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NNPC Made A Net Profit of N287B in 2020 – Buhari

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NNPC Nigeria

President Muhammadu Buhari on Thursday announced the Nigerian National Petroleum Corporation NNPC, made a net profit of N287b in the year, 2020.

A statement by presidential spokesman, Femi Adesina said the announcement was in fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the Nigerian National Petroleum Corporation.

The statement said President Muhammadu Buhari’s declaration of a Net Profit by the nation’s flagship oil corporation is the “first time in the 44-year history of the establishment”

It will be recalled that the President had recently signed the Petroleum Industry Act, which seeks to strengthen the nation’s oil sector and make it more accountable to Nigerians.

According to the President, who doubles as Minister for Petroleum Resources, “I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty-Seven Billion Naira (N287 Billion) in the Year 2020 by the Nigerian National Petroleum Corporation.

“This is a sequel to the completion of the statutory Annual Audit exercise for the Year 2020.

“The NNPC losses were reduced from N803 Billion in the year 2018 to N1.7 Billion in the year 2019 and the eventual declaration of Net Profit in the Year 2020 for the first time in its 44-year history.

“This development is consistent with this administration’s commitment to ensuring prudent management of resources and maximization of value for the Nigerian people from their natural resources.

“I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.

“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people.”

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Energy

African Nations at Odds Over Location of Africa’s First Energy Bank, Nigeria Faces Opposition

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Renewable Energy

A brewing dispute among African nations has thrown into question the location of Africa’s inaugural energy bank, with Nigeria encountering fierce resistance from at least six countries on the continent.

The proposed financial institution with an initial capital of $5 billion, aims to bolster investment in the oil and gas sector across Africa.

Ghana, Egypt, South Africa, Benin Republic, Cote d’Ivoire, and Algeria have emerged as formidable opponents to Nigeria’s bid for hosting rights.

These nations have actively lobbied decision-makers who will ultimately determine the bank’s headquarters.

The disagreement underscores the significance attached to the financial institution’s location, with each nation vying to secure economic advantages.

The contentious deliberations have attracted the participation of key stakeholders, including Angola, Cameroon, the Republic of Congo, and Equatorial Guinea, among others.

The establishment of the energy bank is seen as crucial to the future of Africa’s oil and gas industry, especially amid declining Western investments in fossil fuels.

The proposed bank aims to bridge the funding gap plaguing the sector, which is vital for Nigeria’s ambition to tap into its vast oil reserves.

While Nigeria’s leadership in the African Petroleum Producers Association (APPO) would seemingly provide leverage, internal and external dynamics complicate its bid.

Nigeria’s APPO representative has highlighted the need for proactive engagement and commitment, cautioning against complacency in the pursuit of hosting rights.

The decision on the bank’s location is expected to be reached by the end of March, emphasizing the urgency for Nigeria and other contenders to articulate compelling arguments and fulfill stringent criteria set by APPO.

The outcome will not only shape the future of Africa’s energy landscape but also reflect the continent’s evolving geopolitical dynamics.

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60% of Metered Customers Bypass Meters – TCN Reveals

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Power - Investors King

The Transmission Company of Nigeria (TCN) has disclosed that 60% of metered customers bypass meters.

Ali Ahmad, TCN’s General Manager, shared this alarming statistic during the National Institute of Physics’ webinar series 2.0, themed “Policy, Regulatory, and Technical Constraints in Achieving Energy Security in Nigeria: The Way Forward.”

Ahmad’s presentation shed light on Nigeria’s energy landscape, where out of an estimated population of 230 million, only 13,112,134 citizens are officially registered to use electricity.

Moreover, just 44.23% of these registered customers possess meters, indicating a significant gap in metering coverage across the nation.

With only 2.52% of Nigeria’s population metered, Ahmad emphasized that meter bypass directly contributes to the country’s energy poverty, characterized by unreliable and unaffordable energy access.

He stressed the critical importance of energy security, defined by having dependable and reasonably priced energy sources, to drive sustainable development.

Highlighting the various forms of energy poverty in Nigeria, Ahmad underscored the necessity of achieving energy sovereignty and independence for national progress.

Nigeria’s energy vulnerability, he explained, stems from heavy reliance on gas, insufficient production capacity, and unreliable gas supplies.

The TCN’s revelation underscores the urgency for comprehensive reforms in Nigeria’s energy sector, including robust measures to combat meter bypass, enhance metering infrastructure, and ensure equitable energy access for all citizens.

Addressing these challenges is paramount to advancing energy security and fostering socio-economic development across Nigeria.

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Heirs Energies Expands Gas Supply to Geometric Power’s Aba Plant

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Heirs Holdings

Heirs Energies, a leading integrated energy company, has announced the expansion of its gas supply operations to the newly-opened 188-megawatt power plant operated by Geometric Power Limited in Aba, Abia State.

This move represents a significant milestone in Heirs Energies’ commitment to enhancing Nigeria’s energy landscape and promoting economic development.

The company, in a statement released on Wednesday, revealed its ongoing provision of gas to TransAfam Power Limited and First Independent Power Limited, both key players in Nigeria’s power sector, to support the national grid.

Now, extending its services to Geometric Power’s Aba plant, Heirs Energies reaffirms its dedication to powering Nigeria and fostering socio-economic growth.

Osa Igiehon, the Chief Executive Officer of Heirs Energies, expressed the company’s dedication to illuminating Nigeria and facilitating its journey toward prosperity.

He emphasized that Heirs Energies isn’t merely a participant in the energy sector but a catalyst for progress and development.

With the ability to supply gas to major power plants, Heirs Energies underscores its pivotal role in Nigeria’s energy sector and its commitment to driving operational synergies across the energy value chain.

Founded in 2021, Heirs Energies operates OML17 and related infrastructure, ensuring a reliable supply of gas to the domestic market.

By supplying gas to critical power plants like Geometric Power’s Aba facility, the company contributes directly to Nigeria’s industrial and economic advancement.

Heirs Energies’ gas expansion initiative aligns with its vision of creating a Nigerian champion in domestic gas supply, driven by Tony Elumelu’s Africapitalism philosophy, which advocates for businesses to deliver economic and social benefits to stakeholders.

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