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  • Oil production falls below benchmark to 998.6bpd in April

    Nigeria’s oil production in April 2023 fell below the one million mark – the lowest in seven months – as the production figure fell to 998,602 barrels per day (bpd).

    This is a 21.26 per cent decline compared to March, when output was 1,268,202 bpd.

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in its latest crude oil and condensate production data for April 2023.

    The volume of production is at its lowest point in the last seven months.

    In the previous year, oil production fell below one million bpd in August and September owing to several issues, including oil theft.

    According to the NUPRC report, oil production decreased from 1.517 million bpd in March 2023 to 1.245 million bpd in April 2023, with the addition of condensate.

    Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil. It is usually separated from a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas are dropped to atmospheric conditions.

    Speaking about the current oil output on Wednesday, the Chief Executive Officer (CEO) of the NUPRC, Gbenga Komolafe, said that oil production is currently about one million bpd below “its technically allowable capacity”.

    Komolafe, who was represented by the Executive Commissioner for Economy, Regulatory, And Strategic Planning, NUPRC, Kelechi Ofoegbu, at a host communities sensitisation workshop, attributed the low oil production to a number of issues, including the energy transition’s impact on hydrocarbon funding, a lack of investments, and insecurity.

    “While the commission is prioritising efforts towards increasing oil and gas production and ensuring maximum federation revenue through the optimisation of the oil and gas value chain, the efforts have been constrained by a myriad of challenges.

    “These challenges range from insecurity, low investment, and de-prioritisation of funding of hydrocarbon development arising from the energy transition.

    “Currently, Nigeria has the technical allowable capacity to produce about 2.5 million barrels of oil per day. However, arising from the highlighted challenges, our current production hovers around 1.5 million barrels of oil and condensate per day,” he said.

  • TETFund-sponsored facilities at NOU Obagaji set for commissioning

    In a move pursuant to its mandate of arresting the rot and deterioration in the educational infrastructure sector through the building of world class facilities in tertiary institutions, the Tertiary Education Trust Fund (TETFund) is set to commission two blocks of facilities it sponsored, ahead of the commencement of academic activities by October 2023.

    The facilities, which include an office building and a lecture theater, have been completed and are ready to be handed over to the National Open University Obagaji Study Centre in Agatu Local Government Area in Benue State this Saturday (May 13).

    According to an invitation signed by the Executive Secretary of TETFund, Arc. Sonny Echono, the foundation laying ceremony for an ICT Centre with classrooms (will) also be performed on the same occasion.

    “I am pleased to inform you that work has been completed on two blocks of facilities, namely: the office building and lecture theatre at the National Open University Obagaji Study Centre in Agatu Local Government Area, Benue State.

    “The facilities sponsored by TETFund will be handed over to the National Open University on Saturday, May 13, 2023, at 10 am. Additionally, the foundation laying ceremony for an ICT Centre with classrooms (will) also be performed on the same occasion as part of arrangements to ensure the commencement of academic activities by October 2023.

    “It is, therefore, with the greatest sense of humility that I extend our invitation to you to grace the occasion.

    “Please accept the assurances of my esteemed regards,” the signed invitation read.

  • Overtime Cargoes: FG inaugurates task team at nation’s ports

    Overtime Cargoes: FG inaugurates task team at nation’s ports

    The Federal Government has inaugurated a collaborative Task Team of the Nigerian Ports Authority (NPA), Nigeria Customs Service (NCS), Federal Ministry of Transportation, and others, with the charge to address lingering issues of overtime cargoes at the nation’s seaports and terminals while also proffering best case situation on how these cargoes can be cleared.

    The Permanent Secretary, Federal Ministry of Transportation (FMT) and Chairperson of the Committee, Dr. Magdalene Ajani, while inaugurating members of the Task Team in Abuja stressed on the importance of the Task Team and that the inability to clear overtime cargoes at the ports and terminals has affected the number of cargoes that can be handled due to limitation of space.

    Similarly, Ajani observed that this has resulted to a drastic drop in the volume of cargoes coming into the country. Adding that the reduction in cargoes has ultimately affected Internally Generated Revenue which is now lost to the neighbouring countries.

    Furthermore, the Permanent Secretary explained that the clearing of overtime cargoes should not be confined to the Ikorodu Lighter Terminal, Lagos Port Complex, and Tin Can Island Port Complex but all other ports and Terminals within the country.

