NEWS MIRROR

 By Akinola Ajibade No fewer than thirty two fuel-laden ships are expected in Nigeria in the next two weeks, in line with the plans by the Federal Government to improve supply of the loop product and further prevent  scarcity .  The  Nigerian Ports Authority ( NPA) said that the ships are billed to arrive the country between April 23 to April 30 of this year    According to NPA in its daily Shipping Position, the ships were expected to arrive with petroleum products, food items and other items. It listed the items as general cargo, frozen fish, container, bulk sugar, butane gas, bulk wheat, bulk urea, bulk salt, bulk gypsum, bulk steam coal, petrol, automobile gasoline and liquefied petroleum gas. The ports authority said that another nine ships had arrived at the ports waiting to berth with bulk sugar, bulk wheat, general cargo, soda ash and petrol. It said that 24 other ships at the ports were discharging bulk wheat, general cargo, frozen fish, base oil, automobile gasoli

By Akinola Ajibade Brighter future awaits sons and daughters of Ondo, as the state would start exporting Chocolates to Europe and United States respectively in the third quarter of this year  Precisely, the agrarian state located in the Western part of Nigeria, would commence exporting Chocolates to Canada and U S A  as from July, 3022. The Managing Director,   Sunshine Chocolate Factory,Robo Adhuze,disclosed this during an interactive forum with the media in Akure The Sunshine Chocolate Factory is a Public Private Partnership between Ondo State government and an indigenous company, Schokville Ltd. According to  him, the exports of Chocolates to Europe from Nigeria woud bring about increase in  revenue from non-oil exports for the country as well as boost the state’s economic development. He said that the idea would be launch in London by the Niigeria High Commissioner to the United Kingdom, Amb. Sarafa Isola. He added:“The Nigeria High Commissioner to the UK is eager to launch the pro

By Akinola Ajibade Hopes are in the horizon for electricity consumers, as the Federal Government has promised to pay the tarifs shortfall of N247billoon by December, this year. The shortfall in the Nigerian Electricity Supply Industry (NESI) came, following the recent  hike in tarifs by the government.  A senior official of the Power Sector Recovery Programme( DSRP)/Engr Belije Nadu, disclosed this during a one-way workshop for the media, recently. The Nigerian Electricity Regulatory Commission ( NERC) organised the workshop in conjunction with the Nigerian Electricity Supply Programmes(NESP) secretariat. He noted that efforts have been made since 2005 to endure incremental recovery and growth of the country's power sector, adding that the development was delayed by inability of the government,  to put in place a concrete financing modek in the industry. According to him, the long years of experimention in the sector is over, due to the fact that the regulator was able

By Akinola Ajibade The Federal Ministry of Works, Federal Character Commission ( FCC), Merit House Maitama and Murg Plaza are under lock and keys, following their inability to pay N10billion  waste debts owed the Abuja Environmental Protection Board (AFPB). The Institutions were shut down by the Federal Capital Territory Administration ( FCTA), which has overall control over the Board. The Managing Director of the Board,  Engineer Odilams Briamah revealed this to journalists recently after the exercise. He sexplained that the Board rendered waste management services to the Ministry of Power and others, adding that they refused to pay for the services given to them. He said that the board had huge amount laying without response from the defaulters. He added:“We try to negotiate to have a better way to achieve results but there was no positive response, we have given them payment plan but many of them refused to take this opportunity serious, the board then resort to legal me

By Akinola Ajibade Oil prices, rebounded, yesterday, from sharp losses, as they hit between $103.02 per barrel to S107.91 per barrel respectively. This happens, as concerns about tighter supplies from Russia and Libya dominated the global crude oil market, amid a drop in United States inventories last week. Brent crude futures rose 66 cents, or 0.6%, to $107.91 a barrel by while the front-month Wedt Texas Intermediate (WTI)crude futures contract, which expires on Wednesday rose 46 cents, or 0.5%, to $103.02 a barrel. The second-month contract gained 64 cents to $102.69 a barrel. Both benchmarks fell 5.2% in volatile trading on Tuesday after the International Monetary Fund (IMF) on Tuesday slashed its forecast for global growth by nearly a full percentage point, citing the economic impacts of Russia’s war in Ukraine, and warning that inflation was now a “clear and present danger” for many countries. “I believe that risks are still skewed to the upside, with the potential for

