NEWS MIRROR

Kyari at the Summit   By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited (NNPC Limited) says its role in the divestment of the assets of International Oil Companies( IOCs) is more of a facilitator, not an obstacle,  its Group Managing Director, Mr Mele Kyari has said. He spoke yesterday ( Tuesday ) during the opening ceremony of the 7 th  edition of the Nigerian International Energy Summit 2024 (NIES 2024), summit at the State House, Abuja, on Tuesday. According to him, NNPC's statutory role is to serve as an enabler of national energy security and further that optimal and sustainable production from the divested assets is guaranteed for the benefits of Nigerians.  He also said that the company’s willingness to invest in the proposed African Energy Bank will be sustained, stressing the development would help in providing energy security. On investment in energy infrastructure, the GCEO said the completion of the ...

The Central Bank of Nigeria (CBN) says that it has pegged the payment of cash dollar purchase to a customer at $500 saying that the foreign currency (FX) exceeding this amount will be made through a transfer to their Naira bank account.  The apex bank further said customer purchasing the foreign currency is a non-resident, regardless of whether they are Nigerian or not, a Bureau De Change (BDC) will issue them a prepaid Nigerian Naira (NGN) card instead of transferring money to a bank account. The card will serve as a means for non-resident customers to receive their funds. There are specific limits on the amount of credit and the total amount that can be loaded onto the prepaid NGN card. These limits are set in accordance with relevant Know Your Customer (KYC) requirements, which are measures designed to verify the identity and suitability of customers. The CBN stated these in the revised regulatory and supervisory guidelines for bureau de change operations in Nigeria, released on...

NDIC Executive Management delegation led by MD/CE, Mr. Bello Hassan (4th left); including Executive Director (Operations), Mr. Mustapha Ibrahim (2nd left) and Executive Director (Corporate Services), Mrs Emily Osuji (3rd left) gives some words of comfort to Elder Shyngle and Mama Stella Wigwe, parents of late Access Bank MD/CEO, Dr. Herbert Wigwe during a condolence. Good Afternoon Sirs/Mas, Please find attached picture and caption for publication. Thanks for your usual co-operation always. Regards, CAPTION: NDIC Executive Management delegation led by MD/CE, Mr. Bello Hassan (4th left); including Executive Director (Operations), Mr. Mustapha Ibrahim (2nd left) and Executive Director (Corporate Services), Mrs Emily Osuji (3rd left) gives some words of comfort to Elder Shyngle and Mama Stella Wigwe, parents of late Access Bank MD/CEO, Dr. Herbert Wigwe during a condolence.

The Katsina State Governor, Diko Rabba says his  working with the Alternative Bank to empower local businesses in order to stimulate sustainable development across the state with innovative financial solutions.. The initiative marks a significant milestone for the bank, which launched its first branch in the state. At the forum,  Radda, emphasised the importance of combating poverty, particularly in rural areas, urging the bank to collaborate with the state government in its efforts to address this challenge. Represented by his Special Adviser on Banking, Malik Anas, the governor expressed confidence in the success of the nank in the region. In his words, “One of our aims as a government is to enhance the growth of our people, especially those in rural areas. We seek the cooperation of The Alternative Bank in this area. “We are ready to give the necessary support to the bank to forge ahead and contribute to the economic development of Nigeria.” Also, the Emir of Katsina, Dr. A...

By Ibrahim Musa With clear mandates – ensuring compliance with petroleum laws, regulations and guidelines, monitoring of operations at drilling sites, producing wells, production platforms and flowstations, crude oil export terminals, and all pipelines carrying crude oil, and natural gas, supervising operations being carried out under licenses and leases, monitoring operations to ensure that they are in line with national goals and aspirations – the Nigerian Upstream Regulatory Commission, NUPRC, occupies a very influential position in Nigeria’s oil and gas industry. The NUPRC also has the mandate to monitor operations to ensure that they are in line with national goals and aspirations, including those relating to Natural Gas Flare elimination & monetization, Domestic Gas Delivery Obligations and Domestic crude oil supply obligations and ensures that Health Safety& Environmental regulations conform to national and international best oil field practice. The agency fu...

