All Posts in "Day: June 8, 2024"

NGA Marks Silver Jubilee,Gives Scorecards In Gas Sector

Mohammed Shosanya

The Nigerian Gas Association (NGA), Nigeria’s gas-focused umbrella association and the most notable advocacy platform for gas industry has announced its 25th-anniversary.

The body has been at the forefront of driving progressive advocacy and shaping the landscape of Nigeria’s gas sector.

Speaking on the milestone at a recent media parley, Mr. Akachukwu Nwokedi, President of the NGA said over the past two decades, the NGA has left an indelible mark on the gas industry.

According to him,its influence can be seen in its focused advocacy on, and input into industry-changing gas policies together with its capacity building initiatives driven through its several learning programmes.

These achievements,he said,have reinforced natural gas as a unique resource for Nigeria and demonstrated the NGA’s commitment to creating transformative change across various sectors of the Nigerian economy.

The NGA unveiled a commemorative 25th anniversary logo, which the Association said, symbolizes the core of its advocacy for the adoption of gas as the principal energy resource to drive Nigeria’s economy.

At the heart of the anniversary logo is a spiral, representing the interconnectedness and versatility of the entire gas industry’s value chain. This spiral signifies NGA’s role in fostering collaboration and synergy across various sectors within the industry.

The logo’s colour palette also holds deep meaning. Black symbolises NGA’s resilience and stability, highlighting its ability to navigate macroeconomic challenges and maintain a strong foothold in the industry, while blue reflects the Association’s unwavering professionalism and excellence in setting high standards and driving innovation within the gas sector.

The colour green signifies dedication to promoting environmentally sustainable practices, emphasising the importance of eco-friendly initiatives in the industry’s growth. Yellow represents the gas sector’s optimism in its quest to power Nigeria’s infrastructure and drive economic growth, underscoring its significance in the nation’s development.

The orange hue embodies NGA’s innovative spirit, showcasing its role in fostering progress and development through cutting-edge technologies and solutions.

The red reflects NGA’s courage in advancing and driving transformative progress and growth within the gas industry.

Mr. Nwokedi added: “The unveiling of our 25th-anniversary logo symbolises not just a milestone in our journey but also a renewed commitment to advancing Nigeria’s gas industry,” The logo’s design reflects our values of resilience, excellence, innovation, and environmental sustainability, highlighting our ongoing efforts to drive progress and growth within the sector”.

Founded in 1999 by industry giants including the Nigerian National Petroleum Corporation (NNPC as the Nigerian National Petroleum Limited was then known), The Shell Petroleum Development Company Limited (SPDC), Nigeria LNG Limited (NLNG), Chevron Nigeria Limited, Nigerian Gas Company (NGC), among others, the NGA has evolved into a diverse yet formidable not-for profit organisation.

With over 200 corporate and 3,000 individual members, the Association remains steadfast in its vision to improve the nation’s economy, by unlocking the latent potential in Nigeria’s abundant natural gas reserves.

admin by — June 8, 2024 in Oil&Gas 0
Strike: Veterans Tackle Labour,Say National Grid Shutdown Treasonable

Mohammed Shosanya

Labour Veterans and Trade Unionists/ Assembly, has faulted the way the recent strike was conducted by the leadership of the Nigeria Labour Congress(NLC) together with Trade Union Congress(TUC).

A statement on Friday issued by Comrade Isa Tijjani, Interim Chairman of the Group and former National Vice President of
Nigeria Labour Congress, said the shutting down of the National Grid by the labour leaders amounted to treasonable felony.

He said:”We are miffed by the apparent treasonable felony committed by the striking Labour leaders in bringing down the national grid, stopping citizens from going about their legitimate businesses, forceful eviction of law abiding citizens from their offices and employment by force and arm twisting tactics on people to abide by the strike.

“All these should be investigated and appropriate actions taken.

Tijani,also a former National Deputy President of National Union of Petroleum Workers(NUPENG), said agitations for minimum wage is a legitimate right however, the means and method used in undertaking the strike is not only unfair but criminal and against rectified International Labour Organisation(ILO) Conventions, which is aimed at protecting essential service sectors in any given economy from such disruption.

He warned the leadership of NLC to desist from engaging in partisan politics while agitating for the welfare of the Nigerian workers.

“Our earlier caution against using the Congress as a platform for partisan politics has gone unheeded and the consequences are here for all to see.

