Business

Senate To Strengthen Gas Flare Laws …Set to Punish Nigerian Accomplices

Published

9 years ago

March 15, 2017

The Nigerian Senate has identified the fact that if Nigeria must meet up with the National Gas Flare-out Target of January 2030, it must have a working legislation, equipped with commensurate penalties for gas flaring offences in the nation.
The Senate has also made it clear that Nigerians who man the Petroleum Ministry and regulatory agencies are as much culpable to gas flaring offences as the multinational oil companies themselves.
These were part of issues raised at plenary, as the Senate considered a bill titled: Gas Flaring ( Prohibition and Punishment bill) 2016 sponsored by the Chairman, Senate Committee on Gas, Senator Bassey Albert Akpan.
The bill among others seeks to address the inadequacies of the 1979 Act; bring gas flare penalty in tune with current economic realities and ensure the achievement of the National Flare out Target of January 2030.
Sen Albert Bassey in his lead debate decried dangerous environmental and energy waste practices in the country’s petroleum industry.
Akpan noted that the flaring of natural gas was one of the most dangerous environmental and energy waste practices in the country’s petroleum industry.
He said that gas flaring had adverse effect on the environment and human health.
The lawmaker added that it had resulted in economic loss, deprived the Federal Government of tax revenues and trade opportunities and deprived consumers of clean and cheaper energy source.
His words: “Available data from the NNPC has shown that Nigeria lost billions in revenue last year. The volume of gas flared is sufficient to generate 3.5 megawatts of electricity. This is not to say the quantifiable social health and environmental impacts
‘It appears that the euphoria of oil discovery and commencement of production in 1958 blinded Nigerians as there was no provision to handle gas in association with the oil.
Government neither stipulated any law nor guidance during the nascent period of our oil production history
“All efforts to stop the flaring of natural gas has not been effective and Nigerians have remained the victims of lack of Gas Flaring Prohibition Act,” he said.
According to the lawmaker ,the bill when passed into law, would help to provide a strong legal framework for effective monitoring and regulation of gas activities in line with current realities.
He stressed that the bill sought to ensure achievement of the national flare out target of January 1, 2030 in line with the United Nations Charter.
In his contribution, the Chairman, Senate Committee on Finance, Sen. John Enoh, said it was disheartening that Nigeria was still battling with stopping gas flaring and called for the passage of the bill in order to put strict measures in place to tackle the problems posed by the flaring of gas.
“We remain an amazing country especially because since 1958 up till now, we are still talking about what to do about gas flaring. So we have to put in measures to make it expensive to flare gas,” he said.
Senator Ben Murray Bruce lamented that gas flaring has continued in Nigeria because the laws against the act are toothless and obnoxious.
Senator Bruce noted that the practice thrived because Nigerians who man the ministries and regulatory agencies are unpatriotic and either allow the foreign companies flare the gas while they look the other way or allow them evade substantial punishment.
His words, ” Nobody ever pays attention to these incompetent people who should be protecting Nigerians.
“I agree we go for the foreign companies because they are very irresponsible themselves but we must deal with the issue of Nigerians who are not patriotic. We must discuss the issue of punishing these Nigerians.”

Nneka Amaechi-Nnadi

Business

Association Seeks Intervention to Save Domestic Airlines

Published

2 days ago

August 10, 2026

The Tide

The Vice Chairman of the Airline Operators of Nigeria (AON) and Chairman of Air Peace, Mr. Allen Onyema, has called on the Federal Government to urgently intervene in the nation’s aviation industry, warning that several domestic airlines may cease operations if the current challenges confronting the sector are not addressed.

Onyema gave the warning at the public presentation of the book, Pathways, Pilgrimage and Destiny: The Biography of Alhaji Muneer Bankole, held in Lagos and was obtained in Port Harcourt, at the weekend.

He described the aviation industry as being highly capital-intensive with relatively low financial returns, stressing that domestic airline operators are grappling with severe economic pressures that threaten their continued existence.

According to him, the industry has reached a critical stage and requires immediate government intervention to avert the collapse of many indigenous carriers.

Onyema warned that unless decisive measures are taken within the next 30 days, several Nigerian airlines could be forced to shut down their operations due to the harsh operating environment.

He also cautioned aviation labour unions against any planned picketing of airlines over the alleged non-remittance of the five per cent Ticket Sales Charge, saying such action could disrupt flight operations across the country.

The Air Peace Chairman maintained that if any airline was singled out for industrial action, other domestic operators would stand in solidarity, arguing that labour unions should not be used as instruments for resolving debt-related disputes between airlines and government agencies.

He lamented that more than 50 Nigerian airlines had folded over the years despite the success of many of their promoters in other sectors of the economy, attributing the trend to the difficult business environment in the aviation industry.

