Explore Resources Before The World Moves Away from Oil, Timipre Sylva Warns

The Department of Petroleum Resources has said that Nigeria’s crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be depleted in 49 years. 

The reserves, which stood at 37.45 billion barrels in 2014, fell to 37.06 billion barrels in 2015 and 36.74 billion barrels in 2016. It, however, rose to 36.97 billion barrels in 2017 and 37 billion barrels in 2018, the DPR data showed. 

The nation’s depletion rate and life index are 2.04 per cent and 49.03 years respectively, and the reserves depletion rate is a measure of 2018 total oil and condensate production divided by the reserves as of January 1, 2019, according to the DPR.

“The life index, on the other hand, is a measure of the reserves as of January 1, 2019, divided by the total production in 2018. This parameter highlights how long (in years) quoted reserves volumes will be available for production.”

The DPR said to achieve the government’s aspiration of four million barrels per day production and reserves of 40 billion barrels, “there is a need for corresponding increase in reserves as production increases.” If this is not done, “the life index will fall from a sustainable long-term threshold to a less futuristic and sustainable medium to short-term range.”

The nation’s oil and gas production structure is majorly split between Joint Ventures onshore and in shallow water with foreign and local companies, and the Production Sharing Contracts in deepwater offshore, to which most of the international oil companies have shifted their focus in recent years.

The Joint Ventures operators, despite having the highest production (about 41.64 per cent) among all the contract types, recorded a low depletion rate of about 1.8 per cent and high life index of 56.34 years, according to the DPR.

It said the PSC companies had the highest depletion rate of 3.10 per cent and the lowest life index of 32.15 years, while accounting for about 36.08 per cent of the nation’s total production.

“Perhaps, the companies may have taken advantage of the poor government take in the deep offshore terrain to deplete the reserves therein with little regard for long-term sustainable production as amplified by the life index,” the regulator said in a report.

It said the sole risk companies had the lowest depletion rate of 1.5 per cent and the highest life index of 65.49 years.

The regulator said these companies accounted for about 20.14 per cent of the nation’s total production in 2018, adding, “This depletion rate does not reflect the fact these companies hold the second largest reserves of about 26.90 per cent.”

"The statistics paint a very gloomy picture for these companies and urgent steps will be taken to address this observed trend. The department is engaging the companies to review their strategic plan to guarantee future reserves growth in order for them to remain in business,” it said.

According to the regulator, as of January 1, 2019, the reserves replacement ratio, which measures the addition to reserves relative to the total production, for Nigeria’s oil and condensate reserves stood at four per cent.

“The ideal scenario is when we have a 100 per cent RRR, i.e replace reserves at the same production rate. The RRR is used to judge the operating performance of the exploration and production industry. An RRR that is consistently over 100 per cent is ideal as it indicates that more reserve is being replaced than is produced.”

NIGERIA'S OIL RESERVES WILL RUN DRY IN 49 YEARS, DPR ANNOUNCES 

Boko Haram insurgents on Tuesday attacked two communities Kwarangulum and Ntsiha villages located about six kilometres from Chibok in Borno State, where over 200 schoolgirls were abducted by the same sect in April 2014.

The terrorists reportedly burnt  houses and other property during the raid. Troops stationed in Chibok were said to have mobilised to the communities under siege.

The spokesman,  Kibaku Community Development Association, Dr Allen Manasseh, confirmed the development, noting that the attack was still ongoing as at 9.10 pm on Tuesday.

Mannaseh explained that the residents were fleeing to Chibok for safety, adding that it was too early to ascertain the casualty figure and other details. Kwarangulum village had earlier been attacked on December 5, 2019, and five persons were  abducted.

PANIC AS BOKO HARAM INVADES CHIBOK AGAIN, RAZES BUILDINGS

Lagos State has recorded its first case of the Lassa Hemorrhagic fever. The State Commissioner for Health Prof. Akin Abayomi, confirmed that the patient is currently in isolation at the Lagos University Teaching Hospital. He also noted that the situation is under control and advised residents to be calm as the Nigeria Centre for Disease Control is doing everything possible to control the spread of the disease in the state.