By Favour Ifeoluwa & Akinola Ajibade The Nigerian Upstream Regulatory Commission  (NURPC) says its corporate headquarters remains in Abuja and that it not in anyway planning to leave Abuja, which is Nigeria's  Federal Capital.  Prior to this, some media organisations ( not the News Mirror) have written reports that NUPRC is planning to exit Corporate Head Office in Abuja, with a view to view to restart operation in any of the 36 states of the Federation.  In a  statement made available to the News Mirror by the agency's, Chief Executive officer, Mr Gbenga Komolafe,  the agency said that the information that it was leaving its operational base in Abuja was not true, but rather it was meant to smear the image of agency, which is charged with the responsibility of ensuring compliance with petroleum laws/  regulating guidelines for the operation of oil and gas driling sites and wells in Nigeria.  NUPRC's Chief Executive off...

By Favour Ifeoluwa & Akinola Ajibade  Shell Nigeria has played crucial roles in the execution of  oil and gas contracts in the last few years, the company has said.  In a statement issued by Shell Petroleum Development Company ( SPDC) and made available to the News Mirror at the weekend, the firm said the contracts were executed on land and deep waters. It noted that indigenous contractors has deployed a  technology for automated tank cleaning at bonny terminal of the company, ading that locally manufactured stud bolts, nuts and flanges as well as sand screens were used its well operations. The statement, quoted the General Manager, Nigerian Content Development, Lanre Olawuyi, as saying that Shell Nigeria Exploration and Production Company Limited (SNEPCo) deployed a team of 33 companies out of which 87 percent of the firm's are not only  owned by Nigeria, but were given the mandates to successfully deliver the Bonga Turn Around Maintenance in ei...

By Favour Ifeoluwa & Akinola Ajibade Operatives of the Economic and Financial Crimes Commission, EFCC,  have arrested 48 students of the Kwara State University, KWASU, and two residents of Malete over offences bordering on Internet fraud popularly referred to as yahoo-yahoo.  The Commission attributed the arrest to intelligence reports that yahoo-yahoo business in the state, especially  campuses are increasing by the day.  It upon discrete investigations, deployed operatives to the school's campus in order to arrest the suspects on Wednesday, February 21, 2024. They are;Idris Yekini, Ayantola Segun, Adeshina Taheeb, Mustapha Alamin, Usman Harun, Oladimeji Oseni, Qudus Temitope, Adewunmi Israel, Lukman Uthman, Alamin Ibitoye, Usman Sadiq, Musbau Waris, Ibrahim Oluwatosin, Oladele Israel and Rafiu Ashimu. Also arrested are;Aransiola Oluwaseun, Akolade Adetola Toheeb, Joseph Samuel, Adewuyi Quadri, Adebayo Olamilekan, Ogunride Gabriel, Abolaji Ismail, Og...

Ekpo  By Favour Ifeoluwa & Akinola Ajibade   Minister of State Petroleum Resources (Gas) , Ekperico Ekpo says promotion and collaboration among stakeholders in the nation's oil and gas industry is inevitable, if the sector would achieve meaningful growth.  He spoke as a guest at the Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Eko Le Meridan Hotel, Lagos. According to him, the event is significant for the sector especially at a period when energy transition and security is at the top of  the minds of stakeholders of the industry. “Let me start by expressing my deepest appreciation to the organizers of this conference for continuously promoting ideas and collaboration among African oil and gas players.  In Nigeria, gas is not just a transition fuel but it is strategic to achieving a more secured energy future and as a catalyst for other national development goals.” Expo explained fu...

By Favour Ifeoluwa & Akinola Ajibade The Abuja Electricity Distribution Company (AEDC) yesterday( Monday) threatened to disconnect power to the Presidential Villa, the Central Bank of Nigeria(CBN), Federal Inland Revenue Service among other institutions over N47billion debt. The DisCo in a disconnection notice,  gave the 86 Ministries, Departments and Agencies (MDAs) 10 days’ notice to pay the N47.1bn accrued debt. The notice reads, “The Abuja Electricity Distribution Plc is constrained to do this publication with the details of Government, Ministries, Departments and Agencies with long outstanding unpaid bills for services rendered to them through the provision of electricity supply. “In that, our previous attempts to make them honour their obligations have not achieved the desired results. “The relevant MDAs are hereby given notice that the AEDC shall after Wednesday, 28th February 2024, embark on the disconnection of our services to them until they discharge their obligation...

