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N470m Lost Daily to Gas Pipeline Attacks –FG

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Minister of Power, Works and Housing, Mr Babatunde Fashola

Last weekend’s attack on the Nigeria Gas Company’s pipeline connected to Chevron Nigeria Limited’s facility at Escravos in Delta State is costing the economy a daily loss of N470m and has also resulted in the shutdown of two of the country’s refineries.

According to the Federal Ministry of Power, Works and Housing, the vandalism of the gas pipeline would impact negatively on the Olorunsogo National Integrated Power Project plant, which has capacity for 600 megawatts of electricity, and other power plants across the country.

The Special Adviser on Media to the Minister of Power, Works and Housing, Mr. Hakeem Bello, said in a statement on Wednesday that although security agencies had intensified the search for those behind the attack on the pipeline, their action would slow down the country’s power supply system.

Explaining the financial and economic implications of the action on the Nigerian economy, he said, “The sabotaged gas pipeline, which contributes to the Escravos-Lagos Pipeline System, has led to a loss of 160mmsfcd of gas daily. At a cost of $2.50 per thousand scf, this loss means about $400,000 loss to the country on a daily basis (N78.8m) in gas volume.

“This is in addition to losses to be incurred daily from power generation ($1,988,223 or N391,680,000 daily). The total daily loss to the country is, therefore, estimated at N470,479,931. Repairs of the damaged pipeline are estimated to cost $609,137 or N120,000,000.”

According to the ministry, the real sector of the economy has also been counting its losses as some cement companies around Olorunsogo like Ewekoro and Ibese are also affected.

It stated that the latest incident occurred when the Federal Government through the Ministry of Power, Works and Housing and the Ministry of Petroleum Resources along with allied agencies had been making concerted efforts to improve gas supplies to the power plants.

“Such efforts led to previously offline plants like Ihovbor and Sapele coming back online and the subsequent output making up for the loss in power. The pipelines are being actively monitored for further attacks or other unforeseen impacts,” the statement noted.

The ministry added that available records showed that six incidents of vandalism from December 2014 to February 2015, which affected the Trans Forcados Pipeline at Oben, Sapele and Oredo, and the Escravos Lagos Pipeline System CNL led to a loss of 1,100mmscfd.

Industry experts explain that a loss of 200mmscfd is equivalent to a power reduction of 700MW.

Similarly, the Nigerian National Petroleum Corporation on Wednesday announced the operational shutdown of the Port Harcourt and Kaduna refineries owing to crude supply challenges arising from the recent attacks on vital crude oil pipelines.

The NNPC, in a statement issued by its Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, said the plants were shut simultaneously on Sunday after the Bonny-Okrika crude supply line to the Port Harcourt refinery, and the Escravos-Warri crude supply line to the Kaduna refinery suffered breaches.

The NNPC stated that before the closure, the Port Harcourt refinery was recording a daily petrol yield of over 4.1 million litres, while the Kaduna refinery was posting a daily petrol production of about 1.3 million litres.

The national oil firm also stated that the Warri Refining and Petrochemical Company was on stream and was producing a little above 1.4 million litres of petrol per day.

The NNPC, however, gave an assurance that it had put in place strategies to guarantee unimpeded countrywide availability of petroleum products.

“In response to the unexpected setback, we have activated comprehensive remedial measures to sustain the prevailing stability in the supply and distribution of petroleum products across the country,” it said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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92.6 Million Nigerians Enrolled For the National Identification Number – NIMC

The Federal Government through the Corporate Affairs Commission (CAC) has stated that NIN will be a compulsory requirement for business registration. 

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National-eID-card

The National Identity Management Commission (NIMC) has announced that 92.63 million Nigerians have enrolled for the National Identification Number as of November 2022.

This represents an increase of 1.9 million when compared to the 90.68 million recorded in October.

According to the recent data released by NIMC, more men have been captured than women. The data also revealed that men accounted for about 52.1 million people or 56 percent of the total people captured so far in the NIN database.

On the other hand, women represent 40.5 million or 44 percent of the total enrollment, Investors King learnt.

On a state-to-state basis,  Lagos State recorded the highest enrollment with about 10.3 million. This was followed by Kano State with more than 8 million people.

Other states with substantial enrollments include Kaduna with 5.4 million, Ogun with 3.8 million, Oyo with 3.6 million, FCT with 3.2 million, Katsina with 3.1 million, Rivers with 2.7 million, Delta with 2.4 million, and Bauchi with 2.4 million.

