NEWS MIRROR

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-

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

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

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

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

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

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

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

Osimhen  By Favour Ifeoluwa & Akinola Ajibade Napoli & Super Eagles forward  Victor Osimhen  says he is going to take a new challenge at the end of next season. Osimhen scored 26 goals to help guide Napoli to their first Serie A title in 33 years during the last campaign. Through this, he has cemented his legacy in Naples.  However, their attempt to defend their top-flight crown has proven to be a disaster. Napoli is down in ninth position in the standings and 21 points adrift of leaders Juventus. That has not stopped Osimhen recently penning a contract extension, keeping him tied to Napoli until 2026, but a release clause is believed to be present in his new deal. While the exact fee is unclear, it is believed to be at least €120 million (£102.67m), ensuring that Napoli remain in a strong position with regards to his future. Nevertheless, that has not stopped speculation regarding the next move of his career coming sooner rather than later. There is known to be a l

The newly appointed Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Felix Omatsola Ogbe will deliver a keynote address at the opening of PETAN’s SAIPEC 2024 conference in Lagos.  Also, delegates at SAIPEC’s opening ceremony will also hear from Nicolas  Odinuwe, Chairman, Petroleum Technology Association of Nigeria, PETAN, Gbenga Komolafe, Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, while Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers’ Organization, APPO, will set out plans from an APPO perspective. The eight edition of Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) is a world-class energy event offering direct access to Africa’s stakeholders and key energy players across the continent. Its full and varied programme, guided by an esteemed steering committee will stretch across three days with both informative strategic and technical streams, special

By Favour Ifeoluwa & Akinola Ajibade  The Canadian Government, yesterday (Monday) announced a two-year cap on Nigerians and other international students who wish to  obtain new study permit.  The country's Immigration Minister Marc Miller said for 2024, the cap is expected to result in approximately 364,000 approved study permits, a decrease of 35% from 2023. In addition to the cap, the Canadian government will also require international students applying for a permit to provide an attestation letter from a province or territory. Miller also announced changes to the post-graduation work permit program, starting that from September, international students who begin a program that is part of a curriculum licensing arrangement — where a private college has been licensed to deliver the curriculum of an associated public college — will no longer be eligible for a post-graduation work permit. Graduates of master’s and other “short graduate-level programs” will “soon” be a

By Favour Ifeoluwa & Akinola Ajibade Nigeria's Super Eagles is likely going to face a tough team in the Round of  16  at the ongoing 2023  Africa Cup of Nations finals following their second place finish in Group A of the tournament. The  country, which is managed by Jose Peseiro  stand the chance of battling the defending champions, Senegal, Guinea or their eternal rivals, Cameroon. Prior the final group games today (Tuesday), Senegal was leading the group with six points, while Guinea and Cameroon have four and one points respectively. Recall that Nigeria booked their place in the knockout stages of the Africa Cup of Nations as they picked up a 1-0 win over Guinea-Bissau. The Super Eagles went into their final group-stage match knowing a point would secure their progression through to the last-16, though defeat might still have left them qualifying as one of the best third-placed teams. It was a relatively sluggish start from Nigeria, but they took a narrow lead i

NNPCL's Group Chief Executive Officer, Mallam Mele Kolo Kyari  The Nigerian National Petroleum Company Limited(NNPCL) says it would repay future royalties and taxes to the Federal Government from the $3.3bn financing deal it got from African Export-Import Bank in 2022.  The national oil company, said this in a document titled: Frequently Asked Questions – Project Gazelle’, released by its Chief Corporate Communications Officer, Olufemi Soneye on  August 17, 2023. Recall that NNPCL in a report published by PUNCH Newspaper, announced that it had secured a $3.3bn emergency crude oil repayment loan from the African Export-Import Bank. The company further said that the loan would be used  to help the Federal Government stabilise  Nigeria’s exchange rate.  Speaking further on the deal as contained in the document, the firm said: “Everything you need to know about the NNPC Limited’s $3.3bn loan, also known as Project Gazelle. There has been a lot of interest from the public an

By Favour Ifeoluwa & Akinola Ajibade  Only 23 out of 345 companies with a turn over revenue of $1 billion in Africa (N1 trillion using official exchange rates), are in Nigeria,the Presidential Enabling Business Environment Council (PEBEC),has said . PEBEC disclosed this in its recently released 2024 Outlook document which also details the Secretariat’s work plan for 2024 along with expected outcomes. Explaining the outlook, the Special Adviser to the President on Ease of Doing, Business, Dr. Jumoke Oduwole, said the federal government will roll out interventions this year to make businesses more viable. “Out of the 345 USD1 billion companies in revenue in Africa, only 23 are in Nigeria. She noted that the decision to change models stems from the observation that larger businesses exhibit an ‘osmosis’ effect, leading to the clustering of stakeholders. She added: “It was determined that we will need to have this new approach to move faster and to grow the economy faster i

