Oil
IMO Emerges Winner of 2014 NNPC Annual National Quiz Competition
By Leo ATABE
ABUJA – Imo State representing the South East Zone has won the 2014 NNPC Annual National Quiz Competition.
The quiz was won by three students from different secondary schools in the Owerri and they will enjoy university scholarships to be sponsored by the Nigerian National Petroleum Corporation (NNPC).
Speaking during the grand finale of the event at the NNPC Towers, Abuja, the Group Managing Director of the Corporation, Engr. Andrew Yakubu felicitated with the winners and assured of the readiness of the NNPC to sustain the programme in order to mentor the leaders of tomorrow to succeed in their academic pursuits.
Engr. Yakubu said the competition which is the 13thedition has lived up to the objectives for which it was instituted, adding that most of the winners of the competition in the past have graduated with flying colours from various universities across the world.
According to him, since the National Quiz Competition had its debut 13 years ago, it has helped in developing the interest of younger Nigerians in studying science and technology courses in tertiary institutions across the country and beyond.
He said the scholarship scheme has not only helped the development of science and technology in the country but has also gone a long way in assisting the nation’s future leaders, to prepare towards contributing their quota to national development.
He assured that NNPC would not relent in supporting this National Quiz Competition and other community-based efforts aimed at building national human capacities and capabilities stressing that the NNPC would continue to execute many more strategic community development projects, particularly those that would rapidly improve the lives of Nigerians.
Delivering a key note address, the Minister of Education, Mallam Ibrahim Shekarau Represented by Mrs. Justina Ibe, Director Support Services in the Ministry, applauded the NNPC for encouraging science based education saying it would go a long way to sustain the development strides of the Federal Government.
Presenting a goodwill message, the Executive Secretary of the Petroleum Technology Development Fund, PTDF, Olufemi Ajayi expressed the readiness of the PTDF to collaborate with the NNPC to support the growth and development of science oriented subjects in the country.
In his remarks, the Group General Manager, Group Public Affairs Division, OHI ALEGBE, said the NNPC as a responsible and responsive corporate citizen, would continue to contribute its quota to adding value to the educational sector through its annual quiz competition.
The list of finalists for the 2014 NNPC Annual National Quiz Competition were made up of the champions of the six geo-political zones as follows: Akwa Ibom for the South- South, Imo for the South-East, FCT for the North-Central, Ogun for South West, Kaduna for North-West and Taraba for North-East, and they competed in English Language, Mathematics, Chemistry, Physics, Biology and General Knowledge.
Oil
FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
Read Also: Atiku Calls For Rotational Presidency Across Nigeria’s Geopolitical Zones
These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
Business
Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
Oil
ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
Read Also: Offset Accuses Cardi B Of Cheating During Pregnancy
This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.