By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited/ TotalEnergies Joint Venture has achieved zero routine gas flare in all its assets. The development is in pursuit of meeting the targets of 20% (unconditional) and 47% (condrtional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord signed by the President Bola Ahmed Tinubu administration. The achievement is conveyed in a statement made available to newsmen by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Limited. This feat was announced on Thursday during an inspection tour of OML 100 tn Southeastern Niger Delta, off Port Harcourt, by a joint NNPC Ltd and TotalEnergres Team to ascertain the success of the OML Flare Reduction Project launched in December 2023. The NNPC Ltd/TotalEnergies Joint Venture, which is the concesston holder of four leases, ha d hitherto achieved zero routine flaring across Ordinary...

By Favour Ifeoluwa & Akinola Ajibade   Shell says it’s working to extend the life of the Bonga Floating, Production, Storage, Offloading (FPSO) vessel for another 15 years, in order to handle more production from Nigeria’s first deep-water development which came on stream in 2005. This follows the decision by Shell to explore opportunities in deep-water, gas and renewables in Nigeria where it pioneered oil and gas production more than 60 years ago.  The Energy Giants, in a statement made available to the media and signed by its Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo,) Elohor Aiboni said it is more commited to develop a robust portfolio in the sector.  Alboni was quoted as saying this at a panel discussion at the ongoing 8th Sub-Saharan Africa International Petroleum, Exhibition and Conference (SAIPEC) in Lagos organised by the Petroleum Technology Association of Nigeria (PETAN.) She added:“We are maturing numero...

By Favour Ifeoluwa & Akinola Ajibade Access Bank Holdings has appointed Ms Bolaji Agbede as it's acting Chief Executive Officer. This follows the death of its Managing Director,  Herbert Wigwe, who died in helicopter crash in California, United States( US) recently. In a statement, issued by Finance and Business Online Publisher ( FiPOB) and made to the media, the bank commiserated with the family and  colleagues of Late Wigwe, who recently established a University, in the country. FiBOP said, “While our hearts remain heavy with grief over the untimely passing of Mr. Wigwe, we are confident that Ms. Agbede’s leadership will steer Access Holdings with grace, integrity, and unwavering commitment. “Agbede’s extensive experience and stellar track record within the banking sector are testament to her exceptional leadership qualities. “Having joined Access Bank in 2003, her journey from an assistant general manager to her recent appointment as the executive director ...

.          Osagie  By Favour Ifeoluwa & Akinola Ajibade The Shell Petroleum Development Company  Nigeria Limited, has supplied 475,000 barrels of crude oil to the Port Harcourt Refining Company Limited ( PHRC). The firm supplied the crude through its Bonny Oil & Gas Terminal (BOGT),in a manner which signalled resumption of activities to the refinery, which for the past five years underwent rehabilitation and integrity activities on its supply pipeline from BOGT. In a statement issued yesterday ( Monday) to the News Mirror, Shell quoted its Country Chair and  Managing Director, Dr. Osagie Okunbor, as saying that “Teams from BOGT and PHRC worked through intensive preparations, collaboration, and dedication to make the project successful. This is indeed a significant step in the nation’s renewed efforts to utilise key infrastructures to assure the steady supply of products from the refining company to the Nigerian market.” Okunbor...

CBN's Headquarters in Abuja By Favour Ifeoluwa & Akinola Ajibade The Ministers of Finance, Mr Wale Edun, Budget and National Planning, Atiku Bagudu and the Governor, Central Bank of Nigeria ( CBN), Mr Olayemi Cardoso have assured Nigerians that the high cost of living being witnessed by Nigerians is currently being addressed. The trio spoke separately yesterday ( Tuesday) on the issue in Abuja, during the sectoral debate organised by the House of Representatives for stakeholders in the finance sector.  According to them, Nigerians don't need to entertain fear over the high inflation, which is nearing 30 per cent in recent times. The Coordinating Minister for the Nigerian Economy, Mr Wale Edun said: "Where we are as a nation is a much better place than we were in on May 29, 2023.” He added that Nigeria as a country was on the road to economic disaster by way of subsidy on fuel, adding that it was expected that there would be challenges as a result of subsidy removal. In...

By Favour Ifeoluwa & Akinola Ajibade The Transmission Company of Nigeria (TCN) says it has sent out 64.467.24KMH,an average of 2.686.135Mw to the 11 electricity distribution companies ( DisCos) since Sunday, February 4, this year. Also, the nation's transmission company noted that the total energy generated on the day under review was 65,604.49MWH, an average of 2,733.52MW. Meanwhile, a document obtained from TCN by the Nation  indicated that it sent out 2,651MW to the 11 DisCos at 4:38 pm. Owing to the low energy generation on Sunday, about four DisCos got zero energy allocation from the TCN. The company’s Public Affairs, General Manager, Ndidi Mbah issues a press statement at 9:26 pm on Sunday describing the situation as a “partial system disturbance.” The statement blamed the matter on lingering gas supply constraints. She noted that the grid had been fully restored. The statement reads in part: “The Transmission Company of Nigeria, TCN hereby states that the gri...

