The Nation Newspaper

Category: Energy

  • Nigeria’s quest for energy security gets muscular

    Nigeria’s quest for energy security gets muscular

    By Richard Ogwuche

    The rehabilitation and modernization of Port Harcourt refinery by the Nigerian National Petroleum Company Limited under the guidance of the Group Chief Executive Officer, Mele Kyari has changed the narrative of a country where nothing works and delivered a huge political capital to President Bola Ahmed Tinubu, pilloried by critics of his administration at home and abroad for the rot he inherited from his predecessors. 

    For the feat achieved by NNPC in getting the Port Harcourt refinery working again after over two decades of inactivity, it is imperative to delve briefly into the history of the condition of the four state owned refineries before Kyari at the helm in NNPCL waved the axiomatic magic wand to turn the situation around.

    Constructed back in the 60s and 80s, the 210,000 barrels per day Port Harcourt, the 125,000 barrels per day Warri, and the 110,000 barrels per day Kaduna refineries had a combined capacity of 450,000 bpd. These plants faced several technical issues, which resulted in almost zero operational refining capacity.

     Against the backdrop of several failed Turn Around Maintenance after gulping billions of resources, it was understandable that Kyari was confronted by a cynical public when he pledged to rehabilitate the refineries immediately he mounted the saddle at NNPC. 

    The task was by no means an easy one; the delivery on his pledge with the return to operations of the Port Harcourt refinery is indeed a significant achievement by the NNPC and the Tinubu administration While this feat gives room for optimism and hope about the fate of Warri and Kaduna refineries, it also launched Nigeria on the irreversible path to energy security. 

    This success may seem incremental to some but if you are privileged to see the big picture through the lens of Mele Kyari, the intrepid visioner driving the reforms at NNPC, you will be confronted with a robust plan to deliver the much vaunted energy security to the country. 

    When he mounted the saddle at NNPC nearly five years ago, Kyari pledged the commitment of NNPC to resolve Nigeria’s energy crisis by ensuring energy security, sustainable growth, and energy affordability The gas footprint of NNPC in the past five years is an indication of the recognition of the importance of the critical role the country’s vast natural gas reserves could play in the quest to achieve energy security.

     Under his guidance, NNPC continues to spearhead the drive to increase domestic gas utilization, the diversification of the energy mix, and the gradual reduction of its carbon footprint.

    The focus of NNPC on the expansion of its Domestic Gas Footprints is driven by the determination to support the nation’s gas-to-power aspirations and utilize the huge gas resources to trigger the nation’s industrialization and economic development.

     In order to realize this objective, NNPC invested more than $1bn from its cash flow in the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project. On completion, the 614-kilometer pipeline project will transport natural gas from Ajaokuta in Kogi state to Kaduna and Kano states. 

    With over 30 sites active in the AKK gas pipeline project, thousands of Nigerians are working on the site to deliver the project on schedule. As a key driver for gas development, NNPC has developed a wide network of pipelines across the country.

     These include the Escravos-Lagos Pipeline System (EPS) in the Western Network and the Oben-Sapele linked by Ajaokouta/Geregu Interconnector. The Eastern Network includes Alakiri-Obigbo-Ikot Abasi and Imo River Alaoji linked by the East/ West Interconnector Obiafu-Obrikom-Oben 1 and the OB-3 pipeline. 

    Under the dynamic leadership of Kyari, other gas pipeline projects being executed by the company include the ELPS-Ibadan-Illorin-Jebba Pipeline (EIIJ), Qua Iboe-Obigbo OB3 Pipeline and the Obigbo-Umuahia-Ajaokuta Pipeline. Other strategic gas facilities projects undertaken by the company include the Assa North-Ohaji South (ANOH) Gas Processing facility to compliment the Oredo Integrated Gas Handling Facility which has led to increase in domestic supply and utilization. 

    A major push spear headed by Mele Kyari is currently underway to engender confidence in the quality of the Nigerian resource base. To this end, NNPC and TotalEnergies have concluded plans to invest $550m to develop a gas processing facility in the southern part of Rivers State to boost domestic supplies and exports.

     This huge investment, which includes a gas processing facility and pipeline, will be built on the Ubeta onshore gas field, jointly owned by NNPC and Total. On completion, the plant will would generate 350 million standard cubic feet per day of gas and 10,000 barrels per day of associated liquids, it will also supply gas to the Nigeria Liquefied Natural Gas (NLNG) plant.

    Before the end of the year, Mele Kyari and his team will take Final Investment Decision (FID) on six key gas projects with the focal point of expanding the country’s gas commercialization and domestication. 

    Already, the NNPC has signed MoUs and project development agreements for floating LNG projects, a first in Nigeria, while currently executing a 30mmscuf/d small scale mini-LNG project. Under Kyari, NNPC leadership is determined to leverage the country’s gas assets to significantly generate value and opportunities for all Nigerians. 

    He sees technology as a key buffer for growth and development, prompting his leadership to develop its research institute to explore the transformative capacity of technology for the good of the society. 

