lexy2014:
what makes you happy about the news?

lexy2014:
what makes you happy about the news?

STEWpid:





But there are cues everyWiar!

We need more fuel to reduce the price of DPK, PMS, & co.

MASTAkiLLAh:
cry cry baby, baby no dey shame

Oya, prove that I broke rule 2

STEWpid:
Chai..




But we need fuel in Nigeria!

adioolayi:
Something is wrong with FGN..

Aba Power is also a private organisation...same as many DISCOS...

Why should Aba Power be able to cope in the same economic environment and the other DiSCOS are complaining

NGN 206 to NGN 114 ....the difference is just too much!!!

If the DISCOS can't adjust, despite the epileptic power and dilapidated power infrastructures they have everywhere...they don't have business distributing power in Nigeria. Let serious companies take over.

MASTAkiLLAh:
Why will smelling flat heads be enjoying cheap electricity

mrvitalis:
See eeh if we ever have regional government the gap South East would give other regions eeh... E go shock people

Biodun556:
How would dangote be able to export refined oil to Europe and US if it would not buy some portion of their crude oil.

It is a market strategy

ruggedtimi:
there is one in bayelsa state.

techub:



There was no arrest made in alu 4 case even if there were no one was sentenced..

verifiablefacts:


What are you saying, we no fresh for rivers?

The Federal Government and two states of the federation; Lagos and Niger states have launched plans to procure no fewer than 7,700 Compressed Natural Gas-powered mass transit buses to cushion the impacts of fuel subsidy removal in the country.

An investigation carried out by Saturday PUNCH revealed that the Federal Government had planned to procure 5,500 CNG buses and tricycles, while both Lagos and Niger states had provided plans for 2,000 and 200 gas-powered buses respectively to ease the cost of transportation in their states.

The Presidency had said that the Federal Government kick-started its CNG initiative in Ilorin, the Kwara State capital on Wednesday, May 29, as part of plans to commemorate the first anniversary of President Bola Tinubu.

The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, who disclosed this, said the state governor, Abdulrahman Abdulrazak, launched the refuelling and conversion centre for the programme and unveiled the Federal Government CNG buses and tricycles in Ilorin.

He said, “There was a launch in Ilorin Kwara State today (Wednesday) by Governor Abdulrahman Abdulrazak. The Ilorin launch was a refuelling and conversion centre.

“CNG buses and tricycles were also unveiled. The CNG vehicle assemblers have begun the rollout, beginning from Ilorin.

“The inauguration began today in Ilorin. It started with a conversion centre before they unveiled some CNG buses and tricycles. They have not given a date for Abuja. But the process started today,” Onanuga stated.

Recall that the presidential aide had in a statement issued on April 21, 2024, said the Federal Government was ready to launch about 2,700 CNG-powered buses and tricycles before May 29, 2024, when President Tinubu turned one year in office.

In the statement titled, ‘Presidential CNG initiative set for rollout’, Onanuga said the Federal Government would deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of 2024.


He said the Federal Government was targeting the purchase of “5,500 CNG vehicles (buses and tricycles), 100 electric buses and over 20,000 CNG conversion kits, alongside spurring the development of CNG refilling stations and electric charging stations”.

With necessary tax and duty waivers approved by President Tinubu in December 2023, Onanuga said, “The PCNGI Committee is partnering with the private sector to deliver the promise on the initiative.

“The private sector has responded with over $50m in actual investments in refueling stations, conversion centres, and mother stations. In all, over 600 buses are targeted for production in the first phase which will be accomplished this year.

“A new plant on the Lagos-Ibadan Expressway will assemble thousands of tricycles. The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and are expected to arrive early in May. About 2,500 of the tricycles will be ready before May 29, 2024,” Onanuga said in the statement.

Similarly, the Lagos State Government announced in April that 2,000 Compressed Natural Gas buses would be rolled out in the state before the end of 2024.


The state Commissioner for Transportation, Oluwaseun Osiyemi, made this known at the commencement of the 2024 ministerial briefing in the state last month.

Meanwhile, the Niger State Governor, Umar Bago, on Wednesday launched 200 CNG-powered buses to ease the cost of transportation in the state as part of plans to commemorate his one year in office.

While inaugurating the buses in Minna, the state capital, the governor ordered that students be exempted from paying transport fares whenever they board the new buses, while civil servants and security agencies were to pay half of the fares.

Hoelujohn:

I know a local government chairman who wasn't worth up to 100k but now worth over billions

seunny4lif:
We have been hearing this kind of story since the time of Adefariti then Agagu but Agagu messed up big time.


I was disappointed in him, apart from that unfinished university he brought to Okikipupa, Agagu let us down, he should have been our own Mimiko.

Hopefully Lucky will fix those roads around that area and make that part of Ondo state better

christejames:
Let's wait for sustainability...



I don't trust our politicians

nedu666:


So that people like you will shout Jonathan is targeting the opposition. We know your type

Nigeria may add 480,000 barrels to its daily crude oil output as the Nigerian National Petroleum Company Limited and ExxonMobil took a step towards resolving the disagreement surrounding the sale of the latter’s asset to Seplat Energy.

On Thursday, the NNPCL confirmed it had signed a settlement agreement with ExxonMobil companies in Nigeria over the proposed divestment of a 100 per cent interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited.

