Five things to know to start your Tuesday

Eil-ul-Maulid: FG declares Wednesday public holiday

The Federal Government has declared Wednesday, September 27, 2023 as public holiday to celebrate this year Eil-ul- Maulid muslim event. The celebration signifies the birth of the Holy Prophet Muhammad (SAW).

Olubunmi Tunji-Ojo, Minister of Interior, conveyed his congratulations to Muslims on this special occasion and encouraged them to embrace the virtues of love, patience, tolerance, and perseverance demonstrated by the Holy Prophet Muhammad.

This announcement comes through a statement issued by the Permanent Secretary of the Ministry, Oluwatoyin Akinlade.

The statement partly read, “The Minister congratulates all Muslim faithful both home and in the diaspora for witnessing this year’s occasion.

NNPC, NCDMB sign MoU to streamline oil sector contracts

The Nigerian National Petroleum Company (NNPC) and the Nigerian Content Development and Monitoring Board (NCDMB) have joined forces with international oil companies to streamline the contracting process in the oil sector.

They signed a Memorandum of Understanding (MoU) aimed at reducing the contracting cycle to a maximum of 180 working days, enhancing business efficiency, and lowering costs. This optimised cycle promises to boost production, increase revenues, and bolster profitability.

The MoU aligns with the government’s economic growth agenda and benefits all stakeholders, including investors, companies, host communities, and Nigeria as a whole. NNPC’s CEO, Mele Kyari, expressed optimism about the industry’s future.

NDDC accelerates Oruma road project for regional connectivity

The Managing Director of the Niger Delta Development Commission (NDDC), Dr. Samuel Ogbuku, announced that the Oruma rigid pavement road in Bayelsa’s Ogbia Local Government Area will serve as a vital bypass for commuters in Rivers and Bayelsa States.

During an inspection of the road, Ogbuku, accompanied by NDDC directors and engineers, stated that the commission is expediting construction to ensure its completion and commissioning next month.

This road, linking other NDDC projects and bridges, will enhance regional connectivity, benefiting farmers by transporting their produce to urban centers.

Ogbuku urged community support, and the contractor affirmed the project’s timely completion.

Norrenberger’s credit ratings enhanced by Agusto due to improved assets

Agusto & Co. Limited has upgraded the credit ratings of Norrenberger, a financial services group, and Data Pro Limited due to substantial asset growth. Norrenberger’s assets under management surged by 132 percent to N58 billion by June 2023 from N25 billion in 2022, leading to its rating improvement to ‘BBB (IM)’.

The rating companies cited increased assets, streamlined operations, risk management tools, and team stability as factors. Norrenberger’s gross earnings also rose by 63 percent in 2022. The Business Head of Asset Management, Abigail Utomi, expressed excitement, highlighting their growing presence in asset management and enhanced risk management tools.

US gets more time for oil auction in lawsuit over Gulf of Mexico whales

A U.S. appeals court has granted the Biden administration until November 8 to conduct an expanded sale of oil and gas leases in the Gulf of Mexico.

This development is part of an ongoing legal battle concerning the protection of an endangered species of whale.

The 5th U.S. Circuit Court of Appeals in New Orleans approved the U.S. Interior Department’s request to delay a federal judge’s order, which had initially set a deadline for the end of this month for an auction covering 6 million additional acres than originally planned.

While this decision didn’t block the broader ruling, it remains important for environmental groups seeking to safeguard the endangered Rice’s whale from oil and gas activities.

The oil and gas industry initially celebrated the ruling, having sued to contest the Interior Department’s previous decision to scale back the auction.