NEWS MIRROR

By Akinola Ajibade The Federal Government will take delivery of the first batch of the mega transformer  ordered under President Muhammadu Buhari’s Presidential Power Initiative (PPI) in September, this year. The equipment, coming from Italy, would arrive   Nigeria would arrive the country in the next two months. Already,the transformers successfully undergone factory acceptance test at Siemens’ transformers factory in Trento Italy. The managing director of Federal Government of Nigeria Power Company (FGN-Power) Mr. Kenny Anuwe who lead a delegation that includes engineers from Transmission Company of Nigeria (TCN) witnessed the factory acceptance test conducted on 28 July 2022 in Trento Italy. The factory acceptance test paves the way for Siemens Energy to start delivering the transformers to Nigeria. The development came after the Minister of Power Engr. Abubakar D. Aliyu led a delegation to Germany in April, where he paid visits to Siemens Energy factories in Berlin an...

By Akinola Ajibade The  490,400 electricity customers in Gusau,  North Western State of Zamfara are going to  spend one month in darkness, the Kaduna Electricity Distribution Company( KEDC) has said.   Already, they have spent two days without , a development, which implies that they have twenty nine  days more to live in darkness. The outage, which started July 29th  would end o August 28th, 2022, this year.  KEDC is responsible for retail distribution and marketing of electricity in four states namely  Kebbi, Zamfara, Kaduna and Sokoto.  In a statement made available to the Newsmirror, KEDC said that the outage  is between 9:00 am to 5:00 pm every day, adding that the development  would enable the Transmission Company of Nigeria (TCN) to carry out maintenance work at the 132KV Gusau Transmission Station. Speaking on the issue, the KEDC's Head of Corporate Communication, Abdulazeez Abdullahi, said that the faults discovered in the...

By Akinola Ajibade Chevron Nigeria Limited will support Nigeria's goal of becoming zero carbo n emission nation by 2060,  its  Communication Manager, Mr Victor Anyaegbudike has said. Chevron is one of the oil majors or International Oil Companies (IOCs) operating  in the country. While speaking at the Nigerian-American Chamber of Commerce ( NACC) breakfast meeting in Lagos,  Anyaegbudike noted that the company has taken some steps along that line, prior to 2019, when the Federal Government declared its intention to make 2020 to 2030, a decade of gas revolution. Recall that the government gave itself a 10 years mandate deepening the use of gas in Nigeria. During the period, the Federal Government plans to record 95 per cent in the area of gas flaring , with a view to ensure environmental sustainability. According to him, Chevron is taking a deliberate actions in order to ensure that Nigeria attains its net zero-carbon emission goals.  Expl...

By Akinola Ajibade Global energy firms, Shell and Total Energies recorded combined revenues of $21.3bilion, as well as having share buybacks of $8billion in the third quarter of the year.  While shell posted $11.5 profits and also planning to buybacks of $6 billion, Total Energies' quaterly profits rose to $9.8billion, with shares back of $2billion on its neck. By this feat, both International Oil Companies (IOCs) have through considerable investments in countries, where they operate, beat record- breaking previous quarter results on the back of soaring crude, gas and oil product prices. Interestingly, the two firms respectively are recording highest quarterly profits, while at the same time, keeping their dividends steady, in order not to disappoint some investors across the world. Industry watchers  have continued to link impressive results, which are being recorded by Shell and Total Energies to developments in the global oil market. They said that the surge in ...

    By Akinola Ajibade The Central Bank of Nigeria (CBN) has advised against succumbing to the speculative activities of some players in the foreign exchange market, as naira continues its downward trend against the dollar. Currently,  Naira to dollar hits N710,  a development, which was attributed to rising demand for goods and services by Nigerians. The apex bank gave this advice, yesterday,in Abuja, while explaining the reason behind the sudden rise in the value of United States' currency Nigerian currency in Abuja. According to CBN's Director, Corporate Communications,  Mr. Osita Nwanisobi, the apex  banking regulatory body is comitted to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges. He said that bank was the international value of naira, claiming that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well...

  By Akinola Ajibade Manufacturers have advised Federal Government to remove 7.5 per cent Value Added Tax( VAT) imposed on diesels in order to record growths. This is coming on the heels of rising prices of goods and services in the country, a development, which has attested to the fact that the economy is facing serious crises and can only be rescued by timely adjustment of some factors affecting the development of  the macro economies. The President, Manufacturers Association of Nigeria ( MAN,  Mansur Ahmed, who gave this advise at the at the 25th Annual General Meeting of the Kaduna State branch of the association, said it is high time the government looks inward in order to put the economy on path of growth. Represented by the association' chairman in Bompai Branch, Kano, Sani Saleh, Ahmed urged the government to create a national strategic response to the disruptive impact of the ongoing Russian – Ukraine war on the global supply value chain and its debilitating impa...

