Business
Borno state Joins Oil-Producing states as Federal Government discovers crude oil
After several months of exploration activities, Borno State has joined the league of oil-producing states in Nigeria, as the Federal Government, yesterday, said crude oil had been discovered in the state.
Permanent Secretary of the Ministry of Petroleum Resources, Mrs. Jamila Shua’ra, disclosed this during the agreement signing ceremony for joint venture, JV, cash call exit and presentation of the petroleum sector score card in Abuja. Shua’ra, however, failed to state the particular area in Borno State where oil was discovered and if the discovery was in commercial quantity.
She attributed the discovery of oil in Borno and Lagos states to the doggedness of the present administration. In the scorecard presented to stakeholders, the ministry also noted that the introduction of Price Modulation Mechanism and Appropriate Pricing Framework had helped the Federal Government to save N1.4 trillion that would have been expended on subsidy payment between May and November.
Also, the ministry announced that the Department of Petroleum Resources, DPR, would in 2017 conduct bid rounds for open blocks and conclude the previously aborted marginal fields bid round to enhance the entry of new players, stimulate competition and generate revenue for the government.
Vice President Yemi Osinbajo disclosed that the elimination of petroleum subsidy had removed a huge financial burden from the Federal Government. According to him, the Federal Government had commenced moves to raise the country’s domestic refining capacity for petroleum products by repairing the existing refineries, licensing modular refineries and supporting the development of private-led refineries. He said: “Recently, the Federal Executive Council approved new measures and strategies aimed at eliminating the burden of joint venture cash calls arrears and easing future payments in the upstream sector. The measures will boost additional investments and raise daily production levels to about 2.8 million barrels per day, mbpd.” Speaking in the same vein, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, stated that prior to the removal of fuel subsidy, the country was losing over N1.2 trillion annually, while the issue of fuel scarcity was rampant. According to him, the elimination had led to a situation where refined petroleum consumption had gone down from an all-time high of 40 million litres a day to about 28 million litres a day. Commenting on the JV cash call exit, Kachikwu expressed optimism that the arrangement would bring about a flurry of investments in the oil and gas industry, while it would also ensure that projects that were earlier abandoned by international oil companies were revived.
The companies involved in the new cash call funding model are Shell, Nigerian Agip Oil Company, Chevron, Total and ExxonMobil. Kachikwu challenged the oil companies to put their money where their mouth is and increase their investments in the country. Also speaking, Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Maikanti Baru, disclosed that the cash call exit arrangement would help address the longstanding issues of unpaid cash call arrears, underfunding of the joint venture and the burden of monthly cash call payments by the Federal Government.
Business
Wema Bank Launches #MyTeacherMyHero Challenge to Celebrate Exceptional Educators in Nigeria
*Jesam Michael Wins Double Honors at the Decentralized Intelligence 2024 V2 Summit*
The Decentralized Intelligence 2024 V2 Summit, a leading event in the fields of Blockchain, Web3, and AI, commenced today at the Civic Center, Lagos, drawing a large audience both in-person and online. Organized by the Blockchain Nigeria Users Group (BNUG), the two-day event was live-streamed, attracting thousands of viewers from around the globe.
The summit began with a welcome address from Mr. Chimezie Chuta, founder of BNUG. He introduced this year’s theme, “Intelligence Unleashed with Decentralization in Action,” emphasizing the transformative power of emerging technologies. In his speech, he remarked, “We live in an age where the convergence of disruptive technologies is not just changing the world – it’s rebuilding the foundation of how we interact, work, create, and exchange value. The decentralized future is not some distant dream; it’s happening now, and it’s up to all of us to be on the cutting edge of this revolution.”
He further highlighted the goals of the conference, saying, “This year, our goal is clear: to equip each of you—founders, builders, investors, and enthusiasts with actionable insights. We are diving deep into how Blockchain, Web3, and AI are transforming industries, from finance to supply chains, from digital identities to data privacy, all while making space for new business models that empower individuals over centralized institutions.”
The summit gained momentum with engaging presentations, including a notable session by Mr. David Oden and Mrs. Peace Mbui of Afriq Group of Companies. They spoke on “Real World Assets Tokenization and Economic Freedom (RWA),” delivering insights into how tokenization can enhance business transactions and economic growth. Their presentation captivated the audience, earning commendations from the event organizers.
One of the highlights of the summit was the awards ceremony, which celebrated excellence in the block chain industry. After an online voting process with 4,203 participants, Mr. Jesam Michael, CEO of Afriq Group of Companies, emerged as the winner of the “Exceptional Blockchain CEO and Team Leader of the Year” award. Additionally, Afriq Group of Companies received the “Most Impactful Crypto Community Award of the Year,” bringing the company a second prestigious accolade at the event.
In his acceptance speech, Mr. Jesam Michael expressed his gratitude for the recognition, dedicating the awards to the “Spartans” a term he uses to describe the passionate supporters of Afriq Group. He thanked the BNUG and all participants, reiterating his commitment to pushing the boundaries of innovation in blockchain and decentralized technologies.
As the Decentralized Intelligence 2024 V2 Summit continues, industry leaders, investors, and enthusiasts are set to explore further discussions and insights into the future of Blockchain, Web3, and AI, solidifying Lagos as a hub for technological advancement and innovation.
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