    On the composition of the Task Team Ajani said it was as a result of series of meetings between the Minister of Transportation, Mu’azu Jaji Sambo and the Comptroller General, Nigeria Customs Service, and the I Secretary, FMT, Dr. Magdalene Ajani. She called on the Task Team bring their professionalism to bear in the discharge of the onerous task.

    The Permanent Secretary read the “Terms of Reference” (ToR) and they include but are not limited to: Confirm the inventory of submission by the Nigerian Ports Authority on the actual number of overtime cargo in the ports and other locations; Conduct a joint examination of all such cargo to determine contents suitable for use or consumption; Provide a list separating goods for disposal by public auction and those to be deposed by condemnation/destruction and gazette all cargoes identified as overtime for disposal.

    Others are: Determine methodology for public auctioning at various port/locations; determine the recoverability of part of Terminal Operator’s revenue arising from long occupation of economic spaces and transfer charges; Ensure that the process is in conformity with applicable customs practices and any other task that may arise in the cause of the assignment;

    Responding on behalf of the team, Comptroller Adekunle Oloyede, of the Nigeria Customs Service, assured that the Task Team is a one-stop that will certainly unravel the overtime cargoes challenge.

    The Task Team is expected to summit its report within 8 weeks.

  • Atiku’s motion for live broadcast proceedings for hearing May 18

    The Presidential Election Petition Court on Thursday in Abuja fixed May 18, 2023 for hearing of a motion on notice seeking live telecast of the proceedings of the Court.

    The Presidential candidate of the People’s Democratic Party PDP, Atiku Abubakar alongside his party, filed the motion.

    At Thursday’s proceedings, counsel to Atiku, Chief Chris Uche (SAN) who the Court that the motion filed since May 7 has been served on all the respondents.

    He however said that none of the respondents comprising the Independent National Electoral Commission INEC, Bola Ahmed Tinubu and the All Progressives Congress APC have not responded to the motion.

    In reaction Tinubu, represented by a legal luminary, Chief Wole Olanipekun SAN promised to file his response.

    Similar undertakings were made by Abubakar Balarabe Mahmoud SAN who stood for INEC and Charles Edosomwen SAN who represented the All Progressives Congress APC.

    Based on the agreement of counsel, Chairman of the Court’s panel, Justice Haruna Simon Tsammani fixed Thursday May 18 for hearing of the motion.

  • IPOB: Supreme Court adjourns Kanu’s case to Sept 14

    The hearing in the suit filed by the Indigenous People of Biafra (IPOB) for the release of their leader, Nnamdi Kanu suffered a setback as the Supreme Court adjourned to the case to September 14.

    The leader of the proscribed separatist is at the Apex Court challenging the verdict of the Appellate Court which stopped his release.

    A statement signed by his counsel, Ifeanyi Ejiofor,  said, “We have appealed to the Supreme Court, to set aside the ruling of the Court of Appeal, staying the execution of the court’s judgment discharging him, and placing a further bar to any further detention and prosecution of Nnamdi Kanu on any charge/indictment before any court in Nigeria.

    “Recall that on October 28, 2022, a three-person panel of Learned Justices of the Court of Appeal (Abuja Judicial Division), granted an application for the stay of execution of the judgment of the Court of Appeal, pending the determination of the appeal filed before the Supreme Court by the Federal Government.

    “After a thorough review of the said ruling by our defense team, eminently led by foremost leading Senior Advocate of Nigeria, Chief Mike Ozekhome (SAN), an informed decision was taken by the erudite Senior Advocate, and the entire team, that the said ruling, which has no foundation in law or facts, placed before the court, should be immediately appealed against, for it to be set aside by the Apex Court.

    Our well-informed position was given a final nod by our indefatigable client, Nnamdi Kanu, during my last visit to him.

    “We therefore, by this medium, inform the general public, and Umuchineke in particular, that we have filed an appeal against the said ruling of the Court of Appeal delivered on October 28, 2022, and will proactively follow up on the administrative process to ensure that both appeals are given accelerated hearings in line with the extant fast-track rules of the Supreme Court.

