Connect with us

NNPC

  •  An economist Dr Muda Yusuf has emphasised the need for new funding models to support road infrastructure and the country s tertiary education system Yusuf said this an interview with the News Agency of Nigeria in Lagos following the 2023 budget presentation by President Muhammadu Buhari to the National Assembly on Friday Yusuf also Founder Centre for the Promotion of Private Enterprises CPPE said the call was in agreement with the president s speech that funding of same cannot be adequately and sustainably supported exclusively from government budget He stated that budget funding for road infrastructure could not guarantee quality roads for a country over 200 million people We note the reference by Mr President to Public Private Partnership PPP options for infrastructure financing However the macroeconomic and regulatory environment needs to improve to inspire confidence of investors in infrastructure within the PPP framework Current macroeconomic and foreign exchange policy regime are major disincentives to investors in infrastructure especially the foreign investors We need the inflow of such foreign capital to complement government funding in infrastructure he said Yusuf stressed the need to address issues surrounding the country s fiscal sustainability aspiration in the 2023 budget According to him the budget has further amplified the troubling fiscal outlook for the economy as expenditure continues to accelerate amid consistent weak revenue performance He noted that the budget of N20 51 trillion with revenue projection of N9 73 trillion left the country with a deficit of N10 78 trillion Yusuf stated that in all probability the deficit would be much bigger by year end because of the track record of revenue under performance over the last couple of years He added that the development would likely lead to an acceleration of the Central Bank of Nigeria CBN financing of fiscal deficit given the revenue performance trajectory Noting that the country s public debt stock was currently at N42 trillion Yusuf said that additional new borrowing of N8 8 trillion would increase the debt profile towards N50 trillion by May 2023 A number of issues need to be addressed to achieve our fiscal sustainability aspiration Government owned enterprises managing huge economic assets need to justify the value of assets at their disposal Returns on investment on those assets have been consistently sub optimal for many years These include government enterprises in maritime and oil and gas for example even though it is instructive that some reforms are ongoing at the Nigerian National Petroleum Corporation NNPC he said Yusuf emphasised the need for the lapses in the petroleum upstream ecosystem to be urgently addressed This he said includes the impunity of crude oil theft and vandalism of oil facilities He added that the foreign exchange policy regime which was adversely impacting the business environment needed urgent attention Weak private sector performance will naturally affect non oil tax revenues There is a need for budget reforms The budgetary appropriations must reflect urgent national economic priorities There are also concerns about value for money and other forms of fiscal leakages he said NewsSourceCredit NAN
    2023 budget: Economist seeks new funding models for road infrastructure, education
     An economist Dr Muda Yusuf has emphasised the need for new funding models to support road infrastructure and the country s tertiary education system Yusuf said this an interview with the News Agency of Nigeria in Lagos following the 2023 budget presentation by President Muhammadu Buhari to the National Assembly on Friday Yusuf also Founder Centre for the Promotion of Private Enterprises CPPE said the call was in agreement with the president s speech that funding of same cannot be adequately and sustainably supported exclusively from government budget He stated that budget funding for road infrastructure could not guarantee quality roads for a country over 200 million people We note the reference by Mr President to Public Private Partnership PPP options for infrastructure financing However the macroeconomic and regulatory environment needs to improve to inspire confidence of investors in infrastructure within the PPP framework Current macroeconomic and foreign exchange policy regime are major disincentives to investors in infrastructure especially the foreign investors We need the inflow of such foreign capital to complement government funding in infrastructure he said Yusuf stressed the need to address issues surrounding the country s fiscal sustainability aspiration in the 2023 budget According to him the budget has further amplified the troubling fiscal outlook for the economy as expenditure continues to accelerate amid consistent weak revenue performance He noted that the budget of N20 51 trillion with revenue projection of N9 73 trillion left the country with a deficit of N10 78 trillion Yusuf stated that in all probability the deficit would be much bigger by year end because of the track record of revenue under performance over the last couple of years He added that the development would likely lead to an acceleration of the Central Bank of Nigeria CBN financing of fiscal deficit given the revenue performance trajectory Noting that the country s public debt stock was currently at N42 trillion Yusuf said that additional new borrowing of N8 8 trillion would increase the debt profile towards N50 trillion by May 2023 A number of issues need to be addressed to achieve our fiscal sustainability aspiration Government owned enterprises managing huge economic assets need to justify the value of assets at their disposal Returns on investment on those assets have been consistently sub optimal for many years These include government enterprises in maritime and oil and gas for example even though it is instructive that some reforms are ongoing at the Nigerian National Petroleum Corporation NNPC he said Yusuf emphasised the need for the lapses in the petroleum upstream ecosystem to be urgently addressed This he said includes the impunity of crude oil theft and vandalism of oil facilities He added that the foreign exchange policy regime which was adversely impacting the business environment needed urgent attention Weak private sector performance will naturally affect non oil tax revenues There is a need for budget reforms The budgetary appropriations must reflect urgent national economic priorities There are also concerns about value for money and other forms of fiscal leakages he said NewsSourceCredit NAN
    2023 budget: Economist seeks new funding models for road infrastructure, education
    Economy2 hours ago

    2023 budget: Economist seeks new funding models for road infrastructure, education

    An economist, Dr Muda Yusuf, has emphasised the need for new funding models to support road infrastructure and the country’s tertiary education system.  

    Yusuf said this an interview with the News Agency of Nigeria in Lagos, following the 2023 budget presentation  by President Muhammadu Buhari to the National Assembly on Friday.  

    Yusuf, also Founder, Centre for the Promotion of Private Enterprises (CPPE), said the call was in agreement with the president’s speech that funding of same cannot be adequately and sustainably supported exclusively from government budget.

    He stated that budget funding for road infrastructure could not guarantee quality roads for a country over 200 million people.

    “We note the reference by Mr President to Public Private Partnership (PPP) options for infrastructure financing.

    “However, the macroeconomic and regulatory environment needs to improve to inspire confidence of investors in infrastructure within the PPP framework.

    “Current macroeconomic and foreign exchange policy regime are major disincentives to investors in infrastructure, especially the foreign investors.

    “We need the inflow of such foreign capital to complement government funding in infrastructure,” he said.

    Yusuf stressed the need to address issues surrounding the country’s fiscal sustainability aspiration in the 2023 budget.

    According to him, the budget has further amplified the troubling fiscal outlook for the economy as expenditure continues to accelerate amid consistent weak revenue performance.

    He noted that the budget of N20.51 trillion with revenue projection of N9.73 trillion left the country with a deficit of N10.78 trillion.

    Yusuf stated that in all probability, the deficit would be much bigger by year end because of the track record of revenue under performance over the last couple of years.

    He added that the development would likely lead to an acceleration of the Central Bank of Nigeria (CBN) financing of fiscal deficit given the revenue performance trajectory.

    Noting that the country’s public debt stock was currently at N42 trillion, Yusuf said that additional new borrowing of N8.8 trillion, would increase the debt profile towards N50 trillion by May 2023. “A number of issues need to be addressed to achieve our fiscal sustainability aspiration.

    “Government owned enterprises managing huge economic assets need to justify the value of assets at their disposal.

    “Returns on investment on those assets have been consistently sub optimal for many years.

    “These include government enterprises in maritime, and oil and gas, for example even though it is instructive that some reforms are ongoing at the Nigerian National Petroleum Corporation (NNPC),” he said.

    Yusuf emphasised the need for the lapses in the petroleum upstream ecosystem to be urgently addressed.

    This, he said, includes the impunity of crude oil theft and vandalism of oil facilities.

    He added that the foreign exchange policy regime which was adversely impacting the business environment needed urgent attention.

    “Weak private sector performance will naturally affect non oil tax revenues.

    “There is a need for budget reforms.

    “The budgetary appropriations must reflect urgent national economic priorities.

    “There are also concerns about value for money and other forms of fiscal leakages,” he said.  


