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FG to Invest in Local Companies for Gas Production
The Federal Government of Nigeria has announced plans to select additional beneficiaries for its initiative aimed at investing in indigenous companies focused on enhancing energy security and developing gas infrastructure. This initiative represents a significant step towards achieving energy security in the country.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made the announcement at an event where the government approved the disbursement of ₦122 billion to six indigenous companies. This funding, provided through the Midstream and Downstream Gas Infrastructure Fund (MDGIF), is intended to support the development of midstream and downstream gas infrastructure, aligning with the objectives of President Bola Tinubu’s administration.
Established under the Petroleum Industry Act 2021, the MDGIF was initiated during President Muhammadu Buhari’s administration with the formation of its governing council in August 2022. This initiative aims to address the significant infrastructure deficits that have hampered gas distribution and utilization in Nigeria, particularly in the context of the nation’s ‘Decade of Gas’ and energy transition policies.
According to a statement from the minister’s spokesperson, Louis Ibah, this effort seeks to foster partnerships and collaboration to meet Nigeria’s energy security goals. Ekpo described the initiative as a breakthrough for Nigeria’s gas sector, highlighting the government’s commitment to leveraging the country’s gas resources for socio-economic development.
“This partnership between the public and private sectors will transform Nigeria’s gas industry, accelerating our journey towards energy security, industrial growth, and economic prosperity,” he stated.
The MDGIF aims to attract investments and bridge gaps in the gas value chain by financing and facilitating critical projects. Ekpo urged the selected beneficiaries to utilize the funds responsibly, emphasizing the dedication that led to their selection as the first cohort of MDGIF beneficiaries. He confirmed that more beneficiaries would be chosen in subsequent rounds.
The six beneficiary companies—Asiko Energy Holdings Limited, FEMADEC Energy Limited, Ibile Oil and Gas Corporation, Nsik Oil and Gas Limited, Rolling Energy Limited, and Topline Limited—were selected based on their excellent track records and commitment to supporting Nigeria’s gas development.
Senate Committee on Gas Chairman Sen. Jaribe Jaribe assured ongoing legislative support to strengthen the partnership in implementing this initiative. The agreements signed include Joint Operating Agreements, Equity Contribution Agreements, and Joint Venture Account Agreements.
Additionally, MDGIF Executive Director Mr. Oluwole Adama stated that the fund was established to enhance domestic natural gas consumption in Nigeria.
The Transmission Company of Nigeria (TCN) has reported its seventh partial grid collapse in 2024. Despite the recurring issue, TCN’s General Manager of Public Affairs, Ndidi Mbah, reassured the public that efforts to restore power are well underway, with about 90% of substations receiving bulk power.
Mbah noted that the Azura Power Station initiated the grid recovery, although a minor setback occurred. However, power supply has been restored to the Abuja region and other key distribution centers. The Ibom Gas Generating Station remained unaffected, continuing to supply power to the South-South region.
An investigation into the cause of the collapse will commence once full grid restoration is achieved.
Vice President Kashim Shettima has expressed deep sorrow over the tragic tanker explosion in Jigawa State, which claimed over 100 lives. In a statement issued by his media aide, Stanley Nkwocha, Shettima, on behalf of President Bola Tinubu, extended condolences to the affected families, praying for strength and comfort in their time of grief.
Shettima assured the public that the federal government is mobilizing resources to support the injured and assist those affected. He has directed the immediate deployment of the National Emergency Management Agency (NEMA) to provide aid. The Vice President also stressed the need for a review of fuel transportation safety protocols to prevent future incidents.
In a separate statement, First Lady Oluremi Tinubu offered her condolences to Jigawa Governor Umar Namadi and the people of Jigawa, praying for peace and comfort for the families affected. She called the incident “unfortunate” and extended prayers for the recovery of the injured and the repose of the souls lost in the tragedy.
The Nigeria Customs Service (NCS) has revealed that it intercepted a total of 10,598 pieces of arms and 114,929 rounds of ammunition valued at N9.58 billion over the past six years. Comptroller General of Customs, Bashir Adewale Adeniyi, made this disclosure during a press conference on enforcement activities in Zone A.
Adeniyi highlighted that 60% of these seizures occurred in 2023, reflecting the Customs’ increased efforts to curb arms smuggling. He also mentioned that recent operations such as Operation Whirlwind and Operation Swift Sting are part of a strategic response to tackle evolving smuggling tactics.
In addition to arms seizures, the Customs CG announced the largest pangolin scale seizure since 2020, with 9,493 kg of scales confiscated in collaboration with the Wildlife Justice Commission. The joint operation led to four arrests across Kano, Kaduna, and Lagos. The NCS continues to intensify efforts against wildlife trafficking, targeting supply routes in northern Nigeria and border areas.
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