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  •   The entire Farmers Association of Nigeria AFAN Oyo state chapter has expressed fears that food prices may rise in 2022 given exorbitant prices for agricultural inputs AFAN s chairman in the state Mr John Olateru expressed the fears in an interview with the Nigerian News Agency in Ibadan on Wednesday However Olateru who stated that farmers were preparing for the 2022 planting season denounced the cost of inputs saying that this could affect farmers operations and the prices of their products Chemical prices are now more than triple what they used to be the same for fertilizers while land preparation has gone from N5 000 to between N12 000 and N15 000 per hectare she said Olateru said that the cost of agricultural inputs and other associated factors could increase the cost of food The cost of cultivating the farmland has gotten out of control and this will affect the prices of the items that will be planted he said The president of AFAN also lamented what he described as sometimes cumbersome procedures for accessing the exchange rate the non availability of foreign currency for importing agricultural inputs Another problem is that on everything you import there is a 7 5 VAT that you have to pay There is also the minimum duty of five percent that you have to pay on the importation of tractors and other things If you add 7 5 percent to five percent that gives you a 12 5 percent tax on what you re importing while the official currency is not available All this will have multiplier effects on the prices of farmers products When people complain about high prices for food products they may not be aware of the factors that drive costs he said Regarding climate change Olateru said that on the farmers side the return to the farm was looking good with a favorable weather forecast unlike what was obtained in 2021 It looks like the weather will favor us this year I can see NIMET encouraging farmers to start planting now unlike what they got last year According to him farming has become a profitable enterprise compared to other aspects of agriculture in particular livestock farming which now operates at a loss
    Why food prices may rise in 2022 – AFAN
      The entire Farmers Association of Nigeria AFAN Oyo state chapter has expressed fears that food prices may rise in 2022 given exorbitant prices for agricultural inputs AFAN s chairman in the state Mr John Olateru expressed the fears in an interview with the Nigerian News Agency in Ibadan on Wednesday However Olateru who stated that farmers were preparing for the 2022 planting season denounced the cost of inputs saying that this could affect farmers operations and the prices of their products Chemical prices are now more than triple what they used to be the same for fertilizers while land preparation has gone from N5 000 to between N12 000 and N15 000 per hectare she said Olateru said that the cost of agricultural inputs and other associated factors could increase the cost of food The cost of cultivating the farmland has gotten out of control and this will affect the prices of the items that will be planted he said The president of AFAN also lamented what he described as sometimes cumbersome procedures for accessing the exchange rate the non availability of foreign currency for importing agricultural inputs Another problem is that on everything you import there is a 7 5 VAT that you have to pay There is also the minimum duty of five percent that you have to pay on the importation of tractors and other things If you add 7 5 percent to five percent that gives you a 12 5 percent tax on what you re importing while the official currency is not available All this will have multiplier effects on the prices of farmers products When people complain about high prices for food products they may not be aware of the factors that drive costs he said Regarding climate change Olateru said that on the farmers side the return to the farm was looking good with a favorable weather forecast unlike what was obtained in 2021 It looks like the weather will favor us this year I can see NIMET encouraging farmers to start planting now unlike what they got last year According to him farming has become a profitable enterprise compared to other aspects of agriculture in particular livestock farming which now operates at a loss
    Why food prices may rise in 2022 – AFAN
    General news9 months ago

    Why food prices may rise in 2022 – AFAN

    The entire Farmers Association of Nigeria (AFAN), Oyo state chapter, has expressed fears that food prices may rise in 2022, given exorbitant prices for agricultural inputs.

    AFAN's chairman in the state, Mr. John Olateru, expressed the fears in an interview with the Nigerian News Agency in Ibadan on Wednesday.

    However, Olateru, who stated that farmers were preparing for the 2022 planting season, denounced the cost of inputs, saying that this could affect farmers' operations and the prices of their products.

    “Chemical prices are now more than triple what they used to be; the same for fertilizers, while land preparation has gone from N5,000 to between N12,000 and N15,000 per hectare,” she said.

    Olateru said that the cost of agricultural inputs and other associated factors could increase the cost of food.

    “The cost of cultivating the farmland has gotten out of control and this will affect the prices of the items that will be planted,” he said.

    The president of AFAN also lamented what he described as sometimes cumbersome procedures for accessing the exchange rate, the non-availability of foreign currency for importing agricultural inputs.

    “Another problem is that on everything you import there is a 7.5% VAT that you have to pay. There is also the minimum duty of five percent that you have to pay on the importation of tractors and other things.

    “If you add 7.5 percent to five percent, that gives you a 12.5 percent tax on what you're importing, while the official currency is not available.

    “All this will have multiplier effects on the prices of farmers' products.

    "When people complain about high prices for food products, they may not be aware of the factors that drive costs," he said.

    Regarding climate change, Olateru said that on the farmers' side, the return to the farm was looking good, with a favorable weather forecast, unlike what was obtained in 2021.

    “It looks like the weather will favor us this year. I can see NIMET encouraging farmers to start planting now, unlike what they got last year.

    According to him, farming has become a profitable enterprise, compared to other aspects of agriculture, in particular livestock farming, which now operates at a loss.

  •  Spanish police said on Tuesday they had arrested Britain s most wanted woman for a 1bn scam after nine years on the run The fugitive identified by the British National Crime Agency NCA as Sarah Panitzke 47 was arrested on Sunday by the Civil Guard walking her dogs in the town of Santa B rbara between Barcelona and Valencia Panitzke has been wanted since 2013 for money laundering offenses as part of a 16 member criminal gang that bought mobile phones abroad without VAT and then resold them in the UK The gang made profits of more than 1bn 1 2bn euros 1 3bn police and the NCA said in separate statements Originally from Fulford near the city of York in northern England Panitzke disappeared in May 2013 before being found guilty and sentenced in absentia to eight years behind bars She was the last of the gang to be caught with other members collectively sentenced to 135 years in jail the NCA said Investigators from the British tax authorities HMRC said she was responsible for laundering all of the group s income through multiple companies in Spain the small principality of Andorra and Dubai The gang managed to move more mobile phones in the UK than the collective number sold by all legal outlets the Guardia Civil said citing British investigators In 2015 police discovered that she lived in Olivella just south of Barcelona and her husband brought her groceries on weekends But she realized that the police were after her and totally changed her appearance and ran away later cutting all physical ties with her family to avoid detection Seven years passed before they found her again after being tipped off that she might be in Santa Barbara in February After a lengthy surveillance operation police located a woman who clearly had the same physical characteristics This time they deployed several plainclothes officers to make sure he didn t escape again Sarah Panitzke was one of Britain s most wanted tax fugitives She played a critical role in a multi million pound VAT fraud and moved millions through offshore bank accounts said Simon York head of HMRC s fraud investigation service in a statement Panitzke thought he had put himself out of the hands of HMRC but no tax offender is out of our hands Source Credit TheGuardian
    Spain arrests UK’s most wanted woman
     Spanish police said on Tuesday they had arrested Britain s most wanted woman for a 1bn scam after nine years on the run The fugitive identified by the British National Crime Agency NCA as Sarah Panitzke 47 was arrested on Sunday by the Civil Guard walking her dogs in the town of Santa B rbara between Barcelona and Valencia Panitzke has been wanted since 2013 for money laundering offenses as part of a 16 member criminal gang that bought mobile phones abroad without VAT and then resold them in the UK The gang made profits of more than 1bn 1 2bn euros 1 3bn police and the NCA said in separate statements Originally from Fulford near the city of York in northern England Panitzke disappeared in May 2013 before being found guilty and sentenced in absentia to eight years behind bars She was the last of the gang to be caught with other members collectively sentenced to 135 years in jail the NCA said Investigators from the British tax authorities HMRC said she was responsible for laundering all of the group s income through multiple companies in Spain the small principality of Andorra and Dubai The gang managed to move more mobile phones in the UK than the collective number sold by all legal outlets the Guardia Civil said citing British investigators In 2015 police discovered that she lived in Olivella just south of Barcelona and her husband brought her groceries on weekends But she realized that the police were after her and totally changed her appearance and ran away later cutting all physical ties with her family to avoid detection Seven years passed before they found her again after being tipped off that she might be in Santa Barbara in February After a lengthy surveillance operation police located a woman who clearly had the same physical characteristics This time they deployed several plainclothes officers to make sure he didn t escape again Sarah Panitzke was one of Britain s most wanted tax fugitives She played a critical role in a multi million pound VAT fraud and moved millions through offshore bank accounts said Simon York head of HMRC s fraud investigation service in a statement Panitzke thought he had put himself out of the hands of HMRC but no tax offender is out of our hands Source Credit TheGuardian
    Spain arrests UK’s most wanted woman
    Foreign9 months ago

    Spain arrests UK’s most wanted woman

    Spanish police said on Tuesday they had arrested Britain's most wanted woman for a £1bn scam after nine years on the run.

    The fugitive, identified by the British National Crime Agency (NCA) as Sarah Panitzke, 47, was arrested on Sunday by the Civil Guard walking her dogs in the town of Santa Bárbara, between Barcelona and Valencia.

    Panitzke has been wanted since 2013 for money laundering offenses as part of a 16-member criminal gang that bought mobile phones abroad without VAT and then resold them in the UK.

    The gang made profits of "more than £1bn" (1.2bn euros/$1.3bn), police and the NCA said in separate statements.

    Originally from Fulford, near the city of York in northern England, Panitzke disappeared in May 2013 before being found guilty and sentenced in absentia to eight years behind bars.

    She was the last of the gang to be caught, with other members collectively sentenced to 135 years in jail, the NCA said.

    Investigators from the British tax authorities HMRC said she was responsible for laundering all of the group's income through multiple companies in Spain, the small principality of Andorra and Dubai.

    The gang managed to move more mobile phones in the UK than the collective number sold by all legal outlets, the Guardia Civil said, citing British investigators.

    In 2015, police discovered that she lived in Olivella, just south of Barcelona, ​​and her husband brought her groceries on weekends.

    But she realized that the police were after her and “totally changed her appearance and ran away”, later cutting all physical ties with her family to avoid detection.

    Seven years passed before they found her again after being tipped off that she might be in Santa Barbara in February. After a lengthy surveillance operation, police located a woman "who clearly had the same physical characteristics."

    This time, they deployed several plainclothes officers to make sure he didn't escape again.

    “Sarah Panitzke was one of Britain's most wanted tax fugitives. She played a critical role in a multi-million pound VAT fraud and moved millions through offshore bank accounts,” said Simon York, head of HMRC's fraud investigation service in a statement.

    "Panitzke thought he had put himself out of the hands of HMRC, but... no tax offender is out of our hands."

