Joseph Bakare Nigeria is about taking regulatory measures to recover huge debt from electricity supply to four African countries that have reluctantly ignored calls to address their debt obligations. To recover the debt, the Nigerian Electricity Regulatory Commission (NERC) has asked the electricity Market Operator (MO) to activate the relevant market rules to ensure recovery of $14.2 million (about N21.3 billion) owed Nigeria by international customers in Q1, 2024. The MO administers the market rules of the Nigerian Electricity Supply Industry (NESI) and is therefore responsible for the administration of the electricity market and promoting efficiency in the market. The…
Author: Orientalnews Staff
Uche Cecil Izuora Nigeria is taking stronger measures to address significant rise in gas flare which went up in the first six months of 2024. The Ministry of the Environment has called for more transparency and accountability around international oil and gas companies’ (IOCs) gas flaring emissions. In 2023, the Nigerian National Petroleum Company Limited, (NNPCL) said about 324 billion cubic feet (bcf) of gas was flared, resulting in significant economic losses and environmental damage. However, the National Gas Flare Tracker data shows that Nigeria has flared approximately 148.7 million standard cubic feet of gas in the first six…
Yemisi Izuora The Executive Chairman of the African Energy Chamber (AEC) NJ Ayuk, has called on Nigerian authorities to carry out a total overhaul of existing fiscal policies to return its oil and gas industry into significance. Ayuk, expresses deep worries that Nigeria, a previous bright spot on big oil and gas investors’ radar screens, has dimmed substantially as investor attention is increasingly drawn to new and emerging developments in Namibia, Ivory Coast, Angola, and the Republic of Congo. With two-thirds or more of its revenue coming from oil, investor flight is a serious problem for Nigeria, he said.…
Uche Cecil Izuora The Society of Petroleum Engineers (SPE) Nigeria Council, has unveiled speakers for the 47th edition of the Nigeria Annual International Conference and Exhibition (NAICE) 2024. This highly anticipated event will take place from August 5 to August 7, 2024, at the Eko Hotel in Lagos, under the theme “Petroleum Industry Value Chain Optimization: The Inevitability of Midstream and Downstream Development.” His Royal Majesty, Oba Prof. Saka Matemilola, Olowu of Owu Kingdom Abeokuta and a past Chairman of the SPE Nigerian Council, will honor the event as the Special Guest of Honour. The confirmed line-up of distinguished speakers…
The Nigeria Customs Service (NCS), Kebbi Area Command, has announced a sad incident at the Koko Besse patrol base on Thursday, July 25, 2024. In a statement signed by Mohammed Tajuddeen Salisu the Public Relations Officer PRO of Kebbi Area Command said that a group of Armed men attacked the patrol base, destroying properties and targeting officers in contest to the recent boost to anti-smuggling activities in the area. He added that the Armed men, after causing mayhem to the patrol base, trailed and attacked two of their officers; shot one and abducted the other. Unfortunately, Assistant Superintendent Customs I Dabo Umar…
The Comptroller-General of Customs, Adewale Adeniyi on Thursday 25th July led his team to pay an official visit to the Chairman of Independent Corrupt Practices and Other Related Offences Commission, Musa Adamu, as part of his efforts to foster collaboration with sister security agencies and to develop proactive strategies against corruption by officers and stakeholders. Addressing the ICPC Boss and his team at the Commission’s Headquarters, CGC Adeniyi sought the cooperation of the ICPC Chairman to join hands with the Service in mitigating the root of corruption amongst non-compliant traders and officers, adding, “Our reasons for collaborating with ICPC…
The Economic and Financial Crimes Commission, EFCC, will, on Monday July 29, 2024 host the 1st International Criminal Police Organisation, INTERPOL/ Japan International Cooperation Agency, JICA’s Workshop at its Academy in Karu, Abuja as a mark of its cooperation and collaboration with international law enforcement agencies, The Workshop, jointly implemented by the INTERPOL’s Financial Crime and Anti-Corruption Centre, IFACC, and JICA, is aimed at enhancing the capabilities of law enforcement agencies in Nigeria to combat financial crimes. The inaugural Workshop will be held between Monday, July 29, 2024 and Thursday, August 1, 2024. The Workshop will draw participants from international…
A Professor of Economic History at the Obafemi Awolowo University, Ile Ife, Adetunji Ogunyemi, speaks on the amendment of the Finance Act 2020 by the National Assembly to accommodate windfall levy on banks’ profits on foreign exchange transactions. The lawyer, public finance expert in this interview submits that the policy is perfectly in order, asking banks to see it as contribution to national development. Excerpts: The windfall levy has generated some debate, How justified is this levy on banks’ foreign exchange gains? Nigeria is currently in dire straits financially and generally speaking economically. It is within the power of…
Tunde Bakare The Minister of State for Police Affairs, Hajia Imaan Sulaiman Ibrahim has appealed to Nigerian youths to be patient with the government’s reforms programme and adopt peaceful engagement, dialogue, and collaboration rather than a confrontation that will lead to destruction and chaos. The Minister on Sunday, July 28, 2024, acknowledged the frustration that drives the desire to protest but cautioned on the narratives accompanying the planned protest from its faceless nature which may lead to chaos. She said, “President Bola Ahmed Tinubu and his team are working hard to build a strong and prosperous future for us…
Yemisi Izuora A team from the National Board for Technical Education (NBTE), led by Mal. Ismaila Tanko, the Director of, Monotechnic Programmes, over the weekend concluded advisory, resource inspection visitation exercise at the Oshodi-Lagos training facilities of the Nigerian Meteorological Agency (NiMet). The exercise which lasted from the 25th to the 27th of July, 2024, is with the view of accrediting the National Diploma (ND) programme in Meteorology and National Diploma (ND) programme in Climate Change Sciences being proposed by NiMet, to be offered at its NiMet/WMO Regional Training Centre. The NBTE team inspected the library,…