This is coming barely 24 two days after President Bola Tinubu announced his intervention in the debacle between NNPCL and ExxonMobil hindering the sale of the assets to Seplat.

The Minister of States for Petroleum, Heineken Lokpobiri, said recently that Nigeria had lost about $30bn in the past two and a half years as a result of the unsuccessful divestment.

The minister expressed concerns that Nigeria was losing about 480,000 barrels of crude oil per day due to the Seplat/ExxonMobil crisis.

He said the asset was producing about 600,000bpd until the crisis began in 2022, saying the nation was losing millions of dollars daily.

The PUNCH reported earlier that ExxonMobil and Seplat Energy had in 2022 announced a $1.6bn sales agreement deal that would see Seplat purchase ExxonMobil’s complete shares in the NNPCL.

However, just when all hopes were high for the completion of the deal, a letter dated May 16, 2022, by the Nigerian Upstream Petroleum Regulatory Commission to ExxonMobil, stated that the deal could no longer hold because the NNPCL had exercised its right of pre-emption first refusal on the assets.

Right of pre-emption is a legal right to parties in a joint venture to be the first to be considered for any planned sale or takeover of assets in the JVs if either party chooses to trade them off.

According to reports, the NNPCL objected to the sale of ExxonMobil’s equity to Seplat and insisted on exercising its first refusal right after which the company reportedly made an offer above $1.6bn to ExxonMobil.

But after about two years of litigation, there seems to be an end in sight to the crisis.

According to the minister, the oil output from the asset dropped to 120,000bpd down from 600,000bpd since the disagreement began.

Lokpobiri said, “For the past two and a half years, oil has been hovering around $80 per barrel. 480,000bpd, multiply it by two and a half years, it will give you about $34bn. If one asset was doing about 600,000 barrels; but because of the problems which we are trying to resolve, production declined to 120,000 barrels, which means we’ve lost about 480,000bpd. Multiply it by $80, every day you get about $240m; multiply it by two and half years; we are talking of over $30bn. Inject that into our economy today, the dollar will naturally drop. This exchange rate is a matter of demand and supply”.

The intervention of the President appears to have yielded the desired results with the NNPCL announcing the signing of a settlement agreement.


The energy company said, “Settlement agreement between NNPC Ltd. and Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed divestment of a 100 per cent interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited”.

It is believed that the resolution of the controversies surrounding the sale of the asset to Seplat would add about 480,000 barrels to Nigeria’s low oil production.

Seplat reacts

Alluding to this, Seplat’s Director of External Affairs and Social Performance, Chioma Afe, described the development as a good step.

Afe, in an interview with The PUNCH on Thursday, noted that the energy firm was waiting for approvals to be finalised, especially with the regulators.


“What Exxon and NNPC announced is a step in the right direction and it is a positive outcome,” Age stated.

She told our correspondent that the company did not have the details of the agreement as of Thursday, saying she would not be able to speak to its significance.

“What I can speak to is what we can take from that statement, which is that it is a good step. This was one hurdle. We needed NNPC and ExxonMobil to come to the table to sign an agreement that we agreed to the divestment. Which is excellent,” she explained.

Afe disclosed that other things need to take place, including the regulatory approvals and final government stamp, saying“We are waiting on that”.

Speaking on the impact of the resolution, Afe said it would serve to grow the overall business of Seplat.

On the nation’s economy, she said, “It will add to the number (of barrels) the country is seeking to be able to meet our OPEC number, that is more important; what it will contribute to the national number. It will contribute significantly to what the national output will be and that’s what we are very keen on”.

ExxonMobil has yet to reply to an inquiry sent by our correspondent as of press time.

The divestment deal between Seplat and ExxonMobil has been stalled for over two years.

On July 12, 2022, The PUNCH reported that NNPC blocked ExxonMobil’s asset sale to Seplat.


The report stated that NNPC won a court decision temporarily blocking ExxonMobil Corporation from selling assets in Nigeria to Seplat Energy Plc.

A judge in Abuja had granted NNPC an “order of interim injunction” on July 6, 2022, barring Exxon “from completing any divestment” in a unit that ultimately operates four licenses in Nigeria.

The Lagos-based producer, Seplat, had agreed to acquire the United States oil major’s subsidiary for at least $1.28bn in February.

The report stated that NNPC wished to block the transaction and to take over the permits itself.

NNPC sued Mobil Producing Nigeria Unlimited on July 5, 2022, asking the Federal High Court either to order that a dispute had occurred between the parties over preemption rights or to order them to take the matter to arbitration.

Seplat, which was not party to the lawsuit, had said its deal with Exxon was “still valid” and the company “remains confident that the matter will be brought to a proper conclusion by the law.”

But with the announcement of NNPC on Thursday, the coast may be clear for the deal to be concluded.

The acquisition would give Seplat additional production of about 95,000 barrels of oil equivalent a day from shallow-water assets that Exxon operated in a joint venture with NNPC.

For more than a decade, international oil companies active in Nigeria have been offloading large parts of their portfolio across the country to domestic players, a trend that has recently accelerated.

Kaptainkoko:


Someone instigated them with this quote
"Both baboon and monkey will be soak in blood"
Hope una touch am too