  • Stamp Duty is our constitutional function, NIPOST Chair tells FIRS

    *Calls on President Buhari’s intervention

    The Chairman, Nigerian Postal Service Board, Barr. Maimuna Abubakar has called on President Muhammadu Buhari to intervene in the ongoing tussle between the Federal Inland Revenue (FIRS), and the Nigerian Postal Service (NIPOST), over which of the agencies should administer stamp duty.

    Maimuna made the appeal in Abuja while speaking at 1st Economic Confidential Public Lecture & Presentation of the Books entitle, “Pantami – Trials & Triumphs of a Digital Economy Maestro” and “e-Naira Revolution – A peep into Nigeria’s Cashless Future.”

    In her speech, the NIPOST Board Chairman, who described FIRS’ action as a usurpation of NIPOST legal duties, emphasized the need for the President to call for the withdrawal of the ongoing legal tussle and have it settled out of court.

    Also present at the event, the Keynote Speaker, Prof. Isa Pantami, who delivered a lecture themed, “Economic Diversification in an Evolving Cashless Society”, spoke on his ministry’s efforts at promoting Nigeria’s digitization.

    He further harped on the importance of exploring the knowledge-based economy option for Nigeria in the quest for economic diversification.

    Earlier, the Chairman, Revenue Allocation and Fiscal Commission (RMAFC), Mohammed Shehu, who also chaired the event, clarified that diversification is vital for economic growth and development.

  • PEPC: Atiku arrives court for case against Tinubu

    The Presidential candidate of Peoples Democratic Party (PDP), Alhaji Atiku Abubakar arrived the Presidential Election Petition Court Thursday (today), where he is challenging the outcome of the 2023 presidential election.

    In his company are Liyel Imoke, the former governor of Cross River State, Babangida Aliyu, former governor of Niger State and Uche Secondus, former National Chairman of the PDP.

    In today’s proceedings, the court is expected to hear Atiku’s application, pushing for live broadcast of the day to day proceedings regarding his petition.

    Atiku Abubakar storms court for hearing against Tinubu

    Specifically, they are praying the court for “An order directing the Court’s Registry and the parties on modalities for admission of Media Practitioners and their Equipment into the courtroom.”

    The application filed on their behalf by their team of lawyers led by Chief Chris Uche, SAN, is predicated amongst other grounds that: The matter before the Honourable Court is a dispute over the outcome of the Presidential Election held on 25th February 2023, a matter of national concern and public interest, involving citizens and voters in the 36 States of the Federation and the Federal Capital Territory, Abuja, who voted and participated in the said election; and the International Community as regards the workings of Nigeria’s Electoral Process”.

    According to Atiku, “being a unique electoral dispute with a peculiar constitutional dimension, it is a matter of public interest whereof millions of Nigerian citizens and voters are stakeholders with a constitutional right to receive.”

  • £130m-rated Victor Osimhen: Man United get major boost as Bayern back down

    Manchester United may have received major boost in their bid to sign £130 million-rated Super Eagles and Napoli striker, Victor Osimhen after Bayern Munich CEO Oliver Kahn hinted that the club will not go after the Nigerian this summer. 

    The 24-year-old has been a key part of Napoli’s Serie A success this season, scoring 23 league goals as Luciano Spalletti’s side wrapped up their first Scudetto in 33 years earlier this month.

    United are looking for a new striker since losing Cristiano Ronaldo in November, and have been linked with Osimhen for months.

    Napoli chief Aurelio De Laurentiis however maintains the Nigeria international will not be leaving the club this summer and the player himself has played down talks of a move, but the Red Devils believe he will be available for around £130 million. 

    Chelsea are also interested in Osimhen and may be hoping to edge United with a partial swap deal involving Christian Pulisic, but Kahn’s comments suggest Bayern are not in the race for his signature.

    ‘When it’s about such a fee, we have to ask the question: does the player give you a guarantee for this money?’ Khan told SportBILD. ‘That would definitely be a big risk.’

    If the German giants have dropped out of the race to sign Osimhen, it could be another sign of their decline as a major force in European football.

