Connect with us

Economy

FG to Commission 200MMSCF Per Day Gas Plant Tuesday

Published

on

Ologbo Gas Plant

By Adedapo Adesanya

The federal government is set to commission the over 200 million standard cubic feet per day (MMSCF/Day) wholly-owned-and-constructed Nigerian Petroleum Development Company (NPDC) Integrated Gas Handling Facility (IGHF) and a Liquefied Petroleum Gas (LPG) storage and dispensing plant on Tuesday, December 22.

The opening of the gas dispensing plant located at Ologbo, Edo State, will hold virtually and will feature Minister of State for Petroleum Resources and the Alternate Chairman of the Board of Nigerian National Petroleum Corporation (NNPC), Mr Timipre Sylva, alongside Group Managing Director of NNPC, Mr Mele Kyari.

ALSO READ  COVID-19 Crisis Won’t Stop Our Operations—CBN

The NPDC is an upstream subsidiary of the NNPC and the commissioning is in line with the federal government’s gas expansion programme.

Mr Sylva, on Thursday, December 3, 2020, at the 7th virtual Joint International Energy Forum and International Gas Union (IEF-IGU) ministerial gas forum in Malaysia, had declared that January 1, 2021, to December 31, 2030, as The Decade of Gas Development for Nigeria.

The Minister said Nigeria had made laudable achievements and successes in the gas space within the year under review and undeniably making 2020 The Year of Gas count. He noted that Nigeria still had more work to do post-2020.

ALSO READ  NSE Index Drops 0.16% as Investors Mop up Banking Stocks at Cheap Prices

According to him, the development of Nigeria’s vast gas resources and strengthening of the gas value chain was the federal government’s national priority as encapsulated in the National Gas Policy of 2017.

He said: “In that regard, we are pursuing programmes to grow our gas economies through the development of industrial and transport gas markets, in juxtaposition with gas-to-power initiatives.

ALSO READ  Naira Opens Week with Marginal Gain Against British Pound

“We believe gas will become the dominant fuel for generating power not only in Nigeria but in Africa as well. We have commenced the implementation of carefully conceived initiatives to foster productivity and attract investments along the gas value chain,” he said.

For the event tomorrow, President Mohammadu Buhari, who doubles as the Minister of Petroleum Resources, has been invited as a special guest of honour at the commissioning.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Economy

NGX Lists 29.4 billion GT HoldCo Shares at N28.55 Each

Published

on

GT HoldCo Shares

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited has finally listed 29,431,179,224 ordinary shares of Guaranty Trust Holding Company (GT HoldCo) Plc on its trading platform.

The stocks were admitted on the exchange on Thursday, June 24, 2021, after the delisting of the entire GTBank equities on the same platform.

Business Post reports that the shares were listed today at a unit price of N28.55.

Last Friday, the stock exchange placed trading in the equities of GTBank on full suspension ahead of their delisting to allow the introduction of GT HoldCo shares.

ALSO READ  Friesland Milks NASD OTC Exchange by 0.10%

Today, the GTBank shares were removed from the exchange, a total of 29,431,179,224 and were replaced with 29,431,179,224 units of GT HoldCo.

Confirming this development, the NGX in a circular said, “We refer to our market bulletin with reference number NGX REG/LRD/MB16/21/06/18 dated June 18, 2021, wherein the market was notified that trading in the shares of Guaranty Trust Bank Plc (GTB) was placed on full suspension effective Friday, June 18, 2021, in preparation for the delisting of GTB and listing of the Holding Company, Guaranty Trust Holding Company Plc (GT HoldCo).

ALSO READ  Average T-Bills Yields Hit 15.08% Wednesday

“The market is hereby notified that the entire 29,431,179,224 issued shares of GTB were delisted from the daily official list of the NGX today, June 24, 2021, while GT Holdco’s entire issued share capital of 29,431,179,224 ordinary shares of 50 kobo each were also today, June 24, 2021, listed on the daily official list of NGX at N28.55 per share.

“The delisting of GTB and listing of GT HoldCo on NGX is pursuant to the Scheme of Arrangement between Guaranty Trust Bank Plc and the holders of its fully paid ordinary shares of 50 kobo each as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court.”

ALSO READ  Yam Export Won't Cause Scarcity in Nigeria—Ogbeh Assures

GTBank restructured its business to allow it to offer more services and improve the earnings and value of the company. This led to the change to a financial HoldCo, with GTBank becoming a private company and will operate as a banking institution.

Other subsidiaries were created to offer services in financial technology (fintech), insurance, asset management and other sectors.