    Source Credit: TheGuardian

  •  Google LLC an American multinational technology company that specializes in Internet related services and products has informed her Nigerian customers via email that due to new legislation in Nigeria starting April 1 2022 Google will be required to charge 7 5 Value Added Tax VAT on all taxable goods and services The email informed the customers that no action is required on their side with regard to their Google business account They list notable changes to Nigerian customer s Google business accounts as follow The amount of VAT charged on your purchases will appear as a separate line in your account Your invoice or statement will show the amount of VAT charged Google further explained that they cannot advise you customers on tax matters so please contact your tax adviser for any questions regarding this change nbsp Recall that on January 1 2022 Meta Platforms Inc formerly known as Facebook Inc started charging her Nigerian advertisers 7 5 VAT on ad spending Google is expected to start the same from April 1 2022
    Google Informs Nigerian Customers of 7.5% VAT Charges from April 1, 2022
     Google LLC an American multinational technology company that specializes in Internet related services and products has informed her Nigerian customers via email that due to new legislation in Nigeria starting April 1 2022 Google will be required to charge 7 5 Value Added Tax VAT on all taxable goods and services The email informed the customers that no action is required on their side with regard to their Google business account They list notable changes to Nigerian customer s Google business accounts as follow The amount of VAT charged on your purchases will appear as a separate line in your account Your invoice or statement will show the amount of VAT charged Google further explained that they cannot advise you customers on tax matters so please contact your tax adviser for any questions regarding this change nbsp Recall that on January 1 2022 Meta Platforms Inc formerly known as Facebook Inc started charging her Nigerian advertisers 7 5 VAT on ad spending Google is expected to start the same from April 1 2022
    Google Informs Nigerian Customers of 7.5% VAT Charges from April 1, 2022
    Business9 months ago

    Google Informs Nigerian Customers of 7.5% VAT Charges from April 1, 2022

    Google LLC, an American multinational technology company that specializes in Internet-related services and products, has informed her Nigerian customers via email that "due to new legislation in Nigeria, starting April 1, 2022, Google will be required to charge 7.5% Value Added Tax (VAT) on all taxable goods and services.The email informed the customers that "no action is required on their side with regard to their Google business account."They list notable changes to Nigerian customer's Google business accounts as follow:

    • The amount of VAT charged on your purchases will appear as a separate line in your account
    • Your invoice or statement will show the amount of VAT charged
    Google further explained that they "cannot advise you (customers) on tax matters, so please contact your tax adviser for any questions regarding this change." Recall that on January 1, 2022, Meta Platforms, Inc., (formerly known as Facebook, Inc) started charging her Nigerian advertisers 7.5% VAT on ad spending. Google is expected to start the same from April 1, 2022.

  •   The International Energy Agency IEA predicts that global demand for oil and gas will increase and that oil demand alone will expand by 3 3 million barrels mb d per day in 2022 and return to levels pre COVID of 99 7 mb d a development that will provide an opportunity for African producers like Niger to expand their oil and gas industry and help meet demand In a bid to accelerate exploration and production to achieve this goal Niger is making its regulatory and fiscal environment conducive to oil and gas energy market players The recent signing of the Niamey Declaration between the ministries of energy of the Republic of Niger Algeria and Nigeria during the Economic Communities of West African States ECOWAS Mining and Petroleum Forum ECOMOF in Niamey on 16 February 2022 is a game changer that will unlock the potential of the country s oil and gas sector to meet global energy demand The deal paves the way for the development of the multibillion dollar 4 128 km trans Saharan gas pipeline project that will connect the three African countries to the European market to trade up to 30 billion cubic meters of natural gas a year A 4 5 billion 1 950 km oil pipeline project is also underway in Niger and is expected to increase the country s production capacity fivefold by 2023 once the project is operational setting up the West African state as an energy hub to meet both regional and continental energy needs demand Furthermore the development is expected to provide significant economic growth for the West African state All infrastructure development projects aim to attract investment that can be used to expand the country s oil and gas industry They also challenge the Nigerien government to expand its exploration activities to increase its oil and gas capacity portfolio so that it can play an increasing role in helping to meet local regional and international energy demand What Niger and the oil majors have managed to achieve in such a short time is impressive showing how political will a transparent and productive framework and an environment conducive to investment can drive growth in the energy sector says NJ Ayuk CEO of the African Chamber of Energy Despite having vast oil and gas reserves African governments are struggling to establish attractive capital regimes for infrastructure development and exploration and production activities that would help boost economies With the right policies and infrastructure development Niger s oil and gas sector is expected to account for about 24 of the country s GDP 45 of tax revenues 68 of exports and 8 to 12 of formal employment by 2025 Expenditure on exploration and production must be optimal for the West African state to harness its gas reserves for economic prosperity and energy security Niger s oil reserves are currently estimated at 3 7 billion barrels and the country produces approximately 20 000 barrels of crude oil per day which is refined to meet local demand and exported to Nigeria Mali and Burkina Faso To expand its oil and gas potential Niger has enacted policies that encourage the participation of international market players as evidenced by the government forming an exploration and production joint venture with the China National Petroleum Corporation in 2003 A wide range of international companies including Tamoil Mobil and Total are present in the country s oil and gas market and local gas companies Nigergaz and Sonigaz continue to expand their operations with a specific focus on exploration and production for economic growth and energy security Laws such as the 2017 Petroleum Code provide companies with years of exploration and 25 years of production activities and exemption from VAT and customs duties making Niger an attractive investment destination Niger s vast oil and gas resources remain untapped and discussions at African Energy Week 2022 AEW Africa s premier investment platform taking place in Cape Town from October 18 21 2022 will focus on how the models are implemented in major oil and gas markets Producers like Nigeria Libya and Angola can be replicated to grow Niger s exploration and production The IEA says that Africa will be increasingly influential in shaping global energy trends over the next two decades and with the continent home to five of the world s top 30 oil producers AEW 2022 will highlight the role it can play regulation to unlock the investments needed to scale up oil and gas exploration and production to address energy poverty AEW 2022 will explore how governments and market players in Africa can attract more funding that will allow them to increase their market share in the global market
    Expanding Oil and Gas Exploration and Production in Niger
      The International Energy Agency IEA predicts that global demand for oil and gas will increase and that oil demand alone will expand by 3 3 million barrels mb d per day in 2022 and return to levels pre COVID of 99 7 mb d a development that will provide an opportunity for African producers like Niger to expand their oil and gas industry and help meet demand In a bid to accelerate exploration and production to achieve this goal Niger is making its regulatory and fiscal environment conducive to oil and gas energy market players The recent signing of the Niamey Declaration between the ministries of energy of the Republic of Niger Algeria and Nigeria during the Economic Communities of West African States ECOWAS Mining and Petroleum Forum ECOMOF in Niamey on 16 February 2022 is a game changer that will unlock the potential of the country s oil and gas sector to meet global energy demand The deal paves the way for the development of the multibillion dollar 4 128 km trans Saharan gas pipeline project that will connect the three African countries to the European market to trade up to 30 billion cubic meters of natural gas a year A 4 5 billion 1 950 km oil pipeline project is also underway in Niger and is expected to increase the country s production capacity fivefold by 2023 once the project is operational setting up the West African state as an energy hub to meet both regional and continental energy needs demand Furthermore the development is expected to provide significant economic growth for the West African state All infrastructure development projects aim to attract investment that can be used to expand the country s oil and gas industry They also challenge the Nigerien government to expand its exploration activities to increase its oil and gas capacity portfolio so that it can play an increasing role in helping to meet local regional and international energy demand What Niger and the oil majors have managed to achieve in such a short time is impressive showing how political will a transparent and productive framework and an environment conducive to investment can drive growth in the energy sector says NJ Ayuk CEO of the African Chamber of Energy Despite having vast oil and gas reserves African governments are struggling to establish attractive capital regimes for infrastructure development and exploration and production activities that would help boost economies With the right policies and infrastructure development Niger s oil and gas sector is expected to account for about 24 of the country s GDP 45 of tax revenues 68 of exports and 8 to 12 of formal employment by 2025 Expenditure on exploration and production must be optimal for the West African state to harness its gas reserves for economic prosperity and energy security Niger s oil reserves are currently estimated at 3 7 billion barrels and the country produces approximately 20 000 barrels of crude oil per day which is refined to meet local demand and exported to Nigeria Mali and Burkina Faso To expand its oil and gas potential Niger has enacted policies that encourage the participation of international market players as evidenced by the government forming an exploration and production joint venture with the China National Petroleum Corporation in 2003 A wide range of international companies including Tamoil Mobil and Total are present in the country s oil and gas market and local gas companies Nigergaz and Sonigaz continue to expand their operations with a specific focus on exploration and production for economic growth and energy security Laws such as the 2017 Petroleum Code provide companies with years of exploration and 25 years of production activities and exemption from VAT and customs duties making Niger an attractive investment destination Niger s vast oil and gas resources remain untapped and discussions at African Energy Week 2022 AEW Africa s premier investment platform taking place in Cape Town from October 18 21 2022 will focus on how the models are implemented in major oil and gas markets Producers like Nigeria Libya and Angola can be replicated to grow Niger s exploration and production The IEA says that Africa will be increasingly influential in shaping global energy trends over the next two decades and with the continent home to five of the world s top 30 oil producers AEW 2022 will highlight the role it can play regulation to unlock the investments needed to scale up oil and gas exploration and production to address energy poverty AEW 2022 will explore how governments and market players in Africa can attract more funding that will allow them to increase their market share in the global market
    Expanding Oil and Gas Exploration and Production in Niger
    Africa10 months ago

    Expanding Oil and Gas Exploration and Production in Niger

    The International Energy Agency (IEA) predicts that global demand for oil and gas will increase and that oil demand alone will expand by 3.3 million barrels (mb/d) per day in 2022 and return to levels pre-COVID of 99.7 mb/d, a development that will provide an opportunity for African producers like Niger to expand their oil and gas industry and help meet demand.

    In a bid to accelerate exploration and production to achieve this goal, Niger is making its regulatory and fiscal environment conducive to oil and gas energy market players.

    The recent signing of the Niamey Declaration' between the ministries of energy of the Republic of Niger, Algeria and Nigeria during the Economic Communities of West African States (ECOWAS) Mining and Petroleum Forum (ECOMOF) in Niamey on 16 February 2022 is a game changer that will unlock the potential of the country's oil and gas sector to meet global energy demand.

    The deal paves the way for the development of the multibillion-dollar, 4,128 km trans-Saharan gas pipeline project that will connect the three African countries to the European market to trade up to 30 billion cubic meters of natural gas a year.

    A $4.5 billion 1,950 km oil pipeline project is also underway in Niger and is expected to increase the country's production capacity fivefold by 2023, once the project is operational, setting up the West African state. as an energy hub to meet both regional and continental energy needs. demand.

    Furthermore, the development is expected to provide significant economic growth for the West African state. All infrastructure development projects aim to attract investment that can be used to expand the country's oil and gas industry. They also challenge the Nigerien government to expand its exploration activities to increase its oil and gas capacity portfolio so that it can play an increasing role in helping to meet local, regional and international energy demand.

    “What Niger and the oil majors have managed to achieve in such a short time is impressive, showing how political will, a transparent and productive framework, and an environment conducive to investment can drive growth in the energy sector,” says NJ Ayuk. , CEO. of the African Chamber of Energy.

    Despite having vast oil and gas reserves, African governments are struggling to establish attractive capital regimes for infrastructure development and exploration and production activities that would help boost economies.

    With the right policies and infrastructure development, Niger's oil and gas sector is expected to account for about 24% of the country's GDP, 45% of tax revenues, 68% of exports and 8 % to 12% of formal employment by 2025.

    Expenditure on exploration and production must be optimal for the West African state to harness its gas reserves for economic prosperity and energy security. Niger's oil reserves are currently estimated at 3.7 billion barrels and the country produces approximately 20,000 barrels of crude oil per day, which is refined to meet local demand and exported to Nigeria, Mali and Burkina Faso.

    To expand its oil and gas potential, Niger has enacted policies that encourage the participation of international market players, as evidenced by the government forming an exploration and production joint venture with the China National Petroleum Corporation in 2003. A wide range of international companies including Tamoil, Mobil and Total are present in the country's oil and gas market and local gas companies Nigergaz and Sonigaz continue to expand their operations with a specific focus on exploration and production for economic growth. and energy security.