By Akinola Ajibade Nigeria's crude oi production dipped further by 22,000 barrels, as Addax Petroleum Development Nigeria began an industrial action. Addax has four Oil Mining Licenses, OML 123, 124, 126 and 137, the assets, which its operates on Production Sharing Contract ( PSC) with the Nigerian National Petroleum Corporation ( NNPC) before its transformation to a Limited Liability Company. Owned by China's Sinopec Group, the company recently embarked on strike over anti-labor practices, in order to press home its demand for increase wages for a total of 324 employees under its control. The firm's workforce include 141 permanent staff and 183 contracts staff. The striking workers, who are members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), alledged that the management of Addax have to engage them on labour related issues after the announcement of the revocation of its licenses by the Federal Government. The workers threatened to shut...

By Akinola Ajibade Residents of Lokoja were in a state of confusion recently, following a  bomb explosion which rocked the ancient city recently. The explosion, which took place around the  office of the Secretary to Kogi State Government, Ministry of Women Affairs and Chieftaincy Affairs, made many workers to scamper for safety. The explosion, according to Sahara reporters   rocked the ever-busy post office area of Lokoja, the state capital. Also,several media in Nigeria including Daily Trust, Punch and Sahara reporters reported the incident.   “The explosion happened around 8.30am when workers were resuming in their various offices and shop owners were out to open their shops for the daily business,” Daily Trust reported. Sahara Reporter said that  an object like a bomb was sighted around the Ministry of Local Government and Chieftaincy Affairs which has in its opposite and adjacent, offices of the secretary to the state government...

By Akinola Ajibade Nigeria's aviation problem would continue for sometime, as there is immediate solution on sight to check it, the Minister of Aviation, Sen. Hadi Sirika has said. He said that the crises rocking the sector are many and as a result, cannot be solved outrightly. Sirika stated this recently during an emergency meeting with the Airline Operators Association of Nigeria (AON) in Abuja. According to him, there was no short term solution because of the variables involved especially that it is a global problem. He added:”Energy crises is real and it is global. Today there is aviation fuel problem all over the world. From America to New Zealand. It is aggravating in Nigeria because we don’t produce the product. It’s aggravated also because the foreign exchange is scarce in Nigeria because the source of earning the foreign exchange also has dwindled” . He said that the Federal Government had in the past sourced 10,000 metric tonnes of Aviation Fuel for the airlines adding th...

By Akinola Ajibade Nigeria's critical economic and social  situations continue unabated, two day ago, as three  traditional worshippers were abducted along the Benin-Abraka road in the country. The victims in a report made available to the News Mirror,were on their way to a river to perform rituals when they arrested by their abductors and whisked into the forest. The Police Command in a statement by its Deputy Public Relations Officer, ASP Jennifer Iwegbu on Tuesday, disclosed that the incident occurred on Monday, 25 July, 2022, at about 1pm. It said: “The Command through its divisional headquarters at Ugo received a complaint that hoodlums suspected to be kidnappers accosted and whisked into the bush three traditional worshippers who had gone to a river along the Benin-Abraka road to perform rituals.Upon receipt of the information, the Divisional Police Officer Ugo, immediately mobilised his operatives to the scene in hot pursuit of the hoodlums and possible resc...

By Akinola Ajibade Attempts by the Central Bank of Nigeria (CBN) to freeze the accounts of some Meter Asset Providers  which  it accused of diversion of power funds has been described as a double standard. Many operators in the power sub-sector condemned the plans by CBN to freeze their accounts, accusing CBN of not following due process on the issue. This happens, as the Nigerian Electricity Regulatory Commission (NERC) maintains is not ready to intervene on the issue, due to reasons best known to her. Speaking on the issue, the Managing Director, Chief Executive officer, Mojec  Asset Management Company Limited Mrs Chantelle Abdul, said that Central Bank of Nigeria ( CBN) of being economical with the truth on the issue of diversion of funds, allocated for the power sector by the Federal Government. Mojec has  a Meter Asset Provider ( MAP) company, which is one of the institutions,approved by the government,to help bridge the metering gap in Nigeria, by m...