    Apart from the ongoing ambitious expansion of gas infrastructure footprints, NNPC has also intensified efforts to enhance domestic energy access. The current leadership of the company sees energy trilemma as a profound responsibility that must be shouldered as custodians of the nation’s energy future. 

    Under the leadership of Kyari, the company is committed to energy security, sustainable growth, and affordability. In this regard, NNPC is set to unveil 12 Compressed Natural Gas (CNG) mother stations and mini Liquefied Natural Gas (LNG) plants in the coming months as part of efforts to boost the existing 1.6bscf of gas supply for the domestic market; the planned introduction of CNG mother stations and mini LNG plants in Abuja and Lagos are key elements in the company’s strategy to enhance access to cleaner more affordable energy while reducing reliance on imports. 

    The delivery of CNG in instalments may be a function of paucity of funds amidst competing priorities and other financial obligations, but under Kyari, NNPC has promised to deliver it to all Nigerians. In the coming months, NNPC Retail Limited will launch over 100 CNG sites, including 16 NNPC Gas Marketing and NIPCO Gas JV sites. Apart from being an alternative to existing available fuel products, it will be 40% cheaper than petrol.

    Kyari’s transformative policies and initiatives in the nation’s energy sector are enduring and will outlive the present generation. According to experts, his lofty policies and legacy projects will drive Nigeria towards a $1tn economy by 2027. His relentless quest for Nigeria’s energy security is further reinforced by examples from other jurisdictions whose energy security profile continues to propel the concerned nations to become the topmost players in the world’s global economy 

    Energy security is pivotal to the pre-eminent positions these nations occupy in the world’s economic ladder; United States (26.9tn), China ($17.7tn), Japan ($4.4tn) and Germany ($4.1tn). The lesson to be learnt is that energy security is essential for sustainable development, a functional and robust economy, and the prosperity of citizens. 

    Given his total commitment for the nation to achieve energy security, Mele Kyari is abreast of the economic dynamics and critical factors that will shape the present and the future of our economy and is therefore on the right side of history.  Challenges such as insecurity, sabotage of oil infrastructure, corruption, and oil bunkering, among other factors, continue to overshadow and undermine ongoing attempts to reposition the country on the pathway to attaining energy security.

     Kyari’s intervention led to the establishment of a joint taskforce composed of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the military, and the local communities to deal with the menace posed by this challenge.  As a result of this concerted effort, the country’s oil production surged to 1.8 million barrels per day, representing over 70 per cent increase by November 2024. This surge restored Nigeria’s position as Africa’s leading oil producer. 

    As Kyari rightly stated recently, ‘no public wealth creation endeavour can achieve any meaningful success without energy security.’ NNPC is strategically positioned to play a critical and decisive role to deliver energy security to the nation. We should rally behind Mele Kyari, a corporate leader with impeccable credentials and a track record of selfless service. He has demonstrated deep knowledge of the process and the capacity to make it possible. 

    Richard Ogwuche, a commentator on Public Affairs, contributed this piece from Area 1, Abuja, FCT.

  • NERC transfers electricity oversight to Lagos

    NERC transfers electricity oversight to Lagos

    The Nigerian Electricity Regulatory Commission (NERC), in a statement yesterday,  said it has formally transferred regulatory oversight of the state’s electricity market to the Lagos State Electricity Regulatory Commission (LASERC). This comes barely two weeks after the Lagos State Governor, Babajide Sanwo-Olu signed the Lagos Electricity Bill 2024 into law. 

    Based on the statement by NERC, Lagos Electricity Bill is therefore granted the state autonomy to generate, transmit, and distribute electricity, marking a significant step under the provisions of the amended Electricity Act 2023.

    According to the NERC, based on the provision of the Electricity Act, the Government of Lagos State has complied with the conditions precedent in the laws, duly notified NERC and requested for the transfer of regulatory oversight of the intrastate electricity market in thee state to her.

    The move aligns with the electricity reforms which allow states to establish and regulate their own intrastate electricity markets. Lagos State, having fulfilled the legal requirements, formally requested the transfer of regulatory authority from NERC to LASERC.

    Read Also; Closing Nigeria’s zero-dose immunisation gap

    In response, NERC issued an order mandating the incorporation of new subsidiaries by Eko Electricity Distribution Company (EKEDC) and Ikeja Electric (IE) to manage intrastate electricity supply and distribution exclusively within Lagos State.

    These subsidiaries, according to NERC, must secure operational licences from LASERC within 60 days, with the full transition set for completion by June 2025.

    This stepp, stakeholders insist, emphasised Lagos State’s determination to take charge of its electricity market, improve supply reliability, and attract investment into its energy sector.

    Lagos State has therefore become the 8th state approved by NERC to establish and regulate a state-owned electricity market, joining the ranks of Enugu, Ondo, Edo, Imo, Ekiti, Oyo, and Kogi.

    The states have therefore advanced the approval from the NERC to establish and operate state-owned electricity markets.