    Laws such as the 2017 Petroleum Code provide companies with years of exploration and 25 years of production activities and exemption from VAT and customs duties, making Niger an attractive investment destination.

    Niger's vast oil and gas resources remain untapped and discussions at African Energy Week 2022 (AEW), Africa's premier investment platform, taking place in Cape Town from October 18-21 2022, will focus on how the models are implemented in major oil and gas markets. Producers like Nigeria, Libya and Angola can be replicated to grow Niger's exploration and production.

    The IEA says that Africa will be increasingly influential in shaping global energy trends over the next two decades and with the continent home to five of the world's top 30 oil producers, AEW 2022 will highlight the role it can play. regulation to unlock the investments needed to scale up oil and gas exploration and production to address energy poverty.

    AEW 2022 will explore how governments and market players in Africa can attract more funding that will allow them to increase their market share in the global market.

  •   Turkish President Recep Tayyip Erdogan on Saturday cut sales tax on dairy products fruits vegetables and other staples from 8 percent to 1 percent as inflation rises to a nearly 20 year high The rising cost of living has become a major source of public discontent in Turkey where it is expected to feature prominently in next year s presidential election Inflation hit 48 69 percent in January the highest level since Erdogan s Islamic rooted party came to power two decades ago Erdogan said the VAT drop would apply to a large number of products including cooking oil and dried fruit All of these reductions will help in our fight against inflation he said Protests are planned in Turkey this weekend over falling purchasing power Last month Erdogan changed the head of the Tuik state statistics agency for the fourth time since 2019 Turkish media reported that he was unhappy with the inflation figures he published The opposition and some economists believe that the official figures grossly underestimate reality Source Credit TheGuardian
    Turkey’s Erdogan slashes VAT on basic foods as inflation spirals
      Turkish President Recep Tayyip Erdogan on Saturday cut sales tax on dairy products fruits vegetables and other staples from 8 percent to 1 percent as inflation rises to a nearly 20 year high The rising cost of living has become a major source of public discontent in Turkey where it is expected to feature prominently in next year s presidential election Inflation hit 48 69 percent in January the highest level since Erdogan s Islamic rooted party came to power two decades ago Erdogan said the VAT drop would apply to a large number of products including cooking oil and dried fruit All of these reductions will help in our fight against inflation he said Protests are planned in Turkey this weekend over falling purchasing power Last month Erdogan changed the head of the Tuik state statistics agency for the fourth time since 2019 Turkish media reported that he was unhappy with the inflation figures he published The opposition and some economists believe that the official figures grossly underestimate reality Source Credit TheGuardian
    Turkey’s Erdogan slashes VAT on basic foods as inflation spirals
    Foreign10 months ago

    Turkey’s Erdogan slashes VAT on basic foods as inflation spirals

    Turkish President Recep Tayyip Erdogan on Saturday cut sales tax on dairy products, fruits, vegetables and other staples from 8 percent to 1 percent as inflation rises to a nearly 20-year high.

    The rising cost of living has become a major source of public discontent in Turkey, where it is expected to feature prominently in next year's presidential election.

    Inflation hit 48.69 percent in January, the highest level since Erdogan's Islamic-rooted party came to power two decades ago.

    Erdogan said the VAT drop would apply to a large number of products, including cooking oil and dried fruit.

    "All of these reductions will help in our fight against inflation," he said.

    Protests are planned in Turkey this weekend over falling purchasing power.

    Last month, Erdogan changed the head of the Tuik state statistics agency for the fourth time since 2019.

    Turkish media reported that he was unhappy with the inflation figures he published.

    The opposition and some economists believe that the official figures grossly underestimate reality.

    Source Credit: TheGuardian

  •   Niger s relatively low cost of production per barrel and an accomplished export channel are expected to act as a tycoon for new entrants JOHANNESBURG South Africa February 8 2022 APO Group The African Energy Chamber www EnergyChamber org will lead a delegation to Niger for the ECOWAS Mining and Petroleum conference in Niamey Niger from February 16 18 2022 High on the agenda there will be discussions highlighting the significant opportunities that Niger offers investors explorers service companies and engineering companies in oil and gas mining and energy Discussions will also address the transformative impact the oil and gas sector is likely to have on Niger s economy for decades to come as well as ways the government can continue to improve the operating environment to attract even more energy investment with a focus on creating well paid jobs for Niger s youth population Niger s oil and gas industry is expected by 2025 to account for approximately 24 of GDP 45 of tax revenues and 68 of exports as well as 8 12 of formal employment in Niger Niger s current oil reserves have estimates of 3 754 million barrels of oil reserves and 957 million barrels of recoverable oil reserves Current gas reserves are estimated at 34 billion cubic meters with recoverable reserves of 24 billion cubic meters A nation poised for major oil and gas investments Niger is fast becoming an attractive destination for oil and gas investment under the leadership of the President HE Mohamed Bazoum taking conscious and aggressive steps to set the stage for a boom in exploration for more hydrocarbons in its prolific basins such as as well as developing infrastructure to connect Niger as a producer with markets in the region and beyond First oil from China Major CNPC s Agadem Rift basin assets is expected in mid 2023 when the 1 275 km Niger Benin crude oil pipeline is completed months ahead of schedule and despite COVID 19 pandemic related delays Covid 19 This is also a testament to the success of Oil and Energy Minister HE Mahamane Sani Mahamadou s approach of continuously engaging all stakeholders in the pipeline project to ensure that delays are avoided Once completed the pipeline will see Niger s daily production increase from 20 000 barrels per day to 110 000 barrels per day Niger s relatively low cost per barrel 15 of production including research development and exploitation and a full export pipeline is expected to act as a mogul for new entrants interested in the 41 blocks currently available in Niger The government is finalizing a review of its existing acreage with a view to introducing regulation to facilitate seismic acquisition and encourage drilling Other successful players in Niger s upstream industry include SIPEX a wholly owned subsidiary of Algeria s SONATRACH and UK independent Savannah Energy Niger s procedure for awarding oil blocks is fast and transparent Both Savannah and SIPEX recently received government approval for extensions in record time at their PSCs ensuring contractual stability and the government s commitment to providing explorers with the right incentives to develop assets Savannah has identified a total of 146 potential exploration targets to consider for future drilling and has had 100 success rates on five drill holes after the inaugural exploration drilling campaign in 2018 The acreage of the Agadem Rift basin explored by CNPC has estimated 2P recoverable reserves of 815 million barrels and an exploration success rate of 81 Adding to the favorable investment conditions the current tax regime which includes exemption from VAT and customs duties for the exploration phase and the first five years of exploitation Oil Tax of between 40 and 60 a of royalties of 12 5 and a Cost Stop rate of 70 is very competitive compared to the world In November 2021 during his keynote address at the African Energy Week in Cape Town Minister Mahamane Sani Mahamadou announced a strong push by his government towards gas monetization This is expected to include gas to power projects as well as the development of pipeline infrastructure to markets in northern Nigeria Equipped with its oil and gas production potential high oil exploration success rates attractive tax regime relatively low operating cost and various energy policies already in place Niger is fast becoming a prime example of what is should do to attract investment and benefit everyone in the country said NJ Ayuk CEO of the African Chamber of Energy Growing access to power While Niger once imported 80 of its electricity it now only imports more than 60 of its energy needs and the trend towards self sufficiency is likely to continue This represents an opportunity for project developers energy companies organizations and financiers to unlock access to electricity for millions of people who do not have electricity Niger has taken measures to improve access to electricity such as national strategies for access to electricity such as the National Electricity Policy Document DPNE and the National Strategy for Access to Electricity accompanied by a Master Plan for Access to Electricity by 2035 Niger also ratified the Energy Charter 1991 and the international energy charter in 2015 The Energy Charter Treaty represents the best international instrument that guarantees the protection of investments In addition to oil investments Niger has seen growing investment opportunities in solar power in hopes of increasing the nation s electrification The various current projects include the Niger Solar Electricity Access Project NESAP financed by the World Bank the Niger Access to Electricity Acceleration Project HASK approved on December 10 2021 by the world bank in the amount of 317 5 million to support grid electrification solar PV powered mini grids off grid solar electrification of public institutions and homes and clean cooking
    African Energy Chamber to discuss oil, gas and energy opportunities in Niger during ECOWAS Mining and Petroleum conference 16-18 February 2022
      Niger s relatively low cost of production per barrel and an accomplished export channel are expected to act as a tycoon for new entrants JOHANNESBURG South Africa February 8 2022 APO Group The African Energy Chamber www EnergyChamber org will lead a delegation to Niger for the ECOWAS Mining and Petroleum conference in Niamey Niger from February 16 18 2022 High on the agenda there will be discussions highlighting the significant opportunities that Niger offers investors explorers service companies and engineering companies in oil and gas mining and energy Discussions will also address the transformative impact the oil and gas sector is likely to have on Niger s economy for decades to come as well as ways the government can continue to improve the operating environment to attract even more energy investment with a focus on creating well paid jobs for Niger s youth population Niger s oil and gas industry is expected by 2025 to account for approximately 24 of GDP 45 of tax revenues and 68 of exports as well as 8 12 of formal employment in Niger Niger s current oil reserves have estimates of 3 754 million barrels of oil reserves and 957 million barrels of recoverable oil reserves Current gas reserves are estimated at 34 billion cubic meters with recoverable reserves of 24 billion cubic meters A nation poised for major oil and gas investments Niger is fast becoming an attractive destination for oil and gas investment under the leadership of the President HE Mohamed Bazoum taking conscious and aggressive steps to set the stage for a boom in exploration for more hydrocarbons in its prolific basins such as as well as developing infrastructure to connect Niger as a producer with markets in the region and beyond First oil from China Major CNPC s Agadem Rift basin assets is expected in mid 2023 when the 1 275 km Niger Benin crude oil pipeline is completed months ahead of schedule and despite COVID 19 pandemic related delays Covid 19 This is also a testament to the success of Oil and Energy Minister HE Mahamane Sani Mahamadou s approach of continuously engaging all stakeholders in the pipeline project to ensure that delays are avoided Once completed the pipeline will see Niger s daily production increase from 20 000 barrels per day to 110 000 barrels per day Niger s relatively low cost per barrel 15 of production including research development and exploitation and a full export pipeline is expected to act as a mogul for new entrants interested in the 41 blocks currently available in Niger The government is finalizing a review of its existing acreage with a view to introducing regulation to facilitate seismic acquisition and encourage drilling Other successful players in Niger s upstream industry include SIPEX a wholly owned subsidiary of Algeria s SONATRACH and UK independent Savannah Energy Niger s procedure for awarding oil blocks is fast and transparent Both Savannah and SIPEX recently received government approval for extensions in record time at their PSCs ensuring contractual stability and the government s commitment to providing explorers with the right incentives to develop assets Savannah has identified a total of 146 potential exploration targets to consider for future drilling and has had 100 success rates on five drill holes after the inaugural exploration drilling campaign in 2018 The acreage of the Agadem Rift basin explored by CNPC has estimated 2P recoverable reserves of 815 million barrels and an exploration success rate of 81 Adding to the favorable investment conditions the current tax regime which includes exemption from VAT and customs duties for the exploration phase and the first five years of exploitation Oil Tax of between 40 and 60 a of royalties of 12 5 and a Cost Stop rate of 70 is very competitive compared to the world In November 2021 during his keynote address at the African Energy Week in Cape Town Minister Mahamane Sani Mahamadou announced a strong push by his government towards gas monetization This is expected to include gas to power projects as well as the development of pipeline infrastructure to markets in northern Nigeria Equipped with its oil and gas production potential high oil exploration success rates attractive tax regime relatively low operating cost and various energy policies already in place Niger is fast becoming a prime example of what is should do to attract investment and benefit everyone in the country said NJ Ayuk CEO of the African Chamber of Energy Growing access to power While Niger once imported 80 of its electricity it now only imports more than 60 of its energy needs and the trend towards self sufficiency is likely to continue This represents an opportunity for project developers energy companies organizations and financiers to unlock access to electricity for millions of people who do not have electricity Niger has taken measures to improve access to electricity such as national strategies for access to electricity such as the National Electricity Policy Document DPNE and the National Strategy for Access to Electricity accompanied by a Master Plan for Access to Electricity by 2035 Niger also ratified the Energy Charter 1991 and the international energy charter in 2015 The Energy Charter Treaty represents the best international instrument that guarantees the protection of investments In addition to oil investments Niger has seen growing investment opportunities in solar power in hopes of increasing the nation s electrification The various current projects include the Niger Solar Electricity Access Project NESAP financed by the World Bank the Niger Access to Electricity Acceleration Project HASK approved on December 10 2021 by the world bank in the amount of 317 5 million to support grid electrification solar PV powered mini grids off grid solar electrification of public institutions and homes and clean cooking
    African Energy Chamber to discuss oil, gas and energy opportunities in Niger during ECOWAS Mining and Petroleum conference 16-18 February 2022
    Africa10 months ago