    NewsSourceCredit: NAN

  •  Prof Uche Uwaleke president Association of the Capital Market Academics of Nigeria says every effort must be made to improve the country s revenue collection to meet up with the projected expenditure in the 2023 budget Uwaleke said this on Friday in Lagos in reaction to the presentation of the 2023 budget of N20 5 trillion by President Muhammadu Buhari to the National Assembly He also stressed the need to monitor closely the Ministries Departments and Agencies MDAs and government s independent revenues As the president rightly noted the greatest threat to budget performance is the revenue side I also think the fiscal deficit of over N10 trillion can be trimmed especially by pruning down the over N1 trillion overhead costs he said The finance expert also lauded the early presentation of the 2023 budget proposal saying it ensured the sustainability of the return to the January to December budget cycle He said it was equally noteworthy that the finance bill would be considered alongside the 2023 appropriation bill as well as the fact that the budget of government owned enterprises was integrated to promote transparency He added that the oil price benchmark of 70 dollars was conservative in line with budget principles I also think the oil production benchmark of 1 69mbpd is realistic given the assurance by the president that the NNPC Ltd is doing something to curb oil theft and pipeline vandalism It is however worrisome that capital expenditure as a proportion of total spending has gone down well below the government target of 30 per cent while debt service at over N6 trillion is in excess of amount budgeted for capital expenditure he said NewsSourceCredit NAN
    2023 budget: Expert calls for revenue collection efficiency
     Prof Uche Uwaleke president Association of the Capital Market Academics of Nigeria says every effort must be made to improve the country s revenue collection to meet up with the projected expenditure in the 2023 budget Uwaleke said this on Friday in Lagos in reaction to the presentation of the 2023 budget of N20 5 trillion by President Muhammadu Buhari to the National Assembly He also stressed the need to monitor closely the Ministries Departments and Agencies MDAs and government s independent revenues As the president rightly noted the greatest threat to budget performance is the revenue side I also think the fiscal deficit of over N10 trillion can be trimmed especially by pruning down the over N1 trillion overhead costs he said The finance expert also lauded the early presentation of the 2023 budget proposal saying it ensured the sustainability of the return to the January to December budget cycle He said it was equally noteworthy that the finance bill would be considered alongside the 2023 appropriation bill as well as the fact that the budget of government owned enterprises was integrated to promote transparency He added that the oil price benchmark of 70 dollars was conservative in line with budget principles I also think the oil production benchmark of 1 69mbpd is realistic given the assurance by the president that the NNPC Ltd is doing something to curb oil theft and pipeline vandalism It is however worrisome that capital expenditure as a proportion of total spending has gone down well below the government target of 30 per cent while debt service at over N6 trillion is in excess of amount budgeted for capital expenditure he said NewsSourceCredit NAN
    2023 budget: Expert calls for revenue collection efficiency
    Economy3 hours ago

    2023 budget: Expert calls for revenue collection efficiency

    Prof. Uche Uwaleke, president, Association of the Capital Market Academics of Nigeria, says every effort must be made to improve the country’s revenue collection to meet up with the projected expenditure in the 2023 budget.

    Uwaleke said this on Friday in Lagos in reaction to the presentation of the 2023 budget of N20.5 trillion by President Muhammadu Buhari to the National Assembly.

    He also stressed the need to monitor closely the Ministries, Departments and Agencies (MDAs) and government’s independent revenues.

    “As the president rightly noted, the greatest threat to budget performance is the revenue side.

    “I also think the fiscal deficit of over N10 trillion can be trimmed, especially by pruning down the over N1 trillion overhead costs,” he said.

    The finance expert also lauded the early presentation of the 2023 budget proposal, saying it ensured the sustainability of the return to the January to December budget cycle.

    He said it was equally noteworthy that the finance bill would be considered alongside the 2023 appropriation bill as well as the fact that the budget of government owned enterprises was integrated to promote transparency.

    He added that the oil price benchmark of 70 dollars was conservative in line with budget principles.

    “I also think the oil production benchmark of 1.69mbpd is realistic given the assurance by the president that the NNPC Ltd. is doing something to curb oil theft and pipeline vandalism.

    “It is, however, worrisome that capital expenditure as a proportion of total spending has gone down well below the government target of 30 per cent, while debt service at over N6 trillion is in excess of amount budgeted for capital expenditure,” he said.


    NewsSourceCredit: NAN

  •  The Nigerian National Petroleum Company Limited NNPC Ltd has informed the public that it has sufficient stock of petroleum products and the public should not give in to panic buying The company in a statement on Thursday by Garba Muhammad Group General Manager Group Public Affairs Division NNPC Ltd said the current queue situation in some parts of Abuja and its environs was as a result of delays in arrival of fuel trucks Muhammad said this was happening as a result of heavy flooding that had submerged parts of the highway passing through Lokoja Kogi He also said that an incidence of a failed road section around Badegi Agaie highway in Niger State also contributed Consequently vehicles especially fuel tankers are finding alternative roads to get to their intended destinations NNPC Ltd is working assiduously in collaboration with relevant government agencies to open up this major highway While we do that we urge the general public to remain calm and not to engage in panic buying of petroleum products he advised According to him the current situation is temporary and has nothing to do with shortage of Premium Motor Spirit PMS as the NNPC Ltd has a thirty day products sufficiency NewsSourceCredit NAN
    Fuel Queues: Don’t panic, we have enough supply in stock – NNPC Ltd
     The Nigerian National Petroleum Company Limited NNPC Ltd has informed the public that it has sufficient stock of petroleum products and the public should not give in to panic buying The company in a statement on Thursday by Garba Muhammad Group General Manager Group Public Affairs Division NNPC Ltd said the current queue situation in some parts of Abuja and its environs was as a result of delays in arrival of fuel trucks Muhammad said this was happening as a result of heavy flooding that had submerged parts of the highway passing through Lokoja Kogi He also said that an incidence of a failed road section around Badegi Agaie highway in Niger State also contributed Consequently vehicles especially fuel tankers are finding alternative roads to get to their intended destinations NNPC Ltd is working assiduously in collaboration with relevant government agencies to open up this major highway While we do that we urge the general public to remain calm and not to engage in panic buying of petroleum products he advised According to him the current situation is temporary and has nothing to do with shortage of Premium Motor Spirit PMS as the NNPC Ltd has a thirty day products sufficiency NewsSourceCredit NAN
    Fuel Queues: Don’t panic, we have enough supply in stock – NNPC Ltd
    General news1 day ago

    Fuel Queues: Don’t panic, we have enough supply in stock – NNPC Ltd

    The Nigerian National Petroleum Company Limited  (NNPC Ltd) has informed the public that it has sufficient stock of petroleum products and the public should not give in to panic buying.

    The company in a statement on Thursday by Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC Ltd. said the current queue situation in some parts of Abuja and its environs was as a result of delays in arrival of fuel trucks.

    Muhammad said this was happening as a result of heavy flooding that had submerged parts of the highway passing through Lokoja, Kogi. He also said that an incidence of a failed road section around Badegi-Agaie highway in Niger State also contributed.

    “Consequently, vehicles, especially fuel tankers, are finding alternative roads to get to their intended destinations.

    “NNPC Ltd is working assiduously, in collaboration with relevant government agencies, to open up this major highway.

    “While we do that, we urge the general public to remain calm and not to engage in panic buying of petroleum products,” he advised.

    According to him, the current situation is temporary and has nothing to do with shortage of Premium Motor Spirit (PMS) as the NNPC Ltd has a thirty-day products’ sufficiency.