    Publish Periodic Returns on Your websites- SEC Charges Public Companies

    The Securities and Exchange Commission (SEC) has issued a directive requiring all publicly-listed companies to publish their financial statements on their websites effective from January 2025.

    The Commission while issuing the directive in a Circular Thursday, warned that failure to comply with this directive would attract sanctions.

    According to the SEC, “The Securities and Exchange Commission (“the Commission”) has observed that public companies file their periodic returns with the Commission and relevant securities exchanges, without simultaneously publishing same on their websites. This omission is a contravention of Rules 39 and 41 of the Commission’s Rules and Regulations”.

    While noting that  publicly-listed companies routinely file periodic returns with the commission and relevant securities exchanges, the Commission stated that many always failed to make the financial statements accessible to the investing public on their websites, thereby contravening Rules 39 and 41 of the Commission’s Rules and Regulations.

    It clarified that the “rationale for the publication of periodic returns on their websites is to provide seamless access by the public to such information, which would serve as a guide to making sound investment decisions.

    The commission stressed the importance of timely disclosures as a critical aspect of shareholder engagement and investor confidence in the Nigerian equities market and outlined strict enforcement measures for companies that failed to comply with the directive.

    “Public companies are hereby reminded that the rationale for the publication of periodic returns on their websites is to provide seamless access by the public to such information, which would serve as a guide to making sound investment decisions. It is also important to reiterate in this regard that timely disclosures remain a key component of Shareholders’ engagement

    “In line with the foregoing, effective from January 2025, any public company that fails to comply with the requirement of the referenced Rules in respect of the filing of its periodic returns with the Commission, relevant securities exchanges and the simultaneous placement of same on the its website would be penalised as appropriate” the Commission added.

  • Experts champion decentralised renewable energy to close Nigeria’s power divide

    Experts champion decentralised renewable energy to close Nigeria’s power divide

    Stakeholders in Nigeria’s energy sector have called for the decentralisation of renewable energy systems as a key solution to the country’s power challenges, particularly for the 45% of Nigerians who remain off-grid.

    Drawing on nearly four decades of combined experience in energy value chains across Europe, North America, and Africa, the speakers stressed the need for collaboration, innovation, and long-term strategies to address Nigeria’s energy crisis.

    They made this call during a webinar hosted by Mosron Communications, themed “Stories of Power: Exploring Opportunities in Renewable Energy.”

    Chief Executive Officer and Co-Founder of SunFi, Rotimi Thomas, emphasised the importance of decentralised systems in resolving the nation’s energy bottlenecks. 

    He advocated for integrated resource planning that reimagines a collaborative energy model.

    He highlighted the possibility of scaling up by enabling customers to fund their own solar systems while the national grid powers critical infrastructure, thereby reducing costs and boosting efficiency.

    “Integrated resource planning is what you do to plan a grid. You can do it in a way that re-envisions a world where decentralised renewable energy systems work alongside the grid to reduce the cost of the required grid infrastructure. Customers can fund their own solar systems, while the grid powers the nation’s most critical infrastructure. In that way, you can scale up,” he said.

    Thomas, who has decades of experience in Nigeria’s energy market, also advised businesses to adopt a long-term perspective when entering the renewable energy sector.

    “There will be massive rewards unlocked for those who can run the distance. If you want to do business in this space, think long term. Have a motivation that goes beyond profit, run the marathon, and structure a sustainable business.” he added.

    Read Also: Reps urge FG to adopt use of renewable energy in MDAs

    He further noted that the push for decentralisation aligns with recent efforts by states like Lagos and Kano to establish electricity market laws under the Nigerian Electricity Regulatory Commission (NERC).

    Senior Policy Advisor on the Energy Transition Council, Ujunwa Ojemeni, described the emergence of state-level energy laws as a potential game changer.

    “Just having a clear process and direction—and eliminating the fragmentation and lack of coordination that require businesses to go through several organisations for registration—will be a big game changer,” Ojemeni said.

    She also underscored the untapped opportunities in Nigeria’s energy market for renewable energy companies.

    “Where there’s a big problem, there are always opportunities. If 45% of Nigerians do not have electricity, then the market is still untapped, and there are opportunities to create value,” she said.

    Ojemeni encouraged energy businesses to focus on specific sectors requiring targeted solutions. 

    “Combine your solar solutions with productive-use appliances or equipment that help those sectors.”

    Founder of Mosron Communications, Tolulope Olorundero, explained that the webinar was organised to explore the opportunities, challenges, and policies shaping Nigeria’s energy transition.

  • Embracing sustainable energy: Nigerian researcher develops cheaper catalyst for green hydrogen production

    Embracing sustainable energy: Nigerian researcher develops cheaper catalyst for green hydrogen production

    Hydrogen is increasingly seen as a critical fuel for a sustainable energy future, offering a clean alternative to fossil fuels. However, making “green hydrogen” – produced through water electrolysis powered by renewable energy – faces significant challenges, particularly the high cost of efficient catalysts. In a recent interview with The Nation, Dr. Saheed Abiola Raheem, a researcher specializing in materials chemistry and electrocatalysis, shed light on his work addressing this critical barrier.

