NEWS MIRROR

...  Iab test reveals 88ppm sulphur content in Dangote’s diesel, over 1,800ppm in others ... Speaker commends state-of-the-art technology; assures Dangote of NA’s support  Dangote  By Favour Ifeoluwa & Akinola Ajibade  President, Dangote Group, Aliko Dangote, has asserted that products refined at the Dangote Petroleum Refinery & Petrochemicals are  of superior quality compared to imported equivalents, adding that the products  can  meet international standards.  He expressed this confidence, after the House leadership insisted on testing other diesel products, alongside Dangote’s diesel at its state-of-the-art laboratory.  Similarly, the Speaker, House of Reprensatives, Rt Honourable, Tajideeen Abass and other members during a tour of Dangote Petrochemical Refinery and  Fertilizer Complex) who observed the testing of Automotive Gas Oil( Diesel) from two petrol stations alongside Dangote Petroleum Refinery praised the company for its significant investmen

By Favour Ifeoluwa & Akinola Ajibade  The Nigerian Liquefied Natural Gas Limited made a payment of  $27.5 million  to the Federal Inland Revenue Service (FIRS), not because it was coerced to do so by the tribunal, the gas giant's General Manager, External Relations and Sustainable  Development, Andy Odeh has said.  According to him, the payment  was done in furtherance of an out-of-court settlement agreement reached between the parties  and not because of any order made by the Tribunal. Odeh in a statement to the media, said that the company  remains a responsible corporate citizen, and consistently operates in compliance with Nigerian laws. The statement read; “Nigeria LNG Limited (NLNG) has noted media reports suggesting that a Tax Appeal Tribunal ordered NLNG to pay $27.5 million to the Federal Inland Revenue Service (FIRS) as a revised Company Income Tax (CIT) settlement for 2016. “NLNG clarifies that these reports misrepresent an out-of-court settlement that wa

By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited (NNPCL) has declared the statement on crudes swap made by its former Chief Operating Officer, Upstream operations, Engineer Bello Rabiu as false and unfounded.  Rabiu had during the week at the quarterly Press engagement organised by the Major Energy Marketers Association of Nigeria( MEMAN) alleged that the Nigeria fuel consumption capacity estimated at about one million Metric Tonnes(MT) was currently being supplied through the crude swap, otherwise known as Direct Sale Direct Purchase (DSDP), importation programme of the NNPCL.  The DSDP, according to earlier reports by News Mirror, is a transactional framework adopted by the NNPCL after the 445,000 barrels of crude capacity refineries in the country went into comatose, with local and international traders contracted to lift Nigerian crude oil owned by NNPCL and deliver Petroleum Products. Rabiu, now an independent consultant, said t

CBN's Headquarters  By Favour Ifeoluwa & Akinola Ajibade  The Central Bank of Nigeria (CBN) will be enhancing supply of liquidity and stability in the foreign exchange market soon. The apex banking regulatory body, in a statement,  will achieve this goal, byselling foreign exchange to authorised  dealer banks and licensed Bureaux De Change (BDCs), a development, which aligns with its mandate to ensure  price stability and commitment to provide  a well-functioning market in the country.  Recall that there have  been fluctuations in the foreign exchange market, a situation which was  attributed to demand pressure from corporate entities and seasonal summer demand. And to address this, CBN has promised to make  liquidity support to various segments of the official markets over the next few weeks.  The apex banking institution had on July 18 and 19, 2024  sold $106.5 million to 29 authorized dealer banks at exchange rates ranging from N1,498.00/US$1 to N1,530.00/US$1. C

Dangote  By Favour Ifeoluwa & Akinola Ajibade  The President, Dangote Industries, Alhaji Aliko Dangote says the Nigerian National Petroleum Company Limited (NNPCL) presently owns 7.2 percent of the refinery over failure to pay the balance of their share, which was due in June thereby reducing it from 20%. He said that NNPCL’s stake dropped to 7.2% over the company’s failure to pay the balance of its share, which was due in June. The 20 percent interest in the $20bn refinery is valued at $2.76 billion. In his words, “NNPC no longer owns a 20 percent stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery.” But in a swift reaction,  Dangote's Corporate Communication Officer, Femi Soneye,said: "We made a commercial decision to cap our investment at the amount already paid”   the NNPC’s equity in the refinery is now 7.5 percent as against 20 percent. Nigerian

