NEWS MIRROR

L-R: Group Chairman, Mr. Tony O. Elumelu and Group Managing Director/CEO, Mr. Oliver Alawub, at the 62nd AGM of United Bank for Africa (UBA) held in Abuja. By Favour Ifeoluwa & Akinola Ajibade Shareholders of United Bank for Africa (UBA) Plc, have praised its  board and management on the payment of final dividends of N78.7bilîon for the financial year ending 2023. The shareholders took turns to express their delight during the bank’s 62nd Annual General Meeting which was held at the Congress Hall of Transcorp Hotels in Abuja  last Friday. They  overwhelmingly approved the Board of Director’s proposal to raise additional capital through the issuance of securities comprising ordinary shares, preference shares, convertible and/or non-convertible notes, bonds or any other instruments in the Nigerian and/or international capital market. The Bank's Group Chairman, Mr. Tony Elumelu, appealed to shareholders to participate fully and re-invest their dividends in the bank’s r

Agama  By Favour Ifeoluwa & Akinola Ajibade Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), will deal decisively with the recurring issue of unclaimed dividends in the Nigerian capital market. Its Acting Director-General, Dr. Emomotimi Agama, has said. He spoke last weekend in Abuja, during a meeting with the executives of Institute of Capital Market Registrars (ICMR), where he described unclaimed dividend  in the capital market as a monster. According to him, SEC will soon issue  a framework that will guide the capital market in the proposed recapitalisation exercise by banks.  He said registrars must embrace technology as one of the ways of ensuring that the issue of unclaimed dividends in the capital market becomes a thing of the past.  “Unclaimed dividends is a monster that we must deal with now. Whatever it will take to deal with it, we must do it. We must embrace technology as one of the ways to deal with it. “Let us put our thou

ACU, Oyo  By Favour Ifeoluwa & Akinola Ajibade Ajayi Crowther University, Oyo arrested two members of its vigilance group for allegedly raping a female student of the institution. The management, in a statement signed by its Public Relations Officer, Olufemi Atoyebi, said the university had set up a panel of inquiry to investigate the incident which occurred on May 9, 2024. According to Atoyebi, the suspects were handed over to the police with a vow to ensure a heavy penalty awaits anyone found culpable after a thorough investigation. The statement read in part, “Management of Ajayi Crowther University, Oyo, received with shock a report of alleged rape of one of our female students on Thursday, May 9, 2024, by two members of our vigilance group. The management promptly handed over to the police, the two people alleged to have committed the crime while the university set up its internal panel of inquiry to investigate the allegation. “The management wishes to assure all

Officials of NNPCL & Schlumberger (SLB) in Abuja By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Corporation NNPC's Energy Services Limited ( EnServ) and Schlumberger (SLB), a renowned global technology company, yesterday  signed a technical partnership agreement towards bolstering upstream operations. The agreement was signed at the NNPC Limited’s Corporate Headquarters in Abuja on Thursday, with senior management teams from both companies in attendance. Speaking  after the signing the agreement the , Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari described the ongoing reforms within the industry as a trigger for potential release of investments in the short term. “Quite a number of reforms are unfolding, and at the back of it is a potential release of investment that we are seeing in a very short term. Our physical environment is excellent today; contracting processes have been reviewed by virtue of the clear reforms Mr. Pre

NGA Recognises Okunbor and Shell Nigeria for Outstanding Contributions to Nigeria’s Gas Industry From Left to Right: President, Nigerian Gas Association (NGA), Akachukwu Nwokedi; Managing Director, Shell Petroleum Development Company (SPDC), Osagie Okunbor; Shell Principal Adviser, Governance, and Information Management, Ifeoma Okonkwo; Manager, Corporate Planning & Strategy, NLNG, Akitunde Adetunji and Financial Secretary, NGA, Engr. Chukwuemeka Iheme, during the Association’s courtesy visit to SPDC Office in Lagos recently. By Favour Ifeoluwa & Akinola Ajibade The Nigerian Gas Association (‘NGA’) has recognized and expressed deep appreciation for the outstanding contributions of Mr. Osagie Okunbor, Managing Director of The Shell Petroleum Development Company of Nigeria Limited (‘SPDC’) and Country Chair of Shell Companies in Nigeria, towards the advancement of Nigeria’s gas sector. This recognition came during a recent courtesy visit by the NGA’s Executive Council

