Connect with us

General

Sub-Saharan Africa Can’t Abandon Fossil Fuel—Agunbiade

Published

on

Babajide Agunbiade

By Modupe Gbadeyanka

There has been a huge campaign in Western societies against the use of fossil fuel because of the harm it does to the earth, with the use of renewable energy being pushed as an alternative.

To get many nations to move in this direction, the Paris Agreement was signed in 2016 to combat climate change and to accelerate and intensify the actions and investments needed for a sustainable low carbon future.

But a renowned Nigerian engineer, investor and Director for Houston-based National Oilwell Varco, Dr Babajide Agunbiade, has advised sub-Saharan Africa to still stick to the oil and gas to power its economy.

In an interview, he explained that oil remains the only commodity that can satisfy the demands of an increasing population and increase the earnings of the governments.

ALSO READ  Nigeria Must Optimally Benefit from AfCFTA—Ecobank

He said in the advanced economies, it is true that the use of fossil fuel is declining because of the use of renewable energy, but stressed that in the third world countries, oil still remains their dependable source of energy.

The energy guru with over 20 years’ experience in the oil industry and one of the world’s leading offshore production experts, noted that as a result of the enormous deposits of oil and gas, operators and service companies are doing what they can to optimise production cost and continue producing the commodity.

“In Africa, [oil] is still the only commodity that can satisfy the demands of an increasing population, an expanding middle class, and in some cases, the main source of governments’ earnings. We still have a lot of oil,” he asserted.

ALSO READ  Foursquare Gospel Church Suspends Sex-For-Grades Pastor

“As stated, a lot of these African countries do depend substantially on oil revenue for survival. Oil still plays a large role in these sub-Saharan countries’ economies, accounting for up to 40 per cent of GDP and 80 per cent to 90 per cent of governments’ earnings,” Dr Agunbiade said.

The Director of National Oilwell Varco, the largest oilfield equipment manufacturing company in the world, said 90 per cent of the earnings of the government of Nigeria come from oil and the same as Angola, Gabon, and the rest of oil-producing countries in sub-Saharan Africa.

ALSO READ  Seyi Tinubu Covers July/August Issue of Pleasures Magazine

With these figures, he was convinced that the shift to renewable energy at the expense of oil and gas in sub-Saharan Africa has not been the focus for now, and this must change.

“There is no push for anything different. They are still aggressively trying to source foreign exchange, which for the most part, they can only do that through oil,” he opined.

According to him, wind energy, electric cars, and a lot of other renewable energy options and integrated gasification in the combined cycle, IGCC from coal have to come into play.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Click to comment

Leave a Reply

General

EFCC Goes After Car Dealers, Real Estate Agents, Others

Published

on

EFCC Real Estate Agents

By Modupe Gbadeyanka

The Chairman of Economic and Financial Crimes Commission (EFCC), Mr Abdularasheed Bawa, has hinted that a searchlight will be beamed on car dealers, jewellery sellers, real estate agents and others.

The anti-money laundering agency, while addressing newsmen in Abuja on Thursday, disclosed that evidence has shown that these set of people use proceeds of corruption for their business transactions.

He said the EFCC was working on a number of proactive strategies including a special control unit against money laundering, established particularly to address non-designated financial institutions including car dealers, real estate, jewellery dealers, among others.

ALSO READ  Foursquare Gospel Church Suspends Sex-For-Grades Pastor

Mr Bawa said that he was confident that when the unit is fully established, corruption will significantly decline in the country.

He added that the agency was equally working towards the development of a biometric ownership database to address money laundering.

According to him, most proceeds of crime are laundered through real estate and have become a huge challenge, giving examples of property acquired especially in Lagos, Abuja, and Port Harcourt where billions of naira were laundered through this means.

ALSO READ  VIDEO: Buhari Attends Juma’at at Aso Rock Mosque

He, however, declined to disclose actual perpetrators or the properties involved but revealed that since his assumption, a number of recoveries have been made including N6 billion, $161 million, £13,000, €1,730, among others.

He further said internet fraudsters numbering 1,502 have also been apprehended between January and June 2021, noting that efforts were underway to file about 800 of them.

ALSO READ  BREAKING: Supreme Court Confirms Oyetola as Osun Governor

Mr Bawa was at the Presidential Villa yesterday to clarify the specific Minister involved in the laundering of about $37 million into real estate to which he referred in his earlier statement.

