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NDDC Probe: Matters Arising

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Dissatisfied with the running of the Niger Delta Development Commission (NDDC), a coalition of youth groups in Rivers State recently asked the Federal Government to dissolve both the board and management of the commission. The youth bodies, alleging corrupt practices in the commission, in an interview with newsmen in Port Harcourt,  accused the Managing Director of NDDC, Mr. Chibuzor Ugwuoha of financial impropriety, and called for his removal. Specifically, a spokesman of one of the youth groups, Mr Robertson Jack said “Niger Delta youths are not happy with the way and manner the commission is being managed”, and asked for its complete overhaul.

Perhaps, moved by the allegations and actions of the youth groups, as well as other stakeholders, the Federal Government, last Thursday, constituted a seven-man, Presidential Committee to look into the problems facing the NDDC. Inaugurating the committee in Abuja, Senator Anyim Pius Anyim, Secretary to the Government of the Federation, urged the probe panel to properly investigate the problems facing the NDDC, and recommend how best the commission could forge ahead in order to develop the Niger Delta region.

Responding, chairman of the seven-man committee, Steve Oronsaya, former Head of Service of the Federation, said the panel would unravel the mystery affecting the smooth running of the commission. He expressed the profound gratitude of the committee members for the appointment, and assured the Federal Government that the body would live up to its expectations.

Viewed against this backdrop, it would be recalled that the NDDC, established to fast-track the development of the Niger Delta region, has literally nose-dived. Why? Projects initiated by the authorities of the commission, designed to give meaning to the life of Niger Deltans, have been dumped due largely to poor funding of the agency by the federal authorities, as well as the internal wranglings within the agency.

Since its inception, the commission appears to be impacting positively on the lives of Niger Deltas. Indeed, nearly all the 185 local governments in the oil-rich region have benefited. Yes, out of all its projects, about 1,250 have reportedly been completed. Regrettably, the rest projects, which would have lifted the life of Niger Deltans, are begging for attention following the non-release of funds due the commission, and the in-fighting in the commission.

Piqued by the sad development, Pastor Power Aginighan, Executive Director, Finance and Administration of NDDC in May, 2010, wailed over the unfortunate situation. His words: “The commission has received N561,918 billion since its inception in July 2000, and is currently being owed N477 billion by the various statutory bodies.

Addressing guests when the Presidential Monitoring Committee visited the commission’s head office in Port Harcourt,  in May, last year. Aginighan lamented that the N477 billion being owed the commission was truncating the operations of the agency, especially the execution and completion of projects already initiated. He would want the authorities concerned to have a rethink on the poor funding, considering the huge projects the commission was handling currently.

As it were, a breakdown of the amount so far released to the NDDC since its inception  shows that the commission has been getting about N50 billion yearly from the federal authorities. What this translates to, is that, a little above N9 billion is being spent annually for the execution of projects in each of the nine states in the Niger Delta region. This, to say the least, is tantamount to gross under-funding of NDDC, given the array of projects planned in the region by the commission.

Therefore, the National Assembly should prevail on the authorities to ensure that the NDDC gets all the money due to its statutorily to be able to increase the tempo of its activities. Yes, the lawmakers, should  spearhead the struggle for the release of the outstanding NDDC funds. The whopping N477 billion being owed the commission will, in no mean way, give some assurance concerning the development of the oil-rich region.

Happily, the immediate past National Assembly, consistently demonstrated a better understanding of the plight of the people of the Niger Delta region than the executive arm of the Federal Government. Unlike the executive, that appears unsure of what to do to solve the serous problems of the region, the lawmakers showed commendable commitment to facilitate the rapid socio-economic transformation of the region that produces over 90 per cent of the country’s wealth. This has been evident from the very time the bill for the establishment of NDDC was being processed into law. Although the  bill was the second to be sent to the National Assembly by former President Olusegun Obasanjo, he refused to assent to the bill because of some disagreements. The lawmakers vetoed him by voting overwhelming for its passage. Thus, it was not surprising that the legislators showed keener interest in the survival and success of the NDDC than the federal executive, right from Obasanjo’s administration.

What’s more, it is common knowledge that former President Obasanjo starved the agency of its statutory funding. This is responsible for the N477 billion that the federal government owes the commission up till date. But since late President Umaru Musa Yar’Adua, placed emphasis on respect for the rule of law, there was hope that the withheld funds would be released. But that was not to be. Yar’Adua’s inclusion of the Niger Delta in the Seven-Point Agenda of his administration and the creation of the Ministry of Niger Delta Affairs, also created the impression that the late president placed high premium on the development of the oil-rich region. Sadly, all that yielded no desired result.

