NEWS MIRROR

University lecturers have vowed not to succumb to the weight of bad economy and its attendant hunger in order to resume strike actions, which have entered four months and above,. The lecturers through its Academic Staff Union of Universities( ASUU) said this recently, as the pressure mounted on them to resume became stronger in the country by the day. According to ASUU, they are not going to resume their strike actions, despite the hardship imposed on their families as a result of the No-Work-No-Pay directive of the Federal Government. Following the failure of the government to meet some lingering demands of the union, ASUU on February 14, 2022 announced a one-month warning strike, followed by another eight-week strike before it eventually commenced its indefinite strike. The continued strike led to the imposition of No-Work-No-Pay by the Federal Government. The Minister of Labour and Employment, Dr Chris Ngige, said the directive was in compliance with Section 43 of the Labour Law. Th...

By Akinola Ajibade The $60 billion investment in Tinapa Resort Centre, went down the drain due to inconsistencies in the policies of the Federal Government and poor infrastructure, stakeholders have said. The stakeholders, which cut across various sectors of the Nigerian economy, said that the tourists haven located built by the Federal Government in Calabar, Cross Rivers state is as good as dead due to poor patronage. They spoke at the maiden edition of the  Federal Airports Authority of Nigeria (FAAN) National Aviation Conferences (FNAC) with the theme: ‘Advancing the Frontiers of Possibilities for Safe, Secure and Profitable Air Transport,’ recently.  According to them, Tinapa which would have boosted the Foreign Direct Investments (FDIs) into the country was unable to do so, because the government is not consistent with its policies on the resort. The General Manager, Vicven Integrated Services, Mr Obinna Emeazo pointed out that there was massive rots in Tinapa...

By Akinola Ajibade The $60 billion investment in Tinapa Resort Centre, went down the drain due to inconsistencies in the policies of the Federal Government and poor infrastructure, stakeholders have said. The stakeholders, which cut across various sectors of the Nigerian economy, said that the tourists haven located built by the Federal Government in Calabar, Cross Rivers state is as good as dead due to poor patronage. They spoke at the maiden edition of the  Federal Airports Authority of Nigeria (FAAN) National Aviation Conferences (FNAC) with the theme: ‘Advancing the Frontiers of Possibilities for Safe, Secure and Profitable Air Transport,’ recently.  According to them, Tinapa which would have boosted the Foreign Direct Investments (FDIs) into the country was unable to do so, because the government is not consistent with its policies on the resort. The General Manager, Vicven Integrated Services, Mr Obinna Emeazo pointed out that there was massive rots in Tinapa...

By Akinola Ajibade The Supreme Court, yesterday, uphold the use of hijab in Lagos schools, a development, which has squashed the efforts of state government to stop its usage.  The judgement was delivered on Friday  in Abuja. The apex court dismissed an appeal by the Lagos State Government and upheld the use of hijab in  schools in the nation's commercial nerve centre. Six out of the seven justices, which heated the case backed the use of hijab in Lagos schools.0 The Lagos State Government had in February 2017 approached the Supreme Court to challenge the July 21, 2016 judgment of the Court of Appeal which reinstated the use of hijab by Muslim pupils in Lagos public primary and secondary schools. This was after the state government sought to stay the execution of the judgment at the Lagos Division of the Court of Appeal but failed. The case, CA/L/135/15, is between the Lagos State Government, Miss Asiyat AbdulKareem (through her father), Miss Moriam Oyeniyi and the Muslim...

By Akinola Ajibade Brighter days are ahead of investors in solar energy in the country, as Shell announced a $500,000 investments in Greenage Technologies Power Systems Company. Coming from All On, a Shell-funded impact investment company, the investments would Greenage Technologies Power Systems Company to fund the construction and expansion of its charge controllers and inverters manufacturing facility in Enugu State in South-Eastern Nigeria. Through this means, the solar energy facility firm would be able to double  its existing manufacturing capacity for inverters, charge controllers, and the possibility to assemble lithium-ion batteries and also become the Africa largest electronics company for solar equipment. Interestingly, the investments, if things go according to plans would culminate in the reduction of solar equipment, as well as increasing the patronage of these products. Speaking on the issue, the Co-founder and Head of Business Development,Greenage Technologies, Ogec...