By Favour Ifeoluwa & Akinola Ajibade  Seplat Energy Plc has emerged winner of Sustainability Reporting Award at the maiden edition,  organised by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Ltd (NGX RegCo). The company, with listing in the Nigerian and London Stock Exchanges ( NSE & LSE)  won the award during a  ceremony in Lagos. The event aimed at recognising the top 30 most capitalised companies listed on the Nigerian Exchange Ltd (NGX) for the 2022 financial reporting year.. Speaking at the event,  ICAN's President,  Dr. Innocent Okwuosa, lauded NGX RegCo for ensuring better disclosures and reporting among listed companies. Okwuosa noted that corporate reporting over time had evolved, as there was a shift from a primary focus on financial reporting to the increasing request to incorporate social and environmental disclosures.  He said  that the organisation had evolved and had been differently propagated, including but not lim

By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Corporation Limited (NNPCL), yesterday ( Friday) said that the depot gutted by fire in Lagos belonged to Honeywell and not its subsidiary. This is contrary to reports in the media the facility  located at Kayode Street, Marine Beach, Apapa area of the state belonged to the NNPCL. NNPC Limited, in a statement by its Chief Corporate Communications Officer, Olufemi O. Soneye, said that the incident took place at a depot belonging to HOGL Energy Ltd (Honeywell Depot), and not an NNPC Retail Ltd.’s facility as circulated by early responders.  “The fire, which has since been extinguished, was as a result of petroleum products spillage within the perimeter of the tank farm,” the statement said. Meanwhile, NNPC Ltd and other depots in the area have resumed loading activities. NNPC assures that the incident will, in no way, affect petroleum products supply and distribution across the country. According to an ey

PLATINUM BIRTHDAY ANNIVERSARY OF ELDER ADE ADEDAMOLA OGIDAN, A FOREMOST JOURNALIST & EDITOR By Favour Ifeoluwa & Akinola Ajibade Like a new born child, beaming with smiles for coming out of his mother's womb in order to live a fulfiled life, the celebrator,Ade Ogidan fits perfectly well into this category. Simply known as AAO, a shorten form of Ade Adedamola Ogidan, the thorough based journalist is without doubt, a  well grounded newsman.. With Bachelor of Science ( BSC) Degree in   Sociology and Anthropology( 1976 ) from University of Nigeria, Nsukka,  Ogidan has cut his teeth well in Journalism. Prior to this, he  taught in Osogbo Grammar School and worked at the Nigerian Communication respectively  after his youth service, a development, which no doubt prepared  him well for journalism profession and other future engagements. Pragmatic, resilient and outspoken, where it matters, Ogidan ensured  that his tenure as the first Chairman of Pineapple Estate, Ikorod

By Ifeoluwa Favour & Akinola Ajibade The Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo says Nigeria will lay emphasis on licences for distribution gas  to end users iacross  the country.  This is coming on the heels of recent gas explosion at Ita Oshin in Abeokuta, Ogun State,where a truck conveying Compressed Natural Gas(CNG) had brake failure, crashed into the road barricade and went up in flames.  The accident resulted in loss of lives and properties.  The Minister, who was on visit to the site of the event recently,  said that a shift from  trucking to gas to the end users  to issuance of distribution licences would help  guarantee  safety of the product.  Ekpo said going forward, rather than trucking to the end users, the regulators will emphasize issuance of distribution licences that will ensure that licensed distributors invest in the installation of pipelines to deliver gas directly to end users. He said the shift from trucking to pipeline tra

Lokpobiri By Favour Ifeoluwa &. Akinola Ajibade The Honourable Minister of Petroleum Resources, Sen Henekein Lokpobiri has said reiterated that he stands by his statement  at the Petroleum Club quarterly event  in  Lagos that over N500milion of the industry fund in equity investment in private establishments and loans are now  non performing.  While reacting to media statement made by Mr Simbi Wabot, former Executive Secretary of Nigerian Content Development  Monitoring Board ( NCDMB), dismissed the claims that he asked for an  increase in budget of N30bilion for the Office of the Minister. In a statement by Nnaemakar Okafor, S.A Media & Communication, for Minster of State for Petroleum Resources( Oil)the Minister noted: Secondly the Minister gas no aide  called Blackson.  All his aides are duly selected in line with extant laws and have documents to that effect.  According to the chairman, the Minister in his capacity as chairman of the Governing Council stands by