Continue Reading

Economy

June 2021 Allocation to FG, States, LGs Drops to N605.96bn

Published

on

June 2021 allocation

By Adedapo Adesanya

The federal government, the 36 states of the federation and the 774 local government areas shared the sum of N605.96 billion from the revenue generated in May 2021.

This was disclosed by the Federation Accounts Allocation Committee (FAAC) in a communique released on Thursday after its meeting held via virtual conferencing.

Business Post reports that the amount shared by the three tiers of government for the June 2021 allocation was lower than the N616.9 billion disbursed last month.

Giving a breakdown of the disbursement, the committee explained that from the inclusive cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the federal government received N242.1 billion, the states received N194.2 billion, while the local government councils got N143.7 billion.

ALSO READ  Naira Opens Week with Marginal Gain Against British Pound

The nine oil-producing states of Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos all received N26.9 billion as a 13 per cent derivation of mineral revenue.

The communique issued by the FAAC at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for May 2021 was N181.1 billion as against N176.7 billion achieved in the preceding month of April 2021. This resulted in an increase of N4.368 billion.

ALSO READ  Yam Export Won't Cause Scarcity in Nigeria—Ogbeh Assures

The distribution is as follows; federal government got N25.3 billion, the states received N84.2 billion and local government councils received N58.9 billion.

The distributed statutory revenue of N428.198 billion received for the month was lower than the N497.385 billion received for the previous month by N69.197 billion, from which the federal government received N175.5 billion, states got N89.0 billion, while the LGs got N69.6 billion, and the 13 per cent mineral derivation handed to the nine oil states amounted to N24.666 billion.

ALSO READ  Buhari Meets NASS Leadership Over 2018 Budget, Dino, IGP

The communique also revealed that Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty decreased in the month, meaning only VAT increased in the month under review, although marginally.

The communique, however, disclosed that total revenue distributable for the current month inclusive of gross statutory revenue of N357.9 billion, VAT of N168.4 billion, solid mineral revenue of N7.9 billion, exchange gain of N1.7 billion and augmentation from oil and non-oil revenue of N50 billion and N20 billion respectively brought the total distributable revenue to N605.958 billion.

Continue Reading

Economy

National LPG Takes Sensitization to 12 States

Published

on

Domestic LPG

By Adedapo Adesanya

The National Liquefied Gas Petroleum (LGP) sensitization and awareness campaign to reduce gas flare has kickstarted in 12 states across the country.

Speaking at a two-day sensitization and awareness campaign held in Abuja, Mr Dayo Adeshina, the programme manager National LPG expansion implementation plan (NLEIP), said the exercise was the commitment of the climate change initiative to reduce emission by 20 per cent.

He said the National LPG pilot programme, which will start after the sensitization, is to begin in Enugu and Ebonyi States for South-East then to the South-South States of Delta and Bayelsa and in the South West – Lagos and Ogun.

ALSO READ  Naira Opens Week with Marginal Gain Against British Pound

In the North West are Sokoto and Katsina States; the North East batch will be done in Bauchi and Gombe States while in the North Central, it will kick off in Niger and the Federal Capital Territory (FCT).

He said, “The sensitization awareness campaign is targeted at 12 pilot states, two in each geo-political zone. During the campaign, we will highlight the importance of the LGP to the government and the people.

“Every year almost nine hundred thousand people are affected by the effects of kerosine and charcoal which leads to malaria, the government plan is to display the energy mixture which currently stands at 65 per cent, kerosine 30 per cent, LPG 5 per cent.

ALSO READ  Yam Export Won't Cause Scarcity in Nigeria—Ogbeh Assures

“LPG would ensure accessibility, acceptability and affordability.”

Mr Adeshina said to drive the exercise well, an inter-ministerial committee on LPG was constituted and is being headed by the Vice President, Mr Yemi Osinbajo, adding that the composition of the committee shows the commitment of the federal government to the expansion and implementation of LPG in Nigeria.

“So, to make it available, some of the policy directives were worked on and past in 2017, the government will remove necessary bottlenecks,” he said.

ALSO READ  COVID-19 Crisis Won’t Stop Our Operations—CBN

LPG is a fossil fuel closely linked to oil. As a fuel, it is used for cooking, lighting, and central heating. It is a clean-burning, non-poisonous, dependable and high-performance fuel stored and transported in containers as a liquid, but is generally drawn out and used as gas.

LPG has a very wide variety of uses, mainly used across many different markets – agricultural, recreation, hospitality, calefaction, construction, sailing and fishing sectors – as an efficient fuel.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: