NNPC Boss Rallies Stakeholders To Achieve $10 Per Barrel Production Cost

February 10, 2021

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has called on stakeholders in the oil and gas industry to join in working towards reducing operations cost to achieve the $10 or less per barrel production cost target.

A statement today, February 9 by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said that Mele Kyari made the call at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP) which held at the NNPC Towers.

Dr. Kenbie quoted the NNPC boss as saying that the current reality dictated by the global energy transition and demand erosion occasioned by the Covid-19 pandemic has made cost optimization imperative.

“It is in our informed interest to optimize our cost of production. The realities of energy transition and investor choices are very much clear to us. There is nowhere in this world where a less cost-efficient operator can survive today,” the GMD said.

He called on industry players to adopt such measures as transparency, collaboration, efficiency and shared services to help in driving down cost in order to meet the target.

Mallam Kyari disclosed that under the NNPC operational theme for the year known as ‘Execution Excellence’, the Corporation would achieve a contracting cycle of six months or less which would help create efficiency and drive down unit operating cost to sub $10 per barrel level.

In his address, the Minister of State for Petroleum Resources, Chief Timipre Sylva, stated that currently the average cost for Joint Venture production was below $30 per barrel while that of Production Sharing Contract (PSC) production was below $20 per barrel, stressing that there was need for cost optimization in order to keep the Oil and Gas Industry afloat in Nigeria.

“Today’s engagement with industry stakeholders, under the NUCOP, is part of the resolve of this administration to confront this challenge of high production cost. I expect robust discussions and a realistic roadmap to achieve the cost optimisation objectives.”

In his goodwill message, the Chairman, Senate Committee Upstream, Senator Bassey Akpan, said the 9th National Assembly would pass the Petroleum Industry Bill (PIB) to provide a conducive environment for all operators in line with global best practices.

Leaders of agencies, trade groups and labour unions in the Oil and Gas Sector such as the Nigerian Content Development and Monitoring Board (NCDMB), Oil Production Trade Section (OPTS), Independent Petroleum Producers Group (IPPG), Petroleum Technology Association of Nigeria (PETAN), Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) who spoke at the event described the initiative as a welcome development and pledged their support for NUCOP.

NUCOP is an industry-wide initiative designed to optimize Nigeria’s upstream operating expenses through process enhancement and industry collaboration to ensure improved and sustainable profitability for all stakeholders.

How N6.45 Billion Was Deducted As External Debt From 36 States In November

Editorial staff

February 9, 2021

A total of N6.45 billion was deducted from the allocations of the 36 states as part of external debt deductions from the November 2020 Federation account allocation.

Lagos State parted with N2.44 billion, the highest deduction compared to other states. Kaduna followed with N537.7 million, Oyo State N378.7 million.

Others on the list of top five states include; Cross River N311.3 million, and Rivers State with N227,1 million debt deduction.

The sum of N604 billion was disbursed by the FAAC to the three tiers of government in November 2020.

The Federation Account Allocation Committee (FAAC) disbursed the sum of N604 billion to the three tiers of government in November 2020 from the revenue generated in October 2020.

This is stated in the Federation Account Allocation Committee (FAAC) report for the month of November 2020, released by the National Bureau of Statistics (NBS).

According to the report, the monthly disbursement declined by 5.6% compared to N639.9 billion shared in October 2020 and 11.4% lower than N682.1 billion disbursed in September 2020.

The amount disbursed comprised of N377.15 billion from the Statutory Account, N72 billion from Distribution of FGN Intervention Fund, Distribution of N20 billion from Stabilisation Account, N7.39 billion from FOREX Equalisation Account, and N1 billion from Excess Bank Charges Recovered.

The Federal Government received a sum of N231.29 billion from the total allocation of N604 billion. States received a total of N167.17 billion and Local governments received N124.71 billion, while the sum of N31.90 billion was shared among the oil-producing states as 13% derivation fund.

