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NNPC/ Chevron JV Concludes Conversation Of Assets Into PIA Terms

NNPCL's Group Managing Director, Mele Kyari; Director, Deepwater and Production Sharing Contract (PSC) of Chevron Nigeria Limited (CNL), Mrs. Michelle Pflueger and Queen Nwaha Torkwasi of Legal Department, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), display signed documents during a ceremony on conversion of the NNPC/CNL JV assets into PIA terms, held at the NNPC Towers in Abuja on Monday By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Corporation (NNPC) and its Joint Venture(JV) Partner, Chevron Nigeria Limited have concluded conversation of its JV assets into Petroleum Industry Act( PIA) terms. The development is in line with the Petroleum Industry Act (PIA) 2021, which stipulates that assets from the Petroleum Profit Tax (PPT) must be transísted into PIA terms. Under the new PIA regime, all existing Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) would be automatically converted to Petroleum Prospecting Lice

AMCON Sets To IBADAN DISCO FOR MORE GROWTH

IBEDC By Favour Ifeoluwa & Akinola Ajibade The Assets Management Corporation of Nigeria( AMCON) has concluded plans to sellI Ibadan Electricity Distribution to new investors in order to make the power firm more efficient. Its Managing Director/Chief Executive Officer, Gbenga Alade,who disclosed this in Lagos recently,said that the corporation has tried to resolve the issues affecting the IBEDC, but the process has yet to be concluded. The company which is being managed by AMCON since 2022,would be sold to investors with ”deep pockets”,he said. He added:“In the power sector, we have Ibadan DisCo, which is under AMCON. We’ve tried as much as possible to get that resolved. And we’re in the process. We are yet to conclude the sale, but we are making very good headway in resolving Ibadan DisCo,” he said. “IBEDC would be profitable if sold, saying it covers different states, including Ogun industrial areas. ”I believe that Ibadan Disco is the largest disco that we have beca

Nigeria Unveils Policy To Solve Electricity Problems

Adelabu By Favour Ifeoluwa & Akinola Ajibade The Federal Government has unveiled the zero draft of the National Integrated Electricity Policy and Strategic Implementation Plan which aims to address the pressing challenges in the Industry, the Minister of Power, Hon Adebayo Adelabu has said. He describes the policy as key to the nation’s journey toward achieving a robust, sustainable, and inclusive power sector that meets the aspirations of all Nigerians. Speaking at the presentation of the draft yesterday in Abuja, Adelabu said the NIEP-SIP is a comprehensive policy document that outlines strategic interventions across the entire electricity value chain, from generation and transmission to distribution and off-grid segments. According to him,, the policy is a product of extensive consultations with industry experts, key stakeholders, and development partners. “The journey leading up to today has been a collaborative and rigorous process, driven by our collective co

Lagos Shut Down Four Churches, Others Over Pollution

By Favour Ifeoluwa & Akinola Ajibade The Lagos State Government, yesterday, shut down four churches and several businesses breaching the State Environmental Law of 2017 in Ojo Local Government Council. Establishments sealed by the government through the State’s Environmental Protection Agency (LASEPA) include Rockslide Gospel Church, Unique Caesar & Bar, a recycling company, New Yorker Hotel, Flex Bar & Spa Hotel, Mountain of Faith International Gospel, Jesus International Christian Church, VLC Donald Restaurant & Event Centre, Zion Believers Church, and VLC Donald Hotel. These establishments were sealed yesterday by the LASEPA team in the Ojo Local Government Area for allegedly failing to meet the state’s environmental standards. After the closure, the General Manager of LASEPA, Babatunde Ajayi, reiterated the agency’s commitment to maintaining environmental standards and ensuring compliance. He said that the agency will take decisive actions against any business not

