All Posts in "Day: May 22, 2024"

After 15-Year Blackout,Tinubu Inaugurates Power Substation In Five Ondo LGAs

Mohammed Shosanya

Residents of five local government areas in the Southern Senatorial District of Ondo State can now have a sigh of relief as President Bola Ahmed Tinubu has inaugurated a 133KV transmission line and 133KV/33KV substantial at Ode Erinje in Okitipupa Local Government Area of the state.

The people of the communities in the Southern Senatorial District had been living in darkness and business activities in the district have collapsed for the for the past 15 years when the power service provider in the state disconnected them from the national grid.

President Tinubu,who was represented by Minister of Niger Delta Development, Abubakar Momoh, said the power substation was part of the effort of his government to ensure sustainable development in Niger Delta region and stimulate the nation’s economy.

The President said: “We all know that the power supply for human activity is crucial to enhance socioeconomic development, increase income to family, create job opportunity and bring people out of poverty.

“Therefore, the 132kv transmission line has capacity to generate uninterrupted efficient power transmission as bridge power gap and serve people of Okitipupa and his environs which was throw into darkness for the pass 15 years.

“As result of the commissioning, the scenario will now change to reactivate businesses for the success of our men and women.

“Now that government has done her part and fulfilled his promise it’s the turn and responsibility of the communities to fulfill their part by continue to protect this project against vandalism.”

In his address,the Managing Director of NDDC, Dr. Samuel Ogbuku disclosed that the commission was able to complete the project because the people of the community protected the installations from being vandalized by criminals.

He also said that upon assumption of office, President Tinubu gave the commission a matching order that before his first year in office, the commission must complete some of the ongoing projects to ameliorate the sufferings of the people.

He said,2,000 communities in the Okitipupa, Irele, Ilaje and Ese-Odo local government Aaea of Ondo Southern Senatorial District. would benefit from the project.

Dr. Ogbuku said that the aim of the project was to serve urgent needs and to link Ondo South to the national grid after 15 years without power supply in the areas.

He said that the project was also aimed at complementing the FG’s effort in the power sector by improving power supply to Okitipupa, igbokoda and other neighbouring communities in Ondo South Senatorial District .

According to him, the power substation would have great impact on direct value chain in small and medium scale industries as well as creating job opportunities.

He said: “Our task remains to bridge the infrastructural gaps which have existed for far too long create the enabling environment for improved economic activities in the communities and across the Niger Delta.”

The traditional ruler of the host community, the Orungberuwa of Erinje Kingdom, Oba Fredrick Oladele Akinmoye appreciated the commission, promising that the people would continue to protect the installations from vandals.

He called on the state government to make it mandatory for the power service provider, BEDC, to provide prepaid meters for all customers in the district to avoid estimated billing which could lead to di
sconnection again.

The state governor, Lucky Aiyedatiwa appreciated President Tinubu and NDDC for the completion of the project, promising that the state government would assist in ensuring the protection of the installations.

admin by — May 22, 2024 in Power 0
Bonga Wins Asset Of The Year Award

Mohammed Shosanya

Nigeria’s premier deep-water development, Bonga, operated by Shell Nigeria Exploration and Production Company Limited (SNEPCo) has won the Asset of the Year award in the Shell Group for 2023, the latest recognition of its best-in-class performance in Safety, Environment and Asset Management.

Bonga had won same award in 2016 and was first runner up in the same category in 2019 for improved production, maintenance, problem-resolving capability, operational excellence and cost ownership.

The asset won again this year beating targets in oil production, plant availability, and greenhouse gas emissions. The asset also recorded zero fatalities and spills.

“This is a testament to a culture of excellence which has endured at Bonga since first oil in 2005,” SNEPCo Managing Director Elohor Aiboni said of the award,according to a statement on Wednesday.

She added:“We appreciate the hard work of staff and contractors as well as the support of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergiesNigeria Limited, Nigerian Agip Exploration and Esso Exploration and Production Nigeria Limited which has enabled Bonga to continue to safely and efficiently deliver value to stakeholders.”

Among other factors, SNEPCo has relied on a motivated workforce, cutting-edge technology and a relentless drive on safety to deliver oil and gas at record levels at Bonga. Last year, the Floating, Production, Storage, Offloading (FPSO) vessel, which is at the heart of the operations, achieved the one billionth barrel of crude oil export. Overall, Bonga produced 138,000 barrels of oil equivalent per day (boepd) in 2023 compared to around 101,000 in 2022.

