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Showing posts from July, 2024

NNPC destroys 134 Illegal Refineries Recently

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

...  Iab test reveals 88ppm sulphur content in Dangote’s diesel, over 1,800ppm in others ... Speaker commends state-of-the-art technology; assures Dangote of NA’s support  Dangote  By Favour Ifeoluwa & Akinola Ajibade  President, Dangote Group, Aliko Dangote, has asserted that products refined at the Dangote Petroleum Refinery & Petrochemicals are  of superior quality compared to imported equivalents, adding that the products  can  meet international standards.  He expressed this confidence, after the House leadership insisted on testing other diesel products, alongside Dangote’s diesel at its state-of-the-art laboratory.  Similarly, the Speaker, House of Reprensatives, Rt Honourable, Tajideeen Abass and other members during a tour of Dangote Petrochemical Refinery and  Fertilizer Complex) who observed the testing of Automotive Gas Oil( Diesel) from two petrol stations alongside Dangote Petroleum Refinery praised the company for its significant investmen
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NLNG Clarifies $27.5m payment to FIRS

By Favour Ifeoluwa & Akinola Ajibade  The Nigerian Liquefied Natural Gas Limited made a payment of  $27.5 million  to the Federal Inland Revenue Service (FIRS), not because it was coerced to do so by the tribunal, the gas giant's General Manager, External Relations and Sustainable  Development, Andy Odeh has said.  According to him, the payment  was done in furtherance of an out-of-court settlement agreement reached between the parties  and not because of any order made by the Tribunal. Odeh in a statement to the media, said that the company  remains a responsible corporate citizen, and consistently operates in compliance with Nigerian laws. The statement read; “Nigeria LNG Limited (NLNG) has noted media reports suggesting that a Tax Appeal Tribunal ordered NLNG to pay $27.5 million to the Federal Inland Revenue Service (FIRS) as a revised Company Income Tax (CIT) settlement for 2016. “NLNG clarifies that these reports misrepresent an out-of-court settlement that wa
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NNPCL-Nigerians: 'Reports On Crudes Swap Is False'

By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited (NNPCL) has declared the statement on crudes swap made by its former Chief Operating Officer, Upstream operations, Engineer Bello Rabiu as false and unfounded.  Rabiu had during the week at the quarterly Press engagement organised by the Major Energy Marketers Association of Nigeria( MEMAN) alleged that the Nigeria fuel consumption capacity estimated at about one million Metric Tonnes(MT) was currently being supplied through the crude swap, otherwise known as Direct Sale Direct Purchase (DSDP), importation programme of the NNPCL.  The DSDP, according to earlier reports by News Mirror, is a transactional framework adopted by the NNPCL after the 445,000 barrels of crude capacity refineries in the country went into comatose, with local and international traders contracted to lift Nigerian crude oil owned by NNPCL and deliver Petroleum Products. Rabiu, now an independent consultant, said t
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'CBN Will Enhance Market Liquidity Soon'

CBN's Headquarters  By Favour Ifeoluwa & Akinola Ajibade  The Central Bank of Nigeria (CBN) will be enhancing supply of liquidity and stability in the foreign exchange market soon. The apex banking regulatory body, in a statement,  will achieve this goal, byselling foreign exchange to authorised  dealer banks and licensed Bureaux De Change (BDCs), a development, which aligns with its mandate to ensure  price stability and commitment to provide  a well-functioning market in the country.  Recall that there have  been fluctuations in the foreign exchange market, a situation which was  attributed to demand pressure from corporate entities and seasonal summer demand. And to address this, CBN has promised to make  liquidity support to various segments of the official markets over the next few weeks.  The apex banking institution had on July 18 and 19, 2024  sold $106.5 million to 29 authorized dealer banks at exchange rates ranging from N1,498.00/US$1 to N1,530.00/US$1. C
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NNPCL Reacts to Dangote’s Claims of Share reduction in Refinery to 7.2%

Dangote  By Favour Ifeoluwa & Akinola Ajibade  The President, Dangote Industries, Alhaji Aliko Dangote says the Nigerian National Petroleum Company Limited (NNPCL) presently owns 7.2 percent of the refinery over failure to pay the balance of their share, which was due in June thereby reducing it from 20%. He said that NNPCL’s stake dropped to 7.2% over the company’s failure to pay the balance of its share, which was due in June. The 20 percent interest in the $20bn refinery is valued at $2.76 billion. In his words, “NNPC no longer owns a 20 percent stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery.” But in a swift reaction,  Dangote's Corporate Communication Officer, Femi Soneye,said: "We made a commercial decision to cap our investment at the amount already paid”   the NNPC’s equity in the refinery is now 7.5 percent as against 20 percent. Nigerian
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Court Remands Mamman, Former Power Minster in Abuja

