NEWS MIRROR

Top:  Transmission Facility   Down: An official working on the wires  By Favour Ifeoluwa & Akinola Ajibade  Nigerians are experiencing  power outage across the country again, following the collapse of national grid again on Friday June 6th, this year). This is the fourth time the grid will collapse in 2024, a development, which has generated  controversy among stakeholders in the nation's economy.  For instance, the country was thrown into blackout  three months ago, a development, which the Federal Government through the Transmission Company of Nigeria( TCN) is still battling with in the country. This system collapse, which occured at about 3:00pm on Saturday afternoon has continued to suprise many Nigerians, as regards the effectiveness of the power infrastructure in Nigeria, few years after privatisation of the electricity sector. Speaking on the issue, the  Head, Corporate of Communications at Enugu Electricity Distri...

(By Favour Ifeoluwa & Akinola Ajibade)  President Bola Tinubu says the 2025 budget proposal of N49.7 trillion will bring inflation down to 15 per cent next year from its current 34.6 per cent.  He said this during his presentation of the N49.7 trillion 2025 budget forecast to both Houses of Senate and Representative on Wednesday. Also, the President  said that the exchange rate which has risen to N1,700 per dollar will be reduce to N1,500 per dollar. According to Tinubu,  the 2025 budget is an ambitious but necessary to secure the future of Nigerians.  “The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day,” Tinubu said. The President said the budget projections are based upon observations such as reduction of pet...

Nigerians Thrown In Darkness Again  (By Favour Ifeolowa& Akinola Ajibade) National Grid Collapses Again , 12Times in 2024 Nigerians experience darkness Again, following collapsed of the national grid. News Mirror gathered that the grid collapsed around 2.30 pm today, making it 12tmes this year. A Check in the Independent System Operator, an arm of the Transmission Company of Nigeria ( TCN) shows that electricity supply is inot adequate. 

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has announced a final investment decision(FID) on Bonga- North, deep -water project off the coast of Nigeria. The company, a subsidiary of Shell Plc, in a statement, said that Bonga North will be a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility which Shell operates with a 55% interest. The Bonga North project involves drilling, completing, and starting up 16 wells (8 production and 8 water injection wells), modifications to the existing Bonga Main FPSO and the installation of new subsea hardware tied back to the FPSO. The project will sustain oil and gas production at the Bonga facility. Bonga North currently has an estimated recoverable resource volume of more than 300 million barrels of oil equivalent (boe) and will reach a peak production of 110,000 barrels of oil a day, with first oil anticipated by the end of the decade. “This is another significant...

Dangote Petrochemical Refinery  (By Akinola Ajibade  Dangote Refinery says it has not received facility of $1 billion from the Nigerian National Petroleum Commission Limited( NNPCL) when  it was  struggling with finance. The company, in a statement signed by its Group Chief Branding and Communications Officer, Tony Chijejena,said NNPC was misforming the public on the matter. He said : “We have received numerous inquiries from the media and other concerned stakeholders seeking clarification on a recent report attributed to the Nigerian National Petroleum Company Limited (NNPCL) that their decision to secure a $1 billion loan backed by its crude was instrumental in supporting the Dangote refinery during liquidity challenges. We would like to clarify that this is a misrepresentation of the situation as $1bn is just about 5% of the investment that went into building the Dangote Refinery.” “Our decision to enter into a partnership with NNPCL was based on recog...

By Akinola Ajibade President Bola Tinubu yesterday( Wednesday) announced $49.7 billion Budget Proposal  for 2025.  In the Budget Presentation are Security and Defence, Infastructure, Education & Health. These are some of the sectors with high allocation They were presented before a joint session of joint session of the National Assembly.  According to the President: " It is with great pleasure that the presentation was done before the distinguished session of the National Assembly. In the 2025  budget titled, The Restoration of Peace, building of property, , Tinubu said as he concluded his 30 minute at 1.10 pm on Wednesday, the budget as the name implies would bring back hopes of many Nigerians. While making his presentation, he defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others. “The 2025 budget seeks to restore macro-economic stability enhance the business environment, foster inclusive growth,...

Access to Acquires 💯 per cent stake in BIDvest  (By Favour  Ifeoluwa & Akinola Ajibade) Nigeria’s Access Bank Plc has offered to acquire Bidvest Bank Holdings Limited to help the country’s biggest lender by assets expand in South Africa. The purchase is expected to move Access Bank, a unit of Access Holdings Plc, closer to its 2027 goal of becoming one of the continent’s largest lenders. Access Bank, in a statement is  acquiring BIDvest to the tune of 2.8billion rand or roughly S159 million. The statement signed by the  bank’s Managing Director, Roosevelt Ogbonna added that the binding agreement for the acquisition of a 100 per cent equity stake in Bidvest, reflects the bank’s commitment to strengthening its footprint in South Africa. In addition , it said it will help in consolidating its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on effi...

By Favour Ifeoluwa& Akinola Ajibade  Germany's President, Steinmeier  The German President,Frank Steinmeir, yesterday,  arrived Nigeria for a three-day official visit. Steinmeier tuched down on the night at the Presidential Wing of the Nnamdi Azikiwe Airport, Abuja, where he was was welcomed by Federal Capital Territory (FCT) Minister, Nyesom Wike.  His visit aims to underline the strength of Nigeria-Germany relations and to mark Germany’s appreciation of Nigeria.  Steinmeier, during his visit, is expected to meet with President Bola Tinubu, as well as with the President of the Commission of Economic Community of West African States (ECOWAS), Dr. Alieu Omar Touray.  He will then proceed to Lagos, where he will engage with business representatives, visit a start-up hub and meet with members of Nigeria’s culture sector and civil society.   A statement by the German embassy in Nigeria said: “Following the visit of German Chancellor Ol...

Members, House of Repsentative  (By Favour Ifeoluwa & Akinola Ajibade) Members House of Representatives Southern Caucus, yesterday (Tuesday) expressed support for President Bola  Tinubu's Tax Reform Bills. The lawmakers briefed journalists  after a meeting at the residence of the Deputy Speaker, Benjamin Kalu. According to them, the tax reform bill is  a welcome development for the country, adding that it will give the bill the necessary support it  needed in order to improve the tax system in the country Speaking on the issue,  the caucus chairman, Nicholas Mutu, said  the lawmakers will consult widely over the controversial clauses to ensure all stakeholders are carried along. Regarding key northern leaders’ opposition to the bill, the Southern Caucus stated that it would continue to meet with its counterparts from the north to find a middle ground on all contentious issues. The four executive bills transmitted to the National Assembl...

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further s...

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 P...

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 ...

 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, dri...

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 ...

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 Ter...

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 in...

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 Augu...

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, Falco...

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 versatilit...