African Energy Chamber Endorses $873m Acquisition of f Mobil Oil

By Favour Ifeoluwa & Akinola Ajibade The African Energy Chamber (AEC),has endorsed Oando Plc’s complete acquisition of 100 per cent of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from Italian multinational Eni. The firm In a statement, made available to the media ,said the development underscores the growing role of local exploration companies in revitalizing Nigeria and Africa’s upstream landscape. It said:”The $783-million transaction sees Oando’s participating interests in Oil Mining Licenses (OML) 60, 61, 62 and 63 increase from 20% to 40% and its total reserves grow by almost 100% to one billion barrels of oil equivalent. “Oando’s ownership stake will also increase in NAOC’s joint venture assets, which include 40 discovered oil and gas fields – of which 24 are currently producing – 40 identified prospects and leads, 12 production stations, 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai P

Manufacturers Are Key To Nigeria's Economic Growth

By Favour Ifeoluwa & Akinola Ajibade The Nigerian Economic Summit Group (NESG) says revitalisation of the manufacturing sector is key to the growth of the econnmy. The group expressed this at a pre-summit webinar ahead of the 30th Nigerian Economic Summit, focusing on the theme:“Reversing the Decline: Strategies for Stabilising Nigeria’s Manufacturing Sector.” The event brought key stakeholders together to discuss on how to prevent decline in the manufacturing industry, by examining how current economic reforms impact the sector’s operations. Speaking,Dr. Muda Yusuf, Thematic Lead of the Manufacturing Group, Mr Musa Yusuf, who represented Engr. Mansur Ahmed, Private Sector Co-Chair of the Manufacturing and Mining Policy Commission (MMPC) Steering Committee, highlighted the significant role of the manufacturing sector in Nigeria’s development. According to him,despite its potential, the manufacturing sector faces numerous challenges such as inadequate infrastructure,

Navy Destroys 17 Illegal Refineries In Niger Delta

One of the Local Refinery Sites By Favour Ifeoluwa & Akinola Ajibade The Nigerian Navy says it has destroyed seventeen illegal refining sites in order to fight crude oil theft in the Niger Delta region of the country. The Navy, in a statement signed by its Director of Information,A Adams-Aliu said the destruction of illegal sites happened in thirty days in July/ August this year. The body in a statement dated August 9,2024 said it witnessed the destruction of one Illegal refinery site, five metal drums and several pipes at Dumbe camp and Atuo general areas in Bayelsa State, adding that Navy destroyed one illegal refinery site in Ataba Communityarea of Andoni Local Government Council of Rivers state. Navy further said that it destroyed three Illegal refinery aites, five refiningg sites, three wooden boats and recovered large quantities of illegally refined Automotive Gas Oil in Brass, Bassambari and Nembe axis of the Creeks in Bayelsa on August 14. The statement als

SPE Nigeria Unveils Speakers For NAICE 2024

By Favour Ifeoluwa & Akinola Ajibade The Society of Petroleum Engineers (SPE) Nigeria Council has announced speakers for the 47th edition of the Nigeria Annual International Conference and Exhibition (NAICE) 2024. The event is billed to hold between August 5th-7th at Eko Le Meridian Hotel Lagos under the theme "Petroleum Industry Value Chain Optimization: The Inevitability of Midstream and Downstream Development." The Special Guest of Honour is Royal Majesty, Olowu of Owu and past Chairman of SPE Nigerian Council, Prof. Saka Matemilola. Other eminent guests and speakers,the statement said, include SPE International President, Terry Palisch, Minister of Energy in Ghana, Hon. Herbert Krapa, Managing Director/ Chief Executive Officer, Seplat Energies, Roger Brown, MD, SNEPCO, Engr. Elohor Aiboni, Gbite Falade, MD/CEO, Aradel Holdings; Sanjeev Verma, Vice President, Halliburton; Audrey Joe-Ezigbo, Managing Director, Falcon Corporation; Debo Fagbami, MD, NEDOGAS amo