As a result, a lot of people were disappointed by the provision for the Niger Delta in the 2009 budget. The allocation of only N27 billion to the NDDC and N50 billion to the ministry came to many as a shock. One does not want to believe that the intention of the late Yar’Adua administration was to merely split what was budgeted for the NDDC  and the ministry.

One can recall vividly that when the House of Representatives Committee on Public Accounts visited the commission headquarters, last year, and after seeing some of the projects executed by the commission, its Chairman, Usman Mohammed, at the time, expressed satisfaction with what the commission has achieved so far. He said: “We are on a value-for-money assessment of the projects and books of the commission and from what we have seen, there is no doubt that the NDDC has performed creditably”.

Gladdened by what it saw on ground, the committee called for the release of the 50 per cent of the ecological fund due to the nine NDDC member-states as stipulated by the law setting up the agency. For some inexplicable reasons, the commission has not got a kobo from the fund since its inception, though it is a legal imperative. The ecological fund, which was set up by Decree 36 of 1984 and 106 of 1992, was meant to ensure that adequate provision was made to address environment problems in all parts of the country.

While welcoming the committee members, the former Managing Director of the NDDC, Mr Timi Alaibe, blamed the problem of the Niger Delta on the long years of neglect, occasioned by the government’s abdication of its responsibility to the citizens of the area. He told the delegation that the commission had since 2008 commenced full implementation of the Niger Delta Regional Development Master Plan, based on late President Yar’Adua’s directive. He said with adequate funding, the commission should be able to address some of the infrastructural problems like roads, bridges, among others, in the region.

All said, the probe panel must note that the problems of NDDC also borders on under-funding and unwillingness of the executive to do what is needful in the troubled Niger Delta region. The panel should therefore make recommendations that would spur the authorities concerned to release the over N477 billion being owed the commission by the Federal Government and other statutory bodes.

While this column is not holding brief for the NDDC, it believes fervently that it is only by adequate funding of NDDC, that Niger Deltans will be convinced that truly the Federal Government means business to transform the region.

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Renewable Energy Faces Looming Workforce Crisis

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Despite a discouraging political climate and unprecedented uncertainty in the United States clean energy sector, low costs of wind and solar energy continue to drive growth of the domestic clean energy sector.
However, while market forces continue to support the expansion of renewable energy capacity, the sector faces critical challenges extending beyond the antagonism of the Trump administration.
The continued growth of solar and wind power risks being hampered by several mitigating factors, including (but not limited to) intensifying competition over increasingly scarce suitable land plots, stressed and volatile global supply chains, lengthy and unpredictable development processes, Complex and overlapping permitting processes, and a critical talent gap.
The renewable energy labor shortage has been years in the making, but is no less closer to resolution. The issue spans both white collar and blue collar positions, and threatens to kneecap progress in the booming sector.
Between the years of 2011 and 2030, it is expected that global levels of installed wind and solar capacity will quadruple. Analysis from McKinsey & Company concludes that “this huge surge in new wind and solar installations will be almost impossible to staff with qualified development and construction employees as well as operations and maintenance workers.
“It’s unclear where these employees will come from in the future,” the McKinsey report goes on to say.
He continued that “There are too few people with specialized and relevant expertise and experience, and too many of them are departing for other companies or other industries.”
The solar and wind industries are suffering from a lack of awareness of career paths and opportunities, despite their well-established presence in domestic markets.
Emergent clean energies face an even steeper uphill battle. Geothermal energy, for example, is poised for explosive growth as one of vanishingly few carbon-free energy solutions with broad bipartisan support, but faces a severe talent gap and punishingly low levels of awareness in potential talent pools.
But while the outlook is discouraging, industry insiders argue that it’s too soon to sound the alarms. In fact, a recent report from Utility Drive contends that “solutions to the energy talent gap are hiding in plain sight.”
The article breaks down those solutions into four concrete approaches: building partnerships with educators, formulating Registered Apprenticeship pathways, updating credential requirements to reflect real-world needs, and rethinking stale recruitment strategies.
Targeting strategic alliances with educational institutions is a crucial strategy for creating a skilled workforce, particularly in emerging sectors like geothermal energy.
Businesses can, for example, partner with and sponsor programs at community colleges, creating a pipeline for the next generation of skilled workers. Apprenticeships serve a similar purpose, encouraging hands-on learning outside of the classroom. Such apprenticeships can apply to white collar positions as well as blue collar roles.
“If we can figure out a way to educate the younger generation that you can actually have a career that you can be proud of and help solve a problem the world is facing, but also work in the extractive industry, I think that could go a long way,” said Jeanine Vany, executive vice president of corporate affairs for Canadian geothermal firm Eavor, speaking about the geothermal energy talent gap.
These approaches won’t solve the talent gap overnight – especially as political developments may discourage would-be jobseekers from placing their bets on a career in the renewables sector. But they will go a long way toward mitigating the issue.
“The clean energy transition depends on a workforce that can sustain it,” reports Utility Drive. “To meet the hiring challenges, employers will benefit from looking beyond the next position to fill and working toward a strategic, industry-wide vision for attracting talent.”
By: Haley Zaremba
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Why Oil Prices Could See Significant Upside Shift

