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Marketers Urge Federal Govt. to Address Rising Gas Prices

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The Nigerian Association of Liquefied Petroleum Gas Marketers has called on the Federal Government to find ways to ensure stability of gas prices and make it available to the common Nigerians.

The association National President, Abideen Olatunbosun, made this call during the 36th annual general meeting/conference of the association, with the theme, ‘Expanding gas utilisation beyond imagination’, in Ibadan, Oyo State, on Tuesday.

He explained that if nothing was done to the increase in price, gas would soon be a commodity for the few rich.

NIGERIA MARKETERS URGE FULL DEREGULATION OF DOWNSTREAM OIL SECTOR

Olatunbosun said, “It is very vital for me to say that the galloping hike in the price of gas in recent times stands as a big challenge to LPG marketers. The government need to find ways to ensure the stability of gas price as well as make gas available to the common Nigerians. If nothing is done to the increase in price, gas will soon be a commodity for the few rich in our society.”

“As a country, we need to improve on our gas utilisation level. If we adopt gas, it will save our forest, improve quality of our lifestyle and the economy will grow. The hike in price of gas is a concern to all.”

In his lecture, the Guest Speaker, Prof Sunday Isehunwa of the Department of Petroluem Engineering, Faculty of Technology, University of Ibadan, identified changes in demand, changes in supply, natural gas production and consumption, changes in price and electricity pricing as some challenges facing LPG market in the country.

Power Rationing In Tanzania Caused By Broken Infrastructure, Drought

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Maintenance issues and climate change-induced water shortages have caused a 400-megawatt electricity shortfall in Tanzania, triggering power rationing across the East African nation, the state power supplier said.

Tanzania’s national grid, which has an installed capacity of more than 1,900 MW, was suffering from broken infrastructure at gas wells and gas-fired power stations, as well as reduced water levels at hydropower dams, said Gissima Nyamo-Hanga, managing director of the Tanzania Electric Supply Company (TANESCO).

TANESCO, which is wholly owned by the government, expects to complete maintenance operations and resolve the shortfall by the end of March next year, Nyamo-Hanga told reporters late on Wednesday.

Despite the government embarking on one of the fastest roll-outs of electricity access in Sub-Saharan Africa, only 38% of Tanzanians have power, according to the World Bank.

Nearly two thirds of Tanzania’s electricity is generated from natural gas, and around 30% from hydropower. The largest peak electricity demand ever recorded was 1,431 MW in May this year, up 7% from a year before, the energy ministry says.

“We expect that this problem will start easing within two weeks, and our plan is to reduce the shortage by an average of 100 MW a month,” Nyamo-Hanga said.

The 2,115 MW Julius Nyerere hydropower dam started filling with water in December last year and is anticipated to be finished by June 2024, more than doubling the country’s installed capacity, according to the energy ministry.

The government is engaged in several other power projects including a 150 MW solar farm as part of its goal to reach 5,000 MW capacity by 2025.

Osimhen’s Agent Threatens Legal Action Against Napoli After Video Mocks Striker

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Napoli striker Victor Osimhen’s agent said he “reserves the right to take legal action” against the club after a video mocking the player was posted and then deleted from the Serie A side’s official TikTok on Tuesday.

Roberto Calenda released a statement on messaging platform X, formerly known as Twitter, saying the video caused “very serious damage to the player”.

“What happened today on Napoli’s official profile on the TikTok platform is not acceptable. A video mocking Victor was first made public and then, but now belatedly, deleted,” said Calenda.

“We reserve the right to take legal action and any other useful initiative to protect Victor.”

Napoli did not immediately respond to a request for comment outside normal business hours.

Osimhen missed a late penalty in a goalless draw against Bologna in Serie A on Sunday.

He was substituted as the game drew to a close and appeared to protest the decision, shouting at coach Rudi Garcia before leaving the pitch. The French manager, however, played down the situation.

Champions Napoli are seventh in the standings and play Udinese at home on Wednesday.

Brazil Sets Up Task Force For Unprecedented Drought In Amazon – Environment Minister

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Brazil’s government is preparing a task force to provide emergency assistance to inhabitants in the Amazon region hit by a severe drought that has impacted the rivers that are their life support, Environment Minister Marina Silva said.

Low river levels and hotter waters have killed masses of fish seen floating on river surfaces, contaminating the drinking water, she said.

Some 111,000 people have been affected in a region where a much of the population’s protein comes from fishing, which will be suspended for some time, she added.

