NEWS MIRROR

By Favour & Akinola Ajibade Friday, October 5th, 2023 will witness a convergence of industry leaders, experts and speakers at the Eko Hotels & Suite, where they  would provide insights into the multi-faceted problems facing the nation's energy ector and further unravel opportunities, required by Nigerians in order to accelerate the much needed economic growth. In a release signed by the Public Relations officer of the Association of Energy Correspondents of Nigeria (NAEC), Opeoluwani Akintayo, the event as usual, will enable captains of industry, regulators, lawmakers, and other stakeholders to meet and deliberate on issues affecting the smooth operations of the industry vis-a-vis its growth, prospects and opportunities. Themed:  Nigeria’s Energy Transition: Enhancing Investment Opportunities & addressing challenges in Oil the and Gas Sector , the 2023 edition of NAEC conference will attract participants in  the country and beyond. The Association's Chai

By Favour & Akinola Ajibade  Indications emerged that Commercial and Merchant have burrowed a total of N12.46 trilion from. Central Bank of Nigeria( CBN) in order to meet up with their fiscal and other needs. Industry sources said that banks intensified efforts to burrowed more money from CBN in the past eight months,  as bad economy bites harder in the country. This period covers between January to August, 2023. " Aside from August 2023 ending this week, commercial banks and merchant banks borrowed a total of N12.46tn from the CBN during the first eight months of this year".  According to data from CBN, accessed by News Mirror, financial institutions had, in the first eight months of 2022, borrowed N6.96tn from the central bank, representing an increase of 79 percent. Commercial banks and merchant banks access lending from the apex bank using the Standing Lending Facility (SLF) window and cash  from the  cash with the Standing Deposit Facility window (SDF). 

One of the nation's electricity turbines By Favour & Akinola Ajibade Nigeria's power sector is not performing well because it is under the domineering influence of cartels and carbels, its Minister, Adebayo Adelabu, has said.  He, however, promised to deal with the situation professionally in order to foster its growth. Adelabu, who spoke at a reception party organised in his honour by the Central Council of Ibadan Indigenes at Oke-Aremo, new palace of Olubadan at the weekend, said the cartel does not allow the sector to perform optimally.   “The challenges facing the power sector are enormous. The aged ineffectiveness of the sector in generation, transformation and distribution of power always attracts criticism from the end users,” he said. According to him, the sector plays a pivotal role in the economic growth hence the reason it cannot afford to continue failing the public. “The manufacturing sector,  both the Small and Medium Scale Entrepreneur including t

By Favour & Akinola Ajibade Nigeria’s energy sector contributes 5.34 percent to the country’s Gross Domestic Product (GDP) in the second quarter of 2023, a figure, which is below 6.33 and 6.21 contributd in the conresponding year. In the latest GDP report  released by the National Bureau of Statistics (NBS), Nigeria's average daily oil production was 1.22 million barrels per day (m/bpd). This is a decrease from the daily average production of 1.43 m/bpd in the same quarter of 2022, by 0.22 m/bpd. Furthermore, it’s lower than the first quarter of 2023 production volume of 1.51 m/bpd, by 0.29 mbpd. The report goes on to highlight that in Q2/2023, the real growth of Nigeria’s oil sector was -13.43% year-on-year, marking a decline of 1.66% points compared to the rate seen in the corresponding quarter of 2022 (-11.77%). In comparison to Q1 2023, which was -4.21%, this marks a more substantial decrease of 9.22% points. Meanwhile, in a quarter-on-quarter analysis, the oil

Mnangagwa By Favour & Akinola Ajibade Zimbabwe Electoral Commission, Zimbabwe Electoral Commission (ZEC) has announced Emmerson Mnangagwa as the winner of its just concluded Presidential Election. The body said that Mnangagwa polled 52.6% of the votes cast. Nicknamed “The Crocodile” for his ruthlessness, Mnangagwa is Zimbabwe’s third president. He became leader after a 2017 coup that ousted Robert Mugabe who had ruled the southern African nation for 37 years. According to ZEC, the candidate of the Citizens’ Coalition for Change (CCC), Nelson Chamisa secured 44% of the vote. Mnangagwa received more than 2.3 million votes, while Chamisa garnered 1.9 million, ZEC said. Voter turnout in the country of almost 16 million was 69%. The constitutional court has upheld the result of the election, amid claims of rigging from the opposition. Promise Mkwananzi, a spokesman for the Chamisa’s Citizens Coalition for Change (CCC) said the party had not signed the final tally, which he d

