Business News
Nigeria’s power storage and distribution woes may end soon
The long-awaited answer to Nigeria’s power crisis, especially in the distribution and storage segments of the electricity value chain, may be around the corner.
The long-awaited answer to Nigeria’s power crisis, especially in the distribution and storage segments of the electricity value chain, may be around the corner.
This, however, can be accelerated by advancing the pioneering efforts of the Netherlands-based Nigerian scholar, Dr. Peter Ngene (winner of the 2018 NLNG Science Prize), who is vast in the fields of renewable energy and explosion prevention.
The insight came from the Nigerian Liquefied and Natural Gas Limited (NLNG) and the Lagos Chamber of Commerce and Industry (LCCI) at a recent business interactive forum on innovation in electric power solutions that held recently in Lagos. In the wisdom of the two agencies, diversifying Nigeria’s power generation sources to accommodate new alternatives while exploring the models offered by Ngene’s groundbreaking research will deliver the viable power solutions all Nigerians have been waiting for.
[READ MORE: N500m invested by Ikeja Electric to boost power supply]
Background: In October 2018, Ngene won the $100, 000 NLNG Science prize for his evolutionary work in ‘Nanostructured metal hydrides for the storage of electric power from renewable energy sources and for explosion prevention in high voltage power transformers.’ Over time, experts have recognised Mr. Ngene’s innovation as a blessing to the energy industry, particularly its potential contributions to renewable energy development and power distribution architecture.
Why this matters: Conversations over the diverse benefits that renewable energy holds for the future have never diminished. Standard practice all around the world today suggests that there is an increasing drift from energy sources like fossil fuel and crude oil to environmentally-friendly alternatives such as solar, wind, and hydropower, which do not pose serious health threats.
Embracing renewable energy is, therefore, a timely intervention for the power industry as it will save the nation from several health hazards and threats arising from exposure to fumes and toxic waste while guaranteeing a clean, salubrious atmosphere for Nigerians at large.
[READ ALSO: Investors to access N300 billion as FG set to privatise power companies]
Similarly, renewable energy offers a sustainable means of generating electricity at a cheaper cost. It is noteworthy that renewable energy provides power from abundant and sustainable sources, which do not deplete unlike fossil fuel and crude oil, whose deposit diminishes with the passage of time.
It must be mentioned that leveraging the explosion prevention potential in Ngene’s work will present stakeholders in electricity distribution with the ability to curb the high incidence of transformer explosion all around Nigeria.
[READ FURTHER: Nigerian Businesses spend N5 trillion yearly on power generation]
Business
Just in: Fuel scarcity looms as NUPENG directs Tanker drivers to withdraw services in Lagos
This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.
The scarcity of petroleum products appears to be looming in Lagos as the leadership of Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to withdraw its services in Lagos with effect from Monday, August 10, 2020.
This is due to the failure of government authorities to address the various issues that have been causing serious pains and harrowing experience on the petroleum tanker drivers in the state for several months now.
This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.
NUPENG LEADERSHIP DIRECTS WITHDRAWAL OF SERVICES BY PETROLEUM TANKER DRIVERS IN LAGOS STATE WITH EFFECT FROM MONDAY, AUGUST 10, 2020
Read more:https://t.co/TV5sFoBOcO@followlasg#Lagos pic.twitter.com/tAuOpsMc3a— NIGERIA UNION OF PETROLEUM AND NATURAL GAS WORKERS (@officialNUPENG9) August 7, 2020
Details shortly…
Business
President Buhari signs amended Companies Allied Matters bill
The President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990.
President Muhammadu Buhari has assented to the Companies and Allied Matters Bill 2020, which was recently passed by the National Assembly.
This was disclosed in a statement signed by a media aide of President Buhari, Femi Adesina and shared by the Personal Assistant to the President, Bashir Ahmad, via his Twitter handle.
According to the statement, the President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990, and introduced several corporate legal innovations geared toward enhancing ease of doing business in the country.
After 30 years; President @MBuhari today, assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly. pic.twitter.com/8yZNqeqNPV
— Bashir Ahmad (@BashirAhmaad) August 7, 2020
Key innovations in the new Act:
* Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;
* Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;
* Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;
* Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and
* Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.
Energy
NNPC signs agreement with CNOOC, SAPETRO to end OML 130 disputes
The agreement is expected to help resolve disputes stemming from Oil Mining Lease (OML).
The Nigerian National Petroleum Corporation (NNPC), said it has signed a Head of terms (HoT) agreement with China National Offshore Oil Corporation(CNOOC) and an indigenous oil production firm —South Atlantic Petroleum (SAPETRO).
A statement that was issued by the state-owned oil company via Twitter, yesterday, noted that this is part of the efforts that have been undertaken towards resolving all the disputes stemming from Oil Mining Lease (OML) 130 Production Sharing Contract.
READ ALSO: NNPC spends N535.9 billion on subsidy, FAAC in Q1 2020
📸 NEWS:
Today,@NNPCgroup signed a Head of Terms (HoT)with its partners CNOOC & SAPETRO,signifying a major milestone towards the resolution of all disputes related to Oil Mining Lease (OML)130 Production Sharing Contract.OML 130 consists of producing fields such as Akpo & Egina pic.twitter.com/VnLga9qmm9
— NNPC Group (@NNPCgroup) August 6, 2020
Nairametrics understands that the agreement, which is temporary, could also be instrumental towards resolving similar disputes between the NNPC and other oil companies. The NNPC had previously accused some of these oil firms of under-declaring crude exports for three years between 2011 and 2013.
READ ALSO: NNPC cultivates 2,675 hectares of cassava for Ethanol production
Specifically, the NNPC alleged that the likes of Shell, Total, Chevron, and Eni under-reported crude oil exports in their oil fields to the tune of 57 million barrels. The NNPC even sought repayments valued at $12.7 billion from the oil companies, according to a suit filed before the Federal High Court in Lagos. The companies denied the accusations.
The new agreement is now expected to help resolve such disputes. Even the NNPC’s Group Managing Director, Mele Kyari. was quoted to have said the agreement is “a major milestone toward the resolution of all disputes.”
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Just in: Fuel scarcity looms as NUPENG directs Tanker drivers to withdraw services in Lagos
President Buhari signs amended Companies Allied Matters bill
NNPC signs agreement with CNOOC, SAPETRO to end OML 130 disputes
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