The latest award for Bonga adds to a lengthy list of laurels won by Shell in Nigeria in the past few years. In 2022 alone, Shell Companies in Nigeria were recognised as Best International Company of the Year (Petroleum Technology Association of Nigeria), Upstream Company of the Year (Nigeria International Energy Summit) and Leading Tax Compliant Firm in Nigeria (Federal Inland Revenue Service.)

admin by — May 22, 2024 in Oil&Gas 0
Court Sacks Ondo Monarch

Mohammed Shosanya

The Olute of Ute in Ose Local Government Area of Ondo State, Oba Michael Adetunji Oluwole, has been sacked.

He was dethroned on Tuesday by an Ondo State Hight Court sitting in Owo, Owo Local Government Area of the state.

Oba Olowole,who had been enthroned 29 years ago, was sacked as the court nullified the selection process that brought into the throne.

In his judgement,the presiding judge, Justice Ademola Enikuomehin rules that Michael Adetunji Oluwole ceased to be the monarch of the Ute and should stop parading himself as one.

He also ordered that a fresh selection process should be conducted within the Olule Omoloja ruling House lineage.

Justice Enikuomehin further ruled that the dethroned monarch, Michael Adetunji Oluwole, a retired Army officer, has no right to the throne.

The court affirmed that Michael Adetunji Oluwole was not a member of the ruling house entitled to fill the throne.

Oluwole, according to the court, is a member of the Kingmakers of Ute and has no right to install himself the king.

The court awarded damages against the dethroned monarch in favour of the claimants.

The attorney to the claimants, Mr Adewumi Fabuluje described the judgement as a victory for the Olule Omolaja Ruling House on the suit that commenced in 1995.

He disclosed that matter had got to the Supreme Court before it was referred to to the High Court for fresh hearing.

However, the attorney to the state, F.K Salami said he and his team would review the judgment and decide on what to do

Prince Olayiwola Omoloja from the Olule Omolaja Ruling House described the judgment as a relief from legal tussle engendered by the hijack of the throne by Oluwole.

admin by — May 22, 2024 in News 0
CBN Hikes Interest Rate To 26.2%

Mohammed Shosanya

The Central Bank of Nigeria (CBN) has raised the benchmark on interest rate by 150 basis points, from the 24.75 percent held in March 2024 to 26.25 percent.

Its Governor,Mr. Olayemi Cardoso disclosed this on Tuesday while briefing Finance Correspondents shortly after the Committee’s Meeting at the CBN Headquarters in Abuja.

Announcing the Committee’s decisions, Mr. Cardoso who Chaired the 295th meeting said, the Committee voted to “raise the Monetary Policy Rate (MPR) by 150 basis points to 26.25 per cent from 24.75 per cent, Retain the asymmetric corridor around the MPR to +100/-300 basis points, Retain the Cash Reserve Ratio of Deposit Money Banks at 45.00 per cent, and Retain the Liquidity Ratio at 30.00 per cent”.

On the Committee’s consideration, the CBN governor said, the key focus of the meeting remained to achieve price stability by effectively using tools available to the monetary authority to rein in inflation.

He said, the members observed that while year-on-year headline inflation in April 2024 rose moderately, the month-on-month measures of headline, food and core all declined significantly.

“This follows a decline (month-on-month) of headline and food measures in March 2024, suggesting that the recent tight monetary policy stance of the Bank is beginning to yield the desired outcomes”, he said.

Cardoso said, the MPC noted that the inflationary pressure continues to be driven largely by food inflation, thus reiterated several challenges confronting the effective moderation of food inflation to include: rising cost of transportation of farm produce; infrastructure-related constraints along the line of distribution network; security challenges in some food producing areas; and exchange rate pass-through to domestic prices for imported food items.

Therefore,the MPC urged that more be done to address the security of farming communities to guarantee improved food production in these areas.

According to him, the members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system.

The Committee also noted the marginal increase in the external reserve balance between March and April 2024 and urged the Bank to sustain its focus on accretion to reserves.

He said,the MPC, however, commended the Bank for the recent approval of licenses of fourteen (14) international Money Transfer operators (IMTOs), which is expected to improve competition and lower the cost of transactions, thus attracting more remittances through formal channels.

The Committee, according to him, also noted with satisfaction that the banking system remains safe, sound, and stable, despite the headwinds confronting the economy.

It commended the recent recapitalization initiative and urged the management to sustain its regulatory oversight to ensure the continued stability of the banking system.

“Members focused on the best policy approach to continue to guide the economy towards achieving an overall macroeconomic balance. At this meeting, the Committee was thus faced with the option of either continuing with policy tightening or hold to observe the impact of previous rate hikes.

“Following an extensive review of risks and the near-term inflation outlook, the balance of risks suggests further tightening of policy to build on the benefits accruing from previous rate hikes”, he said.

Key Developments in the Domestic and Global Economies
Domestic headline inflation rose further to 33.69 per cent in April 2024, from 33.20 per cent in March, driven by both the food and core components.

