General
FG Targets Nine New 6,000MW Gas-Powered Plants by 2037
By Adedapo Adesanya
The federal government has revealed plans to construct nine new gas-fired power plants with a combined capacity of nearly 6,000 megawatts (MW) by 2037.
This was disclosed by Mr Timipre Sylva, the Minister of State for Petroleum Resources, at a conference organised by Seplat Energy held last week in Abuja.
According to him, the gas-powered plants will further validate gas as viable and as transformational fuel in plans with the President Muhammadu Buhari-led administration Decade of Gas initiative.
“Our proven gas reserves are sufficient to cover current demand levels and support plans for the construction of nine new gas-fired power plants with a combined name-plate capacity of nearly 6,000 MW by 2037.
“This validates gas as a viable and transformational fuel for industrial development. This is why President Muhammadu Buhari who is also the Honourable Minister of Petroleum Resources has declared 2021 – 2030 as the “Decade of Gas”, which provides the fulcrum for focusing effort and resources required at making gas the centrepiece of Nigeria’s economy by 2030,“ he said.
Mr Sylva had described calls to phase out fossil fuel as a major concern, saying African countries are not ready for the transition, as most are currently grappling with other challenges, adding that Nigeria rejects a single approach to energy transmission.
“While acknowledging our commitments to net-zero as a nation, there is no gainsaying the fact that Nigeria requires fossil fuel as its baseload energy source.
“This is undoubtedly a major concern for climate activists in developed nations, but the clamour to emphasise only renewable energy as the sole pathway to energy transition is a source of concern for African countries that are still working to achieve baseload industrialisation, address energy poverty and ensure reliable power supply.
“Indeed, we prefer the concept of ‘just’ energy transition which takes into cognisance the specific circumstances of each nation in developing the energy transition pathway that best achieves the environmental, social, political and economic objectives of the transition in that specific nation.
“Multiple pathways to the energy transition should and must exist in order to ensure that no country is left behind in the process of achieving net-zero by 2050”, he said.
The Minister added that in Nigeria, the position above recognises the possibility of a structural decline in the price of oil and consequential fiscal vulnerabilities that may arise, as well as the increased risk exposure, and is responding to it in several ways, adding that Nigeria would first focus on gas.
“For us (Nigeria), this is at the heart of the energy transition and represents the first step in the journey to renewables away from oil. Already, we have declared that gas is our transition fuel, and also represents a destination fuel, as we envisage that it will be part of our energy mix by 2050 given the vast resources that can be commercialised and utilised,” he noted.
Furthermore, he said generous incentives have been proposed in the Petroleum Industry Act (PIA) 2021 to enable the development, distribution, penetration and utilisation of gas.
General
Oyo Rehabilitates Agbowo Road, Three Others
By Modupe Gbadeyanka
Four major roads are being rehabilitated by the Oyo State government to improve transportation infrastructure and enhance mobility.
The chairman of the Oyo State Road Maintenance Agency (OYSROMA), Mr Busoye Ogunlade, in a statement in Ibadan last Friday, said the roads should be completed in less than eight weeks.
The roads include Bashorun Oluwo-nla road, Agbowo road, Eleyele-Water road, and Zion plaza-Olusoji road.
“Work has commenced on some of these roads, as we speak. However, repairs on other roads will commence soon,” Mr Ogunlade said, advising commuters to follow temporary traffic diversions and cooperate with the ongoing construction efforts.
The OYSROMA chief said the ongoing rehabilitation was based on fund availability and the economic viability of those roads, noting that the move is in line with the commitment of the administration of Governor Seyi Makinde to make the state more attractive to both local and foreign investors.
“Governor Seyi Makinde has given us the mandate to rehabilitate roads across the State, and we have mobilized Engineers, through direct labour to these sites,” he said, adding that to make the exercise have the desired impact on the people, the agency has gone across all zones and picked critical roads that need rehabilitation across the state.