The civil defense agency warned that the drought could eventually impact up to 500,000 people in the Amazon.

The Port of Manaus website said the Rio Negro’s water level fell by an average of 30 centimeters (11.8 inches) a day since mid-September and stood at 16.4 meters (54 feet) on Wednesday, about six meters below its level on the same day of last year.

The federal task force would be airlifted by the Air Force to the states of Amazonas and Acre with water, food, medicines and other resources, Silva said.

The government also allocated 140 million reais ($27.76 million) to dredging rivers and ports in the region to keep transport flowing when water levels drop, she added.

The drought in the Amazon, like the flooding in the south of Brazil, results from the El Niño phenomenon, which warms the surface water in the Pacific Ocean. This year the impact has been greater than normal, weather experts say.

Traffic Halted In Hanoi As Heavy Rain Hits North Vietnam

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Heavy rain from a tropical depression hit northern and north-central Vietnam, causing flooding that halted traffic in the capital Hanoi and sparked warnings of landslides on Thursday.

Some Hanoi districts recorded up to 250 mm (10 inches) of rain on Thursday morning, according to the national weather centre.

The premier’s office directed provincial authorities to take action to protect residential areas that faced a high risk of landslides and flash floods.

People make their way through a flooded street after heavy rains in Hanoi, Vietnam September 28, 2023. REUTERS/Thinh Nguyen

Downpours have pounded Hanoi since early Thursday morning, submerging streets, Reuters witnesses said, with traffic turning chaotic at intersections and flood waters rising calf-high in some districts.

Video on local media showed cars and motorcycles abandoned in Hanoi streets, while footage of northern provinces showed fast-flowing, mud-brown water, and schools and homes damaged and soaked in flood water.

A conference on Thursday morning organised by Eurocham was delayed by about two hours because speakers, including the EU ambassador to Vietnam, could not reach the venue due to the flooded roads, according to participants.

Vietnam is prone to destructive storms and flooding, with 451 people killed or missing last year in natural disasters such as floods and landslides, according to government statistics.

Homes, Streets Flooded As Another Storm Hits Central Greece

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Torrential rain battered central Greece, flooding streets, homes and businesses in the port city of Volos and on the island of Evia, just three weeks after devastating Storm Daniel killed 16 people in the wider region.

A private helicopter crashed into the sea in northern Evia, east of the Greek capital Athens, and a search and rescue operation was underway.

It was not immediately clear what caused the accident.

More than 250 people have been evacuated from the area since Storm Elias struck on Wednesday afternoon, the fire brigade said on Thursday, adding that it had so far received 1,200 calls for help.

The storm hit Volos with rain so heavy that water levels in the city and its suburbs rose rapidly in a few hours. A nearby stream overflowed, adding to the flooding.

The mayor of Volos said that by Wednesday night, power outages caused by the storm and flooding had plunged 80% of the city into darkness. Authorities have stopped all vehicles from going onto the roads.

On Thursday morning, the storm had moved towards the island of Evia were some villages in northern Evia have been ordered to evacuate, state ERT TV said.

Storm Elias is the second major storm to hit the region since Daniel, the most intense storm to hit Greece since records began in 1930, battered the region for three days earlier in September.

Nigeria Lose Afcon Hosting As Kenya, Uganda Get Nod

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Confederation of African Football (CAF) Executive Council members awarded the 2027 Africa Cup of Nations (AFCON) hosting right to Kenya, Uganda and Tanzania, thus pushing aside Nigeria and Benin Republic who had been jostling to host the event.

Nigeria last hosted the Nations in 2000 when she co-hosted with West African sister country Ghana.

The decision to award the right to the three countries as co-host took place in Cairo, Egypt, on Wednesday.

This is the first time ever Kenya, Uganda and Tanzania will emerge as host of the Continental tournament.

In 1980 Nigeria was awarded the hosting right of the AFCON and went on to emerge champions.

Earlier on Wednesday, the Executive Council members announced Morocco as host of the 2025 AFCON edition.

This will be the second time Morocco would be staging the AFCON, after first doing so in 1988.

Morocco polled 22 votes to beat off Nigeria and Algeria who did not get any vote.

Côte d’Ivoire will host the 2023 edition which will kickoff in January 2024.

The first time the tournament was held in Côte d’Ivoire was in 1984 which was won by Cameroon.

U.S. Closes $3b Loan Guarantee For First Virtual Power Plant Project

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U.S. Energy Department’s loan office on Thursday closed a $3 billion partial loan guarantee for a project to provide more than 100,000 homeowners with rooftop solar units and batteries and allow them to feed power into the local electric grid.