By Favour Ifeoluwa & Akinola Ajibade  A Federal High Court sitting in Abuja says a former Minister of Power, Alhaji Saleh Mamman will be remanded in Kuje prison in the nation's Federal Capital, pending the consideration of his bail application. Justice James Omotosho said the on Thursday after the court resumed Mamman’s arraignment on money laundering charge which was earlier stepped down by the judge.  The former minister pleaded not guilty to the charge preferred against him by the Economic and Financial Crimes Commission. The EFCC had filed a 12-count money laundering charge against Mamman. He was alleged to have committed money laundering offences to the tune of N33 billion. The former minister served under former President Muhammadu Buhari from 2019 to 2021. Mamman was arrested and detained at the headquarters of anti-graft agency, Abuja onn May 10, 2021,  Buhari had September 1, 2021, sacked Mamman and the then Minister of Agriculture and Rural Development, Sa

England  Players celebrate Victory Over Netherlands  England Qualifies For Euro 2024, Faces Spain On Sunday  By Favour Ifeoluwa & Akinola Ajibade    England have qualified  for  Euro 2024 final, following Ollie Watkins’ superb last-minute strike which secured a 2-1 win over the Netherlands.By this, England will  face Spain on Sunday. A lively start in Dortmund saw Xavi Simons punish Declan Rice in possession with a stunning strike from range. But the Three Lions responded, just as they did against Switzerland before still requiring penalties to reach the semi-finals, with Harry Kane fouled by Denzel Dumfries in the penalty area. The Bayern Munich striker dispatched the controversial spot kick, which Gary Neville labelled “a disgrace” amid intense debate in the ITV studio, after a lengthy VAR review and Phil Foden’s sublime skill almost put Gareth Southgate’s side into the lead. As extra-time approached, substitute Watkins, on for Kane, smashed a shot home from a narrow

REA's Managing Director, Abba Abubakar Aliyu By Favour Ifeoluwa & Akinola Ajibade  The Rural Electrification Agency (REA) has signed a  Memorandum of Understanding(MOU)  with Mercy Corps to strengthen electricity cooperatives and further improve access to power  in Nigeria.  The signing took place last week at the Corporate Headquarters of the Agency in Abuja.  The MoU aims at providing capacity building and strengthening the Rural Electricity Users Cooperative Society (REUCS), Technical Assistance for the Africa Mini-grid Programme – AMP as well as Support in the development of Sustainable Business Model for the Operations and Maintenance of the Korean Energy Project. The Managing Director/CEO, Abba Abubakar Aliyu while giving his remarks stated that “today’s MoU signing strengthen REA’s drive for sustainability of projects”. He said “There is a need to always plan for the end of projects and to indeed put in sustainable measures that will drive the continuity of t

   By Favour Ifeoluwa & Akinola Ajibade The Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo yesterday said the path to a sustainable energy future requires partnership, innovation, and a shared commitment to addressing global energy challenges. He stated this at a welcome reception hosted by the Nigerian High Commission in Alberta, Calgary, Canada, where he is attending the ongoing Global Energy Show. In a statement issued yesterday ( Thursday) and made available to the media by the Minister Spokesman, Louis Ibah, Ekpo described the Global Energy Show as a platform where the brightest minds and most influential leaders in the energy sector converge, saying the gathering offered an opportunity to showcase Nigeria's immense potential in the global energy landscape, particularly in the gas sector. He said: "We welcome Canadian businesses and investors to explore Nigeria's vast opportunities. Our government is dedicated to ensuring a stable and conduci

