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Questions Over The Abduction Of FGC Yauri Students

By
Akinwale Kasali
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0

By Akinwale Kasali

Most Nigerians are not only angry over the abduction of a yet to be known number of students of the Federal Government College, Yauri, Kebbi State, they are shocked at the ease and timing of the abduction.

They are asking how the students could have been abducted in broad daylight without any security agencies intercepting the bandits who reportedly came riding several motor cycles. How remote is the school?, they want to know. How could the bandits escape carrying the students, perhaps in pairs or in threes? Where were the check points usually mounted by the Military and Police?

The bandits, according to the Police, also came in a vehicle belonging to a High Court Judge in the State Judiciary, obviously snatched. When was the vehicle snatched? And was it reported to the Police? Where is the driver of the snatched vehicle?

Nigerians are also saying it is such a shame that this abduction happened soon after President Muhammadu Buhari granted interviews promising and threatening fire and brimstone against those who he claimed wanted to make the country ungovernable for him. These bandit, many agree, have again, called  Buhari’s bluff.

Speaking on the incident, Kebbi State Governor, Atiku Bagudu,  strongly condemned the abduction of the students and teachers.

So far, one of the students has been found dead.

Bagudu lamented the spate of insecurity in the country,  and applauded  the Army’s swift response in securing the release of some students and teachers.

He promised a quick release  of the remaining abductees.

The bandits allegedly entered the town through the nearby Rijau forest.

On arrival to the school, the armed bandits were said to have shot and  killed a security personnel during an exchange of gunfire.

The Kebbi State Police Command spokesperson, Nafiu Abubakar, in a statement, said the police are in hot pursuit of the bandits, but failed to disclose the numbers of students abdcuted.

In his words, “A combined team of Police operatives is currently in hot pursuit of bandits who today, June 17, 2021 attacked the Federal Government College, Birnin Yauri, Kebbi State.

“The team comprising operatives from the Police Mobile Force, Anti-kidnapping and Counter-terrorism units are currently combing nearby forests, routes and suspected hideouts of the criminals.

“The Kebbi State Commissioner of Police, CP Adeleke Adeyinka, mni while condemning the attack which resulted in the unfortunate death of one policeman and gunshot injury to one of the students has assured parents and guardians of students that the Command is following credible leads and intensifying efforts to track the assailants and ensure the rescue of the students and teachers”, the statement reads.

Director, Army Public Relations Brigadier General Onyema Nwachukwu, had in a statement on Friday said the Nigerian Army troops operating under the auspices of Operation Hadarin Daji who have been on a hot pursuit of kidnappers and bandits following an unfortunate abduction incident in Federal Government College, Birnin Yawuri had so far, rescued two teachers and five students after a fierce exchange of fire with the criminals.

He said the rescue followed an initial encounter with the abductors in the early hours of today 18 June 2021 after trailing the kidnappers from Yawuri through Riyao to Sombo community, where the kidnappers who had split into two groups fled, with one group conveying the abducted children , while the second group conveyed rustled cattle.

Nwachukwu stated that the land troops in conjunction with elements of the Nigerian Air Force, who provided close air support during the rescue mission intercepted the two groups at about 2.30 am and engaged them in a fire fight leading to the successful rescue of the teachers and students.

“The troops also recovered 800 cattle rustled by the bandits. The gallant troops are still on the heels of the kidnappers in order to rescue the remaining abductees still in captivity.

“Sadly, a casualty was recorded during the exchange. A female student was found to have given up the ghost as a result of exhaustion. The rescued teachers and students will be handed over to the Kebbi State Government,” he said.

A Chief Executive’s Horrifying Death In The Hands Of A New Friend

By
The Source
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Ataga

By Gideon Njoku

Michael Usifo Ataga was rich. He lived it to the hilt. In Lagos where he resided, it was where only the rich could reside – Banana Island. In the area, the rent for a two-bedroom flat could go for as high as five million Naira, or more, per annum. But he lived in his own house, which must have set him back by scores on millions of Naira. That’s what it costs to be a home owner there.

