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FG Threatens to Revoke Unused Oil Licences

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Federal Government has hinted of plans to cancel most of the licences granted to marginal oil field operators which have remained non-operational.

 

Gbenga Komolafe, chief executive officer, Nigerian Upstream Petroleum Regulatory Commission, told Reuters on Monday, Dec. 4, that only companies with viable technical and financial backup would get to keep their leases.

“Based on PIA (Petroleum Industry Act), the commission is focused on delivering value for the nation so only firms that are technically and financially viable will keep their leases,” Komolafe said.

Komolafe said the commission would initiate reviews of these leases and awards of new leases would be “subject to specific terms and conditions.”

According to latest data from the NUPRC, although about 53 exploration leases were issued from 2003 till date; over 60 per cent of the prospecting licenses issued to local and foreign oil firms had expired.

Out of the 53 licences, 33 have since expired and not renewed, including four which are held down by contract disputes.

The leases have not been automatically revoked, but the regulator is no longer willing to let the companies hold on to leases indefinitely.

The PIA enacted in 2021 empowered the regulator to review the technical and financial capabilities of companies holding oil exploration leases.

Investments in oil exploration in the country have been few and far between as oil majors exit onshore and shallow water assets due to rising insecurity and sabotage of oil infrastructure and legal disputes with communities in the Niger Delta.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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History as Nigeria Launches Mew 5-in-1 Meningitis Vaccine

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Nigeria has launched the new Men5CV vaccine, which offers protection against five strains of the Neisseria meningitidis bacteria (meningococcus) responsible for meningitis.

History as Nigeria Launches Mew 5-in-1 Meningitis Vaccine

Nigeria becomes the first country globally to launch the vaccine, which is recommended by the World Health Organization (WHO).

The Men5CV vaccine rollout is a significant advance in the fight against meningitis, as it provides broader protection than the previous vaccines.

It shields against the major strains A, C, W, Y and X of meningococcal bacteria in a single shot. Existing vaccines sold in Africa are only effective against strain A.

The introduction of Men5CV is particularly crucial for Nigeria, one of the 26 hyper-endemic countries in Africa, which recently experienced an outbreak leading to 1,742 suspected cases.

In response, a vaccination campaign was conducted in March 2024 to reach more than one million individuals aged from one to 29.

The vaccine’s development, spanning 13 years, was a collaborative effort between PATH and the Serum Institute of India, with funding from the UK Government’s Foreign, Commonwealth and Development Office.

The Men5CV vaccine utilises the same technology as the MenAfriVac vaccine that has eradicated meningococcal A epidemics in Nigeria.

In July 2023, the WHO prequalified the meningitis vaccine, branded as MenFive. It went on to issue a formal recommendation for its launch in October.

Gavi, the Vaccine Alliance, provided funding for the vaccine and emergency vaccination activity, and allocated resources for the Men5CV rollout in December.

The vaccine is now available for outbreak response through the emergency stockpile managed by the International Coordinating Group on Vaccine Provision.

Mass preventive campaigns involving the Men5CV vaccine rollout across sub-Saharan Africa’s ‘Meningitis Belt’ are expected to commence in 2025.

Dr Tedros Adhanom Ghebreyesus. WHO director-general, stated: “Meningitis is an old and deadly foe, but this new vaccine holds the potential to change the trajectory of the disease, preventing future outbreaks and saving many lives.

“Nigeria’s rollout brings us one step closer to our goal to eliminate meningitis by 2030.”


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NAFDAC Alerts Nigerians to EU Ban on Dex Soap

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National Agency for Food and Drugs Administration and Control (NAFDAC), has alerted Nigerians on the ban on Dex Luxury Bar Soap (No 6 Mystic Flower), by the European Union (EU).

NAFDAC Alerts Nigerians to EU Ban on Dex Soap

The notification is contained in a public alert with No. 012/2024, signed by Prof Mojisola Adeyeye, director-general, NAFDAC, and issued to newsmen in Abuja on Sunday.

“The product does not comply with the cosmetic products regulation; it also contains Butyphenyl Methylpropional (BMHCA), which is prohibited in cosmetic products due to its risk of harming the reproductive system.

“It also causes harm to the health of unborn children and may cause skin sensitisation.

“It is as a result of the defective nature of the product that the EU banned it.

“The products is not in NAFDAC database; importers, distributors, retailers and consumers are to exercise caution and vigilance within the supply chain,” she said.

NAFDAC boss urged marketers and consumers to avoid the importation, distribution, sale and use of the product, stressing that product’s authenticity and physical condition must be carefully checked.

She enjoined members of the public in possession of the product to discontinue sale or use, and submit stock to the nearest NAFDAC office.


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EFCC Discovers Fraudulent COVID Funds, World Bank Loan in Poverty Ministry

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Economic and Financial Crimes Commission (EFCC) says it has discovered shady dealings involving COVID-19 funds, World Bank loan, as well as Abacha recovered loot at the Ministry of Poverty Alleviation and Humanitarian Affairs.

EFCC Discovers Fraudulent COVID Funds, World Bank Loan in Poverty Ministry

In a Sunday statement, Dele Oyewale, EFCC spokesperson, said the funds were released to the Ministry by the Federal Government to execute poverty alleviation programmes.

The anti-graft agency said its recent investigation into the affairs of the ministry led to the recovery of N32.7 billion and $445,000 so far.

The EFCC added that “suspended officials” of the Ministry were linked to the fraudulent practice, saying those found wanting will be prosecuted accordingly.

“At the outset of investigations, past and suspended officials of the Humanitarian Ministry were invited by the Commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far,” the statement reads

“Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid-19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate. Investigations have also linked several interdicted and suspended officials of the Ministry to the alleged financial malfeasance.

“It is instructive to stress that the Commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices. Banks involved in the alleged fraud are being investigated. Managing Directors of the indicted banks have made useful statements to investigators digging into the infractions.

“Those found wanting will be prosecuted accordingly. Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary.”

Recall that, Betta Edu, suspended Minister of Humanitarian Affairs, announced she has no link with the N30 billion purportedly recovered by the EFCC.


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