By Favour Ifeoluwa & Akinola Ajibade  A Federal High Court sitting in Abuja says a former Minister of Power, Alhaji Saleh Mamman will be remanded in Kuje prison in the nation's Federal Capital, pending the consideration of his bail application. Justice James Omotosho said the on Thursday after the court resumed Mamman’s arraignment on money laundering charge which was earlier stepped down by the judge.  The former minister pleaded not guilty to the charge preferred against him by the Economic and Financial Crimes Commission. The EFCC had filed a 12-count money laundering charge against Mamman. He was alleged to have committed money laundering offences to the tune of N33 billion. The former minister served under former President Muhammadu Buhari from 2019 to 2021. Mamman was arrested and detained at the headquarters of anti-graft agency, Abuja onn May 10, 2021,  Buhari had September 1, 2021, sacked Mamman and the then Minister of Agriculture and Rural Development, Sa
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EURO 2024: England Faces Spain On Sunday For Final

England  Players celebrate Victory Over Netherlands  England Qualifies For Euro 2024, Faces Spain On Sunday  By Favour Ifeoluwa & Akinola Ajibade    England have qualified  for  Euro 2024 final, following Ollie Watkins’ superb last-minute strike which secured a 2-1 win over the Netherlands.By this, England will  face Spain on Sunday. A lively start in Dortmund saw Xavi Simons punish Declan Rice in possession with a stunning strike from range. But the Three Lions responded, just as they did against Switzerland before still requiring penalties to reach the semi-finals, with Harry Kane fouled by Denzel Dumfries in the penalty area. The Bayern Munich striker dispatched the controversial spot kick, which Gary Neville labelled “a disgrace” amid intense debate in the ITV studio, after a lengthy VAR review and Phil Foden’s sublime skill almost put Gareth Southgate’s side into the lead. As extra-time approached, substitute Watkins, on for Kane, smashed a shot home from a narrow
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REA Signs MOU With Mercy Corps For Growth

REA's Managing Director, Abba Abubakar Aliyu By Favour Ifeoluwa & Akinola Ajibade  The Rural Electrification Agency (REA) has signed a  Memorandum of Understanding(MOU)  with Mercy Corps to strengthen electricity cooperatives and further improve access to power  in Nigeria.  The signing took place last week at the Corporate Headquarters of the Agency in Abuja.  The MoU aims at providing capacity building and strengthening the Rural Electricity Users Cooperative Society (REUCS), Technical Assistance for the Africa Mini-grid Programme – AMP as well as Support in the development of Sustainable Business Model for the Operations and Maintenance of the Korean Energy Project. The Managing Director/CEO, Abba Abubakar Aliyu while giving his remarks stated that “today’s MoU signing strengthen REA’s drive for sustainability of projects”. He said “There is a need to always plan for the end of projects and to indeed put in sustainable measures that will drive the continuity of t
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Global Energy Show: Ekpo Woos Investors To Nigeria's Gas Sector

   By Favour Ifeoluwa & Akinola Ajibade The Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo yesterday said the path to a sustainable energy future requires partnership, innovation, and a shared commitment to addressing global energy challenges. He stated this at a welcome reception hosted by the Nigerian High Commission in Alberta, Calgary, Canada, where he is attending the ongoing Global Energy Show. In a statement issued yesterday ( Thursday) and made available to the media by the Minister Spokesman, Louis Ibah, Ekpo described the Global Energy Show as a platform where the brightest minds and most influential leaders in the energy sector converge, saying the gathering offered an opportunity to showcase Nigeria's immense potential in the global energy landscape, particularly in the gas sector. He said: "We welcome Canadian businesses and investors to explore Nigeria's vast opportunities. Our government is dedicated to ensuring a stable and conduci
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National Grid Collapses Again In 2024

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

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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Total energies- Indigenous Firms: Embrace R&D For Growth

By Favour Ifeoluwa & Akinola Ajibade  The TotalEnergies EP Nigeria Limited, yesterday advised indigenous oil and gas companies to embrace research and development in order to enable them cope with the emerging trends in the global business. Deputy General Manager, Nigeria Content, Cyprian Ojum said this yesterday( Monday)  at the ongoing. Nigerian Oil and Gas Conference (NOG) in Abuja He said: “Now if Nigerian indigenous companies don’t wake up, they will also be left in the midst of things because they will lack knowledge of where the oil and gas industry is going to which is deep offshore. So, we are catching up with offshore and when it goes to deep offshore we are behind the time. “We can’t do much without knowledge. So Nigerians indigenous companies that are here today, you need to get knowledge about offshore business because it’s not the same the same story with land and swamp. When you are in deep offshore, the technology is different from land exploration. You
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Ondo Gets Committee On Electricity Transition

The Electricity  Transition Committé Members  By Favour Ifeoluwa & Akinola Ajibade  Ondo Governor Lucky Aiyedatiwa, yesterday (Monday ) onstituted a transition committee that would handle the transition of electricity regulation to the state. Addressing reporters at the event, the Special Adviser to the Governor on Energy and the deputy chairman of the committee, Engr Johnson Alabi, said that the committee will prepare the transition of the regulation for the state. The committee has up till October 22, 2024 to submit its recommendations to the governor. He said: “Based on this, it is expected that the electricity service providers in our state, BEDC, would have discussion with us. “Our responsibility is to prepare the way forward as to how to manage the new development in the electricity sector.The timeline is between now and October ending.” The Chairman of the Electricity Regulatory Transition from NERC to State government, Engr. Tunji Ariyomo explained that the comm
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