NEWS MIRROR

By Akinola Ajibade   The Senate, yesterday, considered the federal high court amendment and the franchise regulation bills for hearing, with a view to prepare them for passage in the nearest future. The bills were sponsored by Senator Mikhail Adetokunbo Abiru, who doubles as the Chairman, Committee on Industries and also representing  Lagos East District at the upper chamber of the National Assembly. The two bills were among the seven bills considered for  hearing by the Senate. Others are Adminstration for Criminal Justice 2015; Repeal and Enactment Bill 2022 (S.B 920); Firearms Act No 32 1959 Cap F28 LFN 2004( Repeal and Enactment) among others. The Senate President, Dr Ahmed Lawan, who  declared the hearing open was represented by  Senator Ajayi Borrofice( Ondo North). At the event also was the Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters,  Senator Opeyemi Bamidele, who  urged stakeholders to add necessary inpu...

Barkindo, Late 0PEC's Sec Gen The STORY EMANETED FROM HIS LAST PUBLIC OUTING IN NIGERIA. REST IN PEACE,  By Akinola Ajibade The Secretary-General, Organization of the Petroleum Exporting Countries (OPEC), H.E Mohammad Sanusi Barkindo on Tuesday said that the demand for energy globally will rise to 60 per cent by 2045 as projected. He stated this at the official open of this years’ 2022 Nigeria Oil and Gas (NOG) Conference with the theme “Finding the Nigerian Energy Mix for Sustainable Economic Growth” in Abuja. According to him, the world will continue to consume oil and gas for the foreseeable future. Barkindo attributed this effect to the rising population and economic growth, noting that global population will foresee rise to about 20 percent of beginning from now to 2045 as projected amounting to about 9.4 billion people in the universe while the rate of the global economy doubles by 2045 which also is projected to about 125 trillion US dollars using the 2017 purchasing power p...

By Akinola Ajibade  The Minister of State for Petroleum Resources, Chief Timpreye Sylva says Nigeria has lost about $ 50 billion worth of investment, while waiting for the passage of Petroleum Industry Act(PIA) by the National Assembly. He spoke during the unveiling of the Nigerian National Petroleum Company ( NNPC) Limited in Abuja. He said the unveiling of NNPC Limited has marked a new dawn in the quest for growth and development in the industry, even though the country has lost about $50 billion worth of investments so far. He said: " Between 2015 and 2017, KPMG said that only 4 per cent of the $70 billion investment inflows into Africa's oil and gas industry came to Nigeria, even though the country is the continent's biggest producer and largest reserves. Adding that: "We are setting all these woes behind us and a clear path for the survival and growth of our petroleum industry is now before us. Meanwhile, the National Oil Company ( NOC) also known as Nigerian Nat...

By Akinola Ajibade Nigeria's electricity grid has recorded another collapse, six weeks after its crashed the power supply to 40 Megawatts ( MW). The collapse happened 37 days after the June 13 system failure, which plunged the whole country into darkness. News Mirror reports that the collapse, which is the sixth in the last 7 months, dipped the entire power supply nationwide to 40 megawatts. Expecdly, the issue has caused a blackout in states across the country. According to the distribution load profile of the incident, the national grid collapsed at around 12:23 pm on Wednesday. Load Profile The profile further showed that generation of 40MW from GenCos was abysmally low compared to 3,000MW generated previous day. The cause of the system collapse is yet to be ascertained at the time of filling this report. Meanwhile, the Transmission Company of Nigeria (TCN) has, as usual, launched an investigation to unravel the cause. It would be recalled that the system also Collapses on June ...

     Mr  Gills- Harry  By Akinola Ajibade Stakeholders in the Nigerian downstream sub-sector of the oil and gas industry, yesterday,  described the recent adjustment in the price of the Premium Motoring Spirit( PMS) as timely and beneficial to the industry.  The Nigerian National Petroleum Company (NNPC) Limited, yesterday, minimally raised the price of fuel from N165 per litre to N179 per litre, following a critical assessments of the industry  and the need to strengthen it for improved performance.  .                 Mr ILO According to marketers, the sub-sector is on the brink of collapse and the best thing to do, by the Federal Government, is to increase the price of petrol in order to enable operators survive. The stakeholders, mainly marketers, in an interview with News Mirror,  applauded the decision of the Federal Government, to increase the pump pri...