On a month-on-month basis, however, headline inflation declined significantly to 2.29 per cent in April 2024, from 3.02 per cent in March.

The food and core components also declined to 2.50 and 2.20 per cent from 3.62 and 2.54 per cent, respectively, in the same period.

According to the National Bureau of Statistics, real GDP grew by 3.46 per cent in the fourth quarter of 2023, compared with 2.54 per cent in the third quarter, driven by both the oil and non-oil sectors.

Recent Purchasing Manager’s Index (PMI) suggests that economic activities will continue to expand in 2024. In addition, staff forecasts indicate that the domestic economy will grow by 3.38 per cent in 2024.

According to the IMF, global growth in 2024 and 2025 is projected at 3.2 per cent apiece, while it revised Nigeria’s growth upwards to 3.3 per cent from 3.0 per cent in 2024.

The identified headwinds to this projection are the tight financial conditions and broad disruptions to the global supply chain associated with geopolitical tensions and economic fragmentations.

While these are feeding directly into a rally in the prices of key commodities such as grains and oil, global inflation is projected to continue to decelerate in 2024 but could remain above the long-run objectives of advanced economy central banks.

This group of central banks are likely to pause their rate hike cycles in the near term to observe the trend of inflation.

Accordingly,the Committee will continue to monitor developments in the global and domestic economies to guide policy and ensure that inflation expectations are adequately anchored.

All twelve members attended the meeting. The next meeting of the Committee will hold on the 22nd and 23rd of July 2024.

admin by — May 22, 2024 in Banking&Finance 0
Retired Policemen Storm National Assembly, Protest Unpaid Pension

Mohammed Shosanya

A group of aggrieved retired police officers, Tuesday stormed the National Assembly protesting their unpaid pensions of several months and asked President Bola Ahmed Tinubu to remove them from the contributory pension scheme.

The retirees,who came from various states chapters for the protest at the National Assembly said the National Pension Commission (PENCOM) has failed to pay their entitlements for several months causing hardship on them and their families.

The aggrieved retired police officers also wrote a Save Our Soul (SOS) letter to the President of the Senate, Godswill Akpabio, calling for an urgent intervention.

The Chairman of the retirees, Christopher Effiong,said many of their members have developed a terminal illness and heart attack as a result of the frustration associated with the scheme.

In a letter dated May 21st and addressed to Senate President Godswill Akpabio, the retirees said many of them have lost their lives due to the prevailing economic hardship.

“We believe that our peaceful and legal approach to this agitation would not be taken for granted by you.

“We must also appreciate both the members of the Upper and the Lower Chambers who have also painstakingly taken the matter through several sessions of legislative actions spanning investigative hearings, public hearings.

“And passage of the Police Exit Bill from CPS and Police Pension Board Bill in our favour, privately initiated bills by Sen. Elisha Abbo and Hon. Francis Waive of the Senate and House of Representative respectively, in the 9th NASS.

“Sir, permit us to intimate our dear Senate President that the Bill for an Act to establish the Nigeria Police Pension Board to handle Pension matters for personnel of the Force and for connected purposes was passed by the 9th Assembly Senate on Tuesday 5th June, 2023.

“Whereas the sister bill to exempt the Police Force from the application of the Contributory Pensions Scheme under the CPS 2014 and for related matters which public hearing was conducted since 22/02/22 by the House Committee on Pensions of the 9th Assembly, came up in the floor of the 10th Assembly on 23rd November, 2023 for harmonization process but is still pending till date.

“The speedy harmonisation and transmission of these bills to the President for assent become absolutely necessary due to very obvious reasons,” he said.

Addressing the protesters,the Deputy Chairman of the Senate Committee on Police Affairs, Senator Yunus Akintunde (APC, Oyo Central), said that the bills the protesters referred to is no longer in existence because it was never assented to.

He urged the protesters to create a committee that will join in the joint meeting to create a link between the National Assembly and the retirees so they would be abreast of the actions being taken to resolve the issue.

admin by — May 22, 2024 in News 0
Court Declares Rivers LGA Chairmen,Councilors’ Tenure Elongation Unconstitutional

Mohammed Shosanya

A Rivers State High Court sitting in Port Harcourt has declared as unconstitutional the amended Local Government Law No. 2 of 2024,which extends the tenures of local government chairmen and councilors by an additional six months after the expiration of their stipulated three years.

Justice D. G. Kio, also struck out a suit marked PHC/1320/CS/2024, instituted by Hon. Enyiada Cookey-Gam & 6 Ors against the Governor of Rivers State & others, which sought the court’s interpretation of the amended state law.