He said, “The Ministry of Health through Epidemiology, Biosecurity and Global Health Directorate is currently carrying out ‘contact tracing’ to determine those who may have been infected in line with international standards while we beef up our other surveillance strategies.”

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The Commissioner stressed the need for members of the public to ensure and maintain an adequate personal hygiene and environmental sanitation at all times as part of prevention and control measures. He noted that the prevention and control of the disease remained a shared responsibility of all citizens through the observance of the highest possible standards of personal and community hygiene as well as environmental sanitation.

He urged residents to store household refuse in sanitary refuse bags or dust bins with tight-fitting covers to avoid infestation by rats and rodents; dispose refuse properly at designated dump sites and not into the drainage system and store food items in rodent-proof containers.

“Members of the public are further advised to avoid contact with rats, to always cover their food and water properly, cook all their food thoroughly, as well as block all holes in the septic tanks and holes through which rats can enter the house and clear rat hideouts within the premises.

“Isolation wards have been prepared to manage suspected and confirmed cases, drugs and other materials have also been prepositioned at designated facilities while health workers have been placed on red alert and community sensitisation activities intensified,” Abayomi said.

The Commissioner also advised health workers, both in the public and private hospitals in the state, to ensure that they observe universal safety precautions and comply with infection prevention and control measures when dealing with patients, stressing that appropriate personal protective equipment like hand gloves, facemasks, goggles and overalls must be worn when attending to cases.

LAGOS RECORDS FIRST CASE OF LASSA FEVER    

Laetitia Dagan, an Assistant Director attached to the State House, Abuja, has been assassinated in her Abuja home by unidentified assailants. Dagan was said to have been killed in her apartment in Galadimawa, Abuja, on Monday, February 17th shortly after she returned from work.

The 47 year-old was a Plateau State indigene who just got promoted to the position of Assistant Director last year. She was said to be a participant in an ongoing training for civil servants holding at the Manhattan Event Centre, Uke, Nasarawa State.

She was reported to have been tied to her mattress and set on fire by her assailants. The deceased was described as a dedicated, hardworking officer who was always full of smiles. 

“She was just promoted to the position of assistant director last year. She was always full of smile,” one of her colleagues said.

The Permanent Secretary, Jalal Arabi and some personnel of the State House  paid a condolence visit to her family members. Meanwhile, friends and family members of the deceased have taken to the social media to mourn her.

ASO ROCK ASSISTANT DIRECTOR, LAETITIA DAGAN ASSASSINATED IN ABUJA

The Emir of Kano, Muhammadu Sanusi, has said the northerners are on the verge of destroying themselves if they fail to address the myriad challenges facing them.

Sanusi said this at the 60th birthday of  Kaduna State Governor Nasir El-Rufai, in Kaduna on Monday, and highlighted the main problems facing the region as poverty, millions of out-of-schoolchildren, malnutrition, drug abuse, Almajiri and the  Boko Haram insurgency.

The traditional ruler said this a week after a report by the World Bank stated that 87 per cent of the poor in the country resided in the North and  also described the North-West as home to almost half of all the poor in the country.

According to him, investing in education is the only way the region will save itself from the imminent destruction. The ex-Governor of the Central Bank of Nigeria lamented that 87 per cent of the country’s poverty rate was in the North, with nine states in the zone constituting almost 50 per cent of the malnutrition burden of Nigeria.

Sanusi said the region should not continue to rely on quota system and federal character to get jobs for its children at the expense of the other parts of the country busy educating their own children and turning out graduates.

“You cannot be happy with about 87 per cent of poverty in Nigeria being in the North. You can’t be happy with millions of northern children out of school.

