Economy
Reps Begin Probe into $2.5bn Annual Loss to Gas Flaring
The Speaker of the House of Representatives, Rep. Tajudeen Abbas has inaugurated an Ad hoc Committee to investigate alleged 9.05 billion dollar-revenue loss from gas flaring in the last one decade in Nigeria.
Abbas, at the inauguration of the House ad hoc committee on Gas Flaring on Monday, charged the committee to get root causes of gas flaring and make recommendations to end the menace.
He said that the probe is an acknowledgement of the urgent need to understand and mitigate the environmental, social, and economic impacts of this practice.
“The task before this ad hoc vommittee is a very critical one that lies at the heart of the health of our people and economic well-being of our nation.
“You have been charged with the responsibility of investigating, perhaps, one of the most harmful practices in the oil and gas industry in Nigeria.
“Gas flaring and venting has been a significant environmental, economic, health and social concern in our country for many years.
“The flared gas represents lost revenue that could have been generated through its sale or utilization. Official records indicate that we lose about 2.5 billion dollars annually to gas flaring,” he said.
He said that as a major contributor to climate change and environmental degradation, gas flaring has direct and indirect impacts on soil, water, and wildlife.
According to him, gas flaring represents a tremendous waste of valuable resources; it is a precious energy source that could be utilised for various purposes, such as electricity generation, heating, or industrial processes.
Earlier, the Chairman of the committee, Rep. Babba Munir (APC-Kaduna state) said that the members were representing the interest of all Nigerians.
He said that the issue of gas flaring had lingered for decades despite several undertakings by oil companies to stop it.
“We are here to give everyone a fair hearing, to know where the loopholes are, where we need to twike our laws to ensure we get optimal result.
“We do not have to revisit how important it is to our revenue drive needed for infrastructure, security, education and health.
“It is a win win situation for even the oil companies, because if revenues are generated, it was spent on securing our nation, on infrastructure that will better their operations.
“We are insisting and putting our feet down that all agencies of government and oil companies.
“Once you are invited, we expect you to come with your full submissions and with the highest representation of your organisation,” he said.
The committee invited Total/Mobil V Domestic wing, Total/Oando JV, Total Energies, African Petroleum (AP) Pic. now Ardova PLC to appear before or on Tuesday at 10 a.m.
Others are Azman Oil and Gas Limited, Matrix Oil And Gas Shata Ltd, Nigerian Electricity Regulatory Commission (NERC), National Council on Climate Change (NCCC) and Nigerian Petroleum Development Company (NPDC)
Also to appear are Yinka Folawiyo Petroleum Company (Aje Oil Field-Offshore), Sterling Oil Exploration & Energy (SEEPCO), Belemaoil Producing Limited.
Walter Smith Petroman Oil Limited, Green Energy International Limited, Millenium Of and Gas Company Limited, Folawiyo Energy Eroton Exploration and Production Nigeria Limited and Niger Delta Petroleum Resources LTD.
NAN reports that the Nigerian Oil Spill Detection and Response Agency (NOSDRA) said Nigeria lost N891bn to gas flaring in 18 months.
Aaccording to data from NOSDRA on Aug. 8, 2022 Nigeria lost a total of N707bn in 2021 and N184bn in the first half of 2022, totaling N891bn.
According to the NOSDRA report, oil and gas companies operating in the country flared a total of 126 billion standard cubic feet, SCF, of gas in the first half of 2022, leading to a loss of $441.2 million, (about N183.54 bn) in the six-month period.
On the other hand, the agency said, in 2021, about 23,862.271 barrels of oil (3,770,238.864 litres/119 tanker trucks) were spilled.
Giving a breakdown of the gas flared in the country in the first six months of 2022, the agency disclosed that while companies operating in the offshore oilfields flared 62.2 billion SCF of gas, companies operating onshore flared 63.9 billion SCF of gas, valued at $223.6 million.
In 2021, there were around 382 publicly available oil spill records. Out of the 382 occurrences, a total of 33 of these oil spill sites were not visited by a joint investigation team, and 122 of these had no estimated quantity of oil spilled provided by the companies involved.
Two major oil spills were recorded in 2021, with over 250 barrels spilled into inland waters, or over 2,500 barrels spilled on land, swamp, shoreline and open sea, the report said.
A total of seven medium oil spills incidents were recorded in 2021, with 25-250 barrels spilled into inland waters, or 250-2,500 barrels spilled on land, swamp, shoreline and open sea.
In terms of minor oil spills, about 239 cases were recorded as up to 25 barrels spilled into inland waters, or 250 barrels on land, swamp, shoreline and open sea. (NAN)
Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.
Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.
978 trillion.The All-Share Index also advanced by 0.
48 per cent, or 476 points, to settle at 98,592. 12, compared to 98,116.27 recorded on Thursday.As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.
Market breadth closed positive with 38 gainers and 18 losers.
On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.
80, N110 and N15.95 per share respectively.Mecure followed closely with 9.94 per cent to close at N8.52 per share.
On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.
Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.
A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.
Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)
The Nigerian Exchange Ltd. (NGX) market capitalisation declined further on Wednesday by 0.12 per cent or N68 billion, following selloffs in Tier-one banking stocks.
