Business
Shell not leaving Nigeria, investing more in deep water — MD
Shell not leaving Nigeria, investing more in deep water – MD
Managing Director, Shell Petroleum Development Company and Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, has insisted the company is not leaving Nigeria despite moves to divest its onshore assets.
Okunbor spoke on Tuesday during a high-level panel session at the ongoing Nigeria Economic Summit.
He said the company was concentrating more on the deep water where it has significant technological and financial advantage.
‘Fuelling growth: The Future of Oil and Gas’ was the theme of the session.
According to him, the company is investing more money in Nigeria with a single project in the deep offshore costing as much as $5 billion.
“Shell is not leaving Nigeria. We are not going anywhere and we will be together for a long time. Our onshore assets shares are being divested to a consortium of four companies which had gone through rigorous selection process,” he stated.
He noted that despite pessimism around the industry, Nigeria’s petroleum sector is not in decline.
He said:l, “Let us not go away from here with the thought that our industry is in decline; it is not.
“I make bold to say that since the enactment of the PIA (Petroleum Industry Act), and the supporting regulations, we are actually in a much better place.
“The Presidential directives that have come out are providing the degree of coherence that we hadn’t seen in a long time in the industry.”
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Also speaking at the panel session, the Managing Director, Nigeria Liquefied Natural Gas Limited, NLNG, Mr. Philip Mshelbila, said it had become critical that Nigeria must grow its economy and diversify the economy.
According to him, Nigerians have to lead the drive to achieve both the growth and diversification of the economy.
He said, “If I go back on the need for the economy to grow, it is key that the oil and gas industry participate in that growth as well. We have huge potential and it is important that we diversify.
“But the way that I see diversification in Nigeria is that it needs to be addictive rather than a replacement.
“If you go back to the 50s and 60s, what happened then was that we had agriculture based economy but it then got replaced with oil and gas as the primary driver of the economy. What we are asking for is not a reversal of that but that both must grow.”
He explained that the insecurity in the Niger Delta region has limited the growth of the oil and gas industry, noting that it was responsible for driving international oil companies away from onshore operations.
Mshelbila said this has also impacted the operations of Nigeria LNG with the company’s six trains operating at 62 percent capacity, stressing that Nigeria has not addressed insecurity challenges in Niger Delta.
“To date NLNG has never had problem with financing but our capacity utilisation was in the 40s and year to date our capacity utilisation is 62% which means that roughly about 40 capacities has largely been empty. This is a result of a number of different things; one of them is that investment has slowed over the past decade within the upstream. Coupled with this is the insecurity in the environment,” he stated.
On her part, the Group COO, MRS Holdings, Amina Maina assured that the ongoing petrol shortage in the country would ease in the coming days as more supply comes from the Dangote Refinery.
“I think over the next few days those queues will disappear because I’m aware that there are a lot more products that have come into the system. Dangote Refinery has started selling petrol and I’m aware that trucks are going out and a vessel is currently loading. So by the end of this week we should have more petrol from Dangote Refinery,” she added.
Shell not leaving Nigeria, investing more in deep water — MD
Auto
NADDC DG hails Kojo Motors for establishing CNG conversion centre in Owerri
NADDC DG hails Kojo Motors for establishing CNG conversion centre in Owerri
Kojo Motors has partnered the National Automotive Design and Development Council (NADDC) in setting up the vehicle Compressed Natural Gas conversion centre in Owerri, lmo State.
Director-General of the NADDC, Joseph Osanipin, during an empowerment and awareness summit on Wednesday, March 19, 2025, commended the auto firm for the monumental project.
“Today, we are gathered here for Compressed Natural Gas (CNG) Empowerment and Awareness Summit 2025 with the theme ‘Building a youth-based nation through cleaner energy’,” he said.
Osanipin said that the the purpose of the summit was to create awareness and sensitize the public to safety, standards and regulation in the use of the CNG as a better alternative source of energy for mobility.
NADDC, he said, was equipping technicians with the knowledge, skills and competencies required to safely and efficiently convert vehicles to run on CNG.
“The Council is a parastatal of the Federal Government under the Federal Ministry of Industry, Trade and Investment,” he added.
“It has the regulatory oversight on the Nigerian Automotive Industry to initiate, recommend, supervise and regulate policies and programmes for locally manufactured vehicles and components in Nigeria.
The NADDC boss noted that the Council had worked tirelessly to ensure the survival and growth of this sector with a view to enhancing its contribution to the national economy.
As part of the CNG conversion programme, 60 technicians will be receiving hands-on training in converting vehicles to run on CNG which would run for five days from the March 17 to 21,2025.
Osanipin emphasized the importance of using certified conversion kits and specialized workshops to ensure safety during the process.
“The cylinders used in CNG vehicles are fortified, making them safer than traditional vehicle fuel tanks,” he said.
Also speaking during the event, Professor Anoka Njan, representative of the Minister of Industry Trade and Investment, praised the NADDC and Kojo Motors efforts, stating that the ministry fully supported the initiative as part of broader efforts to alleviate challenges in the auto industry and empower the youth.