“You can’t be happy with nine states in the North contributing almost 50 per cent of the entire malnutrition burden in the country. You can’t be happy with the drug problem, you can’t be happy with the Boko Haram problem. You can’t be happy with political thuggery. You can’t be happy with all the issues; the Almajiri problem that we have.

“So, we wish Nasir a happy birthday, but we do not want him to be happy as a leader. Because you are happy when you think you have reached a state of delivering and taking your people to where you want them to be.

“Now, because of the condition of Northern Nigeria, it is almost correct now to say that, if you are seen as normal, if you are a governor in the North or a leader in the North, and you are seen as normal in the sense that you continue to do what your predecessors have been doing, doing the same thing, which has been normalised, then, there is something wrong with you, you are part of the problem.

“The real change in the North will come from those who are considered mad people,  because you look around and say if this is the way we have been doing things and this is where we have ended up, maybe we need to do things differently.”

Sanusi added, “If we have populated the government with middle-aged men, maybe we need to try younger people, maybe we need to try women. If we have spent our money and time on physical structures,  maybe we need to invest more in  the education of our children. Maybe we need to invest more in nutrition. Maybe we need to invest more in primary health care.”

Sanusi urged political leaders, especially, the regional governors to emulate “the sternly quality” of the  Kaduna State governor, commending him for injecting 40 per cent of the budget of his state into education.

He said,  “And the truth is, if you look at what Nasir is doing in Kaduna, with 40 per cent of his budget in education, that is the only thing that is going to save the North. I know that, when we say these things, they don’t go down well.

“We have been saying this for 20 to 30 years. If the North does not change, the North will destroy itself. The country is moving on. The quota system that everybody talks about must have a sunset clause.

THE NORTH WILL DESTROY ITSELF IF IT DOES NOT CHANGE - SANUSI

Publisher Declared Prisoner of Conscience 

Journalist Agba Jalingo has been released from prison custody after spending 174 days in detention. The publisher of CrossRiver Watch was on Thursday granted N10million bail by the Federal High Court in Calabar, Cross River State following an application from Attah Ochinke, his lawyer.

Read also COURT ORDERS ARREST OF CUSTOMS EX-CG, DIKKO

He was first arraigned on August 22, 2019 after he published a story on how Ben Ayade, governor of Cross River, allegedly approved and diverted N500 million meant for the state’s microfinance bank.

He was subsequently arraigned for conspiracy, treason and attempting to overthrow the state government with his highly critical articles. 

Amnesty International had declared the activist , “a prisoner of conscience” as a result of his long detention.

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AGBA JALINGO GRANTED N10M BAIL AFTER 174 DAYS IN DETENTION 

The Federal High Court in Abuja, on Monday, ordered the arrest of a former Comptroller General of the Nigeria Customs Service, Abdullahi Dikko.

The bench warrant was issued by Justice Ijeoma Ojukwu against Dikko for his continued failure to appear in court in respect of corruption charges held against him and two others by the Independent Corrupt Practices and other related offences Commission, ICPC. 

Read also, APC Young Stakeholders Storm APC Secretariat, Demand Oshiomhole’s Sack

The judge, in issuing the arrest warrant, refused to accept his lawyer’s explanation that the defendant was ill and on admission in London. Dikko’s lawyer, Solomon Akuma (SAN), who had previously undertaken to produce him in court, only presented a medical report, in a bid to justify his absence from court on Monday.

COURT ORDERS ARREST OF CUSTOMS EX-CG, DIKKO

Members of the APC Young Stakeholders stormed the party headquarters to demand the sack of the National Chairman of the APC, Adams Oshiomhole. The protesters carried placards with inscriptions such as ‘Oshiomhole Must Go’, ‘We are tired of losing’, ‘Oshiomhole go home’, and so on. 

