Joseph Bakare The Economic and Financial Crimes Commission, EFCC, on Tuesday, March 25, 2025 re-arraigned former National Security Adviser, Colonel Sambo Dasuki (retd) before Justice Charles Agbaza of the Federal Capital Territory High Court, Abuja, for fraud. He was re-arraigned alongside a former General Manager of the Nigerian National Petroleum Corporation, NNPC, Aminu Baba Kusa, Acacia Holdings, Limited and Reliance Referral Hospital Limited. They are being prosecuted on a 32-count charge, bordering on breach of trust and dishonesty to the tune of N33,200,000,000 (Thirty-three billion, Two Hundred Million Naira). Count one reads: “That you COL. MOHAMMED SAMBO DASUKI (RTD.) whilst being the National Security Adviser, on or about 27th November, 2014 in…
Author: Orientalnews Staff
Tunde Bakare The Nigeria Customs Service (NCS) has announced that Government has waived import duty and Value Added Tax (VAT) on critical raw materials essential for pharmaceutical production for a period of two years. The NCS, spokesperson, Abdullahi Maiwada, made this known in a statement on Wednesday in Abuja, explaining that the waiver aligned with the presidential directives to enhance local healthcare product manufacturing, reduce costs of medical equipment and consumables, and stimulate local investments. He said that the waiver was part of the comprehensive guidelines approved by Wale Edun, the minister of finance and coordinating minister of the…
Yemisi Izuora The National Pension Commission (PenCom) has observed that some State Governments are yet to make legislation to domesticate the Contributory Pension Scheme (CPS). The Agency has therefore called on all States and Local Governments to implement the CPS for a pension-secure Nigeria. The Pension Reform Act (PRA) 2014, in Section 2(1), stipulates that the CPS applies to all public sector employees across the Federation, including the Federal Capital Territory, states, and local governments, as well as the private sector. However, in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended), state governments have…
Uche Cecil Izuora The Major Energies Marketers Association of Nigeria (MEMAN) has acknowledged short-term market disruptions in the petroleum sector but expressed optimism that a fully deregulated market will ultimately attract more investment, enhance efficiency, and foster competition benefiting both businesses and consumers The Association therefore reaffirmed belief that the implementation of the Petroleum Industry Act (PIA) remains firmly on track, despite ongoing debates and adjustments in the sector. Speaking at a media event on Wednesday in Lagos. Clement Isong, chief executive officer of MEMAN, stated that while challenges persist, the shift from a state-controlled petroleum market to a…
Agency Report The International Finance Corporation (IFC), the arm of the World Bank that focuses on developing countries, has published a comprehensive atlas and report charting the steps Nigeria must take to drive its CCS industry and decarbonisation more generally. The analysis acknowledges that Nigeria is wrestling with twin challenges. It is on track to be the third most populous country in the world by 2050 – with the population projected to rise from 210 million today to 411 million – and yet, like every nation, it must meet its rising demographic and energy needs sustainably while reducing emissions.…
Joseph Bakare The Federal Government is backing the National Agency for Science and Engineering Infrastructure (NASENI), to provide technical support towards promoting local production of solar panels. To achieve this, the Government would need stop the importation of solar panels to promote local manufacturing and advance Nigeria’s shift towards clean energy. Speaking at the unveiling of the NEV T6 electric buses in Abuja, Minister of Science and Technology, Uche Nnaji, stated that the decision aligns with a presidential directive prioritising local content in science, engineering, and technology. Nnaji highlighted Nigeria’s capacity to produce its own solar panels, with the…
Tunde Bakare PowerUp Nigeria, has said that Nigeria’s power sector hangs precariously At the edge of huge crises given huge outstanding of Government subsidies. According to report, Federal Government subsidies to the Nigerian Electricity Supply Industry (NESI) is within the region of N1.92 trillion as at last year with Electricity Distribution Companies (DisCos) struggling to improve revenue collection. Executive Director, PowerUp Nigeria, Adetayo Adegbemle, while reacting to the debt also expressed concern about Federal Government’s failure to activate the Power Consumer Assistance Fund (PCAF) by the first quarter of 2025, calling it a major setback in resolving Nigeria’s electricity liquidity crisis.…
Uche Cecil Izuora The Petroleum Technology Association of Nigeria (PETAN), is putting together advocacy package that would promote various opportunities within Nigeria’s oil and gas sectors which aims to attract foreign investment into the country. The Association has therefore unveiled the program for the 2025 edition of the Offshore Technology Conference (OTC) under the Nigerian Pavilion powered by the association on behalf of the Nigerian National Petroleum (NNPC) Ltd. and the Federal Ministry of Petroleum Resources The PETAN announced that this years’ Central Theme is “Africa’s Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development”, the event is…
Yemisi Izuora The 210,000 barrels a day (b/d) Port Harcourt refinery, has been allocated three cargoes of domestic light sweet crude Bonny Light in April-May. This follows report by traders, suggesting that any issues affecting receipts in February and March might have been resolved. The refinery which restarted operations late last year following a revamp by the Nigerian National Petroleum Company Limited (NNPCL) has been allocated a 950,000 bl cargo loading over 5-6 April and two 475,000 barrels shipments loading over 22-23 April and 1-2 May, traders said, citing the latest loading programmes. All three cargoes are to be…
Yemisi Izuora British energy giant, Shell said Tuesday it is targeting a yearly increase in liquefied natural gas (LNG) sales of 4-5 per cent through 2030. ‘‘We want to become the world’s leading integrated gas and LNG business and the most customer-focused energy marketer and trader, while sustaining a material level of liquids production”, chief executive Wael Sawan said in an online statement. The company said it aims to grow top-line production in its upstream and integrated gas segments by 1 percent a year during the rest of the decade. Shell aims to sustain 1.4 million barrels per day…