By Akinola Ajibade The Nigerian National Petroleum Company Limited (NNPC) yesterday, upwardly review the price of Premium Motor Spirit (PMS), also known as petrol from N165 per litre to N179 per litre, marketers have said. The adjustment of pump price also comes with that of the ex-depot price, the National Oil Company ( NOC) informed  marketers via a statement released yesterday. NNPC, in a notice to fuel marketers, directed them to change the petrol price on pumps to the new price effective today.  Hitherto, marketers have been selling fuel above N165 per litre, a reason widely attributed to the scarcity of the product and difficulties in getting it to the consumers. Like a prayer answered, marketers waste no time in adjusting the pump price of petrol to N179 per litre from N165 per litre. The move, no doubt, is in compliance with NNPC directive on the fuel price adjustment. In its directive to oil marketers, yesterday, the company had put the new pump price and ex-depot pri...

By Akinola Ajibade Oil prices, yesterday recorded $105.8 per barrel in the global market, a development, attributed to the crises in the Middle East region. This happens as dollar, a currency, which is majorly used in the international market weakened slightly, a situation, which is likely going to  slightly affect oil exporting countries, including Nigeria, that is currently struggling to fix her economy. Brent  oil prices  climbed to $105.8 per barrel on Monday, up 4.65% on the day, while West Texas Intermediate (WTI) was trading at just over $102. Prices rose Monday as traders assessed the Saudi sentiment following U.S. President Joe Biden’s meeting with the Crown Prince on Friday. On Sunday , Biden’s advisor on international energy affairs, Amos Hochstein, said Washington believed OPEC’s producers in the Middle East–namely Saudi Arabia and the UAE–would take some steps to boost supply to the oil market soon. However, the overriding sentiment seems to be that the Saudi...

By Akinola Ajibade Nigeria heading for the worst economic crises, in the event that the Federal Government, fails to put in place measures to stem the rising inflationary rates in the country. The measures include improving the value of naira relative to other currencies such as dollars and pound sterlings, reducing importation of goods and services,  upping domestic production by establishing more companies, vigourosly pursuing economic diversification progresmmes in order to reduce reliance on crude oil's exports among others. This happens, as Nigeria's inflationary rates kept on rising amidst increasing Fo od And Commodity Prices   in the country. According to the latest report from the National Bureau of Statistics (NBS),  the nation’s inflation rate for the twelve months period ending June 2022 was 18.60%.  On a month-on- month increase, this indicates a 1.82% rise in Nigeria’s inflation when compared to the figure for May 2022, which was 17.71%...

By Akinola Ajibade The Nigerian Association of Petroleum Explorationist (NAPE) is set to lead a discourse on divestments in the local oil and gas sector.  The  discourse, which would take place in Lagos, aimed at enabling oil block buyers and sellers see the opportunities in the issue  divestments in the industry and how they can take advantage of it for growth. According to the group, in a statement made available to News Mirror, the discourse, would help in opening opportunities for stakeholders, local players, operators, servicing companies and upstream to midstream to downstream infrastructure owners. The theme is:  ‘The Big Sale: Opportunities in the Nigerian Oil & Gas Industry from Assets Divestments, the workshop is slated for Lagos, Nigeria’s commercial capital. Special guest presentation will be delivered by Engr Gbenga Komolafe, the Chief Executive officer, Nigerian Upstream Petroleum Regulatory Commission ( NUPRC). Also  expected to speak at the w...

Dangote Cement Seals New Deals With Mining Communities   Dangote Plc has sealed a new deal with communities around its operational base, at Obajana, in Kogi State.  The conglomerate operates its cement company in Obajana and the two communities, which it renewed a development pact as part of its intervention scheme with are into miming. At the dealing of the pact are the respresentatives of the communities namely Oyo and Iwaa. The communities and Dangote Plc all agreed that the pact would open doors for more job opportunities for locals and bring about rapid social and economic transformation of their communities. Speaking about the issue, the Minister of Mines and Steel Development Olamilekan Adegbite, said the Federal Government was glad that Dangote Cement Plc had finally fulfilled its obligations to the host communities. Adegbite explained, “the CDA is in line with the 2007 Mineral and Mining Act of the nation”. Represented by the Ministry’s Chief Geologist, Nt...