“This is borne out of the complaints we received during zonal town hall meetings from residents of the state. Our Engineers have swung into action and have taken measurements of critical roads,” he said.
General
UNILAG Honours AXA Mansard Chairman Kola Adesina With Doctoral Degree
By Modupe Gbadeyanka
The chairman of AXA Mansard Insurance Plc, Mr Kola Adesina, has been bestowed with an honourary doctorate degree by the University of Lagos (UNILAG).
The prestigious higher institution of learning said the degree was given to the prominent Nigerian businessman because of his exceptional contributions as a “globally renowned entrepreneur with extensive experience spanning academia, finance, trade, diplomacy, and the energy sector.”
The conferment ceremony at UNILAG’s main auditorium last week was graced by dignitaries from various sectors, including academia, finance, and industry, who gathered to honour Mr Adesina’s remarkable achievements and contributions.
The chief executive of AXA Mansard, Mr Kunle Ahmed, lauded Mr Adesina’s virtues and emphasised that the honorary degree is a testament to his exemplary leadership and relentless pursuit of excellence.
“Mr Adesina’s visionary approach has been pivotal in driving our company’s success and positively influencing our ambition to transition from a payer to a partner.
“We are incredibly proud of his accomplishments and this well-deserved recognition,” Mr Ahmed remarked.
Also, the Chief Client Officer of AXA Mansard, Ms Rashidat Adebisi, congratulated her chairman on the recognition, noting that it underscores Mr Adesina’s significant impact in Nigeria and Africa’s growth and development.
“As a business, we have greatly benefited from Mr Adesina’s vast expertise and wealth of experience. His outstanding leadership and dedication to our nation’s progress are truly remarkable.
“We are immensely proud to be associated with him and celebrate this milestone. We believe this honour will inspire Mr Adesina to continue being a beacon of progress in Nigeria’s socio-economic landscape,” she stated.
General
20,000 Nigerian Armed Forces Personnel to Receive Consumer Credit
By Adedapo Adesanya
As part of initiatives to celebrate the just concluded Armed Forces Remembrance Day, the Nigerian Consumer Credit Corporation (Credicorp) has kicked off a consumer credit fund for personnel of the armed forces in a partnership with Fewchore Finance.
The scheme aims to benefit 20,000 armed forces personnel in its first phase.
This fund – kicking off with the Armed Forces Remembrance Day – advances President Bola Tinubu’s vision to extend consumer credit access to over 50 per cent of working Nigerians by 2030.
This demonstrates a specific commitment to improving the welfare of Nigerian soldiers who protect and serve the nation.
Via affordable consumer credit, members of the Armed Forces can now acquire life-enhancing household assets and meet immediate financial challenges – and at even better terms for locally manufactured goods.
According to a press release, the programme aims to ease their financial burden, boost morale, and enhance the well-being of their families, most of whom they leave for the battlegrounds.
President Tinubu has long championed the welfare of uniformed personnel, and this initiative reflects his commitment to creating meaningful support systems.
“This programme shows Mr. President’s commitment to supporting those who protect and serve our nation,” said Mr Uzoma Nwagba, Managing Director/CEO of Credicorp. “By making credit accessible to armed forces personnel, we not only honor their service but also advance the President’s goal of using consumer credit for much better lives.”
On his part, the chief executive of Fewchore Finance, Mr Sunkanmi Balogun, added, “We are proud to support the courageous men and women of the armed forces. At Fewchore Finance, we have a long-standing relationship with the Armes Forces and remain committed to creating solutions that address real needs.”
The initiative, starting with a first phase targeting 20,000 beneficiaries, will involve all branches of the armed forces.
Phased implementation will ensure equitable access, coordinated with the respective Accounts and Budget departments of the forces.
The programme launched at the last Armed Forces Remembrance Day carries deep symbolic meaning, showcasing the nation’s gratitude and dedication to the brave men and women who protect its peace and security.
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