Connect with us

General

NNPC Signs Agreement for 20% Equity in UTM Floating Gas Project

Published

on

NNPC guarantee energy security

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited has signed a Heads of Agreement with Nigerian oil and gas company, UTM Offshore Limited, for the UTM Floating Liquefied Natural Gas (FLNG) project, which will see it contribute 20 per cent equity.

The planned FLNG vessel is set to produce 176 million cubic feet of gas per day from the Yoho Field and will help boost domestic gas utilization in Nigeria.

With the agreement, liquefied petroleum gas (LPG) will become increasingly accessible to the Nigerian market, thereby reducing the costs of the product while improving health, environmental protection and employment across the country.

Nigeria has over 200 trillion cubic feet of proven gas reserves, resources which hold immense opportunities for the country and wider region.

Speaking on this, NNPC Limited Group Managing Director Mr Mele Kyari said, “No matter the amount of reserves you have underground, if you haven’t brought it up to the surface, you have done nothing. This is why we are very interested in this project, and we are going to do our own part to ensure its success. Be assured that NNPC is solidly behind this project.”

Signed at the NNPC headquartered in Abuja this week, the agreement serves as the next step towards finalizing the project.

Business Post understands that the FLNG facility is expected to be complete by 2026 and comprises a turret mooring system, gas pre-treatment modules, Liquefied Natural Gas (LNG) production modules, living quarters, self-contained power generation and utilities alongside storage and offloading.

Last year, it was reported that UTM Offshore inked the Front-End Engineering and Design contract with Kellogg Brown and Root, Japan Gas Corporation, and Technip Energies.

According to Mr Julius Rone, Group Managing Director of UTM Offshore, “Final Investment Decision is expected to be taken in the fourth quarter of 2023 with planned project start-up in the fourth quarter of 2026. When completed, it will produce 1.7 million tons per annum of LNG and 300,000 metric tons of LPG which will be fully dedicated to the domestic market.

“The project is estimated to provide direct employment for 3,000 Nigerians and indirect employment for an additional 4,000 people.

“The LPG produced will help bring down the price of cooking gas, improve the socioeconomic well-being of Nigerians, and reduce deforestation and carbon emissions.”

Mr Rone believes that the agreement is a testament to the company’s commitment to advancing access to clean cooking solutions in the country.

With the new agreement, the partners have formalized the domestic LPG components and have additionally secured the backing of one of the country’s biggest energy firms, the national oil company NNPC.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

General

UK Strengthens Ties With Kano, Jigawa on Sustainable Development

Published

on

UK Kano Jigawa

By Adedapo Adesanya

The United Kingdom has reaffirmed its development partnership with Kano and Jigawa States, as part of its long-term commitment to development and reform in northern Nigeria.

The Head of Development Cooperation at the British High Commission Abuja, Ms Cynthia Rowe, recently completed high-level engagements with governors of both states as well as senior government officials and civil society leaders.

The discussions underscored the UK’s modern approach to development as a genuine partnership with Nigeria, which prioritises state-led ownership and sustainable development that delivers lasting impact through strengthening systems and partnerships grounded in investment, trade, climate financing, technical expertise and joint accountability.

According to a statement, the Foreign Commonwealth and Development Office, via the British High Commission, said Nigeria remains one of the UK’s most significant development partners, adding that the engagements underlined the strength and ambition of the bilateral relationship reaffirmed during the recent UK-Nigeria State Visit.

In Kano, Ms Rowe met with Deputy Governor Alhaji Murtala Sule Garo and senior officials, including the newly confirmed Head of Civil Service and Secretary to the State Government. The visit recognised Kano’s progress on climate finance, health system reform and private sector investment supported through UK technical assistance.

In Jigawa, she met with Governor Umar Namadi and heads of key ministries, departments and agencies. The meeting celebrated more than 25 years of UK-Jigawa partnership, one of the most longstanding bilateral development relationships at the subnational level in Nigeria. Discussions covered the state’s continued progress on health systems reform, agriculture, and governance and the path forward under UK technical assistance.

Since 2022, PLANE has supported Kano, Kaduna and Jigawa to strengthen state-led education delivery systems, working through Ministries of Education, SUBEB and key agencies. Its RANA+ foundational learning packages have reached 1.4 million pupils across the three states, alongside wider system strengthening.