Late Solanke By Favour Ifeoluwa & Akinola Ajibade A playright and folk singer, Jimi Solanke is dead. He died, while being taken to Olabisi Onabanjo University Teaching Hospital, Ogun state,a family source has said. Born on July 4, 1942, in Ipara Remo, Solanke's  artistic journey began as a pioneer member of the Orisun Theatre Group, founded by the renowned Wole Soyinka, in 1961.   With contributions to the global entertainment industry spanned seven decades, Solanke, without doubt, has left an indelible mark on various platforms, from the Western Nigeria Television in the 1960s to international festivals in Senegal and Algeria during the 1970s. His versatility was brought to limelight in epic performances such as “Death and the King’s Horseman,” “Kurunmi,” “Kongi’s Harvest,” “The Divorce,” and “Ovaramwen Nogbaisi.” Widely travelled, Solanke has a captivating stagecraft and theatrical brilliance,which  earned him accolades and recognition, both locally...

Above: Power Generation Plant  Adelabu  By Favour Ifeoluwa & Akinola Ajibade Minister for Power, Adebayo Adelabu says Olorunsogo and Omotosho power plants are working below their capacity level. Both plants  located in Ogun and Ondo states were originally installed to generate 1,250 megawatts(Mw of electricity( 750Mw and 500Mw) respectively. Recall that the two are some of the electricity generation plants under the Niger Delta Power Holding Company owned by the Federal Government.  Speaking during a visit to the plants, Adelabu said that the two power generation plants are highly underutilised, stressing that they operate below 25 per cent.  He said: “I am amazed at the level of underutilization of these power installations. Each of them operates below 25per cent capacity when we are still complaining that power generation is low in this country.  According to him, issues such as shortage of gas, energy invoice settlement, TCN e...

Mr Okunbor  By Favour Ifeoluwa & Akinola Ajibade The Shell Petroleum Development Company of Nigeria Limited (SPDC) and its Joint V enture Partners namely the Nigerian National Petroleum Company Limited, TotalEnergies Exploration & Production (E&P)  Nigeria Limited, and Nigerian Agip Oil Company – have taken a final investment decision (FID)  to build a dedicated upstream facility to supply 100 million standard cubic feet of gas per day to Dangote Fertiliser and Petrochemical Plant in Lekki, Lagos State, for 10 years. In a statement signed and made available to the News Mirror, SPDC's Managing Director, Mr Osagie Okunbor, describes the develoment as a s step made in support of the government's decision to initiate a revolution in the gas sector. Tagged: " Decade of Gas Ambition and spread over ten years, the idea ensures that gas, a feedstock  in generating electricity, is optimally used for growth.  “This investment decision is a critical...

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government says its would revive the long  awaited Ajaokuta Steel Company in three years. The government though the  Minister of Steel Development,Prince Shuaibu Audu said this during a  press conference in Abuja recently.  According to him, the revival of Ajaokuta Steel Company is part of the 10 year roadmap for the resustication of the nation's entire steel industry, adding that the government is ready to close the gap between steel production and consumption as soon as possible.  He said that there is strategic initiative on ground to kick-start the  production of key components within the steel production line. While identifying the historical challenges faced by the steel industry for over 60 years, Audu emphasized the complexities involved in reviving the Ajaokuta Steel Company, established more than 45 years ago. He stated that there is significant gap between local steel producti...

CBN's Headquarters, Abuja By Favour Ifeoluwa & Akinola Ajibade The Central Bank of Nigeria (CBN) has accused dealers of providing misleading information on transactions concluded in the financial market.. According to CBN, unauthorized dealers are the bane of the problems in the market, as shown by findings carried out recently. It said that ongoing investigations have revealed instances of underreporting transaction rates and the practice of “second checks” on foreign exchange and fixed-income transactions. In a circular to all market dealers,the apex banking body  said it had allowed financial market transactions to be conducted on a “willing buyer willing seller” basis, where prices are expected to be quoted and displayed transparently. However, many players in the market are reportedly flouting this order, causing distortions in the market. “The attention of the CBN has been drawn to the practice of Authorised Dealers (and their customers) in reporting inaccurat...