Nigeria Earns $5bn From Gas Production Annually- FG
Nigeria earns around $5bn from gas production, Vice President Kashim Shettima has disclosed. The Vice President, who made the disclosure at the 6th Value-chain Annual Lecture and Awards on Thursday in Abuja, added that the amount is 40 per cent less than Egypt, whose gas reserves is 30 per cent of Nigeria’s gas reserves. Nigeria has about 208.83 trillion cubic feet of gas which represents 33 per cent of Africa’s total gas reserves of 620TCF. He said, “Our production to reserve ratio is less than a 3rd of Egypt’s, less than a quarter of Algeria’s and around 10 per cent of Malaysia. “In the aftermath of the Russia-Ukraine war, the EU and many other nations were shopping for LNG at the same time that Nigeria’s largest LNG assets were operating significantly below capacity because gas supply was inadequate. “At this rate, according to Decade of Gas analysis, we could have a demand-supply gap of up to 10bscfd of gas by 2030.” The Vice President, who was represented by Special Adviser to the President on Energy and Power Infrastructure, Office of the Vice President, Sodiq Wanka, said there is a dire need for the country to exploit its proven gas reserves to vastly enhance its fiscal position. With gas accounting for 80 per cent of power generation, authorities are focused on increasing gas utilization in the country as it seeks to make it a critical transition fuel as its 2060 net-zero target beckons. The number of industries that are gas-based and those that utilize gas for power are many, from fertilizer and methanol to cement and consumer goods. But the story of Nigeria’s gas riches and potential cannot be complete without understanding that we are far off from that potential and have a lot of work to do, as public sector leaders and as captains of industry. Shettima stressed that the government is working actively to resolve long standing liquidity issues in the power sector as it is set to roll out ambitious customer metering initiatives that would boost the sector. “We will continue to strengthen sector governance that favours only technically and financially sound investors to own key assets in the power sector. We will drive the implementation of the Electricity Act 2023 to create a new narrative and new national framework for electricity that will bring investment to the electricity sector. In terms of upstream gas, the commitment of the government on ensuring the right tariffs to encourage exploitation of non-associated gas remains strong,” he said. The Vice President noted that despite the enormous amount of work left to be done, the AKK pipeline projects are on course to be completed. “The Obigbo-Umuahia-Ajaokuta pipeline will be key to ensuring the AKK pipeline is not gas-constrained while opening up new demand along its right of way. There is much work left on expanding the ELPS network among others. These projects can be significantly accelerated if we focus on making investments in them more attractive. “Our network code must adequately cover private pipelines; we have to ensure that private investors are able to recover their costs and make a return on their investments by creating a new framework for tariffs that is not too rigid. And we need to have clear guidelines for tolling. The story is similar for other midstream infrastructure. On security of oil and gas assets, Dhettima said, the “government will also not rest in continuing to pursue a holistic approach to the issue of security of petroleum assets – from strengthening the operationalization of the Host Communities Trust Fund to closer community engagement, surveillance and prosecution of identified vandals. He urged the private sector to play a pivotal role by making the right investments in the sector. “Nigeria cannot be a net exporter of LPG and still import LPG for domestic use because of infrastructure gaps. Our private sector must strengthen its resolve to look beyond short-term challenges and make investments taking a long-term view,” he said.
