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Nigeria’s Gas Reserves Now 200.79 tcf, Says DPR

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  • Nigeria’s Gas Reserves Now 200.79 tcf, Says DPR

Nigeria’s gas reserves have increased by 7.3 per cent from 187 trillion cubic feet to 200.79 tcf, according to the Director of Department of Petroleum Resources, Mr Mordecai Ladan.

He stated this at a technical workshop organised by the Society of Petroleum Engineers, Lagos branch, in Lagos on Wednesday, the News Agency of Nigeria reported.

Ladan, who was represented by the Deputy Manager, Gas Division of DPR, Mr Olawale Ogunsola, said, “National gas reserves have risen to 200.79 trillion cubic feet as at 1st January, 2019.”

He said the nation’s daily gas production stood at 1.2 billion standard cubic feet.

According to him, 41 per cent of the daily production is exported and 48 per cent goes to the domestic market while 11 per cent is being flared.

He said, “We have got greater potential if we are to increase the volume of gas reserves growth. It is very strategic to keep growing the reserves in other to boost export. We found our gas reserves by accidental exploration. So, a dedicated gas exploration is very important and that’s part of the regulatory initiatives of the DPR.

“It is also important to boost domestic gas supply to boost power supply. The DPR will keep working with industry stakeholders to meet gas supply obligations and always crave for your cooperation.”

Ladan said there was a need for collaboration among industry stakeholders to ensure effective market operations in the sector.

He urged all operators to support the Federal Government’s plan to end gas flaring by supporting the Nigerian Gas Flare Commercialisation Programme.

He said, “The NGFCP is designed as the strategy to implement the policy objectives of government for the elimination of gas flares with potentially enormous multiplier and development outcomes for Nigeria.

“The objective of the NGFCP is to eliminate gas flaring through technically and commercially sustainable gas utilisation projects developed by competent third party investors.”

The director said investors would be invited to participate in a competitive and transparent bid process.

He said, “The commercialisation approach has been considered from legal, technical, economic, commercial and developmental standpoints.

“It is a unique and historic opportunity to attract major investment in economically viable gas flare capture projects whilst permanently addressing a 60 year environmental problem in Nigeria.”

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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Sterling Homes Plans To Reduce Housing Deficit

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Sterling Homes Limited has said it is committed to working with the government through private public partnership to reduce housing deficit in all the geo-political zones in the country.

The Managing Director, Mr Kunle Adeyemi, said this during an event on the company’s rebranding organised as part of its 10th year anniversary in Lagos on Friday.

During the event, the company while expressing commitment to excellence and customer satisfaction, unveiled its new logo with colours to define its mission and objections.

We want to be present in all the six geo-political zones on Nigeria by providing affordable luxury homes, excellent torch. So for us, there is a need for us to rebrand and have a new direction and vision.

“We want to partner with the government on the present housing deficit; we want to embrace a public, private partnership with the government to reduce the deficit in every geo-political zone.”

The managing director said that one of its unique selling points was its after sales services which was top notch.

He said it ensured that its customers were taken through the journey of actualising their dreams of becoming home owners.

While noting that everyone deserved to have a comfortable home despite the economic situation, he said it had designed a structure payment plan with zero interest in some cases to help intending home owners.

He said it also had provisions for high breed options and developing areas to accommodate various income levels.

Before the end of the year, he said, Sterling Homes would be establishing new presence and projects in other regions.

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Mutual Benefits Drives Financial Inclusion

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Mutual Benefits Assurance Plc says it is committed to deepening financial inclusion and creating easy accessibility for insurance in the country.

A statement from the firm on Friday said it expressed this commitment when it inaugurated its South-West region franchise operations in Ibadan, Oyo State.

The Managing Director, Mr Femi Asenuga, said this was part of its efforts to develop the insurance business and create values.

He said, “The role we all have to play is to be ambassadors of Mutual Benefits.

“A franchise is a well-known word and the way Mutual Benefits practices franchise is in our normal style of creating and adding value; we never rest.”

Asenuga said that the firm was working with stakeholders to increase awareness and take its message to the grassroots.

In developed economies, he said, insurance firms owned banks. He regretted that this was not the situation in Nigeria.

He said the firm would provide stakeholders with the platform and support to make them excel as a member.

The Managing Director, Mutual Benefits Life Assurance Limited, Mr Ademola Ifagbayi, appreciated the stakeholders and urged them to take advantage of the franchise.

The Group Managing Director, Odua Group, Mr Adewale Raji, in his address, advised stakeholders to be committed and showcase good character and integrity.

He said, “The Odua investment is owned by the six South-West governments and it is in our interest when economic, businesses and investment spreads across the South-West states.

“This is an opportunity for us to strengthen insurance penetration within the South-West states.”

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CAC Sets Three-Hour Circle For Company Registration

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Corporate Affairs Commission

The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021.

Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki.

The commission disclosed this in series of tweets posted via its Twitter handle on Sunday.

“To achieve the target, the registrar-general said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.

Abubakar noted that the challenges of COVID-19 pandemic had adversely hampered CAC’s delivery timeline.

He, however, said the CAC was resolutely committed to serving its customers despite being forced to operate with less than 50 per cent of its workforce.

While bidding farewell to Seriki, the registrar-general said he received the news of his appointment with mix feelings as CAC was going to miss his tremendous support and guidance.

The Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.

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