Top:  Transmission Facility   Down: An official working on the wires  By Favour Ifeoluwa & Akinola Ajibade  Nigerians are experiencing  power outage across the country again, following the collapse of national grid again on Friday June 6th, this year). This is the fourth time the grid will collapse in 2024, a development, which has generated  controversy among stakeholders in the nation's economy.  For instance, the country was thrown into blackout  three months ago, a development, which the Federal Government through the Transmission Company of Nigeria( TCN) is still battling with in the country. This system collapse, which occured at about 3:00pm on Saturday afternoon has continued to suprise many Nigerians, as regards the effectiveness of the power infrastructure in Nigeria, few years after privatisation of the electricity sector. Speaking on the issue, the  Head, Corporate of Communications at Enugu Electricity Distribution Company, Emeka Ezeh said the bulk elec

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in

By Favour Ifeoluwa & Akinola Ajibade  The TotalEnergies EP Nigeria Limited, yesterday advised indigenous oil and gas companies to embrace research and development in order to enable them cope with the emerging trends in the global business. Deputy General Manager, Nigeria Content, Cyprian Ojum said this yesterday( Monday)  at the ongoing. Nigerian Oil and Gas Conference (NOG) in Abuja He said: “Now if Nigerian indigenous companies don’t wake up, they will also be left in the midst of things because they will lack knowledge of where the oil and gas industry is going to which is deep offshore. So, we are catching up with offshore and when it goes to deep offshore we are behind the time. “We can’t do much without knowledge. So Nigerians indigenous companies that are here today, you need to get knowledge about offshore business because it’s not the same the same story with land and swamp. When you are in deep offshore, the technology is different from land exploration. You

The Electricity  Transition Committé Members  By Favour Ifeoluwa & Akinola Ajibade  Ondo Governor Lucky Aiyedatiwa, yesterday (Monday ) onstituted a transition committee that would handle the transition of electricity regulation to the state. Addressing reporters at the event, the Special Adviser to the Governor on Energy and the deputy chairman of the committee, Engr Johnson Alabi, said that the committee will prepare the transition of the regulation for the state. The committee has up till October 22, 2024 to submit its recommendations to the governor. He said: “Based on this, it is expected that the electricity service providers in our state, BEDC, would have discussion with us. “Our responsibility is to prepare the way forward as to how to manage the new development in the electricity sector.The timeline is between now and October ending.” The Chairman of the Electricity Regulatory Transition from NERC to State government, Engr. Tunji Ariyomo explained that the comm

By Favour Ifeoluwa & Akinola Ajibade  The Chief Executive Officer, Egbin Power Plc, Mr Mohktar Bounour says global transition to cleaner energ and sustainable environment are achievable, as long as there is strong synergy and commitment among stakeholders in the value chain.  He spoke during the maiden edition of  Asharami Square in Lagos. This is an initiative introduced and implemented by the Sahara Group, in order to amplify discourse on energy sustainability through  media advocacy globally. He said: " Having analyzed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and transportation, we are realised that there is need for synergy  and renewed commitment among stakeholders". According to him, Egbin Power has unwavering commitment to reduce carbon emissions and promotes sustainable energy sources, stressing that the need to depeening engagement and advocacy among stakeholders in

A 64-year-old randy pastor, rFrancis Ogu, has been arrested( Thursday, June 27) in Awka, Anambra State capital, for allegedly defiling a 7-year-old to ‘calm his nerves’. The suspect, a native of Mbanọ in Imo State but resident in Anambra, was arrested,  following the report of his immoral act against the little girl who is a domestic help living with them.  Ogu, who is said to be the Spiritual Director and General Overseer of the Jesus House of Joy Church in Awka  married with children, the youngest of whom is 18-year-old. Upon interrogation by the State Commissioner for Women Affairs and Social Welfare, Mrs. Ify Obinabo,  Ogu confessed to defiling the 7-year-old girl by fingering her. He however said that he did not  penetrate her. “I just fingered her once,” he said, demonstrating it with his finger. “If I penetrate that girl with my thing, she won’t stand it nah,” he added, also demonstrating the strength and size of his manhood" he said. When asked why he defiled the child, he

