Economy
Nigeria, LNG Arete Dign $27.3m Deal To Boost Gas Supply
Nigeria, LNG Arete Dign $27.3m Deal To Boost Gas Supply
Nigeria, LNG Arete sign $27.3m deal to boost gas supply. Mr Oluwagbemi said the project would employ over 100 Nigerians.
The Presidential Compressed Natural Gas Initiative (P-CNGi) and LNG Arete Ltd., on Friday, signed a Memorandum of Understanding (MoU) on a $27.3 million gas plant project to boost CNG infrastructure investment, expansion and availability.
The programme director/chief executive officer, P-CNGi, Michael Oluwagbemi, said the partnership aimed at constructing a Liquefied Natural Gas (LNG) plant with a processing capacity of seven million standard cubic feet per day (MMSCFD).
The P-CNGi (investing six million dollars) is co-investing alongside the LNG Arete (investing $12 million) and the Midstream Downstream Gas Infrastructure Fund, under the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Mr Oluwagbemi said the project, which would employ over 100 Nigerians, would accelerate CNG infrastructure development in the north, securing a 25 per cent equity stake in LNG Arete’s seven MSCFD mini LNG facility located in Ajaokuta, Kogi state.
According to him, the project, which will become operational in the next 12 to 16 months, will establish a critical supply hub for CNG across Northern Nigeria, and beyond.
He said it would ensure stable cost-competitive CNG supply for industry and residential users in the north which was underserved.
Mr Oluwagbemi said due to increasing demands to access gas for transportation and industrialisation, the President was determined to bring affordable transportation programmes by leveraging abundant gas resources and boost steady supply to the end users.
“Gas is cheaper, it is safer, and more reliable.
“Of course, the previous administration and this administration have been committed to moving gas from the region where it is primarily produced today, which is the southern part of the country, to the rest of the country.
“That is why the Nigerian National Petroleum Company Limited (NNPC Ltd.) and its partners have been investing in the Ajaokuta-Kaduna-Kano (AKK) gas pipeline.
“From the producing fields, the project will focus on a liquefaction plant and implant storage at Ajaokuta, and eventual pipeline trucks which will be able to move gas over further distances across the north of Nigeria,’’ he assured.
He said the LNG which would be transformed to CNG could be utilised by our power plants, as well as our vehicles and other industries, boosting industrialisation.
The P-CNGi boss said many industries across the north, ranging from textile, agriculture, processing to manufacturing, would benefit hugely from the project.
“The logistics, of course, of moving goods and food items from the north down to the south, especially, processed and manufactured products, will also be cheaper because of this project.
LNG Arete Dign
“And even more importantly, is that even when the north gets piped by natural gas in a few years’ time, this plant is still going to be very critical to enable LNG trucks that run more efficiently on LNG, even better than CNG.
“Those LNG trucks will begin to move Nigerian products from Nigeria to Ghana, and to Senegal, ensuring Nigerian products are very competitive and creating jobs,’’ he said.
Also speaking, Hajara Pitan, project director, LNG Arete, expressed appreciation to President Bola Tinubu, the management of P-CNGi and other enablers that ensured the reality of the agreement.
“A major reason for the lack of development of the gas sector has been the fact that infrastructure and gas is expensive, but with the mini LNG technology, we’re able to participate as Nigerians in this sector in a major way.
“Our aim is clear in LNG Arete to support the Federal Government in deepening gas utilisation across Nigeria, and especially in the underserved regions of northern Nigeria.
“LNG is liquefied natural gas, and so what that means is that we take gas from where it originates, we liquefy it by reducing the quantity and allow it to move around more easily,’’ she said.
Lagos Governor Sanwo-Olu Presents 100 Cars To Directors In Lagos Civil Service
Lagos Governor Sanwo-Olu. Mr Sanwo-Olu described the gesture as part of ongoing efforts to strengthen institutional capacity and improve governance.
Mr Sanwo-Olu described the gesture as part of ongoing efforts to strengthen institutional capacity and improve governance.