By Akinola Ajibade The Federal Government should try and subsidise  transportation, agricultural and other productive sectors of the economy, while removing subsidies' payment on petroleum products, the Chairman, Major Oil Marketers Association of Nigeria (MOMAN), Mr Olumide Adeosun, has said.  He spoke, yesterday, during a one-day workshop in Lagos. The programme titled Consumer Protection Regulatory Framework Workshop had representatives which was virtually organised, had representatives of both the Federal Competition and Consumer Protection Commission ( FCCPC) and  MOMAN in attendance.  FCCPC and MOMAN have their headquarters in Abuja and Lagos respectively.  Investments in mass transportation and agriculture, Adeosun argued, would greatly help in improving the Nigerian economy, which for sometime has been lying prostrate and further save her funds that are being invested on fuel subsidy. He said: " If the country had spent monies on ...

By Akinola Ajibade Organisation  of the Petroleum Exporting Countries (OPEC) has said that Nigeria's spiralling inflationary rates portend a great danger to her  economy. The country's inflationary rates, which stood at 16.82 per cent in April 2021 was 18.42 in May 2022. This may increase further, unless the nation's economy, which is characterized by problems such as corruption, liquidity, low productivity among other variables improves. According to OPEC,  the rising rates of inflation in Nigeria has dwarfed her economic outlook, despite the recent improvement in the international prices of crude oil.  The development, OPEC said, has reduced private sector optimism and weakened consumer spending, the global oil body,  said in its Oil Market Report for July 2022. The report said Nigeria’s crude oil production increased to an average of 1.238 million barrels per day (bpd) in June 2022, adding that the figure showed an increase of 5,000 barrels per da...

By Akinola Ajibade No fewer than 20 million out of 68 million active businesses in Nigeria are paying taxes as at when due, the Executive Chairman, Federal Inland Revenue Services ( FIRS), Muhammed Nani has said. Nani, who spoke during a presentation on webinar, lamented that the development is not good enoúgh for the country, in view of the fact that Nigeria requires huge funds to manage its economy.  He said that the figure, as released by the National Bureau of Statistics ( NBS) is not encouraging, a development, which has made to the two tax agencies to combine forces together in order to enable defaulters pay their taxes promptly. Communicating the resolve to made  defaulters pay up their taxes  in a public notice, titled: “Post-VAIDS Enforcement and Prosecution Exercise,” Nami, who doubles as the  Chairman JTB, urged  tax payers across the country to  pay up their dues , in order to move the country forward. Still on taxes,  he said that JTB and ...

By Akinola Ajibade The world population is expected to reach eight (8) billion in the next four months, precisely November 15, 2022. This implies that countries( developed and developing) are going to double the  production of goods and services to meet the yearnings of people across the world or else problems of greater magnitudes would arrive. The United Nations Department of Economic and Social Affairs, realeased this figures yesterday, while marking the World Population Day.  The body said that the issue calls for celebration, as it would enable the world to proffer solutions to myriad of problems facing humanity. It said:”The challenges facing humanity are many, ranging from climate change, conflict and pandemics also referred to as COVID-19.These issues are disproportionately affecting the most marginalized and vulnerable among us. To date, millions continue to live in poverty and suffer from hunger and malnutrition, do not have access to healthcare and social protection...

Mr. Adetunji Oyebanji, MD, 11Plc By Akinola Ajibade Nigeria requires massive investment in transportation sector, in order to solve the problems in the downstream sub-sector of the oil and industry, the immediate past Chairman of Major Oil Marketers Association of Nigeria (MOMAN), Mr Adetunji Oyebanji, has said. He spoke at a panel session on downstream and transportation at the recently concluded Nigeria Oil and Gas( NOG) Conference in Abuja. The downstream sub-sector majorly deals with provision of fuel otherwise known as Premium Motor Spirit ( PMS), a product which Nigeria is lacking sufficiently and as a result, has affected the transportation sector greatly. He said that it would not be able getting funds to improve the growth of the downstream sub-sector, once there is massive investment in the nation's  transport sector. According to him,the transport system relies on Premium Motor Spirit (PMS), stressing that it has become pretty difficult to get that product to the consume...