Tinubu Celebrates Supreme Court Verdict, Vows To Rebuild Greater Nigeria
President Bola Ahmed Tinubu has expressed his gratitude over the Supreme Court ruling that reaffirmed his election on February 25, whilst reiterating his commitment to building a stronger, united, and more prosperous Nigeria. Tinubu welcomed the verdict of the Justice John I. Okoro-led Panel of the Supreme Court on Thursday, which upheld the ruling of the Presidential Election Petition Tribunal. The candidates of the Peoples Democratic Party and the Labour Party had filed petitions challenging the tribunal’s decision. “The court has done justice to all issues put up for consideration in the petitions on the merits of the law, without fear or favor,” President Tinubu stated. The President praised the diligence and professionalism of the Honourable Justices who presided over the matter, affirming that the verdict solidified Nigeria’s electoral jurisprudence and constitutional democracy. The President’s faith in Nigeria’s judiciary remained unwavering, despite pressure and attempts at intimidation by some political actors. He lauded the judiciary’s commitment to upholding the rule of law and defending humanity. The ruling affirmed that President Tinubu’s party, the All Progressives’ Congress, had secured the popular mandate of Nigerians, paving the way for his leadership during a transformative period in the nation’s history. Tinubu further underscored his commitment to serving all Nigerians, regardless of their political affiliations, tribes, or faiths. The President’s renewed his Hope agenda for a greater and prosperous Nigeria, saying that it has gained momentum, and pledged to work tirelessly to meet the collective aspirations of the citizens. “We are all members of one household, and this moment demands that we continue to work and build our country together,” he affirmed. President Tinubu urged Nigerians to unite in their diversity and direct their energy toward building a stronger and more prosperous nation. He expressed his hope that the spirit of patriotism would inspire support for his administration’s efforts to improve the living conditions of the people. Tinubu concluded by extending his gratitude to all Nigerians for the mandate to serve the country, promising to exceed their expectations in service delivery and good governance. He concluded with a prayer for the continued blessings of the Federal Republic of Nigeria. The President’s statement reflects his determination to lead Nigeria into a future marked by unity, progress, and prosperity, as the country continues on its path of transformation and growth. SEE FULL STATEMENT BY PRESIDENT BOLA AHMED TINUBU, GCFR IT IS TIME FOR US TO BUILD OUR GREAT NATION TOGETHER I welcome the verdict of the Justice John I. Okoro-led Panel of the Supreme Court on the Presidential Election petitions filed by the candidates of the Peoples Democratic Party and the Labour Party, challenging the ruling of the Presidential Election Petition Tribunal. The court has done justice to all issues put up for consideration in the petitions on the merits of the law, without fear or favour. There is no doubt, with the profound judgment of today, that our electoral jurisprudence and constitutional democracy are further consolidated and embedded more indelibly in our national identity because of the diligence and undaunted professionalism of the Honourable Justices who presided over the matter. While the verdict of today has laid to rest the agitating discourse over who truly won the 2023 Presidential election and met the constitutional requirements as laid out by law, I want to reiterate that my faith in our nation’s judiciary has never been shaken, not even for a moment, because I know that our hallowed courts of law will not fail to administer justice to all Nigerians in all matters and at all times. Despite the fusillade of pressure and attempts at intimidation by some political actors, the judiciary demonstrated its unequivocal commitment to upholding the rule of law for the upliftment and defense of humanity. It was affirmed once more today, that my party, the governing All Progressives’ Congress, had freely and fairly won the popular mandate of Nigerians, which has since given rise to my leadership of this great nation at a tumultuous period of unprecedented reforms in our history as a nation. With deep gratitude to God Almighty, I solemnly and humbly accept today’s judicial victory with an intense sense of responsibility and a burning desire to meet the great challenges confronting our people. The victory of today has further energised and strengthened my commitment to continue to serve all Nigerians of all political persuasions, tribes, and faiths, with honour and total respect for the diverse opinions and uniting values of our citizens. Our Renewed Hope agenda for a greater and prosperous Nigeria has further gained momentum and I will continue to work from morning to night, every single day, to build a country that meets our collective yearnings and aspirations. We are all members of one household, and this moment demands that we continue to work and build our country together. The strength of our diversity and the great citizenship that binds us must now compel us forward in directing the energy of our people towards building a virile, stronger, united, and more prosperous country. In the days and months ahead, I trust that the spirit of patriotism will be elevated into supporting our administration to improve the living conditions of Nigerians. I am prepared to welcome the contributions of all Nigerians to foster and strengthen our collective progress. I send my immense gratitude to all Nigerians for the mandate to serve our country. I promise again to meet and exceed your expectations in service delivery and good governance, working with my team and trusting in the grace of God. May God continue to bless the Federal Republic of Nigeria.