    NewsSourceCredit: NAN

  •   The African Energy Chamber AEC is proud to announce the return of the National Oil Company NOC Summit at Africa s premier event for the oil and gas sector the African Energy Week AEW https AECWeek com which will take place from October 18 to 21 2022 in Cape Town Following a successful edition of the NOC Summit at AEW 2021 this year s edition under the theme Exploring and Investing in Africa s Energy Future While Driving an Enabling Environment will continue the discussion on the role NOCs play to boost investment in as well as exploration and production of Africa s hydrocarbon sector With oil production declining due to continued production declines from legacy projects in major African producing countries such as Nigeria Libya Algeria Angola and Egypt NOCs have an important role to play in leading and accelerating exploration activities to boost production In Nigeria for example Africa s largest crude oil producer where production is projected to decline from 2023 and no major liquids projects are expected to be approved or commissioned in 2022 the National Oil Corporation Nigerian Petroleum NNPC has an important task play on increased exploration and gradual increase in production With the implementation of the Petroleum Industry Act in 2021 the Nigerian government completely overhauled the NNPC restructured the company and consequently redefined the role of the organization in the petroleum sector Since then the NNPC has been operating on a commercial basis driving exploration and production in a more market oriented manner Furthermore as the exit of large international companies such as TotalEnergies Shell Eni and ExxonMobil are expected to affect production in Africa NOCs must ensure that production remains optimal despite divestment The NOC Summit aims to address these challenges featuring discussions and presentations on how NOCs can increase oil and gas production across the continent In addition investments within Africa s upstream segment continue to fall due to global climate politics and as such a compelling need has emerged for African NOCs to reform business operations to attract investment Therefore the NOC Summit at AEW 2022 will bring together African energy stakeholders government representatives and private sector institutions to discuss best practices that will increase the flow of investments to boost energy production African NOCs have an important role to play in driving investment and development across the energy value chain in Africa and the NOC Summit provides an opportunity to discuss this role while addressing the challenges and opportunities facing the industry today Building on the success seen at last year s summit the AEW 2022 NOC summit will build an Africa focused narrative on oil gas and exploration said Tomas C Gerbasio director of strategy and business development at the African Energy Chamber In addition Africa s NOCs have a critical role to play in driving the growth of the continent s gas economy increasing collaboration with major financial institutions and stimulating development across the value chain Algeria s Sonatrach and Egypt s EGAS have been at the forefront in this regard recently signing agreements with Italy s Eni for further cooperation to intensify local gas production to meet domestic demand as well as to increase exports to Europe Despite having 125 3 billion barrels of crude oil reserves one of the largest in the world Africa exports most of its resources while importing refined products due to lack of investment and refining capacity As a result more than 600 million people in Africa live in energy poverty and the continent continues to struggle with high energy prices and shortages Angola for example Africa s third largest oil producer with 8 2 billion barrels of proven oil reserves relies heavily on energy imports and spends more than 1 7 billion on imports to meet domestic demand Accordingly the NOC Summit will address the role African NOCs play in this sector emphasizing how state organizations in Africa can increase investments from both the public and private sectors to accelerate downstream development
    2022 African Energy Week (AEW) National Oil Company (NOC) Summit prioritizes African-led energy solutions
      The African Energy Chamber AEC is proud to announce the return of the National Oil Company NOC Summit at Africa s premier event for the oil and gas sector the African Energy Week AEW https AECWeek com which will take place from October 18 to 21 2022 in Cape Town Following a successful edition of the NOC Summit at AEW 2021 this year s edition under the theme Exploring and Investing in Africa s Energy Future While Driving an Enabling Environment will continue the discussion on the role NOCs play to boost investment in as well as exploration and production of Africa s hydrocarbon sector With oil production declining due to continued production declines from legacy projects in major African producing countries such as Nigeria Libya Algeria Angola and Egypt NOCs have an important role to play in leading and accelerating exploration activities to boost production In Nigeria for example Africa s largest crude oil producer where production is projected to decline from 2023 and no major liquids projects are expected to be approved or commissioned in 2022 the National Oil Corporation Nigerian Petroleum NNPC has an important task play on increased exploration and gradual increase in production With the implementation of the Petroleum Industry Act in 2021 the Nigerian government completely overhauled the NNPC restructured the company and consequently redefined the role of the organization in the petroleum sector Since then the NNPC has been operating on a commercial basis driving exploration and production in a more market oriented manner Furthermore as the exit of large international companies such as TotalEnergies Shell Eni and ExxonMobil are expected to affect production in Africa NOCs must ensure that production remains optimal despite divestment The NOC Summit aims to address these challenges featuring discussions and presentations on how NOCs can increase oil and gas production across the continent In addition investments within Africa s upstream segment continue to fall due to global climate politics and as such a compelling need has emerged for African NOCs to reform business operations to attract investment Therefore the NOC Summit at AEW 2022 will bring together African energy stakeholders government representatives and private sector institutions to discuss best practices that will increase the flow of investments to boost energy production African NOCs have an important role to play in driving investment and development across the energy value chain in Africa and the NOC Summit provides an opportunity to discuss this role while addressing the challenges and opportunities facing the industry today Building on the success seen at last year s summit the AEW 2022 NOC summit will build an Africa focused narrative on oil gas and exploration said Tomas C Gerbasio director of strategy and business development at the African Energy Chamber In addition Africa s NOCs have a critical role to play in driving the growth of the continent s gas economy increasing collaboration with major financial institutions and stimulating development across the value chain Algeria s Sonatrach and Egypt s EGAS have been at the forefront in this regard recently signing agreements with Italy s Eni for further cooperation to intensify local gas production to meet domestic demand as well as to increase exports to Europe Despite having 125 3 billion barrels of crude oil reserves one of the largest in the world Africa exports most of its resources while importing refined products due to lack of investment and refining capacity As a result more than 600 million people in Africa live in energy poverty and the continent continues to struggle with high energy prices and shortages Angola for example Africa s third largest oil producer with 8 2 billion barrels of proven oil reserves relies heavily on energy imports and spends more than 1 7 billion on imports to meet domestic demand Accordingly the NOC Summit will address the role African NOCs play in this sector emphasizing how state organizations in Africa can increase investments from both the public and private sectors to accelerate downstream development
    2022 African Energy Week (AEW) National Oil Company (NOC) Summit prioritizes African-led energy solutions
    Africa1 day ago

    2022 African Energy Week (AEW) National Oil Company (NOC) Summit prioritizes African-led energy solutions

    The African Energy Chamber (AEC) is proud to announce the return of the National Oil Company (NOC) Summit at Africa's premier event for the oil and gas sector, the African Energy Week (AEW) (https://AECWeek.com/), which will take place from October 18 to 21, 2022, in Cape Town. Following a successful edition of the NOC Summit at AEW 2021, this year's edition, under the theme "Exploring and Investing in Africa's Energy Future While Driving an Enabling Environment", will continue the discussion on the role NOCs play to boost investment in, as well as exploration and production of, Africa's hydrocarbon sector.

    With oil production declining due to continued production declines from legacy projects in major African producing countries such as Nigeria, Libya, Algeria, Angola and Egypt, NOCs have an important role to play in leading and accelerating exploration activities to boost production.

    In Nigeria, for example, Africa's largest crude oil producer, where production is projected to decline from 2023 and no major liquids projects are expected to be approved or commissioned in 2022, the National Oil Corporation Nigerian Petroleum (NNPC) has an important task.

    play on increased exploration and gradual increase in production.

    With the implementation of the Petroleum Industry Act in 2021, the Nigerian government completely overhauled the NNPC, restructured the company and consequently redefined the role of the organization in the petroleum sector.

    Since then, the NNPC has been operating on a commercial basis, driving exploration and production in a more market-oriented manner.

    Furthermore, as the exit of large international companies such as TotalEnergies, Shell, Eni and ExxonMobil are expected to affect production in Africa, NOCs must ensure that production remains optimal despite divestment.

    The NOC Summit aims to address these challenges, featuring discussions and presentations on how NOCs can increase oil and gas production across the continent.

    In addition, investments within Africa's upstream segment continue to fall due to global climate politics and as such, a compelling need has emerged for African NOCs to reform business operations to attract investment.

    Therefore, the NOC Summit at AEW 2022 will bring together African energy stakeholders, government representatives and private sector institutions to discuss best practices that will increase the flow of investments to boost energy production.

    “African NOCs have an important role to play in driving investment and development across the energy value chain in Africa, and the NOC Summit provides an opportunity to discuss this role while addressing the challenges and opportunities facing the industry today.

    Building on the success seen at last year's summit, the AEW 2022 NOC summit will build an Africa-focused narrative on oil, gas and exploration,” said Tomas C.

    Gerbasio, director of strategy and business development at the African Energy Chamber.

    In addition, Africa's NOCs have a critical role to play in driving the growth of the continent's gas economy, increasing collaboration with major financial institutions and stimulating development across the value chain.

    Algeria's Sonatrach and Egypt's EGAS have been at the forefront in this regard, recently signing agreements with Italy's Eni for further cooperation to intensify local gas production to meet domestic demand, as well as to increase exports to Europe.

    Despite having 125.3 billion barrels of crude oil reserves, one of the largest in the world, Africa exports most of its resources while importing refined products due to lack of investment and refining capacity.

    As a result, more than 600 million people in Africa live in energy poverty and the continent continues to struggle with high energy prices and shortages.

    Angola, for example, Africa's third-largest oil producer with 8.2 billion barrels of proven oil reserves, relies heavily on energy imports and spends more than $1.7 billion on imports to meet domestic demand.

    Accordingly, the NOC Summit will address the role African NOCs play in this sector, emphasizing how state organizations in Africa can increase investments from both the public and private sectors to accelerate downstream development.

