By Adedapo Adesanya
The federal government has rejected a single pathway to energy transmission, saying that it will still bank on fossil fuels just as it explores other ways to achieve net-zero carbon by 2050.
This was made known by the Minister of State for Petroleum Resources, Mr Timipre Sylva while speaking on Thursday at the Seplat Energy Summit which was held in Abuja and themed Global Trends In Energy Transition.
While acknowledging the importance of renewable and sustainable energy in the country’s future, he emphasised that the country will continue to explore and invest in the development of hydrocarbon resources, explaining that one key way that the country will do this is by pushing for the use of gas as a transition fuel.
He noted that for most African countries with a huge energy deficit, moving away from the deployment of hydrocarbon was a huge concern, stressing that developing countries were striving to attain a certain baseline of industrialisation.
“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.
“This is why in Nigeria; we reject the concept of a single pathway to the energy transition. 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,” the Minister said at the event monitored by Business Post.
Mr Sylva explained that gas would be central to Nigeria’s plan for energy transition, adding that, “First is the focus on gas. For us, 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.”
The Minister also said that the passage of the Petroleum Industry Bill by the parliament and the signing into law by President Muhammadu Buhari will significantly boost Nigeria’s potential to achieve its oil production to four million barrels per day.
In addition, he said the PIA will also boost the nation’s oil reserves from 37 billion barrels to 40 billion barrels.
“The PIA 2021 will undoubtedly assist in harnessing Nigeria’s potential to achieve its oil production to four million barrels per day and oil reserves from 37 billion barrels to 40 billion barrels while also drawing on the country’s estimated 600 cubic ft of natural gas to provide clean and efficient energy,” Mr Sylva said.
According to the Minister, the new law has “enhanced the Nigerian Petroleum Industry’s reputation, provided the pathway to new investments and consolidates our ability to play a significant role in meeting the world’s growing demand for energy.”
Akinwumi Adesina Turns Down Requests to Become Next Nigerian President
By Adedapo Adesanya
The President of the Africa Development Bank (AfDB), Mr Akinwumi Adesina, has ruled himself out of the 2023 presidential race in Nigeria.
Mr Adesina made his position known in a statement on Tuesday after months of calls for him to join the contest after a group bought the presidential nomination form of the All Progressives Congress (APC) for him at the cost of N100 million.
In the statement, the banker emphasised that his current desire is to continue to hold the office of the president of the AfDB which he won reelection for last year.
However, he expressed appreciation for those who found him worthy of leading his country at this critical time it is undergoing different challenges ranging from economy, security and others.
“While I am deeply honoured, humbled and grateful for all the incredible goodwill, kindness, and confidence, my current responsibilities at this time do not allow me to accept to considered,” the statement read in part.
“I remain fully engaged and committed to the mission that Nigeria, Africa and all the non-African shareholders of the African Development Bank have given me for Africa’s development.
“I remain fully focused on the mission of supporting the accelerated development and economic integration of Africa,” Mr Adesina added.
Less than two weeks ago, a coalition of 28 groups purchased the N100 million APC presidential forms for the former Agriculture Minister.
The coalition consists of groups such as the Youth Arise Movement, Nigerians in Diaspora, One Nigeria Group, Prudent Youth Association of Nigeria, women groups, farmers, and other civil society groups.
Sanwo-Olu Promises Justice for Sound Engineer David Imoh
By Modupe Gbadeyanka
Governor Babajide Sanwo-Olu of Lagos State has promised to ensure that the late Sound Engineer killed by a mob in the Lekki area of the state last week gets justice.
The Governor gave this assurance through the Commissioner for Information and Strategy, Mr Gbenga Omotoso, in a statement issued on Monday night.
Last week, after boarding a commercial motorcycle, an argument ensued between Mr David Imoh and the okada rider over N100 and attracted other riders, who then lynched him.
There have been calls for justice for the deceased and in the statement today, the state governor said this would be done.
He condemned the mob attack and said the police are interrogating four suspects at the State Criminal Investigation Department (CID), Panti in connection with the incident, while two survivors of the act are in hospital.
According to Mr Sanwo-Olu, the government will address the root cause of this and similar incidents, which have caused public anxiety, appealing to residents to remain calm as police continue to investigate the matter.
“Lagos has no room for savagery and anybody found to have been involved in this barbarism will surely face the law.
“We condemn and will not condone any kind of jungle justice, no matter who the perpetrators are,” the statement stressed.
N80bn Fraud: EFCC Arrests Accountant General of the Federation Ahmed Idris
By Modupe Gbadeyanka
The Accountant General of the Federation (AGF), Mr Ahmed Idris, is cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He is having talks with the agency, explaining what he knows about an alleged diversion of N80 billion belonging to the federal government.
He was picked up by operatives of the EFCC on Monday, May 16, 2022, after allegedly failing to honour invitations by the commission to respond to issues connected to the issue.
In a statement issued on Monday night, the anti-money laundering organisation claimed that Mr Idris, through verified intelligence, “raked off the funds through bogus consultancies and other illegal activities using proxies, family members and close associates.”
“The funds were laundered through real estate investments in Kano and Abuja,” another part of the statement disclosed.
The AGF has been in the news lately over an audit report, which indicted some ministries, departments and agencies (MDAs) of the federal government of fraud.
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