News
3 modular refineries operational next year—Kachikwu
The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said that three out of the 40 planned modular refineries would likely come on stream by end of 2019. Kachikwu disclosed this at the three-day Biennial International Conference for Health, Safety and Environment (HSE) organised by Department of Petroleum Resources (DPR) in Lagos on Monday. “Out of the 40 licenses issued, only 10 have shown progress by submitting their programmes and putting something on the ground. By end of 2019, we are assured that three private modular refineries would come on stream,’’ he said.
The minister said that the conference was a forum for pooling ideas and research findings for the incubation of enduring and game-changing oil and gas policy initiatives. “Perhaps this edition of the conference could not have come at a better time, first to allay the popular fear that the days of oil and gas as an international commodity and energy source are over. And secondly, to stimulate new ideas on sustainable ways of developing this resource in a manner that will both prolong its acceptability as an energy source and also help the nation reap optimal benefits,’’ he said. Kachikwu said that environmental sustainability was a key component of the Seven Big Wins initiative of the President Muhammadu Buhari administration for the oil and gas industry.
He urged the DPR to come up with new initiatives to end the menace of gas flaring to truly incentivise the flare-out policy by creating the new National Gas Policy. He said that the policy was aimed at ensuring that all currently flared gas, including those previously considered as non-technically feasible and non-commercially viable, is gathered and utilised for various economic utilities that are financially rewarding to the producers. He added that the collectors and interested investors converted it for power generation, petrochemicals and other beneficial uses.
“ Aggressive efforts are being made within the ambits of HSE sustainability to convert more gas to LNG through new and existing investors to retain Nigeria in its currently threatened fourth position as an LNG exporter. Our push for the increased investments in modular and conventional refineries is not only targeted at helping the nation benefit from its resources by providing products to the entire West African sub-region. But also essentially to stop the scourge of local unconventional artisanal refineries that have led to massive oil spills that have been hard to manage for nearly a whole decade,” he said.
The Director of DPR, Mr Modeccai Ladan, urged stakeholders to galvanize efforts at maximizing Nigeria’s production and minimize wastage. Ladan said that the oil and gas industry seemed to be under a new threat of renewed dislike and global war against fossil fuels and the quest for renewable and cleaner energy, purely for environment considerations, including global warming. “Over the years, the threat against fossil fuels had always been on paper, but today, it is more real than ever, based on some clear evidence I like to draw our attention to. “Three among the biggest technology companies have made attempts at electric cars to replace gasoline and diesel engines. While the attempt of Apple may not have made it to production yet and that of Google was suspended after clearly successful street trials that of Tesla actually took the world by surprise.
“Not only did the first two releases of Tesla outsell sales forecasts, they were actually oversubscribed, and the demand keeps rising while new models are being added,’’ he said. Ladan said; “As we speak, some of the big International Oil Companies (IOCs) here seated are funding gigantic researches into alternative fuels, which include the use of cheap, common algae. “ As sweet as Nigeria’s crudes are renowned to be globally, we have recently lost our most valued customers and our gas buyers are themselves now competing with us in the same market space as suppliers. Ladies and gentlemen, all of these points to one fact, namely, if Nigeria is to continue to benefit from its vast petroleum resources, now than ever is the time to build sustainability into its prospecting, drilling, production, transportation and usage. As well as management of its wastes. And this task rests on the shoulders of not only the DPR but all stakeholders. Little wonder then that we have chosen a befitting theme for this current edition of the conference, which is: “Driving Sustainability in the Oil and Gas Industry through Improved Stakeholders’ Environmental Stewardship,” he added.
Cardano (ADAUSD) climbed amidst tight trading activities in the crypto market, up by 1.05% in the past 24 hours, showing resilience near key support.
The price ticked up on Sunday amidst negative movements in the global crypto market. The gain has reduced its negative movement in the week to 1%. Cardano is showing strength with a $70 million ADA treasury push and a bullish December setup, but it faces key resistance amidst competing traders.
The token is trading at $0.4165 at the time of filing the report on Sunday, gaining more than 1% on the day as volume traded reached $359.252 million. The token is in a notable correction from its November highs. Recent trading activity reflects pronounced investor caution. Over a 30-day period, ADA has declined approximately 15%, mirroring the broader pressure on risk assets from macroeconomic uncertainties.
Sentiment trades mixed, as retail and mid-sized investors are accumulating at lows, but large holders remain sceptical. Cardano’s privacy-centric Midnight Network went live after years of development, introducing NIGHT – the first native asset on Cardano.
According to crypto analysts, Short-term speculation around NIGHT airdrops and interoperability boosted ADA demand. ADA rebounded from $0.371–$0.416 after testing an ascending trend line connecting 2023–2025 lows. Traders interpreted the bounce as a bullish divergence, but ADA remains below critical resistance of $0.5113 and its 200-day EMA of $0.68.
ADA’s minor rally reflects optimism around Midnight’s launch and oversold technicals, but scepticism about its ecosystem impact and whale selling caps upside. While the price surges, analysts stated that Cardano balances technical hope against macroeconomic headwinds, with Midnight’s adoption trajectory and $0.51 resistance serving as critical watch points.