  •   The September October 2022 issue of Luxury and Business PLEASURES Magazine www PleasuresMagazine com ng highlights the African Industrial Conference and the 2022 AIDCA Awards won by Her Majesty Ogiame Atuwatse III the Olu of Warri Emir of Zazzau His Highness Amb Ahmed Nuhu Bamalli Overseer General of the Redeemed Christian Church of God RCCG Pastor Enoch Adeboye and Group CEO of The Nigerian National Petroleum Company Limited NNPC Ltd Malam Mele Kolo Kyari among others The air of glitz that radiated from the epoch making event echoed far beyond the shores of Nigeria as the winners won grand prizes supported by eminent personalities such as Her Excellency Arc Namadi Sambo Former Vice President of Nigeria Chief of the Naval Staff Vice Rear Admiral Awwal Zubairu GamboSr John Asein CEO Nigerian Copyright Commission NCC Senator Andy Ubah Dr Ibukun Adebayo CEO Rock Realty Limited Dr Umaru Abdul Mutallab Chairman Jaiz Bank Plc and Bashir Ahmed Assistant special on digital communications of President Buhari Other dignitaries among those who attended the event also included Inimfon Etuk Founder She Forum Africa Her Excellency Alayingi Sylva wife of the Minister of Petroleum Hon Kabir Tukura Ibrahim Member of the House of Representatives Zuru Fakai Danko Wasagu Sakaba Federal Constituency of Kebbi Stat Ahmed Modibbo General Manager Highland Disc Acquisition Co Ltd Ing Ali Rabiu Council for the Engineering Regulation in Nigeria COREN Mr Oke Afolabi CEO Managing Director Global Infoswift Technologies Abba Bello Dan Adalan Katsina MD CEO Nigerian Export Import Bank NEXIM Bank Prof Mohammed Nasir Sambo Executive Secretary CEO of the National Health Insurance Scheme NHIS Mohammed Sani Sidi MFR former Director General of the National Emergency Management Agency NEMA and Alhaji Lawal Bindawa Zannan Katsina Warri s Olu emerged as the AIDCA Humanitarian Royal Father of the Year after coming top in an online vote while His Highness Emir of Zazzau took the AIDCA Outstanding Peacemaker Traditional Ruler Award Year of AIDCA Similarly Mele Kolo Kyari won the 2022 AIDA Outstanding Industrial Revolution Leader of the Year award and Pastor Enoch Adeboye emerged as the 2022 AIDA Outstanding Clergy Humanitarian of the Year The AIDCA Award which took place at Transcorp Hilton Hotel Abuja was held with the theme Enabling Transformation in the Digital Economy At the well attended creme de la creme event Dr Ibrahim Bello Dauda director general of the Sahelian Center for Leadership and Development and national head of the All Progressives Congress APC won the Outstanding Exemplary Leader award from the Year 2022 while Charles Chukwuemeka CEO of Tent Group Limited emerged as AIDA s Outstanding Real Estate Company of the Year 2022 Hajiya Nana Aisha Gambo the wife of Vice Admiral Awwal Zubairu Gambo currently serving as the National President of Naval Officers Wives Association NOWA Hajia Aisha Bagudu Founder Mallpai Foundation and First Lady of Kebbi State the former first arch lady of Benue state Yemisi Suswam Ph D FNIA won the 2022 Outstanding Humanitarian of the Year Award Additionally Afro Arab Group of Companies Chairman and CEO Ambassador Alhaji Salamu Amadu took home the 2022 AIDA Entrepreneur of The Year Award while Dr Lola Bayode founder of the Dorian Home for Charity and Social Development took home the AIDA Outstanding 2022 Humanitarian of the Year award Meanwhile Dr Remi Duyile President and CEO of Image Consulting Group USA won the AIDA Outstanding Diaspora Leader of The Year 2022 award All honorees were widely accepted in their fields of activity as pioneers and bridge builders with a history of excellence and a clear vision in leadership AIDCA 2022 was packaged by Dotmount Communications Group in collaboration with Yahoo Finance Associated Press and The Times of Jerusalem It featured global thought leaders who shared ideas and discussed the latest development trends economic issues and experiences from different countries on the continent www dtcoms com www PleasuresMagazine com ng
    Pleasures Magazine Highlights African Industrial Conference & Awards (AIDCA), Features Aisha Gambo, Charles Chukwuemeka, Emir of Zazzau, Mohammed Badugu in September-October Issue
      The September October 2022 issue of Luxury and Business PLEASURES Magazine www PleasuresMagazine com ng highlights the African Industrial Conference and the 2022 AIDCA Awards won by Her Majesty Ogiame Atuwatse III the Olu of Warri Emir of Zazzau His Highness Amb Ahmed Nuhu Bamalli Overseer General of the Redeemed Christian Church of God RCCG Pastor Enoch Adeboye and Group CEO of The Nigerian National Petroleum Company Limited NNPC Ltd Malam Mele Kolo Kyari among others The air of glitz that radiated from the epoch making event echoed far beyond the shores of Nigeria as the winners won grand prizes supported by eminent personalities such as Her Excellency Arc Namadi Sambo Former Vice President of Nigeria Chief of the Naval Staff Vice Rear Admiral Awwal Zubairu GamboSr John Asein CEO Nigerian Copyright Commission NCC Senator Andy Ubah Dr Ibukun Adebayo CEO Rock Realty Limited Dr Umaru Abdul Mutallab Chairman Jaiz Bank Plc and Bashir Ahmed Assistant special on digital communications of President Buhari Other dignitaries among those who attended the event also included Inimfon Etuk Founder She Forum Africa Her Excellency Alayingi Sylva wife of the Minister of Petroleum Hon Kabir Tukura Ibrahim Member of the House of Representatives Zuru Fakai Danko Wasagu Sakaba Federal Constituency of Kebbi Stat Ahmed Modibbo General Manager Highland Disc Acquisition Co Ltd Ing Ali Rabiu Council for the Engineering Regulation in Nigeria COREN Mr Oke Afolabi CEO Managing Director Global Infoswift Technologies Abba Bello Dan Adalan Katsina MD CEO Nigerian Export Import Bank NEXIM Bank Prof Mohammed Nasir Sambo Executive Secretary CEO of the National Health Insurance Scheme NHIS Mohammed Sani Sidi MFR former Director General of the National Emergency Management Agency NEMA and Alhaji Lawal Bindawa Zannan Katsina Warri s Olu emerged as the AIDCA Humanitarian Royal Father of the Year after coming top in an online vote while His Highness Emir of Zazzau took the AIDCA Outstanding Peacemaker Traditional Ruler Award Year of AIDCA Similarly Mele Kolo Kyari won the 2022 AIDA Outstanding Industrial Revolution Leader of the Year award and Pastor Enoch Adeboye emerged as the 2022 AIDA Outstanding Clergy Humanitarian of the Year The AIDCA Award which took place at Transcorp Hilton Hotel Abuja was held with the theme Enabling Transformation in the Digital Economy At the well attended creme de la creme event Dr Ibrahim Bello Dauda director general of the Sahelian Center for Leadership and Development and national head of the All Progressives Congress APC won the Outstanding Exemplary Leader award from the Year 2022 while Charles Chukwuemeka CEO of Tent Group Limited emerged as AIDA s Outstanding Real Estate Company of the Year 2022 Hajiya Nana Aisha Gambo the wife of Vice Admiral Awwal Zubairu Gambo currently serving as the National President of Naval Officers Wives Association NOWA Hajia Aisha Bagudu Founder Mallpai Foundation and First Lady of Kebbi State the former first arch lady of Benue state Yemisi Suswam Ph D FNIA won the 2022 Outstanding Humanitarian of the Year Award Additionally Afro Arab Group of Companies Chairman and CEO Ambassador Alhaji Salamu Amadu took home the 2022 AIDA Entrepreneur of The Year Award while Dr Lola Bayode founder of the Dorian Home for Charity and Social Development took home the AIDA Outstanding 2022 Humanitarian of the Year award Meanwhile Dr Remi Duyile President and CEO of Image Consulting Group USA won the AIDA Outstanding Diaspora Leader of The Year 2022 award All honorees were widely accepted in their fields of activity as pioneers and bridge builders with a history of excellence and a clear vision in leadership AIDCA 2022 was packaged by Dotmount Communications Group in collaboration with Yahoo Finance Associated Press and The Times of Jerusalem It featured global thought leaders who shared ideas and discussed the latest development trends economic issues and experiences from different countries on the continent www dtcoms com www PleasuresMagazine com ng
    Pleasures Magazine Highlights African Industrial Conference & Awards (AIDCA), Features Aisha Gambo, Charles Chukwuemeka, Emir of Zazzau, Mohammed Badugu in September-October Issue
    Africa2 days ago

    Pleasures Magazine Highlights African Industrial Conference & Awards (AIDCA), Features Aisha Gambo, Charles Chukwuemeka, Emir of Zazzau, Mohammed Badugu in September-October Issue

    The September/October 2022 issue of Luxury and Business PLEASURES Magazine (www.PleasuresMagazine.com.ng) highlights the African Industrial Conference and the 2022 #AIDCA Awards, won by Her Majesty Ogiame Atuwatse III, the Olu of Warri , Emir of Zazzau, His Highness, Amb. Ahmed Nuhu Bamalli, Overseer General of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, and Group CEO of The Nigerian National Petroleum Company Limited (NNPC Ltd), Malam Mele Kolo Kyari, among others.

    The air of glitz that radiated from the epoch-making event echoed far beyond the shores of Nigeria as the winners won grand prizes supported by eminent personalities such as Her Excellency, Arc. Namadi Sambo, Former Vice President of Nigeria, Chief of the Naval Staff, Vice Rear Admiral Awwal Zubairu GamboSr. John Asein, CEO, Nigerian Copyright Commission (NCC), Senator Andy Ubah, Dr. Ibukun Adebayo (CEO - Rock Realty Limited), Dr. Umaru Abdul Mutallab, Chairman, Jaiz Bank Plc, and Bashir Ahmed (Assistant special on digital communications of President Buhari).

    Other dignitaries among those who attended the event also included Inimfon Etuk (Founder, She Forum Africa), Her Excellency Alayingi Sylva, wife of the Minister of Petroleum, Hon. Kabir Tukura Ibrahim, Member of the House of Representatives, Zuru/Fakai/Danko-Wasagu/Sakaba Federal Constituency of Kebbi Stat, Ahmed Modibbo, General Manager, Highland Disc Acquisition Co. Ltd., Ing. Ali Rabiu, Council for the Engineering Regulation in Nigeria (COREN), Mr. Oke Afolabi, CEO/Managing Director, Global Infoswift Technologies, Abba Bello (Dan Adalan Katsina), MD/CEO Nigerian Export Import Bank (NEXIM Bank), Prof. Mohammed Nasir Sambo, Executive Secretary/CEO of the National Health Insurance Scheme (NHIS), Mohammed Sani Sidi, MFR, former Director General of the National Emergency Management Agency (NEMA) and Alhaji Lawal Bindawa (Zannan Katsina).

    Warri's Olu emerged as the AIDCA Humanitarian Royal Father of the Year after coming top in an online vote, while His Highness Emir of Zazzau took the AIDCA Outstanding Peacemaker/Traditional Ruler Award.

    Year of AIDCA.

    Similarly, Mele Kolo Kyari won the 2022 AIDA Outstanding Industrial Revolution Leader of the Year award, and Pastor Enoch Adeboye emerged as the 2022 AIDA Outstanding Clergy/Humanitarian of the Year. The AIDCA Award which took place at Transcorp Hilton Hotel Abuja was held with the theme: "Enabling Transformation in the Digital Economy".