And why not?

He worked hard. He was self-employed. He was the Chief Executive Officer of Super TV, and was on the Board of Super.

An accomplished young man, his wife was no less accomplished. While he lived in Lagos, his wife lives in Abuja, where she works, with their children.

But this good life went up in smokes over a big blunder. A blunder not a few men commit, and take for granted. He had another interest outside his house, a female interest.

A respectable man, he respected his home, the bed he shared with his wife. He did not want to desecrate it, or his home. He also did not want to be taking his girlfriend to hotels.

Money was not the problem. So, he rented a flat in another good area of Lagos, Lekki Phase 1.

He thought it was a smart idea. Big mistake.

This last Thursday, it turned fatal. The girlfriend whose name is not public yet, allegedly, murdered him in the Lekki flat.

It is not known exactly what happened. But, it must have been a well laid out plan. She, allegedly, drugged him, before murdering him by stabbing him on as many places as she could – heart, neck, chest, stomach.

The news of Ataga’s gruesome murder was first broken by The Street Journal.

He was  first reported to be missing. The report was made  on Sunday by worried  friends and family when nobody could reach him on the phone, with no faintest idea of where he went to.

The fact that he had not been seen in his  Victoria Island office changed the mood from worry to panic. Not even his wife could guess where he was.

Aged 49, his lifeless body with multiple deep stabs, was finally found in the flat more than 24 hours later, reportedly by a combined team of Police and DSS Personnel.

Whoever his company was had disappeared.

And, a large chunk of money, allegedly, withdrawn from his bank account in a second generation bank.

Questions are being asked if the girl, who she met, allegedly, only two weeks ago, carried out the gruesome murder alone. Or, did she get help from one or two other people to have easily subdued him?

Those who knew him say he knew a thing or two about boxing, and they ask why he was not able to use his skills.

However, it is left for the girl to say exactly what happened. She is under arrest by the Police, according to  sources, and she is expected to sing like a bird.

Meanwhile, Atiga’s family and friends are completely devastated – obviously.

Kaduna: Again, El Rufai Set To Clash With Labour

By
Bayo Bernard
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By The Source

Governor Nasir El-Rufai of Kaduna state has proven that he has no intention to go back on his quest to downsize the state’s public and civil services, after sacking 90 political appointees on the payroll of the state.

This is likely to set off another rounds of  clashes with labour unions who, last month, shut down the state after 4000 local government workers were sacked. The unions were later prevailed upon to shelve the strike after the federal government intervened.

Chris Ngige, the Minister of Labour and Employment said on Friday on Arise Television interview, that negotiation is still on to reconcile the labour unions and the state government over the sack.

In spite of the furore generated by the sack gale, Governor El- Rufai said the downsizing of the state’s workforce is the right thing to do at this time considering the resources available to the state.

Speaking on the sack the Kaduna helmsman said  “so far 99 political appointees have lost their jobs but we have not commenced rightsizing civil servants.

El-Rufai who made the disclosure at a media chat with some Kaduna-based broadcast journalists on Thursday night, explained that the disengaged political appointees constitute 30 per cent of political office holders.

“We want to be fair with regards to civil servants. We had earlier promised that before we reduce the size of the civil service, we will start with political appointees and we have done that,’’ he said.

No going back on the planned reduction of civil servants in the state, despite the opposition to the process, he said, adding that the government could no longer afford to pay them in the face of dwindling revenue accruing to the state government from the federation account.

He explained that the government decided to start with political appointees and that the state will ensure that any civil servant to be disengaged really deserved to be sacked.

He said “however, civil servants with question marks on the veracity of their data have to be given a chance to clear the doubts before any action is taken on them.”

The governor said that his government has employed 11,000 more workers in the health sector, Kaduna State University as well as primary and secondary school teachers across the state.

The governor disclosed that it is a fallacy to allege that the salaries of political appointees account for the bloated personnel cost of Kaduna State Government.