Hon Lokpobiri By Favour Ifeoluwa & Akinola Ajibade The Minister of State for Petroleum Resources ,Hon Henekein Lokpobiri says he has not wasted over N500billion equity fund  private establishments, as alleged by the former NCDMBs s 'Chairman, Mr Simbi Wabote.  According the Minister, the former NCDMB leader, the allegations that he gave out the funda as unperfoming loans was not true. He spoke during the quarterly and recent  event of Petroleum Club  in Lagos, stressing that his office has not requested for an increase in budget by N30bllion, as alleged by erstwhile NCDMB's Executive Secretary, Mr Wabote.  The Minister noted through a statement made by his Special Adviser, Media & Communication, Nneamakar Okafor said that:"  The position of His Office is that he who made allegations must prove  the same.  So, if Mr Wabote has proof of such conversation, he is challenged to provide it to the public."  Adding that he has no aide called Di

Ekpo  Fed  Govt to Execute Brass Agreement This  May  By Favour Ifeoluwa & Akinola Ajibade The Federal Government will  sign Gas Supply and Purchase Agreement ( GSPA) to support  Brass Methanol Project in May 2024, the Minister of for Petroleum Resources,, Hon. Ekperkipe Ekpo, has said. He said the agreement aimed at supporting the Final Investment Decision (FID) for the Project. According to Louis Ibah, the Minister made the announcement yesterday, after a meeting  with key stakeholders of the project in his office in Abuja.  The meeting aimed at confirming whether there is adequate gas supply to the Brass Methanol Project by the NNPC/Shell/TotalEnergies/NAOC Joint Venture (JV), as well as determine the next steps to conclude and execute the GSPA and mature the phase 2 of gas supply to the project. Present at the meeting were the Head of Joint Venture (JV), Investment Management, NNPC Upstream Investment Management Services, Mr. Olanrewaju Igandan; Deputy Managing Dire

Ekpo  Fed  Govt to Execute Brass Agreement This  May  By Favour Ifeoluwa & Akinola Ajibade The Federal Government will  sign Gas Supply and Purchase Agreement ( GSPA) to support  Brass Methanol Project in May 2024, the Minister of for Petroleum Resources,, Hon. Ekperkipe Ekpo, has said. He said the agreement aimed at supporting the Final Investment Decision (FID) for the Project. According to Louis Ibah, the Minister made the announcement yesterday, after a meeting  with key stakeholders of the project in his office in Abuja.  The meeting aimed at confirming whether there is adequate gas supply to the Brass Methanol Project by the NNPC/Shell/TotalEnergies/NAOC Joint Venture (JV), as well as determine the next steps to conclude and execute the GSPA and mature the phase 2 of gas supply to the project. Present at the meeting were the Head of Joint Venture (JV), Investment Management, NNPC Upstream Investment Management Services, Mr. Olanrewaju Igandan; Deputy Managing Dire

Axella' s Director of Business Development, Mr Franklin Imole By Favour  Ifeoluwa & Akinola Ajibade Axella's Gas Processing Plant announces Final Investment Decision ( FID) to develop a 50 MMASCF/D Gas Processing Plant, with h a view to deepen utilisation of gas  in the country. The firm, which is situated  in 0ML 56 in Delta State,  said that its making strategic investment in order to ensure that gas is available for industrial use in Nigeria. Situated in  Delta State, Southern Nigeria and billed to commence operation by the end of 2024, the facility, Axella' said, boasts of 12 MMSCF  Modular Plant with an interconnection pipeline network of about 4kilometres alongside other ancillary infrastructure. The facility, the company added, is expected to commence operation by the end of this year. Speaking on the plant ,  Axella's  Director of Business Development, Franklin Imole said: " As the Federal Government continues to pursue its decade of Energy

The Nigerian Content Development and Monitoring Board (NCDMB) has conducted an executive tours  of Saipem's offices in Milan, Italy, in preparation for Nigerian Liquefied  has conducted an extensive on-site monitoring exercise of contractors and Equipment manufacturers handling different components of equipment and facilities for the NLNG Train 7 Project, in the out-of-country project activities in Italy. The NCDMB in a statement obtained by EnergyDay at the weekend, stated this when Mr. Akintunde Adelana, NCDMB, Director Monitoring and Evaluation, led the Board’s delegation to the inspection visit. The delegation began an oversight tour of Saipem’s offices in Milan, Italy, on September 25, 2023. By EnergyDay gathered that the Saipem Chiyoda Daewoo Joint Venture (SCDJV), Project Contractor is Engineering, Procurement, and Construction (EPC) contract responsible for the detailed design and construction phase of the seventh train at the Nigeria LNG plant in Bonny.  NCDMB

