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Agusto Advises Nigeria to Opt for Renewable Energy 

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Renewable Energy

By Adedapo Adesanya

As countries accelerate the global shift away from hydrocarbon-based energy sources and towards renewables, a global research firm, Agusto & Co, has charged the Nigerian government to use policies and incentives to drive innovation in renewable energy technologies.

According to the International Energy Agency (IEA), renewables will account for about 95 per cent of the increase in worldwide power capacity by 2026, with solar photovoltaics (PV) alone accounting for more than half of the anticipated expansion.

The world’s capacity to generate electricity from solar panels, wind turbines, and other renewables will grow significantly in the next few years. In 2022, a projected $472 billion will be invested in renewable energy, 44 per cent more than in 2017, when $326 billion was spent.

However, the challenges confronting the Nigerian power sector are well documented, over-laboured and cut across the industry’s entire value chain with about 47 per cent of Nigerians lacking access to grid electricity and those who do have access face regular power outages.

Agusto & Co also warned that although Nigeria has undertaken to cut its greenhouse gas emissions by 20 per cent between now and 2030 and to attain net-zero emissions by 2060, aspirations are rather lofty considering that the country is still grappling with inadequate electricity supply from the national grid as unmet demand is estimated at approximately 20,000 megawatts (MW).

The firm notes that while grid-connected electricity supply remains the cheapest source of power in Nigeria, it is not always economically efficient to construct gas pipelines and/or transmission cables to some remote villages with very little demand for electricity.

Despite these challenges, Agusto pointed out that potential exists as abundant and diverse natural resources make it capable of producing significant amounts of clean and renewable energy (particularly solar energy) as the country is located within a high sunshine belt and has significant solar energy potential.

Agusto & Co also believes that there is a need to expand the current energy mix to include renewables.

“Renewable energy plants can be constructed in remote areas as an alternative to running several kilometres of transmission cables, which are subject to vandalism. The poor and erratic power supply from the national grid also provides opportunities for small-scale renewable projects for individual households.

“Also, a decentralised energy production system is pertinent to address the transmission and distribution challenges plaguing the Nigerian power sector, which is provided by the use of solar energy.”

Agusto & Co expects that with growing awareness of climate change and environmental sustainability, more Nigerian organisations will opt for renewables, driving their increased adoption – particularly solar energy – in keeping with the global trend.

This would place Nigeria firmly on track to effectively accomplish its national goal of increasing energy output sufficiently to overcome the domestic power supply shortfall and put itself on a solid route to meeting its international commitment to achieve zero emissions by 2060.

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.

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SERAP Drags FG to Court over $23m Abacha Loot

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Abacha loot1

By Adedapo Adesanya

A suit has been filed against the federal government by the Socio-Economic Rights and Accountability Project (SERAP) over the recently recovered $23 million looted by ex-Head of State, General Sani Abacha.

In a suit number FHC/ABJ/CS/1700/2022 filed last Friday at the Federal High Court in Abuja, the group is asking the court to “direct and compel President Buhari and Mr Abubakar Malami to release and widely publish a copy of the agreement on the Abacha loot with the US.”

In a statement on Sunday by SERAP Deputy Director, Mr Kolawole Oluwadare, the organisation said the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN) is joined in the suit as respondent.

The United States government had in August signed an agreement with the federal government to repatriate the $23 million Abacha loot to Nigeria. It was in addition to the $311.7 million Abacha loot repatriated from the US to Nigeria in 2020.

“The Nigerian Constitution 1999 [as amended], the Freedom of Information Act, and the country’s international obligations impose transparency obligations on the Federal Government to widely publish the agreement on the $23 million Abacha loot,” SERAP argued in the suit.

“Publishing a copy of the agreement with the U.S. would allow Nigerians to scrutinise it, and to monitor the spending of the repatriated loot to ensure that the money is not mismanaged, diverted or re-stolen.

“The repatriated $23 million Abacha loot is vulnerable to corruption and mismanagement. A substantial part of the estimated $5 billion returned Abacha loot since 1999 may have been mismanaged, diverted, or re-stolen, and in any case remain unaccounted for.

“Publishing a copy of the agreement would ensure that persons with public responsibilities are answerable to the people for the performance of their duties, including the management of repatriated loot,” SERAP said.

The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Ms Atinuke Adejuyigbe, said the Nigerian Constitution, Freedom of Information Act, and the country’s international obligations rest on the principle that citizens should have access to information regarding their government’s activities.

No date has been fixed for the hearing of the suit.

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Lagos to Severely Punish Those Behind Mushin Collapsed Building

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By Modupe Gbadeyanka

The owner of the building that collapsed in the Mushin area of Lagos State and others would be “severely punished,” the state government has promised.

On Friday, it was reported that a 3-storey building on 2/4 Oye Sonuga Street, Palm Avenue, Mushin, Lagos collapsed, killing four people and injuring others.

In a statement issued yesterday, the new Commissioner for Physical Planning and Urban Development, Mr Omotayo Bamgbose-Martins, said the state government would go after whoever is indicted in the incident, hinting that an investigation has commenced to unravel what happened.

During a visit to the scene of the unfortunate incident, the Commissioner directed that the adjoining building be pulled down for safety reasons, adding that efforts are on to rescue those who might have been trapped in the rubble.

He disclosed that the Lagos State Building Control Agency (LASBCA) and the Lagos State Materials Testing Laboratory have been directed to unravel the cause of the collapse.

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NNPC Opens Talk with Financers on Gas Projects

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By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited has established talks with the United States Finance Corporation and the African Export and Import Bank (Afreximbank) to seek financing for its multi-billion-dollar gas projects.

The Group Chief Executive Officer of NNPC, Mr Mele Kyari, disclosed this at the Nigerian International Economic Partnership held in New York as part of the ongoing United Nations General Assembly (UNGA).

Mr Kyari said: “Inclusion (in energy transition) means we need to be supported. We are already talking to the US DFC, and the EXIM so that they can give us financing and funding for our gas projects, and this is very critical so that we can have that flexibility to move forward and at the back of this.

“I’m sure some of you may be aware that today, we are getting a grant to build baseline carbon emission studies in our country by the United States Government. This is very helpful in the sense that President Muhammadu Buhari, has also asked that we need to be supported. Currently, the major source of financing we are having is from the African Exim.”

Nigeria’s transition to net zero by 2060 requires enormous investments in gas projects which have been positioned as the country’s major transition fuel.

Mr Kyari said Nigeria is looking for opportunities to leverage the gas resources in the country to provide the possibility required for the energy transition.

It will cost $410 billion to transit, according to the federal government, and huge gas projects like the recently signed Memorandum of Understanding (MoU) between the NNPC, ECOWAS Commission, and Morocco to deliver pipelines along the African corridor will gulp billions of dollars.

“We are embarking on massive infrastructure and to see how we can deliver the Morocco gas pipeline which will pass through some countries to provide a number of securities including bringing people out of poverty and increasing gas supply in the domestic market,” Mr Kyari said.

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