Connect with us


Nigeria: French oil giant, TotalEnergies, joins train to sell stake in onshore oil production



The wave of multinationals leaving African countries has continued as French oil major TotalEnergies has announced it will put up for sale its minority stake in a Nigerian oil joint venture.

TotalEnergies Chief Executive Officer, Patrick Pouyanne, was quoted by international media – Bloomberg that “disruption of local communities are sources of great concern in the country,”

The firm attributed its plans to join the bandwagon of other oil majors and sell its stake in an onshore oil production joint venture in Nigeria to the disruption of local communities which has become a source of great concern.

Last year, Royal Dutch Shell, entered talks with the Nigerian government to sell the Anglo-Dutch company’s stake in onshore oilfields, CEO Ben van Beurden.

In February, Seplat Energy Plc, unveiled plans to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation Delaware (USA Incorporated). That includes all of Exxon’s entire shallow water assets in the Niger Delta.

The French energy giant will look to offload its 10 percent interest in a firm that holds 20 onshore and shallow water permits in the West African country, Mr. Pouyanne said.

Shell Plc, the operator of the licenses, is already considering bids from four local firms for its 30 percent shareholding in the company,” he said.

African countries have experienced departures of multinationals. Last month, ride-hailing company, Uber, suspended its services in Tanzania as a result of regulations that are not business-friendly which has made its operation in the East African country. Standard Chartered Bank also announced it has ended its operations in some African countries earlier this month.


Tanzania raises fuel prices for 4th consecutive month



Tanzania’s Energy and Water Utilities Regulatory Authority (Ewura) has announced an increase in the prices of petroleum products.

The increase, which takes effect from 4th October, is the fourth in consecutive months, with diesel taking the biggest hit. Currently at the capital city of Dar es Salaam, a litre of petrol will now cost Tsh3,281 ($1.31), up from Tsh3,213 ($1.29). A litre of diesel will now cost Tsh3,448 ($1.38), up from Tsh3,259 ($1.30). Kerosene prices have also increased, with a litre now costing Tsh2,943 ($1.18).

The price increase, according to Ewura, is the result of a number of factors, such as rising international fuel prices, higher export taxes, a decline in Opec+’s oil production, and economic sanctions imposed by Western nations against Russia.

“The price increase has been compounded by global factors, with global fuel prices skyrocketing by 4.21%, putting a strain on export charges, which increased by 17% for petrol, 62% for diesel, and 4% for kerosene,” Ewura said in a statement.

The alliance of oil-producing nations known as OPEC, which is led by Saudi Arabia and Russia, has continued to cut its oil output, which also raises the price. It is anticipated that prices will rise further as a result of OPEC’s announcement that it will reduce production by 1 million barrels per day starting in November.

The increase in fuel prices is likely to have a knock-on effect on prices of other goods and services, as businesses pass on the increased cost of transportation to consumers, as has been experienced in other African countries like Angola, Nigeria, and Kenya.

While the rise in the global price of crude oil means more earnings for oil-producing states, it may also connote an inevitable price hike on the “poor population” of these states.

Continue Reading


Nigeria: Senate cautions executive over central bank loans, illegal spending



The Nigerian Senate has advised President Bola Tinubu to send a supplementary budget for the country’s Compressed Natural Gas initiative and cautioned him against engaging in illegal spending.

Through its Gas Committee, chaired by Senator Jarigbe Jarigbe, the Senate urged Tinubu to swiftly submit a 2023 Supplementary Budget to the National Assembly in order to launch the compressed natural gas project.

This request was made just 48 hours after President Bola Tinubu announced plans to ease Nigerians’ pain from the removal of fuel subsidies. The law, insisted the legislators, forbade extra-budgetary spending.

Nigerian President, Bola Tinubu, in a nationwide broadcast on the commemoration of the country’s independence on Sunday, announced an interim wage rise for low-income workers, and deployment of mass transit buses running on gas to ease the impact of petrol subsidy removal.

Tinubu, in his address, said the government “has opened a new chapter in public transportation through the deployment of cheaper, safer CNG buses across the nation. These buses will operate at a fraction of current fuel prices, positively affecting transport fares. New CNG conversion kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process.”

The Central Bank of Nigeria’s advances to the federal government rose 2900 per cent in the last seven years to N23.8 trillion under Tinubu’s predecessor, Muhammadu Buhari, an unprecedented rise that violated the law, triggered inflation and worsened the country’s debt burden; and the Senate is worried the latest “CNG move ” by the executive might degenerate into a similar position

Although the committee’s chairman praised Tinubu for the CNG initiative, he also cautioned that other projects in the gas value chain and the use of taxpayer money without National Assembly approval would be illegal. The senators cautioned against extra-budgetary spending through Ways and Means, saying that the legislature was ready to support and assist the populace.

Jarigbe said, “The noble initiative would ameliorate the hardship of the citizens. Also, the President needs to come up with a supplementary budget to enable the government to fund the gas value chain, including the provision for CNG infrastructure and CNG vehicles.

“The President should not embark on extra-budgetary expenditure because it would be inconsistent with the provisions of the law.”

Continue Reading


VenturesNow3 mins ago

Tanzania raises fuel prices for 4th consecutive month

Tanzania’s Energy and Water Utilities Regulatory Authority (Ewura) has announced an increase in the prices of petroleum products. The increase,...

Musings From Abroad17 mins ago

Biden thanks Ruto for Kenya’s role in new Haiti mission

US President, Joe Biden has thanked Kenyan President, William Ruto for his country’s role in the multinational security mission in...

Tech2 hours ago

Verve partners Adidas for Africa’s biggest fitness series, VerveLife 6.0

Africa’s leading domestic payment cards and tokens brand, Verve has entered into a partnership with global sportswear giant, Adidas for...

Sports2 hours ago

Man Utd manager, Erik ten Hag backs Onana after another horror show

Manchester United manager, Erik ten Hag has thrown his weight behind his Cameroonian goalkeeper, Andre Onana, after the goal tender...

Metro3 hours ago

DR Congo colonel sentenced to death for killing of anti-UN protesters

A DR Congo Army Colonel has been sentenced to death after he was found guilty in the killing of more...

Metro3 hours ago

Seychelles main opposition leader, Patrick Herminie arrested for ‘witchcraft’

Seychelles main opposition leader, Patrick Herminie has been arrested and charged with witchcraft, after police discovered and exhumed two bodies...

Video5 hours ago

Video: Nigerian ministerial nominee, Balarabe faints during screening

A ministerial nominee from Kaduna State, Nigeria, Abbas Balarabe, fainted on Monday during his screening before the Senate. Balarabe passed...

Culture10 hours ago

MohBad: Police arrests, detains Naira Marley over death of Afropop star

Operatives of the Nigerian police in Lagos have arrested and detained singer and label owner, Azeez Fashola, also known as...

VenturesNow12 hours ago

Nigeria: Senate cautions executive over central bank loans, illegal spending

The Nigerian Senate has advised President Bola Tinubu to send a supplementary budget for the country’s Compressed Natural Gas initiative...

Strictly Personal12 hours ago

Kenya urgently needs national renaissance, By Tee Ngugi 

Pictures of thousands of youths who turned up for the Kenya Defence Forces recruitment drive a few weeks ago told...