     Amaechi   By Akinola Ajibade Political Asparisnts are testing the level of their fitness, with a view to determine whether they are capable enough to occupy the presidential seat- AsoRock in Abuja. This happens, as the Minister of Transportation, Rt Hon. Chibuike Rotimi Amaechi, ran round Port Harcourt Stadium recently. Speaking after the exercise Amaechi said that he ran round the stadium during his recent declaration for the topmost job. He said that he  engaged in the exercise to ascertain his physical fitness for the demanding task of leading Nigeria. Amaechi, who spoke during a visit to Ooni of Ife,Oba Adeyeye Enitan Ogunwusi, to his palace, said that he is perfectly blend for the job. He added:“Age will not be an issue. I am like a bridge between the young and the old. People have asked me why I ran round the stadium, I was checking to see how fit I am, so I had to run round the stadium to confirm to myself that I’m strong enough to carry the problems of the coun

By Akinola Ajibade Nigeria''s problems relating to pipeline vandalism, oil theft and other untoward practices may  come to an end,, if the country employs idel well management strategy and remote well control the Chief Executive officer, Kenyon International West Africa, Mr Victor Ekpenyong, has said. He spoke concluded Oloibiri Lecture Series and Energy Forum in Abuja, recently. According to a statement signed by the firm" Public Affairs Manager, Ilechukwu Muonliyi, Ekpenyong said that oil theft is the bane of the Nigerian economy in view of the fact that the country has tried to address iit, but to avail. He noted that the issue has resulted in the loss of revenues to the Federal Government, which relies on the production and exportation of crude oil for survival.  Ekpenyoung added thst the development has also contributed to the slate of oil spillage and its attendant environmental pollution. According to him, the need to find s lasting solution to oil theft and other p

     CBN's Godwin Emefiele LM By Akinola Ajibade The depreciation of the naira against the dollar is fuelled by the  increase in the number of crypto users, a report on crypto has said.  Currently, naira sells for between N580 to N590 to a dollar  In its report, ‘Into The Cryptoverse: Decoding The World Of Crypto Consumers,’ KuCoin, a crypto exchange with over 10 million registered users, thirty three and four hundred million Nigerians are believed to have defy the  order of the Central Bank of Nigeria,( CBN) , as they continue to trade in cryptocurrencies and related transactions  The report, which was obtained by the News Mirror, said that the decision by Nigerians to continue trading in it is affecting the value of naira and that it would further wesken vthe nation's currency, if not checked  The report  further said that  crypto population is largely dominated by 18 to 60-year-olds It said, “According to Google Trends, Nigeria was recorded as the country with the hi

By Akinola Ajibade Nigeria will become fuel sufficient as well as redefining the domestic market, once Dangote Petrochemical Refinery comes on stream this year, the Society of  Petroleum Engineers (SPE) and the Nigerian Content Development and Monitoring Board (NCDMB) have said.  They said this after  a tour of the facility in Lagos recently. Dangote Refinery has capacity to process 650,000 barrels of crude daily into  into pertoluem products, a development, which has made it the largest refining plant in Africa. According to them, Dangote Refinery Plant would help improve usage of fuel locally and beyond, secure   the future of young engineers in the country and compete favourably with counterparts globally. The Chairman, SPE,  Prof. Olalekan Olafuyi,said that the your  was necessitated by the need for members to see the reality of the massive project. He said; " Much has  been heard and written regarding the refinery. Coming here has given us the opportunity to see t

By Akinola Ajibade African countries would get rid of hunger and famine caused by the war in Russia and Ukraine soon,.if plans by the African Development Bank( AfDB), United Nations ( UN) and other Multilateral  Agencies  to  boost food supply in  the continent, is anything to go by.. This happens as AfDB and other Developmtal  Agencies are making plans to improve food production in Africa in order to avert the heavy toll, which the on-going  Russia-Ukraine war would have on the African continent  Russia is one of the major producers/ exporters of wheat in the world,  a development, which its. war with Ukraine has affected  A United Nations report had found that more than 70% of Africa’s economies are at severe risk from Russia’s war in Ukraine. The report said  that immediate and efficient use of all existing mechanisms to help countries directly suffering from the war and its consequences are urgently needed.  Speaking on the issue the African Development Bank