According to Mathias Omikpa, one of the leaders of the protesters, the APC young stakeholders were tired of recording reversals of their victories on account of alleged tardiness of the party chairman. In his words, “It is time for Oshiomhole to go, we are tired of this downward trend. The National Chairman has brought nothing but misfortunes to our party from Zamfara to Rivers now Bayelsa. We are calling on President Muhammadu Buhari and National Leader of APC, Asiwaju Ahmed Tinubu, to intervene.”

This was similar to the concerns expressed by the Chieftains of the All Progressives Congress in Edo State, who blamed Adams Oshiomhole's leadership for the loss of the Bayelsa State.One of the party chieftains, Charles Idahosa, said, “I warned about this development some few weeks ago. I said, that Oshiomhole is doing more harm than good for the APC. This is not labour movement, this is politics. His recklessness is what is leading the APC into this problem that is happening now. Why must we win elections and then lose them to the opposition? We lost Zamfara, Rivers and now Bayelsa through carelessness.”

READ ALSO Abiodun Rages Over Extortion of Border Residents By Security Officers 

Edo State Commissioner for Communication and Orientation, Mr. Paul Ohonbamu, said, “It is now clear that Oshiomhole’s leadership qualities are in question. To forestall further descent to mourning every election cycle, it is only wise to show him the exit door.”

Reacting to this call, former publicity secretary of the APC in the state, Godwin Erahon said, “They (accusers) are being highly irresponsible. They are the ones creating a crisis, it is a shame that these people who ought to have brokered peace between Obaseki and Oshiomhole are now the ones fanning the embers of crises, their calls are highly irresponsible. I want to also let them know that it is never the duty of the national chairman to screen candidates if at the time of the screening.”

APC Young Stakeholders Storm APC Secretariat, Demand Oshiomhole’s Sack

INDUSTRIAL ACTION OF IPMAN RESULTED IN PARTIAL SCARCITY OF FUEL

The Ogun State Governor, Dapo Abiodun, on SUNDAY, expressed his displeasure  over  the alleged excesses of security men and paramilitary officers in the state’s border towns while implementing the 20-kilometre ban on fuel supply in the areas.

The governor spoke while reacting to complaints by members of the Independent Petroleum Marketers Association of Nigeria, South-West chapter, who visited him in his office in Oke Mosan, Abeokuta.

The governor said a dedicated telephone number would be activated for citizens to lodge complaints. In a statement by his Chief Press Secretary, Kunle Somorin, Abiodun said through the phone line, citizens would have a  direct access to the government to  complain about harassment and intimidation by security men at the border areas. 

Independent Petroleum Marketers Association of Nigeria, IPMAN had embarked on an industrial action on account of the allegations of extortion by security agents along the corridor.The governor noted that as an investor-friendly government, his administration would not allow investors like petroleum marketers to be harassed.

Read more Nigerian news as it breaks HERE

He said “We will be having a citizens complaints number. This will be a dedicated number that anyone who feels harassed, intimidated or extorted can call round the clock.No law enforcement agency, traffic agency or revenue agency is allowed to misbehave in Ogun State.

The  industrial action by the IPMAN was called off later as a result of the intervention of the governor.

ABIODUN RAGES OVER EXTORTION OF BORDER RESIDENTS BY SECURITY OFFICERS

The Independent National Electoral Commission( INEC) has declared the candidate of the People’s Democratic Party (PDP) Douye Diri, winner of the Bayelsa governorship election. This came following the nullification of the All progressives Congress victory of November 16 governorship election by The Supreme Court due to allegations of falsification of documents against Degi-Eremienyo.

The Supreme Court had ruled that Lyon’s Deputy, Degi Eremienyo, submitted forged certificates that disqualified the joint ticket and nomination.

Speaking on Thursday, National Chairman of APC, Adams Oshiomhole said no one can be sworn in in Bayelsa on Friday as no one met the constitutional requirement to be sworn in.

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The Peoples Democratic Party on Thursday described the comments of the National Chairman of the All Progressives Congress, Adams Oshiomhole, on the ruling of the Supreme Court on the Bayelsa State governorship election as an “empty and inconsequential ranting”.