    At the well-attended creme de la creme event, Dr. Ibrahim Bello Dauda, ​​director general of the Sahelian Center for Leadership and Development and national head of the All Progressives Congress (APC), won the Outstanding Exemplary Leader award from the Year 2022, while Charles Chukwuemeka, CEO of Tent Group Limited, emerged as AIDA's Outstanding Real Estate Company of the Year 2022.

    Hajiya Nana Aisha Gambo, the wife of Vice Admiral Awwal Zubairu Gambo, currently serving as the National President of Naval Officers' Wives Association (NOWA), Hajia Aisha Bagudu - Founder, Mallpai Foundation and First Lady of Kebbi State, the former first arch lady of Benue state.

    Yemisi Suswam (Ph.D., FNIA) won the 2022 Outstanding Humanitarian of the Year Award.

    Additionally, Afro Arab Group of Companies Chairman and CEO, Ambassador Alhaji Salamu Amadu, took home the 2022 AIDA Entrepreneur of The Year Award, while Dr. Lola Bayode, founder of the Dorian Home for Charity and Social Development, took home the AIDA Outstanding 2022 Humanitarian of the Year award.

    Meanwhile, Dr. Remi Duyile, President and CEO of Image Consulting Group, USA, won the AIDA Outstanding Diaspora Leader of The Year 2022 award.

    All honorees were widely accepted in their fields of activity as pioneers and bridge builders, with a history of excellence and a clear vision in leadership.

    AIDCA 2022 was packaged by Dotmount Communications Group in collaboration with Yahoo Finance, Associated Press and The Times of Jerusalem.

    It featured global thought leaders who shared ideas and discussed the latest development trends, economic issues, and experiences from different countries on the continent.

    www.dtcoms.com.

    www.PleasuresMagazine.com.ng

  •  Mr Adewale Adebote Federal Ministry of Works Engineer supervising section one of the ongoing Lagos Ibadan Expressway on Wednesday said the project was over 90 per cent completed The News Agency of Nigeria reports that section one of the Lagos Ibadan Expressway project stretches from Ojota in Lagos to Sagamu Interchange and is being handled by Julius Berger Nigeria Plc Section two extends from Sagamu Interchange to Ojoo in Ibadan and is being handled by Reynolds Construction Company Ltd Adebote during inspection of the project said the construction work was progressing fast because three teams were working simultaneously on various sections He said that the usual gridlock experienced on the axis had eased off because several portions had been constructed to the final layer with only about six kilometres remaining If you take the total length of 43 6 kilometres we have gone far we are above 90 per cent Assiduously we are working on three sections and we always carry out construction from the most challenging sections he said He said the mandate given by the Minister for Works and Housing Mr Babatunde Fashola to the contractor was to deliver the road pavement fast and with clemency of weather it would be achieved He said polymer modified ashalt was being used for strengthening of the final layer because government was focusing on quality assurance to deliver a durable road infrastructure Ongoing construction on the Lagos Ibadan Expressway on Wednesday in Lagos The Project Supervisor enumerated challenges slowing down construction to include rainfall law enforcement agents and other vehicles driving against traffic reckless driving highway trading touting among others You can imagine last week we could not work for three days because of the rain he said Adebote said the ministry held a stakeholders meeting with Ogun State officials on Tuesday towards resolving some challenges He said the traffic regulatory agencies and the Police were on ground collaborating with the ministry in ensuring seamless flow He appealed to motorists to be patient around the construction zones to drive with caution and obey traffic rules to curb gridlock Responding to recent protest and calls for creation of alternative routes around the Long Bridge he said it was not possible because the portion was sitting on gas pipelines He said the NNPC pipelines laid along the length of the bridge cannot take pressure from heavy vehicles because it could cause explosions adding that the portion was also a flood plain We have never opened that road as alternative but because people are impatient they started taking it When they were causing distortion to the traffic that was the road they were using They come in through Punch under the bridge and try to come out here at OPIC So what we did was to severe the road we cut it he said Some motorists who spoke to NAN commended the improved flow of traffic on Wednesday and appealed to the ministry to sustain the tempo to prevent hardship on the road In the past weeks the gridlock around the area had seen motorists spending two to three hours on the stretch on some days NewsSourceCredit NAN
    Lagos-Ibadan Expressway section one over 90 per cent completed – Official
     Mr Adewale Adebote Federal Ministry of Works Engineer supervising section one of the ongoing Lagos Ibadan Expressway on Wednesday said the project was over 90 per cent completed The News Agency of Nigeria reports that section one of the Lagos Ibadan Expressway project stretches from Ojota in Lagos to Sagamu Interchange and is being handled by Julius Berger Nigeria Plc Section two extends from Sagamu Interchange to Ojoo in Ibadan and is being handled by Reynolds Construction Company Ltd Adebote during inspection of the project said the construction work was progressing fast because three teams were working simultaneously on various sections He said that the usual gridlock experienced on the axis had eased off because several portions had been constructed to the final layer with only about six kilometres remaining If you take the total length of 43 6 kilometres we have gone far we are above 90 per cent Assiduously we are working on three sections and we always carry out construction from the most challenging sections he said He said the mandate given by the Minister for Works and Housing Mr Babatunde Fashola to the contractor was to deliver the road pavement fast and with clemency of weather it would be achieved He said polymer modified ashalt was being used for strengthening of the final layer because government was focusing on quality assurance to deliver a durable road infrastructure Ongoing construction on the Lagos Ibadan Expressway on Wednesday in Lagos The Project Supervisor enumerated challenges slowing down construction to include rainfall law enforcement agents and other vehicles driving against traffic reckless driving highway trading touting among others You can imagine last week we could not work for three days because of the rain he said Adebote said the ministry held a stakeholders meeting with Ogun State officials on Tuesday towards resolving some challenges He said the traffic regulatory agencies and the Police were on ground collaborating with the ministry in ensuring seamless flow He appealed to motorists to be patient around the construction zones to drive with caution and obey traffic rules to curb gridlock Responding to recent protest and calls for creation of alternative routes around the Long Bridge he said it was not possible because the portion was sitting on gas pipelines He said the NNPC pipelines laid along the length of the bridge cannot take pressure from heavy vehicles because it could cause explosions adding that the portion was also a flood plain We have never opened that road as alternative but because people are impatient they started taking it When they were causing distortion to the traffic that was the road they were using They come in through Punch under the bridge and try to come out here at OPIC So what we did was to severe the road we cut it he said Some motorists who spoke to NAN commended the improved flow of traffic on Wednesday and appealed to the ministry to sustain the tempo to prevent hardship on the road In the past weeks the gridlock around the area had seen motorists spending two to three hours on the stretch on some days NewsSourceCredit NAN
    Lagos-Ibadan Expressway section one over 90 per cent completed – Official
    General news2 days ago

    Lagos-Ibadan Expressway section one over 90 per cent completed – Official

    Mr Adewale Adebote, Federal Ministry of Works Engineer supervising section one of the ongoing Lagos-Ibadan Expressway on Wednesday said the project was over 90 per cent completed.  

    The News Agency of Nigeria reports that section one of the Lagos-Ibadan Expressway project stretches from Ojota in Lagos to Sagamu Interchange and is being handled by Julius Berger Nigeria Plc.   Section two extends from Sagamu Interchange to Ojoo in Ibadan, and is being handled by Reynolds Construction Company Ltd.   Adebote; during inspection of the project, said the construction work was progressing fast because three teams were working simultaneously on various sections.  

    He said that the usual gridlock experienced on the axis had eased off because several portions had been constructed to the final layer, with only about six kilometres remaining.  

    “If you take the total length of 43.6 kilometres, we have gone far; we are above 90 per cent.

    “Assiduously, we are working on three sections and we always carry out construction from the most challenging sections,” he said.  

    He said the mandate given by the Minister for Works and Housing, Mr Babatunde Fashola, to the contractor was to deliver the road pavement fast, and with clemency of weather, it would be achieved.  

    He said polymer modified ashalt was being used for strengthening of the final layer because government was focusing on quality assurance to deliver a durable road infrastructure.

    Ongoing construction on the Lagos-Ibadan Expressway on Wednesday in Lagos.   

    The Project Supervisor enumerated challenges slowing down construction to include rainfall, law enforcement agents and other vehicles driving against traffic, reckless driving, highway trading, touting, among others.  

    “You can imagine, last week, we could not work for three days because of the rain,” he said.  

    Adebote said the ministry held a stakeholders meeting with Ogun State officials on Tuesday towards resolving some challenges.  

    He said the traffic regulatory agencies and the Police were on ground collaborating with the ministry in ensuring seamless flow.  

    He appealed to motorists to be patient around the construction zones, to drive with caution and obey traffic rules to curb gridlock.  

    Responding to recent protest and calls for creation of alternative routes around the Long Bridge, he said it was not possible because the portion was sitting on gas pipelines.  

    He said the NNPC pipelines laid along the length of the bridge cannot take pressure from heavy vehicles because it could cause explosions, adding that, the portion was also a flood plain.  

    “We have never opened that road as alternative but because people are impatient they started taking it.

    “When they were causing distortion to the traffic, that was the road they were using.  

    “They come in through Punch, under the bridge and try to come out here at OPIC.

