General
Chamber Hails EU Proposal to Label Natural Gas as Green Energy
By Adedapo Adesanya
The African Energy Chamber has hailed the European Union’s landmark proposal to label natural gas as a green energy source.
The group noted that the proposal will help advance Africa’s call for a just and inclusive energy transition.
Recognizing the effects of climate change, the continent industrialize itself first so it can have the same opportunities as Europe and other western countries.
“The point that natural gas serves as a transitional energy source is one that has been promoted by African nations for a long time and therefore, the African Energy Chamber hails the EU’s proposal as a landmark development that justifies a positive outlook for an inclusive energy transition.
“It has taken a crisis in energy availability to bring about policies that could increase Africa’s energy supply. The current pressure from The West to acclimatize to cleaner energy systems has so far been exclusive in recognizing that the transition may differ in form and timing from one region to another.
“By restricting investment into energy sources, such as gas, Africa has stood the chance of being left behind during the energy transition, which is counterproductive and regressive,” the group stated.
Speaking on this, Mr NJ Ayuk, Executive Chairman of the African Energy Chamber noted, “We have had our disagreements with our European friends, however, there has always been constructive, behind-the-scenes dialogue with European policymakers. They listened, worked, and let us make the case for Africa’s low-carbon LNG and these discussions have been critical in getting us to see eye-to-eye on gas, a lot of work still needs to be done to make this a reality.
“The demonization of Africa’s gas industry needs to stop, and investments need to come into the sector. While we continue this engagement, it is important that the oil and gas industry focuses its investment on further reducing carbon emissions within the gas value chain.
“Sustainable development and making energy poverty history will require Africa to increase gas within its energy mix, which will give us a fighting chance to reduce the continent’s carbon footprint, even when we are still under 4 per cent of global emissions.”
The Chamber put forth that Africa faces unique challenges and must be allowed to time its own energy transition according to its own needs, adding that the proposal to label natural gas as green energy is what a just energy transition looks like, and now, we need to finance it.
It also called for a collaboration between both continents towards paving the way for a new approach to Africa’s energy industry, one that serves the whole world and all its people as opposed to a privileged few.
Should most EU members back the proposal, then it will become law from 2023, which the African Energy Chamber hopes will stand to help the United States recognize natural gas as a clean fuel, which it, unfortunately, does not under the Biden Administration’s current clean power plans.
“Despite predictions that demand for African LNG is expected to grow for the foreseeable future, investments in gas exploration have been hit hard by a short-sighted bias against our low-carbon natural gas resources. This has led to a reluctance towards investing in supply projects because of the fractured global outlook towards natural gas.
“African nations must be more pragmatic. If exploration and production companies must wait one or two years before their proposed projects are sanctioned, then the prospects for a sustainable African energy future will diminish rapidly. These practices, which help protect the interests of oil-producing nations, made sense when crude sold for $100 per barrel and before the energy transition took centre stage, but they don’t make sense now,” explained Mr Ayuk.
To capitalize on this, the African Green Energy Summit, to be held at African Energy Week this year, will clearly outline initiatives and positions ahead of this year’s COP27.
This new proposal will pave the way for new European investments in natural gas in Africa and will therefore allow Europe to unlock billions of euros in finance and sustainable energy funds to support gas as a transitional energy source.
The EU will want to import whatever natural gas Africa develops, which is constructive for project funding and will open doors to have candid discussions about furthering energy availability across the continent.
Some countries, like Senegal, Mozambique, South Africa, Tanzania, Nigeria, Angola, Ghana, Mauritania, Libya, Cameroon, Algeria, and Equatorial Guinea, have taken steps to monetize their natural resources to develop and industrialize independently.
By using natural gas as a feedstock to create other value-added products, like petrochemicals, from fertilizers to ammonia, revenue can be used to build infrastructure, from pipelines to ports and roadways, it will open the doors to economic diversification for other African countries as well.
By Adedapo Adesanya
The National Pension Commission (PenCom) has said it hopes to achieve about 20 million pension contributors by the end of year 2027, as against the over 10.65 million it currently counts.
The Director-General of PenCom, Ms Omolola Oloworaran, said this over the weekend at the Pension Industry Leaders’ Retreat in Lagos.
According to her, the target would be achieved through the expansion of Personal Pension Plan (PPP) formerly known as Micro Pension Plan (MPP); constant engagements with stakeholders; enforcement of pension compliance certificates, especially by state governments amongst other initiatives.
She noted that the retreat has provided opportunities for the industry to adopt new strategies, stating that the resolutions reached will be fully implemented before the end of first quarter 2026.
On pension contributions, she said the industry expects a 50 per cent growth, stating that pension growth is essential for economic growth and development.