While reaffirming the commitment of airline operators to support government revenue generation, Onyema stressed that policies capable of crippling airline operations should be reviewed in the interest of the sector.

He noted that a thriving aviation industry remains critical to national economic growth, employment generation and improved connectivity across the country.

The AON Vice Chairman urged the Federal Government to engage relevant stakeholders and adopt sustainable measures that would strengthen the operational capacity and financial stability of indigenous airlines.

He expressed optimism that with timely policy support and constructive engagement between government and industry stakeholders, the nation’s aviation sector would overcome its current challenges and continue to contribute meaningfully to Nigeria’s socio-economic development.

King Onunwor

Business

CBN Reforms Impact Consumers As Dollar Card Spending Limits Rise

Published

2 days ago

August 10, 2026

The Tide

The Central Bank of Nigeria’s (CBN) foreign exchange reforms are beginning to deliver tangible benefits to consumers, as banks expand international spending limits on naira cards amid improved liquidity in the foreign exchange market.

The new limit represents a sharp increase from the $6,000 quarterly cap introduced in November 2025 and is 20-times higher than the $1,000 quarterly limit announced in July 2025.

The move comes as analysts point to a more liquid foreign exchange market following reforms introduced by the CBN over the past three years.

“This reflects the improved liquidity in the foreign exchange market. It also shows the focus of banks in maximising income from card payments,” said Ayokunle Olubunmi, head of Financial Institutions Ratings at Agusto & Co.

Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), said the increase in card spending limits reflects the significant improvement in liquidity and confidence in Nigeria’s foreign exchange market.

“It’s an indication that the liquidity in the foreign exchange market has improved significantly and we can see that from the stability of the exchange rate. We can also see that reflected in our foreign reserves. All of these things reflect the level of confidence,” Yusuf said.

According to him, businesses and individuals are no longer under pressure to obtain foreign exchange for legitimate transactions, unlike in the past when access to dollars was constrained.

“It also means that citizens and those who use foreign exchange are no longer desperate about foreign exchange usage. Whether you want to use it through your card or access it for international trade, there is no anxiety, there is no pressure and there is no desperation.

All of these things have arisen because the level of confidence in the foreign exchange market and the outlook for the market have been very reassuring,” he said.

Yusuf added that the adjustment of international spending limits by banks demonstrates growing confidence in the sustainability of the foreign exchange market reforms.

“That is why we are seeing all these positive developments around the use of the naira card abroad and the limits that are now being adjusted by banks. It is a very good development and I hope we can sustain it. I am confident we will.”

The increase follows a series of policy changes by the apex bank aimed at deepening the foreign exchange market and improving access to foreign currency for legitimate transactions.

Under the CBN’s Foreign Exchange Manual, Fourth Edition, the maximum tuition fee remittance for Nigerian students pursuing undergraduate and postgraduate studies abroad was raised to $25,000 per semester, from the previous $15,000.

“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.

The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.

Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.

According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.

The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.

Business

WEC: FG Inaugurates Governing Board … As Nigeria Rejoins Council

Published

2 days ago

August 10, 2026

The Tide

Nigeria has rejoined the World Energy Council (WEC) with the inauguration of a National Member Committee and Governing Board to strengthen the country’s participation in global energy policy and investment discussions.

The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.

The Governing Board is chaired by the Chairman of Waltersmith Petroman Oil Ltd., Abdulrazaq Isa, while a former Chief Upstream Investment Officer of NNPC Ltd., Bala Wunti, will serve as the inaugural Chief Executive Officer.

Other members of the board are Prof. Wumi Iledare, Dr Mustapha Abdullahi, Mrs Aisha Farida Katagum, Dr Ainojie Irune, Dr Emmanuel Okon, Dr Victor Ekpenyong and Dr Imamuddeen Talba.

The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, who disclosed this in a statement, last Thursday, said the board comprises of experts in energy policy, regulation, investment, operations, research, technology and enterprise development.

Welcoming Nigeria into the council, Wilkinson said the country’s membership would strengthen its contribution to global energy discourse.

Wilkinson noted that “Nigeria has a significant leadership role to play within the global energy community.

“Nigeria has a significant leadership role, and the Member Committee will help bring that expertise and voice onto the world stage at the Riyadh World Energy Congress in April 2027 and beyond.

“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.

“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.

“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.

Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.

The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.

He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.

The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.

“This system will be capable of driving economic growth and shared prosperity.”

According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.

Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.

Nigeria has been a member of the council with the Nigerian National Committee originally approved and established on April 6, 1960 before its re-establishment and expansion this year.

The renewed membership would provide an independent, technology-neutral platform bringing together government, industry, academia, finance and civil society to address Nigeria’s energy security, energy equity and environmental sustainability.