By Favour Ifeoluwa & Akinola Ajibade Eterna Oil Plc has been appointed as the domestic sales distributor of  Dangote Petroleum Refinery Products in Nigeria, its Managing Director, Mr Benjamin Nwaezeigwe has said.  The company is a key in the nation's energy sector with presence in Lagos and other parts of the country  Based on this, the firm's pivotal role as a major distributor of Dangote’s domestic products has not only  been solidified, but also underlined its commitment to enhance  product supply.  Expressing enthuasim about the collaboration with Dangote Petrochemical Refinery Plant, Eterna Oil Plc, Nwaezeigwe said the partnership is a good one, capable of stgregtheniing the operations of both companies and Nigeria in particular. He added: “We are proud to be appointed as an official distributor of Dangote refinery domestic sale in Nigeria. This partnership with Dangote refinery is a demonstration of our commitment to providing Nigerians with world-class En

Sanusi during the intertive session By Favour Ifeoluwa & Akinola Ajibade No fewer than N1.6 trillion will be spend on subsidizing electricity for end users by the Federal Government in 2024, the Executive Secretary,  Nigeria Electricity Regulatory Commission ( BERC) , Garba Sanusi has said.  He said this yesterday( Wednesday) during an interactive session with journalists  in Abuja  According to him, the amount was not sustainable, going by the bad economy in Nigeria. Recall that NERC last night( Wednesday) posted the review tarriff for the operating electricity distribution companies with provision of subsidy. The NERC boss, who spoke passionately about the new tarrif review said: “I want to correct the impression that for one year we haven’t had any review. The reality is that the reviews have been done but what happened is what you pay as a customer is a blend of regulation and and policy. “If we have determined that you should be paying N150 and the Federal Governme

NNPCL' s CGMD, Kyari at the event. By Favour Ifeoluwa & Akinola Ajibade  The  Nigerian National Petroleum Company Limited (NNPC Ltd.) is seeking collaboration between between the academia and the Oil & Gas Industry in the order to enhance socio-economic growth in the country, its  Chief Group Managing  Director, Mr Mele Kolo Kyari made this known yesterday ( Wednesday).  He said the development would help addressing the challenges of energy sufficiency and sustainability. He said this  during the 2024 Faculty Lecture titled, “Energy Security, Sustainability and Profitability in Nigeria: Advances, Challenges and Opportunities,” organized by the Faculty of Science of the Obafemi Awolowo University (OAU), Ile-Ife, Osun State.  According to him, the partnership between the academia and the Oil&Gas sector would assist in safeguarding national energy security through research and collaboration with the industry. The NNPC's helsman pointed out the problems faci

By Favour Ifeoluwa & Akinola Ajibade Ibadan, Oyo State Capital was yesterday throwned into confusion, following a fire outbreak in the ancient city.  Reliable sources said that the fire was caused by an explosion, yesterday ( Tuesday) evening. ( A loud bang was heard and vibration was felt across several locations in Ibadan at about 7:45 p.m.one of the sources said. Unconfirmed reports say the explosion emanated The source further said that  a gas plant around the Universit of Ibadan/ axis of the city was mostly affected by the incident.. Some affected persons shared pictures and videos of broken window glasses from their apartments. However, casualties in the incident are unknown as at press time. Unconfirmed reports say the explosion emanated from a gas plant around the UI-Bodija axis of the city. Some affected persons shared pictures and videos of broken window glasses from their apartments. 

Group Managing Director, Mallam Mele Kolo Kyari  By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited ( NNPCL) is seeking  plans to engage reputable and credible operators for effective magement of Harcourt Refinery.   Through this means, the refinery which has been stately managed alongside others since its establishment in 1965, will be handed over to private operators for seamless operation.  The aim is to ensure that the refinery resume effective production of crude oil and further help in boosting consumption of locally refined petroleum products. Recall that Nigeria for decades has battled insufficiency in the area of crude production, a development, which resulted in importation of refined petroleum products amid other problems.  The National Oil Company, in a statement, said the move is to' snsure reliability and sustainability  towards meeting the nation’s fuel supply and energy security obligations.” In a publication on its

By Favour Ifeoluwa & Akinola Ajibade The Federal Government is investigating the moribound Ajaokuta Steel Company Limited accrued electricity debt of  N33 billion, just as the Transmission Company of Nigeria disconnected  the company from the national grid, the Minister of Steel Development, Shuaibu Audu has said.  He spoke to State House Correspondents on Thursday after meeting President Bola Tinubu at to the Aso Rock Villa.  Recall that TCN on Wednesday disconnected ASCL from the national grid as the moribund company failed to clear a debt of N33bn owed to the NBET and service providers. The N33bn comprises N30.85bn for energy and capacity delivered by NBET and N2.22bn owed to service providers. The minister, however vowed to deal with the matter. The Minister was shocked  at the huge electricity debt accumulated on energy consumption, even as it was operating below capacity. “I mean these are some of the things that need to be clearly looked into. One of the things I