By Akinola Ajibade The Joint Admission and Matriculation Board (JAMB) has fixed Saturday, August 6th for its mop-up Unified Tietary Matriculation Examination ( UMTE) for candidates who are unable to participate examinations during the period of the exercise for verified reasons.  This happens as the Board cancelled results in 10 centres across five out of 36 states of the federation. JAMB said that the development would enable it to give equal opportunity to all candidates who are desirous of tertiary education. It said this in its weekly bulletin by JAMB’s Head of Media and Information, Dr Fabian Benjamin on Monday in Abuja. The board said: “JAMB, after every UTME exercise, reviews various reports from officials in the field and video footage of the examination. The reviews are done by a team of experts, with a view to detecting activities subversive of the examination process. It’s after all the reports have been collated and considered that the management would take critical dec...

By Akinola Ajibade The Dangote’s $2 billion Petrochemical Plant will become hub for for production of polypropylene in Africa soon, when its begins operation soon, the Group President, Alhaji Aliko Dangote has said. The plant, which is being alongside the 650,000 barrels per day Dangote Petroleum Refinery, boasts  of 900,000 metric tonnes capacity of polypropylene.  According to him, the plant would also boost non-oil export earnings, with a view to help grow the Nigerian economy. He said the plant is strategically positioned in order to meet the demands of plastic industries in Nigeria and globally. Dangote, who disclosed this at the 2022 Zenith Bank International Trade Seminar on Non-oil Export recently in Lagos, said the refinery and petrochemical projects would help in making the country self sufficient in the area of provision of petroleum products to Nigerians and other nationals. The business mogul advised Federal Government to unlock potentials in petrochem...

By Akinola Ajibade Problems such as increasing costs of energy, scarcity of foreign exchange and insecurity are major concerns of players in the Nigerian economy in the first half of 2022, the Founder/ Chief Executive officer, Centre for the Promotion of Private Enterprise, CPPE, Mr Muda Yusuf, has said. He disclosed this in the “Half Year Economic Review”, report made available to News Mirror recently. He lamented that manufacturers are  grappling  with problems such as  high cost of logistics, inability to access foreign exchange,  raw materials, adding that and the rising costs of duties on alcoholic or non-alcoholic beverages are impacting negatively on consumption of those products. He said :“Investors across sectors in the economy are concerned about the increasing energy costs, especially the cost of diesel which has gone up by over 300%, the cost of aviation fuel which has gone up by another 300%, the cost of gas which has increased by over 100%. The cost of ...

By Akinola Ajibade  National Petroleum Company ( NNPC') Limited, has sacked 500 of its workers.The  workers were lelieved of their jobs through their e-mail addresses and also given juicy severance packages in order to appease them. They include executive directors, group general managers, general managers, among others.  Some of them are billed to retire years 22, 23 and 24. However, some of the workers especially general managers and group general managers have kicked against the idea. In a message sent to the affected staff of the company, NNPC gave them up till first week of August to decide, or take actions deemed necessary against them   This aside the fact that they are entitled to 50 per cent of their salaries, unti the time, they are naturally expected to serve out their tenure in the company. Recall that the group managing director and chief executive of the company, Mele Kyari said at a town meeting with the staff recently that “they ...

By Akinola Ajibade The controversy over whether some Bishops were bought to attend the unveiling of the Presidential Running Mate of the All Progressive Congress ( APC), Kashim Shettima or not is still raging six days after as the clergies continually dismissed the allegations that they were paid to attend the event.  The unveiling took place in Abuja on July 20th, this year. According to the Bishops, neither were they bought nor compelled to address the unveiling ceremony  in Abuja. In a message obtained by the News Mirror, the bishops denounced the claims that money exchanged hands before they attended the programme. Speaking on behalf of the Bishops at a press conference organised on the issue, the Senior Pastor, Yoke Breakers Prophetic Ministry, Prophet Ugochukwu Ugokwe, said that the bishops attended the unveiling on the basis of integrity and Charisma of Vice President's hopeful. He said that it was wrong for anybody in Nigeria to associate them with bribery ...

By Akinola Ajibade The Port Harcourt Refinery One will come back on stream by the first quarter of 2023, while the rehabilitation  of the second refinery will be completed in 2024, the Managing Director of the Port Harcourt Refining Company Limited, Ahmed Dikko has said.  Altogether, the two refineries have a nameplate of 210, 000 capacity. The one, which is due for completion early 2023 has 60,000 capacity, while the other one boasts of 150,000 capacity. He spoke when the House of Representatives Ad-Hoc Committee on the state of the country’s refineries visited the facility in Rivers State for an on the spot assessment of the $1.5 billion dollar rehabilitation project of the facility. According to him, the the Old Port Harcour refinery, referred to as Area Five, would be the first of three phases of the project. The two refineries, Diko said, would be producing 210 bpd, when they are completed in 2024. Sounding confidence, he said that they would stick to the time...