    So what we did was to severe the road, we cut it,” he said.  

    Some motorists who spoke to NAN commended the improved  flow of traffic on Wednesday and appealed to the ministry to sustain the tempo to prevent hardship on the road.

    In the past weeks, the gridlock around the area had seen motorists spending two to three hours on the stretch on some days.


    NewsSourceCredit: NAN

  •  An ad hoc committee of the House of Representatives on Tuesday queried the implementation of the Escravos gas to liquids EGTL Gas Project The committee said the project which should cost 2 9 billion dollars was quoted as 10 7 billion dollars The committee on the Joint Venture of the NNPC limited raised concerns when the management of Chevron Nigeria Limited appeared before the lawmakers in Abuja The Chairman of the committee Rep Hassan Fulata APC Jigawa demanded for explanation and the reasons behind the review of the cost of the project from 2 9 billion to 10 7 billion Fulata said that a similar project was executed in Qatar for less than 2 5 billion within a very short period He said that NNPC limited should have protested the cost review and demanded a value for money audit Responding Chevron s Director of Joint Venture Mr Monday Ovuede told the committee that several factors caused the upward review of the cost of the project from the initial 2 9 billion to 10 7 billion Ovuede explained that immediately after the project was signed prices of commodities like oil and steel went up necessitating an upward review of the project He added that Chevron agreed to a value for money audit despite not having it in the contract for the project This is a very complex technology to be executed in this part of the world When project construction started in 2005 coincidentally if you check the record commodity prices including that of oil and steel started rising in the international market The project was given as engineering procurement and logistics which means the sum was fixed In the course of executing the contract the contractors came back he said On the Qatar project Ovuede explained that the project was built in an industrial complex with a seaport and access to an international airbase According to him there was access to skilled labours compared to Nigeria but such skills were hard to come by The plant in Qatar is built in an industrial complex close to a seaport and there is an international airbase there It has access to skilled labour from Europe when you come to our side we try to build for some of the technology we had to develop the local labour to the level required to implement the project he said Inspite of the explanations the legislators remained dissatisfied and requested for documents to back the claims Rep Ibrahim Isiaka APC Ogun moved a motion for Chevron to submit a written response justifying the increment In his ruling Fulata alleged that Chevron was claiming capital allowance for the project without capital importation or a certificate to make such a claim He ruled Chevron should appear again on Tuesday Oct 11 with relevant documents to defend its claims NewsSourceCredit NAN
    Reps C’ttee queries .7bn gas-to-liquids project
     An ad hoc committee of the House of Representatives on Tuesday queried the implementation of the Escravos gas to liquids EGTL Gas Project The committee said the project which should cost 2 9 billion dollars was quoted as 10 7 billion dollars The committee on the Joint Venture of the NNPC limited raised concerns when the management of Chevron Nigeria Limited appeared before the lawmakers in Abuja The Chairman of the committee Rep Hassan Fulata APC Jigawa demanded for explanation and the reasons behind the review of the cost of the project from 2 9 billion to 10 7 billion Fulata said that a similar project was executed in Qatar for less than 2 5 billion within a very short period He said that NNPC limited should have protested the cost review and demanded a value for money audit Responding Chevron s Director of Joint Venture Mr Monday Ovuede told the committee that several factors caused the upward review of the cost of the project from the initial 2 9 billion to 10 7 billion Ovuede explained that immediately after the project was signed prices of commodities like oil and steel went up necessitating an upward review of the project He added that Chevron agreed to a value for money audit despite not having it in the contract for the project This is a very complex technology to be executed in this part of the world When project construction started in 2005 coincidentally if you check the record commodity prices including that of oil and steel started rising in the international market The project was given as engineering procurement and logistics which means the sum was fixed In the course of executing the contract the contractors came back he said On the Qatar project Ovuede explained that the project was built in an industrial complex with a seaport and access to an international airbase According to him there was access to skilled labours compared to Nigeria but such skills were hard to come by The plant in Qatar is built in an industrial complex close to a seaport and there is an international airbase there It has access to skilled labour from Europe when you come to our side we try to build for some of the technology we had to develop the local labour to the level required to implement the project he said Inspite of the explanations the legislators remained dissatisfied and requested for documents to back the claims Rep Ibrahim Isiaka APC Ogun moved a motion for Chevron to submit a written response justifying the increment In his ruling Fulata alleged that Chevron was claiming capital allowance for the project without capital importation or a certificate to make such a claim He ruled Chevron should appear again on Tuesday Oct 11 with relevant documents to defend its claims NewsSourceCredit NAN
    Reps C’ttee queries .7bn gas-to-liquids project
    General news3 days ago

    Reps C’ttee queries $10.7bn gas-to-liquids project

    An ad hoc committee of the House of Representatives on Tuesday queried the implementation of the  Escravos gas-to-liquids (EGTL) Gas Project.

    The committee said the project which should cost 2.9 billion dollars was quoted as 10.7 billion dollars.

    The committee on the Joint Venture of the NNPC limited, raised concerns when the management of Chevron Nigeria Limited appeared before the lawmakers in Abuja.

    The Chairman of the committee, Rep. Hassan Fulata (APC-Jigawa), demanded for explanation and the reasons behind the review of the cost of the project from $2.9 billion to $10.7 billion.

    Fulata said that a similar project was executed  in Qatar for less than $2.5 billion within a very short period. 

    He said that NNPC limited should have protested the cost review and demanded a value-for-money audit.

    Responding, Chevron’s Director of Joint Venture, Mr Monday Ovuede, told the committee that several factors caused the upward review of the cost of the project from the initial $2.9 billion to $10.7 billion.

    Ovuede explained that immediately after the project was signed, prices of commodities like oil and steel went up, necessitating an upward review of the project.

    He added that Chevron agreed to a value-for-money audit despite not having it in the contract for the project.

    “This is a very complex technology to be executed in this part of the world.

    When project construction started in 2005— coincidentally, if you check the record, commodity prices, including that of oil and steel started rising in the international market. 

    “The project was given as engineering, procurement and logistics, which means the sum was fixed.

    In the course of executing the contract, the contractors came back,” he said.

    On the Qatar project, Ovuede explained that the project was built in an industrial complex with a seaport and access to an international airbase. 

    According to him, there was access to skilled labours compared to Nigeria, but such skills were hard to come by.

    “The plant in Qatar is built in an industrial complex close to a seaport and there is an international airbase there.

    “It has access to skilled labour from Europe, when you come to our side, we try to build—for some of the technology, we had to develop the local labour to the level required to implement the project,” he said.

    Inspite of the explanations, the legislators remained dissatisfied and requested for documents to back the claims.

    Rep. Ibrahim Isiaka (APC-Ogun) moved a motion for Chevron to submit a written response justifying the increment.

    In his ruling, Fulata alleged that Chevron was claiming capital allowance for the project without capital importation or a certificate to make such a claim.

    He ruled Chevron should appear again on Tuesday, Oct. 11 with relevant documents to defend its claims.


    NewsSourceCredit: NAN

  •  An Oil and Gas Expert Mr Olabode Sowunmi has called for continuity and consistency on the Nigeria Gas Master Plan to ensure infrastructure development and availability of gas in the country The expert called for continuity in projects that matter for example the on going construction of the Ajaokuta Kaduna Kano Natural Gas Pipeline AKK Trans Saharan Gas Pipeline TSGP and West African Gas Pipeline Sowunmi Senior Legislative Aid to the Senate President on Gas and Power made the call in an interview with the News Agency of Nigeria on Monday in Abuja NAN reports that the AAK project which spans a length of 614km is being developed by the Nigerian National Petroleum Company Limited NNPC Ltd to transport natural gas from Ajaokuta Kogi through states and urban centres in Nigeria The project which is expected to be completed the first quarter of 2023 is a segment of the Trans Nigeria Gas Pipeline TNGP and the Trans Saharan Gas Pipeline projects The AKK when completed would provide enough gas for both domestic and export purposes revive industries along the AKK corridor Speaking on the Nigeria s attainment to 62nd independence he said that consistency on the projects should be considered greatly to fast track completion and energy sufficiency Governance is a continual thing and the real things that matter sometimes take decades or half a century to be achieved So one government must do it well and pass on to another government which will equally do it well till we get to the end the expert advised Sowunmi said the projects would ensure that the power sector became the major consumer of gas while there would be availability of gas to industries like the methanol plants and fertiliser plants He further said the AKK and the Trans Saharan gas pipelines projects were birthed by the policies of the gas master plan He said that the only way the EU would get alternative gas supply to EU countries from Nigeria would be through the Trans Saharan Gas pipeline According to him EU could as well become ultimate beneficiary through the support in the building of the pipeline The oil and gas industry particularly the gas sector offers Nigeria a very clear road to a genuine industrialisation in every Local Government we should take advantage of this he said The expert however expressed satisfaction that some reforms have started in the industry in view of the implementation of the Petroleum Industry Act 2021 PIA NewsSourceCredit NAN
    Nigeria @ 62:  expert seeks continuity, consistency on Nigeria gas master plan
     An Oil and Gas Expert Mr Olabode Sowunmi has called for continuity and consistency on the Nigeria Gas Master Plan to ensure infrastructure development and availability of gas in the country The expert called for continuity in projects that matter for example the on going construction of the Ajaokuta Kaduna Kano Natural Gas Pipeline AKK Trans Saharan Gas Pipeline TSGP and West African Gas Pipeline Sowunmi Senior Legislative Aid to the Senate President on Gas and Power made the call in an interview with the News Agency of Nigeria on Monday in Abuja NAN reports that the AAK project which spans a length of 614km is being developed by the Nigerian National Petroleum Company Limited NNPC Ltd to transport natural gas from Ajaokuta Kogi through states and urban centres in Nigeria The project which is expected to be completed the first quarter of 2023 is a segment of the Trans Nigeria Gas Pipeline TNGP and the Trans Saharan Gas Pipeline projects The AKK when completed would provide enough gas for both domestic and export purposes revive industries along the AKK corridor Speaking on the Nigeria s attainment to 62nd independence he said that consistency on the projects should be considered greatly to fast track completion and energy sufficiency Governance is a continual thing and the real things that matter sometimes take decades or half a century to be achieved So one government must do it well and pass on to another government which will equally do it well till we get to the end the expert advised Sowunmi said the projects would ensure that the power sector became the major consumer of gas while there would be availability of gas to industries like the methanol plants and fertiliser plants He further said the AKK and the Trans Saharan gas pipelines projects were birthed by the policies of the gas master plan He said that the only way the EU would get alternative gas supply to EU countries from Nigeria would be through the Trans Saharan Gas pipeline According to him EU could as well become ultimate beneficiary through the support in the building of the pipeline The oil and gas industry particularly the gas sector offers Nigeria a very clear road to a genuine industrialisation in every Local Government we should take advantage of this he said The expert however expressed satisfaction that some reforms have started in the industry in view of the implementation of the Petroleum Industry Act 2021 PIA NewsSourceCredit NAN
    Nigeria @ 62:  expert seeks continuity, consistency on Nigeria gas master plan
    General news4 days ago

