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PCNGi: FG Proposes 1m Gas-powered Vehicles by 2027 – Project Director




The Presidential Compressed Natural Gas Initiative (PCNGi) says the Federal Government plans to put one million gas-powered vehicles on the road by 2027.

PCNGi’s Chief Executive Officer and Project Director, Mr Michael Oluwagbemi, made this known in a statement on Friday, after hosting the first-ever Compressed Natural Gas Stakeholders and Investors’ forum.

Oluwagbemi, who spoke on “A Comprehensive Overview of Nigeria’s CNG Ecosystem”, highlighted specific milestones among the bold vision and objectives of the CNG initiative.

“The Federal Government’s ambitious plan to put one million gas-powered vehicles on the road by 2027 means an average annual rate of 250,000 vehicle conversions per year.

“Other plans include the establishment of 40,000 auto gas conversion workshops and the creation of 750,000 jobs by 2027, across the emerging CNG value chain,” he said.

He said that the forum reinforced Nigeria’s suitability and commitment to transiting to a more efficient and sustainable gas-powered economy.

According to him, the high-power forum with the theme “Nigeria’s CNG Revolution: Harnessing Opportunities for a Sustainable Future”, featured presentations, panel discussions, exhibition and networking, among the attendees.

He said that the participants comprised key figures, critical stakeholders, indigenous and international experts in both public and private sectors, spanning across the energy, transportation, finance, and environment value chain.

“The occasion, among others, enabled stakeholders and investors the opportunity to assess the potentials of Nigeria’s CNG industry; evaluate the government’s ongoing efforts in advancing CNG as a sustainable fuel alternative for the nation.

“It was to also examine the regulatory framework vis-à-vis international best practices; and explore the economic opportunities that abound in the sub-sector in the committed transitioning to a gas-powered mobility system in the coming years,” he said.

The PCNGi boss, who is an engineer, noted that given the characteristics of CNG and its benefits as a cheaper fuel, the strategic vision guiding the initiative was to alleviate the cost of living for Nigerians.

He said that CNG will significantly reduce the cost of transportation and ultimately improve the standard of living with a cleaner and safer fuel.

Oluwagbemi said: “In all of these, our strategic objectives are very clear: How do we reduce the cost of transportation for the common man? How do we make Nigeria’s gas work for him or her?

“How do we ensure that this gas working for Nigeria, gives Nigeria an economic advantage?”

Speaking further to the viability of the framework that was adopted by PCNGi for the implementation of the CNG initiative, Oluwagbemi stated the comprehensive approach covering the industry’s demand and supply sides.

He added: “We’re not just focusing on conversion centres but also incentivising investment on the supply side, taking an end-to-end approach.”

He mentioned specific collaborations with the Gas Aggregation Company of Nigeria (GACN) and its partners to ensure sufficiency on the upstream side.

According to Oluwagbemi, the initiative is actively engaging the organised commercial transport operators’ network to integrate six million commercial vehicles into the CNG ecosystem.

Also, Toyin Subair, another member of the PCNGi, corroborated the economic advantage of Nigeria adopting CNG as an alternative fuel and reaffirmed that the transition is for the betterment of every Nigerian and the nation as an economy.

Subair said: “The good thing about this initiative is that we don’t need to subsidise or buy imported petrol.

“We (Nigeria) have our own gas here, and the 6 million commercial vehicles (that will be converted) are ours.

“If we dive into this commercial opportunity, we’ll bring down the cost of transportation for the average Nigerians.”

On his part, Dr Armstrong Takang, CEO of the Ministry of Finance Incorporated (MOFI), and member of the PCNGi Steering Committee, emphasised the crucial aspect of training engineers to implement the programme successfully.

“A major part of this programme is to train as many engineers as possible who are qualified and certified.

“Then, monitor them in terms of their practice, specifically focusing on the safety of gas-powered vehicles.

“This commitment to training and safety will ensure a robust foundation for the expansion and sustainability of the CNG ecosystem in Nigeria,” Takang said.

Dr Mohammed El-Gawish, an International CNG Expert and one of the panelists, validated the potential and feasibility of Nigeria’s CNG initiative.

Drawing parallels with the success of a similar initiative in Egypt in just two and a half years, El-Gawish commended Nigeria’s plans and action points.

He said, “The roadmap or the action plans that are put in place are all very promising.”

Meanwhile, addressing concerns about converting vehicles to CNG, Oluwagbemi reassured Nigerians that costs would be minimal with emphasis on affordability.

According to him, this is to underscore the government’s commitment to ensuring that the benefits of the CNG revolution are accessible to a broad spectrum of the population.

The PCNGI boss said that it would also to foster economic inclusivity and inspire a quicker and more comprehensive transition to a CNG-powered transportation landscape.

“Other highlights of the forum included a virtual and physical exhibition; panel discussions on “Navigating the CNG Ecosystem in Nigeria; The Gas Potential; from Pricing to Availability; and International Perspectives on Regulatory Best Practices,”(NAN)


We Currently have $30bn Investment Commitments – FG




The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, says Nigeria currently has about 30 billion dollars investment committment from various investors.

Uzoka-Anite said this at the ongoing Ministerial Media briefing in Abuja on Friday.

According to her, the commitments will be redeemed over the course of five to eight years.

She said investments, commitments, and pledges were also received from our oil and gas free zone, adding that last week, some of them committed an additional 10 billion dollars in investments.

“I hosted the managing director of SHELL who explained to me about the investment plans of shell.