    African Energy Chamber to discuss oil, gas and energy opportunities in Niger during ECOWAS Mining and Petroleum conference 16-18 February 2022

    Niger's relatively low cost of production per barrel and an accomplished export channel are expected to act as a tycoon for new entrants.

    JOHANNESBURG, South Africa, February 8, 2022/APO Group/ --

    The African Energy Chamber (www.EnergyChamber.org) will lead a delegation to Niger for the ECOWAS Mining and Petroleum conference in Niamey, Niger, from February 16-18, 2022. High on the agenda, there will be discussions highlighting the significant opportunities that Niger offers. investors, explorers, service companies and engineering companies in oil and gas, mining and energy. Discussions will also address the transformative impact the oil and gas sector is likely to have on Niger's economy for decades to come, as well as ways the government can continue to improve the operating environment to attract even more energy investment, with a focus on creating well-paid jobs for Niger's youth population.

    Niger's oil and gas industry is expected by 2025 to account for approximately 24% of GDP, 45% of tax revenues and 68% of exports, as well as 8-12% of formal employment in Niger . Niger's current oil reserves have estimates of 3.754 million barrels of oil reserves and 957 million barrels of recoverable oil reserves. Current gas reserves are estimated at 34 billion cubic meters with recoverable reserves of 24 billion cubic meters.

    A nation poised for major oil and gas investments

    Niger is fast becoming an attractive destination for oil and gas investment under the leadership of the President, HE Mohamed Bazoum, taking conscious and aggressive steps to set the stage for a boom in exploration for more hydrocarbons in its prolific basins, such as as well as developing infrastructure to connect Niger as a producer with markets in the region and beyond.

    First oil from China Major CNPC's Agadem Rift basin assets is expected in mid-2023 when the 1,275 km Niger-Benin crude oil pipeline is completed, months ahead of schedule and despite COVID-19 pandemic-related delays. Covid-19. This is also a testament to the success of Oil and Energy Minister HE Mahamane Sani Mahamadou's approach of continuously engaging all stakeholders in the pipeline project, to ensure that delays are avoided. Once completed, the pipeline will see Niger's daily production increase from 20,000 barrels per day to 110,000 barrels per day.

    Niger's relatively low cost per barrel ($15) of production, including research, development and exploitation), and a full export pipeline is expected to act as a mogul for new entrants interested in the 41 blocks currently available in Niger. The government is finalizing a review of its existing acreage, with a view to introducing regulation to facilitate seismic acquisition and encourage drilling. Other successful players in Niger's upstream industry include SIPEX, a wholly owned subsidiary of Algeria's SONATRACH, and UK independent Savannah Energy. Niger's procedure for awarding oil blocks is fast and transparent. Both Savannah and SIPEX recently received government approval for extensions in record time at their PSCs, ensuring contractual stability and the government's commitment to providing explorers with the right incentives to develop assets. Savannah has identified a total of 146 potential exploration targets to consider for future drilling and has had 100% success rates on five drill holes after the inaugural exploration drilling campaign in 2018.

    The acreage of the Agadem Rift basin explored by CNPC has estimated 2P recoverable reserves of 815 million barrels and an exploration success rate of 81%. Adding to the favorable investment conditions, the current tax regime, which includes exemption from VAT and customs duties (for the exploration phase and the first five years of exploitation), Oil Tax of between 40% and 60%, a of royalties of 12.5% ​​and a Cost Stop rate of 70% is very competitive compared to the world.

    In November 2021, during his keynote address at the African Energy Week in Cape Town, Minister Mahamane Sani Mahamadou announced a strong push by his government towards gas monetization. This is expected to include gas-to-power projects as well as the development of pipeline infrastructure to markets in northern Nigeria.

    “Equipped with its oil and gas production potential, high oil exploration success rates, attractive tax regime, relatively low operating cost, and various energy policies already in place, Niger is fast becoming a prime example of what is should do to attract investment and benefit everyone in the country,” said NJ Ayuk, CEO of the African Chamber of Energy.

    Growing access to power

    While Niger once imported 80% of its electricity, it now only imports more than 60% of its energy needs, and the trend towards self-sufficiency is likely to continue. This represents an opportunity for project developers, energy companies, organizations and financiers to unlock access to electricity for millions of people who do not have electricity. Niger has taken measures to improve access to electricity, such as national strategies for access to electricity, such as the National Electricity Policy Document (DPNE) and the National Strategy for Access to Electricity, accompanied by a Master Plan for Access to Electricity by 2035. Niger also ratified the Energy Charter (1991) and the international energy charter in 2015. The Energy Charter Treaty represents the best international instrument that guarantees the protection of investments . In addition to oil investments, Niger has seen growing investment opportunities in solar power in hopes of increasing the nation's electrification. The various current projects include: the Niger Solar Electricity Access Project (NESAP) financed by the World Bank, the Niger Access to Electricity Acceleration Project (HASKÉ) approved on December 10, 2021 by the world bank in the amount of $317.5 million to support grid electrification, solar PV-powered mini-grids, off-grid solar electrification of public institutions and homes, and clean cooking.

  •   EAIF is now established as a lender of choice for renewable energy companies investing in Africa LONDON UK February 7 2022 APO Group The Emerging Africa Infrastructure Fund EAIF part of the Private Infrastructure Development Group PIDG www PIDG org confirmed its leading position as a provider of debt finance for the power generation sector alternative africa EAIF has provided a 15 year US 35 million loan to the 40MW Kesses solar generation facility to be built near Eldoret in the Rift Valley region of Kenya The project will cost a total of US 87 million The first part of the loan was disbursed to Alten Kenya Solarfarms BV Alten the Kenyan company of the Alten Group at the end of December 2021 Kenya has become the ninth African country where EAIF has supported renewable energy projects in recent years The others are Burkina Faso Cameroon C te d Ivoire Mali Mozambique Rwanda Tanzania and Uganda Commenting on the project Sine Zulu Investment Specialist at EAIF s investment managers Ninety One says The Kesses plant brings multiple benefits to the economic development of Kenya It will also play an important role in combating climate change and strengthening Kenya s ability to recover from Covid 19 EAIF is now established as a lender of choice for renewable energy companies investing in Africa Grupo Alten Energ as Renovables is an independent power producer IPP with international know how in the development financing and operation of photovoltaic solar power plants in Sub Saharan Africa Central America and Europe Alten will sell all of its output to Kenya Power and Lighting Company KPLC the national power company in a 20 year power purchase agreement The construction of the plant has already started and it is expected to be completed in the spring of this year Standard Bank which is also a long established lender to EAIF was the authorized lead arranger of project financing for Alten Standard Bank is providing US 41 million in debt comprising a term loan VAT and a debt service reserve facility Standard Bank operates through its divisions CIB and Stanbic Bank Kenya Limited With the Kesses Project Standard Bank has been able to provide ongoing support for clean energy use across the African continent enabling a more sustainable future This is the second project that Standard Bank has financed with Alten Group and we were pleased to be able to bring in and partner with EAIF for the financing says Sherrill Byrne Executive Energy and Infrastructure Finance at Standard Bank The construction of the Kesses plant will improve access to energy for thousands of people who support SDG 7 and create up to 400 jobs in construction with 15 permanent jobs during operations Eldoret has the highest concentration of population in the region of the Rift Valley area It is a center for local government higher education business and financial services textile manufacturing agribusiness and sports tourism According to the World Bank before COVID 19 Kenya s economy grew by more than 6 in 2018 Meeting rising energy demand is essential to sustaining economic progress and accelerating economic recovery from the pandemic Counsel to the International Legal Council of Lenders Herbert Smith Freehills Local legal advice Iseme Kamau amp Maema Advocates for Kenya and NautaDutilh NV for the Netherlands Technical and Environmental and Social Advisor Lahmeyer International Model Audit PWC Insurance Broker Advisor Indecs Insurance Consultants Broker Willis Towers Watson Local Tax Advisors PWC
    PIDG company The Emerging Africa Infrastructure Fund backs 40MW Kesses solar project in Kenya with US million loan
      EAIF is now established as a lender of choice for renewable energy companies investing in Africa LONDON UK February 7 2022 APO Group The Emerging Africa Infrastructure Fund EAIF part of the Private Infrastructure Development Group PIDG www PIDG org confirmed its leading position as a provider of debt finance for the power generation sector alternative africa EAIF has provided a 15 year US 35 million loan to the 40MW Kesses solar generation facility to be built near Eldoret in the Rift Valley region of Kenya The project will cost a total of US 87 million The first part of the loan was disbursed to Alten Kenya Solarfarms BV Alten the Kenyan company of the Alten Group at the end of December 2021 Kenya has become the ninth African country where EAIF has supported renewable energy projects in recent years The others are Burkina Faso Cameroon C te d Ivoire Mali Mozambique Rwanda Tanzania and Uganda Commenting on the project Sine Zulu Investment Specialist at EAIF s investment managers Ninety One says The Kesses plant brings multiple benefits to the economic development of Kenya It will also play an important role in combating climate change and strengthening Kenya s ability to recover from Covid 19 EAIF is now established as a lender of choice for renewable energy companies investing in Africa Grupo Alten Energ as Renovables is an independent power producer IPP with international know how in the development financing and operation of photovoltaic solar power plants in Sub Saharan Africa Central America and Europe Alten will sell all of its output to Kenya Power and Lighting Company KPLC the national power company in a 20 year power purchase agreement The construction of the plant has already started and it is expected to be completed in the spring of this year Standard Bank which is also a long established lender to EAIF was the authorized lead arranger of project financing for Alten Standard Bank is providing US 41 million in debt comprising a term loan VAT and a debt service reserve facility Standard Bank operates through its divisions CIB and Stanbic Bank Kenya Limited With the Kesses Project Standard Bank has been able to provide ongoing support for clean energy use across the African continent enabling a more sustainable future This is the second project that Standard Bank has financed with Alten Group and we were pleased to be able to bring in and partner with EAIF for the financing says Sherrill Byrne Executive Energy and Infrastructure Finance at Standard Bank The construction of the Kesses plant will improve access to energy for thousands of people who support SDG 7 and create up to 400 jobs in construction with 15 permanent jobs during operations Eldoret has the highest concentration of population in the region of the Rift Valley area It is a center for local government higher education business and financial services textile manufacturing agribusiness and sports tourism According to the World Bank before COVID 19 Kenya s economy grew by more than 6 in 2018 Meeting rising energy demand is essential to sustaining economic progress and accelerating economic recovery from the pandemic Counsel to the International Legal Council of Lenders Herbert Smith Freehills Local legal advice Iseme Kamau amp Maema Advocates for Kenya and NautaDutilh NV for the Netherlands Technical and Environmental and Social Advisor Lahmeyer International Model Audit PWC Insurance Broker Advisor Indecs Insurance Consultants Broker Willis Towers Watson Local Tax Advisors PWC
    PIDG company The Emerging Africa Infrastructure Fund backs 40MW Kesses solar project in Kenya with US million loan
    Africa10 months ago