By Favour & Akinola Ajibade Buoyed by the resolve to deepen the country's revenue base and further and further speed up implementation of capital projects in Nigeria, the  Federal Government will in the next six days, precisely September 1, this year, starts collecting the  new Value Added Tax( VAT).  The government is achieving  this goal through the Federal Inland Revenue Service(FIRS).  FIRS, in a statement,  said subject to the Finance Act 2023, VAT withheld or collected, VAT on items excluded from building, the new Tertiary Education Tax rate of 3 per cent and Investment Allowances and Convertible Currencies will become effective September 1, 2023. Certain amended provisions of the Finance Act 2023 were enacted on 28th May, 2023 with the effective date of 1st May 2023. However, the effective date was changed to 1st September 2023. Some of the amended Sections are 14 (3) which deals on VAT Withheld or Collected. The VAT Act was amended to the effect that persons

Tinubu  President Bola Tinubu, yesterday, ordered for  immediate resolution of the disagreement between Nigeria and the Emirate Airlines, with a view to speedily  foster its growth. He said the issue is sacrosanct and therefore, should be allow to take place in the interest of the company and the country's aviation industry.  In a statement issued by the Office of the President yesterday( Thursday) in Abuja, Tinubu said the issue bordering on the repatriation of the airline's stocked fund should be resolve once and for all, in order to foster the growth of the airlines.  According to Tinubu, he had personally  met the United Arab Emirates,  UAE’s ambassador to Nigeria, Salem Saeed Al-Shamsi on the issue, adding that he would intervene in the dispute. “We must work together. We need to agree on core aviation and immigration issues,” Tinubu said in a  statement. Al-Shamsi was quoted in the same statement as saying; “We are getting somewhere. These are small issues, al

By Favour & Akinola Ajibade Prepaid meters'users may not be able to use their meters after November 2024, in the event that they fail to upgrade then before or on above-stated period, the Nigerian Electricity Regulatory Commission  (NERC) has said.  The body, in a report, recently made available to the media, said upgrading becomes necessary, in view order to align the nation's electricity system  with international best practices, adding that  meters are being configured to reflect that status.  It said the deadline of 2024, is given to enable as many costumers as possible upgrade their meters in time for growth. NERC said: " The Commission has advised citizens with prepaid meter to update them before November 2024. Consumers, who fail to update their meters before the said date won’t be able to recharge their prepaid meters. NERC, in a post on X, formerly known as Twitter, said updating the meters attracts no cost. The regulator said electricity Distribut

Nigerians are expected to heave a sigh of relief soon, as prices of Liquefied Petroleum Gas( LPG) or commonly known as cooking gas plummet further. Presently, prices have nosedived a bit in the market, contrary to early first quarter of the year, when 12.5kilogramme of LPG, was as high as N10,000 or more depending on the marketers. But the prices are going to come down sharply,  following the decision of the Nigeria Customs Service (NCS) to exempt local Liquefied Petroleum Gas (LPG) from duty and Value Added Tax (VAT) while other  products that are approved  in Oil and Gas Free Zones will also enjoy a 75 per cent rebate. The development, no doubt, has enlivened Nigerians, especially onsumers, who have been looking for means of coping with the hike in the price of Petroleum Motoring Spirit ( PMS), which was caused by the recent removal of subsides paid on fuel by the Federal Government. Data obtained by News Mirror, as of Tuesday, 22nd August, data from Beta Prices, an onlin

Wike At The Swearing Of Ministers  The Minister of Federal Capital Territory (FCT) Barr Nyesom Wike, yesterday (Tuesday) bemoaned the black out enveloping Abuja,saying most areas of the city are in total darkness. Wike,who spoke  during handing over ceremony,emphasized the need to light up Abuja as soon as possible. He said:”Everyone who has responsibilities must show commitment in doing the right things. The important thing we must do is to ensure that Abuja is back to what it ought to be. I moved around Abuja and found out there are total darkness in most of the places. What we need to do is to ensure light come back as soon as possible. “Our environment must be kept clean, you must be on your toes. If you do not have the capacity, please leave. It is a privilege for us to be serving in this capacity and I will not allow anyone to drag me back. If you are in charge of sanitation. I will call you at anytime of the day. “We shouldn’t allow motor parks all over the places, s

