News

Wednesday, 06 July 2022 03:52

Oil theft knocks off a third of Nigeria LNG’s capacity in LPG production

Nigeria LNG Ltd's plant is producing at up to 68% of its capacity due to theft of crude oil and vandalism of pipelines, among other problems, head of the company said on Tuesday. Nigeria LNG is a consortium between state-run Nigerian National Petroleum Corporation, Eni, TotalEnergies and Shell with a capacity of 22 million tonnes per year. Chief Executive Philip Mshelbila said theft and vandalism were gradually strangulating Nigeria's oil and gas sector. "We have been producing in the last month at about between 60 to 68 percent utilisation. In other words, roughly 35% of our capacity is empty," he…

Wednesday, 06 July 2022 03:50

Nigeria’s oil sector faces uncertain future as oil firms abandon drilling to only NNPC - Kyari

Group Managing Director, Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday announced that the decline in the funding of oil investments had virtually led to a halt in the drilling of crude oil by operators in the sector except for the NNPC. Kyari, who disclosed this while speaking at the ongoing 2022 Nigeria Oil and Gas conference with the theme, “Funding the Nigerian Energy Mix for Sustainable Economic Growth,” also announced that President Muhammadu Buhari would unveil the largest capitalised firm in Africa, NNPC Limited, on July 19, 2022. This came as Secretary-General, Organisation of Petroleum Exporting Countries, Sanusi…

Wednesday, 06 July 2022 03:46

Nigerian Investment Promotion Commission gets new boss

President Muhammadu Buhari has approved the appointment of Saratu Umar as Executive Secretary/Chief Executive Officer of Nigerian Investment Promotion Commission (NIPC) for a fresh term of five years. Garba Shehu, the president’s media aide, confirmed this in a statement on Tuesday in Abuja. According to the statement, Umar holds a Bachelor of Science degree in Economics from the Ahmadu Bello University and an MBA in Finance and Banking. ”She is trained locally and internationally in all core aspects of her career, as well as in leadership, strategy, general management, risk management and corporate governance. ”Umar is a technocrat, reformer, strategist,…

Wednesday, 06 July 2022 03:42

Russia slams French president, Macron, for going public on private chats with Putin

French President Emmanuel Macron’s decision to reveal private telephone exchanges in a documentary about his failed efforts to convince Vladimir Putin not to start a war in Ukraine has drawn strongly-worded rebuke from Russia. “When calls are made at the highest level this of course is confidential, these are closed-doors negotiations,” Russian Foreign Ministry spokeswoman Maria Zakharova said during a talk show on state-run Channel One. “After that, it’s hardly worth expecting the French side to respect anyone’s confidentiality,” she said late Sunday. “Paris signaled to the whole world that it considers it normal to publish conversations between its leaders…

Wednesday, 06 July 2022 03:41

What to know after Day 132 of Russia-Ukraine war

Russian troops are engaged in heavy fighting supported by widespread artillery fire as they launch a major offensive for Ukraine's Donetsk region, Ukrainian officials said, a day after Moscow declared victory in the neighbouring province of Luhansk. Donetsk and Luhansk comprise the Donbas, the industrialised eastern part of Ukraine that has seen the biggest battle in Europe for generations. Russia says it wants to wrest control of the entire Donbas from Ukraine on behalf of Moscow-backed separatists in two self-proclaimed people's republics. After Russian forces on Sunday took control of Lysychansk, the last bastion of Ukrainian resistance in Luhansk, Ukrainian…

Tuesday, 05 July 2022 06:25

The financial gain from subsidy removal on petrol isn’t worth the chaos that might ensue - FG

Now is the wrong time to remove Nigeria's costly fuel subsidy, Information Minister Lai Mohammed said on Monday, noting many other nations were introducing measures to help citizens cope with high oil energy prices. Africa's largest oil exporter, which still has to import almost all its fuel needs due to lack of refining capacity, scrapped plans to abolish fuel subsidies earlier this year - a move that raised concerns with the International Monetary Fund. "When you consider the chaos, the social disharmony and ... instability such an action (of abolishing subsidies) would facilitate, is it worth it? I don't think…

Tuesday, 05 July 2022 06:24

Nigeria’s power generation companies lose combined 70 percent capacity - Report

There has been a drop in the combined generation capacity of Nigeria’s 26 power plants by 70 per cent, industry statistics have shown. According to the latest data sourced from the Nigeria Industry Supply Industry, capacity of the plants dropped from a total of 13,461MW to 4,022MW as of when they were last tested in July 2021. A breakdown of the data showed that the four hydro plants under the Power Purchase Agreement such as Kainji plant (hydro) with an original 760MW capacity, had approximately 153MW capacity as of July last year, while Jebba with 576MW capacity, had 332MW. Shiroro…