He presented the cars at a brief ceremony at the Pavilion, Lagos House, Ikeja, where the beneficiaries, all directors on grade level 17, received the vehicles.
“This presentation of 100 brand new cars to our substantive directors is a deliberate investment in the machinery of governance.
“It is part of our ongoing efforts to strengthen institutional capacity, improve governance, and ensure that those saddled with critical responsibilities are well supported to deliver effectively,” Mr Sanwo-Olu said.
He congratulated the beneficiaries and urged them to see the gesture as a call to greater responsibility, accountability, and dedication to public service.
Mr Sanwo-Olu said the state government remained committed to the welfare of its workforce and would continue to create an enabling environment for officers to perform optimally.
The governor urged that the gesture should inspire other public servants to be diligent and loyal.
The state’s head of service, Olabode Agoro, commended the governor for the gesture, describing it as morale-boosting and a demonstration that hard work and excellence were appreciated in the Lagos State civil service.
Sanwo-Olu
Mr Agoro said the presentation would further inspire directors and other officers to remain steadfast in their duties.
Thanking the governor on behalf of the beneficiaries, one of the directors, Shakirat Adeosun, said the gesture would enhance their efficiency and enable them to discharge their duties with greater ease.
She promised that the directors would continue to support government policies and deliver quality service.
Rising Oil Price Has Forced Some Countries To Ask Citizens To Work From Home: Dangote
Rising oil price. Dangote spoke to journalists after a courtesy visit to President Bola Tinubu on Monday after the Eid al-Fitr celebrations.
The businessman said if the Middle East conflict does not ease, energy prices will continue to rise, adding that governments are currently unable to increase salaries.
“So people will really feel the heat. People like barbers, people who are making bread, people who have industries, who have to fire their own generators,” he said.
“I mean, you can see, in some countries today what they’ve done is ask everybody to work from home because they cannot…
“I think in Indonesia or so, they said only go to work four days a week and they will look at the situation, if it doesn’t improve, they will ask everybody not to go to work anymore. We did that in the time of COVID-19, where people worked from home.”
Speaking further on the impact of the conflict, Dangote said it carries significant implications for Nigeria.
He noted that although the country is not directly involved, the interconnected nature of the global economy means it will inevitably feel the effects.
“But we pray this situation will be sorted out, it’s not going to escalate. If it doesn’t de-escalate, we’ll end up paying big prices,” Dangote said.
Furthermore, he said Africa is already heavily burdened by debt, and adding the effects of the conflict would worsen the strain on governments and citizens alike, despite having no direct involvement in the crisis.
“If you look at it now, when you talk about energy, energy affects almost everything and it’s not only energy, some people will try and take a chance and say this an opportunity so let me make money,” Dangote said.
“So I pray, and we all need to pray that this thing de-escalates. If it doesn’t escalate, normally we in Africa, we don’t have any reserves in terms of savings or in terms of…
“People normally go out and look for money for the next day or even for the same day. If they don’t work that day, they won’t eat. So I think really, we just need all hands on deck to pray that this thing comes to an end.”
Dangote
On March 20, the International Energy Agency (IEA) said minimising road and air transport, working from home where possible, driving slower, and switching to electric cooking could significantly help cushion the shock of the Middle East conflict for consumers.
FG Inaugurates PenCom Board, Tasks Members On Protection Of Pension Assets
The Federal Government has inaugurated the Board of the National Pension Commission, reinforcing its commitment to transparency, accountability, and the protection of over ₦28 trillion in pension assets.
Speaking at the ceremony, the SGF, Senator (Dr.) George Akume, charged members to uphold strong corporate governance while maintaining a clear boundary between oversight and management.
PenCom
The Board, led by Chairman Agbaje Opeyemi Olukayode, pledged to safeguard contributors’ funds and support national development, while the Director-General Omolola Oloworaran reaffirmed commitment to collaboration in delivering secure and timely retirement benefits for Nigerians.
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