He said the matter was an old case involving a former Minister of Petroleum, Ms Allison Diezani Madueke.

Continue Reading

General

KedCo Warns Customers Against Meter Bypass

Published

on

Against Meter Bypass

By Adedapo Adesanya

The management of Kano Electricity Distribution Company (KEDCO) has cautioned customers in its franchise areas against meter bypass as it intensifies efforts in meter installation.

According to a statement by KEDCO’s Head of Corporate Communications, Mr Ibrahim Sani Shawai, “the warning had become necessary as a way of ensuring that renewed efforts at speeding up metering are not sabotaged.

ALSO READ  Seyi Tinubu Covers July/August Issue of Pleasures Magazine

“Anyone caught bypassing our meters would not be spared as we will go all out within the provisions of the law of the land to ensure that violators are made to pay penalty after prosecution.

“We are speeding up processes to ensure that 87,747 meters are installed by the end of the month under the zero phase.

“We have met with all vendors and mandated them to increase manpower to ensure speedy deployment and installation of meters to customers.

ALSO READ  Nigeria Police Creates SWAT Team to Replace SARS

“We appeal to our numerous customers to give vendors the necessary cooperation to ensure that estimated billing system is brought to an end in KEDCO franchise within the shortest time possible.”

The distribution company had recently warned customers against meter apathy as it observed that some customers were deliberately refusing to get metered, which it considers unacceptable.

ALSO READ  Journalists Gear up for 9th Nigerian Breweries Golden Pen Awards

KEDCO is one of the major Nigerian electricity distribution companies. KEDCO operates in the northwestern geopolitical zone of Nigeria and generates, distributes and markets electricity in three states. It covers the franchise states of Kano, Katsina and Jigawa.

Continue Reading

General

Navy Seizes 251 Bags of Smuggled Rice in Akwa Ibom

Published

on

251 bags of smuggled rice

By Adedapo Adesanya

The Nigerian Navy, Forward Operating Base (FOB), Ibaka, Mbo Local Government Area of Akwa Ibom has impounded 251 bags of rice smuggled through the waterways.

The Commanding Officer of FOB, Navy Captain Suleiman Abdullahi, disclosed this in Ibaka on Thursday when he handed over the bags of contrabands to the Nigeria Customs Service (NCS).

He said that the 251 bags of rice were seized from smugglers on June 15 during routine patrol operations by the unit, explaining that the suspects abandoned the rice and the boat and fled on sighting the naval patrol team, emphasising that the Base would not relent in putting an end to illegalities on the Akwa Ibom waterways.

ALSO READ  Seyi Tinubu Covers July/August Issue of Pleasures Magazine

“What you are witnessing here today is the handover of 251 bags of rice suspected to be smuggled into the Nigerian maritime border.

“By the directive of the Flag Officer, Eastern Naval Command, Rear Admiral Sanusi Ibrahim, we have zero tolerance for smuggling.

“By the directive, we have carried out intensive patrol and on June 15, 2021, we seized one wooden boat and 251 bags of smuggled rice.

“On sighting the patrol team, the smugglers abandoned the rice inside the boat and flee to escape arrest.

ALSO READ  Nigeria Must Optimally Benefit from AfCFTA—Ecobank

This is an indication of their awareness of the crime perpetrated by these suspects for them to have abandoned their boat and flee,” Mr Abdullahi said.

The commanding officer warned smugglers to relocate out of the Nigerian maritime borders, stressing that it would not be business as usual for them.

He urged them to desist from smuggling and other illegal businesses, but they should engage in legitimate endeavours.

“I will like to use this opportunity to warn those maritime criminals that it is not going to be business as usual.

“That they should desist from their criminal ways and engage in genuine business, otherwise the long arm of the law will catch up on them,” he said.

ALSO READ  VIDEO: Buhari Attends Juma’at at Aso Rock Mosque

Receiving the 251 bags of rice on behalf of the customs, the Comptroller of Sector 1, Port Harcourt, Mr Shehu Abubakar, said the agency would do everything possible to stop smuggling in the country.

Mr Abubakar, who was represented by the Superintendent of Customs, Border Drill Patrol Team, Oron Axis, Mr Mustapha Ahmed, warned smugglers to desist from the illegal trade, stressing that the organisation would continue to checkmate all economic sabotage in the country.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: