Business

FG flags off CNG mother station for SS, SE in Akwa Ibom

CNG is not only cost-effective but also environmentally friendly, offering a real solution to reducing carbon emissions.

Published

1 year ago

April 16, 2025

OhiBaba

341 Views

The Minister of State for Petroleum Resources (Gas), Dr. Ekperikpe Ekpo, has performed the groundbreaking of Guelph Gas Limited’s Compressed Natural Gas, CNG, mother station in Ibesikpo, Akwa Ibom State.

Sweetcrudereports, reported that the project, with a processing capacity of 3 million standard cubic feet per day, is aimed at supplying CNG to commercial and industrial users in the South-South and South-East regions not currently connected to Nigeria’s gas pipeline network.

Describing the project as a landmark development in Nigeria’s gas revolution, Dr. Ekpo said the initiative represents a strategic shift toward cleaner, more accessible energy sources for underserved regions.

This CNG project is a clear example of how our nation can leverage its vast natural gas resources to fuel a cleaner and more prosperous future.

CNG is not only cost-effective but also environmentally friendly, offering a real solution to reducing carbon emissions, ”the minister said during the ceremony.

Ekpo, who hails from Akwa Ibom, commended the state government’s proactive investment climate under Governor Umo Eno.

“As an indigene of Akwa Ibom, I take pride in the commitment of the government and people of the state to fostering growth and innovation.

Governor Umo Eno has created a supportive environment for investments that stimulate economic development and generate job opportunities for our citizens.

”The CNG mother station, once completed, is expected to serve as a central hub for compressed gas delivery across the two geopolitical zones, supporting the Federal Government’s Decade of Gas initiative and contributing to Nigeria’s energy transition.”

Business

Naira Exchange Rates Friday, 3 July 2026

Published

2 days ago

July 3, 2026

OCHEFA

29 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

3 days ago

July 2, 2026

OCHEFA

53 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.