The New Jersey court hearing the application challenging the hostile ouster of Lekan Akinyanmi as the Chief Executive Officer of Lekoil Cayman Limited, on June 14, 2022, has ordered a stay of all proceedings in the matter pending the arbitration the court has ordered. Akinyanmi, Chief Executive Officer of Lekoil Nigeria Limited, filed an action in the Superior Court of New Jersey on September 24, 2021, with case number MER-L-001733-21, claiming breach of contract in the termination of his employment contract through a process fraught with irregularities and for which he insists Lekoil Cayman Limited is owing him. In response to the suit, Lekoil Cayman Limited challenged the jurisdiction of the New Jersey court to adjudicate the matter and prayed the court to grant arbitration. In the event that the arbitrator decides that Lekoil Cayman waives its right to arbitration, then it is expected that the parties will return to the New Jersey court for a decision on the matter of its jurisdicti...

Fuel scarcity: Marketers threaten to hike price as s queues return to Ibadan By Akinola Ajibade The Independent Petroleum Marketers Association of Nigeria (IPMAN), has said that it would  order its members to increase petrol pump price to N180 per litre.  The South-West zone of IPMAN, said this recently, as scarcity of petroleum products bites harder in Ibadan, Oyo, Ogbomoso and other major parts of the region. Precisely, areas such as Bodija, Sabo, Iyaganku, Mokola, Gates, Secretariat among others are hard it by fuel scarcity, as queues take over major roads of the city. Others are Sango, Dugbe, Apete, Awotan, Ijokodo, Polythecnic Road and Adamasingba are experiencing short supply of fuel. This follows inability of its members to buy petroleum products from any of the government depots, prompting them to get  supplies from private depot owners, who had capitalised on the situation to exploit them. According to IPMAN's zonal chairman, Alhaji Dele Tajudeen, all...

By Akinola Ajibade 5th from left: Chief Timipre Sylva, Minister of State for Petroleum Resources, Chairman Board of NNPC Limited, Senator Margery Chuba-Okadigbo, Engr. Simbi Wabote, Executive Secretary of NCDMB and other dignitaries at the Nigeria Women in Oil and Gas Conference in Lagos. …NCDMB-NEXIM bank partnership, has rolled out $40 million fund to empower women in the oil industry  The Minister of State for Petroleum Resources, Chief Timpreye Sylva, has said that the roles of women cannot be under-emphasised in the global energy transition. He said this becomes necessary, when one considers the strength, characters intuition, knowledge and natural endowment, which women are endowed with. He spoke at the oil and gas conference organised recently in Lagos for women in the energy sector. The conference was at the instance of the Nigerian Content Consultative Forum (NCCF) in conjunction with the Nigerian Content Development and Monitoring Board (NCDMB) and relevant Women Groups i...

Nigerians Will Start Witnessing Improved Electricity Supply As From July 1- NERC   Barring any hitches, Nigerians will  start witnessing improved power supply from July 1, this year.  This follows renewed efforts by industry stakeholders to ensure that electricity supply is stabilized, in order to grow the economy.  The Chairman, Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba, said this during an interactive session with the media in Lagos recently  He said that from July 1, 2022 power supply will begin to improve, and from that moment it would begin to go up. According to him,  NERC had facilitated a contractual agreement between the critical stakeholders along the electricity value chain which include, generation companies, Transmission Company of Nigeria TCN and all the distribution companies that are expected to guarantee an average of 5,000MW of electricity daily to customers effective July 1. He said that the contract is binding on al...

By Akinola Ajibade Inadequate supply of gas to the thermal plants, low power generation, system collapse, vandalism among others are responsible for the frequent power outages across the country, the Managing Director/ Chief Executive officer,    Eko  Electricity Distribution Company (EKEDC), Dr Tinuade Sanda, has said. She spoke during an engagement forum with customers at Itire, Lawanson, Idi-Araba, and Mushin recently. She said that the company is making efforts are  to improve power supply to its customers. According to her, the firm is currently working with the other industry stakeholders to ensure these challenges are reduced to the barest minimum. ‘We are upgrading our distribution infrastructure across our network with a loan from the Central Bank of Nigeria (CBN). The network improvement projects may not be going as quickly as you had anticipated but I can assure you that we will get to your areas.’ she said   Represented by the compan...