As of February 28, 2025 the pension fund assets was N23.27 trillion and Retirement Savings Account (RSA) holders 10.65 million.
Recall that recently, the pension regulator announced the recovery of N1.58 billion from defaulting employers through enhanced enforcement efforts as total pension assets under management (AuM) surpassed N23 trillion as of February.
The DG also announced state remittances had also improved, reflecting a greater adoption of the Contributory Pension Scheme (CPS).
Ms Oloworaran noted that in spite of these advancements, challenges remain, as only 25 states and the Federal Capital Territory (FCT) had enacted laws to implement the CPS.
“Six states operate hybrid schemes, while another six have bills at advanced legislative stages.
“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states,” she explained at the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT) held in Kano in late April.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has again reacted to the activities of individuals and groups falsely claiming to represent or act on its behalf, warning Nigerians against falling for these schemes.
According to the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, in a statement, these persons continue to circulate fictitious offers of contracts, loans, grants, intervention funds, and other financial benefits allegedly issued or endorsed by the CBN.
“Despite the public advisory issued on November 18, 2024, through the Bank’s official channels and news outlets, these misleading schemes have persisted, targeting unsuspecting members of the public with false and deceptive narratives,” the statement said.
“The CBN wishes to reiterate that it has not authorised, licensed, or appointed any individual, group, or organisation to act as an agent or intermediary in offering contracts, financial grants, or intervention funds to the public. The CBN also does not endorse or support such claims in any form.
“Members of the public are advised that the Central Bank of Nigeria (CBN) does not award contracts or disburse funds through unsolicited communications such as emails, phone calls, SMS, WhatsApp, or any social media platform. It also does not request payment of fees in exchange for contracts, grants, or financial interventions, nor does it engage intermediaries or third parties to offer financial services or opportunities to the public.
“If you are approached by individuals or entities making such claims, we strongly advise that you do not engage with them. Instead, such incidents should be reported immediately to the relevant law enforcement agencies or the nearest CBN Branch.
“The Central Bank of Nigeria remains committed to safeguarding the financial interests of the Nigerian public and continues to work closely with security agencies to investigate and address fraudulent activities,” the statement said.
By Adedapo Adesanya
Nigerian Maritime Administration and Safety Agency (NIMASA) has said that its resolve to embrace technology as a means of enhancing capacity to deliver on its regulatory mandate more effectively and generate additional revenue for the government is being misinterpreted in some quarters as concession of its operations.
NIMASA, in a statement, said a pivotal innovation in this regard is the Maritime Enhanced Monitoring System (MEMS).
“This system brings digital traceability to the core of Nigeria’s maritime operations. MEMS provides real-time visibility into vessel movements, operational logs, and regulatory interactions. Through automated alerts, smart invoicing, and centralized data integration, NIMASA can now detect, document, and respond to maritime activities with greater precision and efficiency—eliminating unnecessary bottlenecks while strengthening compliance,” it stated.
It listed additional recipients targeted as waste reception services, a routine operation for both domestic and international vessels have traditionally lacked proper tracking, resulting in unmonitored activities and significant revenue losses.
“With MEMS, each waste offload can be logged, time-stamped, and automatically billed, converting previously missed opportunities into a consistent revenue stream while ensuring environmental standards are met,” the statement said.
“Marine pollution control, another critical area of NIMASA’s mandate, has similarly been constrained by limited digital tools. In the absence of satellite tracking and automated reporting, pollution events often go unnoticed or are reported too late to mitigate their impact. With the integration of modern surveillance systems, digital logbooks, and real-time alerts, NIMASA can now respond swiftly to such incidents, recover environmental damages, and hold polluters accountable—both legally and financially.
“It is important to emphasize that past revenue shortfalls experienced by the Agency mainly stemmed from outdated manual processes, fragmented data systems, and insufficient digital enforcement mechanisms which allowed some external elements to capitalize on the loopholes for personal gains .
“The current reforms being implemented by NIMASA are focused squarely on overcoming these limitations. By investing in digital infrastructure and streamlining monitoring systems, the Agency is positioning itself to fulfill its statutory obligations with transparency, efficiency, and accountability,” it added.
NIMASA therefore called for the support of its transformation journey as it aligns with the broader national objectives of the Ministry of Marine and Blue Economy under the Renewed Hope Agenda of President Bola Tinubu.
“The Agency remains committed to strengthening Nigeria’s maritime governance, ensuring environmental safety, and optimizing revenue for the nation,” the statement said.
“It is worthy of note that the Deep Blue Project of the Agency which now enjoys global recognition also witnessed such resistance at the initial stage,” it stated.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN