Atiku Abubakar bags doctorate degree of science
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an hour ago
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Former vice
president, Atiku Abubakar, has been conferred with a doctorate degree of
science (Honoris Causa), at the maiden convocation of the Federal
University of Petroleum Resources (FUPRE), Effurun, Delta state.
The chieftain of All Progressives Congress (APC) was conferred with the degree on Tuesday, March 14, during his visit to Delta state.
It
is believed that Atiku's visit to the state is aimed at helping him to
consolidate on his political ambition to run for the presidency. He is
yet to announce any plan to contest.
Atiku Abubakar had contested
against Muhammadu Buhari under the All Progressives Congress (APC)
platform during the primary election in 2015.
Though he lost, he is reportedly still building his support base ahead of the 2019 general election.
Atiku’s profile as a candidate for the 2019 presidential election has been rising in recent times.
READ ALSO: Atiku's presidential ambition gets huge nod as Kaduna youths storm Airport to receive him
Not fewer than 300,000 youths have pledged support for the presidential bid of the former vice president of Nigeria few days ago.
See
more photos of Atiku Abubakar at the convocation ceremony of the
Federal University of Petroleum Resources (FUPRE), Effurun, Delta state.
Vanguard
reports that the huge support comes from a group called Concerned
Nigerian Youth Development Organisation (CNYDO) which has endorsed Atiku
as the right man to take over the job of ruling Nigeria from incumbent
president Muhammadu Buhari in 2019.
CNYDO
made its decision known in a statement released on Friday, March 10 and
signed by the national coordinator of the group Joel Edegba.
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Nigeria's oil drying up, banks scared to invest in sector - Oni
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an hour ago
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- Nigeria is among the few
African countries whose crude oil reserves are drying up, according to
the Department of Petroleum Resources
- The scary report also mentions other countries including Angola and Brazil as falling into the category
Data
obtained from the Department of Petroleum Resources (DPR) have shown
that the Nigerian crude oil reserve, put at 38 billion barrels, could
dry up in 55 years.
The report says Nigeria's crude oil reserve will dry up in 55 years
A report by the Nigerian Tribune says the datat was submitted to
financial and geological institutions and that it was processed and
reeled out by Pan-Africa Bank, the Ecobank Group.
It is however not known if this report
includes oil just discovered in some other states like Benue, Ondo and
Lagos or just the Niger Delta region.
The report revealed that Nigeria has been suffering stagnant output reserves since 1980.
Dolapo
Oni, the head of energy research of the Ecobank Group, was said to have
revealed this in a presentation at a retreat in Lagos recently.
Oni
claimed the country was left with 55 years of production while Libya
still has 189 years to produce crude oil from its reserves.
“For the size of our country, our oil
production is too small. A country of about 170 million people that
produces 2.2 million barrels daily is doing a little. Fifty years of
production compared to Libya, which has 189 years.
“Oil
reserves data of petroleum industry’s regulatory agencies collated by
the bank from other countries also showed that Kazakstan has 48 years
oil production lifespan; Angola has 27 years, Brazil is left with 13
years and Algeria has 28 years of crude oil production,” he said stating that Nigeria has 38 billion barrels in its reserves.
Oni
further declared that the daily production of about 1.4 million barrels
in Nigeria means that the country would finish up the reserves in about
55 years and in less than 55 years if it jerks up production above 1.4
million barrels.
“With the aid of technology
and huge investments, Nigeria has, at least, 600 trillion cubic feet of
gas, as well as 22 billion barrels of oil undiscovered in its offshore
acreages, whereas Nigerian banks, expected to participate actively in
the investments, are stressed.
“Banks
are stressed as we speak. I said this with a caveat and the reason for
this is that our (Nigeria banks’) books are too exposed to oil and gas,” he said.
Oni painted a fearful picture when he said no bank in Nigeria would plunge investment in the oil and gas this year.
READ ALSO: EFCC arrest, arraign 4 over $10,000 oil scam
“If you sit with banks these days, what they tell you is that they don’t have money to invest in oil and gas.
“I
don’t see any of the banks investing in oil and gas this year. Tier-2
banks have gone to the market to raise funds, and as it stands, they may
look towards oil and gas next year because oil and gas remains one of
the very few sectors where you can invest and get high returns,” he added.
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