‘’In March 2021, the salaries of these political appointees amounted to N259 million , while civil servants were paid N3.13 billion, aside from costs related to state contributions to pension, accrued rights and other personnel costs. So, it is false to insinuate that political appointees are the ones that guzzle most of the state’s resources,’’ he said.

Justifying the rightsizing of the public service, he said that all states and the federal government are affected by this shortfall of revenue and some states have even reverted to paying the old monthly minimum wage of N18,000.

‘’Kaduna State cannot continue to use 84% to 96% of our revenues to pay salaries of less than 1% of the population. The rest of our people, all 99% of them, need better schools, hospitals, water supply, roads, markets and support for agriculture to make a living outside government,’’ he said.

The governor however promised that Kaduna state will not reverse the N30,000 minimum wage that it has started paying.

“We are the first government, federal or state, to pay the minimum wage. We will retain the minimum wage of N30,000 and the consequential adjustments that gave most of our civil servants a 66% salary increase. We will also retain the minimum pension of N30,000 monthly.

“The unified Local Government Service continues to pay the minimum wage, even though they varied the consequential adjustments for their workers below the level for state civil servants,’’ he added.

Chiaka Ogbogu, Nigerian-American, Makes US Olympics Volleyball Team

By
Adesina Soyooye
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Chiaka Ogbogu

By Adesina Soyooye

When the United States of America’s Volleyball Olympics Team, 12 in number,  files out in Turkey with its intimidating squad, one of the most prominent members, who would play her heart out to make her country, USA, proud, is Chiaka Ogbogu.

Her parents are Nigerian-Americans. Her  father, Uzor Ogbogu, a Medical Doctor, is from Anambra State. Her mother, Adaku Vicky Ogbogu, an accomplished entrepreneur, is from Owerri (Emekuku), Imo State.

Their daughter, Chiaka, is a phenomenon. A born star, she stands at six feet, two inches, and is like air when she is on duty in the Volleyball field.

While  on duty, she is described as Supersonic, because that’s what her speed is.

Chiaka Ogbogu
Chiaka Ogbogu

Her parents cannot quite pinpoint how she started and became a world star, but Ogbogu, the first of their three children has always made them, particularly, proud.

A combination of beauty, brain, brawn and talent, she attended the University of Texas, Austin, UTA – a University meant for only the best. You  get admitted only if you are among the first ten  in your class and other examinations from high school. She made that and, studied Kinesiology, prior to her studying Medicine, like her father, after she finishes with sports.

Before she hit both National and International status, Ogbogu was a Coppell and Texas volleyball Star.

She led Coppell to two State titles, and was a University of Texas phenom.

Ogbogu has since turned professional, and has plied her trade in a couple of countries, including Italy, Poland and Turkey. In all countries, she is a huge star.

The 26-year old is a middle blocker. She has been a member of the U.S. National team since 2018.

Ogbogu, in a brief on her,  “led Coppell to State titles in 2011 and 2012.

“She was named the Gatorade Texas Volleyball Player of the Year in 2012. And had 486 kills and 144 blocks as a senior at Coppell.

“She went on to play at Texas, where she was a three-time AVCA All-American and the 2017 Big 12 Player of the Year. She left UTA as the school’s record holder in career blocks.”

Ogbogu is expected to be a hit at the Olympics in Turkey.

Her parents’ prayers: That she makes her country, USA, proud by coming home from  the Olympics with a Medal – hopefully, Gold.

Ondo Reacts To Federal High Court Ruling; Says State Has No Plan To Cut Short Tenure Of Chief Judge

By
Ayodele Oni
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0

By Ayodele Oni

Ondo State Government has clarified that it was needless to make appearance in a suit filed by the Chief Judge of the State, restraining Governor Rotimi Akeredolu from probing or sacking her.

News report had it, early in the week, that the prayer of the Chief Judge was granted as the Governor was stopped from removing the Chief Judge.

Justice Inyang Ekwo of the Federal High Court, Abuja, had barred Governor  Akeredolu from investigating the Chief Judge of the state over a viral video made by a citizen of the State, Olupelumi Fagboyegun.

