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Innoson cries out, court case spoiling our business

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The Innoson Vehicle Manufacturing Company (IVM) on Wednesday said that litigations were hampering its efforts to upgrade from 10,000 cars production capacity annually to 60,000 against the company.

The company’s Head, Corporate Communications, Mr Cornel Osigwe, who disclosed this at a news conference in Lagos, said the factory’s upgrading from manual to automated production was also affected.

Osigwe said that the recent charge filed by the Economic Financial Crimes Commission (EFCC) at a Lagos High Court was distracting and affecting operations in the company.

According to him, even the workers are in fear of being harassed.

“There has been an advertorial by the EFFC declaring Dr Innocent Chukwuma, the Chairman of IVM wanted.

“That publication has maligned his image and reputation as well as put him in bad light as somebody who is a criminal. This is not so.

“The fact of the matter is that there has been an abuse of court process by the EFCC over a business disagreement between IVM and Guarantee Trust Bank which started in 2013,’’ he alleged.

“This same case instituted by the EFCC is still pending at the Federal High Court, Lagos and the Court of Appeal, Lagos.

“Recently, the same EFCC filed a fresh charge of the same case and allegation at the Lagos High Court. This is an abuse of court process by the EFCC.

“Innoson is contesting that the Lagos High court has no jurisdiction to entertain the suit and not afraid of arraignment or running away from the court.

“He is saying that he must be arraigned through due process of the law,” he said.

Osigwe said that IVM represented the hope, identity and story of Nigeria, as well as the die-hard spirit of Nigerians to make things happen.

“So, we want Nigerians to know the facts of the issue.”

It will be recalled that Chukwuma is standing trial in a matter between his company and the EFFC.

He was arraigned alongside his company for allegedly forging documents to facilitate the clearing of some goods at the port.

Specifically, he was alleged to have forged documents purportedly emanating from GTB Bank. (NAN)

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Finance

“I And My Team Are Not Responsible For The Woes That We Have Today ” – Current CBN Governor

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Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has said that he’s not responsible for the economic challenges facing the country.

Cardoso said this at the first Monetary Policy Committee (MPC) meeting under his leadership on Tuesday, February 27. He also said that the CBN is taking necessary steps to get the country’s fiscal and monetary health back to normal.

He said;

”I laugh at that question but it’s not a laughing matter and I think it is very important for Nigerians to understand that the Central Bank Governor; I and my team, are not responsible for the woes that we have today; we are part of the solution.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”

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Energy

Climate Change: NNPC Ltd/Total Energies JV Achieves Zero Gas Flare

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In pursuit of meeting the targets of 20% (unconditional) and 47% (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord signed by the President Bola Ahmed Tinubu administration, the NNPC Ltd/TotalEnergies Joint Venture has achieved zero routine gas flare in all its assets.

According to a statement signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., this feat was announced on Thursday during an inspection tour of OML 100 in South-eastern Niger Delta, off Port Harcourt, by a joint NNPC Ltd and TotalEnergies Team to ascertain the success of the OML Flare Reduction Project launched in December 2023.  

The NNPC Ltd/TotalEnergies Joint Venture, which is the concession holder of four leases, had hitherto achieved zero routine flaring across OML 99 (2006), OML 102 (2014), and OML 58 (2016), leaving OML 100 as the only lease with routine flaring going on.

The significance of this achievement is that the last routine flare volume of about 12MMscf/d (twelve million standard cubic feet per day) of gas has now been eliminated giving rise to a greenhouse gas emissions reduction of about 341KtCO₂e/yr.

The achievement is an outcome of a programme introduced by the NNPC Ltd to galvanize action towards achieving the zero routine flare by 2030 across its portfolio of assets.

It is also a testament to NNPC Ltd’s prioritization of sustainability anchored on the ‘first R’ of its 5R Strategy (Reduce, Replace, Renew, Re-plant, Repurpose), as it strives to reduce its carbon footprint.

Work is ongoing across all other assets within NNPC Ltd’s Upstream Directorate to ensure that all assets achieve zero routine flaring by 2030 or earlier.

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Energy

NNPC Celebrates 14,000bpd Production from Akpo West Field

By SANDRA ANI

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In line with President Bola Ahmed Tinubu’s directive to the Nigerian National Petroleum Company Limited (NNPC Ltd) to optimise production from the nation’s oil and gas assets, the Company has announced the successful commencement of oil production from the Akpo West Field.

The milestone, which is the result of meticulous planning, strategic collaboration, and unwavering dedication from all stakeholders involved in the project, will add 14,000 barrels per day condensate to the nation’s production. This will be followed up by the production of about 4million cubic meters of gas per day by 2028.

The development of Akpo West which is on Petroleum Mining Lease (PML) 2 (formerly OML 130) leverages the existing Akpo Floating Production Storage and Offloading (FPSO) facility via a subsea tie-back to keep costs low and minimize greenhouse gas emissions.

The milestone was enabled by the strategic leadership of the Group Chief Executive Officer (GCEO), Mr. Mele Kyari, and the Upstream Directorate of the NNPC Ltd whose support played no small role in propelling the operators to actualise the short- and mid-term hydrocarbon production goal of the President Tinubu administration.

Located 135 kilometres offshore, Akpo West is one of the discoveries on PML 2 with proximity to the Akpo main which started up in 2009 and produced 124,000 barrels of oil equivalent per day in 2023.

PML 2 is operated by TotalEnergies with a 24% interest, in partnership with CNOOC (45%), Sapetro (15%), Prime 130 (16%), and the Nigerian National Petroleum Company Ltd as the concessionaire of the Production Sharing Contract (PSC).

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