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Gas Flare Commercialization Program to Create 300,000 Jobs Annually

National Gas Flare Commercialization Program (NGFCP) to create 300,000 jobs annually

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Oil

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority(NMDPRA), Mr. Farouk Ahmed, has said the National Gas Flare Commercialization Program (NGFCP) aimed at monetizing huge volumes of natural gas being flared during oil production will create 300,000 jobs annually.

The NGCFP when activated, will also produce about 600 tonnes of Liquefied Petroleum Gas (LPG), provide clean energy for 6 million households, and 2 gigawatts (2000MW) of electricity annually.

Farouk made this known in Lagos at the 2022 annual conference of the Nigeria Association of Energy Correspondents (NAEC), with the theme: Energy Transition: “Shaping the Future of Nigeria’s Energy Industry, an Appraisal of PIA, Evolving Benefits and Challenges.”

Farouk said,The Nigerian gas flare commercialization program harnesses gas flare for sustainable and value wealth creation. This can unlock and generate approximately 2.5GW of power, 600 tonnes of LPG annually, and create 300,000 direct and indirect jobs while eliminating carbon emissions and providing clean energy for 6 million households.”

Dr. Zainab Gobir, who was represented by the Executive Director, Economic Regulations and Strategic Planning, NMDPRA, said other initiatives and plans are in place to facilitate the shift to a gas-based economy including the declaration of the ‘Decade of Gas’, to foster economic growth and industrialization driven by gas.

According to Farouk, other initiatives including the National Gas Expansion Programme (NGEP) for the penetration and utilization of LPG, Compressed Natural Gas (CNG), and Domestic Liquefied Natural Gas (DLNG), will improve energy access, increase household consumption, and create an alternative energy source.

It can be recalled that on August 16, Investors King reported that the Federal Government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has inaugurated a 12-member ‘Gas Flare Commercialization Program Team’ to manage the nation’s gas flaring.

Engineer Gbenga Komolafe, the Chief Executive of NUPRC said, to monetize gas resources is to take a favorable step toward protecting energy security, particularly in this period of the global energy transition.

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LinkedIn Ranked Bamboo, Piggyvest, Moove Among Top 10 Nigerian Startups to Work With in 2022

Bundle Africa, Piggyvest, Bamboo, Moove among six others emerged as LinkedIn’s top 10 Nigeria startups to work

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Bamboo - Investorsking.com

Bundle Africa, Piggyvest, Bamboo, Moove among six others emerged as LinkedIn’s top 10 Nigeria startups to work.

LinkedIn released its list of top 10 emerging companies in Nigeria that are gaining both national and international attention. 

Topping the list is Bundle Africa, a financial service company founded in 2019. Following Bundle Africa was Utiva, an e-learning provider. 

Moove, another financial service company was ranked 3rd while Okra, a software development company was ranked 4th. Both Moove and Okra were established in 2020.

Also featured on the list is Cowrywise, a financial services company established in 2017. Cowrywise was ranked 5th while another financial services company, Bamboo which was established in 2019 took the 6th position. 

Other startups on the list include Nomba, TeamApt, Prospa and Piggyvest which were ranked in the 7th, 8th, 9th and 10th positions respectively. All four are financial services companies. 

A clear look at the list by Investors King shows that all the listed startups in the top 10 are headquartered in Lagos State.

According to the professional networking platform, despite the present nature of the economy and the stormy challenges of growing a company, the top ten companies are rising to the challenges and continue to innovate and gain attention in 2022.

LinkedIn further disclosed that it used LinkedIn data across four pillars to arrive at the list. The four pillars are employee growth, Jobseeker interest, member engagement within the company and its employees, and how well the startups pulled talent from top brands. 

LinkedIn further clarified that the list is ultimately meant to be a resource for jobseekers. Especially those that are excited with the opportunity to innovate, grow and solve big problems.

Of all the top ten startups, Moove has the highest headcount which currently stands at 425. TeamApt followed with a headcount of 350 while Nomba has a headcount of 235. 