    The Challenge of Affordable Green Hydrogen

    Dr. Raheem explained that while water splitting is a promising route for green hydrogen production, its widespread adoption is hindered by the need for expensive catalysts, primarily those based on noble metals like platinum. “The current reliance on platinum and similar precious metals makes large-scale, affordable green hydrogen production economically unviable,” he stated. “We need to find new materials that are abundant, cost-effective, yet perform just as well, if not better.”

    Limitations of Current Catalysts

    Traditional catalysts like platinum exhibit excellent activity for the hydrogen evolution reaction (HER) but are prohibitively expensive for large-scale use. Non-noble alternatives, such as molybdenum nitride (Mo3N2), are cheaper but suffer from sluggish reaction kinetics and poor stability in acidic environments. “Molybdenum nitride alone struggles with high overpotentials and slow charge transfer, limiting its practical application,” explained Dr Saheed Abiola Raheem, the study’s first author.

    Developing Next-Generation Electrocatalysts

    Fabricating composite materials and creating intricate interfacial heterostructures, Dr Raheem and his collaborators are pioneering new pathways. The newly developed Mo3N2​/VO2​ composite addresses these challenges by combining molybdenum nitride with vanadium oxide (VO2​). The synthesis involves a two-step process: nitridation to create Mo3​N2​ microparticles, followed by a solvothermal method to integrate VO2​ nanoparticles. This hybrid structure leverages the synergistic effects between the two materials.

    “Our work explores how materials can be designed at the atomic level to enhance their catalytic activity,” Dr Raheem explained. “We recently investigated a composite of molybdenum nitride (Mo3N2) and vanadium oxide (VO2) as a potential electrocatalyst for the Hydrogen Evolution Reaction.”

    He highlighted the promising findings from their study: “This Mo3N2/VO2 composite demonstrated remarkable catalytic activity and stability in acidic solutions – performance comparable to, and in some aspects, surpassing other non-noble metal catalysts reported in the field.”

    According to Dr Raheem, the key to this success lies in the synergistic interaction between Mo3N2 and VO2 at their interface. “This synergy facilitates efficient electron transfer and creates more active sites, making the hydrogen production process much more efficient and stable over time,” he noted.

    Read Also; Tinubu pledges commitment to promoting independence of judiciary

    Impact and Future Vision

    Dr. Raheem believes that breakthroughs in developing such cost-effective and high-performance electrocatalysts are essential for accelerating the global transition to clean energy. “Making green hydrogen production economically viable will be a game-changer,” he asserted. “It will reduce our dependence on fossil fuels, improve energy security, and significantly contribute to national and international goals for reducing greenhouse gas emissions and mitigating climate change.”

    He envisions a future where these innovative, earth-abundant catalysts are widely used in industrial-scale electrolyzers. Therefore, the researchers aim to scale production and integrate the catalyst into commercial electrolyzers. “Our next goal is to achieve performance parity with platinum in all pH conditions,” said Dr Raheem.

    Dr Raheem concluded with a visionary note: “This isn’t just a scientific advance—it’s a step toward energy independence and a cleaner future. Sustainable hydrogen is no longer a luxury; it’s a necessity.” “This research is a vital step towards unlocking the full potential of green hydrogen as a clean and sustainable energy source,” Dr Raheem concluded. “Continued investment and focus on material innovation in electrocatalysis are crucial to build a cleaner, healthier planet for future generations.”

  • Energy: Makinde commissions 5MW Phase 1 of Ibadan Hybrid Power Plant

    Energy: Makinde commissions 5MW Phase 1 of Ibadan Hybrid Power Plant

    Governor Seyi Makinde of Oyo State on Friday commissioned the 5MW Phase 1 of the 11MW Ibadan Hybrid Power Plant (IBHP) to boost power generation and supply for a sustainable energy in the state.

    The commissioning held at the Power House, State Secretariat, Agodi, Ibadan on Friday.

    The governor said the hybrid power facility, which combines solar and gas energy, will enhance the state’s power supply, reduce energy costs, and promote environmental sustainability, adding that the Ibadan Hybrid Power Plant marks a historic achievement in the state’s energy sector.

    The power project which is private sector driven on the basis of Build, Own, Operate and Transfer (BOOT) arrangement will supply the state government Secretariat and the state House of Assembly among others.

    He noted that the Phase 1 completion, of the power project would serve and deliver uninterrupted power to critical infrastructure which also include 12 different healthcare facilities, a sports complex, judicial complexes, and some selected schools.

    He emphasized that the hybrid power system would not only boost power supply to industries and households but also contribute to reducing the carbon footprint by utilizing renewable sources of energy, aligning with global efforts to combat climate change.

    Stating the project would also enhance safety and visibility as well as boosting energy reliability and sustainability in the state, Makinde stressed that the power project would serve as a model to follow in Nigeria.

    Makinde said: “As we commission this first phase of a project that I believe would serve as the fulcrum that is pivotal to the future development in our dear state. As every business person will tell you, there is a difference between growth and skill. To achieve growth, an organization will have resources and they try to limit their expenditure. So, this is what we have been doing in Oyo State for the past five and a half years.