By Akinola Ajibade The Group Managing Director, Nigerian National Petroleum Company ( NNPC) Limited, Mallam Mele Kyari has said that the Nation Oil Company  NOC) will transform into a mega indigenous institution in Africa in the nearest future. He spoke at the just concluded Nigerian Oil and Gas( NOG) Conference in Abuja.  In his address titled " Energy for Today, Energy For Tomorrow" delivered to express the importance of oil and gas in the World, Africa and Nigeria in particular,  Kyar stated that NNPC has over years been playing the roles of a vibrant institution in the country, adding that the firm is on a solid path to achieve greater objectives in the continent. He sought the supports of Nigerians and other international guests to make it a reality.  Kyari disclosed that NNPC limited will be positioned as the best indigenous company in Africa.  According to Kyari, petroleum will still be available with 58% of total energy mix for a long time in the oil and...

By Akinola Ajibade Ardova Plc hopes to expand its businesses and further makes itself formidable in the global energy landscape, Its Chief Executive Officer, Olumide Adeosun, gave the optimism while giving the company’s performance in the last financial year. He said his company, last year concluded a landmark capital raise of N25.3 billion in an over-subscribed bond,which he added was the largest by any downstream company in Nigeria. The  development, Adeosun said, was an indication of investor confidence in Ardova’s future. “We also concluded the acquisition of Enyo Retail and Supply Limited (ERSL) in a deal that makes our retail network the largest in Nigeria. The company also made further investments in cleaner energy infrastructure, as it commenced onsite work on its 20,000 metric tonne Liquefied Petroleum Gas (LPG) storage facility in Ijora. Ardova won a license to operate an Oil Marginal Field following a successful bid in the 2020 round, thereby increasing the company’s pot...

By Akinola Ajibade Financial institutions should do their best to support the automobile industry in Nigeria, Lagos state governor, Babajide Sanwo-Olu,has said. This is coming on the heels of poor finance of the operators,  development, which is having grave consequences on their ability to perform optimally. Speaking at the commissioning of the GAC Motor Showroom, Workshop and the GS 4 Sports Utility Vehicle (SUV, Sanwoolu said that the automobile industry requires the support of financial institutions, if they want to stay in business  and further create jobs for the people. According to him, without such support, growth in the sector would be limited, while unemployment rate would continue to climb. The state government would continue to create a convenient environment for private investors through its programmes and policies,he said. His adminstration would partner with GAC Motor for the establishment of an assembly plant in Ikeja which would be commissioned before the end...

By Akinola Ajibade Nigeria  should try and  rebuild and revitalise its four refineries, provide intervention through provision of foreign exchange to fuel importers, streamlining taxes in order to avoid multiple taxation by the Federal Inland Revenue Service (FIRS), establish Energy Bank through an act of the National Assembly among other taking other measures, in order to save the downstream sub-sector of the industry from collapse. The Natural Oil and Gas Suppliers’ Association of Nigeria (NOGASA) President, Me Benneth Korie,  gave the measures in a communique at the organisation’s 2nd annual National Executive Council (NEC) and Stakeholders meeting in Abuja. The communique read:”NEC/Delegate and stakeholders resolves as follows: That the association should pay a courtesy visit to the president of Federal Republic of Nigeria to outline some of the issues below and the way forward. Association urge the national assembly to revie the policy of taxation (i.e. VAT) as &...

By Akinola Ajibade The Federal Government may sack erring officials of Kuje Correctional Centre in Abuja, as its awaits final report on the incident. This happens as the government  vowed to apprehend the 64 terrorists and other  fleeing inmates of the Centre while at the same time, threatening to deal with any form of complicity in the Tuesday night jailbreak where all the Boko Haram terrorists and other high profile criminals escaped. News Mirror's findings reveal that the government is setting a precedent through the incident, by dealing with anybody found culpable of the matter  The Senate President, Ahmed Lawal  condemned the activities of the terrorists and the attitudes of the workers in the Centre, uring the government to do the needful to serve as a lesson to others. In the aftermath of the incident, the  government demanded that it be briefed on the outcome of the  investigation leading to the jailbreak which led to the death of four inmates and o...