job is to promote trade, oil and gas trading, falls under my purview. I don’t regulate how operators produce their products, but I regulate how they trade.

“Export and import is my job, maintaining the balance of payment to the country is my job.

“Balance of payment is so important, if we have export proceeds coming back, we will have dollars and the economy of the country will grow”.

She further explained that by repatriating proceeds from oil and gas export, it will be easy to manage the exchange rate volatility.

She said: “The President declared a state of emergency on revenue including foreign exchange revenue.So,this is the time to support the economy and reverse the downward trend that we are heading.”

Also speaking, the Director of Trade and Exchange, Central Bank of Nigeria, Dr. Hassan Mahmud, said the oil and gas sector is the most critical sector for CBN to achieve its mandate.

“Our major role is price stability and the major driver of that price stability is exchange rate.

“Inflation is what we are supposed to curtail, if you are unable to moderate the excessive depreciation, we will not be able to achieve the taming of inflation,” Mahmud said.

He said the only way “we can achieve moderating the volatility of foreign exchange is from the supply side.

“We can’t print dollars but we can create an environment for dollars to come into the country”.

Mahmud commended the move for the stakeholders engagement, adding that, “oil and gas is the highest source of foreign exchange that Nigeria has and there is need for us to provide that platform for operators to be able to bring in those inflows.

“Export proceeds repatriation is very critical as well as the backward integration programme in the sustainability of the nation’s economy” he stated.

The Nigerian Custom Controller on Import and Export, Oloyede Adekunle, said it is important for the processes of obtaining export permit be automated.

“Having the permit in dispatch delay time, you can not take these permits straight to the command, so if we automate the command and control, the process will be faster” he said.

admin by — December 18, 2023 in Oil&Gas 0