The Ondo State Chief Judge, Justice Oluwatoyin Akeredolu, had sued the Governor, the Attorney General of Ondo State and the House of Assembly seeking to stop them from proceeding with the planned probe, and equally bar the AGF, NJC and the IGP from acting on any report submitted to them by the Ondo State Government pending the determination of the main suit.

Justice Ekwo had, on February 25, 2021 restrained the Governor and all the defendants from taking any further steps in relation to the alleged probe of the state chief judge over the viral video.

The Judge gave the order while ruling in an ex-parte application filed by Justice Akeredolu.

A statement on Friday, signed by the Commissioner for  Information, Mr Donald Ojogo, explained that the suit was unnecessary and mere ego trip as the Governor was not contemplating on removing or probing the CJ.

The statement explained that “the Ondo State Government from the commencement of the said suit in question, did not consider it worthy of any legal efforts.

“It was vainly an ego pursuit as far as Government was concerned. In unambiguous terms, the suit was an unnecessary distraction for which no legal representation was made neither on behalf of the Attorney General nor the Government  for the period it sufficed.

“The reasons behind the needless efforts to drag in the Executive Arm of the State Government, particularly, Governor Oluwarotimi Odunayo Akeredolu, SAN, into the matter are well noted.

“It must be stated however, that, Governor Akeredolu is not only a former President of the Nigerian Bar Association and a Senior Advocate of Nigeria; he is indeed a Life Bencher who had served as a member of the National Judicial Council (NJC).

“He is, therefore, better informed  with the procedural processes relating to the removal of a serving Chief Judge of a State hence his directive that the State Government should not participate in the hearing of the needless suit filed by the Chief Judge (CJ).

“Simply put, the Executive Arm of the Ondo State Government, led by Arakunrin Oluwarotimi Akeredolu, SAN, at no time had interest whatsoever, in cutting short the tenure of the State CJ.

“If at all, the State Government can only wish the CJ God’s Infinite Grace till August so as to accord her a deserving retirement honour as a Jurist.”

Zulum Spends ₦350m To Prevent Crowd From Buhari During Visit To Borno

By
Akinwale Kasali
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0

By Akinwale Kasali

For years, Borno State has been the epicenter of Insurgency by the dreaded Boko Haram and Islamic State of West African Province, ISWAP.

Thousands of residents in the State have been displaced, losing their families, loved ones and properties to the terrorists’ attacks.

Governor Babagana Zulum of Borno State has on multiple occasions been attacked by the same Group, escaping death by whiskers.

Residents of the State have on several occasions called on the President Muhammadu Buhari’s Administration to come to their rescue, but the appeals have not yielded any good fortunes, rather, the attack keeps escalating by the day.

President Buhari officially visited the State on Thursday, and knowing that his visit could be greeted by boos from residents of the State, Governor Zulum had, two days before the visit, in a Statewide Broadcast pleaded with the people of the State to welcome the President with open arms.

The Governor was basically avoiding a repeat of what happened in February 2020, when residents booed President Buhari as his convoy drove past when he visited the State on a Condolence visit.

The crowd had shouted in Hausa, saying, “Bama so, ka samu a kunya”, meaning, “We don’t want you here, you have disappointed us”.

Knowing the people of the State are displeased with the insecurity situation of the State and not  sure of the reaction of the people when the President finally shows up in the State, Governor Zulum is alleged to have spent a whopping N350 million to mobilise the crowd for the visit of President Buhari to the State.

It was gathered that the Governor considered the spending necessary to ensure that the Nigerian leader was not booed or stoned, with his  Official visit to the State marred with protest.

Ondo PDP Alleges Move To Frustrate Appeal Against Akeredolu’s Victory

By
Ayodele Oni
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0

By Ayodele Oni

The People’s Democratic Party, (PDP), Ondo State has cried out over an alleged move to frustrate its plan to appeal against the judgement of the Court of Appeal which dismissed the petition filed by its candidate, Mr Eyitayo Jegede two days ago.

