NEWS MIRROR

By Favour & Akinola Ajibade The Nigerian National Petroleum Commission Limited ( NNPCL) says it has not in any way  opposed the transaction  between Oando  Plc  and Nigerian Agip Oil Company ( NAOC)  as industry stakeholders were made to believe. While Oando is an indigenous oil marketing company, the Nigerian Agip Oil Company  (NAOC), a subsidiary of the multinational oil firm- Exxon is planning to divest from Nigeria by selling it Oil Mining Leases (OMLs) to Oando. The board of the two companies are working to see reach a compromise on the matter. NAOC is discussing the sales of its OMLs 60,61,62 and 63 with Oando.  According to a statement issued yesterday  (Thursday, September 7th, 2023) signed by  NNPCL's Corporate Communication Officer, Garba Deen Muhammed, the letter purportedly written by the firm concerning the sale of the assets was nothing, but a routine communication written by NNPC Expiration snd Production ( E&P) Limited to its Joint Venture JV Par

University of Lagos By Favour & Akinola Ajibade A Don at the University of Lagos (UNILAG), Kadiri Akeem Babalola may be jail soon, in the event that the court found him guilty of raping a 20-year old student ( name withheld) of the institution.  Babalola is a lecturer and Associate Professor of Botany in the school.  He was arrested by the operatives of the Lagos State Police Command for allegedly raping a female student of the institution.  It was gathered that, the girl accused Babalola of committing the crime during her visit to the lecturer’s office to address issues related to her results. The victim, sources close to the school, reported the incident to the Inclusive Social Welfare and Empowerment Foundation, noting that the alleged assault occurred on August 16, 2023. The NGO was later said to have reported the case to the Gender Unit of the Lagos State Police Command, prompting the Commissioner of Police, Idowu Owohunwa, to issue a warrant of arrest for Babalola

By Favour & Akinola Ajibade  President Bola Tinubu of the All Progressives Congress (APC), yesterday, invited the Presidental Candidates of People's Democratic Party( PDP) and Labour Party ( LP), Messrs Abubakar Atiku and Peter Obi respectively to join him in building the country.  This follows his affirmation by the Presideial Election Petitions Court(PEPC) in Abuja that he legitimately won the February 25th Presidential Election.  Recall that the issue has dragged for sometime, causing controversy among political gladiators, as major parties involved namely All Progressive Congress, Labour Party ( LP) and People's Democratic Party (PDP) claimed that they are won the election. According to the tribunal, the Peoples Democratic Party (PDP) and its flag bearer, Atiku Abubakar —  did not successfully prove the allegations against this ground and indeed all the grounds in their petition, hence the declaration that President Tiinubu won the election. Speaking on the

Nigerian National Oil Company  By Favour & Akinola Ajibade The Nigerian National Petroleum Commission Limited ( NNPC) has kicked against the  acquisition of assets of Agip Oil Company by Oando Oil Limited. This happens as Oando recently struck a deal to acquire NAOC's interest in Oil Mining Leases( OMLs 60,621,62 and 63, a development, which has generated wide discussions in the industry. Recall that similar scenario played  out between Seplat Energy and ExxonMobil months ago, as stakeholders were divided on the decision by Seplat Oil to buy a sizeable interest of Exxon Mobil in Nigeria.  While expressing  discontent on the issue of Oando buying interest of ExxonMobil in Nigeria, NNPCL in a letter to both the Manaing Director of Nigerian Agip Oil Company and the Chief Operating Officer of Oando Oil Limited (OOL) said the deal between the two companies was not good enough, as it is going to have huge legal and contractual implication in future.  "Our attention h

By Favour & Akinola Ajibade Electricity consumers, henceforth, are going to pay new prices for prepaid meters and unit costs of the product respectively, the Nigerian Electricity Regulatory Commission  (NERC) has said.  In the circular dated September 5th 2023 and signed its Chairman, Sanusi Garba and the Commissioner of Legal, Licensing and Complicated,  Safe Akpeneye, the Commission blamed the development on factors such as rising rates of inflation, landing cost of the material and the recent increase in charges by Nigerian Customs Services. Others are multiple Charges by various Institutions in charge of Ports and the increasingly outrageous cost of doing business in Nigeria and other built-in costs. Apart from this, NERC approved new prices for unit cost of electricity for consumers.  According to the approved price list Single Phase Pre Paid Meters is now N81, 975 . 16k. from N58 , 661 .69k, 3 Phase Pre Paid Meters is now N143 , 836 .10k from N109 ,684.36k . While