    PIDG company The Emerging Africa Infrastructure Fund backs 40MW Kesses solar project in Kenya with US$35 million loan

    EAIF is now established as a lender of choice for renewable energy companies investing in Africa

    LONDON, UK, February 7, 2022/APO Group/ --

    The Emerging Africa Infrastructure Fund (EAIF), part of the Private Infrastructure Development Group (PIDG) (www.PIDG.org), confirmed its leading position as a provider of debt finance for the power generation sector alternative africa. EAIF has provided a 15-year, US$35 million loan to the 40MW Kesses solar generation facility to be built near Eldoret in the Rift Valley region of Kenya. The project will cost a total of US$87 million. The first part of the loan was disbursed to Alten Kenya Solarfarms BV (Alten), the Kenyan company of the Alten Group, at the end of December 2021.

    Kenya has become the ninth African country where EAIF has supported renewable energy projects in recent years. The others are Burkina Faso, Cameroon, Côte d'Ivoire, Mali, Mozambique, Rwanda, Tanzania and Uganda.

    Commenting on the project, Sine Zulu, Investment Specialist at EAIF's investment managers Ninety One, says:

    “The Kesses plant brings multiple benefits to the economic development of Kenya. It will also play an important role in combating climate change and strengthening Kenya's ability to recover from Covid-19. EAIF is now established as a lender of choice for renewable energy companies investing in Africa.”

    Grupo Alten Energías Renovables is an independent power producer (IPP) with international know-how in the development, financing and operation of photovoltaic solar power plants in Sub-Saharan Africa, Central America and Europe. Alten will sell all of its output to Kenya Power and Lighting Company (KPLC), the national power company, in a 20-year power purchase agreement. The construction of the plant has already started and it is expected to be completed in the spring of this year.

    Standard Bank, which is also a long-established lender to EAIF, was the authorized lead arranger of project financing for Alten. Standard Bank is providing US$41 million in debt comprising a term loan, VAT and a debt service reserve facility. Standard Bank operates through its divisions CIB and Stanbic Bank Kenya Limited.

    “With the Kesses Project, Standard Bank has been able to provide ongoing support for clean energy use across the African continent, enabling a more sustainable future. This is the second project that Standard Bank has financed with Alten Group and we were pleased to be able to bring in and partner with EAIF for the financing,” says Sherrill Byrne, Executive Energy and Infrastructure Finance at Standard Bank.

    The construction of the Kesses plant will improve access to energy for thousands of people who support SDG 7 and create up to 400 jobs in construction, with 15 permanent jobs during operations.

    Eldoret has the highest concentration of population in the region of the Rift Valley area. It is a center for local government, higher education, business and financial services, textile manufacturing, agribusiness, and sports tourism. According to the World Bank, before COVID-19, Kenya's economy grew by more than 6% in 2018. Meeting rising energy demand is essential to sustaining economic progress and accelerating economic recovery from the pandemic.

    Counsel to the International Legal Council of Lenders: Herbert Smith Freehills; Local legal advice: Iseme, Kamau & Maema Advocates (for Kenya) and NautaDutilh NV (for the Netherlands); Technical and Environmental and Social Advisor: Lahmeyer International; Model Audit: PWC Insurance Broker/Advisor; Indecs Insurance Consultants (Broker: Willis Towers Watson); Local Tax Advisors : PWC

  •   The Nigerian Official Intelligence Unit NFIU says it identified 96 terrorism bondsmen and 424 bondsman associates sympathizers in Nigeria in 2020 and 2021 The Minister of Information and Culture Alhaji Lai Mohammed who said this at a press conference in Abuja said that the Unit also identified the involvement of around 123 companies and 33 Bureaux de Change in the terrorism bureau He said the unit identified 26 suspected bandits kidnappers and seven accomplices while the analysis resulted in the arrest of 45 suspects who would soon face prosecution and the seizure of assets In addition from its analysis of tax evasion and tax avoidance linked to corruption the NFIU has identified N3 909 billion in VAT and N3 737 billion in withholding taxes owed to the government NFIU has also submitted 1 165 intelligence reports on corruption money laundering and other serious crimes to 27 national agencies for investigation prosecution and asset recovery it said On ficing terrorism the minister said that NFIU had intelligence exchanges on Boko Haram ISWAP banditry kidnapping and others with 19 countries It said that during the same period under review the organization returned fraudulently obtained funds totaling 103 722 million 3 000 7 695 Singapore dollars and 1 091 euros to 11 countries from victims who arrived in the country For his part the minister said that the Code of Conduct Directorate CCB in 2021 issued 125 000 Asset Declaration Forms of which 97 201 forms were returned He said the figures represent a 48 percent increase in the number of asset declaration forms issued and an 81 percent increase in filing compliance compared to the previous year The minister said that as part of its reforms the CCB was ready to implement an Online Asset Declaration Portal that would enable better data storage and retrieval He said the portal would reduce delays caused by misstatements and errors among others Mohammed said that the Office in 2021 investigated various cases related to illicit enrichment conflicts of interest abuse of duties and ethical breaches resulting in more than 200 cases being filed with the Code of Conduct Tribunal informs that the CCB handles among others the matters of asset declaration as well as the verification of their assets Source NAN
    NFIU identifies 96 terrorism ficiers
      The Nigerian Official Intelligence Unit NFIU says it identified 96 terrorism bondsmen and 424 bondsman associates sympathizers in Nigeria in 2020 and 2021 The Minister of Information and Culture Alhaji Lai Mohammed who said this at a press conference in Abuja said that the Unit also identified the involvement of around 123 companies and 33 Bureaux de Change in the terrorism bureau He said the unit identified 26 suspected bandits kidnappers and seven accomplices while the analysis resulted in the arrest of 45 suspects who would soon face prosecution and the seizure of assets In addition from its analysis of tax evasion and tax avoidance linked to corruption the NFIU has identified N3 909 billion in VAT and N3 737 billion in withholding taxes owed to the government NFIU has also submitted 1 165 intelligence reports on corruption money laundering and other serious crimes to 27 national agencies for investigation prosecution and asset recovery it said On ficing terrorism the minister said that NFIU had intelligence exchanges on Boko Haram ISWAP banditry kidnapping and others with 19 countries It said that during the same period under review the organization returned fraudulently obtained funds totaling 103 722 million 3 000 7 695 Singapore dollars and 1 091 euros to 11 countries from victims who arrived in the country For his part the minister said that the Code of Conduct Directorate CCB in 2021 issued 125 000 Asset Declaration Forms of which 97 201 forms were returned He said the figures represent a 48 percent increase in the number of asset declaration forms issued and an 81 percent increase in filing compliance compared to the previous year The minister said that as part of its reforms the CCB was ready to implement an Online Asset Declaration Portal that would enable better data storage and retrieval He said the portal would reduce delays caused by misstatements and errors among others Mohammed said that the Office in 2021 investigated various cases related to illicit enrichment conflicts of interest abuse of duties and ethical breaches resulting in more than 200 cases being filed with the Code of Conduct Tribunal informs that the CCB handles among others the matters of asset declaration as well as the verification of their assets Source NAN
    NFIU identifies 96 terrorism ficiers
    Defence/Security10 months ago

    NFIU identifies 96 terrorism ficiers

    The Nigerian Official Intelligence Unit (NFIU) says it identified 96 terrorism bondsmen and 424 bondsman associates/sympathizers in Nigeria in 2020 and 2021.

    The Minister of Information and Culture, Alhaji Lai Mohammed, who said this at a press conference in Abuja, said that the Unit also identified the involvement of around 123 companies and 33 Bureaux de Change in the terrorism bureau.

    He said the unit identified 26 suspected bandits/kidnappers and seven accomplices, while the analysis resulted in the arrest of 45 suspects who would soon face prosecution and the seizure of assets.

    “In addition, from its analysis of tax evasion and tax avoidance linked to corruption, the NFIU has identified N3,909 billion in VAT and N3,737 billion in withholding taxes owed to the government.

    “NFIU has also submitted 1,165 intelligence reports on corruption, money laundering and other serious crimes to 27 national agencies for investigation, prosecution and asset recovery,” it said.

    On ficing terrorism, the minister said that NFIU had intelligence exchanges on Boko Haram, ISWAP, banditry, kidnapping and others with 19 countries.

    It said that during the same period under review, the organization returned fraudulently obtained funds totaling $103.722 million, £3,000; 7,695 Singapore dollars and 1,091 euros to 11 countries from victims who arrived in the country.

    For his part, the minister said that the Code of Conduct Directorate (CCB), in 2021, issued 125,000 Asset Declaration Forms, of which 97,201 forms were returned.

    He said the figures represent a 48 percent increase in the number of asset declaration forms issued and an 81 percent increase in filing compliance compared to the previous year.

    The minister said that as part of its reforms, the CCB was ready to implement an Online Asset Declaration Portal that would enable better data storage and retrieval.

    He said the portal would reduce delays caused by misstatements and errors, among others.

    Mohammed said that the Office in 2021 investigated various cases related to illicit enrichment, conflicts of interest, abuse of duties and ethical breaches, resulting in more than 200 cases being filed with the Code of Conduct Tribunal.

    informs that the CCB handles, among others, the matters of asset declaration as well as the verification of their assets.