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The PDP National Publicity Secretary, Mr. Kola Ologbondiyan, in a statement warned Oshiomhole to steer clear of Bayelsa State as his apparent plots to allegedly trigger violence in the state had failed.

INEC DECLARES PDP’S DOUYE DIRI WINNER OF GOVERNORSHIP ELECTION

Minister of Health Challenges Nigerian Scientists 

A N36m cash prize has been announced for any Nigerian that finds cure for coronavirus and Lassa fever. The announcement was made by the Minister of Science and Technology, Dr Ogbonnaya Onu on Thursday at an event held to mark the retirement from service of A. O. Oyesefo, a former director of the Department of Chemical Technology. 

Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death. 

Lassa fever is an animal-borne, or zoonotic, acute viral illness that  is endemic in parts of West Africa including Sierra Leone, Liberia, Guinea and Nigeria. 

Dr Ogbonnaya Onu said, “I challenge all Nigerian scientists to go out and find cures for coronavirus and Lassa fever. Any scientist that is able to do this will be given N36m.There is nothing that we want to do that we can’t do. Nigeria will be making contributions to the world.”

He added, “We want our scientists to know that we place value on them. We want them to know that they are important. If you don’t do things like this, the scientists will think we don’t value them.Research takes a lot of time and energy, and we will be very happy to fulfil our pledge.

“This prize is open to the universities; it is also open to private laboratories and research institutes.”

N36M FOR NIGERIAN WHO FINDS CURE FOR  CORONAVIRUS, LASSA FEVER

The election of Bayelsa State governor-elect, David Lyon, and his running mate, Biobarakuma Degi-Eremienyo, was on Thursday annulled by The Supreme Court, and the candidate from the opposition party People's Democratic Party (PDP) declared winner. 

The shocking news came on Thursday when a five-man panel, led by Justice Mary Peter-Odili, ordered the Independent National Electoral Commission (INEC) to withdraw the Certificate of Return issued to the All Progressives Congress’ candidates who had earlier been declared winners of the November 16, 2019 governorship election in the state.

The court ordered INEC to issue fresh certificates to the candidates of the party with the next highest votes and with the required constitutional spread of votes in the results of the election, which are the Peoples Democratic Party’s candidates. 

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 Degi-Eremienyo was disqualified in the election for submitting forged certificates to INEC. Justice Ejembi Ekwo noted that educational qualifications in the Form CF001 that  Degi-Eremienyo submitted to INEC as a candidate appeared to be fraudulent, and pointed out the different names the candidate used on different certificates. He ruled that Degi-Eremienyo’s disqualification on the basis of submitting false information to INEC had infected the joint ticket with which he and Lyon contested the election. 

In his words, “In sum total, the joint ticket of the first and second respondents (Lyon and Degi-Eremienyo) sponsored by the 3rd respondent, APC, was vitiated by the disqualification of the first respondent (Degi-Eremienyo).

The governorship and deputy governorship candidates of PDP had on December 2019 filed an appeal that accused Degi-Eremienyo of presenting to INEC, documents of academic qualifications with about nine variations of names different from the name that appeared on his Form CF001 submitted to the electoral commission.

The names on the different documents attached to his Form CF001 were Biobarakum Degi-Eremienyo, Degi Biobaragha, Degi Biobarakuma, Adegi Biobakunmo, Degi-Eremienyo Wangagha. 

The Federal High Court ruled that there was no evidence to show that the documents with different names belonged to Degi-Eremienyo. Upholding the finding on Thursday, the Supreme court ruled that the affidavits of correction of names and regularisation of names filed by Degi-Eremienyo were not enough and he should have followed the laid down legal procedures.

SUPREME COURT ANNULS APC BAYELSA GUBERNATORIAL ELECTION WIN, DECLARES PDP WINNER

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