By Akinola Ajibade NGX has successfully launched its Exchange Traded Derivatives, Market, with the listing of two Equity Index Futures Contracts, NGX 30 Index Futures and NGX Pension Index Futures. This milestone according to the Exchange is a critical step towards its repositioning effort to further consolidate its place, as the sustainable Exchange championing Africa’s growth. “NGX ETDs Market, the first in West Africa, is part of our efforts to build a market that is dynamic, innovative, and responsive to the growing demands of domestic and foreign investors. In specifics, the ETDs market will complement our existing asset classes, by providing investors and other market players with the necessary tools for tactical asset allocation. In addition, the market is expected to attract foreign capital flow, reduce the cost of capital and deepen the market”, said NGX Limited. “The Exchange kicked off the Derivatives project in 2015 following a market-wide feasibility study concluded in 201

 By Akinola Ajibade  EKO Electricity Distribution Company, EKEDC, has assured Nigerians of a regular and unimpeded delivery of electricity during the Easter celebration. The firm said that the period is significant globally in view of the fact people, especially Christians gather together  to commemorate the  death and resurrection of Jesus Christ, adding that it would make the festival. a hitch-free for Nigerians. In a statement  signed by its General Manager, Corporate Communications of the Company, Godwin Idemudia,the firm said; ", “We know how essential this holiday is to our customers, hence, we are poised to ensure adequate power supply”. He said that the company is working with the custodian of transmission network, TCN, to make power available during the period, despite the challenges facing the sector. He listed the problems to include grid collapse and poor supply of electricity across the country  In celebrating the Easter holidays, Idemudia enjoined customers to make u

Italian energy group Eni (ENI.MI), yesterday said that it has lifted a force majeure on gas exports from Okaka in Bayelsa state, Southsouth Nigeria.   News Mirror reports   that the force majeure, which lasted for 10 days was announced after the firm repaired a vandalised pipeline that earlier resulted in the loss of 5 million standard cubic metres per day. For the period of 10 days, the loss on the pipeline amounted to 50 million scuf, data compiled by  News Mirror  showed. Eni declared force majeure on April 6 after the Ogboinbiri to Obiafu/Obrikom gas line operated by local unit Nigerian Agip Oil Company was damaged by a hacksaw cut, resulting in the loss of 5 million standard cubic metres per day. A spokesman for Eni said in a statement that operations had been fully restored this week. Disruptions to oil and gas production are common in the oil-rich Niger Delta region, where pipelines are often vandalised and crude stolen for illegal refining. 

Plans by Nigeria to bouy  its security system  and subsequently ward off attacks, possibly from herdsmen, Boko Haram and other insurgent groups may have been materialised, following the decision by the United States of America to sell  weapons to her.  This happens as U.S approved the sale of military weapons worth an estimated $997 million to Nigeria. This was confirmed recently by the United States Department of Defence. The weapons include 12 attack helicopters, 2,000 advanced precision kill weapon system guidance sections and night vision imaging system. The approval comes after months of back on forth on the matter, with the US initially denying Nigeria’s request over human rights concerns. The US said the sale of the weapons is part of efforts to “equip Nigeria to contribute to shared security objectives, promote regional stability and build interoperability with the US and other Western partners”. Recall that the Federal Government has in the past few years been looking up to US

By Akinola Ajibade The Group Managing Director ( GMD/ Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC) Mallam Mele Kolo Kyari, has said that the first  quarter of 2023 target set for the completion of Ajaokuta-Kaduna-Kano(AKK) pipeline is sacrosanct. He said this, recently, while leading the Board Members of the Company on an official tour of Segment A sites in Abaji Area Council of the FCT, on Thursday. Kyari, who was accompanied by other members of his Management Team, stated that as a result of activities around the AKK project, the country will see over eight billion standard cubic feet (scf) of gas injected into the domestic pipeline which will improve power generation, facilitate industrial development, create thousands of job opportunities and deepen domestic gas utilisation. Kyari, who described the Ajaokuta-Kaduna-Kano Pipeline as “a signature project of his  administration”, said that it was time for Nigeria to take advantage of having t