Nigeria’s Equity Market Declines By N6bn
Transactions on the floor of Nigerian Exchange on Wednesday closed on negative note, shedding N6 billion. Market capitalisation of listed equities declined by 0.02 per cent to N36.923 trillion from N36.929 trillion reported on Tuesday. The NGX All Share Index also depreciated by 11.61 basis points to 67206.16 points from 67217.77 points reported the previous day. A review of the investment showed that Multiverse led gainers table, growing by 9.74 per cent to close at N2.93 per share, Chams Plc followed with a gain of 9.71 per cent to close at N1.92 per unit, Caverton Business Solutions added 9.35 per cent to close at N1.52 per unit, FTNCocoa Plc up by 8.97 per cent to close at N1.70 per unit while Geregu powers increased by 7.71 per cent to close at N370.00. On the contrary, ETranzact and SUNU Assurance recorded the highest loss, shedding 10 per cent each to close at N7.56 and N0.99 per share. Deep Capital trailed at 7.41 per cent to close at N0.25 per share, Eterna Plc dropped by 7.41 per cent to close at N13.75 per unit, United Bank for Africa down by 5.79 per cent to close at N18.75 per share. Volume of trades increased by 9.756 million, representing 3.05 per cent as investors traded 329.660 million shares valued at N4.410 billion in 5998 deals against 319.904 million shares costing N6.330 billion in 6272 deals. Transactions in the shares of Fidelity Bank led market activities with 50.319 million shares valued at N411.728 million, AccesCorp plc followed with 43.186 million shares worth N30.101 million, Chams Plc traded 26.650 million shares cost N50.127 million, United Bank for Africa exchanged 25.848 million shares cost N502.077 million while GTCO Plc exchanged 20.630 million shares cost N733.793 million.
Nigeria Now Top Destination For Tech Startups – Minister
The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, has said that Nigeria is now a top destination for tech startups. He disclosed this at the opening ceremony of the 2023 Digital Nigeria International Conference in Abuja said, that Nigeria has become Africa’s top destination for technology startups. He lauded the efforts put underground by trailblazers such as NITDA, Galaxy Backbone and other innovative companies in the country that have set the baseline for technology development. According to him, of the $5 million invested in tech startups in Africa, 20 per cent is domiciled in Nigeria. “Today, Nigeria is the top destination for technology startup capital in Africa, with about 5 million dollars invested in tech startups in the continent last year; we took 20 per cent of that total investment just to Nigeria. So, we recognize the amazing work that has been done,” he said. On his part, the Director General of the National Information Technology Development Agency, NITDA, Kashifu Abdullahi, said this conference is key to President Bola Ahmed Tinubu’s renewed Hope Agenda of inclusive economic growth, productivity and prosperity for all. “Today’s symbolizes our collective aspiration to position Nigeria at the forefront of digital innovation. “Firstly, we live in an exciting time of technological advancement. “Secondly, at the core of the renewed hope agenda are inclusive economic growth, productivity and prosperity for all. And to achieve digital is the best tool for us. “The vision is to use digital technologies to foster job creation”, he stated. He added that the conference will facilitate networking and activation of conversation that can lead to innovation, policy direction, regulatory framework for a more robust ecosystem, bringing about global visibility.
Nigeria’s Insurance Industry Grew N444.2bn In 8 Years – NAICOM
Despite Nigeria’s economic headwinds the country’s insurance experienced a 13 per cent growth in revenue between 2014 and 2022, the National Insurance Commission has said. Commissioner for Insurance, Mr Sunday Thomas, who disclosed this during his welcome address at the National Insurance Conference on Monday in Abuja, also said the Commission mobilized the insurance industry to contribute the sum of N500 million and free Life Insurance cover for front line workers during the COVID-19 Pandemic. He said, “In terms of its performance Your Excellencies, the industry premium income between 2014 and 2022 grew at an average of 13.6%; from a premium income of N282 Billion to N726.2 Billion. The total assets of the sector also grew at an average of 12% for the same period; from an asset base of N827.5 Billion in 2014 to N2.33 Trillion in 2022.” The NAICOM helmsman noted that despite the upward movement in the industry’s income trajectory, the industry has been hampered by talent gap, comparatively low public awareness, insurance affordability, lack of trust and confidence in insurers, cultural and religious bias, inadequate distribution channels, low enforcement of insurance, among numerous others. Thomas said the Commission under my leadership has remained resilient and focused on implementing initiatives that will foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy. As part of its efforts to reach its goal, the NAICOM boss said the Commission will transform the regulatory environment to sustain the industry growth, ensuring a transition to a risk-based capital model. “Promote insurance awareness and adoption; Broaden insurance product offerings and improve effectiveness of distribution channels; enhance digitalization of the insurance industry; deepen the industry’s talent pool and capabilities as well as support Nigeria’s economic transformation and sustainability agenda, he said. Highlighting some of the flagship projects being implemented by the management of the Commission as part o its medium term Strategic Plan 2021–2023, Thomas explained that the Commission has ensured improved safety and soundness of the Nigerian insurance sector to continue to de-risk economic activities of Nigerians through the enhancement of our prudential regulatory tools and good corporate governance practices; migration of the Commission’s supervisory regime to align with global best practices. According to him, this initiative has enhanced the Commission’s distress management and market restructuring. “Implementation of Project E-Regulation through operationalized Business Process Management Solution and NAICOM Portal. The BPMS is currently being used to process applications from insurance institutions while the Portal remains the focal point for generation of unique policy identification numbers for all policies as well as repository for statistical data including verification of insurance policies issued in Nigeria,” he said. The theme of the Conference is “Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction”.