  • U-17 AFCON: Nigeria takes on Burkina Faso today

    *It’s going to be fireworks, says Coach Nduka Ugbade

    Coach Nduka Ugbade (left) with Golden Eaglets’ defender, Emmanuel Michael at the press conference in Algiers. Photo: NFF Media

    It will be a West African derby on Thursday (today) when the Golden Eaglets of Nigeria tackle Burkina Faso in the quarter-final game of the ongoing Africa U17 Cup of Nations in Algeria, with Head Coach Nduka Ugbade saying it is going to be a pulsating tie.

    Ugbade disclosed this at the pre-match press conference at the Nelson Mandela Stadium, as he noted that both teams are not strangers to each other having met at the final of WAFU B U17 tournament in Ghana, where Nigeria triumphed 2-1.

    “The game is going to be very interesting. At the WAFU B tournament, we had Togo, Ivory Coast, Ghana, Niger and Burkina Faso. We did well to beat Burkina Faso 2-1 in the final.

    “The only difference is that this is AFCON, but surely, it is going to be an interesting and very important game because victory will guarantee qualification for the FIFA World Cup,” Ugbade said.

    In a related development, Emmanuel Michael, who scored three goals at the WAFU B U17 tournament, said his teammates have respect for Burkina Faso. He, however, assured Nigerians that the Eaglets will work very hard to win the game.

    “We respect Burkina Faso, they are a very good team. The team loves to play and never gives up.

    “We hope to win the game. We will work very hard, play to the instructions of our coaches and win the game to qualify for the World Cup,” Michael said.

    The quarter-final clash is billed for the Nelson Mandela Stadium, Algiers and the kick-off is 8pm Nigerian time.

  • Privatization: FG gives Transcorp Power discharge certificate

    Transcorp Power Limited has received the Discharge Certificate from the Federal Government in Abuja.

    Nigerian Anchor reports that Transcorp Power Limited, a leading power generation company, located in Ughelli Delta State, is the first power generation company to fulfil all privatisation obligations.

    Transcorp Power Limited, with an installed capacity of 972 megawatts, was presented with a post-privatisation discharge certificate by the Federal Government, following fulfilment of all privatisation conditions.

    This development means that Transcorp Power will no longer be subjected to post-privatisation monitoring, and it is the first privatised power generation company to achieve this milestone since the power sector privatisation commenced in 2013.

    One of the key targets set for Transcorp is a minimum available capacity of 670 megawatts.

    The Discharge Certificate was presented at the meeting of the National Council of Privatisation (NCP) by the Vice President, Professor Yemi Osinbajo, to Mr. Tony Elumelu, Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power.

    Osinbaho, who also doubles as the Chairman of NCP, commented on the ceremony.

    “Post privatisation monitoring is an important aspect of the Federal Government’s privatisation programme.

    “Transcorp Power has been able to ensure compliance and meet the expectations of post privatisation deliverables.

    “I commend Tony Elumelu and his Transcorp team for this feat. I urge Transcorp Group to continue in that path and even do better. This being the first, should not be the last post privatisation discharge event,” he said.

    Elumelu thanked the Federal Government for their trust and confidence in Transcorp.

    “In addition to fulfilling the post privatisation performance criteria, Transcorp has driven a strong indigenous agenda – our plants are managed and fully operated by Nigerians, creating jobs and reducing unemployment in the country.

    “Safety is very important to us as well, since we began operations in 2013, we have recorded zero incidents till date.

    Speaking at the Event, the Director General of the Bureau of Public Enterprises, Alex Okoh, congratulated the Board and Management of Transcorp for the milestones achieved in turning around the enterprise.

    He noted that Transcorp had met and exceeded the performance targets and all other covenanted obligations agreed during the signing of the privatisation agreement in 2013.

    “Transcorp Power increased the generation capacity of the plant by 227 per cent from the operational status as at handover in 2013.

    “Capital expenditure totalling N58.612 billion was covenanted for phase1, phase 2 as ‘additional investment’ but the actual investment made by Transcorp was the sum of N83.85bn, leading up to a score of 143 per cent,” he said.

    Transnational Corporation Plc acquired Ughelli Power Plc (now Transcorp Power Limited) from the Federal Government of Nigeria on November 1, 2013 when the power sector was privatised. At the time of acquisition, the plant had an available capacity of 160 megawatts. Transcorp invested and increased the available capacity to 680.83 megawatts (being a 227 per cent increase) within four years of takeover, surpassing the five-year target of 670 megawatts set by the Bureau for Public Enterprises (BPE).