News
One Billion Barrel of Crude Oil Discovered In North East – Sylva
The Minister of State for Petroleum Resources, Timipre Slyva, said that about one billion barrels of crude oil have been discovered in the North Eastern part of Nigeria.
Mr Sylva made the disclosure at a news conference to end the 2020 Nigeria International Petroleum Summit, NIPS, in Abuja on Wednesday.
“The figure we are getting, the jury is not totally out yet but from the evaluation results we are getting the reserve that has been discovered in the North East is about a billion barrels.
“Those are the kind of figures we are seeing and we are beginning to understand the geological structure of the region,” he said.
According to him, a lot of oil is yet to be found in the country.
He added that there is the need for more exploration in the country as more oil would be discovered.
Commenting on passing of the Petroleum Industry Bill, PIB, by June, he said that he was confident that it would be passed based on cordial relationship between the legislature and the executive.
“We are banking on the fact today to make that promise on the fact that there is a very cordial relationship now between the legislature and executive.
“Today Nigerians all agree that there is a need for us to pass the PIB.
“For so long we have been quivering about the PIB, for more than 20 years. And for so long, we have not been able to attract a lot of investment into the oil sector.
”Let me give you an example, by the year 2002, our oil reserves stood at around 22 billion barrels. We were able to grow that reserve from 22 billion barrels to 37 billion barrels by 2007.
”From 2007 to now, we have only been able to grow our reserves from 37 billion barrels to 37.5 billion barrels, in more than 10 years. Why? Not much investment is coming into Nigeria,” he added.
He noted that investors could not invest in Nigeria if the fiscal framework was shaking or uncertain.
“If nobody knows when laws will be passed, nobody will want to invest new capital in Nigeria. And that is why you see that we have almost been stagnant in the Nigerian oil industry.
So, we believe today that there is a consensus among all of us – industry, Nigerians and government – that there is a need to stabilise the fiscal framework so that investors will be certain and move their money to Nigeria.
“There are very great opportunities in Nigeria, and I believe if we can only stabilise the fiscal framework and bring peace to Nigeria, investments will flow into Nigeria.
“That is really what gives me the confidence to say that there is a consensus now among all patriotic Nigerians that in six months the PIB will be passed,” he added.
On revamping of the refineries, he said that rehabilitation of Port Harcourt refinery would start in the first quarter of 2020.
“We are going to start the rehabilitation of the port Harcourt refinery which is the biggest refinery in Nigeria, if we are able to finish the port Harcourt refinery we would have achieved a lot as a government. “
“Meanwhile we are also continuing with studies around Warri refinery, we are also continuing discussions around Kaduna refineries,” he said.
News
Man dies after setting himself, wife on fire in Ondo
An as-yet-unnamed man has died after setting himself and his wife ablaze in the Ijoka Area of Akure, Ondo State.
It was gathered that the couple, who had been married for ten years and had two children, had separated following an undisclosed marital issue.
The incident was disclosed by the state police command on its X handle on Friday.
The police reported that the deceased took the fatal action against himself and his wife after he had begged her for reconciliation, but she refused to end the crisis.
A police source, who requested anonymity as they were not authorised to speak on the matter, said: “The man had been separated from his wife for some time but had been begging her to end the conflict between them and continue their lives as husband and wife. However, the wife refused.
“So, on a fateful day, the deceased invited his estranged wife to his house to pick up an item. When she arrived, he began begging her again. But the wife insisted on not reconciling, which led him to lock the door from the back, pour petrol on both himself and the woman, and set them on fire. He died on the spot.”
When contacted, the state Police Public Relations Officer, Funmilayo Odunlami, confirmed the incident, adding that while the husband died, the wife was still in hospital receiving treatment.
Odunlami stated, “They were married and, along the way, had issues that caused them to stay apart. The deceased asked his wife to come over and collect a wardrobe. When she arrived, he began threatening to kill himself but later locked the door so that both of them would die together.
“Using fuel and a lighter, he set himself and the woman ablaze. He died on the spot, while the woman suffered major burns.”
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News
Nigeria cannot achieve meaningful development without power sector reforms –VP Shettima
Nigeria’s Vice President, Kashim Shettima, says the country cannot achieve economic development without addressing the power sector crisis.
This is as he urged leaders in the country to rise above their differences, confront the power sector crisis and make Nigeria an industrialized nation.
Shettima stated this when while inaugurating the National Economic Council, NEC, Ad-Hoc Committee on National Electrification and NEC Ad Hoc Committee on Polio Eradication at the Presidential Villa, Abuja.
“One common thing with these countries and others in the post-industrial revolution community is that they have largely resolved the issue of energy insufficiency.
“There is no doubt that we cannot dream of meaningful national economic development without addressing the issue in the power sector and ensuring that Nigerians have accessible, available and affordable energy,” he stated.
While regretting that an estimated 40-70 percent of Nigerians have no formal access to electricity, Shettima said he is comforted by the knowledge that the calibre and experiences of Governors and other members of the committee will change the narrative in a positive trajectory.
The VP acknowledged the basic challenges in the nation’s power sector, particularly the national grid which has been witnessing system collapse.
Shettima, however, expressed hope that there would soon be significant improvement following the recent reforms in the energy sector which have opened the sector, not only to the participation of, otherwise, excluded players, but also to attract investments, both foreign and local.
News
Tinubu appoints Nwakuche Ndidi acting Controller-General of prisons
President Bola Tinubu has approved the appointment of Nwakuche Ndidi as the Acting Controller-General of the Nigerian Correctional Service.
In a statement released on Friday, Ja’afaru Ahmed, the Secretary of the Civil Defence, Correctional, Fire, and Immigration Board, announced that Ndidi’s appointment will officially begin on December 15, 2024.
His appointment comes after the conclusion of the term of the current Comptroller General, Haliru Nababa.
The statement reads: “The President and Commander-in-Chief of the Armed Forces, Bola Ahmed Tinubu, GCFR, has graciously approved the appointment of Nwakuche Sylvester Ndidi as Acting Controller-General of the Nigerian Correctional Service following the expiration of the tenure of Haliru Nababa. His appointment takes effect from December 15, 2024.
“Nwakuche, born on November 26, 1966, hails from Oguta in Imo State. Until his appointment, he was the Deputy Controller-General in charge of the Training and Staff Development Directorate. He is a fellow of the prestigious National Institute for Policy and Strategic Studies and holds the national honour of Member of the Federal Republic.
“The President further enjoined him to bring his wealth of experience to bear in his new capacity.”
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