Fuel: Hike in freight rates worsens subsidy  Nigeria would jerk up the under recovery also known as súbsidy payable on the imported petroleum products soon, following the approval of hike in transporters  freight rates by President Muhammadu Buhari recently. The increase in the freight rates takes effect from June 1, 2022. News Mirror findings show that the hike would not change the pump price of Premium Motor Spirit (PMS) also know as petrol from N165 per litre, it would jerk up the under recovery also known as subsidy payable on the product. The Nigerian Midstream and Downstream Petroleum Regulatory Authoriy (NMDPRA), which announced the hike maintained that the increase will further encourage Nigerian Association of Road Transport Owners (NARTO) and other stakeholders to deploy more trucks to transport PMS nationwide to ensure adequate supply of the product. The approval, according to News Mirror, was after due consultations with industry-wide stakeholdersa t the instance o...

Niger Delta: NSCDC destroys five illegal refineries, arrest workers Illegal refinery site. By Akinola Ajibade Five illegal refineries producing adulterated petroleum fuel was discovered in the Delta South Local Government Area recently. The refineries are believed to have distributed the contaminated petroleum products to unsuspecting consumers in the Niger Delta region and beyond.  The Commandant General’s Special Anti-Vandal Monitoring Unit (SAVMU) of the Nigeria Security and Civil Defence Corps (NSCDC) made the arrest, while at the same time, dislodged the refineries. Confirming the issue, the Director Public Relations, NSCDC, Olusola Odumosu, said that operation was carried out successfully, following a tip off on the nefarious activities of vandals and oil thieves operating a very big camp with about five illegal refineries in the area. According to him, two suspects were nabbed during the operation while other collaborators remained at large. The intelligence report however, ...

Electricity supply to Abia, Anambra, Ebonyi, Enugu and Imo states are currently not inadequate, due to the collapse of the national grid yesterday, Sunday, June 12. In a statement made available to the News Mirror by the Enugu Electricity  Distribution Company ( EEDC) , its spokesman, Emeka Ezeh, said that the nation witnessed another grid collapse at 6.49pm, adding that the device has affected supply to customers in five states in the South-Eastern part of the country.  The states include  Imo, Anambra, Enugu, Abia and Ebonyi.  " We are expecting information on restoration of supply,  from the  (National Control Centre ( NCC), he added.

Nigeria, yesterday, suffered a nationwide blackout, as the national electricity transmission system popularly known as grid suffered total collapse. This happens 56 days, after the national grid collapsed on April 8th, this year, a development, which has thrown the country into darkness. The News Mirror, reports that the latest  collpase, which rocked the country on Sunday evening, was the fourth time within the space of 90 days, and the fourth in 2022, the last being on 8th April 2022. The nation recorded the first two collapses on March 14 and 15 2022 respectively. An official in the generation sub-sector, who spoke under cover said that the nationwide outage began around 6pm as the generation from various power plants dipped. “We experienced a grid collapse this evening around 7.00pm 18:49, said the official. Power generation, findings showed was 1,353.80 megawatts (MW), generated by 13 GenCos shortly before the system crashed, as at evening on Sunday. The grid has u...

Oil fell by $3 a barrel as, U.S. inflation data surges By Akinola Ajibade Oil prices sank on Friday, after U.S. consumer prices rose more than expected and China imposed new COVID-19 lockdown measures. Brent crude fell $3, or 2.4%, to $120.07 a barrel, while  U.S. West Texas Intermediate crude fell $2.96, or 2.4%, to $118.55 a barrel.  Oil prices sank along with Wall Street stocks after news that U.S. consumer prices accelerated in May. Gasoline prices have hit a record high and the cost of food has soared, leading to the largest annual increase in about 40 years. That raises expectations that the Federal Reserve will tighten policy more aggressively. “The concern is that could be forward indicator of consumer habits and even though gasoline demand is strong now, it’s a sign in the future that if gasoline prices don’t stabilize then consumers will be cutting back,” said Phil Flynn, analyst at Price Futures. In another red flag for demand, Shanghai and Beijing went back on COVI...