By Favour & Akinola Ajibade  The Economic Community of West African States(ECOWAS) has taken a step forward to restore peace in Niger Republic, a country, which recently witnessed a Coup'Detat. Prior to this, the sub-regional bloc has engaged in several discussions with the military, civilians and relevant parties in the country and beyond, in order to provide peace in the country. Days ago, ECOWAS Commíssion through its President, Omar Touray; leader of the ECOWAS delegation to Niger Republic’s military junta, General Abdulsalami Abubakar and the National Security Adviser (NSA) to the President, Mallam Nuhu Ribadu, visited the Presidential Villa Abuja obviously to update President Bola Tinubu on their recent mission to the country. Sources close to the meeting disclosed that Abdulsalami and the ECOWAS delegation to Niger recently are exploiting all avenues to avert war with the neigbouring country, especially now that the military junta in Niger has said it was not

Tragedy struck a community in Akwa-Ibom, South-South Nigeria recently, when a farmer deliberately killed his 26 years old son, Boniface Innocent over missing cassava.  The murdered and incidentally the father of the deceased, Mr Innocent Uko, is an indigene of is from Ebe Ikpe village in Essien Udim Local Government Area of Akwa Ibom State.  Uko, who justified his decision to kill his son, said he committed the offence on the ground that the deceased harvested his cassava without permission. The Police Public Relations Officer, SP Odiko Macdon,told newsmen in Uyo that after killing his son,the man burnt the corpse and dumped the carcass in an abandoned pit toilet in his compound to conceal the act. When confronted by the police,the father of the deceased who confessed to the crime said he committed the act due to his late son’s bad character and incessant harassment and embarrassment. “One Chief Akpan Aniekan, the village head of Ebe Ikpe village in company of one Sylvester

By Favour & Akinola Ajibade The Federal Government owned ailing refineries will return to optimal performance, once a state of emergency on them, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria ( PETROAN), Mr Billy Gillis Harry, has said.  They are Warri, Port Harcourt 1&2 and Kaduna refineries.   While speaking to newsmen in Port Harcourt, Rivers state capital, Harry said a state of emergency remains the only antidote to make the refineries work in order to meet up with in-country capacity and further address high fuel prices. According to him, the problem of price hike will not end anytime soon, until all the refineries in the country become operational. He said: “The main way out is to declare a state of emergency on all the four refineries. The refineries should be revamped, rehabilitated and made to function. “Now that we have Sen. Heineken Lokpobiri as Minister of Petroleum, we will interface with him on this issue, on w

By Favour & Akinola Ajibade  President Bola Ahmed Tinubu, yesterday (Monday 21) sworn - in 45 ministers at Aso Rock Villa, saying they are welcome to the administration of renewed hope.  In his address, the President said the ministers  were carefully selected for the job, adding that their track records were good and excellent for the tasks assigned to them.  He admonished them not to see themselves as ethnic or tribal ministers but ” ministers of the Republic of Nigeria”. He challenged the appointees to hit the ground running from the moment they were sworn in. The ceremony that lasted two and half hours was anchored by the Special Adviser to Tinubu on Media and Publicity, Aguri Ngelale, by first reading the citation of the Ministers, followed by oath-taking , appended their signature on a register, proceeded for Presidential handshakes and picture with Mr President.

By Favour & Akinola Ajibade  The Federal Governmentt's efforts in deepening gas utilisation in the country is in line with global energy transition, the Managing Director,NIPCO Plc, Mr Suresh Kumar has said. NIPCO is an integrated Oil & Gas company,which boasts of detail outlets nationwide.  Speaking at the company’s 19th Annual General Meeting (AGM) in Abuja, Kumar said the government has done well, by deepening gas utilisation in Nigeria, adding that it should be commended for that noble efforts. He said that there is need for more concerted efforts in the areas of infrastructure, urging stakeholders to guarantee access to the products in Nigeria. According to him, operators are expecting speedy completion of the Abuja-Kaduna-Kano (AKK) gas pipeline and the subsequent connection of more cities to the gas pipeline across the country. He expressed satisfaction on NIPCO activities in the industry and gas sector in particular, stressing that it is noteworthy.

NIMASA's Director-/General, Mr Bashir Jamoh  By Favour & Akinola Ajibade The Nigerian Maritime Administration and Safety Agency NIMASA, has described the allegation levelled against it as a figment of imagination. This follows the allegation by the Senior Advocate of Nigeria SAN), Mr Femi Falana that the Federal Government-owned agency( NIMASA) acquired some properties in England. According to the Assistant Director, Public Relations, Edward Osagie, the agency has in the past thirty years, not bought a single property in England, as claimed by Femi Falana, on Channels Television Programme Sunrise on Friday. It said:”Our attention has been drawn to the allegation by Femi Falana, a Senior Advocate of Nigeria, SAN, leveled against the Management of the Nigerian Maritime Administration and Safety Agency NIMASA, bordering on acquiring three properties in England under this regime. Falana, SAN This allegation was made by Senior Advocate Femi Falana Friday on C