    Read Also: Makinde inaugurates 10 judges

    “This power plant is 100 per cent private investment because the government don’t have the money to do everything. But as government, we provided the enabling environment for investors to know that we are serious people. We have invested in road construction, interconnecting all the zones so that development spereads across the state.

    “We have focused on agribusiness so that investors come into our state through Private Public Development Partnership. We have invested in security so that see our dear state as they go to investment destination in Nigeria.

    “We have taken strategic steps to reduce our infrastructure deficit and the result has been the growth of our economy. Our GDP grew by about 90 per cent — from N2.75trn in 2019 to N4.05trn as of 2022. But as we speak to these investors, they always talk about one aspect of the economy that should be an absolute game changer, having reliable and interrupted power supply, it’s a big deal.

    “I know where we want to be as a nation in terms of capacity to generate and distribute power but we are nowhere near that place. That’s why all over the place, we have generators. So, when we had the groundbreaking ceremony here, it became clear to us to go from growth to a game changer for our economy to go to scale, a point where you are just using what you have to stretch the envelope. So, the groundbreaking was done on Saturday 11th of December, 2021. This was two years before the FG gave the go ahead for state to have its own powers to generate, transmit and distribute their own power.

    “Now, as a state, we can look at our own power requirement and bridge the cap without looking towards anyone else. And this is exactly the trajectory we are on in Oyo State.

    “We took advantage of the changing times and working with House of Assembly in February this year. We signed the Oyo State Electricity Regulation Bill into law. So, it is in force now. We wasted almost a year trying to get approval from Nigeria Electricity Regulatory commission for this power plant. But for the next power plant, it is now under our own control. It won’t take one month. I am saying to investors now that the coast is clear.

    “So, today, we are here to commission the first phase of of the IPP. Again, I will thank our partner for believing in us. Because what you have done is to put in your money with the hope that you will recover it from our monthly payment. And I give you the assurance that we will not default. With the completion of this phase, Oyo State has gone from producing electricity at the mini grid stage to 5MW electricity with 4MW gas’s and 1MW of solar.

    “You may be thinking that the 5MW is low but let us put this in perspective. Oyo State receives an average of 80MWatts from the national grid. The 5MW is roughly 7 per cent. We may be going to 500MW but, today, we have taken a step.

    “I am in custody of a report. Done for the European Union, it is about visibility for solar deployment on the continent of Africa. So, it was not done for Oyo State nor for Nigeria but for EU on a continent-wide research. And you know the good news? There is a place where you have a very high concentration of sun energy in Oyo State – Igbojaiye in Itesiwaju local government area. We will deploy solar as we want to go as much as possible for renewable.

    “My ambition is to launch a 500MW solar project in that space so that in the years to come, not only Oyo State will be self-sufficient in generating its own power, we will also be exporting power internationally. This is because we share border with Republic of Benin and we can easily sell power to industries there. We will launch that project before the end of my tenure.

    “This is an absolute game-changer. We signed an agreement with shell and they have welded the first pipe and the $100m investment is well on its way. This is a direct investment which is not going through anybody.

    “Truly, there are better days ahead for Oyo State economy and all of us here are playing a part in making history. Like I said, we are not stopping here. Even if they want to stop us, we won’t stop because we are well on our way. So, we are seeking more investors in the energy sector to the state and there is market for that. And this is a demonstration that you have a serious and responsble government in Oyo State that would continue to provide the enabling environment for businesses to thrive.”

    Other stakeholders who spoke at the event also lauded the project, describing it as a significant step toward diversifying Oyo state’s energy mix, which has traditionally been dependent on national grid while expressing optimism that the Ibadan Hybrid Power Plant could serve as a blueprint for other states to harness the potential of renewable energy in tackling power shortages and achieving energy security.

  • Deregulation will bring stability, growth to Nigeria, says Sunmonu

    Deregulation will bring stability, growth to Nigeria, says Sunmonu

    …‘Regular tax payment key’

    Dr. Mutiu Sunmonu, chairman of Julius Berger PLC and former Country Chair of Shell Petroleum Development Company, stated on Tuesday, December 3, that while deregulation will come with pains, it will ultimately bring stability and growth to Nigeria.

    He urged Nigeria to transition from being a country of importers to one of productivity.

    Sunmonu spoke on the topic “Nation-building in a Deregulated Economy: A Clarion Call for Citizens” during the University of Lagos Alumni Association lecture held at Ade Ajayi Hall, UNILAG, Akoka.

    The lecture, hosted by association president Ife Oyedele and chaired by Dr. John Momoh, featured notable attendees including Vice Chancellor Prof. Folasade Ogunsola, Deputy Vice-Chancellor Prof. Ayodele Atsenuwa, Ogbeni Oja of Ijebu-Ode Dr. Sunny Kuku, Emeritus Prof. Olayide Abass, Prof. Khalid Adekoya, and Lekan Fatodu, Chairman of Lagos State Sports Commission.