By Akinola Ajibade Four men have allegedly abducted, drugged and raped a 15- year old teenager in Igando area of Lagos state. The men gang-raped the tennager,  believed to be  carrying 7-month old pregnancy in the presence of her husband.  The victim was found last Friday, five days after she went missing and a search party was raised by her family. Speaking on the issue, the victim's father, Tony in an interview with Punch Metro said his daughter had just finished sitting her West African Senior Secondary School Examination and was on her way to church when she was abducted. He said her daughter was going to the Saint John Catholic Church, Igando, when four men in a Toyota Camry, who pretended to give her a lift, drove her away. Tony said the teenager was in the company of her siblings when the incident happened. He said, “My other children said on their way to church, they greeted the people who were in the car and they asked where they were going and they s...

By Akinola Ajibade The Joint Admission and Matriculation Board (JAMB) has said that the minimum cut-off marks for students seeking admission into any of the Nigerian universities this year( 2022) is 140. JAMB, being the only body vested with powers to conduct admission into universities and polytechnics in the country, stated this in Abuja recently.  This revelation came out during a heated session comprising officials from JAMB,  Ministry of Education, National Universities Commission, National Board for Technical Education among others. During the session, which was organised in order  to once and for all  rest the controversy surrounding admission into the higher institutions of learning in Nigeria in 2022, JAMB said that the cut-off marks for the polytechnics at 120 cut-off, while it approved 140 for universities. Prior to this period, PUNCH had  reported that the JAMB registrar, Professor Ishaq Oloyede, at the 2022 policy meeting revealed that only 378,639 ...

By Akinola Ajibade The Federal Government has advised  Indigenous Petroleum Producers Group (IPPG) to leverage on the ongoing divestments by International Oil Companies (IOCs) to significantly increase their investments in oil and gas assets in the country. The Minister of State Petroleum Resources, Chief Timipre Sylva, who gave this advice during the Nigerian Association of Petroleum Explorationists (NAPE) divestment workshop said that the development would enable local oil firms expand their portfolios and further made them to play better. The theme of the workshop: 'The Big Sale:Opportunities In The Nigerian Oil and Gas Industry From Asset Divestments’ He urged IPPG to see divestments by IOCs from the Nigerian oil and gas assets, as opportunity to step in to fill the gaps in the sector. According to a statement by Horatius Egua, Senior Adviser, Media and Communications, the Minister of State said: “The Indigenous Petroleum Producers Group (IPPG) and other potential i...

By Akinola Ajibade Travellers wishing to patronise Dana Airlines for either personal and business activities would not be able to do so, as the Nigerian Civil Aviation Authority (NCAA)  suspended its operations and two others indefinitely. The ban, which took effects from the midnight of of Wednesday, 20th July, 2022 has  added more troubles to the nation's aviation industry, which is still struggling to survive due to nation' s crawling economy. According to the authority, the suspension was made pursuant to Section 35(2), 3(b) and (4) of the Civil Aviation Act, 2006 and Part 1.3.3.3(a)(1) of the Nigeria Civil Aviation Regulations (Nig.CARs), 2015. The suspension order, handed down by the Director General, Captain Musa Nuhu, has since been communicated to the management of Dana Airlines and others.  Nuhu notes that, “The decision is the outcome of a financial and economic health audit carried out on the Airline by the Authority, and the findings of an investigation condu...

By Akinola Ajibade The Transmission Company of Nigeria, TCN has restored the national grid, which collapsed two days ago  TCN in a statement issued to the News Mirror and signed by its General Manager, Public Affairs, Mrs Ndidi Mbah, attributed the collapse of the grid to the sudden drop in system frequency from 49.94Hz to 47.36Hz, which created system instability. She said the company, has in a jiffy, restored the grid in line with its goals that the country's electricity sector operate well. Reports obtained  from the National Control Centre, NCC, said that the disruption in the power sector was precipitated by the tripping of a Unit (with a load of 106 MW) in one of the generating stations due to “Exhaust over Temperature”. This unwholesome event, which pulled out other grid-connected Units in the plant, resulted in aggregated generation loss of 457MW. In its wake, a train of events ensued – culminating in the collapse of the national grid. “As obtainable in all systems, wh...