One Of The Sites  By Favour & Akinola Ajibade The Nigerian Army and Nigerian Security and Civil Defence Corps (NSCDC), have uncovered at least 12 illegal oil refining sites in Owahwa Creek, Ughelli South Local Government Area of Delta state, the Director, Army Public Relations, Brig. Gen. Onyema Nwachukwu has said. According to him, troops of 181 Amphibious Battalion conducted the anti-oil theft operations and cracked down on oil thieves last Saturday.  Also, the troops  intercepted stolen crude oil in Udu and Tsekelewu, Warri North Local Government Areas of the state. “In the crackdown, the vigilant troops discovered 12 active illegal refining sites, 60 crude oil cooking ovens, 14 reservoirs, 6 wooden boats laden with stolen crude, and 470 sacks of illegally refined AGO concealed in the camps. “Relatedly, the same troops also intercepted a vehicle conveying 25 polythene bags of suspected illegally refined AGO in Ogbodu Community, in the Udu Local Government Area of Del

Alake during the  press briefing in Abuja By Favour & Akinola Ajibade Illegal miners should  join artisanal cooperatives in line with the robust reforms introduced in the industry, the Minister, Solid Minerals, Mr Dele Alake has said. He said such miners have a 30 have a grace of 30 days to join cooperatives in order to help improve revenue accrue from the sector. He said this yesterday ( Sunday) during a press conference in Abuja, where he unveiled far reaching and targeted transformation plans that aligns with the renewed hope agenda of the administration. According to him, the birth of a solid minerals tops the transformation strategy of the government, which is moving to create six Mineral Processing Centers geared, with a view to add values to mineral extracted across the country. The cooperation when on stream, Alake said, is expected to enter into joint venture mining agreements with multinationals to scale up production and processing of priority minerals, namel

By Favour & Akinola Ajibade Eni Spa, yesterday, (Monday) said that it would sell Nigerian Agip Oil Company(NAOC) to Oando, a fastest growing Nigerian oil company, if all go according to plans.  Eni, an Italian firm, said it has reach agreement with Oando issue, with both companies  expecting the deal to come into fruition soon.  Oando is the leading Nigerian energy company listed on both the Nigerian Stock Exchange and Johannesburg, while  Nigerian Agip Oil Company Ltd, was a subsidiary of Eni and active in Nigeria in onshore hydrocarbon exploration and production and power generation. In Nigeria, NAOC holds corporate interests in four onshore blocks namely OML 60, 61, 62, 63, which are being operated on behalf of the NAOC JV – operator NAOC Ltd 20%,Oando 20%, NNPC E&P Limited 60% -, in Okpai 1 and 2 power plants with an installed capacity of 960MW, and in two onshore exploration licenses – OPL 282 and OPL 135, 90% and 48%, respectively -, of which it is also operat

Power infrastructure By Favour & Akinola Ajibade  Nigerian Electricity Regulatory Commission, NERC and the Nigeria National Accreditation System (NiNAS) have partnered together to  improve the standards of meter testing laboratories in the country.  The  two institutions have organised training on competence requirements testing and calibration laboratories – ISO/IEC 17025:2017 in order to achieve this goal. The three-day training held at the NERC headquarters in Abuja,  had the theme: Understanding the application of ISO/IEC 17025:2017 in testing laboratories in electricity generation and distribution value chain. The Commissioner of Engineering, Performance and Monitoring, NERC, Engr. Chidi Ike said in his welcome address  that the  Commission was raising the bar on the standards of meter testing laboratories. Engr. Ike said: “We have all the instruments that have empowered us to do what we should do to ensure that the laboratories used in testing meters are of the ri

Lagos Governor, Sanwoolu By Favour & Akinola Ajibade Lagosians, would as from today, Monday, September 4th, 2023,  enjoy Blue Rail Transport Operation for growth.  Through this, both indigenes and non-indigenes, residing in the state, are going to move one place to another through the initiative, once they pay for the services.  The Chief Press Secretary to Governor Babajide Sanwo-Olu, Gboyega Akosile, in a post on his Twitter handle, advised residents to use overhead bridges since the rail line is electrified.  “Dear Lagosians, please be reminded as we kick off the commercial operations of the Lagos Blue Line Rail transport on Monday, that the rail line is electrified. Don’t cross the rail lines because it is dangerous. Use the overhead bridges that have been provided by the government. Thank you,” he wrote. Similarly, the General Manager of Lagos Metropolitan Area Transport Authority, Abimbola Akinajo in a video clip accompanying Akosile’s post, expressed

