PwC Wants FG to Float Future Energy Fund, Not Frontier Exploration Account Oil contribution to GDP falls from 13% to 7% in seven years Emmanuel Addeh in Abuja A new report by PricewaterhouseCoopers (PwC) has advocated the setting up of a “Future Energy Fund” that would incorporate elements of the transition to cleaner fuel sources, rather than devoting
30 per cent of profit from oil and gas to the Frontier Exploration Fund (FEF) as provided in the Petroleum Industry Act (PIA). The global professional services and consulting firm, in a document which analysed the implications of the PIA, noted that based on the
World Economic Forum (WEF) data, a country’s energy transition readiness was measured by six factors. It listed the factors as availability of investment and capital; effective regulation and political commitment; stable institutions and governance;
supportive infrastructure and innovative business environment; highly skilled human capital and consumer participation; and robust energy systems structure. It stated that Nigeria scored 35 per cent in its energy transition readiness.
The report, titled, “The Petroleum Industry Act: Redefining the Nigerian Oil and Gas Landscape,” explained that lack of enabling infrastructure, regulatory framework and governance of energy transition were the major reasons for the low score.
The new PIA stipulates that a frontier exploration fund shall be maintained for the exploration of unassigned frontier acreages financed by 10 per cent of rents on prospecting licences, 10 per Continued on page 11
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Presidency: Buhari’s Visit to Imo Successful, Pleasant Experience State government takes a swipe at opposition Deji Elumoye in Abuja Contrary to insinuations doing the rounds, the Presidency, yesterday, declared that the visit by President Muhammadu Buhari to Imo
State was a pleasant experience as he was overwhelmed by the reception accorded him by South East leaders during his official visit to the heartland of the east last week.
The presidency, therefore, clarified a statement credited to the President in Owerri, the Imo State capital, where he was quoted to have told Governor Hope Uzodimma that “I’ll be careful
with your future invitations.” The statement has since generated controversy in the state as the opposition had interpreted the statement to mean that the president was not satisfied with
the visit. To that extent, the state government has said the opposition in the state would continue to fail in their desperate bid to undermine the government of Senator Hope
Uzodimma and by extension, that of Buhari. President Buhari was in Owerri on a one-day working visit last Continued on page 11
Presidential Visitation Indicts UNILAG VC, Ogundipe, Mgt Exonerates Babalakin of wrongdoing in vice chancellor’s removal Says Ogundipe was given fair hearing before sack by former council University accounting system abysmally poor, fraudulent, report reveals Obinna Chima The visitation panel set up by Visitor to the University of Lagos (UNILAG), President Muhammed Buhari, following a fierce disagreement between the then Governing Council of the institution and the management finally submitted its report on September 7 to the Federal Government, with an indictment of the Vice Chancellor (VC), Professor Oluwatoyin Ogundipe. Although yet to be officially released, THISDAY was able to obtain a copy of the 241-page report from the Federal Ministry of Education. The report examined Continued on page 11
Lamido Visits Obasanjo, CEREMONY... Says Nigeria is SENDFORTH L-R: The new Managing Director, NLNG, Dr. Philip Mshelbila; Edo State Governor, Godwin Obaseki; Rivers State Governor, Nyesom WIke and former Managing Bleeding... Page 59 Director, NLNG, Tony Attah, during Attah's sendforth ceremony at NLNG corporate headquarters in Port Harcourt… recently