The Court had, on Wednesday, struck out Jegede’s  Appeal for lack of merit against the Election Petition Tribunal which had earlier upheld the victory of Governor Rotimi Akeredolu during October 10, 2020 Governorship election.

Immediately after the verdict which was delivered virtually, the PDP and Jegede gave notice of their intention to appeal against it.

However as at the close of work on Thursday, the PDP claimed that it was unable to get certified true copy of the judgement.

In a statement, the PDP spokesman in the state, Mr Kenedy Peretei, said there was an underground move to frustrate the next move to Supreme Court.

“The Court of Appeal sitting in Akure, delivered judgement on the Appeal filed by PDP and Eyitayo Jegede, SAN, against Rotimi Akeredolu, SAN, on Wednesday, 16th June, 2021.

“The five-man panel of Honourable Justices read their judgements one after the other.

“The Peoples Democratic Party (PDP) Ondo State Chapter is surprised that, our application to the Office of the Registrar, Court of Appeal to get Certified True Copies of the Judgement has been met with some kind of buck passing between officials of the Court in Ado-Ekiti and Akure.

“In view of the fact that, the Supreme Court has only sixty days from the date of the judgment of the Court of Appeal, to dispose of this matter, any attempt to play games or to apply delay tactics will amount to nothing but sabotage and a calculated attempt to subvert the course of justice.

NDLEA Promotes Officers, Calls For More Commitment

By
Ayodele Oni
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0

By Ayodele Oni

Chairman of the National Drugs Law Enforcement Agency, (NDLEA), Brig. Gen. Mohammed Marwa (Retd), has approved the immediate promotion of 3,506 officers and men to their next ranks.

Spokesman of the agency, Mr Femi Babafemi said in a statement that the gesture was coming after many years of stagnation in the Agency.

The statement added that this followed a report by the harmonisation committee set up by  Marwa soon after assuming leadership of the agency in January to address the issues of low morale and stagnation in the career path of personnel.

The NDLEA Chief Executive approved the immediate promotion of 2,910 officers between the rank of Narcotic Assistant and Superintendent of Narcotics, while 596 others between Chief Superintendent of Narcotics and Assistant Commander General of Narcotics were recommended to the Board of the Agency for elevation to their next ranks.

The Board of the Agency, which met on Wednesday 16th June, 2021, gave its nod to the elevation.

The Chairman charged the officers to see their elevation as a call to give their best in the task to rid the nation of illicit drug trafficking and abuse.

Marwa reiterared his commitment to push the Agency to the frontline with the support of President Muhammadu Buhari.

“To whom much is given, much is expected. I will, therefore, urge all of our officers that have been promoted to double their efforts as a mark of their commitment and appreciation to the President and Commander –in-Chief, President Muhammadu Buhari, whose political willpower and mandate to bring an end to the scourge of illicit drug abuse and trafficking in the country we are implementing in the agency.”

PDP Crisis: Group Calls For Resignation Of NWC; Rejects Lauretta Onochie As INEC Commissioner

By
Akinwale Kasali
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0

By Akinwale Kasali

The National Chairman of the opposition Party, the Peoples Democratic Party, PDP,  Uche Secondus and the National Working Committee are in the eye of the storm.

There have been brewing crisis in the Party, largely from the South West  and the North Central parts of the country. This has, now, led to the call for the immediate resignation of the National Chairman and the NWC.

In the South West, it is power tussle between Governor Seyi Makinde and former Ekiti State Governor, Ayodele Peter Fayose, over who controls the Party structure in the Region.

In the North Central, mostly in Niger State, a Group in the PDP, under the aegis of Concerned PDP League, demanded the resignation of Secondus, the NWC and Chairman of its Board of Trustees Chairman, Sen. Walid Jibrin, due to the alleged failure of the PDP National leaders to provide the desired proactive and strong opposition Party yearning by alleged patriotic Party members and Nigerians to rescue the country from the shackles of the Party at the center, the All Progresssives Congress, APC.

