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Nigerian govt targets $10bn investment in oil & gas sector

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The Nigerian Government aims to attract approximately $10 billion in investment by implementing the consolidated guidelines for Fiscal Incentives in the Oil & Gas Sector.

According to a statement released on Tuesday by the Ministry of Finance, these guidelines, a key aspect of the Presidential Directives, are intended to boost the global competitiveness of Nigeria’s oil & gas sector and stimulate economic growth.

The signing ceremony for the guidelines took place at the Ministry’s headquarters in Abuja on Tuesday, presided over by the Minister of Finance, Wale Edun.

The statement highlighted that the Presidential Directives, spearheaded by the Special Adviser to the President on Energy, Mrs. Olu Verheijen, aimed to establish a competitive framework for the Nigerian oil & gas industry.

Collaboration across various governmental bodies, including the Federal Inland Revenue Service, the Nigerian Upstream Petroleum Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, was crucial in developing these consolidated guidelines for fiscal incentives.

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Verheijen emphasized that these measures were designed to generate a competitive Internal Rate of Return for Oil & Gas Projects and attract over $10 billion in new investments within the next 12-18 months. She also stressed Nigeria’s commitment to reaching its long-term oil production target of 4 million barrels per day while improving the reliability of gas supply to bolster export earnings and fuel industrialization.

Among the signed guidelines was the NUPRC Guideline on Hydrocarbon Liquid Content in a Non-Associated Gas (NAG) Field, essential for accurately assessing and quantifying the hydrocarbon liquid content in these fields.

Minister Edun reiterated the goal of creating a conducive environment for international competitiveness to attract foreign direct investment into the sector.

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Lagos-Calabar highway: Telcos fear shutdown as construction threatens cables

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• The Association of Licensed Telecom Operators of Nigeria (ALTON) and the Association of Telecommunications Companies of Nigeria (ATCON) have raised concerns over potential disruptions to connectivity as construction progresses on the 700km Lagos-Calabar Coastal Highway.

• Multichoice, the owner of DStv and GOtv, recently alerted subscribers to a three-day technical downtime, attributing it to the ongoing construction on the Lagos-Calabar highway. This relocation is expected to affect their uplink facilities.

• The Lagos-Calabar coastal highway corridor serves as a vital landing point for several submarine cables connecting Nigeria to Europe, including the West Africa Cable System (WACS), MainOne, Glo1, ACE, and NCSCS. These cables are critical for international communications and data transmission.

• The Federal Executive Council approved Phase One of the Lagos-Calabar coastal highway project, entrusting it to Hitech Construction Company Limited. The highway is designed to connect Lagos to Cross River, passing through several coastal states.

• Telcos have expressed concerns about potential disruptions to telecommunications services due to the construction, emphasizing the need for stakeholder consultations with the Ministry of Works to address risks and implement mitigation measures.

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• Despite efforts to engage the Ministry of Works, telcos have not been included in environmental impact assessments or stakeholder consultations regarding the construction’s effects on undersea cables.

• Telcos stress the importance of exercising caution during construction to avoid damage to critical national infrastructure, as seen in previous incidents where subsea cable cuts caused service disruptions and incurred significant repair costs.

• The telecom sector is already facing economic challenges, leading to decreased investment and increased operating costs. Telcos urge the government to enact legislation designating telecommunications infrastructure as critical national infrastructure to protect assets and ensure uninterrupted services.

• Multichoice subscribers have demanded compensation for the three-day technical downtime, expressing dissatisfaction with the potential service interruption during the relocation of uplink facilities.

• Multichoice has assured subscribers of efforts to minimize disruptions and restore services promptly. The company recently announced a price increase for its DStv and GOtv packages, prompting further scrutiny from customers regarding service quality and compensation policies.

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3 Arrested Over Alleged Murder Of Policemen, Vigilantes In Enugu

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The Enugu State Police Command has apprehended three suspected orchestrators of the savage killing of two officers and three members of the neighborhood watch.

The incident transpired on the evening of Friday, May 3, 2024, in Igga Community, located in the Uzo-Uwani local government area of Enugu State.

According to a statement released by the spokesperson of the State Police Command, Daniel Ndukwe, the policemen and neighborhood watch members, who were providing security for a visiting team in the council area, were ambushed and assaulted by criminal elements who launched a sudden gunfire attack.

Ndukwe stated, “Following the unprovoked assault, members of the team fled for safety, while an Assistant Superintendent of Police (ASP), the leader of the team, one neighborhood watch member, and the three-member investor team were later rescued by a mobilized police team. However, the team members who were eventually murdered were reported missing and unaccounted for.”

He further explained that after a thorough investigation and a subsequent search operation, three male suspects believed to be behind the attack were apprehended. Their statements during interrogation led to the discovery and retrieval of the bodies of the slain officers and neighborhood watch members in the forest on May 4, 2024.

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The bodies were taken to the hospital, where they were confirmed dead by medical professionals and then deposited in the mortuary for preservation and autopsy.

Ndukwe also conveyed that the Enugu State Commissioner of Police, CP Kanayo Uzuegbu, condemned the act as “inconceivable, dastardly, and unwarranted.” He ordered the deployment of additional personnel to the area to enhance security.

The CP also cautioned against the dissemination of unverified videos and urged those involved in the brutal act to surrender to the police voluntarily.

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Man Arrested For Stealing Worshippers’ Phones

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The Ekiti State Police Command has apprehended a man named Babatunde Olaoluwa, who specializes in stealing phones from places of worship. Olaoluwa was captured by the authorities on Saturday after he pilfered seven phones from members of the Christ Apostolic Church in Ayegbaju-Ekiti, located in the Oye local government area of the state.

According to reports, the suspect entered the church under the guise of being a member and seized seven phones from worshippers while they were engrossed in praise and worship.

In a statement released by DSP Sunday Abutu, the Police Public Relations Officer of the Ekiti State Command, it was revealed that during interrogation, Olaoluwa admitted to targeting churches in the Oye and Ayegbaju-Ekiti areas. He confessed to stealing numerous phones from the Redeemed Christian Church of God and New Reality Christian Centre, both situated in Oye-Ekiti.

Abutu further explained that after successfully stealing the phones, Olaoluwa would dispatch them to Lagos via the motor park, where a friend would assist him in selling them. The proceeds from the sales would then be transferred back to him through online transactions.

Meanwhile, the police have recovered the seven phones stolen during Olaoluwa’s most recent operation at the Christ Apostolic Church in Ayegbaju-Ekiti. Some of the victims have identified both the suspect and their stolen phones at the police station.

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Olaoluwa is set to face charges in court once the investigation concludes.

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