NEWS MIRROR

Dr  Sanda  Leadership is the force that propels change, meaningful change. This has remained true from time, and continues to be the bedrock upon which great accomplishments are based.  The above describes what the Managing Director/ Chief Executive officer, Eko Electricity Distribution Company (EKEDC),Dr Mrs Tinuade  Sanda, who  marked one-year in office recently,writes Akinola Ajibade, Managing Editor, News Mirror.  Appointed MD/CEO in March of 2022,.Dr Sanda’s emergence was greeted with much excitement and anticipation. As a female professional who had built a long and established career in corporate finance and administration, many were eager to see what the reputed change-maker would do at the helm of a big energy company in a very challenging industry. It was a huge responsibility, a big job. On the evidence of her one-year record, it is now abundantly clear that she has provided an adequate enough response to all the curious minds! Upon a...

By Akinola Ajibade Shell  Companies in Nigeria ( SiN) have paid $4,521,134,915 to the Federal Government in the fiscal year ended 2022.  The firms, in a reports titled Shell's  Sustainability, Cilmate & Energy Transition, Lobbying and Payments to the Federal Government, said that the money covers  production entitlements, royalties, taxes and fees expected of them as corporate institutions operating in Nigeria  Published this week Tuesday, the reports give up-to-date financials plans and programmes of the multinational Oil Company ( IOC) in the country. In the reports, which catalogued the activities of Shell Petroleum Development Company SPDC and Shell Nigeria Exploration and Production Company SNEPCO, a sum of  $3,035,996 was paid as production entitlement, $ 711, 850,070 as taxes $691, 648,502( royalties) and fees of $81,639,634. Altogether, Shell's companies have paid a total paid a total of  $ 4,521,134,915. The reports added that ...

By Akinola Ajibade The Nigeria Labour Congress (NLC) yesterday  (Tuesday) shelved the plans to embark on a nationwide strike over scarcity of cash,  a development, which is having undesirable consequences on many Nigerians. The body, instead,has given both the Federal Government and Central Bank of Nigeria(CBN) a grace of two weeks to further monitor the level of compliance of cash disbursement through commercial banks.  NLC and its affilate--Trade Union Congress ( TUC) had planned to start strike (Wednesday ( March 29th). However, they they  changed their plans after consultations with members, which advised against the decision in order not to further weaken the economy. Speaking on the development, NLC President, Joe Ajaero said that there was a change in plans,  after a meeting with the members of its National Executive Council( NEC). Recall that NLC  issued an ultimatum to go on strike beginning from Wednesday, nationwide, part of which inc...

Scene of oil thefts in Nigeria By Akinola Ajibade The President, Major General, Muhammadu Buhari( retd) has received reports on Oil Theft and Losses in Nigeria. The report is titled ''Special Investigative Panel on Oil Theft and Losses'' was submitted to the President, through the National Security Adviser (NSA), retired Maj.-Gen. Babagana Monguno. Speaking on the issue, the Head, Strategic Communication, Office of the National Security Adviser (ONSA), Mr Zakari Usman said in a statement obtained by News Mirror, said the Federal Governments will fast track the implementation of  the reports in view of the problems, which the issue has caused Nigeria  He said that members of the panel are drawn from key stakeholders within and outside the oil and gas industry, state governments, ministries, departments and agencies; security agencies; regulatory agencies; international and indigenous oil companies; traditional institutions; host communities; artisanal refiner...

One of the Aramco's facilities  By Favour and Akinola Ajibade Saudi Aramco have partnered  with two Chinese Companies to build a 600,000 barrels refinery capacity in China.  The project, a major investment for Saudi Aramco, is expected to cost $10 billion and completed in the next three years.  Billed to help refine more crudes and produce petrochemical products, the the idea is conceived  in order to take advantage of China's  growing demand for energy.  Armaco said in a statement that the refinery will have a capacity of 300,000 barrels of crude daily and out of this, it will supply 201,000 barrels per day to the facility. The project, the statement added,  will be carried out in partnership between Aramco and two Chinese companies. Construction works should begin in the second half of this year, with the project scheduled for completion in 2026.  “This important project, the firm said, will support China’s growing demand across...

