News

Nigeria Loses N264.427bn To Gas Flare In 10 Months

Published

3 years ago

December 4, 2022

Editor

Despite Nigeria’s dwindling revenue occasioned by massive oil theft, the country has continued to also suffer loss from its gas resources, as companies operating in the country’s petroleum industry flared 170.5 billion standard cubic feet (BSCF) of gas in 10 months, between January and October 2022, according to latest data from the National Oil Spill Detection and Response Agency (NOSDRA).

NOSDRA stated that the value of total gas flared in the ten-month period stood at $596.9 million. Going by the Central Bank of Nigeria’s (CBN) current official exchange rate of N443 to a dollar, this translates to a loss of N264.427 billion potential revenue to Nigeria.

NOSDRA also stated that the defaulting companies were liable to fines totaling $341.1 million, an equivalent of N151.107 billion, fines, which it said are sparingly paid by the defaulting companies. According to NOSDRA, the volume of gas flared in the ten-month period under review was equivalent to carbon dioxide emission of 9.1 million tonnes; and had power generation potential of 17,100 gigawatts hour (GWh).

Giving further breakdown of the volume of gas flared across oilfields, NOSDRA reported that companies operating in Nigeria’s offshore oil fields flared 86.8 billion standard cubic feet of gas valued at $303.9 million (N134.628 billion). It added that carbon dioxide emissions from the volume of gas flared offshore was 4.6 million tonnes; while its power generation potential was 8,700 gigawatts-hour of electricity.

Specifically, in January, February, March, April, May and June 2022, 10.83 billion standard cubic feet, BSCF, 13.09 BSCF, 6.003 BSCF, 14.85 BSCF, 12.58 BSCF and 4.81 BSCF of gas were flared, respectively; while 3.73 BSCF, 6.3 BSCF, 7.3 BSCF and 7.34 BSCF of gas were flared in July, August, September and October 2022, respectively. In addition, the agency stated that the companies who flared gas offshore were liable for fines of $173.6 million, an equivalent of N76.905 billion, for the volume of gas flared.

On the other hand, companies operating onshore caused the country loss of $293 million, about N129.799 billion, and were liable for $167.4 million (N74.158 billion) fines, for flaring 83.7 BSCF of gas in the ten-month period, January to October 2022.

Some of the oilfields from which gas flaring was detected, according to NOSDRA are Oil Mining Leases (OML) 11, 13 and 14, operated by Shell Petroleum Development Company (SPDC); OML 63 and Oil Prospecting Licence (OPL) 316 and 209, operated by Nigeria Agip Oil Company (NAOC); OMLs 64 and 111, operated by Nigerian Petroleum Development Company (NPDC); OPL 209, operated by Esso Exploration and Production Nigeria Limited; OPL 216, operated by Famfa Oil Limited. Others are OML 49, operated by Chevron Petroleum Nigeria Limited; OML 70, Mobil Producing Nigeria; OMLs 100, 101 and 102, operated by Elf Petroleum Nigeria; and OML 86, operated by Texaco Overseas (Nigeria) Petroleum Company, among others.
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News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

5 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

6 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

8 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.