Connect with us
>

Economy

Vandalism at Agip’s gas line cuts gas export by 5 MMSCM/d — Eni

Published

on

Vandalism at Agip’s gas line cuts gas export by 5 MMSCM/d — Eni

… As Buhari says Nigeria’s maritime territorial expansion bid will be achieved without war, litigation***

Eni, the Italian parent company of Nigerian Agip Oil Company (NAOC), says the breach of its 24-inch gas line at Okaka in Yenagoa has temporarily crippled its gas export.

The firm said that it declared a ‘Force Majeure’ on its gas export feed to the Nigeria Liquefied Natural Gas (NLNG) in Bonny.

Force Majeure is a legal clause inserted in contracts to protect suppliers from liabilities due to circumstances beyond their control.

According to a statement by Eni, the incident on the gas pipeline operated by its Nigerian unit, NAOC, has cut the gas export feed to NLNG by five Million Standard Cubic Meter per day (MMSCM/d).

The newsmen had reported that the facility had suffered a second attack within a few days on April 5 when it went up in flames.

Mr Idris Musa, Director-General and Chief Executive of the National Oil Spills Detection and Response Agency, told newsmen that investigations by the agency traced the two leak incidents to sabotage by vandals.

According to the statement issued by an Eni spokesman, the firm shut in all gas wells that feed the line to douse pressure and pave way for repairs which were completed on April 8.

“A gas leak incident due to third-party interference occurred on 5th April along 24’’ Ogbainbiri to Obiafu/Obrikom Gas pipeline at Okaka in Yenagoa Local Government Area of Bayelsa State.

“All wells conferring in that pipeline was immediately shut-in and line depressurised whilst the area was cordoned off for safety reasons.

“The relevant government regulatory agencies and the community were promptly notified.

“A joint investigation visit confirmed sabotage.

“Deferred production is estimated at about 5 MSm3/d of gas and the repair job was completed on 8th April.

“Production ramp-up will take some days.

“Force majeure has been declares at Bonny NLNG.

“This is the second hacksaw cut in the area within few days, following a previous event that occurred on the same pipeline on 28th March,” Eni stated.

In the meantime, President Muhammadu Buhari has expressed optimism that Nigeria’s bid to expand its maritime territory, under the United Nations Convention on the Law of the Sea (UNCLOS), is fully on course.

Buhari, who stated this when he received a progress report from the High-Powered Presidential Committee on Nigeria’s Extended Continental Shelf Project, on Tuesday in Abuja, said this would be achieved without ‘‘war, litigation, or purchase.’’

“I am looking forward to the day that I can announce to Nigerians that additional maritime territory has been approved for Nigeria by the United Nations Commission on the Limits of the Continental Shelf,’’ the president said.

The president assured the Committee, chaired by the Minister of Justice and Attorney-General of the Federation, Abubakar Malami, of his full support for Nigeria’s submission to the United Nations for the additional maritime area, under the recognised international convention.

He commended the Committee on the progress made so far, and the dedication invested in the work within a short time, assuring them of all the support to conclude the project in good time.

While underscoring his special interest in the project, the President told the Malami-led committee:

“I have always had a special interest in this project right from the first day I heard of it because this type of project where Nigeria will gain additional territory without conflict has never happened before in her lifetime.

“I am therefore glad that it is happening within our lifetime.

This is one of the many reasons I have been ardently following your progress over time.

“It is my intention to support the submission to the United Nations for the additional maritime area, in accordance with the United Nations Convention on the Law of the Sea (UNCLOS), to claim for Nigeria every bit of space that she deserves under UNCLOS.

“It is pleasing to know that most wars that have taken place in the world since time immemorial, including present times, have always been territorial, and Nigeria has this one and only chance to gain territory without war, litigation, or purchase.

“More so when this territory lies within the area dubbed as ‘the Golden Triangle’ in the Gulf of Guinea, which contains unquantifiable resources, some of which have not even been discovered.’’

In his remarks, Malami thanked the President for his support to the project, noting that it was dormant for more than 30 months before the president rescued it.

“I thank you for making this project your pet project, because when it was virtually dead after being dormant for more than thirty months, and the Nigerian experts had almost given up on it, you rescued it, and it is where it is today because of you,’’ he said.

The minister told Buhari that; “by the grace of God, the Committee is delivering and gaining more grounds for Nigeria on the project.’’

The president, at the event, listened to an administrative presentation on the project by Mr Aliyu Omar, the Secretary of the Committee, while the technical part was presented by Prof. Lawrence Awosika, a marine geophysicist and former Director with the Nigerian Institute for Oceanography and Marine Research.

 

Economy

Unstable Economy: UK Firm Presents Solutions To Nigerian Business Leaders

Published

on

SOAN Inaugurates New Leadership, Boosting Hopes Of Crushable Inflation

Nigerian business leaders are to benefit from the programme of United Kingdom-based leadership development organisation TEXEM UK on how to win despite the exodus of staff, very high inflation and turbulent operating landscape.

TEXEM’s Director of Special Projects, Caroline Lucas, said on the organisation’s website, www.texem.co.uk, that the programme with the theme “Strategies for Sustainable Organisational Success” is slated for April 24 and April 25 in Lagos.

According to Lucas, in today’s volatile and disruptive business landscape, organisations face numerous strategic challenges.

“TEXEM’s programme, “Strategies for Sustainable Organisational Success,” offers tailored solutions to address these pressing issues.

“Senior leaders grappling with skyrocketing costs, high currency risks, and disruptive technologies require practical insights and tools to navigate uncertainty effectively.

