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NCDMB in Partnership with 15 Firms, Investors to Develop Gas Projects 

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NCDMB in Partnership with 15 Firms, Investors to Develop Gas Projects 

The Nigerian Content Development and Monitoring Board (NCDMB) has partnered with 15 firms and investors to develop critical gas projects in the oil and gas sector of the economy.

The NCDMB said 70 percent of its investments are on gas-based projects, especially midstream and downstream gas and covered modular refining, gas processing, gas distribution, power generation, manufacturing and others.

Dr. Ginah Ginah, General Manager, Corporate Communications and Zonal Coordination, NCDMB, made this known on Wednesday in Abuja at a Nigerian content capacity-building workshop for media stakeholders.

The workshop has its theme as: “Enhancing Media Competencies to Support Nigerian Content in a Gas Economy.”

Ginah listed the gas-based activities to include its partnership with Rungas, to produce 1.2 million Liquefied Petroleum Gas (LPG) composite cylinders per annum in Bayelsa and Lagos states.

He said it was also collaborating with the NEDO Gas Processing Company in Kwale, Delta State, for the establishment of an 80 million standard cubic feet per day (scfpd) gas processing plant and a 300 million scfpd gas gathering hub.

“The board is also working with Duport Midstream to establish an Energy Park at Egbokor, Edo State, which includes a 40 million scfpd gas processing plant, 2,500 barrels per day modular refinery and 20 megawatts power plants.

“The board partnered with NNPC Ltd. to invest in brass fertiliser and establish 10,000 tonnes per day methanol production plant at Odioama, Brass, Bayelsa State just as we are investing with Triansel Gas Ltd in Koko, Delta State, to establish a 5,000 MT per day LPG storage and loading terminal facility,’’ he said

Ginah said it had supported Butane Energy Ltd to establish LPG Bottling Plants and Depots in Abuja and 10 northern states, including investment with the MOB Integrated Services on 500 MT Inland LPG terminal construction in Dikko, Niger State.

The project, he said, would include the construction of a cylinder refurbishment plant, procurement of 80,000 bottles of LPG cylinders and acquisition of distribution assets.

Another partnership, according to him, is with Southfield Petroleum to establish 200 million mscf gas processing plant at Utorogu, Delta State, to produce 123,000 MT per annum of LPG, about 10 percent of current LPG demand nationwide.

He added that the board was collaborating with Amal Technologies to set up a plant in Abuja to produce smart gas/smoke detector alarm devices.

Ginah said its partnerships and investment were backed by section 70 (h) of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

This, he said, provided that NCDMB could: “assist local contractors and Nigerian companies to develop their capacities for attainment of developing Nigerian content in the industry.”

“As you are aware, President Muhammadu Buhari declared 2021-2030 as Nigeria’s Decade of Gas and to fully exploit the nation’s abundant gas resources to accelerate the development of the economy.

“This declaration aligns fully with the rising global demand for cleaner energy sources and the demand for the reduction of global carbon emissions through the reduction in the utilization of fossil fuels.

“The Federal Government’s strategy is to use gas as Nigeria’s transition fuel. The Ministry of Petroleum Resources has backed this position with bold policies such as the National Gas Expansion Programme, Gas Network Code and Flares Commercialisation programme.

“As a responsive agency, the NCDMB has also taken deliberate steps to actualize the Federal Government’s declarations in gas and other aspects of the oil and gas value chain.

“Above all, the investments by the NCDMB are helping to create employment opportunities for Nigerian youths, catalyze the local economy and achieve the Nigerian Content 10-year Strategic Roadmap,’’ he said.

In a presentation, Mr. Chido Nwakanma, an Adjunct Faculty, Pan Atlantic University, called for sustained and representative reporting in the oil and gas industry.

Nwakanma, while urging media practitioners to strive to enlighten Nigerians on happenings in the oil and gas sector and global community said the sector had primacy in Nigeria because of its economic significance.