CBN's Headquarters, Abuja By Favour & Akinola Ajibade  The Central Bank of Nigeria (CBN) says Bureau De Change( BDC) operators henceforth are back in the Nigerian Foreign Exchange Market to promote its growth.  The apex banking regulatory body said this recently, while introducing changes in the operations of the Bureau De Change (BDC) segment of the industry.  In its circular dated  August 17, 2023 and made available to the media, CBN outlines key measures aimed at streamlining and improving  BDC operations. The measures include ensuring the spread on buying and selling of BDC operators, a development, which would allow them to operate between the range of range of -2.5% to +2.5% in the forex market window, that is weighted on  average rate from the previous day. Explaining the rationale behind these measures,  the apex bank said it would provide more stability and transparency to exchange rate fluctuations, thereby  benefiting both BDC operators and the general pu

Oba Lekan Balogun  By Favour & Akinola Ajibade The Olubadan of Ibadanland, Oba Sen. Lekan Balogun, Alli Okunmade II yesterday ( Friday) suspended one of his Mogajis, Chief Olawale Oladoja over his activities in the Akinsola Village in Akinyele Local Government area of Oyo State. Olawale is the mogaji of Akinola in Akinyele Local Government Area of the City. He was accused of clamping down on the  residents of the community, having obtained court judgments that the land upon which they built their houses was not legally sold to them. About 200 houses in the community under reference were on Wednesday put under lock and key and red- marked which he said was to prove his being in charge. The action threw the residents out of their houses, leading some of them to sleep in the open throughout the night following which they protested to the Olubadan Palace on Thursday. The complaints and the public outcry that greeted the matter which trended on the internet led to the emerge

By Favour & Akinola Ajibade The poor economy is biting harder, as Africa’s e-commerce company, Jumia, recorded  a significant 28.1% drop in its customer base in its second quarter financial results.  The company attributes the development to decline to rising rate of inflation, especially on the primary operational markets, including Nigeria, Ghana, and Egypt. Similarly, the company's active consumer count plummeted by 1 million year-on-year, settling at 2.4 million in Q2 2023 compared to the 3.4 million registered during the same period the previous year. Besides, Jumia’s Gross Merchandise Value (GMV), indicating the total value of goods sold on the platform, experienced a sharp 25.1% decrease, dwindling from $271.1 million in Q2 2022 to $202.3 million in Q2 2023. These results follow Jumia’s recording of accumulated losses of approximately $2 billion in the third quarter of 2022. The platform’s orders for products also took a down turn, plummeting by 36.5%. In a d

By Favour & Akinola Ajibade Nigeria has lost $46.16billion to crude oil theft and sabotage within eleven years, the Executive Secretary, Ngerian Extractive Industries Transparency Initiative (NEITI), Dr Ogbonanya Orji has said.  He said the figure translates to N16.25 trillion and loss of 619.7million barrels of crude oil, adding that the figure amounts to a loss of over 140,000 barre8 of crude values at $10.7 million daily. Speaking during a  two day Stakeholders’ with the theme: " Roundtable for the review and approval of NEITI Audit reports in Abuja, Ogbonanya also said the country spent $74.39billion on payment of subsidy between 2005 and 2021. He said NEITI will release the 2021 audit report of oil,gas, mining and solid minerals sector first week of September 2023. He said that the industry reports covered a total of 69 companies and 12 government agencies, one state owned enterprise for the oil and gas reports while a total of 1214 companies with three govern

By Favour & Akinola Ajibade The Nigeria Liquefied Natural Gas( NLNG) Limited has dispeled the rumours making rounds that its gas production plant has been shutdown.  The firm, in statement signed yesterday by its General Manager, External Relations and Sustainable Development, Andy Odeh and made available to the News Mirror, said that the report titled “NLNG prolonged shutdown threatens gas production,” and  published on Thursday August 17th in one of the national newspapers was not true, adding the report was false and misleading.  NLNG stated further that its  plant on Bonny Island is still active despite a Force Majeure, which still subsists due to the unavailability of upstream gas suppliers’ major liquids evacuation pipelines occasioned by sabotage and vandalism.  The report: " The plant continues to produce LNG and LPG commensurate to the feed gas it receives from its upstream gas suppliers. Its cargo loading operation also continues without interruption. The

