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Buhari Approves Fresh Measures to End Gas Flaring

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  • Buhari Approves Fresh Measures to End Gas Flaring

President Muhammadu Buhari has approved the Flare Gas (Prevention of Waste and Pollution) Regulations 2018, to be used for the implementation of the National Gas Flare Commercialisation Programme (NGFCP). The NGFCP Programme Manager, Justice Derefaka, disclosed this.

Derefaka, had disclosed that Nigeria loses approximately $1 billion of revenue to gas flaring because it does not have the capacity to capture and commercialise flared gas in the country.

“We are pleased to inform you that His Excellency, Muhammadu Buhari, the President of the Federal Republic of Nigeria has approved the “Flare Gas (Prevention of Waste and Pollution) Regulations 2018” as the regulatory instrument that will underpin the implementation of the NGFCP,” said Derefaka.

He further explained, “We are also pleased to mention that we have completed the design of the key programme transactional, commercial framework and documentation. We therefore expect to announce the first bid round for the flare gas to the public within Quarter (Q) 3, 2018.”

In April, had Derefaka stated that if flared gas was properly exploited, it could create 300,000 jobs, produce 600,000 metric tonnes of Liquefied Petroleum Gas (LPG) per annum, as well as generate up to 2500 megawatts (MW) of electricity from new and existing power stations.

According to him, approximately 700 million standard cubic feet per day (mmscf/d) of gas was flared at 178 flare sites in the country, while about $3.5 billion worth of inward investments was required to accomplish the country’s flare gas commercialisation targets by 2020.

Following Buhari’s approval of the guideline, Derefaka, indicated the NGFCP would roll out its programme with the expectation that investors would key into it.

The NGFCP by its design would be a market-driven mechanism to attract competent third-party investors from across the world to commercialise country’s flared gas.

The flared gas would reportedly be available at a price the successful investors bid, for use as fuel and or feedstock in proven gas utilisation technologies. The bidding process will be carried out using a two-stage procurement process.

Meanwhile, the Nigerian Society of Engineers (NSE) and the Nigerian National Petroleum Corporation (NNPC) have pledged to work together to revive oil industry related projects that are critical to Nigeria’s economic development.

NSE and NNPC decided on this partnership when the President of the NSE, Mr. Adekunle Mokuolu, recently led the leadership of the society on a courtesy call on NNPC’s Group Managing Director, Dr. Maikanti Baru.

According to a statement from the NNPC, Mokuolu, said there was need for the corporation with its highly competent and experienced engineers and a rich track record of project delivery, to work closely with the NSE and other stakeholders to salvage important national projects like the Ajaokuta Steel Company which progress has stalled.

He said NNPC and Nigeria’s entire oil industry could benefit greatly from the speedy completion of the Ajaokuta Steel Company, adding that it would reduce dependence on imported steel for the manufacture of pipes and other hardware required used in the industry.

Baru, who reportedly agreed with him, said the revival of projects like the Ajaokuta Steel Company would go a long way in accelerating and deepening Nigeria’s local content law.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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