“The penchant to opt for strike as the first option in settling labour disputes is inimical even to the interest of workers in whose name the strike was embarked upon in the first place.

“This demonstrates lack of seriousness and deep reflection on the side of NLC leadership for always swinging into acting before they think.

“Such actions are inimical to well-known norms and practices of the labour movement and should be stopped forthwith.

“Finally, we want to highlight Joe Ajaero’s actions which is aimed at dragging the Congress into muddy waters of ethnicity, political partisanship and self-aggrandisement which has been there for long.

“We have had cause to highlight these issues since 2023 and will continue to do so,” Tijani said.

admin by — June 8, 2024 in Labour/Human Resources 0
11m Nigerian Child Experiencing Severe Food Poverty- UNICEF

Mohammed Shosanya

A new UNICEF report reveals that 11 million children under five in Nigeria are experiencing severe child food poverty, making them 50% more likely to suffer from wasting, a life-threatening form of malnutrition.

The Child Food Poverty: Nutrition Deprivation in Early Childhood report examines the dietary deprivation among children under five in nearly 100 countries.

According to the report,Nigeria ranks among the 20 countries with the highest rates of severe child food poverty, accounting for almost two-thirds of the 181 million affected children worldwide.

Globally, most children in food poverty are fed only breastmilk or starchy staples, with less than 10% receiving fruits and vegetables and less than 5% consuming nutrient-dense foods like eggs, fish, or meat.

The report highlights that the socio-economic impacts of COVID-19, growing inequities, conflicts, and the climate crisis have exacerbated food insecurity, with nearly 32 million Nigerians food insecure during this year’s lean season.

Key factors contributing to child food poverty include inadequate food systems, families’ inability to afford nutritious foods, and aggressive marketing of unhealthy ultra-processed foods. In Nigeria, the poorest families are the most affected, with 44% of children facing severe hunger compared to 17% in the richest families. Despite a decline in severe child food poverty from 45% in 2012 to 32% in 2022, UNICEF emphasizes the need for further action to ensure all children have access to a diverse diet.

“Children grappling with severe child food poverty are more likely to face the life-threatening consequences of wasting, impacting their survival and growth,” said Cristian Munduate, UNICEF Nigeria Country Representative. “We urgently need to work together to make nutritious options more accessible and affordable, especially for vulnerable families.”

UNICEF calls on governments, organizations, and the food industry to: Transform food systems to provide nutritious, affordable, and desirable foods for young children; Utilize health systems to deliver essential nutrition services and counsel parents on child feeding practices; and Activate social protection systems to address income poverty through responsive social transfers.

To combat severe child food poverty and malnutrition, the Child Nutrition Fund (CNF) was launched in Nigeria last year. The CNF, supported by several partners, incentivizes domestic investments to end child malnutrition. Four states have released funds to the CNF, with nine more pledging commitments.

UNICEF urges further support for the CNF and prioritization of efforts to end child food poverty and malnutrition.

admin by — June 8, 2024 in Health 0
Our Doggedness Responsible For Improved Crude Oil Output In Nigeria,Army Claims

Mohammed Shosanya

The General Officer Commanding (GOC), 6 Division, Nigerian Army, Major General Jamal Abdussalam, has tied the recent improvement in the country’s crude oil production to the doggedness and commitment of the Nigerian Army in tackling illegal oil bunkering in the Niger Delta.

Major General Abdussalam,who is also the Land Component Commander, Joint Task Force, South South, Operation Delta Safe,disclosed this at a 3-day finance workshop, organised by the Nigerian Army 6 Division, Port Harcourt for its personnel, themed: “Personnel Capacity Development: A Panacea to Proactive and Efficient Financial Service Delivery,” on Thursday.

In his welcome address,Major General Abdussalam recalled that the data recently released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which indicated an improvement in crude oil production was as a result of the army’s operational zero tolerance for illegal oil bunkering in the country.

He said, “May I use this medium to reaffirm my commitment to ensure that 6 Division continues to guarantee the security of lives and properties, as well as safeguarding key national infrastructure within our area of responsibility.

“This is in line with my vision to have a proactive and result oriented attitude among officers and soldiers of 6 Division for sustainable operational tempo in the joint environment.