    Source: NAN

  •   Chad s macroeconomic developments have been negatively affected by a series of adverse and long lasting shocks WASHINGTON DC United States of America January 18 2022 APO Group Chad s economic and financial situation and medium term outlook have worsened due to a series of long lasting shocks since the start of the COVID 19 pandemic The Extended Credit Facility ECF arrangement recently approved by the IMF Executive Board will help relieve severe pressure on the economy and put it on a balanced and sustainable path toward inclusive green growth and reduction of poverty Debt treatment under the G20 Common Framework and meaningful donor support are key to restoring debt sustainability and promoting lasting inclusive growth In this sense the completion of a debt treatment with public and private creditors by the end of March will be essential An International Monetary Fund IMF mission led by Edward Gemayel visited N Djamena from 12 to 18 January 2022 to take stock of recent economic developments and update the macro framework ahead of the finalization of the debt treatment by the Chad s main official and private creditors This follows the approval by the IMF Executive Board on December 10 2021 of a new 36 month ECF arrangement in the amount of SDR 392 56 million about 570 75 million or 280 of the quota to help meet Chad s large balance payments and budget needs including catalysing financial support from official donors At the conclusion of the visit Mr Gemayel issued the following statement Chad s macroeconomic developments have been negatively affected by a series of adverse and long lasting shocks These include i the COVID 19 pandemic ii the volatility of oil prices and a significant deterioration in the production of the oil sector iii security attacks and iv climate change and food insecurity Real GDP in 2021 is estimated to have contracted 1 1 percent driven by a reduction in oil production Average annual inflation meanwhile has been contained after soaring in 2020 to 4 5 percent The pandemic is likely to leave lasting scars with the Chadian economy expected to remain weak in the short term before gradually recovering in 2024 to 3 6 provided the right reforms are implemented Pressures on public spending are increasing due to social and security tensions Maintaining fiscal discipline in the run up to parliamentary and presidential elections is essential for macroeconomic stability To this end the authorities efforts should continue to focus on strengthening the mobilization of internal tax revenues simplifying exemptions improving VAT collection controlling the wage bill increasing social spending and liquidating internal arrears Staying the course with the reform agenda is equally important including in the banking sector Structural reforms have advanced and greater efforts are expected to continue with the program s reform agenda Steps are being taken to meet structural benchmarks scheduled for the first half of 2022 These relate to tax exemptions and transparency in the oil sector and in public procurement contracts The recent launch of a pilot program to decentralize wage bill management under the Integrated Financial Management System is a step in the right direction to improve public financial management More efforts are needed to accelerate improvements in tax revenue administration Progress is being made in the preparation of a new national development plan and the readjustment of national accounts Further progress is needed to improve the business environment to support the role of the private sector in economic recovery The IMF stands ready to provide technical assistance to support these critical reforms The mission was received by President Mahamat Idriss Deby and met with Mr Tahir Hamid Nguilin Minister of Finance and Budget Mr Issa Doubragne Minister of Economy Development Planning and International Cooperation Mr Mahamat Hamid Koua Minister Secretary General of the Government Mr Idriss Ahmat Idriss National Director of BEAC and other senior officials as well as representatives of international development partners The IMF team would like to thank the Chadian authorities and other partners for their hospitality excellent cooperation and candid and constructive discussions
    IMF Staff Concludes Visit to Chad
      Chad s macroeconomic developments have been negatively affected by a series of adverse and long lasting shocks WASHINGTON DC United States of America January 18 2022 APO Group Chad s economic and financial situation and medium term outlook have worsened due to a series of long lasting shocks since the start of the COVID 19 pandemic The Extended Credit Facility ECF arrangement recently approved by the IMF Executive Board will help relieve severe pressure on the economy and put it on a balanced and sustainable path toward inclusive green growth and reduction of poverty Debt treatment under the G20 Common Framework and meaningful donor support are key to restoring debt sustainability and promoting lasting inclusive growth In this sense the completion of a debt treatment with public and private creditors by the end of March will be essential An International Monetary Fund IMF mission led by Edward Gemayel visited N Djamena from 12 to 18 January 2022 to take stock of recent economic developments and update the macro framework ahead of the finalization of the debt treatment by the Chad s main official and private creditors This follows the approval by the IMF Executive Board on December 10 2021 of a new 36 month ECF arrangement in the amount of SDR 392 56 million about 570 75 million or 280 of the quota to help meet Chad s large balance payments and budget needs including catalysing financial support from official donors At the conclusion of the visit Mr Gemayel issued the following statement Chad s macroeconomic developments have been negatively affected by a series of adverse and long lasting shocks These include i the COVID 19 pandemic ii the volatility of oil prices and a significant deterioration in the production of the oil sector iii security attacks and iv climate change and food insecurity Real GDP in 2021 is estimated to have contracted 1 1 percent driven by a reduction in oil production Average annual inflation meanwhile has been contained after soaring in 2020 to 4 5 percent The pandemic is likely to leave lasting scars with the Chadian economy expected to remain weak in the short term before gradually recovering in 2024 to 3 6 provided the right reforms are implemented Pressures on public spending are increasing due to social and security tensions Maintaining fiscal discipline in the run up to parliamentary and presidential elections is essential for macroeconomic stability To this end the authorities efforts should continue to focus on strengthening the mobilization of internal tax revenues simplifying exemptions improving VAT collection controlling the wage bill increasing social spending and liquidating internal arrears Staying the course with the reform agenda is equally important including in the banking sector Structural reforms have advanced and greater efforts are expected to continue with the program s reform agenda Steps are being taken to meet structural benchmarks scheduled for the first half of 2022 These relate to tax exemptions and transparency in the oil sector and in public procurement contracts The recent launch of a pilot program to decentralize wage bill management under the Integrated Financial Management System is a step in the right direction to improve public financial management More efforts are needed to accelerate improvements in tax revenue administration Progress is being made in the preparation of a new national development plan and the readjustment of national accounts Further progress is needed to improve the business environment to support the role of the private sector in economic recovery The IMF stands ready to provide technical assistance to support these critical reforms The mission was received by President Mahamat Idriss Deby and met with Mr Tahir Hamid Nguilin Minister of Finance and Budget Mr Issa Doubragne Minister of Economy Development Planning and International Cooperation Mr Mahamat Hamid Koua Minister Secretary General of the Government Mr Idriss Ahmat Idriss National Director of BEAC and other senior officials as well as representatives of international development partners The IMF team would like to thank the Chadian authorities and other partners for their hospitality excellent cooperation and candid and constructive discussions
    IMF Staff Concludes Visit to Chad
    Africa11 months ago

    IMF Staff Concludes Visit to Chad

    Chad's macroeconomic developments have been negatively affected by a series of adverse and long-lasting shocks

    WASHINGTON DC, United States of America, January 18, 2022/APO Group/ --

    Chad's economic and financial situation and medium-term outlook have worsened due to a series of long-lasting shocks since the start of the COVID-19 pandemic; The Extended Credit Facility (ECF) arrangement recently approved by the IMF Executive Board will help relieve severe pressure on the economy and put it on a balanced and sustainable path toward inclusive green growth and reduction. of poverty; Debt treatment under the G20 Common Framework and meaningful donor support are key to restoring debt sustainability and promoting lasting inclusive growth. In this sense, the completion of a debt treatment with public and private creditors by the end of March will be essential.

    An International Monetary Fund (IMF) mission led by Edward Gemayel visited N'Djamena from 12 to 18 January 2022 to take stock of recent economic developments and update the macro-framework ahead of the finalization of the debt treatment by the Chad's main official and private creditors. This follows the approval by the IMF Executive Board on December 10, 2021 of a new 36-month ECF arrangement in the amount of SDR 392.56 million (about $570.75 million or 280% of the quota), to help meet Chad's large balance. payments and budget needs, including catalysing financial support from official donors.

    At the conclusion of the visit, Mr. Gemayel issued the following statement:

    “Chad's macroeconomic developments have been negatively affected by a series of adverse and long-lasting shocks. These include: (i) the COVID-19 pandemic; (ii) the volatility of oil prices and a significant deterioration in the production of the oil sector; (iii) security attacks; and (iv) climate change and food insecurity. Real GDP in 2021 is estimated to have contracted 1.1 percent, driven by a reduction in oil production. Average annual inflation, meanwhile, has been contained after soaring in 2020 to 4.5 percent. The pandemic is likely to leave lasting scars, with the Chadian economy expected to remain weak in the short term, before gradually recovering in 2024, to 3.6%, provided the right reforms are implemented.

    ``Pressures on public spending are increasing due to social and security tensions. Maintaining fiscal discipline in the run-up to parliamentary and presidential elections is essential for macroeconomic stability. To this end, the authorities' efforts should continue to focus on strengthening the mobilization of internal tax revenues, simplifying exemptions, improving VAT collection, controlling the wage bill, increasing social spending and liquidating internal arrears. Staying the course with the reform agenda is equally important, including in the banking sector.

    “Structural reforms have advanced and greater efforts are expected to continue with the program's reform agenda. Steps are being taken to meet structural benchmarks scheduled for the first half of 2022. These relate to tax exemptions and transparency in the oil sector and in public procurement contracts. The recent launch of a pilot program to decentralize wage bill management under the Integrated Financial Management System is a step in the right direction to improve public financial management. More efforts are needed to accelerate improvements in tax revenue administration. Progress is being made in the preparation of a new national development plan and the readjustment of national accounts. Further progress is needed to improve the business environment to support the role of the private sector in economic recovery. The IMF stands ready to provide technical assistance to support these critical reforms.

    “The mission was received by President Mahamat Idriss Deby and met with Mr. Tahir Hamid Nguilin, Minister of Finance and Budget, Mr. Issa Doubragne, Minister of Economy, Development Planning and International Cooperation, Mr. Mahamat Hamid Koua, Minister Secretary General of the Government, Mr. Idriss Ahmat Idriss, National Director of BEAC, and other senior officials, as well as representatives of international development partners.

    "The IMF team would like to thank the Chadian authorities and other partners for their hospitality, excellent cooperation, and candid and constructive discussions."