    Nigeria @ 62:  expert seeks continuity, consistency on Nigeria gas master plan

    An Oil and Gas Expert, Mr Olabode Sowunmi, has called for continuity and consistency on the Nigeria Gas Master Plan to ensure infrastructure development and availability of gas in the country.

    The expert called for continuity in projects that matter, for example the on-going construction of the Ajaokuta-Kaduna-Kano Natural Gas Pipeline (AKK), Trans Saharan Gas Pipeline (TSGP) and West African Gas Pipeline.

    Sowunmi, Senior Legislative Aid to the Senate President on Gas and Power made the call in an interview with the News Agency of Nigeria on Monday in Abuja.

    NAN reports that the AAK project which spans a length of 614km is being developed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to transport natural gas from Ajaokuta, Kogi through states and urban centres in Nigeria.

    The project, which is expected to be completed the first quarter of 2023, is a segment of the Trans-Nigeria Gas Pipeline (TNGP) and the Trans-Saharan Gas Pipeline projects.

    The AKK, when completed would provide enough gas for both domestic and export purposes, revive industries along the AKK corridor.

    Speaking on the Nigeria’s attainment to 62nd independence, he said that consistency on the projects should be considered greatly to fast track completion and energy sufficiency.

    “Governance is a continual thing and the real things that matter sometimes take decades or half a century to be achieved.

    “So one government must do it well and pass on to another government which will equally do it well till we get to the end,” the expert advised.

    Sowunmi said the projects would ensure that the power sector became the major consumer of gas while there would be availability of gas to industries like the methanol plants and fertiliser plants.

    He further said the AKK and the Trans Saharan gas pipelines projects were birthed by the policies of the gas master plan.

    He said that the only way the EU would get alternative gas supply to EU countries from Nigeria would be through the Trans Saharan Gas pipeline.

    According to him, EU could as well become ultimate beneficiary through the support in the building of the pipeline.

    “The oil and gas industry, particularly the gas sector offers Nigeria a very clear road to a genuine industrialisation in every Local Government we should take advantage of this,’’ he said.

    The expert however expressed satisfaction that some reforms have started in the industry in view of the implementation of the Petroleum Industry Act 2021 (PIA).


    NewsSourceCredit: NAN

  •  The Nigeria Security and Civil Defence Corps NSCDC have arrested a marine welder Iyamba Edem Iyamba in Calabar for attempting to vandalise NNPC s pipeline The attempted vandalism would have facilitated the syphoning of petroleum products into the facility of a company Mettle Energy and Gas Company if it had been successful A similar thing happened in the same company in 2020 when one of the company s tanks was used to syphon petroleum products from the NNPC pipeline Five persons were convicted then for vandalising the NNPC pipeline and they served their jail term They forfeited some cars and other property to the Federal Government NSCD s commandant in Cross River Mr Samuel Fadeyi said on Monday in Calabar while parading Edem Iyamba before newsmen He said NSCDC operatives arrested Edem Iyamba on Sept 13 in Calabar South following cooperation received from the security man of Mettle Energy and Gas Company Gabriel Ajom Ajom had earlier been arrested in connection with the crime Fadeyi said that on Aug 26 men of the NSCDC on patrol discovered a tunnel that was being dug from Mettle Energy and Gas Company leading to the NNPC pipeline at the jetty According to the Commandant Edem Iyamba is the mastermind of the group that attempted to vandalise the pipeline and breach distribution of petroleum products At first we arrested the security guard of Mettle Energy and Gas Company who gave us useful information about those that approached him for the illegal deal The mastermind was hiding but our men were able to track him to his hideout in Calabar South he said Fadeyi explained that NSCDC s earlier decision to disband its anti vandalism team and re strategise the fight against fuel theft was yielding positive results A few individuals cannot be gaining at the detriment of other Nigerians by sabotaging the economy All hands are on deck and we are working in synergy with other security agencies to ensure that oil theft and pipeline vandalism are stopped he said Fadeyi assured that the suspects would be arraigned at the conclusion of investigation The suspect Edem Iyamba who said he was a marine welder told the News Agency of Nigeria that desperation for money lured him into the act I was arrested in connection with an attempt to vandalise the NNPC pipeline I know what I did was bad I am pleading with the NSCDC to forgive me I won t be involved in this again We were four in number that dug the tunnel the three other persons came in from Port Harcourt he told NAN NewsSourceCredit NAN
    NSCDC arrest marine welder in Calabar over pipeline vandalism
     The Nigeria Security and Civil Defence Corps NSCDC have arrested a marine welder Iyamba Edem Iyamba in Calabar for attempting to vandalise NNPC s pipeline The attempted vandalism would have facilitated the syphoning of petroleum products into the facility of a company Mettle Energy and Gas Company if it had been successful A similar thing happened in the same company in 2020 when one of the company s tanks was used to syphon petroleum products from the NNPC pipeline Five persons were convicted then for vandalising the NNPC pipeline and they served their jail term They forfeited some cars and other property to the Federal Government NSCD s commandant in Cross River Mr Samuel Fadeyi said on Monday in Calabar while parading Edem Iyamba before newsmen He said NSCDC operatives arrested Edem Iyamba on Sept 13 in Calabar South following cooperation received from the security man of Mettle Energy and Gas Company Gabriel Ajom Ajom had earlier been arrested in connection with the crime Fadeyi said that on Aug 26 men of the NSCDC on patrol discovered a tunnel that was being dug from Mettle Energy and Gas Company leading to the NNPC pipeline at the jetty According to the Commandant Edem Iyamba is the mastermind of the group that attempted to vandalise the pipeline and breach distribution of petroleum products At first we arrested the security guard of Mettle Energy and Gas Company who gave us useful information about those that approached him for the illegal deal The mastermind was hiding but our men were able to track him to his hideout in Calabar South he said Fadeyi explained that NSCDC s earlier decision to disband its anti vandalism team and re strategise the fight against fuel theft was yielding positive results A few individuals cannot be gaining at the detriment of other Nigerians by sabotaging the economy All hands are on deck and we are working in synergy with other security agencies to ensure that oil theft and pipeline vandalism are stopped he said Fadeyi assured that the suspects would be arraigned at the conclusion of investigation The suspect Edem Iyamba who said he was a marine welder told the News Agency of Nigeria that desperation for money lured him into the act I was arrested in connection with an attempt to vandalise the NNPC pipeline I know what I did was bad I am pleading with the NSCDC to forgive me I won t be involved in this again We were four in number that dug the tunnel the three other persons came in from Port Harcourt he told NAN NewsSourceCredit NAN
    NSCDC arrest marine welder in Calabar over pipeline vandalism
    Defence/Security4 days ago

    NSCDC arrest marine welder in Calabar over pipeline vandalism

    The Nigeria Security and Civil Defence Corps (NSCDC) have arrested a marine welder, Iyamba Edem-Iyamba, in Calabar for attempting to vandalise NNPC’s pipeline.

    The attempted vandalism would have facilitated the syphoning of petroleum products into the facility of a company, Mettle Energy and Gas Company, if it had been successful.

    “A similar thing happened in the same company in 2020 when one of the company’s tanks was used to syphon petroleum products from the NNPC pipeline.

    “Five persons were convicted then for vandalising the NNPC pipeline and they served their jail term.