At a press conference in Abuja, the leader of the Group, Warmate Daboikiabo, said it was constrained to make the resignation ademand because their leaders have failed and qperformed woefully I’m wrestling power and meeting the demands of Nigerians.

He said the demand also became necessary going by the increase in the party internal crises, court cases, and defection of some PDP leaders at states and local government chapters has become worrisome, as the party continue to lose its relevance and strength as the day goes by.

Daboikiabo cited a situation where the PDP Niger State Chapter was being run for close to a year by a Caretaker Committee, which is against the party Constitution.

The Group added that the PDP Board of Trustees Chairman has also done nothing to call Secondus and his team to order in line with the Party constitution, rather, they have been frolicking around doing things alien to the Party’s Constitution.

“In consonance with our great party constitution as amended 2017, as party patriots, we have expressed our concerns, grievances, and demands via the avenues provided in form of petition and request letter to meet with some of our leaders, but all these channels had proved abortive,” he said.

Daboikiabo also alleged that their petitions and letters were ignored by the PDP leadership, bring to fore the call by the Group for those concerned to resign Immediately.

He said the league was concerned that the hope and believes in PDP as the party to rescue Nigerians is beginning to come under threat of extinction from the minds of Nigerians.

“If care is not taken now, the way things are going, we may remain as opposition party again at the center and more states for another eight years.

“In all, we at the bottom of the party’s ranking pyramid suffered the most whenever our great party loses elections.”

He said that the league members and Nigerians were tired of economic, insecurity, and other challenges in the country.

“It is expected of the PDP leaders to use the non-passage and signing of the Electoral Bill as well as other present challenges of the country to promote the party, rather the party leadership have failed to give Nigerians a people’s oriented strong opposition.

“They should lead one million man protest against the daily killings, hunger, increase in food price, insecurity, delay in the passage and signing of the Electoral Act,” he said.

Daboikiabo also called on the Secondus-led NWC to stand by the Niger state congress appeal panel reports and conduct a free and fair congress for the state on or before June 30.

“The party leadership should uphold the suspension of the former Niger State Governor, Dr. Mu’azu Babangida Aliyu.

“The party should commence work at the PDP National permanent secretariat.

“The party should pay the house allowance of the disengaged staffs as worked out by the then caretaker Committee Chairman, Sen. Ahmed Makarfi, as approved by the NEC, to put an end to a court case over the matter.”

Daboikiabo called on the Senate and its Committee on INEC to reject the nomination of Lauretta Onochie as a National Commissioner of the Independent National Electoral Commission, INEC.

“Her nomination is inconsistent with any and every electoral law in Nigeria most especially; Section 153 subsection 3 and item F, paragraph 14(2)(c) of the Third Schedule of the 1999 Constitution as amended.

“The keyword and phrase are partisan and unquestionable integrity, respectively.”

Crude Oil Prices: Kyari Alerts Nigerians On Possible Hike In Petrol Prices

By
Bayo Bernard
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0
By James Orji
Rising crude oil prices in the international market will create more problems for Nigeria, the Group Managing Director, GMD Mele Kyari has said. 
The price of crude has risen to over $70 as at the end of Thursday with possibility of rising further, beyond $58 which Kyari said is the comfort zone set by the government run oil company.
 
