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

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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.

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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.

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READ ALSO: 2023: Turning Point For Nigeria, Don’t Vote With Emotions – Obasanjo

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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FG Shuts 22 Illegal Tertiary Institutions

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The National Commission for Colleges of Education has uncovered and shut down 22 illegal Colleges of Education.

The discovery was made during a crackdown on illegal colleges of education in the country.

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The development was revealed in the commission’s achievements, seen by our correspondent.

“The NCCE identified and shut down 22 illegal Colleges of Education operating across the country.

READ ALSO:FG Predicts Heavy Rainfall, Flood In Seven States

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“The NCCE conducted personnel audit, financial monitoring in all the 21 federal colleges of education,” the commission said.

President Bola Tinubu had recently urged the National Universities Commission, the National Board for Technical Education and the National Commission for Colleges of Education to weed out illegal higher institutions of learning in the country.

Speaking at the 14th convocation of the National Open University of Nigeria in Abuja, the President ordered the NUC, the NBTE, and other agencies to take decisive action against what he described as “certificate millers” undermining the credibility of the education sector.

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READ ALSO: FG Partners Traditional Rulers To Curb Proliferation Of Small Arms, Light Weapons In Nigeria

Tinubu, who was represented by the Director of University Education at the Federal Ministry of Education, Rakiya Ilyasu, warned that the integrity of the academic system must not be compromised.

At this juncture, it has become imperative to reiterate that this administration remains committed to strengthening the integration of all agencies involved in the administration of education to enhance efficiency and quality,” the President said.

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He added, “The National Youth Service Corps, the Joint Admissions and Matriculation Board, the National Universities Commission, the National Board for Technical Education and the National Commission for Colleges of Education are working in alignment to improve the quality of education and ensure that cases of forgery and unrecognised institutions both within and outside the country have no place in our education ecosystem.”

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EFCC Orders Arrest Of Dismissed Officer On Lege Miami’s Show

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The Economic and Financial Crimes Commission has condemned the actions of one of its former staff, Olakunle Alex Folarin, who was recently spotted participating in a matchmaking programme on social media platforms hosted by popular entertainer Lege Miami.

The agency has ordered his immediate arrest for retaining official EFCC property, including an identity card, following his dismissal for certificate forgery.

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The anti-graft agency, in a statement on its official X handle on Monday, said Folarin served as a driver at the EFCC’s Ibadan Zonal Directorate.

READ ALSO:EFCC Releases Former Sokoto Gov Tambuwal

He was, however, dismissed after investigations confirmed he had forged his academic credentials.

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It said, “The Economic and Financial Crimes Commission, EFCC, condemned in the strongest terms, the involvement of one of its former staff, Olakunle Alex Folarin, in a matchmaking programme running on Lege Miami social media platforms.”

“Folarin was recently dismissed from the Commission for certificate forgery. He was a driver at the Ibadan Zonal Directorate of the EFCC.”

READ ALSO:EFCC Arraigns Six Katsina Revenue, Bank Workers Over N1.2bn Fraud

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The statement said EFCC Executive Chairma,n Mr. Ola Olukoyede, has ordered Folarin to be arrested and emphasised that Folarin’s actions should not be associated with the commission.

“The Executive Chairman of the EFCC, Mr. Ola Olukoyede, has ordered his arrest for being in possession of some Commission’s properties, including an identity card, which he should have handed over upon being dismissed from the EFCC.

“The public is advised against associating Folarin’s post-dismissal conduct with the EFCC,” the statement concluded.

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NERC Transfers Regulation Of Electricity Market To Bayelsa

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The Nigerian Electricity Regulatory Commission has transferred regulatory oversight of the electricity market in Bayelsa State to the Bayelsa Electricity Regulatory Agency.

In a notice on its social media handles on Monday, the commission said this was in compliance with the amended 1999 Constitution and the Electricity Act 2023.

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In compliance with the amended Constitution of the Federal Republic of Nigeria and the Electricity Act 2023 (Amended), the Nigerian Electricity Regulatory Commission has issued an order to transfer regulatory oversight of the electricity market in Bayelsa State from the Commission to the Bayelsa State Electricity Regulatory Agency,” the commission said.

READ ALSO:NLC, TUC Give NERC Deadline To Reverse Hike In Electricity Tariff

Recall that with the Electricity Act 2023, the commission retains the role as a central regulator with regulatory oversight on the interstate/international generation, transmission, supply, trading, and system operations.

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The Act also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests NERC to transfer regulatory authority over electricity operations in the state to the state regulator.

The transfer order by NERC directed Port Harcourt Electricity Distribution Company Plc to incorporate a subsidiary distribution company to assume responsibilities for intrastate supply and distribution of electricity in Bayelsa State from PHED.

PHED was also directed to complete the incorporation of PHED SubCo within 60 days from August 21, 2025.

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READ ALSO:Estimated Bills: NERC Fines BEDC, Others, Deducts N10.5bn From Discos Revenue

The subcompany shall apply for and obtain a licence for the intrastate supply and distribution of electricity from BYERA, among other directives,” the commission said.

It concluded that all transfers envisaged by the order shall be completed by February 20, 2026.

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With this order, Bayelsa has joined states like Lagos, Imo, Ogun, Ondo, Ekiti, Enugu, Niger, Edo, Oyo and Plateau, which have got the power to regulate electricity markets.

The state can now generate, transmit, and distribute electricity while issuing licences to investors within the value chain.

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