“ I know a lot of us are aware that shell is leaving; he came to explain to me what they mean by that.

And I can tell you that they are not leaving.

“Rather, they are expanding and increasing their investments in Nigeria; they are selling their onshore assets and increasing their investment in gas and offshore assets.” she said.

Uzoka-Anite, who envisaged more investments into the country, said  it would not have been possible without the commitment of President Bola Tinubu led administration.

She said that with increased investments comes job opportunities and economic growth, which wss part of the priority of the government. (NAN)

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Nigerian Breweries Records N106bn Loss in 2023




Nigerian Breweries Plc has recorded a net loss of N106 billion for the year ended 2023, as against N13.93 billion posted in its 2022 financials, indicating 860 per cent loss.

Mr Uaboi Agbebaku, Company Secretary, Nigerian Breweries stated this in the audited financial result of the company for the year ended 2023 sent to the Nigerian Exchange Ltd.


Agbebaku said the gross profit of the company for the year under review also fell by 0.

3 percent to N212.5 billion, compared to N213.20 billion posted in the previous year.

He stated that the operating profit of the company declined by 15.

3 per cent to 45 billion, as against N53 billion recorded in the corresponding year.

The company secretary said that the firm recorded loss in its operating profit due to higher input cost and one-off reorganisation cost despite strong and aggressive cost savings and other efficiency measures.

According to him, the company however was able to grow its revenue by nine per cent to N599 billion, compared to N551 billion posted in the previous year, which was aided by positive price mix.

Agbebaku stated that the Nigeria business landscape experienced significant shifts in 2023, with substantial impact on businesses and livelihoods nationwide.

He explained that the Naira notes redesign which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.

Agbebaku said: “High double-digit inflation rates with food inflation at more than 30 per cent and removal of subsidy on fuel.

“Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153 billion further exacerbated the already difficult environment for the populace and businesses.

“In a difficult operating environment, the Board will ensure that the company builds on its more than 77 years’ experience of operating in Nigeria to cope with current realities.

He said the company would continue to be resilient and forward-thinking, leveraging on its broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders.(NAN)

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NDLEA Tincan Command Intercepted 876.453kg Illicit Drugs, others in 2023-Commander




 The National Drug Law Enforcement Agency (NDLEA) Tincan Special Area Command,  says 876.453 kilograms of various illicit drugs and controlled substances were intercepted in 2023.

Commander Mohammed Abubakar of the command said this in a statement in Lagos on Thursday.

He listed the drugs as cocaine worth 24kg; Canabis – 852.

45KG; and Tramadol – 0.
003KG, all totalling 876.

According to Abubakar, a total of 15 individuals were arrested and prosecuted during the period, out of which 10  were convicted.

He added that the feat was achieved through relentless efforts and meticulous investigation, which led to the dismantling of several drug trafficking networks and the subsequent prosecution of individuals involved.

“The Tincan special area command has been at the forefront of strategic operations in the area, targeting illicit drug smuggling activities and apprehending those responsible.

“In recent months, the efforts have culminated in multiple successful seizures and arrests, emphasising the agency’s commitment to eradicating drug-related crimes within our society.

“In one operation carried out at the Tincan port, a notable seizure of illicit drugs (Cannabis Indica also called Colorado) totalling 161.5kg was made, along with sum of 22,900 dollars offered as bribe to officers.

“The intercepted drugs, were concealed within cargo shipments of used vehicles from Montreal Canada, indicating the ingenuity of the involved drug traffickers,” he said.

Abubakar said that several investigations were conducted in collaboration with national and international law enforcement agencies, leading to the identification and apprehension of some of the key players in these drug networks.

The NDLEA boss noted that the combined efforts proved fruitful, resulting in the arrest of some of the persons directly involved in the importation, distribution, and sales of illicit drugs.

He said that throughout 2023, the command embarked on various sensitisation and enlightenment activities within and around the Tincan island port.

He listed them to include advocacy visit to all stakeholders in and around the port, public enlightenment and lectures, rallies and engagement of traditional rulers and non-governmental organisations around the port environment.

“All the activities were carried out under aegis of ‘War Against Drug Abuse’ (WADA) and  was designed to reduce demand and abuse of illicit drugs and psychotropic substances in Nigeria.

The NDLEA Tincan special area commander appreciated stakeholders in the maritime industry, and other relevant government agencies for their unwavering support and collaborative effort in these operations.

He added that their dedication and joint action had played a crucial role in the successes achieved thus far.

He also urged all licensed Customs clearing agents to stop the practice of authorising third party individuals to clear cargo under their company stamp.

He pointed out that the practice, automatically made the company liable to any cargo cleared,  using its name and stamp.

“This may become a real problem when illicit drugs are discovered and the company cannot provide any tangible information or whereabout of the owners of the cargo.

“Clearing agents have the responsibilities to not only adhere to laws but to cooperate with law enforcement agents undertaking an investigation.

“The NDLEA Tincan special area command sends a strong message to all those involved in drug trafficking and other illicit activities, we intend to use every available resource to bring them to justice and put an end to their illegal operations,” he said.

He said the command would continue to enhance their intelligence capabilities, invest in modern equipment, and provide training for its officers to combat drug trafficking effectively.

“The agency urges the public to remain vigilant and report any suspicious activities related to drug trafficking to the NDLEA or relevant law enforcement agencies. Together, we can create a safer and drug-free environment for all Nigerians,” he said. (NAN)

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