“This programme provides actionable strategies for sustainable success amidst turbulent times,” she said.

Lucas asserts that exceptional crisis management skills are essential in the face of staff exodus and geopolitical disruptions.

“TEXEM equips participants with the necessary leadership capabilities to lead through crises, ensuring organisational excellence even amidst adversity.

“Innovation becomes imperative in turbulent waters.

“TEXEM’s programme fosters a culture of innovation and provides guidance on harnessing adversity as a catalyst for profitable growth,” she said.

According to her, participants will learn to turn challenges into opportunities, driving sustained profitability.

Lucas said resilience and effective risk management are crucial in today’s volatile landscape.

She said through interactive sessions and case studies, TEXEM helps senior leaders develop unshakable qualities, enabling them to navigate uncertainty and confidently mitigate risks.

“Optimizing resource utilisation is paramount amidst soaring costs.

“TEXEM offers insights on managing resources efficiently, ensuring optimal impact even amidst cost pressures. Decisive problem-solving is paramount.

“TEXEM enhances participants’ decision-making capabilities through peer learning and observation practice, empowering them to make better decisions that drive organisational success,” Lucas said.

She said that beyond the curriculum, networking opportunities with industry peers enrich the learning experience, abound.

“Professional exchange provides valuable insights into different approaches to overcoming challenges, enhancing overall learning and impact.

“TEXEM’s programme aims to develop leadership strategies for optimum performance in an era of uncertainty.

“By helping participants understand how to manage and deploy resources more efficiently, it equips them with the skills needed to thrive in turbulent times,” Lucas said.

Saying that adversity is the mother of innovation, she added that TEXEM empowers individuals and organisations to thrive in volatile times, fostering innovation and sustained profitability.

“At the end of the programme, participants can expect to develop leadership skills for better decision-making and possess survival skills to navigate crises effectively.

“Through its comprehensive approach and proven methodology, TEXEM ensures participants unlock their potential, foster innovation, and drive sustained profitability in today’s challenging environment,” Lucas said.

Continue Reading

Economy

Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

Published

on

Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

Gov. Babajide Sanwo-Olu of Lagos State has called for the use of innovative technologies in resolving the economic and social challenges of the country.

Sanwo-Olu said this on Wednesday during the pioneer graduation of the Lateef Jakande Leadership Academy (LJLA) at Konga Place in Lekki.

He said that the new platform of globalisation and Internet of things must be significantly employed to resolve new challenges encountered in the course of improving the living standards of citizens.

30 students, 15 men and 15 women, between 18 and 35 years, graduated from the academy after a one-year course and mentorship in leadership.

The Lagos Leadership Summit (LLS) is a pivotal platform dedicated to empowering Nigeria’s young professionals with the skills and insights essential for success in various leadership roles.

With a focus on leadership excellence, ethical governance, and youth inclusion in governance, the summit offers a unique opportunity for participants to engage with renowned leaders and industry experts.

” You have to be able to innovate for us, you are here as leaders of not tomorrow but today. Proffer solutions that the government can use as a tool, to solve the challenges that we are facing today but more importantly to solve global issues.

“And that is why we started the Lateef Jakande Leadership Academy. For us as a government, we felt how well can we honour a man than for us in public sector to set up a cream of new leaders.

“So we set up this school that has the first set, the one-year fellowship, who indeed have not only shown us that we took the right step, they have been outstanding individuals,” the governor said.

The guest speaker and former governor of Lagos State, Babatunde Fashola, noted that it was important for followers to trust their leaders for a successful outcome.

“The people need to trust the government, they must know the capability of their leaders so that when issues beyond human expectations happen, the followers can show empathy to the plight of their leaders.

” I have always been an advocate that believes that the process is as important as the result, the end shouldn’t justify the means, the process is crucial, it serves as a blueprint for others coming behind,” he said.

Similarly, Dr Obafemi Hamzat, Deputy Governor, who spoke on “Leadership And Community Engagement”, stated that to achieve effective leadership in Nigeria, there was the need to navigate complex political, economic and social landscapes.

Hamzat urged the citizens to be involved in governance while stressing the need for collaborations with private stakeholders and the public sector.

According to him, community engagement with government at all levels is pivotal to the nation’s development.

In her address, Mrs Ayisat Agbaje-Okunade, LIJA’s Executive Secretary, noted that the challenges faced required leaders who are not only capable but compassionate, visionary, and adaptable.

According to her, leadership must transcend rhetoric and manifest tangible outcomes.

“We need leaders who inspire confidence, foster unity, and drive transformation.”

Agbaje-Okunade urged the participants to embrace the responsibility that comes with leadership and pave the way for a generation of new leaders.

The keynote speaker, Mr Abubakar Suleiman, Chief Executive Officer, Sterling Bank, said that leadership is about leading people on a new purposeful journey.

Suleiman said being a strategic thinker and a transformational leader was what makes leadership different from management, adding that the future is being crafted in leadership.

“In essence, as a leader, you must be able to lead people to the future hence, you must be convincing for people to be bold to follow you, able to trust and believe in you.

“For one to be a leader, the people must be able to believe and trust you to take them to the future where you have never been to,” he said.

Also speaking, Mr Tunbosun Alake, Commissioner, Innovation, Science and Technology, stressed that leadership had nothing to do with being young or old but having good values and character.

The commissioner advised the participants to pursue excellence in their various career paths to succeed in life.

Continue Reading

Economy

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

Published

on

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.

Continue Reading

Advertisement

Editor’s Pick

Politics