Delivering judgment, Justice D. G. Kio declared that the amended law was inconsistent with the provisions of the 1999 constitution and section 9 (1) of Rivers State Law No 5 of 2018.

The court also affirmed that the lawful tenure for Local Government Chairmen and Councilors remained three years, as stipulated by the Rivers State Law No 5 of 2018 and the 1999 constitution and section 9 (1) , stressing that any attempt to extend the tenures was not only unlawful, but also violated their officials’ oath of office.

A faction of the state assembly, led by Rt. Hon. Martin Amaewhule, said to be pro-Wike in March 2024,had passed the local government amendment bill into law despite the refusal of the Governor, Sir Siminalayi Fubara to give his assent.

The lawmakers said the aim of the amendment was to ensure that LGA elections are conducted before the expiration of the outgoing administration.

admin by — May 22, 2024 in Law/Human Rights 0
Adekeye Is Chairperson,APPO Training Directors

Mohammed Shosanya

Nigeria’s Folashade Adekeye has emerged as the Chairperson, Forum of the Directors of Oil & Gas Training & Vocational Education Institutes of the African Petroleum Producers Organization (APPO).

Adekeye, who is the Director, NNPC Academy, took over from the former chairperson, Mr. Abdelkader Guenone, the Managing Director of the Algerian Petroleum Institute (API), during the second meeting of the Forum, in Abuja, at the weekend.

Adekeye,who heads the NNPC’s oil and gas training arm, brings into the role over 30 years of experience, and is expected to work with her colleagues from APPO Member Countries in order to foster more collaboration towards addressing the challenges of competences, skill gaps, infrastructure, and poor funding in the organization’s training institutions.

According to a statement by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd, earlier in his keynote address at the opening ceremony of the meeting, the Group Chief Executive Officer of NNPC Ltd., Mele Kyari, represented by Inuwa Danladi, Executive Vice President (Business Services), emphasized the importance of a standardized educational and training approach to meet the changing demands of the oil and gas industry.

In his keynote address, APPO’s Secretary General, Dr. Omar Farouk Ibrahim, charged the Member Countries to work towards further enhancing collaborative efforts to establish Oil & Gas Centres of Excellence across the African continent.

Dr. Ibrahim, also from Nigeria, said having good knowledge of the Forum’s challenges would enable APPO member countries to make recommendations and provide solutions in areas such as Oil & Gas project funding, technology adoption, and the formation of Africa Energy Bank.

He added that such collaboration by all member countries will guarantee Africa’s energy accessibility, affordability and sustainability, which overall, will strengthen her economies and bring prosperity to its citizens.

admin by — May 22, 2024 in Next Level 0
TCN To Governors:We’ll Restore Electricity To North East Soon

Mohammed Shosanya

The Transmission Company of Nigeria (TCN) has assured the North East Governors Forum (NEGF) that it is doing everything possible in to ensure the restoration of power supply to the North Eastern axis of Nigeria.

Ndidi Mbah, the General Manager, Public Affairs, conveyed the assurance in a statement on Tuesday.

She reiterated TCN’s displeasure over the development and appealed for patience while the engineers battle to rebuild the four towers destroyed by vandals.

She said:”We are acutely aware that the lack of power supply presents significant difficulties and challenges, and we understand the concerns of the governors for their people and the day-to-day running of governance and businesses. We are not happy about the situation.

“Our team has been tirelessly working to rebuild the four towers destroyed by vandals, and we will not rest until power is restored to all the affected areas. We appeal for a little more patience, as work is truly advancing. We are pushing our contractors very hard to ensure we deliver on our promise of rebuilding the towers and energizing the transmission line.

“Despite the recent increase in vandalism, we have continued to rebuild towers each time they are damaged and have consistently restored supply. The four vandalized towers on the Gombe axis are no exception. Despite our prevailing poor liquidity, we have mobilized all necessary resources to ensure this job gets the attention it requires.

“To expedite the work, we have insisted that the contractor put in place and on-site machines that will help increase the fabrication processes of tower members which is ongoing. A visit to the site will show that the towers are nearing completion, with one tower at 90% completion, another at 80%, a third at 60%, and the fourth at 40%.

“We are utilizing all available daylight hours for the work. However, due to security issues, we are unable to work through the night, which we would have gladly done. Nevertheless, we are optimistic about completing the reconstruction and energizing the line within the given time frame. We expect power supply to be restored by May 27, 2024, through the new 330kV transmission line, allowing Yola and Jos DisCos to offtake and distribute optimally from TCN substations.

“Again,we appeal for your patience and sincerely assure you that we are working very hard to complete the work within the timeframe. It is our joy to serve you and the nation at large, and we would be truly happy and grateful to God for the quick completion of the work. Please bear with us”.

admin by — May 22, 2024 in Power 0