Imo State Commissioner for Youth Development, Dr. Emeka Mandela Ukaegbu, who spoke at the summit on behalf of Governor Hope Uzodinma, emphasised the immense potential of the CNG in easing Nigeria’s transportation challenges and improving the economy.
“CNG offers a safer, cleaner, and cheaper alternative to the hardships many face in the country,” Dr. Madela said.
The administration is partnering with NADDC and automotive industry bodies to establish conversion workshops and CNG refilling stations across Imo State, ensuring that the state plays a key role in this important shift toward greener energy solutions.
The event marks a significant step in NADDC’s ongoing efforts to transform Nigeria’s automotive industry, making it more sustainable while creating new opportunities for skilled technicians and local communities.
Chinedu Oguegbu, Managing Director of OMAA, which is the vehicle brand promoting the petrol-powered to CNG conversion project, highlighted the economic benefits of running vehicles on CNG instead of petrol.
He listed the economic advantages to include savings up to 60 percent in the cost of fuel relative to dirtier options like diesel and petrol.
According to him, there is up to 90 percent reduction in knocks and carbon emission, and it is found to be healthier, cleaner and more environmentally friendly.
Besides savings in foreign exchange (FX) with abundance of gas locally, there is also massive resources in-country over 203 tcf of proven reserves that requires no refining and relatively lower investment for processing.
Nigeria has an estimated 15-20 million vehicles in operation that can be converted to dual-fuel or bi-fuel.
The OMAA boss reiterated the crucial need to provide an alternative to existing fuel system with the abundance of CNG as an option.
Delivering his goodwill message, Chino Ogwumike, the National Sales Manager at Kojo Motors, thanked the DG of NADDC for partnering with Kojo in this laudable project in Owerri, the heartland of the South-East of Nigeria and the government of Imo State for accepting to provide the land for building the CNG hub in the state capital.
Ogwumike stated that the flourishing automotive dealership with branches spread across the country under the visionary leadership of the founder and Executive Chairman, Ikenna Oguegbu, is strongly committed to contributing its quota towards the progress and development of Nigeria’s automotive sector and the economy.
Business
Binance delists five cryptocurrencies
Binance delists five cryptocurrencies
Binance, the world’s largest cryptocurrency exchange, has announced the delisting of five digital assets after a routine review of their adherence to industry standards.
According to a statement released by Binance, the affected cryptocurrencies include Aergo (AERGO), AirSwap (AST), BurgerCities (BURGER), COMBO (COMBO), and Linear Finance (LINA).
The decision was based on several key factors, including trading volume, security, liquidity, the commitment of project teams, and compliance with regulatory requirements.
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The company said this step, aimed at maintaining a robust and transparent trading environment, shows Binance’s commitment to ensuring that all listed assets align with the platform’s evolving criteria.
“These projects no longer meet the platform’s listing requirements,” Binance noted in its internal review. As a result, these tokens will be removed from all spot trading pairs starting March 28, 2025, at 3:00 a.m. UTC.
The exchange has advised users holding these assets to take appropriate steps to manage their portfolios ahead of the delisting deadline.
Key delisting details and user guidelines
Binance provided additional clarity on how the delisting process will impact its users:
- Binance Futures: Positions for AERGO, LINA, and COMBO will be automatically closed and settled by March 27, 2025, at 9:00 a.m. UTC.
- Binance Simple Earn & Investment Products: The affected tokens will no longer be available across these services after March 27, 2025.
- Binance Convert & Trading Bots: Support for the delisted tokens will cease by March 28, 2025.
Binance also mentioned that in some instances, delisted tokens might be converted into stablecoins on behalf of users after delivery. However, the exchange clarified that this would only apply if explicitly announced.
Looking ahead, Binance revealed plans to launch a Vote to Delist feature, enabling the public to suggest assets for delisting in the future. However, the tokens mentioned in this announcement will not be eligible for the feature.
Binance delists five cryptocurrencies
Business
Air Peace slashes Nigeria-London fare by N600,000
Air Peace slashes Nigeria-London fare by N600,000
Air Peace has announced a ₦600,000 reduction in its Nigeria-London airfare for all travelers flying from Nigeria.
In a statement released on Wednesday in Lagos, the airline’s Head of Corporate Communications, Dr. Ejike Ndiulo, stated that the discount is part of Air Peace’s latest promo offer.
Passengers departing from any Nigerian city to London can enjoy significant savings, along with an exclusive one-free extra luggage allowance.
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According to Ndiulo, the airline rewarded five lucky winners of a raffle draw at the Silverbird Man of the Year Awards held on Sunday in Lagos.
He said that three winners won return economy tickets to any of Air Peace’s domestic destinations, while two won economy return tickets to London.
He said that the Chairman/Chief Executive Officer of Air Peace, Dr Allen Onyema, emphasised the airline’s commitment to driving Nigeria’s socio-economic development through its corporate social responsibility initiatives.
Air Peace slashes Nigeria-London fare by N600,000
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