NCC/ NIMASA partnership coming By Akinola Ajibade A regulatory framework to stimulate effienciency in the use of submarine cables for operators in the nation's telecommunication sector is in the offing courtesy of the plans by the Nigerian Communications Commission (NCC) and the Nigerian Maritime Administration and Safety Agency (NIMASA) to work together on the issue.  The framework would assist in providing guidelines for Submarine Cable and Pipeline Operators in Nigeria. A submarine Cables are often times, thousands of miles in length, are used in transmitting huge amounts of  data rapidly from one point to another for effective operation of telecom companies.  According to NIMASA's Assistant Director, Public Operations, Mr Edward Osagie, the officials of the two organisations have reached an agreement on during a a pre-audit meeting on submarine cable Osagie in a statement made available to the media, quoted the Director-General of NIMASA, Dr Ba...

Obasanjo                          Iwuanyanwu The fight between the Igbos and Yorubas is in the realm of speculations and therefore should be downplay by Nigerians across boards, the business mogul, Chief Dr Emmanuel Iwuanyanwu gave this indication in Awka, Anambra state capital recently.  Speaking during one-year anniversary of Prof Chukwuma Sokudo in office as Governor of the state,  Iwuanyanwu said that the people,  destroying Igbo properties in Lagos were “political rascals”. Similarly, former President Chief Olusegun Obasanjo, condemned the anti-Igbo sentiments in Nigeria, describing it as “Igbophobia”. Iwuanyanwu said, “I want to let our people in Lagos know, on Wednesday, I called a meeting of the Ohanaeze council of elders worldwide and we x-rayed the events in Lagos. “I want to tell you that people who attended are from the branches in America, Canada, Europe, London, and Nigeria. We have...

By Akinola Ajibade Nasir Ali, son of Ahmadu Ali, a former Chairman, Peoples Democratic Party ( PDP) was yesterday arranged before a Lagos High Court for an alledged N2.2billion petrol subsidy fraud. Ali was arraigned, by the Economic & Financial Crimes Commission(EFCC) alongside one Christian Taylor over the issue.  Both were arraigned with Nasaman Oil Services Limited on an amended 49-count charge bordering on conspiracy to obtain money by false pretence ,contrary to Section 8 and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006; obtaining money by false pretences. The offence is contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006; forgery, contrary to Section 363 (3)(j) of the Criminal Law of Lagos State 2011; and use of false documents contrary to Section 364 of the Criminal Law of Lagos State 2011. The offence, Court, is contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offenc...

Women protest nakedly in Nasarawa  By Akinola Ajibade The recently concluded governorship election has taken a new dimension as some  aggrieved women stripped themselves naked in order to protest the outcome of the poll.  Reports showed that the women mainly from Nasarrawa state came out naked after the National Electoral Commission (INEC) declared Governor Abdullahi Sule, the candidate of the All Progressives Congress (APC), as the winner of the election in the state.  The reason for their protest was that INEC went ahead to announce a winner of the governorship election when there was contention in the results that emanated from Gayam and Ciroma electoral wards in the state capital. Some of the women wore black while protesting. Others stripped completely naked and bitterly expressed their displeasure in front of the camera. The women said they did not vote for Governor Sule and they accused him of rigging himself to power and forcing himself on them. T...

By Akinola Ajibade Ahead of plans by the Nigeria Labour Congress  (NLC) to embark on a nationwide strike and further grind the country to a halt over scarcity of cash, the Central Bank of Nigeria ( CBN) and Deposit Money Banks ( DMBs) have  agreed to pump.money into the economy, as well as working on weekends. The apex banking rregulatory body yesterday, in a statement signed by its Director, Corporate  Communication Department, Dr Isa AbdulMumin said that its going to release  banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. Also, it has directed all commercial banks to open for operation on Saturdays and Sundays. AbdulMumin said that substantial amount of money in various denominations, had been received by the commercial banks for onward circulation to their respective customers. The CBN had directed all banks to load their Automated Teller Ma...