Nigeria Wins $11bn P&ID Case In UK Court
Nigeria has successfully put a stop to the enforcement of the $11 billion arbitration award in favour of P&ID after an arduous legal battle lasting over five years. The ruling, delivered via email by Robin Knowles, the judge of the Commercial Courts of England and Wales, hinged on Nigeria’s claim that the award was procured through fraudulent means. With this ruling, Judge Knowles faces the task of deciding on one of three options: returning the award to the tribunal for reconsideration, setting the award aside, in whole or in part, or declaring the award to be of no effect, in whole or in part. The concerned parties will have the opportunity to present their arguments regarding the next course of action on a date to be arranged. The roots of this legal dispute can be traced back to a private arbitration tribunal’s decision on January 31, 2017, ordering Nigeria to pay $6.6 billion to P&ID, with interest accruing from March 20, 2013, fixed at seven percent, leading to a substantial accumulation that pushed the potential payment to over $11 billion prior to the final verdict. Judge Knowles, in his ruling, emphasized that the awards were obtained through fraudulent means and were contrary to public policy. He stressed the seriousness of the case and the importance of upholding the rule of law in such matters. Nigeria had appealed against the enforcement of the arbitration award, and the UK commercial court granted relief in September 2020, redirecting the case to the high court for a full trial. The legal proceedings, spanning two months from January to March 2023, saw the Nigerian legal team argue that substantial evidence pointed to the contract and arbitration award being the result of “an audacious fraud on Nigeria.” They sought to set aside the award, citing convictions related to corruption and money laundering as evidence of extensive misconduct.
Nigeria, Angola Strengthen Bilateral Economic Ties
Nigeria and Angola, in an effort to enhance economic growth and promote bilateral trade, have strengthened their cooperation. This was revealed during the inaugural Angola-Nigeria Business Forum held in Abuja recently. Speaking during the business forum in Abuja, the Secretary of State for International Cooperation and Angolan Communities, Domingos Lopes, who represented the Minister of External Relations, Angola, His Excellency Téte Antonio, stated that Angola will invest more in strengthening economic and commercial relationship with Nigeria in other to gain vast experience in the diversification of economic production. Angola’s Ambassador, Mr. Jose Bamoquina Zau, highlighted the determination to bring a significant number of Angolan investors to Nigeria, fostering strong partnerships in various sectors, including manufacturing, mining, oil and gas, commerce, tourism, and education. Nigeria’s Minister of Information and National Orientation, Alhaji Mohammed Idris, affirmed Nigeria’s eagerness to support Angola’s domestic and foreign aspirations, expecting reciprocity. An 8-man Angola-Nigeria Business Council was inaugurated during the event. During her vote of thanks, the president of the Angola-Nigeria Business Council, Fifi Ejindu, said the council was established to serve as a driver for economic cooperation between the two countries, with the private sector of both nations taking the lead. She said, “We will continue in the council to seek opportunities for investment and support entrepreneurship on a global level. So, the job has just begun, but I assure you that we are very committed to this cause.”
