Economy

NNPC Begins Oil Drilling in Nasarawa State

Published

4 months ago

February 20, 2023

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The Nigeria National Petroleum Company Limited (NNPC Ltd) will begin drilling of the first oil well in Obi/Keana Nasarawa State on March 21.

The Group Chief Executive Officer of NNPC Ltd., Mallam Mele Kyari, who disclosed this during a courtesy visit to Governor Abdullahi Sule in Lafia, said that the company began exploration activities in the state in 2010.

He said: “We have seen a great potential for finding hydrocarbon in Nasarawa State and to confirm this, we are going to start drilling on March 21.

“We are very optimistic that it would be a successful exercise. It will not end there, once you find oil, you do further works to develop it not just for the benefit of the community around it, but for Nasarawa State and the country,” he said.

Kyari pointed out that the exploration would not be limited to the current Obi/Keana location.

“Once we test this prospect, it opens new roads and we have seen other great prospects across many parts of the state. This will herald history and bring value to all of us,” he added.

The NNPC boss thanked the government and people of Nasarawa State for the cooperation and support so far, calling for its sustenance.

He said that the company would continue to do its best to bring immediate value to the host community and ultimately to the wider society when oil was found in commercial quantity.

Responding, Sule thanked the NNPC boss and his team for the visit as well as what is being done in the state.

Sule identified insecurity as a major challenge to oil exploration in the country, calling on the people of the state to ensure they maintain peace and support the company for the project to succeed.

He expressed optimism that the drilling of the oil well, named “Ebenyi-A” would be the first in the North Central zone of the country, which would bring lots of benefits to the state.

“On behalf of our people, we want to say that you will find peace, we have been known for being peaceful, kind and loving. You will not have any reason to feel otherwise within the period of your operation in the state,” Sidi-Bage said.

Also speaking, the Managing Director, NNPC Energy Services Limited, Sophia Mbakwe, said the assurances from the government and stakeholders in Nasarawa State were critical to the operation of the company.
(Guardian)

Economy

We Have Not Devalued the Naira, says CBN

Published

6 days ago

June 2, 2023

Sunrise Nigeria

The Central Bank of Nigeria (CBN) has denied the report of the devaluation of the Nigerian currency to 630 Naira to a Dollar.

The CBN in a statement signed by its acting spokesman, Isa AbdulMumin, on Thursday said the details of the report do not conform with the realities of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors and Exporters (I&E) window traded this
morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while,” the statement read in part.

The CBN urged the public to disregard the story, saying it is speculative and intended to cause panic.

Economy

NPC Boss Canvases Inculcation Of Productivity In The Informal Sector

Published

2 months ago

April 8, 2023

Sunrise Nigeria

The Director General, National Productivity Centre, Dr Kashim Akor said for a virile and robust economic sustainability, productivity should be mainstream into the Informal sector to protect the over 80% of jobs already created by the sector.

Dr Kashim Akor dropped the message saying the small scale businesses created out of these sector will fail or outlive it’s usefulness, without recourse to productivity.

He expressed this concern at a two days workshop to mark the 4th National Productivity Summit held at Nigerian Army Resource Centre, Asokoro FCT, Abuja between Tuesday 4th and Wednesday 5th of April, 2023.

He maintained that the quantum of jobs created by the Informal sector that had addressed unemployment rates in the country, will be counterproductive when productivity is neglected.

Dr Kashim Akor stressed that the only option to extricate failure of businesses in the Informal sector that had been driving force of the world economies was not only to enhance productivity, but it’s sustenance in all areas.

He advised the Informal sector to take productivity as it’s cardinal objectives, so as to continue to protect not only the sector , but unemployment rates in the country.

The two-day event has its theme, “Enhancing the Productivity of the Informal sector for Increased Competitiveness.

Economy

Public Relief, as CBN Directs Banks to Release and Accept Old N200, N500, N1000 Notes

Published

3 months ago

March 14, 2023

Sunrise Nigeria

Finally, the Central Bank of Nigeria ( CBN) has directed Deposit Money Banks operating in Nigeria to issue and accept the old N200, N500 and N1000 old banknotes legal tender till December 31,2023.

There has been public uproar concerning the apparent reluctance by the bank to give effect to the ruling of the Supreme Court of Nigeria on the legal tender status of the old and redesigned currencies.

A statement by the Acting Director Corporate Communications of the Apex Bank, Dr. Isah AbdulMumin said the directive is in compliance with the Supreme Court judgement of March 3, 2023, saying that the directive was also in compliance with the established tradition of obedience to court orders and sustenance of the Principles of The Rule of Law the administration of President Muhammadu Buhari is known for.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023,” the statement said.

The Apex Bank which said it has met with the Bankers’ Committee on the development also directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023, mandated all concerned to conform accordingly.