Oil Blocks: Why FG Prioritizes Production Bonus to Attract Local and Foreign Investors By Ibrahim Musa The Federal Government has emphasized production bonus, which refers to the payment by an operator to a host country upon achievement of oil and gas production, as a strategy for attracting investors to bid for Nigeria’s oil blocks. Previously, the government relied on a high signature bonus, which refers to a single, non-recoverable lump sum payment made upfront by oil companies for their rights to develop oil blocks, as an option for maximizing revenue generation, thus discouraging investors with limited resources from bidding. Currently, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC which regulates activities in the nation’s oil and gas industry, has removed all entry barriers to attract massive investments. This strategy aims at growing oil and gas production, enhancing Nigerian Content Development, attracting Foreign Direct Investment, contributing to l

Late Imuda  By Favour Ifeoluwa & Akinola Ajibade  A  Former Chief Executive Officer(CEO) of  Konga, Mr Nick Imuda has committed suicide in his home. .Konga is  one of Nigeria's e-commerce giants. Nick until his death was the CEO of D.light , a leading innovator in the distribution and financing of residential solar energy solutions and transformational household products, He  killed himself on the night of Tuesday, June 25, by jumping from the balcony of his Lekki, Lagos apartment. Before Konga, Nick had stints with TCL/Alcatel as a regional director and Microsoft Device and Services as the GM/MD for West and Central Africa. Before making the jump, he had called his US-based brother to give him instructions on how to distribute his wealth should anything happen to him. He also called his young daughter from a previous relationship and told her he would always be there for her and that all she needed to do was to look in the sky and he would see her. His friends, fam

Axxela records 8 million man-hours with no Lost Time Injury  By Favour Ifeoluwa & Akinola Ajibade  Axxela Limited, sub-Saharan Africa's leading gas and power  company, has announced another impressive safety milestone.  Axxela, a strong player in the mid-stream gas marketing and distribution,has its  headquarters in Victoria Island, Lagos. The company has now achieved 8 million man-hours with no lost time injury (LTI), surpassing the previous 7 million man-hours LTI milestone achieved in 2023.  According to the company 'Chief Executive officer, Mr Bolaji Ogunsanya, the  achievement has affirmed the decision of Axxela to  strictly adhere to best practices and safety standards across its assets management, operations, and people. He further expressed his satisfaction on the company's achievement. "We are proud of this significant safety milestone, which underscores our deliberate focus on maintaining the highest standards in our environmental, health, saf

By Favour Ifeoluwa & Akinola Ajibade  The Vice President, Oil and Gas at Dangote Industries Limited, DIL, Devakumar Edwin, has accused International Oil Companies, IOCs, in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals.  He said IOCs are deliberately and willfully frustrating the refinery’s efforts to buy local crude by jerking up high premium price above the market price, thereby forcing it to import crude from countries as far as United States, with its attendant high costs.  He spoke to a group of Energy Editors at a one-day training programme, organised by the Dangote Group. According to him, the activity of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, in granting licences, indiscriminately to marketers to import dirty refined products into the country is also part of the problems.  “the Federal Government issued 25 licences to build refinery and we are the only one that delivered on

By Favour Ifeoluwa & Akinola Ajibade The Federal Government, under the administration of President Bola Tinubu, has spent a total sum of N14.77billion on repair and maintenance of the presidential air fleet in the last eleven (11) months  The government, in  a report published by Punch Newspaper, made the payments in 11 tranches between 16th July 2023 and 25th May 2024 through the State House headquarters transit account labelled, ‘Presidential Air Fleet Transit Funds’. This.new development comes amidst plans by the National Assembly to approve the purchase of two new aircraft, after it was discovered that the President’s 19-year-old Boeing 737 and some of the other aircraft in the fleet, were dysfunctional. The House of Representatives Committee on National Security and Intelligence listed the purchase in its technical subcommittee report, which may cost over $623.4m or N918.7bn, according to experts’ estimates. “The committee is of opinion that considering the fragile