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NUPRC's Head Office Remains In Abuja

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 officer, Gbenga Komolafe Other

Shell Scores Local Coys High In Contracts Execution

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 eight days ahead of sc

EFCC Arrests 50 Yahoo Suspects In Ilorin

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, Ogundele Samuel E

Ekpo Seeks Collaboration Among Oil &Gas Stakeholders For Growth

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 further that the Ministry of Petroleum Resources has

Presidential Villa, MDAs, Others May Be in Darkness If Their N47bn Debt Is Not Paid Soon, Says AEDC

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 obligations to

NNPC/Total Energies JV Achieves Zero Gas Flare

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

Shell Extends Bonga FPSO For Another 15 Years

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 numerous projects pl

Access Bank Names Agbede as CEO, Promises To Work With Her

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 of Ac

Shell Supplies 475,000bpd of crude to PH Refinery

. 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 said, “Future supplies from BOGT would

Nigeria: Ministers, Others Confident Of A Rebounding Economy Soon

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

TCN Supplies 2.686.135Mw To 11 DisCos After Grid Restoration

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

Solanke Bids World Goodbye

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 and internatio

NDPCH: Olorunsogo & Omotosho Plants Operate Below Capacity

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 evacuation corridor, multiple-

Shell, Partners Will Supply GasTo Dangote For 10 Years

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 step in pu

Fed Govt Will Revive Ajaokuta Steel Soon

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 production and consumption, revealing

Financial Matkets Dealers Lack Transparency- CBN

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

Fed Govt Will End Blackout, Says Adelabu

Adelabu By Favour Ifeoluwa & Akinola Ajibade The Federal Government is planning to fix the gas problems bedevilling the Nigeria's power sector soon., the Special Adviser, Strategic Communication & Media Relations to Power Minster, Mr Tunji Bolaji has said. Chief Adebayo Adelabu remains the Nigeria's Minister of Power Tunji, who spoke on behalf of the Power Minister, said the government is making efforts to ensure payments of outstanding to generation companies, with a view to improve gas supply and increase electricity generation in the country. This Tunji said, will enable distribution companies(DisCos) to supply more electricity to Nigerians. The government, he said, acknowledges that the current situation is unsustainable and its expecting a turnaround immediately”, the statement added. According to him, the problem in the sector has adversely affected production leading to blackout in some parts of the country. “In the past couple of weeks, the

Why We Opposed Planned Sale 0f $2.4bn Shell Assets- Oil Workers

By Favour Ifeoluwa & Akinola Ajibade Oil workers under the auspices of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has kicked against the planned sale of Shell’s onshore assets, claiming the group being speculated to buy up the assets is unknown to it. Recall that Shell on January 16th this year, said it would sell its Nigerian subsidiary, Shell Petroleum Development Company of Nigeria Limited (SPDC), for a consideration of $1.3 billion, with buyers making an additional payment of up to $1.1 billion relating to prior receivables at completion. Subsequently, PENGASSAN issued a statement, describing the purported group, which is planning to buy the onshore investment of Shell in Nigeria as entities without proven track records. According to PENGASSAN's President & Secretary respectively, Comrade Gedtus Osifo and Lumumba Okugbawa respectively, plan to sell SPDC is a ruse. “We reject without equivocation all the terms affecting em

National Assembly To NEITI: Prosecution Of Offenders In Oil & Gas Industry Underway

By Favour Ifeoluwa & Akinola Ajibade The Nigerian Extractive Industry Transparency Initiative(NEITI) will start prosecution of offenders in the industry soon, if the plans of the National Assembly is anything to go by. The Chairman, House of Representatives Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere, gave this indication during a discussion with the officials of the agency recently. According to him, the parliament, in accordance with the directives of the Senate, is working to t review NEITI Act, with a view to grant the agency powers to implement the findings of its investigation, and possibly execute the recommendations of their report. He added that 70 lawmakers have consented to co-sponsor legislative instruments to realize this objective. F He said: “We are considering granting NEITI powers to prosecute those found to be in breach of extant laws.We are also considering strengthening the governance structure of NEITI, placing more e

Gas Shortage Hinders Grid Performance, Says TCN

By Favour Ifeoluwa & Akinola Ajibade The Transmission Company of Nigeria(TCN) says gas constraints is responsible for lower power generation to the national grid. This follows irregular supply of electricity across the country and the inability of the privatised power sector units to address the problems bedevilling the sector. In a statement issued yesterday( Wednesday) by TCN’s General Manager, Public Affairs, Ndidi Mbah and made available to the media, Mbah said that the development has impacted the quantum of bulk power available on the transmission grid for onward transmission to the distribution load centers nationwide. The statement reads, ‘’The Transmission Company of Nigeria TCN hereby announces that there has been a gradual decrease in available generation into the grid due to gas constraints to the thermal generating companies, which has impacted the quantum of bulk power available on the transmission grid for onward transmission to the distribution load c