The market capitalisation, which opened at N56.898 trillion, closed at N56.830 trillion.
The All-Share Index also shed 0.
12 per cent or 121 points to settle at 100,365. 17, compared to 100,486.12 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return declined to 34.
23 per cent.Sell pressure in FBN Holdings, Guaranty Trust Holding Company (GTCO), United Bank of Africa (UBA), Access Corporation, Fidelity, among other declined equities, were the main drivers of the negative performance.
Meanwhile, the market breadth closed negative with 21 losers and 18 gainers on the floor of the Exchange.
Secure Electronic Technology Plc led the losers’ chart by 9.43 per cent to close at 48k, RT Briscoe followed by 8.22 per cent to close at 67k per share.
UBA lost 5.07 per cent to close at N21.22, Livestock shed 4.56 per cent to close N2.30, United Capital dropped 4.27 per cent to close at N37 per share.
On the other hand, International Breweries and Sovereign Trust Insurance led the gainers’ chart by 10 per cent each to close at N4.07 and 55k per share respectively.
Deap Capital Management and Trust Plc gained 9.80 per cent to close at 56k, The Initiative Plc rose by 7.50 per cent to close at N2.15.
FCMB appreciated by 5.26 per cent to close at eight Naira per share.
On market activities, trade turnover settled higher relative to the previous session, with the value of transactions up by 137.35 per cent.
A total of 497.84 million shares valued at N8.61 billion were exchanged in 8,412 deals, against, 280.92 million shares valued at N3.63 billion exchanged in 8,403 deals posted in the previous session.
First City Monument Bank(FCMB) led the activity chart in volume with 133.92 million shares valued at N1.4 billion, Access Corporation followed by 72.82 million shares worth N1.41 billion.
Zenith Bank sold 60.06 million shares worth N2.19 billion to lead the chart in value, UBA transacted 29.08 million shares valued at N639.55 million and Universal Insurance traded 22.92 million shares worth N7.68 million. (NAN)
The Speaker of the House of Representatives, Rep. Tajudeen Abbas, says Nigeria can empower youth and women in Agriculture with the development and implementation of bankable business proposals.
Abbas said this at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths and women in Agriculture on Monday in Abuja.
The Speaker, who was represented by his Deputy, Rep.
Benjamin Kalu, said youth and women are the most vital demographics in the society.The event was organised by the African Development Bank (AfDB) Group.
While acknowledging the bank and its partners for their contribution and interventions in the sector, Abbas said the need to diversify Nigeria’s economy could not be over emphasised.
According to him, our over-reliance on oil as primary resource has become neither sustainable nor profitable as the global community shifts towards greener, more sustainable energy sources.
“This reality makes it not just necessary, but urgent for us to explore and invest in alternative sectors.
“By focusing on developing and implementation of bankable business proposals, we can empower our youth and our women, to become key players in these sectors.
“Their active participation is not only essential for economic diversification, but also for ensuring food security and sustainable development through agriculture and technological advancements through high safety,” he said.
Abbas recognised AfDB’s hi-5 priorities to empower, feed, industrialise, integrate and improve the quality of life for the people of Africa.
He expressed the commitment of the legislators to support youth and women development through various projects and programmes.
He urged for more collaboration of the AfDB and other stakeholders to advance initiatives that could drive significant progress in the country and across the continent.
“Through this, we will certainly build a better, more resilient future for Nigeria and for the world,” he said.
Earlier, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said any workable concept on youth and women in agriculture would contribute to sustainable agricultural development across the continent.
Kyari said the country was committed to work closely with bilateral and multilateral development partners, in advancing the engagement of youth and women in agriculture.
“Notably, agriculture remains the singular sector with the highest potential for mass job creation.
Youth participation will further bridge the gap for aging farm population.
“It will take development back to the rural communities, cause a significant improvement in production and overall productivity and offer a veritable platform to accentuate the poverty reduction drive of government,” he said.
Kyari said President Bola Tinubu’s Renewed Hope Agenda for Food Security was poised to change the narrative of agriculture of a way of life.
“And agriculture as a wealth creating sector with sustainable, marketable, and bankable business prospects for youth and women engagement.’’
Similarly, the Minister of Youth Development, Dr Jamila Ibrahim, said it was crucial to build capacity of youth and women to see agricultural beyond subsistent but as an enterprise.
Ibrahim expressed the commitment of the ministry to work with stakeholders to co-create initiatives to support women and youth.
“We are open to working with partners to strengthen what we are doing. By doing so, we will build a brighter future for Nigeria,” she said.
For the Minister of Communications, innovation and Digital Economy, Dr Bosun Tijani, innovation is key to solve most challenges we face in Nigeria and the continent.
Tijani said that this innovation could not be done without including the young people including women, thus the need to invest in them.
Also speaking the Director-General, West Africa Region of AfDB, Mr Lamin Barrow, said the event was part of activities to celebrate the bank’s 60 years anniversary.
According to the director-general, Africa’s progress will be driven by young dynamic workforce, thus the importance to boost investment in them.(NAN)
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