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.
Economy
ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku
ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku
ADC is Nigeria’s only reliable political party, others brought insecurity, hunger, says Atiku. Former Vice-President Atiku Abubukar says the African Democratic Congress (ADC) is the only reliable political party in the country, noting that others have brought insecurity, hunger, poverty and unemployment.
Speaking in Jalingo, the capital of Taraba state, during the official opening of the ADC state secretariat, Abubakar said the party is ready for a 2027 victory but urged Nigerians to unite to rescue the nation.
He also asked Taraba residents to take part in the ongoing continuous voter registration exercise, adding that their participation is crucial to reversing Nigeria’s worsening hardship.
“I am in Taraba to inaugurate our new party office of the ADC, and I want you to hold the party with integrity,” Channels Television quoted Atiku as saying.
“Do not allow anybody to deceive you with any other party, because we have tasted other political parties, and they brought nothing but insecurity, hunger, poverty and unemployment. “The youths and women should know that we are doing this for them to have a better future, and I am holding on to their promise. “ADC will win Taraba state and win Nigeria as the only reliable political party.”
ADC Is Nigeria’s Only Reliable Political Party
Abubakar, who formally joined the ADC on Monday—17 months before the 2027 general election—said his experience across political platforms convinced him that the All Progressives Congress (APC), the Peoples Democratic Party (PDP) and other parties lack the capacity to rescue the country.
He resigned from the PDP on July 16, citing “irreconcilable differences” within the opposition party as his reason for leaving.
Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development
Akwa Ibom governor pledges commitment to tourism, blue economy development… commends Editi Effiong for projecting State’s tourism potentials
As part of his effort to encourage tourism and enhance the State’s blue economy, Akwa Ibom State Governor, Pastor Umo Eno, has reiterated his administration’s commitment to encourage and reward young professionals who are willing to collaborate with his administration in promoting the positive image of the State through the ARISE Agenda.
The Governor made this known while fielding questions from Government House correspondents shortly after embarking on inspection of a locale of a movie, “The Black Book 2” (Old Scores), at Ishiet Beach/Market in Uruan Local Government Area.
He commended the movie Producer and Director, Mr. Editi Effiong, for his talent, vision, inspiration, and creative ability to project the tourism potentials and boost the economy of the State.
Governor Eno charged young Akwa Ibomites to shun divisive tendencies, be inspired, and emulate the creative effort of successful Akwa Ibom sons and daughters by joining hands to develop the tourism and blue economy of the State.
“The impression is amazing, seeing that we have one of our own trying to pull the world down here.
“I would love to thank and encourage him, and to let our young people see that Akwa Ibom has what it takes to drag the world’s attention.
“It depends on what you see. Someone can see this place and write one story about a swamp that has been abandoned and make all the noise. Another person sees this place and makes a great movie out of it that will market this place to the world and is able to attract the attention because of the work he has done here,” he said.
The State Chief Executive pledged his encouragement, support, and collaboration with Editi and other young Akwa Ibomites to enable them rise to the zenith of their calling.
“We are going to work with him. Editi is a young man I have known very well. This is one thing I say to our people in the diaspora, let’s partner. Come back home, whatever you see out there, bring it back here, and let’s work together.
“I think that is the story, and I am really impressed. If you know the number of people that have visited this State in the course of this film, the talents, and the caliber of artists that have been here, then this young man deserves an award and our support,” he added.
Ibom Deep SeaPort
On his part, the movie Producer and Director, Effiong, appreciated Governor Eno for his visionary leadership and passion for tourism development.
He expressed gratitude to the Governor for creating a hospitable and tourism friendly ecosystem to enhance talent exploration through the provision of good road network and quality modern facilities which distinguished the State as one of the most treasured locations in the country.
EFCC Releases Ex-AGF Malami After Hours Of Interrogation
EFCC releases ex-AGF Malami after hours of interrogation. He said he would return for further questioning.
The Economic and Financial Crimes Commission (EFCC) has released the former attorney general of the federation and minister of justice, Abubakar Malami, after hours of interrogation by the anti-graft team.
Mr Malami confirmed his release in his X account on Saturday. The former minister said that he had been released and scheduled for another meeting with investigators.
He said that the reality behind the “fabricated allegations” levelled against him would become clearer with time.
“In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for his divine intervention. “The engagement was successful and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continues to unfold.”
EFCC Releases Ex-AGF Malami After Hours Of Interrogation
The EFCC had summoned Mr Malami through a letter dated November 24, and signed by Sunday Ofen-Imu on behalf of its chairman, Ola Olukoyede.
The EFCC did not disclose the specific allegations for which Mr Malami was invited.
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