By Akinola Ajibade Savannah Energy Plc, yesterday, promised to pursue all of its legal rights against the decree issued by the President of Republic of Chad, Mahamat Deby on the issue of nationalising assets Savannah Energy in Chad   The Chadian leader had issued a decree on March 23rd this year, announcing the decision of his government to bring the assets of Savannah Inco under the control of Chad, as well as ensuring that the country owns the assets. Hitherto, Chad Inc's was formerly now as  Esso Exploration and Production Chad Inc upstream production assets in Chad. In a statement issued to the News Mirror and signed by, Senior Consultant, Strategy and Business Management, Chain Reactions Africa, Chidebiere Onuoha, Savannah Energy that its completed the acquisition of EEPCI on December 9,last year. The firm further said the actions of the Republic of Chad are in direct breach of the Conventions to which SCI and the Republic of Chad among other parties sign...

By Akinola Ajibade Stakeholders in the nation's energy sector yesterday gathered together to  brainstorm on the challenges facing the oil and gas operations in Africa and at the same time, proffered solution to them.  The operators, who were drawn from the Nigerian Petroleum Downstream Industry and African Refiners and Distributors Association  (ARDA) at a virtual meeting, agreed that the industry in Nigeria and beyond needs to put in   place effective risk management and deregulation programmes in order to have a highly profitable and vibrant industry. Deregulation and liberalised petroleum sector, they said are key to its development and the economy in particular. Other benefits, according to the virtual workshop moderated by the Major Oil Marketers Association of Nigeria ( MOMAN) Chairman, Mr Olumide Adeosun, are a robust participation of all players in the energy industry and a strengthening economy. The Nigerian Petroleum Downstream Industry abs...

Members in solidarity march  By Akinola Ajibade The Nigeria Labour Congress ( NLC) will embark on strike over the prevailing scarcity  of cash next week Wednesday ( March 29th), if all go according to plans.  This is coming on the heels of the decision of  the NLC's President, Comrade Joe Ajaero, to direct public workers to down tools over the issue, as from next Wednesday, if the Federal Government does not provide urgent solution to the matter.  Also, Ajaero, has  directed affiliate unions constituting the Nigeria Labour Congress to be on standby, with a view to go on picketing exercise across all branches of the apex bank next week. Prior to this period, the Central Working Committee of the union last week, issued  warning threats to go on strike after criticising the cash swap policy of the Federal Government. The committee  lamented that despite the Supreme Court order allowing the old N500 and N1000 notes to circulate with the ne...

Nigerias President-Elect, Asiwaju Bola Ahmed Tinibu, his opponents in the Poll, Mr Peter Obi and Alhaji Abubakar Atiku INEC"s Chair, Prof Yakubu By Akinola Ajibade No fewer than four presidential candidates in the February 25 election are seeking nullification of the poll, which produced the All Progressive Congress  APC National Leader, Bola  Ahmed Tinubu as the Nigeria's President- Elect.   The candidates and their parties are Alhaji Atiku Abubakar  (PDP) of the People Democratic Party ( PDP), Mr Peter Obi, Labour Party (LP) and Allied People's Movement ( APM). Also joining them at the Presidential Election Petition Court(PEPC) in Abuja to clarify issues surrounding the declaration of Tinubu as the  eventual of the election is the nation's umpire- National Independent Electorial Commission (INEC).   Recall that the legal fireworks  on the issue began last Tuesday, when the PDP's presidential candidate filed a petitio...