Also, revenue-generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N5.19 billion, N10.17 billion, and N3.87 billion respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) showed that the sum of N158.21 billion was disbursed to the FGN consolidated revenue account; N4.05 billion shared as share of derivation and ecology. A sum of N2.03 billion was disbursed as stabilisation fund; N6.81 billion for the development of natural resources; and N5.18 billion to the Federal Capital Territory (FCT) Abuja.

Delta State received the giant share in the month of November 2020, with a total allocation of N14.02 billion, representing 8.13% of the total disbursement. Akwa Ibom followed with N10.82 billion (6.27%) closely followed by Rivers State with a total allocation of N10.01 billion (5.8%), Lagos State received N9.65 billion (5.6%) while Bayelsa received N6.76 billion (3.92%). On the other hand, Cross River State received the lowest allocation of N2.49 billion, followed by Osun State with N2.55 billion, Plateau (N2.76 billion), Ogun State (N2.96 billion), and Ekiti State (N3.14 billion).

The federal allocation to the three tiers of government continues to decline on the back of reductions in government revenue, as a result of the crash in oil prices triggered by the Covid-19 pandemic and global oil price war. Meanwhile, crude oil prices have rallied above $60 per barrel, signalling relief for the Nigerian government as oil revenue still constitute the larger chunk of its income. However, it is imperative for state governments to strategise means of generating sufficient revenue internally so as to meet up with their various state obligations.

APC Has The Capacity To Solve Nigeria’s Challenges Despite Hard Times – Osinbajo

Editorial staff

February 9, 2021

Vice President Yemi Osinbajo has said that the ruling All Progressives Congress (APC) has displayed the capacity to solve Nigeria’s multifarious challenges despite the hard times the country and the world are facing.

“I must say to you and you don’t need to be told that we are in government at one of the most challenging times in the history of our country and perhaps, in the history of the world. The COVID-19 pandemic has made matters worse, and we have also had security challenges that have stretched our law enforcement capacities all over the country.
“But we remain the best party, best people to solve these problems. Let us not be in any doubts about that. Because of our grassroots orientation, we have and continue to put in place, the best programmes for the welfare of our people.”
Professor Osinbajo who spoke today, February 9, at the validation exercise of the membership of the APC in ward one, Ikenne, Ogun State, wanted party members to understand the party’s philosophy and programmes and must be actively mobilized to participate in, propagate, and support government policies and programmes.
“Our focus on jobs for our young people is a resolute commitment of our party. Aside from the various microcredit schemes, Payroll Support Programme, we have the N-Power, and now, the 774,000 jobs programme; a thousand in every local government. We have the N75billion Youth Fund, but we also have a mass housing scheme, where we hope that every Nigerian that can pay up to N8000-N10,000 every month, can own a home of his/her own.
“We have a mass agriculture scheme, and also solar home systems for 5million homes. All of these things are programmes and policies of a progressive party. You may not immediately see the effect, but you can be sure that every day and night, the thinking of the leadership of the APC, the thinking of the government of President Buhari, is how can we make lives better for the citizens of this country. I must tell you, it is not without its challenges, there are many. The security challenges we have today are not insurmountable and we are well able to ensure peace and security all over the nation.”
The Vice President stressed that there are a few things that the party has been doing and must continue to do, one of which is the fact that it must ensure the prosecution of all those who have been arrested for kidnapping, banditry and all other forms of criminalities in this land.
“There must be evidence that justice is being done. This is achievable by stronger collaboration between the Police, States Ministries of Justice and the Federal Ministry of Justice. We can make this happen and we will continue to work to ensure this is done.
“The second opportunity we have is with the new Service Chiefs Mr. President has just appointed. We have a fresh set of eyes, intellect, and skills and a fresh look at strategies against the insurgencies in the Northeast, as well as banditry and kidnapping elsewhere.
“In this new approach, as you will see, you will find that much greater emphasis will be placed on local policing and then on technology, especially for surveillance, intelligence gathering and attacking these criminals and villains.
“Ultimately, we must put in place effective community policing. We have argued and many of us are in support of the State Police Structure. In the meantime, we must speed up and strengthen the community policing structures. States must continually train, educate and formalize their local security structures so that they complement the Federal law enforcement agencies. Policing must be a collective effort, from the Local Government to the State Government and all the way up to the Federal Government.
“The fourth thing is we must resist any attempts to destroy the unity of this country. Our people have lived and worked together for decades, even centuries. While we must attend to the cries of communities, and the cries of our people for justice, equity and fairness, we can do so within this same union. Ultimately, we are stronger together than apart.”