By Favour & Akinola Ajibade The Nigeria Extrative Industries Transparency Initiative  NEITI 's Executive Secretary, Dr Orji Ogbonanya, says the body is conducting  a study  in order to determine the quantity of Petroleum Premium Spirit ( PMS) consumption and how the 13 per cent derivation is spent or utilised in the country.  He said the development is necessary, in order to know how well the country uses fuel and crude oil by extension. He said this is one of the priorities, which the group has set for itself and the country in particular, as part of efforts to ensure proper usage of the proceeds of the national oil and gas sectors.  He however, fails to state categorically when and how the objectives of the priority areas are going to be achieved by NEITI.  Speaking during a stakeholders conference organised by NEITI in Abuja, Ogbonanya said that the country's  energy sector holds a substantial value to the Federal Government since it provides a veritable sour

NUPRC's CEO, Gbenga Komolafe By Favour & Akinola Ajibade The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says that its aware of an  incident involving a drilling rig during its operation at a swamp location in Delta State. The Commission, in a statement made available to the media in Abuja said that out of the 96 personnel on board as the time of incident, 92 have been rescued, one confirmed dead and three are yet to be accounted for. “The Depthwize Majestic Rig was contracted by Seplat Energy Plc to drill Ovhor-21 well at a swamp location in Delta State. The rig completed the drilling of Gbetiokun-11 for NEPL and demobilized on Wednesday, 9th August 2023. “Thereafter, the rig commenced Rig-Move from Gbetiokun-11 well location to the planned Ovhor – 21 well location. Unfortunately, the rig capsized while on transit and was partially submerged at about 5.00am on Tuesday 15th August, 2023. “Information from our Warri Regional Office confirmed that Search

By Favour & Akinola Ajibade  Any commercial banks, which involved in round tripping and other illicit monetary crimes, would henceforth be exposed and condemned, the Acting Governor, Central Bank of Nigeria (CBN), Mr Folashodun Shonobi has said. This follows series of accusations levelled against the monetary financial institutions in the country, by stakeholders, especially operators and the negative consequences, which the development is having on the country.  While delivering a lecture entitled: " Diaspora Remmittences and Nigerian Economic Development" in Abuja recently, Shonubi said  round tripping and other monetary offences are becoming a challenge, which must be outightly tackled, in order to restore sanity in the local and international financial practices. According to him, commercial banks are culpable, adding that CBN will soon go after any one of them caught in the practices. He said the recent plummet of the Naira exchange rate to over N950/$ in

Nigerians are facing another socio-economic challenge next week, as price of Liquefied Natural Gas  (LPG) otherwise known as cooking gas goes up next week, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, has said.  He cited issues such as the rising international prices of gas, tax rates, prices of vessels that are ferrying the product from one location to another, forex scarcity and naira devaluation as some of the reasons for the intended price review.  “It is starting next week because international prices of gas ditto the vessels required for the transportation of the product have gone up. So also the high rates of taxes and low purchasing powers of consumers. “Their purchasing power has gone down. Everybody is crying. Consumers, middlemen, and retailers are feeling the impact because business is now on the low side,” he said. Olatunbosun described the imminent price increment as unfortunate. “The situation is very un

Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, OFR, middle flanked by the Managing Director, Melsmore, Mr. Danny Fuchs (left) and the Chief Engineer of Melsmore, Mr. Givol Yaron during the handing over of the leased site at the Continental Shipyard Limited (CSL) of the Nigerian Ports Authority to the technical partners, Melsmore. The event was held at the headquarters of the Agency in Lagos By Favour & Akinola Ajibade The Nigerian Maritime Administration and Safety Agency, (NIMASA) has handed over the leased site at the Continental Shipyard Limited (CSL) of the Nigerian Ports Authority to the technical partners, Melsmore.  In line with the agreement between the duo, the partners are expected to liaise with the management of the Nigerian Ports Authority (NPA) in order to finalize site management, which include risk assessment in preparation to move the Modular floating Dock to the Continental Shipyard for the commencement

Yusuf  By Favour & Akinola Ajibade Nigeria will spend a minimum of $2billion annually, in the event that she opted for a military option in order the crises in Niger, a neighbouring country in. Africa, the Director/ Chief Executive officer, Centre for the Promotion of Private Enterprise ( CPPE), Dr Muda Yusuf has said. Recall that a military junta in Niger Republic, led by General Tichiani, ousted the government of  Mohamed Bazoum, a development, which has since generated controversy countries and bodies within and outside Africa. In a statement titled “Economic Implications Of Military Option In Restoring Democracy In Niger, signed yesterday ( Tuesday) and made available to the News Mirror, Yusuf welcomed the decision of the Economic Community of West African States ( ECOWAS) to pressurise the military junta in Niger to restore constitutional democracy in that country, but  warned that the development will cost Nigeria $2 billion yearly, in view of the fact it is enorm