By Akinola Ajibade The Nigeria Football Federation (NFF) yesterday( Monday) debunked the allegations that it sacked the duo of Messrs Finidi George and Ike Shorunmi from the Super Eagles  team. Both retired Super Eagles players have been drafted into the team as  members of its  technical crew.  While clarifying issues surrounding  alledged sack of the players, the Federation said: “As part of cost-cutting measures instituted at the beginning of the new administration, we established a rotation policy among the assistant coaches, based on the high number, which was agreed with all of them. The last time that the team had a programme, Mr. Finidi George was the person who travelled for the friendly match in Portugal. This rotation policy is only for matches. When there is a tournament, all of them will be with the team. “He knew at that time that the next trip would be that of Mr. Usman Abdallah. Abdallah is simply taking his turn to be in the camp for...

By Favour Ajibade The University College Hospital (UCH), Ibadan is battling poor facilities, occasioned by paucity of funds.  According to the Network for Better Life Nigeria, a Non-Governmental Organisation ( NGO)the teaching hospital is in dire need of help, as it its unable to carry out blood transfusion seamlessly among other providing health care services to its many patients.  The development, among several others, the NGO said, is making it difficult for the institution to restore its lost glory. The body, in a statement, issued yesterday, by  its Southwest Coordinator, Mr  Bisitolu Adebiyi regretted that patients at UCH suffer unjustly with many resigning to fates as the blood Bank of the hospital is experiencing downward trend because of the lack of power supply. ‘Worse still, health officers now resort to the use of light from their handsets to transfuse blood to patients. The UCH at nights is now like ghost community with patients lacking quali...

By Akinola Ajibade Oil,  yesterday, suffered the biggest loss,  following banking turmoil across global markets, with investors watching for a potential response to the rout from OPEC and its allies. West Texas Intermediate(WTI) futures rose above $69 a barrel on Friday, but are still down about 10% for the week.  The  development made the Organisation of Petroleum Exporting Countries  OPEC + chiefs from Saudi Arabia and Russia to meet in Riyadi yesterday( Thursday) to discussed ways on how to “promote market balance and stability.” Also, the cartel's monitoring committee, which can recommend a change in production, agreed to  meet on the issue on April 3rd. OPEC+ will likely sit tight and monitor the market unless Brent drops below $70 a barrel for a sustained period, according to industry consultant FGE, while  Energy Aspects  said the producer group will probably wait for financial markets to calm before deciding whether to react. T...

By Akinola Ajibade Shell  has invested $8.2bilion in low carbon energy and non-energy products in the financial year ending 2022.  The oil major invested around a third of its total cash capital expenditure of $25 billion, Out of this,  $4.3 billion was invested in low-carbon energy solutions, marking an  increase of 89% compared with the previous year. In the 2022 budget are capital spending on biofuels, hydrogen and charging for electric vehicles, as well as wind and solar power [ The remaining $3.9 billion was invested in non-energy products such as chemicals, lubricants and convenience retail, which do not produce emissions when they are used by our customers. According to Shell Plc’s Published Energy Transition Progress Report 2022, which is expected to be presented to shareholders for an advisory vote during its Annual General Meeting on May 23, this year, the global oil firm has made remarkable progress  towards becoming a net-zero emissions e...

Sanwoolu  By Akinola Ajibade Barely four days to the March 18th Governorship and House of Assemblies Election, the Houston Chapter of All Progressive Congress ( APC) in the United States, has thrown its weight behind  the incumbent, Governor Babatunde Sanwoolu.  According to its Chairman,Dr. Emmanuel Abiodun Dada, the electorate in Lagos has seen the achievements of the governor and as a result, need to return to  return him for second term in order to able to  deliver on his political promises of rebuilding Lagos.  Dada, also the Founder of Renew Our Hope, a USA-based not-for-profit organization, at media parley in Lagos, reminded residents that it is risky to hand over the biggest economy in Nigeria to those without knowledge of historical growth of the state.  He raised concerns about the future of the youths in the state, adding that the only way the youths can achieve their aspirations is to support the reelection of the able, tes...

