NEWS
NNPC Ltd. Signs 10-year Deal to Supply 100mmscf/d Gas to Dangote Refinery
The NNPC Gas Marketing Limited (NGML), a subsidiary of the Nigerian National Petroleum Company Ltd. (NNPC Ltd.), has executed a Gas Sale and Purchase Agreement (GSPA) with Dangote Petroleum Refinery and Petrochemicals FZE.Under the agreement, the NNPC Gas Marketing Limited will supply 100 Cubic Feet Per Day (MMSCF/D) gas to Dangote Refinery for an initial period of 10 years to boost local production and revamp industrial growth.
The agreement was signed by the Managing Director, NGML, Mr Justin Ezeala and the President/CEO, Dangote Group, Aliko Dangote on Tuesday at the Corporate Head Office of Dangote in Falomo, Lagos State. Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. in a statement said the agreement outlined the supply of natural gas for power generation and feedstock at the Dangote Refinery, in Ibeju-Lekki, Lagos State.Soneye said the milestone was in line with President Bola Tinubu’s policy of utilising Nigeria’s abundant gas resources towards revamping the nation’s industrial growth and kickstarting its economic prosperity.“This development, which sees a huge investment of this nature penned with zero Capital Expenditure (CAPEX) outlay, has been described by many as unprecedented in the history of NGML or any gas Local Distribution Company (LDC) in the country.“Under the terms of the agreement, NGML will supply 100 million standard MMSCF/D; 50MMSCF/D being firm supply and the rest 50MMSCF/D interruptible natural gas supply to the refinery for an initial period of 10 years, with options for renewal and growth.“This collaboration is a significant step toward ensuring the operational success of the Dangote Refinery and enhancing Nigeria’s domestic gas utilisation.“NNPC Ltd, through NGML, its gas marketing subsidiary, continues to lead efforts in promoting the use of domestic gas to support industries and businesses nationwide,” he said.He said the agreement represented a milestone for both NNPC Ltd. and Dangote Refinery, aligning with their shared commitment to boosting local production and providing vital products for the benefit of all Nigerians.According to him, it is a further proof of NGML’s unwavering commitment to business excellence and fulfilling NNPC Ltd’s core mandate of ensuring energy security through the execution of strategic gas projects across the country. (NAN
Abia House of Assembly has denied social media report that it mandated the Deputy Governor, Ikechukwu Emetu, to issue a public apology over a misunderstanding between him and its member.The Deputy Speaker and Spokesperson, Austin Meregini, who debunked such report while addressing newsmen in Umuahia on Thursday, said the House did not reach any resolution to that effect.
He admitted that there was a misunderstanding between the deputy governor and Mr Mba Nwoko, member representing Ohafia South State Constituency, but said the matter had been taken care of Report says that there have been publications by social media of the House mandating the deputy governor to apologise to Nwoko for disrespecting the lawmaker during the recent state-wide local government elections. It was alleged that Emetu, who is from the same constituency with Nwoko, had instructed the security operatives to arrest the lawmaker for asking about the election result sheet.Condemning the report, Meregini, who is the Chairman, House Committee on Media, said that it was the imagination and figment of the mischief makers.He said that the deputy governor and the lawmaker are brothers, hence there was no need for the Assembly to pass a resolution mandating such an apology.Meregini said: “I was present at the Tuesday sitting, both at the plenary and executive session; there was no time we reached such resolution.“We do not condone any kind of misunderstanding, but as long as we co-exist, there’s bound to be misunderstanding every now and then.“When there is need, we do offer constructive criticism and constructive oversight on the activities of the government and the Executive and we expect that it will continue.”He reaffirmed the robust relationship between the Legislature and the Executive, saying that it would continue to exist for the benefit of Abia people.The deputy speaker commended the Executive on the level of implementation, while expressing satisfaction with the quality of bills passed by the Assembly.(NAN)
The Federal Executive Council (FEC) has proposed the sum of N47.9 trillion for the 2025 fiscal year for submission to the National Assembly on Monday.The Minister of Budget and Economic Planning, Atiku Bagudu disclosed this after the Council meeting chaired by President Bola Tinubu on Thursday at the Presidential Villa.
According to him, the Council pegged the price of crude oil at 75 dollar per barrel and proposed N1400 as exchange rate to a dollar with oil production put at 2. 06million barrels per day.Bagudu said that the budget proposal included new borrowings of N9.2 trillion to finance the budget deficit in 2025.The minister added that with the growth rate of 3.19 per cent as at the second quarter of 2024, the Federal Government would continue to tackle Inflation, strengthen economic resilience and provide more support for the economy.He also said that government would continue to support high employment generation sectors, improve business environment and effective implementation of youths development and social investment programmes.Bagudu also disclosed that FEC reviewed the 2024 Budget implementation and acknowledged that the review revealed promising in revenue collection and expenditure management.” Despite lacks in prorated target, the overall trajectory shows that fiscal effort are on track with key non-oil streams performing better than anticipated.Similarly, the minister said FEC approved the medium term expenditure framework and the fiscal strategy paper to be submitted to the NASS.” This is in addition to the bills that are already at the National Assembly, the Economic Stabilisation Bill and Tax Reforms Bill , which we believe we will have a very strong growth in 2025,” he said. (NAN)
Gov. Monday Okpebholo of Edo has ordered immediate freezing of all the state bank accounts until further notice.Okpebholo gave the directive in a statement issued by his Chief Press Secretary, Mr Fred Itua, on Thursday in Benin.He warned that non-compliance by commercial banks as well as heads of ministries, departments and agencies (MDAs) would result in severe penalties.
“All bank accounts in all commercial banks are now frozen. Commercial banks must ensure strict adherence and prevent any withdrawal from government accounts until further notice,” the statement said. Okpebholo stated that necessary investigations and financial reconciliations would determine subsequent actions.He also ordered the reversal of the Ministry of Roads and Bridges to the old Ministry of Works with immediate effect.The governor cited what he called lack of completed bridges or significant road projects as a justification for changing the ministry of roads and bridges back to ministry of works.“It is ironic that despite its name, the ministry did not construct a single bridge, not even a pedestrian one,” he said.The governor directed immediate implementation and reflection of the new name across official documents and platforms. (NAN)
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