  •   The weekly activities of the Nigerian National Petroleum Company NNPC began as staff were urged to prepare for higher levels of efficiency in 2022 as it now operates under the Companies and Allied Affairs Act CAMA Addressing the workforce at the first corporate town hall meeting for 2022 NNPC GMD CEO Malam Mele Kyari outlined the changes ahead Kyari assured that no member of the NNPC workforce would lose their job as a result of the impending reforms to be introduced under the PIA transition but that they must be productive accountable and transparent in their work He called for maximum dedication in the performance of their duties in order to improve profitability noting that under the PIA the company would operate as a contractor to the nation at large The NNPC CEO also said that Nigerians were expecting nothing more than higher profit levels Kyari explained that all asset transfers and structural changes associated with the transition process will be completed before the end of the year Speaking on behalf of NNPC staff Group Executive Director Corporate Services Ms Aisha Katagum pledged the commitment of the entire workforce to accomplish the tasks set out as spelled out by CEO Meanwhile NNPC Limited executed various Memorandums of Understanding MoUs and agreements with some joint venture partners strategic allies and stakeholders in 2021 These agreements were aimed at strengthening the corporation s profitability throughout its operational value chain They were also designed in line with the national objectives of the oil and gas industry on the repositioning of gas for rapid expansion of the national regional and export markets The first execution of these agreements began with the signing of Final Investment Decision FID partners DSV Engineering and the Nigerian Content Development and Oversight Board NCDMB for the 3 6 billion Brass Methanol Plant dollars in Odioma Brass Island Bayelsa The project upon completion would be the largest methanol plant in Africa and the first in Nigeria Anchored Project Fertilizer and Petrochemical Company Limited BFPCL is an incorporated entity owned by DSV Engineering and NCDMB Speaking at the event NNPC Limited GMD CEO Malam Mele Kyari said he was pleased with the Government s ongoing efforts to provide value to Nigeria s gas resources He described the FID as one of the most significant investment developments in the gas sector in recent times noting that the project coincided with the previous declaration of 2020 as the year of gas and 2021 2030 as the decade of state gas for Petroleum Resources NNPC GMD Malam Mele KyariThe construction phase of the project would create some 30 000 temporary jobs in addition to the 5 000 permanent jobs that would be created when the plant comes online Another major gas development deal was the signing of a 260 million deal with Assa North Ohaji South ANOH Gas Processing Company Limited AGPC for the financing of the ANOH Gas Project in February ANOH Gas Processing Company Limited AGPC is an incorporated joint venture owned 50 50 by Gas Company NGC a wholly owned subsidiary of NNPC and Seplat Petroleum Development Company The ANOH Gas Project which has been described as a game changer another milestone in the journey to deliver more gas to the domestic market for the promotion of power generation and rapid industrialization in the country Gas flaring comes to an end in NigeriaIt would deliver 300 million standard cubic feet of gas per day mscfd and 1 200 megawatts of power when completed NNPC s gas development and commercialization program received another boost with the signing of the Oil Mining Lease OML 143 Gas Development Agreement GDA Sterling Oil Exploration and Production Company SEEPCO The project would boost the country s gas production by 1 2 trillion cubic feet tcf GMD CEO NNPC Ltd Kyari said gas from the project would be processed at the 125 million standard cubic feet mmscf per day Ashtavinayak Hydrocarbon Limited AHL gas plant located in Kwale Delta State SEEPCO Group Managing Director Mr Tony Chukwueke said the OML 143 GDA was unique in two ways First it is the first Agreement in Nigeria to completely separate gas development from oil production an agreement that will enable the holistic development of gas potential in the block And it is the first of its kind to expressly include terms that encourage the contractor to be effective in managing costs generating significant revenue for the Federal Government NNPC and other stakeholders Port Harcourt RefineryAlso in May 2021 GMD CEO Kyari directed the NNPC to sign a series of agreements with Shell Nigeria Exploration and Production Company SNEPCo and other PSC partners PSC partners include Total Exploration and Production Nigeria Limited TEPNG Esso Exploration and Production Nigeria Limited EEPNL and Nigerian Agip Exploration NAE to renew Oil Mining Lease OML 118 for a further 20 years The execution of these agreements resolved the disputes surrounding the Deep Offshore Block OML 118 which led to the renovation of that acreage with the prospect of a new investment of 10 billion naira in the development of the Bonga South East Field The five signed agreements include Dispute Settlement Agreement Settlement Agreement Historic Gas Agreement Custody Agreement and Renewed PSC Agreement all of these agreements would further boost the nation s oil production It is worth noting that the OML 118 dispute lasted for more than 12 years before Kyari intervened His knife of conciliatory leadership has cut through several seemingly irreconcilable and protracted disputes in the oil industry This is yet another indicator of the fact that NNPC places a priority on ensuring and maintaining a cordial and peaceful relationship between all of its stakeholders and partners Governor Nasir El RufaiStill in 2021 the Nigerian National Petroleum Corporation s NNPC push to increase refining capacity in the country was bolstered by contracts for the rehabilitation of the 210 000 barrel per day capacity Port Harcourt refinery in Alesa Eleme Rivers and the Warri and Kaduna refineries in July and August The PHRC rehabilitation project which had a completion time of between 18 and 44 months in a three phase agreement was awarded to Milan based Tecnimont SpA for an overall contract price of 1 5 billion including VAT and other legal payments An elated NNPC GMD Kyari described the PHRC rehabilitation project as a dream come true noting that the project was in line with President Muhammadu Buhari s promise to the Nigerian people to make the refineries work In August the NNPC responding to a presidential directive stepped in and provided a solution to the perennial power supply challenge in Maiduguri Borno State The intervention saw the execution of Engineering Procurement and Construction EPC and Equipment Procurement contracts for a 50 Megawatt MW Emergency Power Project in Maiduguri The project which had become an integral part of the ongoing efforts to deepen the NNPC s domestic gas utilization plan for the nation s socio economic growth had China Machinery Engineering Company CMEC as the EPC contractor while General Electric GE became the equipment manufacturer Governor Abdullahi SuleSpeaking at the opening ceremony NNPC GMD CEO Kyari explained that the Corporation through its subsidiary NNPC Gas and Power Investment Company NGPIC decided to intervene in the Maiduguri Energy Situation Project which is would fire with liquefied natural gas Gas LNG and operate commercially The Ajaokuta Kaduna Kano AKK Natural Gas Pipeline was also conceptualized to transport natural gas from Ajaokuta in Kogi State to Kano in Kano State through various states and urban centers as part of the pipeline trans nigeria Three of the contiguous states Kaduna Kano and Nasarawa signed different agreements with the NNPC in conjunction with the Gas Aggregation Company of Nigeria GACN for the expansion and utilization of gas supply to their states At the MoU Execution Ceremony NNPC GMD CEO Malam Mele Kyari described the signing of the agreement as another turning point in the Federal Government s Gas Decade initiative which aims to utilize the abundant gas resources of the nation to feed the nation s economy Kaduna State Governor Malam Nasir El Rufai said the state government was delighted at the prospect of having an additional energy source to power the state s businesses In Nasarawa the signing of the MoU which was the climax of the well organized Nasarawa Business Round Table was witnessed by the Governor of the State Ing Abdullahi Sule GMD CEO NNPC Limited Kyari and the Executive Director of the Gas Group amp Power NNPC Ltd Mr Mohammed Abdulkabir Ahmed Other attendees at the event included Group General Manager NNPC Group Public Affairs Malam Garba Muhammad Nigerian Gas Marketing Company General Manager Eze Justin Ezeala and Axxela CEO Mr Bolaji Osunsanya Governor Abdullahi Sule called on the indigenous people of the state to take advantage of respective opportunities in the gas value chain such as gas distribution CNG stations captive integrated power generation LPG trading the commercialization of gas torches among others It should be noted that these various agreements represent an important step in NNPC s marketing campaign and more importantly in the federal government s gas expansion program With the signing of the PIA and the subsequent transformation of the NNPC into a fully commercial entity operating under the Companies and Allied Matters Act the multiplier effects of these agreements on the ongoing reforms of the NNPC and the oil industry are truly enormous Also read NNPC reviews 2021 activities as Buhari inaugurates board Visit us at for more details Keep reading Source NAN
    NNPC Weekly: Company rallies workforce for higher efficiency, profitability
      The weekly activities of the Nigerian National Petroleum Company NNPC began as staff were urged to prepare for higher levels of efficiency in 2022 as it now operates under the Companies and Allied Affairs Act CAMA Addressing the workforce at the first corporate town hall meeting for 2022 NNPC GMD CEO Malam Mele Kyari outlined the changes ahead Kyari assured that no member of the NNPC workforce would lose their job as a result of the impending reforms to be introduced under the PIA transition but that they must be productive accountable and transparent in their work He called for maximum dedication in the performance of their duties in order to improve profitability noting that under the PIA the company would operate as a contractor to the nation at large The NNPC CEO also said that Nigerians were expecting nothing more than higher profit levels Kyari explained that all asset transfers and structural changes associated with the transition process will be completed before the end of the year Speaking on behalf of NNPC staff Group Executive Director Corporate Services Ms Aisha Katagum pledged the commitment of the entire workforce to accomplish the tasks set out as spelled out by CEO Meanwhile NNPC Limited executed various Memorandums of Understanding MoUs and agreements with some joint venture partners strategic allies and stakeholders in 2021 These agreements were aimed at strengthening the corporation s profitability throughout its operational value chain They were also designed in line with the national objectives of the oil and gas industry on the repositioning of gas for rapid expansion of the national regional and export markets The first execution of these agreements began with the signing of Final Investment Decision FID partners DSV Engineering and the Nigerian Content Development and Oversight Board NCDMB for the 3 6 billion Brass Methanol Plant dollars in Odioma Brass Island Bayelsa The project upon completion would be the largest methanol plant in Africa and the first in Nigeria Anchored Project Fertilizer and Petrochemical Company Limited BFPCL is an incorporated entity owned by DSV Engineering and NCDMB Speaking at the event NNPC Limited GMD CEO Malam Mele Kyari said he was pleased with the Government s ongoing efforts to provide value to Nigeria s gas resources He described the FID as one of the most significant investment developments in the gas sector in recent times noting that the project coincided with the previous declaration of 2020 as the year of gas and 2021 2030 as the decade of state gas for Petroleum Resources NNPC GMD Malam Mele KyariThe construction phase of the project would create some 30 000 temporary jobs in addition to the 5 000 permanent jobs that would be created when the plant comes online Another major gas development deal was the signing of a 260 million deal with Assa North Ohaji South ANOH Gas Processing Company Limited AGPC for the financing of the ANOH Gas Project in February ANOH Gas Processing Company Limited AGPC is an incorporated joint venture owned 50 50 by Gas Company NGC a wholly owned subsidiary of NNPC and Seplat Petroleum Development Company The ANOH Gas Project which has been described as a game changer another milestone in the journey to deliver more gas to the domestic market for the promotion of power generation and rapid industrialization in the country Gas flaring comes to an end in NigeriaIt would deliver 300 million standard cubic feet of gas per day mscfd and 1 200 megawatts of power when completed NNPC s gas development and commercialization program received another boost with the signing of the Oil Mining Lease OML 143 Gas Development Agreement GDA Sterling Oil Exploration and Production Company SEEPCO The project would boost the country s gas production by 1 2 trillion cubic feet tcf GMD CEO NNPC Ltd Kyari said gas from the project would be processed at the 125 million standard cubic feet mmscf per day Ashtavinayak Hydrocarbon Limited AHL gas plant located in Kwale Delta State SEEPCO Group Managing Director Mr Tony Chukwueke said the OML 143 GDA was unique in two ways First it is the first Agreement in Nigeria to completely separate gas development from oil production an agreement that will enable the holistic development of gas potential in the block And it is the first of its kind to expressly include terms that encourage the contractor to be effective in managing costs generating significant revenue for the Federal Government NNPC and other stakeholders Port Harcourt RefineryAlso in May 2021 GMD CEO Kyari directed the NNPC to sign a series of agreements with Shell Nigeria Exploration and Production Company SNEPCo and other PSC partners PSC partners include Total Exploration and Production Nigeria Limited TEPNG Esso Exploration and Production Nigeria Limited EEPNL and Nigerian Agip Exploration NAE to renew Oil Mining Lease OML 118 for a further 20 years The execution of these agreements resolved the disputes surrounding the Deep Offshore Block OML 118 which led to the renovation of that acreage with the prospect of a new investment of 10 billion naira in the development of the Bonga South East Field The five signed agreements include Dispute Settlement Agreement Settlement Agreement Historic Gas Agreement Custody Agreement and Renewed PSC Agreement all of these agreements would further boost the nation s oil production It is worth noting that the OML 118 dispute lasted for more than 12 years before Kyari intervened His knife of conciliatory leadership has cut through several seemingly irreconcilable and protracted disputes in the oil industry This is yet another indicator of the fact that NNPC places a priority on ensuring and maintaining a cordial and peaceful relationship between all of its stakeholders and partners Governor Nasir El RufaiStill in 2021 the Nigerian National Petroleum Corporation s NNPC push to increase refining capacity in the country was bolstered by contracts for the rehabilitation of the 210 000 barrel per day capacity Port Harcourt refinery in Alesa Eleme Rivers and the Warri and Kaduna refineries in July and August The PHRC rehabilitation project which had a completion time of between 18 and 44 months in a three phase agreement was awarded to Milan based Tecnimont SpA for an overall contract price of 1 5 billion including VAT and other legal payments An elated NNPC GMD Kyari described the PHRC rehabilitation project as a dream come true noting that the project was in line with President Muhammadu Buhari s promise to the Nigerian people to make the refineries work In August the NNPC responding to a presidential directive stepped in and provided a solution to the perennial power supply challenge in Maiduguri Borno State The intervention saw the execution of Engineering Procurement and Construction EPC and Equipment Procurement contracts for a 50 Megawatt MW Emergency Power Project in Maiduguri The project which had become an integral part of the ongoing efforts to deepen the NNPC s domestic gas utilization plan for the nation s socio economic growth had China Machinery Engineering Company CMEC as the EPC contractor while General Electric GE became the equipment manufacturer Governor Abdullahi SuleSpeaking at the opening ceremony NNPC GMD CEO Kyari explained that the Corporation through its subsidiary NNPC Gas and Power Investment Company NGPIC decided to intervene in the Maiduguri Energy Situation Project which is would fire with liquefied natural gas Gas LNG and operate commercially The Ajaokuta Kaduna Kano AKK Natural Gas Pipeline was also conceptualized to transport natural gas from Ajaokuta in Kogi State to Kano in Kano State through various states and urban centers as part of the pipeline trans nigeria Three of the contiguous states Kaduna Kano and Nasarawa signed different agreements with the NNPC in conjunction with the Gas Aggregation Company of Nigeria GACN for the expansion and utilization of gas supply to their states At the MoU Execution Ceremony NNPC GMD CEO Malam Mele Kyari described the signing of the agreement as another turning point in the Federal Government s Gas Decade initiative which aims to utilize the abundant gas resources of the nation to feed the nation s economy Kaduna State Governor Malam Nasir El Rufai said the state government was delighted at the prospect of having an additional energy source to power the state s businesses In Nasarawa the signing of the MoU which was the climax of the well organized Nasarawa Business Round Table was witnessed by the Governor of the State Ing Abdullahi Sule GMD CEO NNPC Limited Kyari and the Executive Director of the Gas Group amp Power NNPC Ltd Mr Mohammed Abdulkabir Ahmed Other attendees at the event included Group General Manager NNPC Group Public Affairs Malam Garba Muhammad Nigerian Gas Marketing Company General Manager Eze Justin Ezeala and Axxela CEO Mr Bolaji Osunsanya Governor Abdullahi Sule called on the indigenous people of the state to take advantage of respective opportunities in the gas value chain such as gas distribution CNG stations captive integrated power generation LPG trading the commercialization of gas torches among others It should be noted that these various agreements represent an important step in NNPC s marketing campaign and more importantly in the federal government s gas expansion program With the signing of the PIA and the subsequent transformation of the NNPC into a fully commercial entity operating under the Companies and Allied Matters Act the multiplier effects of these agreements on the ongoing reforms of the NNPC and the oil industry are truly enormous Also read NNPC reviews 2021 activities as Buhari inaugurates board Visit us at for more details Keep reading Source NAN
    NNPC Weekly: Company rallies workforce for higher efficiency, profitability
    General news11 months ago