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The 9th OPEC International Seminar was held in Vienna recently, wherein participants discussed energy security, investment, climate change, and energy poverty, with a particular emphasis on balancing these competing priorities.
According to commodity analysts at Standard Chartered, the summit, titled “Charting Pathways Together: The Future of Global Energy”, featured significantly greater engagement from international oil companies and consuming country governments, with discussions converging on a more inclusive shared agenda rather than non-intersecting approaches seen in previous years.
However, StanChart reported there was a clear mismatch between what energy producers vs. market analysts think about spare production capacity.
Unlike Wall Street analysts, who frequently talk about spare capacity of 5-6 million barrels per day (mb/d), speakers from several sectors of the industry noted that spare capacity is both limited and very geographically concentrated.
StanChart believes this erroneous assumption about spare capacity has been a big drag on oil prices, and the implications for the whole forward curve of oil prices could be potentially profound once traders realize that roughly two-thirds of the capacity they thought was available on demand does not actually exist.
This makes the analysts bullish about the general shape of their forecast 2026 price trajectory (Figure 32), i.e., a set of significant upward shifts as opposed to the flat trajectory seen in the market curve and in analyst consensus.
In other words, oil prices could have as much as $15/barrel upside from current levels.
StanChart is not the only oil bull here. Goldman Sachs recently hiked its oil price forecast for H2 2025, saying the market is increasingly shifting its focus from recession fears to potential supply disruptions, low spare capacity, lower oil inventories, especially among OECD countries and production constraints by Russia.
GS has increased its Brent forecast by $5/bbl to $66/bbl, and by $6 for WTI crude to $63/bbl, slightly lower than current levels of $68.34/bbl and 66.24/bbl for Brent and WTI crude, respectively.
However, the Wall Street bank has maintained its 2026 price forecast at $56/bbl for Brent and $52 for WTI, due to “an offset between a boost from higher long-dated prices and a hit from a wider 1.7M bbl/day surplus.’’ Previously, GS had forecast a 1.5M bbl/day surplus for the coming year.
Further, Goldman sees a stronger oil price rebound beyond 2026 due to reduced spare capacity.
EU natural gas inventories have climbed at faster-than-average clip in recent times. According to Gas Infrastructure Europe (GIE) data, Europe’s gas inventories stood at 73.10 billion cubic metres (bcm) on 13 July, good for a 2.31 bcm w/w increase.
Still, the injection rate is not enough to completely fill the continent’s gas stores, with the current clip on track to take inventories to about 97.9 bcm, or 84.3% of storage capacity, at the end of the injection season.
Europe’s gas demand remains fairly lacklustre despite extremely high temperatures across much of the continent in recent weeks.
According to estimates by StanChart, EU gas demand for the first 14 days of July averaged 583 million cubic meters/day, nearly 3% lower from a year ago but a 10% improvement from the June lows.
However, StanChart is bullish on natural gas prices, saying the market is likely underestimating the likelihood of more Russian gas being taken off the markets.
Back in April, U.S. senators Lindsey Graham (Republican) and Richard Blumenthal (Democrat), introduced “Sanctioning Russia Act of 2025”, with the legislation enjoying broad bipartisan support (85 co-sponsors in the Senate out of 100 senators).
In a joint statement on 14 July, the two senators noted that President Trump’s decision to implement 100% secondary tariffs on countries that buy Russian oil and gas if a peace agreement is not reached within 50 days but pledged that they will continue to work on “bipartisan Russia sanctions legislation that would implement up to 500 percent tariffs on countries that buy Russian oil and gas”.
StanChart has predicted that the Trump administration is unlikely to take actions that risk driving oil prices higher. However, Russian gas remains in the crosshairs, with U.S. LNG likely to see a surge in demand if Russian gas exports are curtailed.
StanChart estimates that the EU’s net imports of Russian pipeline gas averaged 79.8 million cubic metres per day (mcm/d) in the first 14 days of July, with all non-transit flows into the EU coming into Bulgaria through the Turkstream pipeline, with Hungary and Slovakia also receiving Turkstream gas.
There was also a flow of about 65 mcm/d of Russian LNG in the first half of July, with Russia providing 18.6% of the EU’s net imports. StanChart has predicted that we could see a strong rally in natural gas prices if Washington slaps Moscow with fresh gas sanctions.
By: Alex Kimani
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Nuclear Stocks Soar on Stargate AI Infrastructure Announcement

