Author: Orientalnews Staff

Joseph Bakare The Senate has appealed to the Central Bank of Nigeria, CBN to extend the deadline for the exchange of old Naira notes from the January 31 deadline to May 31, 2023. The Senate also asked the CBN to open an exchange window where people that don’t have bank accounts to deposit their old notes. The resolution of the Senate followed a motion by Senator Sadiq Umar, APC, Kwara North who demanded for the extension to July 31, just as he was worried by the insistence of the apex bank that there would be no such extension. The…

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Yemisi Izuora Key policy makers and energy industry operators from over forty countries have confirmed participation at the Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC). Participation for SAIPEC 2023 grows with further attending delegations confirmed from Nambia, Guyana, Senegal and Tanzania and other countries across the globe The seventh edition of the SAIPEC, hosted by the Petroleum Technology Association of Nigeria (PETAN) will return to the Eko Convention Center, Lagos next month (13-17 February) featuring a host of B2B networking and partnership opportunities to drive regional collaborations through a week long programme of activities. With delegations, speakers…

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Richard Ginika Izuora There is likelihood that an OPEC+ panel would move to endorse the producer group’s current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes that improved Chinese demand would drive an oil price rally were balanced by economic concerns. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, meet virtually on February 1. The panel, called the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if warranted. The meeting comes as the price of oil…

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Yemisi Izuora Nigeria and Egypt have signed a Memorandum of Understanding, MoU to enhance bilateral cooperation in the field of electricity and renewable energy The Egyptian Minister of Electricity Mohamed Shaker and his Nigerian counterpart Abubakar D.Aliyu signed the document according to a statement by the Egyptian ministry on January 24th. Through the MoU, the two countries will provide technical support for the electricity generation sector and the development of electricity transmission and distribution networks, and the transition to smart grid systems. This is in addition to promoting new and renewable energy systems in the electricity sector. Oriental News…

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Vincent Ezenagu The National Association of Energy Correspondents (NAEC) has called for concerted efforts by the Federal Government and other stakeholders in the oil and gas industry to end the disproportionate distribution and arbitrary pricing of Petrol in the country. The group has expressed concerns about the lingering fuel scarcity and has called on all relevant government agencies in the downstream sector to collaborate in arresting the prevailing chaos in the fuel market. In a statement the body of energy editors in Nigeria, lamented that the development has brought untold hardship to Nigerians and man-hour loss which ought to…

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Yemisi Izuora Minister of State for Petroleum Resources, Timipre Sylva, would be leading investment-focused dialogue during the Invest in African Energy Reception set to take place in London on January 26. With the Nigerian energy market on the precipice of another transformation on the back of diversification and market-driven policy implementation, the participation of Sylva is key for securing new capital for Nigeria’s rapidly growing market, while enabling new players and financiers to expand their footprint in one of Africa’s biggest oil producing countries. Nigeria has emerged as one of the most attractive destinations for foreign investment owing largely…

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Joseph Bakare Nigerians purchased Premium Motor Spirit also called Petrol at N206.19 per litre, in December 2022, indicating a 24.38 per cent increase when compared to the value recorded in December 2021 (N165.77). Similarly, when compared with the previous month (.i.e. November 2022), the average retail price increased by 1.83 per cent from N202.48, according to the National Bureau of Statistics (NBS). On state profile analysis, Gombe State had the highest average retail price for Premium Motor Spirit (petrol) with N218.89, followed by Kwara with N216.36 and Kogi with N216.00. On the other hand, Ebonyi recorded the lowest average…

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Some unidentified assailants have invaded the Mgbuka-Amanzu Road by Pillar Bread junction, on Obibuenyi Street, Okpoko, in the Ogbaru Local Government Area of Anambra State, killing two persons in the process. The reason for the attack had yet to be ascertained, but it was gathered that the incident happened on Sunday. An eyewitness, who identified herself as Mama Chinedu, said the gunmen, numbering about four and riding in a tricycle, double-crossed the unidentified man going to the church, shot and dispossessed him of his belongings and fled. She said the assailants fired some shots into the air…

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Richard Ginika Izuora National grid failure threw millions of people in Pakistan into darkness on Monday. Pakistan’s energy ministry announced that there had been a “widespread breakdown.” In Peshawar, some people weren’t able to get drinking water because their pumps weren’t working without electricity. Lahore’s driverless Orange Line Metro Train (OLMT) shut abruptly, forcing people to walk along the railway lines. In Pakistan’s most populous city, Karachi, doctors couldn’t attend to ailing patients at private clinics. The outage happened as an energy-saving measure by the government backfired when technicians weren’t able to reboot the system after switching it off…

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Yemisi Izuora President Muhammadu Buhari on Monday officially inaugurated the 16.5 metres Lekki Deep Sea Port in Lagos. The Lekki Deep Sea Port is a multipurpose sea port located at the Lagos Free Zone, and reportedly the most modern and deepest seaport in West Africa. It offers critical support to flourishing commercial operations in Lagos state, across Nigeria and the entire West African region. The port is ideally positioned to service the gateway for Nigeria and the surrounding West African region. Lagos State Governor Babajide Sanwo-Olu, speaking at the ceremony said the multi-billion naira project was a collaboration between…

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