CBN's headquarters, Abuja. Favour Ajibade The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, advised his counterparts in other African countries to put in place  measures that would prevent any run on financial institutions in their jurisdictions.. He said sound regulatory and supervisory mechanisms and day to day monitoring of the financial institutions are crucial, if the banks would remain healthy.  He gave the advice at the opening of the 2023 African Central Bank Conference held at the Global Leadership Center, Johannesburg, South Africa.  Speaking on the current global dynamics and specific policy developments in Nigeria to address emerging shocks, he advised central banks on the continent to draw lessons from the recent failure of Silicon Valley Bank (SVB) and Signature Bank in the United States of America, by putting in place regulations that will prevent any run on banks in their countries. Emefiele, while sharing Nigeria’s exper...

By Favour Ajibade The Shell Petroleum Development Company of Nigeria Limited (SPDC), operator of the SPDC joint venture, yesterday, lifted the force majeure on Bonny export programme.  The company declared force majeure over a year ago, precisely March 3,2022, following a significant decline in crude receipts at the Bonny Oil and Gas Terminal. A Spokesperson of SPDC said: “The Shell Petroleum Development Company of Nigeria Limited (SPDC), has lifted the force majeure on Bonny export programme with effect from Wednesday, March 15, 2023.

By Favour Ajibade The Nigerian Liquefied Natural Gas, NLNG is struggling to boost output, despite rising  demands  from its European buyers, a report by the Natural Gas Intelligence has said. This follows heavy flooding, upstream gas issues, pipeline vandalism among other problems, which have left the six-train facility on Bonny Island producing far below capacity last year. According to recent natural gas exports, exportation of the product has been witnessing a major decline since last October 2022 when NLNG  declared a force majeure due to flooding among other issues.  A gas analyst, Ana Subasic noted that the Nigeria’s LNG exports have been lower, but steady since the beginning of this year.  Subasic said NLNG, a major Atlantic Basin supplier since 1999 when the first train came online, delivered 1 million tons (Mt) to the global market at a 53 per cent utilization rate in January. The situation seems to be improving, however, as exports bounced ...

Ajaero addressing union members Nigeria may witnessed another strike action,in the event that the Federal Government fails to put an end to the cash crunch, occasioned by the changing of old naira notes to new ones. Recall that the eight months strike embarked upon by the Academic Staff Union of Universities ( ASUU) ended late last year( 2012) only for the Nigerian Labour Congress ( NLC) to  threaten to go on  another strike, if the government refuses to end the cash crunch, which has impacted negatively on Nigerians across boards. NLC's President,  Comrade Joe Ajaero, yesterday ( Monday) issued ultimatum that the body begin another strike, if the  scarcity of naira was not addressed in time by the government. Ajaero, who spoke at  opening session of the Central Working Committee (CWC) meeting of the apex labour union, expressed disgust over the hardship Nigerians were going through as a result of the cash swap policy of the Federal Government, warne...

By Favour Ajibade Pension investments in Federal Government of Nigeria ( FGN) securities have increased from N9.19 trillion in September 2021  to N9.64 trillion in December 2022. According to the National Pension Commission  (NPC, the increase represents N451.82 billion or 4.92 per cent. The body further attributed the  increase in the value of investments in FGN Securities to additional investments in assets class during the last quarter. While referring to its fourth Quarter of 2022 Report, PenCom said that the total value of pension fund assets as at December 31, 2022 was N14.99 trillion. The assets, PenCom said, was made up of N10.72 trillion RSA ‘Active’ Funds I, II III and V; N1.19 trillion RSA Retiree Fund IV; N1.57 trillion Closed Pension Fund Administrators (CPFAs); and N1.48 trillion Approved Existing Schemes. Fund VI Active and Retiree Fund amounted to N36.20 billion.  A breakdown of the fund, the agency said, showed that pension fund assets we...