    “They forfeited some cars and other property to the Federal Government,’’ NSCD’s commandant in Cross River, Mr Samuel Fadeyi, said on Monday in Calabar, while parading Edem-Iyamba before newsmen.

    He said NSCDC operatives arrested Edem-Iyamba on Sept. 13 in Calabar South following cooperation received from the security man of Mettle Energy and Gas Company, Gabriel Ajom. Ajom had earlier been arrested in connection with the crime.

    Fadeyi said that on Aug. 26, men of the NSCDC on patrol discovered a tunnel that was being dug from Mettle Energy and Gas Company, leading to the NNPC pipeline at the jetty.

    According to the Commandant, Edem-Iyamba is the mastermind of the group that attempted to vandalise the pipeline and breach distribution of petroleum products.  

    “At first, we arrested the security guard of Mettle Energy and Gas Company who gave us useful information about those that approached him for the illegal deal.  

    “The mastermind was hiding, but our men were able to track him to his hideout in Calabar South,’’ he said.  

    Fadeyi explained that NSCDC’s earlier decision to disband its anti-vandalism team and re-strategise the fight against fuel theft was yielding positive results.  

    “A few individuals cannot be gaining at the detriment of other Nigerians by sabotaging the economy.  

    “All hands are on deck and we are working in synergy with other security agencies to ensure that oil theft and pipeline vandalism are stopped,’’ he said.  

    Fadeyi assured that the suspects would be arraigned at the conclusion of investigation.  

    The suspect, Edem-Iyamba, who said he was a marine welder, told the News Agency of Nigeria that desperation for money lured him into the act.  

    “I was arrested in connection with an attempt to vandalise the NNPC pipeline.

    I know what I did was bad; I am pleading with the NSCDC to forgive me, I won’t be involved in this again.  

    “We were four in number that dug the tunnel; the three other persons came in from Port Harcourt,’’ he told NAN.      


    NewsSourceCredit: NAN

  •  The Nigerian National Petroleum Company Limited NNPC LTD has completed the acquisition of OVH Energy Marketing Limited OVHEM downstream assets under an Accelerated Network Expansion ANEX Initiative Unveiling the acquisition on Saturday in Abuja Sen Margery Okadigbo NNPC Ltd Board Chairman said it would strengthen the downstream business portfolio to enhance profitability and guarantee National Energy Security The News Agency of Nigeria reports that downstream assets acquisition which were from OVHEM operators of Oando filling stations include reception jetty ASPM with 240 000MT monthly capacity and eight LPG Plants Others include three Lubes blending plants three Aviation Depots and 12 warehouses Okadigbo said the acquisition would bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo to its journey of attaining 1 500 stations We will be the largest petroleum product retail network in Africa We are going to have the Biggest filling station collection in Africa OVH has given us so much to look after the investment we have you on the package to continue to work with us Okadigbo said Malam Mele Kyari NNPC Ltd Group Chief Executive GCEO said the merger was achievable through NNPC Ltd robust system and network being an institution with the capabilities to deliver to shareholders Kyari said the acquisition was in line with President Muhammadu Buhari s zeal for the NNPC to consistently provide energy security for Nigeria which involved access to products and management of the every transition By this merger we are the largest downstream company with robust network in the country and in Africa This is vehicle to ensure we deliver on the energy transition in the country We will use it to deliver Liquefied Petroleum Gas LPG and Compressed Natural Gas C into the market Poor citizens who rely on biomass to cook 70 per cent of Nigerians don t have access to clean cooking fuel downstream company with robust network in the country and in Africa This is an opportunity for us to utilise this privilege and expand it Today what we have struggled for years have been attained We will deliver value to our stakeholders and guarantee energy to all he said In a remark Huub Stokman OVH CEO said the company was enthusiastic of the future potential and capabilities of the combine entity and was ready to bring efficiency in leading business Stokman said this acquisition from NNPC which would transform downstream energy sector in West Africa came at a critical time in the Nigerian energy sector and in the light of the enactment of the Petroleum Industry Act 2021 PIA As the demand is still increasing also there should be deliberate effort to increase the supply in consumption of Natural Gas energy transition The combined entity will be well positioned to take advantage of these opportunities in a way the will really positively impact oil and gas downstream sector he said NewsSourceCredit NAN
    NNPC Ltd acquires OVH energy marketing limited assets
     The Nigerian National Petroleum Company Limited NNPC LTD has completed the acquisition of OVH Energy Marketing Limited OVHEM downstream assets under an Accelerated Network Expansion ANEX Initiative Unveiling the acquisition on Saturday in Abuja Sen Margery Okadigbo NNPC Ltd Board Chairman said it would strengthen the downstream business portfolio to enhance profitability and guarantee National Energy Security The News Agency of Nigeria reports that downstream assets acquisition which were from OVHEM operators of Oando filling stations include reception jetty ASPM with 240 000MT monthly capacity and eight LPG Plants Others include three Lubes blending plants three Aviation Depots and 12 warehouses Okadigbo said the acquisition would bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo to its journey of attaining 1 500 stations We will be the largest petroleum product retail network in Africa We are going to have the Biggest filling station collection in Africa OVH has given us so much to look after the investment we have you on the package to continue to work with us Okadigbo said Malam Mele Kyari NNPC Ltd Group Chief Executive GCEO said the merger was achievable through NNPC Ltd robust system and network being an institution with the capabilities to deliver to shareholders Kyari said the acquisition was in line with President Muhammadu Buhari s zeal for the NNPC to consistently provide energy security for Nigeria which involved access to products and management of the every transition By this merger we are the largest downstream company with robust network in the country and in Africa This is vehicle to ensure we deliver on the energy transition in the country We will use it to deliver Liquefied Petroleum Gas LPG and Compressed Natural Gas C into the market Poor citizens who rely on biomass to cook 70 per cent of Nigerians don t have access to clean cooking fuel downstream company with robust network in the country and in Africa This is an opportunity for us to utilise this privilege and expand it Today what we have struggled for years have been attained We will deliver value to our stakeholders and guarantee energy to all he said In a remark Huub Stokman OVH CEO said the company was enthusiastic of the future potential and capabilities of the combine entity and was ready to bring efficiency in leading business Stokman said this acquisition from NNPC which would transform downstream energy sector in West Africa came at a critical time in the Nigerian energy sector and in the light of the enactment of the Petroleum Industry Act 2021 PIA As the demand is still increasing also there should be deliberate effort to increase the supply in consumption of Natural Gas energy transition The combined entity will be well positioned to take advantage of these opportunities in a way the will really positively impact oil and gas downstream sector he said NewsSourceCredit NAN
    NNPC Ltd acquires OVH energy marketing limited assets
    General news6 days ago

    NNPC Ltd acquires OVH energy marketing limited assets

    The Nigerian National Petroleum Company Limited (NNPC LTD.

    ) has completed the acquisition of OVH Energy Marketing Limited (OVHEM) downstream assets under an Accelerated Network Expansion (ANEX) Initiative.

    Unveiling the acquisition on Saturday in Abuja, Sen. Margery Okadigbo, NNPC Ltd Board Chairman, said it would strengthen the downstream business portfolio to enhance profitability and guarantee National Energy Security.

    The News Agency of Nigeria reports that downstream assets acquisition which were from OVHEM, operators of Oando filling stations, include reception jetty (ASPM) with 240,000MT monthly capacity and eight LPG Plants.

    Others include three Lubes blending plants, three Aviation Depots, and 12 warehouses.

    Okadigbo said the acquisition would bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo to its journey of attaining 1,500 stations.

    “We will be the largest petroleum product retail network in Africa.

    We are going to have the Biggest filling station collection in Africa.

    “OVH has given us so much to look after the investment we have you on the package to continue to work with us,” Okadigbo said.

    Malam Mele Kyari, NNPC Ltd. Group Chief Executive (GCEO), said the merger was achievable through NNPC Ltd robust system and network, being an institution with the capabilities to deliver to shareholders.

    Kyari said the acquisition was in line with President Muhammadu Buhari’s zeal for the NNPC to consistently provide energy security for Nigeria which involved access to products and management of the every transition.

    “By this merger, we are the largest downstream company with robust network in the country and in Africa.

    “This is vehicle to ensure we deliver on the energy transition in the country.

    “We will use it to deliver Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (C into the market.

    “Poor citizens who rely on biomass to cook.

    70 per cent of Nigerians don’t have access to clean cooking fuel downstream company with robust network in the country and in Africa.

    This is an opportunity for us to utilise this privilege and expand it.

    “Today what we have struggled for years have been attained.

    We will deliver value to our stakeholders and guarantee energy to all,” he said.  

    In a remark, Huub Stokman, OVH CEO, said the company was enthusiastic of the future potential and capabilities of the combine entity and was ready to bring efficiency in leading business.

    Stokman said this acquisition from NNPC, which would transform downstream energy sector in West Africa, came at a critical time in the Nigerian energy sector and in the light of the enactment of the Petroleum Industry Act 2021 (PIA).

    “As the demand is still increasing, also there should be deliberate effort to increase the supply in consumption of Natural Gas energy transition.

    “The combined entity will be well positioned to take advantage of these opportunities in a way the will really positively impact oil and gas downstream sector,” he said.


    NewsSourceCredit: NAN