“The doggedness and unwavering commitment of personnel of 6 Division in the face daunting security challenges in South South is highly impressive, recently released data from the Nigerian Upstream Petroleum Regulatory Commission indicates that Nigeria crude oil output grew from 1.185 million barrels per day in December 2023 to 1.281,478 million barrels per day for the month of April in 2024.

“This has been possible through our invigorated operations geared towards zero illegal activities, to sustain these achievements, all hands must be on deck to ensure the output continues to rise.”

Major General Abdussalam, emphasised that troops of the division had became efficient and result-oriented in the discharge of their duties following intermittent capacity trainings, adding that the army in the same vein was building its personnel capacity to handle the dynamics of current financial management.

”My command has thus prioritised training as a tool for personnel capacity building, relatedly, the 6 Division Finance being the nerve center of the division must strategize in the training of its personnel in order to be more active and show absolute competence in discharging its role to the division, they must continue to learn and adapt to many financial policies brought about the federal government in order to handle the dynamics of current financial revolution as it relates to the Nigerian Army.

“This is aimed at bringing up to speed direct regular officers to be on the same pedestal with their regular combatant colleagues. Training as the bedrock of military professionalism is aimed at unlocking the potentials of our personnel, through training, we can collectively achieve the mission of the Chief of Army Staff, which is to have a professional Nigerian army, ready to accomplish any assigned missions within the joint environment in defence of Nigeria.”

Earlier, the Chief of Accounts and Budget (Army), Major General A. Fayemwo, in his opening remarks, explained that the training was designed to address the training needs of finance officers and soldiers at the division.

Major General Fayemwo,who was represented by Major General Samson Jiya, Group Managing Director, Nigerian Army Welfare Limited by Guarantee, added that the training provided a veritable platform for the finance officers and soldiers at the division to be updated in financial best practices as it relates to accounting for army funds.

“Training is one of the pillars of the Chief of Army Staff command philosophy which is to transform the Nigerian Army into a well trained, equipped and highly motivated force towards achieving our constitutional responsibilities within a joint environment.

“The Division Finance training week is designed to address the training needs of finance officers and soldiers at the division level. It provides a good platform for updating personnel on contemporary government financial policies, financial best practices and their implications on accounting for the Nigerian Army funds.”

admin by — June 8, 2024 in News 0
Licence Revocation: Shareholders Seek Probe Of Heritage Bank’s Top Managers

Mohammed Shosanya

Minority shareholders in the country have advocated the need for a probe of the management and directors of the failed Heritage Bank.

Their act followed the recent revocation of the licence of the bank by the Central Bank of Nigeria.

The National Coordinator of Progressive Shareholders Association, Boniface Okezie, said that probing the bank managers would boost confidence in the sector.

He said, “CBN is also part of the problem in the system, if the bank had been insolvent over the years and they had been living under the mercy of CBN, which should have taken action. In all this, what is the role of AMCON? They should have taken over the bank after all, the bank was also paying a levy to AMCON. Instead, CBN has directed NDIC to take over for liquidation. Is that the way to go?.

“Someone has N20m in the bank and you pay them N5m until the assets of the bank have been assessed and liquidated. That is wrong. It is going to discourage people from using banks.

“Besides, is it only Heritage Bank that is insolvent? What is the fate of some other banks in the sector? Are they strong and viable? They should tell us. The management should be called for questioning. Those who ran the bank aground should be called for questioning. It is not enough that NDIC should liquidate.”

According to him,in other climes,the managers and directors would be held accountable.

“There must be a probe to recover people’s money. What assets does the bank have? CBN should probe the collapse of the bank so that others can learn. This is not good enough, something has to be done to arrest the situation,” he stated.

Besides,the National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, argued, “They must probe the management of the bank. They should not let it slide because it will happen again if people are let off the hook. Let them investigate exactly what happened to learn lessons and ensure it does not happen again.”

He added that the decision of the regulator was in line with its legal mandate but expressed concerns at the time it took to arrive at the decision.

“The CBN is the regulator, empowered by law to supervise, to know which bank is healthy and which is not, so they are just doing their job. However, why did it take so long to do what is necessary?

“Also, they had another option to rescue the bank, remove the management, and put in place a CBN-led management to ensure it is standing and no one loses anything. At the end of the day, they sell it to Nigerians. This option would retain the employees.

It was an option but they decided to revoke the licence,” he opined.