He said the reportage should enable closer ties between host communities and the industry, including assessment of companies in the sector, providing required reports and actions as specified in the NOGICD Act, Act No 2 of 2010.

“The media asking for outlines and details of compliance to the Act would boost representation and participation in the sector by Nigerians,’’ he said.

A similar capacity workshop, which has become a permanent fixture in the board’s calendar since 2019, has also been held for media stakeholders in Port Harcourt and Lagos.

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Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

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Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

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Economy

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

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Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Sen. Ned Nwoko (PDP-Delta), on Wednesday, disclosed that he had secured the release of four family members involved in manufacturing arms at the Onicha-Olona Illegal Arms Factory in Delta.

Nwoko representing Delta North Senatorial District, who disclosed this in an interview in Abuja, said that the release of the four persons was through collaborative efforts.

On March 12, troops of 63 Brigade, Asaba, uncovered an illegal arms manufacturing factory in Onicha-Olona, Delta North Senatorial District and arrested eight family members in connection with the crime.

Nwoko disclosed that efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“Following my recent visit to the headquarters of 63 Brigade, Asaba and productive discussions with the Brigade Commander, I am pleased to announce progress in addressing the situation regarding the illegal arms factory discovered in the Onicha-Olona community, Delta.

“Efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“I am pleased to reveal that through collaborative efforts, I have successfully secured the release of four family members implicated in the illegal activity.

“However, our commitment to upholding the law remains unwavering, and endeavours continue for fair judgment and potential pardon for the remaining four individuals,” he said.

The lawmaker stressed that the underlying issue highlighted by the discovery, however, remained of paramount importance.

“We must seize the opportunity to redirect the talents demonstrated by those involved towards lawful and productive endeavours.

“The young man in the family, known for his passion and ability to build drones, exemplifies this potential.

“His skills should be harnessed and put to good use,” he said.

Nwoko added that the Industrial Revolution served as a pertinent historical precedent where individual efforts catalysed transformative change and made possible by governments that created conducive environments.

“We can emulate this model here. We can provide support and opportunities for talented individuals like the young drone builder, and stimulate a new wave of innovation and economic growth in Nigeria.

“As previously stated, Nigeria’s economy faces significant challenges exacerbated by escalating imports, particularly in the realm of arms and weaponry.

“Therefore, we must harness our indigenous talents for the greater good and bolster our local industries,” he said.

Nwoko further said that the Defence Industries Corporation of Nigeria (DICON), as well as the Ministry of Science and Technology, have crucial roles to play in this regard.

According to him, by engaging with individuals possessing such skills, we can offer them legal avenues for their expertise to flourish.

“The aim is not only to prevent the proliferation of illegal arms or other weapons manufacturing but also to channel these talents towards legitimate industries for national development.

“I reiterate the need for the government to support and integrate such offenders with specialised skills and talents into the formal economy.

“This initiative should focus on recognising their capabilities and providing opportunities for them to contribute to the development of our local indigenous technology.

“As noted earlier, an individual capable of modifying an AK-47 magazine, originally designed to hold 30 rounds, to accommodate 60 rounds using rudimentary equipment, holds immense potential for greater achievements.

”Such individual can do more with proper legal support and access to adequate resources.”

He disclosed that he was committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partnering with law enforcement agencies in these endeavours.

“I am committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partner with law enforcement agencies in these endeavours.”

“They have the intelligence and insights of the potential beneficiaries of this “amnesty” drive towards creating a new cadre of indigenous technologists.

“This law would establish an agency dedicated to providing government support and resources to rehabilitate and engage these individuals in legal and productive activities.

“I tentatively suggest naming this proposed law the “National Talent Rehabilitation and Integration Act”.

“This legislation will not only focus on rehabilitation but also on harnessing the skills and talents of offenders for the benefit of society.

“By providing a structured environment and necessary support, this agency will facilitate the transition of individuals from illicit activities to lawful and productive ventures.

”And they will be contributing to both their personal rehabilitation and national development,” Nwoko added.

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Economy

NGX Market Capitalisation Gains N836bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

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