Nigeria’ll Soon Overcome Infrastructural Deficiency In Transportation Sector – Buhari

Editorial staff

February 9, 2021

President Muhammadu Buhari has assured Nigerians that the country will soon overcome the infrastructural deficiency in the transportation sector.

“I believe, when all these initiatives of our Administration are realized, the country would have overcome the infrastructural deficiency in the Transportation sector.

“Businesses will be able to take full advantage of availability of an affordable and effective transportation backbone that can transform industrial and economic activity to a higher level.

“I also enjoin our private sectors to invest and participate in the realization of these very promising economic opportunities.” The President spoke today, February 9 at the groundbreaking ceremony of Kano-Katsina-Jibiya-Maradi (Niger Republic) Rail line, with branch line from Kani to Dutse the Jigawa State capital.

Buhari said that the cities of Jibiya and Maradi constitute a significant trading core between Nigeria and Niger Republic, saying that it is a tradition dating back many centuries.

According to him, this vital infrastructure line will establish an end-to-end logistic supply chain in railway transport services between Northern and Southern regions of the country, reaching Nigerian southern ports of Lagos and Warri.

He stressed that the entire route encompasses territory inhabited by close to 80 million people across 10 states of the country.

“This project has a branch line to Dutse the capital of Jigawa state to open up this corridor which is endowed with vast resources.

“The Kano – Maradi rail line has been identified as a viable line that will significantly enhance the movement of passengers and freight to the hinterland especially raw materials from both agricultural and mineral resources for our industries.

“The project, when completed, would serve import and export of goods for Niger Republic and other countries in the sub-region through Nigerian ports.

“The country would earn revenue through expansion of trade and commerce, while the people of Niger Republic will benefit from ease of transportation logistics at affordable cost in their import and export business.

“The connection to Niger Republic through rail will also foster Trans-Sahara trade and contribute to the expected gains in the African Continental Free Trade Area Agreement.

“The construction company handling this project, Messrs Mota-Engil Nigeria Limited is supporting knowledge and technology transfer by investing in the establishment of a learning Institution for Transportation and Railway Science. This is commendable.

“Distinguished guests, this administration, in clear recognition of the challenges posed to our economic growth by absence of strong and effective infrastructure, has remained consistent in her effort at closing this gap. We have in the rail sector embarked on the completion of the 1,424 Kilometer Lagos – Kano rail line to join the one being flagged-off today for the country’s Western axis.

“On the Eastern corridor of the country, the Port Harcourt – Enugu – Makurdi – Maiduguri rail line with branches to Owerri, Imo state and Damaturu, Yobe state have been awarded for reconstruction to include a deep sea port in Bonny Island and a Railway Industrial Park in Port Harcourt with the objectives of achieving a vibrant and functional railway infrastructure in the Eastern part of the country.

“The Federal Ministry of Transportation and Ministry of Finance have been directed to vigorously act on engagement and concluding financial arrangement with appropriate co-financiers to partner with the Federal Government for the development of the West – East Coastal rail line from Lagos to Calabar and linking Onitsha, Benin, Warri, Yenegoa, Port Harcourt, Aba and Uyo.

“Furthermore, the contract for the important Central Railway traversing Itakpe – Baro – Abuja with connection to Lokoja and a new seaport in Warri has been signed and is expected to achieve appreciable level of completion during the tenure of this administration.”