While governance upgrades signal maturing decentralisation, crypto analysts are still querying whether ADA can leverage these developments to reverse its 2025 underperformance.
The National Drug Law Enforcement Agency has recovered over 7.6 million pills of tramadol and a total of 76,273.4 kilograms of different strains of cannabis.
The agency’s spokesman, Femi Babafemi, said this in a statement on Sunday in Abuja. Mr Babafemi said that the drugs, including Colorado, Loud and Skunks, had several members of drug trafficking organisations linked to the seizures arrested.
He said that out of the total opioids seized during the raids, not less than 3,874,000 pills of tramadol, 225mg and 100mg, and others, as well as 252.2litres of codeine syrup were recovered. He said that they were recovered from a warehouse at Oko market, Asaba, Delta, on Saturday. He also said that no fewer than 1.2 million tablets of tramadol 225mg were seized from a suspect on December 3.
This, he said, was when NDLEA operatives on patrol at Orogwe, along the Onitsha-Owerri road, Imo, intercepted his vehicle conveying the consignment, which was loaded at Aba, Abia, and heading to Onitsha, Anambra. Meanwhile, in Adamawa, NDLEA officers on December 1 intercepted a Toyota Hiace bus marked MGU 554 XB along Maraba-Mubi, coming from Jos, Plateau state, and heading to Mubi, with a total of 1,577,112 capsules of tramadol.
“Other drugs intercepted were Exol-5 tablets, all concealed inside jumbo bags mixed with new rubber sandals and slippers. Two suspects were arrested in connection with the seizure. Similarly, another 27-year-old suspect was nabbed along Zaria-Kano road, Kano state, with 197,000 pills of exol-5,” he said.
The NDLEA chairman, Buba Marwa, commended the officers and men of the SOU commands in Delta, Adamawa, Imo, Ondo, Lagos, and Kano for the arrests and seizures. Mr Marwa said that their operational successes, along with those of their compatriots across the country, especially their balanced approach to drug supply reduction and drug demand reduction, were well appreciated. NAN
The Presidential Enabling Business Environment Council (PEBEC) has released the 2025 Subnational Ease of Doing Business (EoDB) Report, with Lagos emerging as the best-performing state, scoring 85.6 per cent.
The report released by the director-general of PEBEC, Zahrah Mustapha-Audu, has Kaduna in second position with 65.1 per cent. Oyo, FCT, and Ogun rounded up the top five with scores of 62.7 per cent, 61.0 per cent, and 59.9 per cent, respectively. Others include Enugu (56.2 per cent) in sixth position, with Plateau (56.2 per cent), Ekiti (55.8 per cent), Kano (54.8 per cent), and Nasarawa (53.4 per cent) rounding out the top 10 states.
The EoDB report is a comprehensive data-driven assessment of how Nigeria’s 36 states and the FCT are shaping business competitiveness through regulation, infrastructure, and administrative efficiency.
The report assesses performance across 16 indicators and 36 sub-metrics covering electricity, infrastructure, digital connectivity, land administration, taxation, trade logistics, justice delivery, investor support and skilled labour readiness.
According to the DG, these states distinguished themselves through consistent reform momentum, improved digital processes, and more predictable regulatory environments. “The 2025 Report also highlights five priority interventions states can implement immediately. These include establishing investor aftercare systems, strengthening MSME credit enablement, harmonising interstate trade rules, upgrading commercial justice processes, and improving power reliability for industrial clusters,” she said.
According to her, PEBEC will continue to support state-led reform adoption, particularly under the $750 million State Action on Business Enabling Reforms (SABER) programme. She added that “the 2025 Subnational EoDB Report provides a critical foundation for policy action, investment decisions, and long-term competitiveness across Nigeria.”
The DG said the Subnational Ease of Doing Business Report is available for download at www.pebec.gov.ng/reports
PEBEC had earlier released its 2025 Business Facilitation Act (BFA) Performance Report, covering MDAs’ performance from January to October. This performance report is part of the council’s effort to track and measure the compliance of federal government MDAs with the BFA’s requirements on promoting Transparency and Efficiency of government-delivered services to the business community.
The report presents a data-driven assessment of 69 priority MDAs, drawing on monthly compliance submissions, independent mystery shopping, website audits, ReportGov analytics, and targeted process-verification exercises.
According to the report, the top five performing MDAs include the Nigerian Content Development and Monitoring Board (NCDMB), with an impressive 90.6 per cent score, followed by the National Drug Law Enforcement Agency (NDLEA) at 89 per cent. The Nigeria Customs Service (NCS), ranks third with 86.6percent, the Nigerian Communications Commission (NCC) and Nigerian Ports Authority (NPA) secured the fourth and fifth positions, scoring 85.3 per cent and 84.2 per cent, respectively.
PEBEC, currently chaired by Vice President Kashim Shettima, was established in July 2016 by the federal government to oversee Nigeria’s business environment intervention. It has a dual mandate of removing bureaucratic and legislative constraints to doing business and improving the perception of the ease of doing business in Nigeria. NAN
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