  NNPCL's  GCEO, Mele Kyari By  Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited ( NNPCL) will demisyify the cost of oil and gas production soon, Its Chairman, Chairman, Mr Wole Ogunsanya has assured.  He gave the assurance, when he led members of his team during a courtesy call to the Group Chief Executive Officer of NNPC, Mr Mele Kolo Kyari at the NNPC Towers in Abuja In a statement signed by PETAN's Executive Secretary, Engr Innocent Akuvee and made available to the News Mirror, he said"  Realising that all hands must be on deck in line with the Presidential Mandate to move the economy through increased production, Ogunsanya pledged all encompassing capacity which its members have garnered for decades on local content journey to ramp up oil and gas production for the country at a reduced cost". " Our cost of production compared to other countries is too high and at PETAN, we feel the responsibility t

President Tiinubu  By Favour Ifeoluwa & Akinola Ajibade The Federal Government is not leaving any stone unturned to conclude the sale of $1.3 billion ExxonMobil oil assets to Seplat Energy Plc in order to increase investment and Nigeria’s production capacity, the Minister of State for Petroleum Resources, Senator Heineiken Lokpobiri has said.  He said President Bola Tinubu has already directed him to ensure that all issues bordering on investment and production including sale of Exxon Mobil Assets are addressed, as part of efforts to widen the country 's capacity to improve its output.  He spoke on the issue during a dinner organised for industry's stakeholdersi in Abuja. He said: "The President has directed that we resolve all issues hindering investment in the industry. There are many oil well that have been idle for years. I have been engaging stakeholders, including the International Oil Companies, IoCs and indigenous oil companies on how to keep the id

  Dr Sanda  By Favour Ifeoluwa & Akinola Ajibade The  Federal High Court sitting in Abuja, yesterday ( Thursday), ordered the reinstatement of Dr  Tunde Sanda led  management team of Eko Electricity Distribution Company ( EKEDC) pendingt the determination of the suit seeking the interpretation of NERC’s Orders. However, EKEDP Chairman, Dere Otubu remains adamant as our investigation revealed that Dr. Sanda is yet to resume office despite the latest court order. The Chairman, Legal and Regulatory Compliance Board Committee of EKEDP, had via an Originating summons requested the Court to interpret NERC Directives, which the Chairman of EKEDP had based the recall of the Management team on. Recall that the Chairman of Eko Disco  unilateral leleaved the Managing Director (/Chief Executive Officer  alongside some senior staff of their duties in EKEDP and redeploy same to their parent company, WPG Limited, on the NERC Directive. The NERC order which come on the heels of an atte

Adelabu  By Favour Ifeoluwa & Akinola Ajibade The Minister of Power, Adebayo Adelabu says the new electricity tarif hike would affect only 1.2 million out of 12million consumers in the sector.. This is coming days after the Federal Government announced hike in tarif for consumers ón Band 'A' to N225 per kilowatt, since they are mostly in high income bracket.  The government made the announcement on April 4th, this year. Speaking on Channels Television''s Politics Today recently, Adelabu said that the new tariff imposed on electricity consumers is flexible as it is capable of changing with time. According to him, the statement made by him that consumers should manage consumption of electricity well was not meant to insult the sensibilities of Nigerians in any form, as misinterpreted by a section of the populace, but to ensure proper usage of power and bills.  “The statement was a piece of innocent advice about energy consumption management which we believ

Ladoja  By Favour Ifeoluwa & Akinola Ajibade The Otun Olubadan of Ibadanland, High Chief Rashidi Ladoja, has diagreed with the positions  of  ome Ibadan High Chiefs over the health status of the Olubadan-designate, Oba Owolabi Olakulehin. Ladoja said that the comments were mere  opinions since the chiefs were not medical personnel. He said this on Wednesday,  while addressing newsmen after Eid-el-Fitri prayer at his residence in Ibadan. Recall that Otun Balogun Olubadan of Ibadanland, Oba Abimbola Ajibola recently quoted by media as saying the Olubadan designate is sick and needs time to get well before his coronation. “Has anyone seen him since last Friday? Those who attempted to visit him after Friday were unsuccessful. They are coercing him. We should allow him to recuperate”, he said. However, Ladoja said thats such views were speculative and not based on medical facts. “His comments and others on the health status of Olubadan designate are mere personal opinions wh