NNPC rakes in N1.7tn from crude sales in 12 Nigerian National Petroleum Company ( NNPC) Limited, has generated revenue of N1.7 trillion from  sales of crude oil in one year. In the corporation's latest monthly and financial report for August 2021, the company said the amount was realised from March 2020 to March 2021 after it lifted a total of 108 million barrels of crude oil within the year, at an average price of $43 per barrel. A breakdown of the report from the National Oil Company ( NOC) showed that in March 2020, the oil and gas firm lifted approximately 9, 490mn/b; 11, 437mn/b in April; 5, 113m/b in May; 6,274mb in June; and 8,546m/b in July. In August, NNPC said it lifted 8, 546mn/b; 8, 490mn/b in September; 10, 333mn/b in October; 9, 532mn/d in November; and 7, 539mn/b in December 2020. In January 2021, it lifted 5, 542mn/b; 9, 397mn/b in February, and 7, 553mn/b in March 2021, making it a total of 108 million barrels for the period under review. The crude, NNPC said, was ...

By Akinola Ajibade Prices of crude oil are going increase, in the event that the world spare capacity sinks further. Already, expectations are high among producers of crudes that the prices the prices which stood rose to between $119 a barrel to $120 a barrel early in the week. The News Mirror findings reveal that few countries across Organisation of Petroleum Exporting Country ( OPEC+) can actually boost their oil production in a palpable way.  Worse still is that the spare combined capacity of these countries to keep is falling and this if  continues, would shoot up the prices of oil in the international market. Conservative  estimates,  cited  by Reuters, show that OPEC’s spare production capacity could slip below 1 million barrels daily by the end of this year. This is equal to less than 1 percent of global demand. Also, the Energy International Agency ( EIA) corroborated this, saying that siituation looks a lot better, with OPEC’s spare capacity at around 3...

By Akinola Ajibade A group, Asiwaju Bola Ahmed Tinubu Movement  in  Nigeria and the Diaspora, has congratulated Tinubu for his deserved victory at the All Progressives Congress ( APC) presidential primary. The group( Ogun state chapter) said that the emergence of Tinubu as the the party's flag bearer in the 2023 Presidential election, serves as a triumph of democracy in Nigeria, which has in recent times, has witnessed the entrance of new and old politicians in the government. In a congratulatory statement jointly  signed by the group's Director -General in the state  and Chairman,Otunba Femi Soluade and Cardinal James Omolaja Odunmbaku respectively and made available to the News Mirror, it said the huge support given Asiwaju Tinubu during the primary election was a right step in the right direction. The  group said:"We are very happy and proud of you that we made a right choice, when we resolved to vote and make you our principal and preffered candidate for th...

By Akinola Ajibade All Progressives Congress ( APC) Presidential Candidate,  Asiwaju Bola Ahmed Tinubu has unfolded his vision for Nigeria, in the event that he wins the 2023 election. He captures his vision, in a statement signed and sent to the News Mirror, by his Director of Media and Communication, Mr Bayo Onanuga, in sixth points titled: 'Tinubu's Roadmap for Nigeria'. The roadmap, which covers socio-economic and political aspects of the Nigerian economy, borders on educational, health, security, energy, manufacturing and capital market. According to him, 25 percent of the Nigeria's annual  budget would go education, while 10 percent is going to be earmarked for health sector. He promised to decentralise the police force, introduce commodity exchange system, fully deregulate the petroleum sector of the economy and stimulate the production and manufacturing of export products and improve electricity generation and distribution from 4,500 megawatts (Mw) t...

  All Progresives Congress ( APC) National Leader, Asiwaju Bola Ahmed Tinubu has won the presidential ticket of the party. He polled 1,271 votes to defeat other aspirants at the party’s primary in Eagle Square, Abuja, a development, which has conferred on him the rights to represent the party in 2023 general election. Tinubu defeated the likes of Vice-President, Prof. Yemi Osinbajo; Rotimi Amaechi, former Minister of Transportation; and Kogi State Governor, Yahaya Bello. Tinubu, a former governor of Lagos state, gained ground after fellow contestants, Governors Kayode Fayemi, Abubakar Badaru, and ex-Governor Ibikunle Amosun, among others stepped down for him on last night. He was declared winner of the contest by Kebbi Governor Abubakar Bagudu,who is chairman of the APC Election Management Committee. He will square up with People Democratic People (PDP) presidential candidate Atiku Abubakar, Peter Obi of Labour Party ( LP)  and others at the 2023 general elections. 2,322 deleg...