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Global energy demand to increase by 23% to 2045 – OPEC
THE Organisation of Petroleum Exporting Countries, OPEC says global primary energy demand is forecast to increase by 23 per cent in the period to 2045, which necessitates utilising all forms of energy.
The OPEC said based on its World Oil Outlook (WOO) forecast, resultantly, many of its Member Countries had invested heavily in renewables, which had received a positive endorsement from the G20 developing nations.
OPEC Secretary-General Haitham Al Ghais, made this known in Abuja on Monday at the sixth edition of the Nigeria International Energy Summit (NIES 20223) with the theme: “Global Perspectives for a Sustainable Energy Future,”.
The summit, scheduled to hold from April 16 to April 20, was declared open at the Presidential Banquet Hall by President Muhammadu Buhari through the Secretary to the Government of the Federation, Mr Boss Mustapha.
Al Ghais listed the renewables as solar, nuclear, wind and waste-to-energy power, in addition to Carbon Capture Utilisation and Storage (CCUS) and hydrogen projects, as well as the Circular Carbon Economy.
“At OPEC, we recognise that the scope of the climate challenge requires comprehensive solutions. There is no panacea that can solve it alone.
“The oil and gas industry can foster its resources and expertise and help unlock our emissions-free future, through its role as a powerful innovator in developing cleaner and more efficient technological solutions.
“A diverse range of mitigation measures are necessary.
“The capacities and national circumstances of developing countries must be taken into account in all actions. We should never forget that climate change and sustainable development are two sides of the same coin,’’ he said.
He said that OPEC, as an intergovernmental organisation, composed exclusively of developing countries, seven of which are African, would want all voices included in discussions on energy transitions.
He said it had been directly involved in the evolution of the United Nations Framework Convention on Climate Change (UNFCCC), from the UN Intergovernmental Negotiating Committee in 1990, to COP27 in Sharm El-Sheikh in 2022.
“We are delighted that COP28 will be hosted by our Member Country, the United Arab Emirates.
“In addition to being involved in climate negotiations, OPEC and its Member Countries are proactive in looking for a diverse range of energy sources to meet the needs of the future,’’ he said.
The Secretary-General further said that the global oil sector alone would need cumulative investment of 12.1 trillion dollars through to 2045.
However, he said in recent years, it had heard calls from some to limit or stop funding for new oil and gas projects which was disheartening, and particularly impactful on developing countries with oil and gas resources.
“This great continent, Africa, has 120 billion barrels of proven oil reserves and 18 trillion standard cubic metres of natural gas.
“For countries to properly utilise these resources for the benefit of their people, investment levels must be adequate, whilst taking actions to reduce the carbon footprint of the oil industry.
“However, movements by financial institutions to limit and stringently control how money is invested into fossil fuels under environmental, social and governance (ESG) constraints impedes the realisation of this potential.
Al Ghais, while commending President Muhammadu Buhari for being a strong supporter of OPEC, also looked forward to a continued cooperation with the incoming administration led by President Elect, Sen. Bola Tinubu.
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Stop using repressive laws to intimidate journalists – SERAP, NGE tell FG
The Socio-Economic Rights and Accountability Project, SERAP, and Nigeria Guild of Editors, NGE, have called on Nigerian authorities at all levels of government to stop using repressive and anti-media laws to target, intimidate and harass journalists, critics and media houses.
The groups made the demand after an interactive session on ‘the state of press freedom in Nigeria’ held at the Radisson Blu Hotel in Ikeja.
In a joint statement, SERAP and NGE said that, “the government of President Bola Tinubu, the country’s 36 governors and FCT minister must now genuinely uphold press freedom, ensure access to information to all Nigerians, obey court judgments, and respect the rule of law”.
They expressed concerns about the escalating crackdown on the right to freedom of expression and media freedom and the flagrant disregard for the rule of law by authorities at all levels of government.
The groups note that the suppression of the press in recent times takes various forms ranging from extrajudicial to unlawful detentions, disappearances, malicious prosecutions and wrongful use of both legislation and law enforcement.
The statement read in part: “We would continue to speak truth to power and to hold authorities to account for their constitutional and international obligations including on freedom of expression and media freedom.
“Nigeria as a country has a long and unpleasant history of press gagging and clampdown on media freedom, which is evidence of extensive state censorship of media and in some cases, the utter control of state-owned media houses.
“This position has not changed considerably despite almost 25 years of unbroken democratic rule in the Fourth Republic.”
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FG adds 625MW to national grid – Minister
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Tax: Court orders FCT-IRS agency to seal off defaulting coys
A Magistrate Court sitting in Wuse Zone 2, Abuja, on Friday, ordered the Federal Capital Territory Internal Revenue Service (FCT-IRS) to seal off a company, Ifedi A.K. Nigeria Ltd, over allegations bordering on non-filing of annual returns.
The Magistrate, Janada Balami, gave the order after lawyer to FCT-IRS, Michael Towolawi, moved the application to the effect.
Towolawi told the court that the company had failed to file its annual returns from 2019 to 2023 in breach of Section 81 of the Personal Income Tax Act, LFN, 2004, and amended in 2011.
He said all efforts to make the company comply with the law proved abortive.
The lawyer, therefore, applied that the company be compel to appear before the court to explain why it acted in breach of the law.
Balami, who held that the application by the agency against the company had merit, accordingly granted same to seal the No 6, Rudolph Close, Off Katsina-Ala Street, Maitama, Abuja.
She, consequently, ordered the company, the sole defendant in the matter, to appear before the court on May 16.
The Director, Legal Services of the FCT-IRS, Festus Tsavar, told journalists after the proceeding that the service would move against companies that do not file their annual returns as provided by law.
“You know that we have a new minister in FCT that is doing a lot of projects and that hinges on money.
“And of course, you are aware that FCT has come out of TSA.
“So it is the internally generated revenue that will make the government of FCT to be able to do those projects completely within required time,” he said.
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