Speaking on this, Ms Rowe said, “For more than 25 years, we have worked side by side with state governments, including Jigawa and Kano states, their communities, and civil society to build stronger health systems, improve learning outcomes for millions of children, support farmers to grow their businesses, and help states attract the investment they need to thrive.

These visits have reinforced our confidence in what this partnership can achieve. We are working together to deliver lasting change, and deepening a relationship built on genuine mutual respect and shared ambition for Nigeria’s growth and development.”

Continue Reading

General

CBN Partners NiMet to Integrate Climate Data Into Economic Planning

Published

on

CBN Ways and Means

By Adedapo Adesanya

The Nigerian Meteorological Agency (NiMet) has signed a Memorandum of Understanding (MoU) with the Central Bank of Nigeria (CBN) on data sharing to enhance economic productivity.

This was done at a meeting at CBN Head Office in Abuja, where the weather body led by its Director General, Mr Charles Anosike, on Wednesday, highlighted the importance of integrating weather and climate data into economic research, especially in sectors such as agriculture, energy, and transportation.

He noted that extreme weather events can reduce agricultural productivity and threaten food security.

He added that the collaboration aligns with the Renewed Hope Agenda of President Bola Tinubu, which prioritises food security through major agricultural investment, including the cultivation of 10 million hectares of land and the distribution of mechanised equipment.

Mr Anosike cited a 2026 World Bank report that showed that extreme weather driven by climate change is significantly affecting global food security, with more than 87 million people facing hunger in East and Southern Africa and 52 million in West and Central Africa.

He also referenced the latest Berkeley Earth Report, which projects that 2026 is likely to be the fourth warmest year on record, a trend that continues to shape agricultural and energy market projections.

In his remarks, Mr Muhammad Sani Abdullahi, Deputy Governor, Economic Policy Directorate of the CBN, said the signing of the MoU marked an important step in strengthening the partnership between two key national institutions whose mandates intersect in data, research, and policy support.

He emphasised that, in an increasingly complex and dynamic economic environment, timely and reliable data remain essential for effective policy decisions.

According to him, the Economic Policy Directorate relies heavily on timely and credible statistical information from NiMet, saying that such data are critical for inflation monitoring, agricultural sector assessment, and broader economic policy advisory functions.

He described the initiative as both timely and important, adding that strong institutional partnerships are essential for strengthening evidence-based policymaking and improving the robustness of national data systems.

At the close of the event, Mr Anosike and Mr Sani Abdullahi signed the MoU on behalf of their respective institutions.

Continue Reading

General

POS Operators Barred Within 200 Metres of Police Stations

Published

on

IGP Tunji Disu

By Adedapo Adesanya

The Inspector-General of Police (IGP), Mr Tunji Disu, has ordered an immediate nationwide ban prohibiting Point-of-Sale (POS) operators from running their businesses within a 200-metre radius of any police station, divisional headquarters, or police formation across Nigeria.

This directive, released via an internal police wireless message, addresses critical systemic challenges regarding extortion and corrupt financial practices within law enforcement facilities.

The order is to be strictly enforced nationwide, with senior officers overseeing various formations to be held accountable for any breach of the directive.

The Nigeria Police Force stated that the measure is intended to strengthen transparency, accountability, and public confidence in the policing system.

The decision comes after an alarming proliferation of POS businesses near police facilities, with investigations and public complaints revealing that some operators were actively complicit in facilitating extortion, bribery, and illegal cash transfers forced upon civilians or suspects during police encounters.

Under the directive, Assistant Inspectors-General of Police (AIGs), State Commissioners of Police (CPs), and heads of formations will be held vicariously liable for any breach within their jurisdictions.

The IGP’s order states: “Any officer or POS merchant found flouting the 200-metre operational boundary or colluding in illicit transactions will face immediate disciplinary and criminal actions under extant laws.

“If you are a POS agent or looking into regulatory compliance for financial services in Nigeria, let me know. I can provide details on current Central Bank of Nigeria (CBN) radius registration guidelines or share methods to report officer misconduct directly to the Force Headquarters.”

Continue Reading

Trending