Sunnova Energy’s (NOVA.N) Project Hestia will give out loans to 75,000-115,000 homeowners throughout the U.S. to enable them to install rooftop solar, home battery systems and smart energy software that helps them use energy efficiently, the DOE said.

The project could potentially avoid 7.1 million tonnes of carbon dioxide emissions and generate 568 megawatts (MW) of emissions-free power over 25 years, it added.

Equipping homes with smart software and home energy generation can allow Sunnova to make them into Virtual Power Plants (VPP), networks of small energy-producing or storage devices that are pooled together to serve the electricity grid.

The Energy Department said on Thursday that this is the single largest commitment ever made by the U.S. government to solar power, and the DOE’s first loan guarantee for a VPP.

Project Hestia would target lower income homeowners and could create as many as 3,400 jobs, the Energy Department said.

VPPs have been on the rise in the U.S. since the Federal Energy Regulatory Commission in 2020 allowed them to compete in wholesale power markets.

They are also being used in Australia, Japan and Europe by companies including Statkraft (STATKF.UL), Shell-owned (SHEL.L) Next Kraftwerke, and Tesla Inc.

Exploring Skardu Fort, A Historic Fortress In Pakistan 

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Skardu Fort, also known as Kharpocho Fort, is a historic fortress which is located above the city of Skardu in the Gilgit-Baltistan Region, in the northern part of the Islamic Republic of Pakistan.

As there are some sources which claim that the fortress was built in 8 century, it is widely considered that it was built by King Ali Sher at the end of 16 century, and it was named Skardu Fort because it is considered to be the “King of Forts”.

With its important location, it was a primary target for attacks and occupation, and since the fort lies on the eastern face of the Khardrong Hill, also known as Mindoq-Khar or Castle of Queen Mindoq, it overlooks and protects the town that has the same name.

Within the fortress there aren’t structures which survived the time, however, there is a mosque that is considered to have been built with the arrival of the Islam in the region.

Still, the fortress was designed according to the model of some other fortresses, such as the Potala Palace in Tibet, China, but Skardu Fort was not fortunate enough to survive the plentiful campaigns of conquest, which finally was completely destroyed in 1857 under the guidance of the Maharaja of Jammu and Kashmir and head of the Jamwal Rajput clan, Ranbir Singh.

After the First Kashmir War, with a long siege of Skardu, the fortress became part of Kashmir that is still controlled by Pakistan, and at that time it was renamed into Gilgit-Baltistan.

Lastly, always succeeding to impress everyone who is eager and adventurous enough to visit this impressive Pakistani treasure, the Skardu Fort shall continue to tell the story of its long past that saw quite a lot of conquest and destruction, which in the end has only most of its walls to be the witnesses of those times.

Pension Account Registration Declines Further in Q2’23

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Registration of workers into the Contributory Pension Scheme, CPS, sustained a downward slide in the second quarter of 2023, Q2’23, as new Retirement Savings Accounts, RSAs, fell by 23.9 per cent to 63,693 from 83,654 recorded in the first quarter of 2023, Q1’23.

It will be recalled that the downward trend had started in the first quarter of 2023, Q1’23, as the number of new RSAs dropped by 10.2 per cent year-on-year, YoY, to 83,654 from 93,114 registered in the corresponding period of 2022, Q1’22.

Pensions: Nigeria Govt Releases N13.89bn for 2022 Retirees

According to the second quarter report released by the National Pension Commission, PenCom, a total of 63,693 new RSAs were registered and associated PINs issued to employees in different sectors, in the quarter ended 30 June 2023.

A breakdown of the RSA registrations indicates that Stanbic IBTC Pension Managers registered the highest number of new entrants with 19,076 representing 30% of the total enrollments while NPF Pension Fund Managers recorded the lowest numbers of new RSAs at just 33, which represents 0.05% of the total RSAs registered during the quarter.

Further findings show that Access Pensions registered the second highest numbers totaling 7,215 representing 11.3 per cent, Arms Pensions followed with 5,587 representing 8.7 per cent, while Leadway Pensure was next with 4,369 registrations representing 6.9 per cent.

On the lower side of the chart, Nigerian University Pension Management Company was second with 189 registrtaion representing 0.30 per cent, Veritas Glanvills Pensions Limited was next with 756 registrtaion representing 1.2 per cent, while Guaranty Trust Pensions Managers Limited recorded 1078 registrtaions representing 1.69 per cent.