By Akinola Ajibade Abuja Electricity Distribution Company (AEDC) says it would start  rationalising supply of electricity in its jurisdictions soon. The firm covers Federal Capital Territory ( FCT)), Nasarawa, Niger and Kogi.  The company, in a statement obtained by News Mirror blamed the development on insufficient power allocation. In the statement copied to all customers across its franchise, the DisCo said: “We would like to inform you that we are aware of the unstable power supply experienced in recent times essentially caused by insufficient power allocation.. It added that " “Due to the limited energy allocation, which the firm has, implementation of load curtailment directives across our franchise is important, if we  want to ensure grid stability.  Doing this will involve occasional temporary interruption of power supply in order ascertain areas, which need supply of electricity for a limited period of time. We understand that this may cause inconvenience to...

Brown  Seplat Energy Plc, yesterday, refuted the claims in some quarters that its Chief Executive officer, Mr Rogers Brown, who stepped aside briefly in order to clear some burning issues pertaining to his office,violated some corporate governance issues in the country. The firm, in a statement signed by the Chairman,  Board of Seplat, Mr Basil Omiyi and made available to the News Mirror, expressed confidence in its CEOs, stating that the ex-parte interim order passed recently by Justice C.J Aneke in order to restrain Rogers Brown from operating as Seplat's helsman  for seven days was unconstitutional. Aneke was of the Federal High Court sitting in Lagos.  The Board believes these allegations are a spurious and vindictive reaction to its  enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the Company. As a result of this, the Board has no option other than to pass a vote of co...

Seplat Energy Plc has appointed Samson Ezugworie as its acting Chief Executive Officer CEO . By this, Ezugworie will hold sway as the company’s helmsman pending the period Mr Roger Brown,the embattled former CEO,is required to step back from his executive duties as directed by a Nigerian Court. He was the company’s Chief Operating Officer, before his present appointment,a statement said. In a The statement which was issued by its board chairman, Mr Basil Omiyi, the company was last week ( March 9,2023) served with court processes and ex-parte Interim Order of the Hon Justice C. J. Aneke of the Federal High Court, Lagos, Nigeria, restraining the Chief Executive Officer, Mr. Roger Brown from participating in the running of the Company for a period of 7 days. The interim orders, according to the statement,  are based on allegations of unfair, prejudicial, and offensive acts by the Chairman, CEO, and all of the Independent Non-Executive Directors (INEDs) of Seplat Energy. I...

Imo Capital, Owerri in darkness Imo is experiencing acute shortage of  electricity because of the industrial organised by the labour union in state, the Head, Corporate Communication, Enugu Electricity Distribution Company ( EECD), Mr Emeka Ezeh has said. He said the development has paralysed  activities, as business owners are counting thrur losses. While speaking  to journalists in Enugu yesterday, Ezeh said that the industrial action has resulted in the shutting down of source of electricity supply in the state, adding that issue  has made it difficult for the DisCo to distribute energy to individual and corporate consumers.  Ezeh said:" All customers of the company in Imo are currently lacking access to electricity on account of the development.  We understand the inconveniences, which the issue has caused to the residents and we are hopeful that it would be resolved within the shortest possible time soon.  According to him, EEDC has no...

Seplat Energy Plc has described the allegations qthat its Chief Executive officer, Mr Roger Brown is discriminsting against Nigerian employees as baseless.  Seplat was accused of favouring foreign workers as well as possessing  possessing a Combined Expatriate Residence Permit and Aliens Card (CERPAC) contrary to valid expatriate quota. Also, its CEO was also alleged to have failed to honour invitations by the ministry’s panel, which investigated the matter. Seplat's CEO, Brown The company, in a statement made available to the News Mirror today ( Thursday) punctured the allegations. The statement said: “Seplat Energy wishes to refute the false allegations against Mr. Brown, which have been presented to the Ministry of Interior and the public by certain petitioners and which have not been brought to the attention of Mr. Roger Brown or Seplat Energy for a reaction”.  According to the company, the media reports was orchestrated in order to tarnish its...