Tuesday, 05 July 2022 06:23

EU provides $1.3bn to help Nigeria diversify economy

The European Union (EU) and its development finance institutions will provide Nigeria with 1.29 billion euros ($1.3 billion) to help Africa's most populous country diversify its economy away from oil, a document from the bloc showed on Monday. Nigeria has been trying to broaden its economy and exports outside the oil sector, which accounts for about 7% of Nigeria's gross domestic product and 90% of its foreign currency earnings. The funding will be provided until 2027 under the EU's "Green Deal" initiative and will, among other things, focus on enhancing access to renewable energy and boosting the development of the…

Tuesday, 05 July 2022 06:22

Acting Accountant-General of the Federation removed, replacement appointed

Sylva Okolieaboh, a director at the Treasury Single Account (TSA) department, has replaced Chukwuyere Anamekwe as acting accountant-general of the federation. An insider told TheCable on Monday that Okolieaboh’s appointment followed an “in-house reshuffle exercise”. A few weeks ago, reports emerged that Anamekwe was “under the radar of Economic and Financial Crimes Commission (EFCC) over corruption allegations”. In May, Anamekwe was appointed amid a probe into allegations of N80 billion fraud linked to Ahmed Idris, former accountant-general of the federation. Last month, Anamekwe claimed that Nigeria was borrowing money to pay salaries. “We have to borrow to augment payment of…

Tuesday, 05 July 2022 06:20

ECWA reacts to accusation of forcibly converting Muslims, others to Christianity

PRESS RELEASE The attention of the leadership of the Evangelical Church Winning All (ECWA), has been drawn to some distorted media report that the Department of State Security (DSS) agents raided one of our facilities in Jos where 21 Muslims/almajiris are held hostage and being forcefully converted to Christianity. These reports are not only false and misleading but a deliberate effort to discredit the church and cause religious crisis. Accordingly, we wish to present the following facts on the allegation: Among numerous ECWA Units is the ECWA Discipleship Unit established under the ECWA Church-Related Ministries Department of the ECWA Headquarters.…

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Tuesday, 05 July 2022 06:17

What to know after Day 131 of Russia-Ukraine war

Ukrainian President Volodymyr Zelenskiy said on Monday his armed forces were undeterred in their efforts to "break" Moscow's will to pursue a nearly five-month war, while Russia's Vladimir Putin hailed his military's victory in the grueling battle of Luhansk. Russia captured the city of Lysychansk in eastern Ukraine on Sunday, bringing an end to one of the biggest battles in Europe in generations and completing its conquest of Luhansk province, one of two regions it has demanded Ukraine cede to separatists in the Donbas region. With the war entering its next phase, Ukrainian forces took up new defensive lines in…

Monday, 04 July 2022 08:42

Buhari continues to claim that Nigeria is better today than he met it. Premium Times fact-checked the claims and retuned this verdict

President Muhammadu Buhari likes to boast about the progress he claims Nigeria has made under his administration, which started in May 2015. In many speeches and interviews, he talks about his governance records and how he has performed better than his predecessors, particularly in the areas of anti-corruption, economy, and security. In addition, the president almost always blames past administrations for current challenges, many times citing the “near destruction of the country” under the PDP which had ruled Nigeria and produced three presidents – Olusegun Obasanjo (1999-2007); late Umaru Yar’Adua (2007-2010); and Goodluck Jonathan (2010-2015) – in 16 years. On…

Monday, 04 July 2022 06:15

Nigeria scores ‘worse than average’ in Africa on human rights - Report

Nigeria’s human rights record is “very poor” and is “worse than [the] average in sub-Saharan Africa,” a new report by an international organisation has said. The report was authored and released on Wednesday by the Human Rights Measurement Initiative (HRMI), a New Zealand-based organisation measuring the human rights performance of countries. The HRMI “Rights Tracker” is the first global report to assess the 13 different human rights contained in United Nations treaties for around 200 countries. “Compared with other countries in Sub-Saharan Africa, Nigeria is performing worse than average,” the report said, confirming what observers and rights advocates are saying…

Monday, 04 July 2022 06:14

ECOWAS eases sanctions on Mali over civil rule plan

Presidents of West Africa’s regional bloc agreed Sunday to lift economic and financial sanctions on Mali after the nation’s military leaders agreed to a return to democracy by 2024. The Economic Community of West African States, or Ecowas, also said Burkina Faso has decided on a 24-month transition to civilian rule. The bloc urged Guinea to submit a timeline for a transition to democracy by the end of July, Jean-Claude Kassi Brou, president of the Ecowas Commission, told reporters in Ghana’s capital, Accra. Mali’s presidential election should be held in March 2024 and Ecowas “demands the non-participation of the transitional…

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