By Akinola Ajibade   National Leader, All Progressive Congress, (APC) ,Asiwaju Bola Ahmed Tinubu has said that Nigeria needs him to tackle it's multifarious 0roblems.  He said this during a one-day forum organised by the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, for serving Speakers and the former Speakers and deputies in Ikeja GRA. The occasion was graced by 13 serving speakers from APC governed States.  Speaking on the theme:'' The Legislature, changing times and Nigeria’s democratic journey”. Tinubu noted that he was the first state governor to grant autonomy to the House. He said “We have the brilliance, the resources and the focus. We do not just know how to run the race and take care of the gear of progress. Just as I need Nigeria, Nigeria needs me. Nigeria needs drastic courageous changes that will bring revenue and I am that courageous one it needs. I was raised to be courageous and this has been working for me. I want to bring same to bear as p

Minister of power, Abubakar Aliyu By Akinola Ajibade The Federal Government has  approved N1.4 billion for the supply of more equipment for the Transmission Company of Nigeria (TCN) to boost electricity supply across the country. This follows the collapse of the national grid, which threw the country into darkness for the fourth time in recent times  News Mirror re ports that the development came  four days after the April 9 collapse of the electricity transmission system also known as national grid, operated by the TCN. the collapse was the third time in 24 days, and the fourth collapse in the year 2022. The Minister of Power, Mr. Abubakar Aliyu, made the approval known when he briefed State House Correspondents on the outcome of the meeting of the Federal Executive Council ( FEC,) presided by President Muhammadu Buhari on Wednesday in Abuja. He said: “I presented two memos from the ministry of power for the Transmission Company of Nigeria. “The first one was a variation o

  By Akinola Ajibade The  Shell Petroleum Development Company of Nigeria Limited has opened an animation academy in the Niger Delta region.  The project, which cost  N100 mill ion to execute,, aimed at  providing pr actical training for youths on 3D and visual effects . Executed in partnership with a non-govermentsl organisation, Foundation for Multimedia Creativity and Innovations(FMCI), the project would help in promoting knowledge and skills of youths in the region, as well as preparing then for a better tomorrow.  The academy was opened in Port Harcourt, Rivers State, by SPDC, an operator SPDC joint venture in the country  “The academy, SPDC in a statement signed by its Director and . Country's Head, Corporate Communication, Igo Weli is primed to support in closing identified gaps in knowledge and skills that will enable Niger Delta youths to participate fully in the new opportunities that are now available in digital technology,.  Quoting Weli who spoke at the  ina

By Akinola Ajibade Nigeria's ability to generate more revenus from crude oil importation has reduced, following the recent drop in the production of oil  1o 1.354 million barrels per day iMarch this year.  The   Organisation of the Petroleum Exporting Countries (OPEC) in its monthly report of activities of member states, said that Nigeria''s  crude oil production, on average has fallen to 1.354 million per day.  According to the report, Nigeria''s crude oil production fell by  24, 000 barrels per day when compared to the 1.378mb/d produced averagely in the month of February 2022,the cartel said in its Oil Market Report for April 2022. Quoting secondary sources, OPEC said that the crude oil production of its member' countries  averaged 28.56 mb/d in March 2022, higher by 57 tb/d month-on-month,adding that crude oil output increased mainly in Saudi Arabia, Kuwait and the United Arab Emirates while production in Libya, Nigeria and Congo declined. The report said th

By Akinola Ajibade With Agency Report The global energy loss would reach $2.1 trillion before the end of 2022, a research by Reynard Energy  has said.  The reasesrch said that surging oil, gas, and power prices, together with the European Union (EU)’s goals of becoming less dependent on Russian supplies, and post-Covid-19 pandemic inflation, will jerk global energy spending this year to a record $2.1 trillion. A concern in energy markets is that the ongoing war in Ukraine will derail the energy transition, but the latest data suggests that spending in green energies will grow faster than in the fossil fuel sector. The report said,without the invasion, however, there would have been less growth in investments in oil and gas and the share of green energies in global energy spending would be slightly more than today’s 31%. It said upstream oil and gas spending is currently  projected to grow 16% – or $142 billion – compared to last year as oil and gas producers around the world up their i