Nigerian Army Appoints Brigadier General Yerima As Spokesperson

Editorial staff

February 9, 2021

The Nigerian Army has appointed Brigadier General Mohammed M. Yerima as its Spokesperson of the Nigerian Army. He replaced Brigadier General Sagir Musa who had served as Army Spokesperson in the past two years.
Information has it that Yerima’s deployment is among the first appointments approved by the new Chief of Army Staff, Major General Ibrahim Attahiru.
The new spokesman was before his appointment, Deputy Director Reserve Defence Headquarters

General Yerima, who is a member of the Nigerian Institute of Public Relations (NIPR) and African Public Relations Association (APRA), was a graduate of political science from Ahmadu Bello University

He enrolled into the Nigerian Army in October 1989 and commissioned into the corps of Army Public Relations.
He had served in various military formations. He was ADC to Commander TRADOC, Major General Ishola William between 1990-1993, Public Relations Officer NAOWA in the Office of Chief of Army Staff 1994, Spokesperson 81 Division of the Nigerian Army 1995-1996, PRO Nigerian Defence Academy 1996-2000 and Military Spokesperson United Nation Mission in Siera Leone 2000-2002.
On his return to Nigreria he served as PRO to Chief of Army Staff 2003, PRO to the Chief of Defence Staff 2005, Deputy Director Public Relation 1 Division of Nigerian Army 2008, Chief of Staff and Coordinator at Directorate of Army Public Relations 2007-2009, Director Defence Information in 2009 to 2013 and later Deputy Director Production at TRADOC Minna 2013-2017.
A Fellow of West Africa Society for Administration and Communication and was onetime Chairman of Media and Information Committee on Emergency Management (MICEM).
The new Army Spokesperson was a participant at Senior Strategic Media Operation programme at Reach Cambridge and at Kofi Annan International Peacekeeping Training Centre, Ghana.
He also attended Senior Leadership Course at the Sheringham United Kingdom and undertook a US-Embassy funded Media tour of Africom in Studgarf Germany.

Court Dismisses Case Against CBN’s Directives On Bank Charges

Editorial staff

February 9, 2021

The Federal High Court sitting in Abeokuta, Ogun State Capital, has dismissed a suit instituted by a legal practitioner, Olumide Babalola, challenging the Central Bank of Nigeria (CBN) policy on Current Account maintenance fee contained in the Guide to the Charges by Banks and other financial Institutions of January 2020.

Babalola had instituted the action in the name of his law firm, Babalola LP, in which he contended that the policy and guidelines of the CBN violated his fundamental human rights.

The CBN, through its Counsel, Adeleke Agbola, of Cheakley Chambers, however challenged the suit on the ground that the plaintiff lacked the legal capacity to institute the suit on a policy that affects the public.

In his Notice of Preliminary Objection to the Suit, Agbola had contended that the plaintiff failed to show that the CBN acted in bad faith or breached any law by issuing the guidelines.

The trial judge, Justice M Shittu Abubakar, after careful analysis of the case, dismissed the suit in its entirety for lacking in merit and upheld the preliminary objection.

The Court held that guidelines issued by the CBN, authorizing deduction of Current Account maintenance charges was lawful and within the statutory powers of CBN.

The Court also concurred with the argument canvassed by the CBN Counsel that the Plaintiff has not shown that the CBN breached any known law by issuing the guidelines.

Justice Abubakar also held that the Plaintiff/Applicant ought to have negotiated with his bank, Access Bank Plc for a reduction of his charges instead of dragging the CBN to Court.

Unknown Assailants Stab Driver To Death In Abuja, Collect His Phone

Greenbarge Reporters

February 9, 2021

A commercial driver in his early 30, Shuaibu Ishaq was yesterday, February 8, stabbed to death by unidentified men along Airport road, Gosa in the Federal Capital Territory ( FCT), Abuja.
Information reaching us at Greenbarge Reporters said that Shuaibu parked his car by the roadside to urinate at about 6.30pm when his attackers appeared from behind and stabbed him on the side with knife.
It was learnt that the attackers simply removed his hand held phone and disappeared, leaving him in the pool of his blood.
Shuaibu was said to have managed to drive himself in the car to a nearby police station, and that he gave up the ghost while the police officers were rushing him to a hospital.
Police in Lugbe, the Abuja Municipal Council Area (AMAC) confirmed the incidence and said that investigation is ongoing to track the killers.
Meanwhile, the remains of the deceased, who lost his only son a fortnight ago, have been buried today, February 9 according to Islamic rites.