    Sunmonu reflected on the bold and courageous reforms of the Tinubu administration, particularly the removal of fuel subsidy, the floating of forex, and tax reforms, emphasizing their critical importance.

    He lamented that Nigeria had failed in some ways, stressing that its economy had derailed. 

    Sunmonu, who graduated from UNILAG with a First Class in Mathematics and Computer Science, noted that people are complaining bitterly and accusing the government of neglect. 

    However, he frowned at the assessment of the economy by some people not based on logic and empirical evidence.

    He acknowledged that everyday, there is a huge debate about prices and the value of Naira in relation to the dollar.

    Read Also: Deregulation not licence to blend bad petrol, says Dangote

    Sunmonu pointed out that Nigeria has been sick for a long time, having been assailed by low productivity and soaring unemployment. 

    Describing fuel subsidy as evil, he said it was a problem that had gulped $40 annually while the gains were not felt by all. 

    Sunmonu said the money spent on subsidy can be channelled towards the development of education, social infrastructure and subsidy targeted at direct public welfare.

    He said the best form of subsidy is ‘target subsidy,’ including subsidising food production.

    Sunmonu said the argument that cheap petrol for the masses may be fallacious.

    Urging Nigerians to expect the gains of a deregulated economy, he said: “Deregulation will come with pain but in the end, it will bring stability which will bring growth.”

    He added: “I don’t want us to lose hope based on the short-term effects of the current economic reforms. In the future, we will have much to gain, if we sustain the momentum.”

    Sunmonu urged Nigerians to pay their taxes accurately and promptly. 

    Welcoming the guests, Oyedele urged the alumni to come to the aid of the institution so that it can meet its needs. 

    He said: “UNILAG has a lot of needs. The electricity bill for one month is over N430 million. They still buy diesel. Your certificates will be worthless if your university cannot be the standard. We want the University of Lagos to be the best in Nigeria and one of the best in Africa.”

  • CSO seeks completion of Kaduna, Warri refineries

    CSO seeks completion of Kaduna, Warri refineries

    The National Civil Society Council of Nigeria has hailed the commencement of operations at the Port Harcourt refinery.

    The CSO acknowledged President Bola Tinubu’s unwavering commitment to reforming and transforming the petroleum sector, adding that this marked a significant milestone in “our Economic Recovery.”

    It also commended the Board of the Nigerian National Petroleum Company Limited (NNPCL) led by Chief Pius Akinyelure, and the Management led by Group Chief Executive Officer, Mele Kyarinfor the successful commencement of operations at the refinery.

    It however called on the NNPCL to prioritise resuming operations at the dormant Kaduna and Warri refineries.

    This, it said, will further boost Nigeria’s refining capacity and reduce reliance on imported petroleum products.

    Executive Director of the group, Blessing Akinlosotu, stated this at a press conference in Abuja yesterday.

    While welcoming the resumption of operations at the Port Harcourt Refining Company (PHRC), he described it as a landmark achievement that marks a significant milestone in Nigeria’s economic recovery.

    He said: “The National Civil Society Council of Nigeria commends the Nigerian National Petroleum Company Limited (NNPC Ltd.) for surpassing its revenue targets, reaching an impressive 14 trillion naira this year. This achievement marks the highest revenue recorded by the corporation, alongside the successful re-streaming of the Port Harcourt Refining Company.

    “The Council lauds the efforts of all contributors to this success, especially President Bola Ahmed Tinubu, GCFR, whose visionary leadership has been instrumental in transforming the Petroleum Sector. NCSCN remains optimistic that this achievement will drive further progress, and prosperity, ensuring Energy Security for Nigeria.

    Read Also: CSO, Tinubu’s Support Group score Navy high on war against oil theft

    “Furthermore, the Council encourages NNPC Limited to continue enhancing its Corporate Social Responsibility, particularly in Host Communities, to guarantee hitch-free production.

    “The Council reaffirms our commitment to collaborating with the Government, NNPC Ltd., and other stakeholders to ensure a bright and sustainable Energy future for Nigeria.”

    According to Akinlosotu, by re-streaming the Port Harcourt refinery, NNPC Ltd has fulfilled its promise, with the first loading of petroleum products from the refinery after years of unsuccessful attempts.

    “This feat heralds a new era in Nigeria’s Energy Sector, marking a giant stride towards self-sufficiency in petroleum production and a substantial reduction in reliance on foreign imports,” Akinlosotu said.

  • Shafa Energy unveils two new lubricants of 100% local content

    Shafa Energy unveils two new lubricants of 100% local content

    Shafa Energy has unveiled new lubricant brands utilising 100 percent local components, aimed at enhancing the performance and longevity of vehicles in Nigeria.

    The launch of the lubricant products, Shafa Doki and Shafa Shanu is seen to improve transportation and industries, which are considered the lifeblood of the economy.

    During the launch in Abuja, Chairman/CEO, Shafa Energy, Yakubu Maishanu emphasised the company’s commitment to providing quality solutions tailored for Nigeria’s unique environment.

