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OPEC lauds Buhari on steadfast support of Nigeria’s energy industry

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OPEC lauds Buhari on steadfast support of Nigeria’s energy industry

OPEC Secretary-General, Dr Mohammad Barkindo

The Organisation of the Petroleum Exporting Countries (OPEC) has lauded President Muhammadu Buhari on his fervent, steadfast support of Nigeria’s energy industry.

The OPEC said a highly successful track record of supporting Nigeria’s industry took a massive leap forward in 2021 when the Petroleum Industry Bill (PIB) was passed by both chambers of the ninth National Assembly of Nigeria.

Dr Mohammad Barkindo, OPEC Secretary-General made this commendation on Monday at the Presidential Villa, Abuja at the opening of the Fifth Nigeria International Energy Summit (NIES 2022).

The summit which was declared open by President Muhammadu Buhari, represented by Chief Timipre Sylva, Minister of State for Petroleum Resources, has its theme as “Revitalising the Industry: Future Fuels and Energy Transition.”

The summit is scheduled to hold from Feb. 27 to March 3.

“This long-awaited legislation for the oil and gas sector is bringing about the necessary reforms designed to strengthen institutions, solidify regulatory and fiscal frameworks and attract the much-needed investment in a sustainable manner.

“I commend the ninth National Assembly for enacting this long-awaited legislation.

“At OPEC, we very much consider President Buhari as ‘one of our own.’ An OPEC veteran.

“He has been heavily involved in the Organisation’s affairs for decades and is currently the only serving Head of State in the world who made his career by being intensely involved in the OPEC family,” he said.

OPEC Secretary-General noted that the President had also maintained his avid interest in OPEC, adding that they all drew inspiration from his commitment.

Barkindo also acknowledged Chief Timipre Sylva, Minister of State for Petroleum Resources and Head of Delegation for OPEC on his effort in transforming the industry.

“Excellency, your leadership and active participation continue to enrich our ongoing pursuits to forge a sustainable stability in the oil market,” he said.

He said the theme of the fifth summit which came at a pivotal moment in the history of the industry, encapsulated perfectly the highly challenging and multidimensional dynamics of today’s global energy industry.

“I commend the organising committee, under the able leadership of Mr Mele Kyari, Group Managing Director for Nigerian National Petroleum Corporation Limited (NNPC), for assembling a very thought-provoking and timely programme.

“We can surely expect some highly insightful and useful outcomes from the deliberations we are about to embark on during this Summit,” he said.

Furthermore, he noted that it was extremely important that a major event of this nature was taking place on the African continent, adding that African countries had historically assumed strong, proactive leadership roles in OPEC.

He added that the strong bonds between OPEC and Africa reflected the critical role that the great continent, with its young, vibrant and talented population, would play in the future of the energy industry.

The event has in attendance many dignitaries including the President of the OPEC Conference 2022, Mr Bruno Jean-Richard Itoua, Congo’s Minister of Mines and Hydrocarbons, Mr Budimbu Didier and Mr Gabriel Lima, Equatorial Guinea’s Minister of Industry, Mines and Energy, among others.

NIES is a federal government of Nigeria official energy industry event jointly hosted by the Ministry of Petroleum Resources and all its parastatals, including the NNPC and Nigerian Content Development and Monitoring Board (NCDMB).

Others are Nigerian Upstream Petroleum Regulatory Commission (NURPC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Petroleum Technology Development Fund (PTDF) and Petroleum Training Institute (PTI).

The objective of the summit from inception is to deliver the biggest and best African Petroleum Technology and Business Conference that will be the definitive platform, not just for Nigeria, but also for Africa to engage the global energy community.

 

Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

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 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

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Economy

LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaningful

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LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaning

…NRC Boss, Engr. Okhiria is Pointman

The Town and the Gown will on Tuesday converge at the Lagos State University (LASU), in a mutual fusion of quality and sustainable ideas, as the Managing Director, Nigeria Railways Corporation speaks on where the eggheads necessarily need to intervene, for the overall benefit of the nation.

NRC Boosts Passenger- Safety With  Strong Armed Forces Collaboration 
Engr. Fidet-Okhiria

Prof. Bamidele Badejo who is now back in LASU, confirmed this to the Maritime First, highlighting that Engr. Freeborn Okhiria would meticulously dissect a critical issue, titled: ‘From Exclusive Clause To Concurrent List: Potency for sustainable rail infrastructure development in Nigeria and the Lagos State example.

Oluwaseun Osiyemi, the Lagos State Commissioner of Transport, will be in attendance; at an event which will flag off by noon prompt, Tuesday 16th, July 2024, at the Femi Gbajabiamila Conference Centre.

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Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

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Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria (CBN).

Also included in the probe are the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI) and other agencies.

The resolution followed the adoption of a motion by Rep. Chike Okafor (APC-Imo) on the floor of the House in Abuja on Tuesday.

Presenting his motion, Okafor linked the growing food scarcity and malnutrition in Nigeria to the alleged mismanagement of agricultural funds intended for agricultural development in the country.

He said the Federal Government had expended N8 trillion in 8 years on various schemes and interventions in the last eight years with the view of making food available for millions of Nigerians.

He added that the alleged mismanagement, misapplication of funds and abuse of the programmes had left Nigeria with the twin challenges of food scarcity and malnutrition.

Okafor said that funds advanced to end users of the various Federal Government interventions had also been allegedly misused, misapplied and channelled to non-farming and non-agricultural purposes.

This, he said, was responsible for the current acute scarcity of food in the country.

Adopting the motion, the House mandated the Committee on Nutrition and Food Security as well as the Committee on Agricultural Production and Services; Agricultural Colleges and Institutions and Finance, to probe

The Committees were mandated to thoroughly investigate CBN’s alleged mismanagement of the Anchor Borrowers Program (ABP) for which ₦1.12 trillion was to be disbursed to 4.67 million farmers.

The farmers were said to be involved in either maize, rice or wheat farming through 563 anchors.

The committees are to look into NIRSAL’s disbursement of ₦215,066,980,274.52, to facilitate agriculture and agribusinesses.

The House gave the committees four weeks to report back to the House.

The house also mandated the committees to equally assess how the Bank of Industry (BOI) disbursed N3 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing (AVCF) Programme.

The committee is also to investigate the handling of the N5 billion loan facility to the Bank of Agriculture (BOA) for livestock farmers across the country.

This will include the management of the National Agricultural Development N1.6 billion Recovery Fund for the Ginger Blight Epidemics Central Taskforce (GBECT).

This is for the control of Blight disease in Ginger, among other interventions. 

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