By Favour & Akinola Ajibade Two people have been confirmed drown in a river tide in Itori area of Ogun State.  are Mr Femi Akinola 32 years and Tunde Fatade((35 years).While Akinola lived in Itire, Fatade was living in Kola, Alagbado Area of Lagos state. Though they were rescued. However, they died later at Itori medical centre, according to the confirmation of the doctor on duty. The Divisional Police Officer in the area,  DSP) , Olayemi Jacob detailed his team to visit the area upon receipt of the report. He ascertained there was no mark of violence or foul play relating to the deceased.  However, their remains have been deposited at IFO General Hospital for autopsy report and later deposited in the morgue.  A member of Cherubim and Seraphim Church Onikoko via Itori, Adebayo Adeosun who reported at the police station said seven people came to Ogun for inauguration, left the church premises to swim, and got drowned in the process. Commenting on the issue, the  Commissi

By Favour & Akinola Ajibade Friday, October 5th, 2023 will witness a convergence of industry leaders, experts and speakers at the Eko Hotels & Suite, where they  would provide insights into the multi-faceted problems facing the nation's energy ector and further unravel opportunities, required by Nigerians in order to accelerate the much needed economic growth. In a release signed by the Public Relations officer of the Association of Energy Correspondents of Nigeria (NAEC), Opeoluwani Akintayo, the event as usual, will enable captains of industry, regulators, lawmakers, and other stakeholders to meet and deliberate on issues affecting the smooth operations of the industry vis-a-vis its growth, prospects and opportunities. Themed:  Nigeria’s Energy Transition: Enhancing Investment Opportunities & addressing challenges in Oil the and Gas Sector , the 2023 edition of NAEC conference will attract participants in  the country and beyond. The Association's Chai

By Favour & Akinola Ajibade  Indications emerged that Commercial and Merchant have burrowed a total of N12.46 trilion from. Central Bank of Nigeria( CBN) in order to meet up with their fiscal and other needs. Industry sources said that banks intensified efforts to burrowed more money from CBN in the past eight months,  as bad economy bites harder in the country. This period covers between January to August, 2023. " Aside from August 2023 ending this week, commercial banks and merchant banks borrowed a total of N12.46tn from the CBN during the first eight months of this year".  According to data from CBN, accessed by News Mirror, financial institutions had, in the first eight months of 2022, borrowed N6.96tn from the central bank, representing an increase of 79 percent. Commercial banks and merchant banks access lending from the apex bank using the Standing Lending Facility (SLF) window and cash  from the  cash with the Standing Deposit Facility window (SDF). 

One of the nation's electricity turbines By Favour & Akinola Ajibade Nigeria's power sector is not performing well because it is under the domineering influence of cartels and carbels, its Minister, Adebayo Adelabu, has said.  He, however, promised to deal with the situation professionally in order to foster its growth. Adelabu, who spoke at a reception party organised in his honour by the Central Council of Ibadan Indigenes at Oke-Aremo, new palace of Olubadan at the weekend, said the cartel does not allow the sector to perform optimally.   “The challenges facing the power sector are enormous. The aged ineffectiveness of the sector in generation, transformation and distribution of power always attracts criticism from the end users,” he said. According to him, the sector plays a pivotal role in the economic growth hence the reason it cannot afford to continue failing the public. “The manufacturing sector,  both the Small and Medium Scale Entrepreneur including t

By Favour & Akinola Ajibade Nigeria’s energy sector contributes 5.34 percent to the country’s Gross Domestic Product (GDP) in the second quarter of 2023, a figure, which is below 6.33 and 6.21 contributd in the conresponding year. In the latest GDP report  released by the National Bureau of Statistics (NBS), Nigeria's average daily oil production was 1.22 million barrels per day (m/bpd). This is a decrease from the daily average production of 1.43 m/bpd in the same quarter of 2022, by 0.22 m/bpd. Furthermore, it’s lower than the first quarter of 2023 production volume of 1.51 m/bpd, by 0.29 mbpd. The report goes on to highlight that in Q2/2023, the real growth of Nigeria’s oil sector was -13.43% year-on-year, marking a decline of 1.66% points compared to the rate seen in the corresponding quarter of 2022 (-11.77%). In comparison to Q1 2023, which was -4.21%, this marks a more substantial decrease of 9.22% points. Meanwhile, in a quarter-on-quarter analysis, the oil