    Represented by the Managing Director, Ali Abiodun Ibrahim, he said “Without efficient vehicles and machinery, the movement of goods, services, and people would come to a standstill.”

    The company said that with its over 150 retail outlets nationwide, the products are easily accessible.

    Maishanu said the company considered the everyday challenges faced by Nigerian motorists and industrial machinery users such as frequent engine breakdowns, high maintenance costs, and difficulty in identifying reliable products in the market.

    “We understand the importance of efficiency and reliability.

    With Shafa Doki and Shafa Shanu, we are addressing these issues head-on.  Our lubricants are designed to reduce wear and tear, extend engine life, and minimize the cost of maintenance.  

    The lubricants we are launching today are therefore more than just products; they are enablers of Nigeria’s progress.

    “We present to you, our new range of lubricants specifically designed to enhance engine longevity, performance, and affordability, thereby ensuring Nigerian drivers and businesses get value for their money.”

    He said that Shafa Doki is designed for a wide range of vehicles, while Shafa Shanu targets heavy-duty engines.

    According to him, both products promise improved fuel efficiency and reduced maintenance costs, marking a significant advancement in Nigeria’s lubricant market.

    “If you’re producing lubricants, the key thing that you need to think about is durability, strength, and endurance, because the engines will need to last long.

    “And so in order for you to do that, you need to formulate a blend that will enhance the performance of engines, which is the reason for the names ‘Doki’ and ‘Shanu’ to explain the strength that we gained behind our vision.”

    Read Also: Shafa Energy launches new lubricant

    Also speaking, the executive director, Commercial, Hafsat Ambursa noted that in terms of local content, everything about these products is purely domestic and Nigerian.

    “There is nothing in these products that is international. The blending, and the production, all have taken place in Nigeria and will continue to take place in Nigeria.

    And maybe it’s also important that I mention that in AYM Shafa, our workforce is 100 percent Nigerian. So sustainability is confirmed and asserted.

    “However, also, with regards to affordability, we will remain affordable to Nigerians by ensuring that we continue to maintain a lean and cost-efficient supply chain.

    “A lean and cost-efficient supply chain eliminates waste. It also focuses on ensuring that you continue to remain focused on your customers’ demands,” Ambursa said.

  • NUPRC surpasses revenue target by 49 percent

    NUPRC surpasses revenue target by 49 percent

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has surpassed its revenue target by 49 percent when global hydrocarbon producers are witnessing lower royalties and weak margins.

    The achievement is coming despite onslaughts on oil and gas investments due to the global push for energy transition.

    The revenue surge was disclosed at the public interaction hearing organised by the National Assembly (NASS) Joint Committees of Finance and Planning on the 2025–2027 Medium-Term Fiscal Framework (MTF) and Fiscal Strategy Paper (FSP).

    As of October 2024, the NUPRC had surpassed its revenue target by 49 per cent, signaling more revenues for the government to fund its deficits.

    The revenue performance follows NUPRC’s transformation of the country’s upstream sector using regulation to block leakages and open up the industry for massive investments despite the divestment of some oil and gas assets.

    The Petroleum Industry Act, 2021 established the NUPRC, which is headed by the pioneer Commission Chief Executive (CCE), Engr. Gbenga Komolafe.

    Read Also: Reps yet to conclude investigation on non-remittance by NUPRC

    Since its establishment, Komolafe has consistently led the organisation to achieve and surpass the set revenue target.

    Reacting to the development, Komolafe said the commission is “poised to achieve more through various ongoing initiatives such as the project one million per day initiatives, bid round, drill or drop and other mandates as set by the PIA.”

    Recall that on October 22, 2024, the commission launched the one million barrels per day production initiative aimed at boosting daily production to over 2.7mbpd.

    Komolafe also led the launch of bid round for oil blocks in at the Offshore Technology Conference in Houston, Texas, USA, in May 2024, which has attracted investors like TotalEnergies among others.

    Another initiative that has fueled revenue collection is the drill or drop initiative, which mandates producers to drill a well within a specified time frame or forfeit the license area.

    NUPRC explained how it operates transparently in line with the framework that established the Federation Accounts, which has seen more revenues flow into government coffers in the last three years.

    “We are a patriotic and transparent regulator, and the commission is committed to serving the nation effectively. We owe that duty to the nation in the sense that if you have a regulator that is not transparent, that regulator will send the wrong signal to the international community,” Komolafe said in an interview with journalists recently.

    He added: “We are serving and helping the country to recover revenue in terms of royalty and it is just one aspect of our job and why it is important to situate that task in our statutory mandate is for checks and balances. It creates an unbroken chain of transparency for regulators to be responsible by helping the nation recover revenue.”

  • Fed Govt launches AGORA project to curb greenhouse gas emissions

    Fed Govt launches AGORA project to curb greenhouse gas emissions

    The Federal Government has launched the Abating Greenhouse Gas Emission from Obsolete Refrigeration and Air Conditioning (AGORA) Equipment project, a bold initiative aimed at reducing greenhouse gas (GHG) emissions and addressing climate change.