    NNPC Weekly: Company rallies workforce for higher efficiency, profitability

    The weekly activities of the Nigerian National Petroleum Company (NNPC) began as staff were urged to prepare for higher levels of efficiency in 2022 as it now operates under the Companies and Allied Affairs Act (CAMA).

    Addressing the workforce at the first corporate town hall meeting for 2022, NNPC GMD/CEO Malam Mele Kyari outlined the changes ahead.

    Kyari assured that no member of the NNPC workforce would lose their job as a result of the impending reforms to be introduced under the PIA transition, but that they must be productive, accountable and transparent in their work.

    He called for maximum dedication in the performance of their duties in order to improve profitability, noting that under the PIA, the company would operate as a contractor to the nation at large.

    The NNPC CEO also said that Nigerians were expecting nothing more than higher profit levels.

    Kyari explained that all asset transfers and structural changes associated with the transition process will be completed before the end of the year.

    Speaking on behalf of NNPC staff, Group Executive Director, Corporate Services, Ms. Aisha Katagum, pledged the commitment of the entire workforce to accomplish the tasks set out as spelled out by /CEO.

    Meanwhile, NNPC Limited executed various Memorandums of Understanding (MoUs) and agreements with some joint venture partners, strategic allies and stakeholders in 2021.

    These agreements were aimed at strengthening the corporation's profitability throughout its operational value chain.

    They were also designed in line with the national objectives of the oil and gas industry on the repositioning of gas for rapid expansion of the national, regional and export markets.

    The first execution of these agreements began with the signing of Final Investment Decision (FID) partners, DSV Engineering and the Nigerian Content Development and Oversight Board (NCDMB), for the $3.6 billion Brass Methanol Plant. dollars in Odioma, Brass Island, Bayelsa.

    The project, upon completion, would be the largest methanol plant in Africa and the first in Nigeria.

    Anchored Project Fertilizer and Petrochemical Company Limited (BFPCL), is an incorporated entity owned by DSV Engineering and NCDMB

    Speaking at the event, NNPC Limited GMD/CEO Malam Mele Kyari said he was pleased with the Government's ongoing efforts to provide value to Nigeria's gas resources.

    He described the FID as one of the most significant investment developments in the gas sector in recent times, noting that the project coincided with the previous declaration of 2020 as the year of gas and 2021-2030 as the decade of state gas. for Petroleum Resources.

    NNPC GMD Malam Mele Kyari

    The construction phase of the project would create some 30,000 temporary jobs in addition to the 5,000 permanent jobs that would be created when the plant comes online.

    Another major gas development deal was the signing of a $260 million deal with Assa-North-Ohaji South (ANOH) Gas Processing Company Limited (AGPC) for the financing of the ANOH Gas Project in February.

    ANOH Gas Processing Company Limited (AGPC) is an incorporated joint venture owned 50:50 by Gas Company (NGC), a wholly owned subsidiary of NNPC and Seplat Petroleum Development Company.

    The ANOH Gas Project, which has been described as a game changer, another milestone in the journey to deliver more gas to the domestic market for the promotion of power generation and rapid industrialization in the country.

    Gas flaring comes to an end in Nigeria

    It would deliver 300 million standard cubic feet of gas per day (mscfd) and 1,200 megawatts of power when completed.

    NNPC's gas development and commercialization program received another boost with the signing of the Oil Mining Lease (OML) 143 Gas Development Agreement (GDA), Sterling Oil Exploration and Production Company (SEEPCO).

    The project would boost the country's gas production by 1.2 trillion cubic feet (tcf).

    GMD/CEO NNPC Ltd Kyari said gas from the project would be processed at the 125 million standard cubic feet (mmscf) per day Ashtavinayak Hydrocarbon Limited (AHL) gas plant located in Kwale, Delta State.

    SEEPCO Group Managing Director, Mr. Tony Chukwueke, said the OML 143 GDA was unique in two ways.

    “First, it is the first Agreement in Nigeria to completely separate gas development from oil production, an agreement that will enable the holistic development of gas potential in the block.

    “And it is the first of its kind to expressly include terms that encourage the contractor to be effective in managing costs, generating significant revenue for the Federal Government, NNPC and other stakeholders.”

    Port Harcourt Refinery

    Also in May 2021, GMD/CEO Kyari directed the NNPC to sign a series of agreements with Shell Nigeria Exploration and Production Company (SNEPCo) and other PSC partners.

    PSC partners include Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration and Production Nigeria Limited (EEPNL) and Nigerian Agip Exploration (NAE) to renew Oil Mining Lease (OML) 118 for a further 20 years.

    The execution of these agreements resolved the disputes surrounding the Deep Offshore Block, OML 118, which led to the renovation of that acreage with the prospect of a new investment of 10 billion naira in the development of the Bonga South-East Field.

    The five signed agreements include, Dispute Settlement Agreement, Settlement Agreement, Historic Gas Agreement, Custody Agreement and Renewed PSC Agreement; all of these agreements would further boost the nation's oil production.

    It is worth noting that the OML 118 dispute lasted for more than 12 years before Kyari intervened.

    His knife of conciliatory leadership has cut through several seemingly irreconcilable and protracted disputes in the oil industry.

    This is yet another indicator of the fact that NNPC places a priority on ensuring and maintaining a cordial and peaceful relationship between all of its stakeholders and partners.

    Governor Nasir El-Rufai

    Still in 2021, the Nigerian National Petroleum Corporation's (NNPC) push to increase refining capacity in the country was bolstered by contracts for the rehabilitation of the 210,000-barrel-per-day capacity Port Harcourt refinery in Alesa-Eleme, Rivers and the Warri and Kaduna refineries, in July and August.

    The PHRC rehabilitation project, which had a completion time of between 18 and 44 months in a three-phase agreement, was awarded to Milan-based Tecnimont SpA for an overall contract price of $1.5 billion, including VAT and other legal payments.

    An elated NNPC GMD, Kyari, described the PHRC rehabilitation project as a dream come true, noting that the project was in line with President Muhammadu Buhari's promise to the Nigerian people to make the refineries work.

    In August, the NNPC, responding to a presidential directive, stepped in and provided a solution to the perennial power supply challenge in Maiduguri, Borno State.

    The intervention saw the execution of Engineering, Procurement and Construction (EPC) and Equipment Procurement contracts for a 50 Megawatt (MW) Emergency Power Project in Maiduguri.

    The project, which had become an integral part of the ongoing efforts to deepen the NNPC's domestic gas utilization plan for the nation's socio-economic growth, had China Machinery Engineering Company (CMEC) as the EPC contractor, while General Electric (GE) became the equipment manufacturer.

    Governor Abdullahi Sule

    Speaking at the opening ceremony, NNPC GMD/CEO Kyari explained that the Corporation, through its subsidiary, NNPC Gas and Power Investment Company (NGPIC), decided to intervene in the Maiduguri Energy Situation Project, which is would fire with liquefied natural gas. Gas (LNG) and operate commercially.

    The Ajaokuta-Kaduna-Kano (AKK) Natural Gas Pipeline was also conceptualized to transport natural gas from Ajaokuta in Kogi State to Kano in Kano State through various states and urban centers as part of the pipeline. trans nigeria.

    Three of the contiguous states, Kaduna, Kano and Nasarawa signed different agreements with the NNPC in conjunction with the Gas Aggregation Company of Nigeria, GACN for the expansion and utilization of gas supply to their states.

    At the MoU Execution Ceremony, NNPC GMD/CEO Malam Mele Kyari described the signing of the agreement as another turning point in the Federal Government's Gas Decade initiative, which aims to utilize the abundant gas resources of the nation to feed the nation's economy.

    Kaduna State Governor Malam Nasir El-Rufai said the state government was delighted at the prospect of having an additional energy source to power the state's businesses.

    In Nasarawa, the signing of the MoU, which was the climax of the well-organized Nasarawa Business Round Table, was witnessed by the Governor of the State, Ing. Abdullahi Sule, GMD/CEO NNPC Limited, Kyari, and the Executive Director of the Gas Group & Power, NNPC Ltd, Mr. Mohammed Abdulkabir Ahmed.

    Other attendees at the event included Group General Manager, NNPC Group Public Affairs, Malam Garba Muhammad, Nigerian Gas Marketing Company General Manager, Eze Justin Ezeala, and Axxela CEO, Mr. Bolaji Osunsanya.

    Governor Abdullahi Sule called on the indigenous people of the state to take advantage of respective opportunities in the gas value chain, such as gas distribution, CNG stations, captive/integrated power generation, LPG trading, the commercialization of gas torches, among others.

    It should be noted that these various agreements represent an important step in NNPC's marketing campaign and, more importantly, in the federal government's gas expansion program.

    With the signing of the PIA and the subsequent transformation of the NNPC into a fully commercial entity, operating under the Companies and Allied Matters Act, the multiplier effects of these agreements on the ongoing reforms of the NNPC and the oil industry are truly enormous. .

    Also read: NNPC reviews 2021 activities as Buhari inaugurates board

    Visit us at for more details.

    Keep reading

    Source: NAN

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