Mnangagwa By Favour & Akinola Ajibade Zimbabwe Electoral Commission, Zimbabwe Electoral Commission (ZEC) has announced Emmerson Mnangagwa as the winner of its just concluded Presidential Election. The body said that Mnangagwa polled 52.6% of the votes cast. Nicknamed “The Crocodile” for his ruthlessness, Mnangagwa is Zimbabwe’s third president. He became leader after a 2017 coup that ousted Robert Mugabe who had ruled the southern African nation for 37 years. According to ZEC, the candidate of the Citizens’ Coalition for Change (CCC), Nelson Chamisa secured 44% of the vote. Mnangagwa received more than 2.3 million votes, while Chamisa garnered 1.9 million, ZEC said. Voter turnout in the country of almost 16 million was 69%. The constitutional court has upheld the result of the election, amid claims of rigging from the opposition. Promise Mkwananzi, a spokesman for the Chamisa’s Citizens Coalition for Change (CCC) said the party had not signed the final tally, which he d

By Favour & Akinola Ajibade Buoyed by the resolve to deepen the country's revenue base and further and further speed up implementation of capital projects in Nigeria, the  Federal Government will in the next six days, precisely September 1, this year, starts collecting the  new Value Added Tax( VAT).  The government is achieving  this goal through the Federal Inland Revenue Service(FIRS).  FIRS, in a statement,  said subject to the Finance Act 2023, VAT withheld or collected, VAT on items excluded from building, the new Tertiary Education Tax rate of 3 per cent and Investment Allowances and Convertible Currencies will become effective September 1, 2023. Certain amended provisions of the Finance Act 2023 were enacted on 28th May, 2023 with the effective date of 1st May 2023. However, the effective date was changed to 1st September 2023. Some of the amended Sections are 14 (3) which deals on VAT Withheld or Collected. The VAT Act was amended to the effect that persons

Tinubu  President Bola Tinubu, yesterday, ordered for  immediate resolution of the disagreement between Nigeria and the Emirate Airlines, with a view to speedily  foster its growth. He said the issue is sacrosanct and therefore, should be allow to take place in the interest of the company and the country's aviation industry.  In a statement issued by the Office of the President yesterday( Thursday) in Abuja, Tinubu said the issue bordering on the repatriation of the airline's stocked fund should be resolve once and for all, in order to foster the growth of the airlines.  According to Tinubu, he had personally  met the United Arab Emirates,  UAE’s ambassador to Nigeria, Salem Saeed Al-Shamsi on the issue, adding that he would intervene in the dispute. “We must work together. We need to agree on core aviation and immigration issues,” Tinubu said in a  statement. Al-Shamsi was quoted in the same statement as saying; “We are getting somewhere. These are small issues, al

By Favour & Akinola Ajibade Prepaid meters'users may not be able to use their meters after November 2024, in the event that they fail to upgrade then before or on above-stated period, the Nigerian Electricity Regulatory Commission  (NERC) has said.  The body, in a report, recently made available to the media, said upgrading becomes necessary, in view order to align the nation's electricity system  with international best practices, adding that  meters are being configured to reflect that status.  It said the deadline of 2024, is given to enable as many costumers as possible upgrade their meters in time for growth. NERC said: " The Commission has advised citizens with prepaid meter to update them before November 2024. Consumers, who fail to update their meters before the said date won’t be able to recharge their prepaid meters. NERC, in a post on X, formerly known as Twitter, said updating the meters attracts no cost. The regulator said electricity Distribut

Nigerians are expected to heave a sigh of relief soon, as prices of Liquefied Petroleum Gas( LPG) or commonly known as cooking gas plummet further. Presently, prices have nosedived a bit in the market, contrary to early first quarter of the year, when 12.5kilogramme of LPG, was as high as N10,000 or more depending on the marketers. But the prices are going to come down sharply,  following the decision of the Nigeria Customs Service (NCS) to exempt local Liquefied Petroleum Gas (LPG) from duty and Value Added Tax (VAT) while other  products that are approved  in Oil and Gas Free Zones will also enjoy a 75 per cent rebate. The development, no doubt, has enlivened Nigerians, especially onsumers, who have been looking for means of coping with the hike in the price of Petroleum Motoring Spirit ( PMS), which was caused by the recent removal of subsides paid on fuel by the Federal Government. Data obtained by News Mirror, as of Tuesday, 22nd August, data from Beta Prices, an onlin