    The project, launched at a workshop organised by the Federal Ministry of Environment through the National Ozone Office,  in collaboration with the Energy Commission of Nigeria, the United Nations Environment Programme (UNEP-U4E), and the United Nations Development Programme (UNDP).

    The workshop with the theme: “Abating Greenhouse Gas Emissions from Obsolete Refrigeration and Airconditioning Equipment in Ghana and Nigeria,”  emphasised the project’s potential to promote energy-efficient and climate-friendly cooling technologies in Nigeria and Ghana.

    Speaking at the workshop, National Ozone Officer at the Federal Ministry of Environment, Mr. Idris Abdullahi, outlined the project’s goals, emphasising its focus on transitioning to energy-efficient and low global warming potential (GWP) technologies. 

    He noted that the AGORA project, slated to run for three years, will strengthen policies to phase out old and inefficient refrigeration and air conditioning equipment that use high-GWP refrigerants.

     “The AGORA project that we are launching today presents another opportunity for us to further advance our efforts towards the promotion of Energy Efficient and Low GWP technologies in the RAC sector by Establishing and strengthening policies, regulations and partnerships to ensure the success of the transition to Energy Efficient and Low GWP RAC equipment thereby leading to the reduction of GHG emissions at the equipment’s end of life and transforming the RAC market through ambitious replacement programmes for old and in-efficient equipment using high GWP refrigerants, initiating market transformation in the air-conditioning sector in Africa and also supporting South-South cooperation between Nigeria and Ghana, since the project will be implemented in both countries”.

    Abdullahi recalled that Nigeria is a party to the Montreal Protocol on Substances that deplete the Ozone Layer and has ratified all its Amendments, the recent being the Kigali Amendment on phase-down of Hydrofluorocarbons, which are greenhouse gases used mainly as cooling agents in the refrigeration and airconditioning sector.

    He said, “Over the past three decades, Nigeria has been implementing the Protocol’s Ozone Depleting Substances Phase out Programme in the relevant sectors, such as Refrigeration, Air Conditioning, and Foam, among others”.

    A representative of the Energy Commission of Nigeria, Dr. Shehu Mustafa,  highlighted the initiative’s alignment with Nigeria’s climate goals.

     He stressed that the project will shape the future of air conditioning and refrigeration standards in the country, contributing to sustainable energy access and economic growth.

    UNDP Regional Technical Advisor for Africa, Mr. Joel Darkwah, praised Nigeria’s proactive role in implementing the Montreal Protocol and its Kigali Amendment, both aimed at phasing out harmful refrigerants. 

    He commended the AGORA project for promoting sustainable cooling solutions, supporting a circular economy, and strengthening partnerships within the ECOWAS region.

    Darkwah noted, “In this process, Nigeria has been fully engaged in its national plans to phase out the least sustainable classes of refrigerants, such as HCFCs or HFCs –for which Nigeria has just developed is Kigali Implementation Plan and is presenting it for funding to the Multilateral Fund for the Montreal Protocol. It was one of the first countries, supported by UNDP, to develop and adopt a National Cooling Plan.

    “Nigeria, under the leadership of its National Ozone Office, geared by Engineer Idris Abdulahi, and its Energy Commission, has wished to go further and be again one of the precursors on the continent.

    “In partnership with UNDP and UNEP, it successfully applied for a grant by the French Fund for Global Environment, FFEM, which aims at supporting innovative environmental solutions in complement to the multilateral institutions. It decided to partner with its neighbor, the Ghanaian Government, to exchange best practices and learn from each other, within the context of ECOWAS.

    “This gave birth to the AGORA project, which aims at reducing the greenhouse gas emissions form current and obsolete Refrigeration and AC equipment in Ghana and Nigeria – a concrete step to support the economy while protecting the climate” he said.

    He assured that the equipment replaced is handled properly through proper sound disposal.

    Darkwah charged the media to increase public awareness on this process for the uptake of sustainable cooling options at the household level.

    In his remarks, the UNEP-U4E, project Manager, Mr. Mzwandile Thwala, also explained that AGORA Project is advancing efforts to integrate energy-efficient and sustainable cooling solutions into Nigeria’s climate goals.

    He further described the project as a tool in addressing climate challenges as well as driving economic growth and enhancing the well-being of communities in promoting the use of low-GWP refrigerants and energy-efficient ACs in residential and commercial sectors to reduce energy demand and emissions.

    Thwala outlined UNEP-U4E’s Integrated Policy Approach to advocate for an integrated policy approach saying it facilitates the transition to a sustainable cooling solution. He further added that the AGORA project provides a platform to accelerate the replacement of obsolete RAC equipment with energy-efficient and climate-friendly alternatives.

    The AGORA project builds on Nigeria’s decades-long commitment to the Montreal Protocol on Substances that Deplete the Ozone Layer. It will support energy-efficient technologies, promote sustainable cooling options, and accelerate the transition to environmentally friendly alternatives in residential and commercial sectors.