But analysts said Kyari is just trying to warn Nigerians that the current pump price of petrol is not sustainable under the rising crude oil prices, as the NNPC will not be able to subsidize consumption if crude prices continue to rise beyond this level.
The Muhammadu Buhari administration has been engaging with labour unions and civil society groups on the possibility of increasing the price of the commodity from N160 to at least, N350 per litre.
Critics of the administration insist that increase in petrol price will further impoverish more Nigerians who are already below poverty level set by the World Bank. Government, however, said that subsidy on petrol is benefitting the rich who can afford to pay more for the commodity.
But while speaking on Thursday at the virtual Citizens Energy Congress, tagged “Securing a Sustainable Future Energy System through Strategy, Collaboration and Innovation,” Kyari, said further increase in crude prices will portend more problems for Nigerians,contrary to suggestions that upward swings in the price of the commodity will increase government revenue, and further improve the welfare of Nigerians as more capital will be freed up for capital projects that touches the lives of many Nigerians.
 He described the current spike in crude prices as “chicken and egg” situation,  adding that oil prices had started exiting the comfort zone set by the NNPC, and becoming a burden.
The forum was organised by DMG Events, a London-based Public Relations company, which said the occasion was to provide an opportunity for players to reset the energy agenda post- COVID-19 and connect the divergent and polarising perspectives.
Kyari put the comfort zone globally at $58-$60, saying that for the NNPC, anything above $70-$80 will create major distortions in the projections of the corporation and add more problems to the company.
Brent crude, Nigeria’s oil benchmark, is currently selling for over $74 and is likely to increase further in the coming days as the NNPC continues to battle the dilemma of shouldering the payment of petrol subsidy, which has made it unable to contribute to the Federal Account Allocation Committee (FAAC) on two occasions.
The NNPC boss said as the commodity prices rise, buyers of Nigeria’s crude may be compelled to accelerate their investment in renewable sources of energy, thereby leaving the industry in a quagmire.
He said “In a resource-dependent nation like Nigeria when it gets too high, it creates a big problem because your consumers shut down their demand. Demand will go down and obviously even as the prices go up, you will have less volume to sell.
“So, it’s a chicken and egg story and that’s why in the industry when people make estimates for the future, they always make it about $50 to $60. Nobody puts it beyond $60.
“But for us as a country, as prices go up, the burden of providing cheap fuel also increases and that’s a challenge for us but on a net basis, you know, the high prices, as long as it doesn’t exceed $70 to $80, it’s okay for us.”
According to him, Nigeria will have no problems supporting the restoration of about 5.8 million barrels a day that the Organisation of Petroleum Exporting Countries (OPEC) still has offline since the pandemic, due to the curbs in production quota imposed by the oil cartel.
He said adding that number to demand will stabilise and probably bring oil prices down to about $60 level or a little below $60, stressing that that’s a comfort zone for every producing company or country.
“I don’t see them (Nigeria) having any difficulty agreeing to add additional volume to cushion the effect of these high prices for this period,” he said.
He stated that Nigeria is already producing well below its capacity, because in early 2020, the country actually produced up to 2.4 million barrels of oil per day for both oil and condensates.
With declining investments in the oil sector, Kyari stated that in a short time, most likely the next five years, the world may experience an energy crisis if the current situation is not properly managed.
“But we know that a number of things are going on in the transition journey at renewables. Many oil companies are transiting to renewables in the future. And that means that emphasis will be on gas and I see a very turbulent next five years and potentially some stability in the next 10 years,” he said.
He described the transition to renewables as a reality, adding that for Nigeria, what is clear is that the country is deficient in infrastructure and, therefore, needs resources from oil to exit poverty.
He stated that for Nigeria, to transit means to go for a low-carbon option and move towards more gas development than the liquids, adding that in the long term, the country needs to find a way out of dependence on oil.
“Renewables are real and we are making efforts to go in that direction, but obviously, our first step is to develop our gas resources.
“In this industry, you can’t do anything except you have the financing and financing is now clearly constrained both in terms of available resources and the decision of some of the shareholders of some of the lending institutions,” he said.
He added that although everyone seems to be talking about peak oil, there is no reference to gas, which contains lower carbon.
Kyari said “Everybody is saying that in the next 10 years, we will get to peak oil. But nobody has said peak gas. And it’s very difficult to distinguish the two because as you get peak oil, in many cases, you know, oil is produced alongside gas.
“Yes, it’s possible, it can be in 10 years time but you also know that what we are doing today in the industry is also curtailing investment and meeting the transition target in 2050.
“What that means is that in five years’ time, you could be in a situation of shock and this shock will mean that people will have to put more money into producing the liquids and that means that it will defer the date for liquid oil and potentially pushing it by 20 to 30 years,” Kyari said
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