Category: Business

The Nigeria Liquefied Natural Gas (NLNG) on Thursday questioned a directive earlier issued to the company to pay the sum of N18.4 billion to host communities in Rivers State.

Naija News understands that the National Assembly had earlier directed the firm to release the figures as compensation to some host communities in the oil-rich state.

The directive which was issued on Tuesday demanded that NLNG should settle about 200 families whose farmlands in Bonny, Rivers State, were affected during the acquisition of fields for pipelines’ Rights of Way.

The directive was issued following the consideration and adoption of a report by the Committee on Ethics, Privileges and Public Petitions that investigated a petition by the communities.

The committee Chairman, Senator Patrick Akinyelure, in his report, had said following its incorporation, the NLNG acquired landed properties in the state spanning over 210 kilometres for use as its pipelines Right of Way which ended at the export terminal of the NLNG in Finima, Bonny Local Government of the state.

He said, “There were over 73 communities and over 200 families whose hitherto agrarian source of livelihood was negatively impacted upon by the said acquisition.”

Responding, however, to the directive, NLNG in a statement entitled: ‘RE: Senate directs NLNG to pay host communities N18.4b compensation within two months’ said its firm was carefully evaluating the lawmakers’ resolution and circumstances surrounding it.

The statement signed and made available to newsmen on Wednesday in Port Harcourt by the General Manager, External Relations and Sustainable Development of NLNG, Andy Odeh, read: “The attention of Nigeria LNG Limited (NLNG) has been drawn to a resolution said to have been passed by the Senate, following the consideration of a report by its Committee on Ethics, Privileges and Public Petitions, sequel to a petition relating to compensation for the acquisition of a Right of Way across some communities.

“NLNG is evaluating the resolution and circumstances surrounding it. “NLNG wishes to state that it has always conducted its business responsibly and in accordance with the laws of the Federal Republic of Nigeria, including in this specific matter.”

This article was originally published on Naija News

Preliminary investigations has started on two suspects arrested by the Nigeria Security and Civil Defense Corps (NSCDC) conveying 50, 000 liters of suspected Adulterated Automotive Gas Oil (AGO) also know as diesel in Anambra.

Investigation so far indicates that the suspects Samuel Ifeanyichukwu Oduche, 39, from Ndiagu Amechi Awkunanaw and Emeka Agu, 35, from Oduma, Aninri, all in Enugu State have been in the illicit oil business for some time now.

A statement issued today by Public Relations Officer (PRO), NSCDC Anambra Command, Edwin Okadigbo, said the duo were apprehended by men of the Anti-Vandalism Squad of the Corps last month in Awka.

He confirmed that the suspects were arrested along the Enugu/Onitsha expressway while conveying the product in a truck with registration number, Benue MKA 806 ZF.

The PRO said the State Commandant, Isdore Chikere had ordered the Intelligence and Investigation Department to conduct further investigation on the matter, adding that at the end of the investigation, the suspects would be charged to court.

“The constant vandalism of pipelines, destruction of oil and gas facilities and illegal oil bunkering in the country is of great concern to the Commandant-General (CG) of NSCDC, Dr. Ahmed Audi,” he noted

This criminal act, Okadigbo said is worrisome because of its consequences on the economy, damage to public infrastructures, and loss of government huge revenue in the oil sector.

“In view of the above, the CG has tasked us to reorganise and empower the Anti-Vandalism Squad to decisively tackle these menace which has started yielding the desired results,’’ he added.

This article was originally published on Naija News

The Federal Government has announced plans to re-open the Trans Niger Pipeline (TNP) that was closed down by Shell since March 2022 due to crude oil theft and pipeline vandalism.

The TNP is a major pipeline that transports about 180,000 barrels of crude oil daily and also transports one of Nigeria’s premium grade crude oil, the Bonny light to a designated export terminal.

The Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti who revealed this through his Twitter account @BalaWunti said as part of efforts to re-open the TNP, his team visited the people of Bodo Community in Gokana Local Government Area of Rivers State, a host community.