He asked, “What happened? Were those in charge not managing it well? Did they give loans that went bad? CBN didn’t tell us. In an environment like this, I would have preferred the option I suggested. That way, the signal would not be as bad as folks are thinking now.”

The President of the Pragmatic Shareholders Association, Bisi Bakare, remarked, “The CBN has taken the right step on it. The depositors are a bit covered. It is only the shareholders of the bank who will suffer for it.”

admin by — June 8, 2024 in Banking&Finance 0
EEDC Threatens To Disconnect CBN Office,Govt Houses Over N180bn Electricity Debt

Mohammed Shosanya

The Enugu Electricity Distribution Company (EEDC), on Friday, released the names of customers with outstanding bills.

In a notice issued by its Head of Corporate Communications, Emeka Ezeh,the company said effective from June 10, 2024, it would commence massive disconnection of supply to the customers and others with outstanding bills.

The listed organisations were indebted to the company to the tune of over N180 billion for energy consumed,he said.

He noted that the planned disconnection was part of the company’s strategies to recover its money.

The affected defaulters, as listed, include the Enugu State Government, Ebonyi State Government, Anambra State Government, Abia State Government, Imo State Government, Innoson Technical and Industries, University of Nigeria (Enugu and Nsukka campuses), the Nigerian Bottling Company.

Others are the Nigerian Army, Nigeria Police Force, Nigerian Air Force, Nigerian Navy, Nigeria Railway Corporation, National Drug Law Enforcement Agency, UNTH Ituku-Ozalla, Ebonyi State University, Coal Corporation Quarters, and Federal Secretariat and Establishments.

Also identified among the defaulters are Enugu High Court, Reliable Steel and Plastic Industries Limited, Jilnas Industries, BENGAS Nigeria Limited, CIFO Petroleum Limited, STANEL Filling Station, Highlift Pumping Station, FINOC Industries Limited, Aluminium Extrusion Industries Limited, VIN VAL Limited, GMO Rubber Division, Nnamdi Azikiwe University in Awka, Ebonyi State Government Ecumenical Centre One, Nigeria Prisons Training School, CBN offices, M/S Concorde Hotel in Owerri, and Federal Teaching Hospital in Abakaliki among others.

admin by — June 8, 2024 in Power 0
Why We Can’t Pay Workers N60,000 Minimum Wage-Governors

Mohammed Shosanya

All the state governors in Nigeria under theNigerian Governors’ Forum (NGF) on Friday rejected the N60,000 offered by the federal government,saying it’s unsustainable.

The governors conveyed their position in a statement made available to newsmen in Abuja by its Acting Director on Media Affairs and Public Affairs, Hajiya Halimah Salihu Ahmed.

According to the forum,accepting the N60,000 minimum wage simply means that many states will spend all their Federal Account Allocation Committee (FAAC) allocations on just paying salaries with nothing left for development purposes.

The governors said,a few states will end up borrowing to pay workers every month, which may not be in the collective interest of the country, including workers.

The statement reads: “The forum’s stand on the: N60,000 minimum wage not sustainable: NGF

“The Nigeria Governors’ Forum (NGF) is in agreement that a new minimum wage is due. The Forum also sympathises with labour unions in their push for higher wages.

“However, the Forum urges all parties to consider the fact that the minimum wage negotiations also involve consequential adjustments across all cadres, including pensioners.

“The NGF cautions parties in this important discussion to look beyond just signing a document for the sake of it; any agreement to be signed should be sustainable and realistic.

“All things considered, the NGF holds that the N60,000 minimum wage proposal is not sustainable and can not fly. It will simply mean that many states will spend all their FAAC allocations on just paying salaries with nothing left for development purposes. In fact, a few states will end up borrowing to pay workers every month. We do not think this will be in the collective interest of the country, including workers.

“We appeal that all parties involved, especially the labour unions, consider all the socioeconomic variables and settle for an agreement that is sustainable, durable, and fair to all other segments of the society who have legitimate claim to public resources”.

admin by — June 8, 2024 in News 0
Oando Boosts Project Gazelle With $550m

Mohammed Shosanya

Oando Plc, Nigeria’s indigenous energy group,says it was party to the recent successful closure of a $925m accordion arranged and coordinated by African Export-Import Bank (Afreximbank) for Project Gazelle.