Meanwhile, Bayelsa is presently the state with the lowest enrollments.  A total of 583,323 have so far enrolled in the state. Ebonyi trailed Bayelsa with 744,869 and Ekiti’s record shows 971,712 enrollments. While Cross River, Taraba, Yobe, Enugu, Imo, Akwa Ibom and Zamfara followed with 1 million, 1.3 million, 1.3 million, 1.5 million, Imo 1.5 million, 1.5 million and 1.6 million, respectively.

In another development, the Federal Government through the Corporate Affairs Commission (CAC) has stated that NIN is now a compulsory requirement for business registration like it is with banks.

According to the Registrar of the Corporate Affairs Commission, Garba Abubakar, NIN was adopted because its security can’t be compromised, unlike the National Identity card, passport, and driver’s license, which could easily be cloned.

“If you don’t have a NIN, it means you can’t register your company. The essence is to verify the integrity of the data we are collecting,” Garba noted.

National Identification Number is the unique number created by the Nigerian government to identify Nigerians, curb crimes, deepen infrastructure in cities and generally access all citizens.

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Governors Forum Replies FG, Blames Poverty on Rising Insecurity

The NGF accused the federal government of being unable to tame rising insecurity which has led to the high costs of food.

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Child Poverty - Investors King

The Nigerian Governors Forum (NGF)  has stated that governors could not be blamed for poverty in their respective states. The NGF accused the federal government of being unable to tame rising insecurity which has led to the high costs of food.

Investors King could recall that President Muhammadu Buhari earlier alleged that governors are pocketing funds meant for the development of the local governments. 

Similarly, the Minister of State for Budget and National Planning, Clement Agba, also stated that the 36 governors were responsible for the rising poverty index in the country,

According to the Governors Forum, the rising level of poverty among Nigerians was a consequence of the biting effect of insecurity on commercial and agricultural activities.

A statement released by NGF’s  Director of Media and Public Affairs, AbdulRazaque Bello-Barkindo said “It is important to put on record the progress made by state governors in the administration of their states, which have witnessed tremendous progress in recent times. Governors have undertaken projects where they, in conjunction with their people, deem them fit for purpose.

“This dereliction of duty from the centre is the main reason why people have been unable to engage in regular agrarian activity and commerce. Today, rural areas are insecure, markets are unsafe, travel surety is improbable and life for the common people generally is harsh and brutish.”

Barkindo further accused the minister of deviating from the major issues and passing blames when he and his colleague, the Minister of Finance, Budget and National Planning, Zainab Ahmed, should be implementing policies that can ameliorate the hardship Nigerians were facing. 

Barkindo in the statement added that the primary duty of any government is to ensure the security of lives and property, an area he claimed the Federal Government has failed. 

“But the Federal Government, which is responsible for the security of lives and property, has been unable to fulfil this covenant with the people, thus allowing bandits, insurgents, and kidnappers to turn the country into a killing field, maiming and abducting people, in schools market squares and even on their farmlands,” he said. 

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President Buhari Accuses Governors of Stealing LG Funds

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Muhammadu Buhari

Nigerian President, Muhammadu Buhari has once again accused state governors of stealing monthly allocation due to local government under them.

The president spoke at a parley with members of the Senior Executive Course of the National Institute for Policy and Strategic Studies, Kuru, held at the State House Banquet Hall, Abuja.

Speaking at the event, the president stated that it beats anyone’s imagination how some governors collected money on behalf of council areas in their states, only to remit just half of such allocation to the council chairmen, who would further deplete the remittance by filching it. Investors King learnt. 

 ‘‘I found it necessary to digress after reading my speech and this digression is a result of my personal experience. What they did, this is my personal experience, if the money from the Federation Account to the state is about N100m, N50m will be sent to the chairman, but he will sign that he received N100m. The governor will pocket the balance and share it with whoever he wants to share it with,” the president narrated. 

‘‘This is what’s happening. This is Nigeria. It’s a terrible thing; you cannot say the person who was doing this is not educated. He was a qualified lawyer, he was experienced, yet he participated in this type of corruption.” he queried. 

Furthermore, the president clarified that state governors and local government chairmen should be held responsible for the underdevelopment in the rural areas noting that most of the local governments lack basic amenities. 

Similarly, the National Union of Local Government Employees on Thursday backed the position of the president on the embezzlement and mismanagement of local government funds.

Responding to Buhari’s position, the  President of the Nigeria Union of Local Government Employees (NULGE), Hakeem Ambali, said Buhari was merely stating the obvious.

The NULGE President nevertheless admonished the president to go beyond the statement and ensure governors, especially those in APC to sign the local government autonomy bill into law.  

“He should go beyond that statement. He is the leader of the party, he should ask them to sign the autonomy into law; he is the leader of the governors,’’ he said.

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