The meeting he said was monumentally significant as it provided his team the opportunity to re-connect with the good people of Bodo Community.

The NAPIMS boss explained that the TNP is a critical infrastructure in the crude oil export, hence “our presence today is part of NAPIMS efforts towards re-opening the nation’s major liquid hydrocarbon delivery atrium, which has been under force majeure (closed) for over six months.”

Wunti said the meeting was part of the company’s continuous journey to re-strengthen its trust with one of the communities where NAPIMS and its partners were conducting business.

The pipeline also serves as part of the country’s gas liquids evacuation infrastructure, which is vital for domestic power generation and the export of liquified gas.

It would be recalled that in recent times there was an outcry by the Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company Limited (NNPC), Mele Kyari, and other industry players about the rising levels of crude oil theft and pipeline vandalism along major pipelines including the TNP

In March of this year when no recoveries could be made at all from all major pipelines, a force majeure was effected to shut down.

This article was originally published on Naija News

The National Bureau of Statistic’s (NBS) August 2022 report on Liquefied Petroleum Gas(LPG), also known as cooking gas, has confirmed that there has been more than a 100% year-on-year increase on the product.

According to the report, the average retail price for refilling a 5kg cylinder of cooking gas on a year-on-year basis rose by 101.17% from N2,215.33 in August 2021 to N4,456.56 in August 2022.

While the average retail price for 12.5kg cylinder rose by 119.26% from N4,514.82 in August 2021 to N9,899.34 in August 2022 on a year-on-year basis.

This means that between August 2021 and August 2022, the household product has recorded more than a 100% increase in retail price.

The NBS in that report said the average retail price for refilling a 5kg cylinder of cooking gas increased by 1.34% on a month-on-month basis from N4,397.68 in July 2022 to N4,456.56 in August 2022.

While the average retail price for refilling a 12.5kg cooking gas increased by 0.77% on a month-on-month basis from N9,824.07 in July 2022 to N9,899.34 in August 2022.

On state profile analysis, Taraba recorded the highest average price for refilling a 5kg cylinder of cooking gas with N4,925.44, followed by Adamawa with N4,920.00, and Lagos with N4,782.50.

On the other hand, Katsina recorded the lowest price with N4,020.00, followed by Ogun and Yobe with N4,057.14 and N4,078.46 respectively.

For the 12.5kg cylinder of gas, Ebonyi recorded the highest average retail price with N11,225.00, followed by Cross River with N10,982.14 and Delta with N10,965.42. Conversely, the lowest average price for 12.5kg was recorded in Katsina with N8,150.00, followed by Yobe and Taraba with N8,212.63 and N8,886.30 respectively.

On zonal levels the North-Central recorded the highest average retail price for refilling a 5kg cylinder with N4,615.95, followed by the North-East with N4,548.03, and the North-West had the lowest with N4,285.51.

Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg cylinder of gas with N10,320.58, followed by the South -West with N10,296.74, and the North-East recording the lowest price with N9,205.03.

While the NBS’s report for price analysis for the month of September is yet to be out, NaijaNews spoke with some gas consumers at an LPG retailing shop at Egbejila, a suburb in the Kwara State capital Ilorin and they bared their minds on the recent prices of cooking gas.

One of them, who identified herself as Taiwo said the price of gas is now so high that she can’t fill up her 6kg cylinder these days with the economic hardship, so she just refill what is in her capacity, citing that she was at the shop to buy 2kg worth of gas inside her 6kg cylinder.

Another buyer who also spoke with our reporter said for her she uses the small 3kg cylinder to support her charcoal stove at home, because the gas is fast and she uses it in the morning when preparing food for her children for school.

The shop attendant explained that 1kg is sold for N800, so multiplied by the number of kg a customer wants to buy.

Meanwhile another retail outlets in Lagos gave N9,000 as retail price of refilling a 12kg cylinder, while the retail price for 6kg is N4,500, and the price for 1kg is N800.

This article was originally published on Naija News