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NNPC to Deliver Gas Projects by 2020



  • NNPC to Deliver Gas Projects by 2020

The Nigerian National Petroleum Corporation (NNPC) will deliver its seven critical gas development projects(7CGDP) by 2020. This would ease gas supply to the power plants across the country.

It said the projects were designed to leverage the immense gas potential in the country, and further help in meeting the target of generating at least 15,000 megawatts (Mw) of electricit, by 2020

Its Principal Manager, Public Affairs, Ndu Ughamadu, said the corporation is relying on the projects to generate 50,000Mw by 2020, in order to improve the supply of electricity in Nigeria.

In a telephone interview, he said NNPC is working to nurture the projects to fruition by 2020.

He said when this happens, the country would be able to transport gas to power plants seamlessly and boost power supply.

NNPC, he said, is working in line with the mandate given to it by the Federal Government to deliver the projects by 2020 and further boost power supply in the country.

According to him, the government has directed NNPC to complete the gas projects, adding that when this happens, thermal plants would not have difficulties accessing gas optimally for growth.

He said gas remained the only feedstock used in generating 70 per cent of electricity consumed in the country and that NNPC is not leaving any stone unturned to maximise its potentials.

To make the projects come to fruition by 2020, the state oil firm is constantly holding meetings on the issue, in order to ascertain the level of developments on the project.

He said NNPC has fixed next week for a meeting with the stakeholders. It has also directed the Project Management Office (PMO) to discuss with the operators of the project on their problems, needs among other things, that would help in bringing the project to fruition.

PMO is a department charged with the responsibility of accesing the status of the seven critical gas development projects, among other initiatives spearheaded by the corporation.

Ughamadu said:” Two issues are vital to the success of the projects, and NNPC has taken care of them. First is the issue of engagement with the operators of the project, and NNPC has directed the Project Management Office to carry out such roles.

“Frankly speaking, the level of engagement between NNPC and other key stakeholders on the issue is very high. The aim is to know the status of the projects, challenges facing the projects and the institutions/facilities that would help in improving the operation of the projects. These can be referred to as enablers that are critical to the growth of the project.

Ughamadu said the oil firm has fixed December 10, this year for a Steering Committee Meeting on the projects.

He said the 2020 deadline set aside for the implementation of the seven critical gas development projects is sancrosant, adding that NNPC has concluded plans to meet the deadline.

NNPC had put in place measures to ensure effective utilisation and commercialisation of gas in the country.This made the corporation to invest in the seven critical gas development projects in the country.

NNPC’s Group Managing Director, Dr Maikanti Baru said the corporation is keen on using some of the new projects such as the Ajaokuta-Kaduna-Kano gas pipeline project to open up not only the gas corridor, but to also ensure that power plants that are built can inject stability into the national grid.

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

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FG Asks Customs to Ground Private Jets over Failure to Pay Import Duties



The Federal Government of Nigeria has instructed the Nigerian Customs Service to ensure the grounding of 91 private jets, which are owned by some particularly rich Nigerians, over the payment of import duties.

The individuals in question have allegedly refused to pay their import duties, which are running up to about N30 billion. This has prompted the Federal Government to make the call to ground their private jets.

The Comptroller-General of the Nigerian Customs, Col. Hameed Ali (retd.) has since written a letter to the Nigerian Airspace Management Agency (NAMA), the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Civil Aviation Authority (NCAA) instructing the agencies to ground the concerned private jets with immediate effect.

The letter was dated November 2, 2021 and was addressed to the Director-General of the NCAA, Capt. Musa Nuhu. The same letter was also sent and addressed to the Managing Director of the FAAN, Capt. Rabiu Yadudu and the Managing Director of NAMA, Capt. Fola Akinkuotu.

In the letter, the three addressed agencies were instructed to ground the private jets by refusing them proper administrative and operational flight clearances until further notice.

The letter went ahead to state that the indefinite refusal of administrative and operational flight clearances will be lifted once the Nigerian Customs Service has issued an Aircraft Clearance Certificate, and the certificate is provided to the agencies as evidence of cooperation.

Nairaland’s findings report that some of the private jets which are victims of the grounding order are owned by senior pastors of some Pentecostal churches across the country, Chief Executive Officers of some earlier oil companies, the Chairmen of some Tier-1 banks in the country, as well as some Tier-1 banks themselves with one of said banks owning two upmarket jets themselves.

However, some of the owners of these jets have written letters of protest to the Customs Service, stating that they cannot pay import duties because the private jets in question are under lease payments.

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Merger and Acquisition

Seplat Energy to Acquire ExxonMobil’s Nigerian Shallow Water Business



Seplat Energy Plc - Investors King

Seplat Energy Plc, Nigeria’s leading indigenous energy company, has confirmed that it is in the process of acquiring ExxonMobil’s Nigerian shallow water business.

The company disclosed in a statement signed by Mr. Emeka Onwuka, Chief Financial Officer, and accessed by Investors King.

ExxonMobil has been selling off its businesses in Europe, Africa, and Asia in recent years to focus on a few mega-projects at home and abroad.

The statement reads, “Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, notes the recent press speculation and confirms that Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business.”

According to Seplat, there is no certainty as to the outcome of the ongoing discussions.

“Deliberations are ongoing and accordingly, there can be no certainty as to the outcome. A further announcement will be made as and when appropriate, in line with regulatory requirements,” Seplat stated.

The announcement is coming a few days after Seplat Chairman, ABC Orjiako resigned from his position as the Chairman of the company following a debt scandal with Zenith Bank Plc.

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Company News

Uber to Halt Services in Parts of Belgium




Uber will stop its ride-hailing service in most parts of Belgium tomorrow after a court ruling on Wednesday which extends an order given in 2015, banning its p2p (Peer to Peer) UberPop service to also cover professional drivers who provide its ride-hailing service.

Uber told TechCrunch that it is currently closely examining the details of the ruling, in order to arrive at a decision on whether or not to appeal the decision with the country’s Supreme Court.

This also follows a temporary decision to discontinue Uber’s service in Brussels, a decision which was referred to as “exceptional and unprecedented” by the tech giant. The company said that it was merely taking a step to complain about the lack of reform rules which forbid drivers from using smartphones.

After the ruling by the Brussels appeal court, private hire vehicle drivers have been obstructing a major tunnel in the capital of Belgium.

In a statement made concerning Friday’s impending shutdown, the chief of Uber in the country, Laurent Slitsagain criticized the government for not providing a reform which it has been soliciting for, stating that the decision was made depending on regulations which are now outdated as they were written before smartphones.

The company stated that the government has promised a reform but has failed to deliver said reforms for the last seven years.

According to Bloomberg, the shutdown will not be applicable to a small number of drivers who are licensed in the Flemish region of Belgium, and are therefore still permitted to use the application. Uber confirmed that the Appeal Court ruling only applies to drivers with Brussels licenses.

In another statement, Slits stated that the tech giant is hugely concerned about the 2,000 possessors of LVC licenses (rental car with driver licenses) who according to the country chief will lose their ability to generate earnings.

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