The accordion arrangement saw a contribution of $550m by Oando Trading, a subsidiary of Oando PLC. The balance of $375m was raised by other parties to get a total disbursement amount of $925m,a statement said on Friday.

Project Gazelle is a $3.3 billion structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Company Limited (NNPC Limited).

According to the statement,the landmark $3.3 billion Afreximbank-arranged financing is the largest syndicated loan ever raised by Nigeria in the international market and one of the largest syndicated debts raised in Africa in recent years.

Speaking on Oando’s participation, Group Chief Executive, Oando PLC Wale Tinubu, said “The successful completion of this facility signifies another win for the company and the country at large.

The transaction,he said,further reinforces Oando’s ability to create value and the Company’s status as the indigenous partner of choice in Nigeria.

He added:”As a proudly indigenous company our ambition has always been to use our platform to support the sustainable development of the nation. Against this backdrop, Project Gazelle will be instrumental in realizing the Federal Government’s efforts to boost the country’s socio- economic indices. Afreximbank as lead arranger continues to support African corporations – public and private growing confidence in the market and continent.”

admin by — June 8, 2024 in Oil&Gas 0
Tribunal Fines Multichoice N150m For Hiking Subscription Rate

Mohammed Shosanya

A three-man panel of the Competition and Consumer Protection Tribunal,
led by Thomas Okusu, on Friday ordered Multichoice Nigeria to pay a fine of N150m for disobedience to court order.

Multichoice Nigeria, owners of DSTV and GOTV pay TV operators was sanctioned for wilfully disobeying an order restraining DSTV and GOTV from hiking their subscription rates.

The tibunal also ordered the company to provide Nigerians with a one-month free subscription to its DStv and GOtv packages for raising objection on the court’s jurisdiction.

The tribunal upon a suit filed by one Barrister Festus Onifade challenging the arbitrary increase, had previously restrained Multichoice from increasing the subscription fees of DSTV and GOTV without adequately notifying customers.

Onifade had claimed that the the digital satellite TV company was wrong by giving subscribers only 8 days before increasing the subscription rate.

Onifade had sued Multichoice alleging that the Pay-TV firm, unjustly increased subscription fees without one month prior notice to customers.

However, counsel for Multichoice argued that previous rulings had settled price regulation issues, while Onifade based his motion on notice on the inadequate notice rather than the price hike itself.

The tribunal affirmed it’s jurisdiction to hear the matter, and ruled against the Pay TV company.

admin by — June 8, 2024 in Law/Human Rights 0
UI Elevates Ekiti First Lady To Associate Professor

Mohammed Shosanya

The University of Ibadan,has pronounced the First Lady of Ekiti State, Dr. Olayemi Oyebanji, an Associate Professor in the Department of Education Management.

Odunayo Ogunmola, Senior Special Assistant (Media) ,Office of the First Lady, Ekiti State said the promotion of Dr. Oyebanji to the rank of Associate Professor, according to the management of the institution is backdated to year 2022.

She is due for the rank of Professor next year.

Reacting to her elevation as an Associate Professor, Dr. Oyebanji described the feat as a “milestone, though long awaited which marks a significant step in her academic journey.”

She said: “I am thrilled to announce that I have been promoted to the position of Associate Professor of Educational Management at the prestigious University of Ibadan, effective from 2022.

“This milestone, though long-awaited, marks a significant step in my academic journey. I am grateful for the support from my faculty, department, and the recognition from the University of Ibadan.

“A heartfelt thank you to my wonderful husband, His Excellency Governor Biodun Oyebanji, and my children for their support. I also dedicate this promotion to all the women of Ekiti State and beyond who inspire me every day.

“Onward to even greater achievements as I graciously await the announcement of my Professorship next year by God’s grace!”

Dr. Oyebanji started her academic career at the Ekiti State University, Ado Ekiti in year 2000 where she lectured for thirteen years before she transferred her services to the University of Ibadan in 2013 for family reasons.

She has attended local and international academic conferences where she presented to papers to the global academic community while her works have been published in prestigious and renowned international journals.

She has produced many PhD graduates in the course of her academic career and during her tour of duty as the First Lady of Ekiti State.

While still holding office as the First Lady of Ekiti State, Dr. Oyebanji performed community service of lecturing at the Ekiti State University and Afe Babalola University both located in Ado Ekiti.

admin by — June 8, 2024 in Education 0