Piggyvest has a headcount of 105 followed by Bamboo with a headcount of 75.  Prospa has 70, Utiva has 55, Okra has 50 while Cowrywise has the least headcount of 45.

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Bill to Jail Employers For Late Payment of Salary Reach Second Reading at the House of Rep

The House of Representatives has passed for second reading a bill that will penalised salary defaulters. 

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Femi Gbajabiamila

The House of Representatives has passed for second reading a bill that will penalised salary defaulters. 

The bill will prohibit late payment of salaries, underpayment of wages, pension and other emoluments in Nigeria.

The bill was sponsored by the speaker of the House of Representatives, Rt. Hon Femi Gbajabiamila. It scaled through to the second reading on Tuesday without a debate.  

If passed into law and signed by the president, employers who delay salary, wages and pension risk one-year imprisonment. 

Section 2 of the bill stated that “Every employer of labour in Nigeria, whether private or public, and whether it is employing any worker on permanent or contract basis must ensure that all payment of wages, salaries, pension and all benefits to workers are paid promptly without delay weekly, fortnightly monthly, quarterly or yearly as may be agreed by parties in the contract of employment of the additional individuals”. 

Furthermore, the bill seeks to prohibit arbitrary and harsh deduction as punishment in the event of damages and negligence by an employee. 

Section 3(1) of the bill says “an employer is prohibited from entering into any contract with any workman for any deduction from the sum contracted to be paid by the employer to the workman, or any payment to the employer by the workman for in respect of bad negligent work or injury to the material or property of the employer or in respect of any fine.”

Meanwhile, different opinions have trailed the bill. While some commentators commended it, others opined that the bill was dead on arrival. 

A social commentator with the name, Alabi Adejobi said,” The Federal Government and the State Governments are the worst salary defaulters. Unfortunately, they are also the biggest employer of labour in the country. So the law would not work because it is against the biggest defaulters.”

However, another commentator with the name Omolade Grace welcomed the bill. “Better, I hope they can enforce it.” She noted. 

Investors King understands that the bill will need to be passed by both the House of Representatives and the Senate before it is transmitted to the President. It will only become law if the present assent to the bill.

 

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Nigeria to Generate 850,000 Jobs From Energy Transition

President Muhammadu Buhari disclosed that Nigeria would generate 850,000 jobs from energy transition by 2060

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President Muhammadu Buhari - Investors King

At the ongoing 77th UN General Assembly meeting, President Muhammadu Buhari disclosed that Nigeria would generate 850,000 jobs from energy transition by 2060.

At a closed-door meeting with the UN Secretary-General, Antonio Guterres, as part of the country’s sideline activities at the event, the Nigerian president stated that the country will benefit significantly from energy transition. 

The president was quoted to have said “(The Energy Transition Plan 2060) will guide Nigeria’s rapid transition to renewable energy and result in significant job creation with up to 340,000 jobs created by 2030 and up to 840,000 jobs created by 2060 driven mainly by power, cooking and transport sectors.”

In August 2022, the Nigeria Government launched Energy Transition Plan 2060 (ETP, 2060) to as a guide to achieve zero emissions by 2060. ETP 2060 was also designed to help settle the problem of energy crises and lift millions of Nigerians out of poverty.

According to the Energy Transition Plan, Nigeria is expected to spend $1.9 trillion between now and 2060 to meet its goal. 

The president also stressed the need for international players in renewable energy to assist Nigeria on this lofty height. President Buhari’s call for assistance is coming barely after two weeks when the Vice President, Yemi Osinbajo made a similar appeal to the World Bank President, David Malpass. 

Investors King had earlier reported that Vice President Yemi Osinbajo met with the World Bank President. The Vice President appealed to key players and development partners to help Africa and Nigeria, in particular, to achieve its zero emission plan. 

While President Buhari applauded Egyptian President Abdel Fattah El-Sisi for his tireless efforts in the preparations for the COP27 coming up in November, this year, he further disclosed that Nigeria will generate 250 gigawatts from renewable energy. 

 

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