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Over the past couple of years, the nuclear energy sector has enjoyed a renaissance in the U.S. and many western countries, thanks to the global energy crisis triggered by Russia’s war in Ukraine, high power demand and nuclear’s status as a low-carbon energy source.
Uranium demand has soared, thanks to a series of policy “U-turns” with governments from Japan to Germany revising plans to phase out nuclear power.
Uranium spot prices hit an all-time high of $81.32 per pound in February, double the level 12 months prior.
According to the World Nuclear Association, demand from reactors is expected to climb 28% by 2030, and nearly double by 2040. Not surprisingly, the sector’s popular benchmark, VanEck Uranium and Nuclear ETF (NYSEARCA:NLR), recently hit an all-time high.
However, last month, nuclear energy stocks started pulling back sharply, mostly because the sector was seriously overheating. One of the biggest losers was NuScale Power Corp. (NYSE:SMR), with the stock crashing nearly 30% in a matter of weeks.
The selloff kicked off after the company disclosed an agreement with several brokerage firms in which the company may offer and sell from time to time as much as $200M in common stock.
NuScale says proceeds from the sale will be used for general corporate purposes, including operating expenses, capital expenditures, R&D costs and working capital. NuScale is a developer of modular light water reactor nuclear power plants.
Small modular nuclear reactors (SMRs) are advanced nuclear reactors with power capacities that range from 50-300 MW(e) per unit, compared to 700+ MW(e) per unit for traditional nuclear power reactors.
Thankfully, nuclear stocks are on fire again after President Donald Trump on Tuesday announced a $500 billion joint venture with Oracle Corp. (NYSE:ORCL), OpenAI, and SoftBank (OTCPK:SFTBY) to build AI infrastructure in the U.S.
The companies have pledged to commit $100 billion to start, and as much as $500 billion over the next four years toward the initiative, with Trump calling it “largest AI infrastructure project in history”.
OpenAI, ChatGPT maker, said it expects the project, called Stargate, to help support American leadership in AI, and that it could create “hundreds of thousands” of jobs in the U.S. Other tech giants including Nvidia Corp. (NASDAQ:NVDA) Microsoft (NASDAQ:MSFT)) and Arm Holdings (NASDAQ:ARM) are also expected to be technology partners in the project.
NuScale stock has rocketed 1,175% over the past 12 months; Oklo Inc. (NYSE:OKLO), which is backed by OpenAI CEO Sam Altman, has surged 299%, Vistra Corp. (NYSE:VST) has soared 386% while Centrus Energy (NYSE:LEU) has jumped 73% over the timeframe.
Meanwhile, shares of Nano Nuclear Energy (NASDAQ:NNE) have jumped 1,017% since its May 2024 IPO. The shares made further gains on Thursday after the company was awarded patents related to its designs for a modular transportable nuclear generator.
Nano Nuclear is developing ZEUS, a solid core battery reactor, and ODIN, a low-pressure salt coolant reactor.
Yet another big mover is Baltimore, Maryland-based Constellation Energy Corporation (NASDAQ:CEG), a power utility that sells natural gas, energy-related products, and sustainable solutions.
CEG shares have soared 200% over the past 52 weeks. The company owns approximately 33,094 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas, and hydroelectric assets.
The big nuclear rally kicked off last year after NuScale signed an agreement with Standard Power to supply the data center provider with SMRs. Standard Power–a developer of modular data centers–will use NuScale Power’s power solutions at two separate sites, where up to 12 SMRs (at each site) would be used to provide power for new data centers.
Suddenly, the market took note of SMRs as a viable solution for data centers struggling to keep up with surging power demands by artificial intelligence (AI) computing.
The International Energy Agency has projected that global data center electricity consumption will jump from 460 terawatt-hours in 2022 to 1,000 terawatt-hours in 2026.
The long-term outlook for the nuclear sector remains bullish, with nuclear power expected to meet surging AI demand and lower greenhouse gas emissions.
According to Goldman Sachs, escalating electricity needs from running AI data centers will generate downstream investment opportunities that will benefit utilities, renewable energy generation, and industrial sectors.
The investment bank has forecast that data center power demand will grow at 15% compound annual growth rate from 2023-2030, with data centers consuming 8% of total U.S. electricity output at the end of the forecast period compared to ~3% currently.
Analysts estimate that ~47 GW of additional power generation capacity will be required to meet the growth in U.S. data center power demand by 2030.
Last year, a total of 34  countries, including the U.S., pledged to increasingly deploy nuclear power to reduce reliance on fossil fuels.
According to the International Energy Agency’s (IEA) report Electricity 2024, nuclear power generation is forecast to reach an all-time high globally in 2025, exceeding the previous record set in 2021 as new reactors begin commercial operations in multiple markets, including China, India, South Korea, and Europe; output from France climbs and several plants in Japan are restarted.
Kimani writes for Oilprice.com
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