Fani-Kayode Dazzles Them With Grammar, Dodges Question Whether He’s Joined APC

Editorial staff

February 9, 2021

Former Nigerian aviation minister and a staunch member of the opposition Peoples Democratic Party (PDP), Femi Fani-Kayode has failed to specifically admit that he had crossed over to the ruling All Progressives Congress ( APC) following his meeting, on Sunday, with Kogi State Governor, Yahaya Bello and chairman of APC caretaker/extra-ordinary convention planning committee Mai Mala Buni in Abuja. He also met with Senator Smart Adeyemi.

In a statement today, February 9, posted to Facebook, Fani-Kayode said that the meeting was based on the “state of the nation, pressing national issues, party politics and the way forward.

“Despite the obvious benefits and wisdom in this noble initiative it amazes me that some people should feel that it is wrong for me to sit with other leaders in the country to discuss issues which touch and concern the national cohesion, future and stability of our country.”

Fani-Kayode stressed that Nigerians must come together at this point in the nation’s history.

“I can and will never compromise or jettison my core fundamental principles for any reason and I stand firmly on my honestly held opinion that we need to enthrone equity, justice and fairness in this country for it to survive.

“I also believe in restructuring the country and in a vigorous and effective fight against terrorism. The fact that I am in talks with leaders from a cross-section of political parties, including the ruling party, does not in any way derogate from this and does not mean that I will ever change those views.”

Private Company, BUA Procures 1Million Doses Of Covid-19 Vaccine, Delivered Soon

Editorial staff

February 8, 2021

BUA, a private company has announced that it has paid for one million doses of AstraZeneca COVID-19 vaccines for Nigeria through the AFREXIM Vaccine programme in partnership with CACOVID.

These doses of the vaccine which is expected to be delivered by next week, will be the first delivery of Vaccines to Nigeria since the COVID-19 vaccines became available.

According to BUA, the vaccines will be distributed free to Nigerians at no cost.

Speaking on the development, Philanthropist and Founder of BUA, Abdul Samad Rabiu said: “BUA decided to secure these 1million vaccines by paying the full amount for the vaccines today because these vaccines became available only last week through AFREXIM.

“We expect the vaccines to be delivered within the next 14 days and hope priority will be given to our frontline workers who have committed their lives to managing the pandemic.”

He said that BUA is committing to purchase five million doses for Nigeria as soon as they become available through this same arrangement.

He thanked the President of the Afrexim Bank, Dr. Benedict Oramah for making the purchase possible and the Nigerian Central Bank Governor, Godwin Emefiele, for coordinating the process through the CACOVID Private Sector partnership.

Nurses In Ondo Protest As Relatives Of Dead Patient Beat Up Some Of Them

Editorial staff

February 8, 2021

Nurses working at the the Federal Medical Centre in Owo, Ondo State have staged a peaceful protest over physical attacks on some of their colleagues by the children of a deceased patient in the hospital.

Reports reaching us at the Greenbarge Reporters said that all the nurses at the hospital abandoned their jobs today, February 8, vowing not to resume work until there is full assurance of the safety of their lives.

It was gathered that yesterday, February 7, three Nurses were attacked at the hospital by the relatives of a deceased patient who was brought into the hospital’s emergency ward in a critical condition.

Narrating the incident, the Chairman of nurses at the hospital, Francis Ajibola, said that the patient in question was brought too late and that after the nurses and doctors tried all they could do to place the patient on oxygen at around 4 am and he died because the situation had become so critical, and had affected his respiratory system.

Ajibola said that the death of the patient provoked his children who pounced on the nurses on duty, inflicting serious bodily injuries on them. The nurses are presently receiving treatment at the hospital.

According to him, the nurses were not embarking on strike but have withdrawn their services until the management of the hospital provides adequate security for them while on duty.

The Chief Medical Director of the hospital, Dr Liasu Ahmed, confirmed the incident, saying that a detailed investigation into it has commenced.

Liasu assured that the workers of the hospital will be well protected to forestall a reoccurrence of such an unfortunate incident.

He, however, said that the hospital is still open and has not been shut down, contrary to news being spread by some individuals.

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