Supreme Court Justices Reduced to 10 as Musa Dattijo Retires October 27
The Supreme Court of Nigeria will see its number of justices reduced to 10 following the retirement of Justice Musa Dattijo Muhammad on October 27, 2023. Justice Dattijo’s retirement notice, sent to the Court’s management, specifies that a special valedictory court session will be held in his honor on the retirement date. The Court’s Director of Press and Information, Dr. Akande Festus, announced in a statement on Sunday that the valedictory session is scheduled to take place at the Main Courtroom of the Court at 10 am. Born on October 27, 1953, in Minna, Justice Musa Dattijo, hailing from Chanchaga Local Government Area of Niger State, attended Native Primary School, Minna, earning his First School Leaving Certificate between 1960 and 1966. He later attended Sheikh Sabbah College (now Sardauna Memorial Secondary School) in Kaduna from 1967 to 1971. This led to his admission to the Faculty of Law at Ahmadu Bello University, Zaria, where he obtained a degree in Law in 1977. Justice Dattijo was called to the Nigerian Bar on July 2, 1977, but he didn’t stop there. In 1982, he sought further education and earned an LLM Degree from Warwick University in 1983. His exemplary career led to his elevation to the Court of Appeal on November 21, 1998, having served diligently in various Divisions. He was sworn in as a Justice of the Supreme Court on July 10, 2012, marking another significant milestone in his career. The retirement of Justice Musa Dattijo Muhammad reduces the Supreme Court of Nigeria’s justices to 10, as noted in the statement. Top of Form
Shettima Arrives US For AfDB’s World Food Dialogue
Vice President Kashim Shettima has arrived in the United States of America to participate at the African Development Bank (AfDB) World Food Prize-facilitated Norman Borlaug, International Dialogue slated for Iowa. Mr Stanley Nkwocha, Senior Special Assistant to the President, Media and Communications, Office Of The Vice President, disclosed this known in a statement on Sunday in Abuja. He explained that as the special guest, Shettima would deliver a keynote address at the event which would commence on Oct. 24. “In the itinerary of the Vice-President while in the U.S. are high stake meetings across some states of the U.S. with manufacturers, investors and top government officials. “On the Norman Borlaug International Dialogue, Shettima will be joining the late UN Secretary-General Kofi Annan’s organisation, AGRA; World Food Prize laureates; Ghana President, John Kufuor and AfDB President, Akinwunmi Adeshina. “Others are at the event are former President Olusegun Obasanjo; Presidents Felix Tshishiked and Joaquim Chissano; Joyce Banda; Ameenah Gurib – Fakim and IFAD President, Kanayo Nwanze as distinguished African leaders who in the past used the event to canvas support for agricultural development and food sufficiency in Africa.” Nkwocha said the vice president would use the platform to speak on the potentialities and endowments of Nigeria’s agricultural sector. He also said that Shettima would woo investors and push for commitments in achieving President Bola Tinubu’s mandates and programmes for Nigeria’s agro-food sector.
Petrol Increased To N626.21 In September- NBS
The National Bureau of Statistics (NBS), says the average retail price of a litre of petrol increased from N191.65 in September 2022 to N626.21 in September 2023. It made the declaration in its Petrol Price Watch for September 2023 released in Abuja on Saturday. It stated that the September 2023 price of N626.21 represented a 226.75 per cent increase over the price of N191.65 recorded in September 2022. “Comparing the average price value with the previous month of August 2023, the average retail price increased by 0.08 per cent from N626.70. “On state profiles analysis, Taraba paid the highest average retail price of N665.56 per litre, followed by Borno and Benue at N657.37 and N641.29, respectively. “Conversely, Rivers, Delta and Jigawa paid the lowest average retail prices at N602.55, N605.88 and N617.42, respectively,’’ it stated. Analysis by zones showed that the North-East recorded the highest average retail price in September 2023 at N638.33, while the South-South recorded the lowest at N618.47 per litre. The NBS also stated in its Diesel Price Watch Report for September 2023 that the average retail price was N890.80 per litre. It explained further that the September 2023 price of N890.80 per litre amounted to a 12.77 per cent increase over the N789.90 per litre paid in September 2022. “On a month-on-month basis, the price increased by 4.27 per cent from the N854.32 per litre recorded in August 2023,’’ it added. On state profile analysis, the report said the highest average price of diesel in September 2023 was recorded in Kano at N967.78 per litre, followed by Anambra at N950.95 per litre and Niger at N950.55 per litre. On the other hand, the lowest price was recorded in Bayelsa at N840.16 per litre followed by Katsina at N840.55 per litre and Rivers at N840.82 per litre. In addition, the analysis by zones showed that the South-East has the highest price at N918.06 per litre, while the South-South recorded the lowest price at N863.97 per litre.