Transcorp Appoints Christopher EzeafulukweAs Non-Executive Director

Favour Ifeoluwa & Akinola Ajibade Transcorp Power Plc has strengthed its board with the appointment of Christopher Ezeafulukwe as a Non-Executive Director. This marked a significant change to its Board of Directors. The appointment, approved by the Nigerian Electricity Regulatory Commission, brings a wealth of experience and leadership to the company. Ezeafulukwe, a highly accomplished professional, has over 20 years of executive management experience across multiple sectors, including power, oil and gas, financial services, legal services, and corporate governance. His current role as Managing Director/CEO of Transcorp Energy Limited demonstrates his expertise in the energy sector. Prior to his current position, Ezeafulukwe held leadership roles at Abuja Electricity Distribution Plc and Transcorp Power Limited (now Transcorp Power Plc). He also served as Executive Director, Legal and Business Development, at Transnational Corporation Plc, showcasing his versatility an

Kogi To Host COCOP 2024 Conference In October

Favour Ifeoluwa & Akinola Ajibade The Guild of Corporate Online Publishers (GOCOP) will hold its 2024 annual conference in Lokoja, Kogi State on Thursday, October 3, 2024. A statement by the Publicity Secretary of GOCOP, Sir Remmy Nweke, quoted the 2024 Conference Planning Committee Chairman, Danlami Nmodu and Secretary, Mr. Olumide Iyanda, as saying that the event, the 8th in the series, would be the first time a State will be hosting the conference. The theme, “Nigeria: Tackling Insecurity, Power Deficit and Transitioning to Digital Economy,” was informed by current security and power deficit challenges facing the nation. A prominent technocrat versed in the dynamics of power management, from generation through transmission to distribution would deliver the keynote, while two guest speakers with expertise in digital economy and security value-chains respectively had confirmed their attendance, the statement said. Previous speakers at the annual conference include

NNPC Does Not Owe N6.8bn, Says Soneye

Its Chief Corporate Communications Officer, Olufemi Soneye By Favour Ifeoluwa and Akinola Ajibade The Nigerian National Petroleum Company Limited (NNPC Ltd.) says its nether indebted to the tune of N6.8billion nor remitted revenues to the Federation Account since January as alleged by the citizens. Speaking on the issue, the nation's oil company head of media , Soneye said that the clarification become necessary in view of the spurious allegations made against the corporation. He spoke through a release issued in Abuja and made available to the media at the weekend. He said: " NNPC Limited. does not owe the sum of $6.8bn to any international trader(s). In the oil trading business, transactions are carried out on credit, and so it is normal to owe at one point or the other. But NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders. The company is paying its obligations of related invoices on a first-in-first-out

Nigeria's Power Minster Commends Savannah Over Energy Sector's growth

By Favour Ifeoluwa & Akinola Ajibade Minister of Power, Chief Adebayo Adelabu, has commended Savannah Energy, the British Independent Energy Company for its delivery of projects that matter in the sector and also contribute to the growth of the domestic gas market to support national development. He made the commendation during a visit to the Uquo Central Processing Facility (“CPF”) in Akwa Ibom State recently. The firm is owned by Accugas Limited, a subsidiary of Savannah Energy. Adelabu described the Uquo gas facility as a huge investment, urging other companies in the industry to emulate Accugas so that Nigeria’s power challenges can be addressed. He said: “We are calling on other companies to emulate the activities of Accugas so that the unreliable supply of gas that we have will be a thing of the past. They have been tried, they have been tested and they are trusted. One other thing I also noted is their investment in a new gas compressor to boost pressure for gas supplies. I

Are Afe Babalola Condems Fed Govt Over Nigeria's Poor Economy

Babalola airing his views on the country's hunger situation By Favour Ifeoluwa & Akinola Ajibade FOUNDER of Afe Babalola University Ado-Ekiti, ABUAD, Aare Afe Babalola, yesterday, took a swipe at the Federal Government for distributing palliatives such as garri, beans among others to Nigerians. He described such such actions as too bad, as it amounts to giving foods to beggars and further worsening their conditions. Babalola said this when the Prestige Sisters League visited him at the ABUAD campus. Speaking on the recent protest across the country, he said that those protesting against hunger do so because everyone knows there is hunger in the country. He said: “Those who are complaining about hunger are doing so sincerely. They are hungry. A hungry man can go to any length to show his anger. We do not need anybody to tell us about hunger in the country. The protest was genuine and the government should listen to them. “The duty of government is the welfare of the people.