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TotalEnergies exits S’African gas fields over economic challenges

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TotalEnergies exits S’African gas fields over economic challenges

French energy giant TotalEnergies said on Monday it was withdrawing from two offshore gas fields in South Africa as they did not appear economically viable.

A subsidiary of TotalEnergies owns a 45 per cent stake in a block off the country’s southern coast where the fields, Brulpadda and Luiperd, were discovered.

TotalEnergies said they could “not be turned into a commercial development as it appeared to be too challenging to economically develop and monetise these gas discoveries for the South African market.”

The block, spanning 19,000 square kilometres (7,335 square miles), is located 175km (109 miles) off the South African south coast.

Qatar Petroleum, which holds a 25 per cent interest in the block, also announced its intention to withdraw from the project, said Africa Energy Corp, a Canadian oil and gas exploration company with a 10 per cent stake through a subsidiary.

Another partner, CNR International which owns 20 per cent of the block, had announced its departure earlier in July.

Africa Energy Corp said it did not intend to withdraw from the project and noted that under a joint agreement, companies that pull out of the block would give up their stakes for free to those that stay.

The company said the gas fields were “the largest discoveries of natural gas resources in South Africa.”

It added, “If developed, it could supply a significant portion of the country’s energy needs as it seeks to transition away from coal-fired power plants.”

Environmental groups have opposed the project, warning that drilling in the deep waters would threaten the region’s biodiversity and fishermen.

AFP

Looming protests cast shadow over Nigeria’s economy

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Looming protests cast shadow over Nigeria’s economy

The planned nationwide protest against the worsening economic conditions in Nigeria slated to begin on August 1 has triggered a series of reactions both domestically and internationally.
Security advisories issued by the United States, the United Kingdom and Canada underscored the growing concerns about potential unrest.
These advisories, citing past incidents, have warned foreign citizens to avoid areas where protests might occur and highlighted the fear of escalating violence and civil disturbances.
In the security advisory published on its website on Friday, the US Mission in Abuja advised Americans to avoid getting caught in the rallies.
The advisory counselled them to avoid crowds and demonstrations and monitor local media for updates.
It read: “According to media reports, nationwide protests may occur in Nigeria between July 29th and August 5th, 2024. Based on past occurrences, protests may involve roadblocks, checkpoints, traffic congestion and physical confrontations. No specific times or locations have been identified for potential protests at this time.
“Actions to take: Monitor local media for updates; avoid crowds, avoid demonstrations, be aware of your surroundings, review your personal security plans and keep your cell phone charged in case of emergency; carry proper identification.
“The consular sections of Embassy Abuja and Consulate General Lagos will remain open during regular business hours and consular services will be provided as scheduled.”
Similarly, the UK High Commission said the protests could occur between July 29 and August 10 in Abuja, Lagos and other large cities.
The advisory read: “Political rallies, protests and violent demonstrations can take place with little notice. Get advice on areas to avoid.
“Take care if you’re visiting crowded public places or attending events which attract large crowds. If you see a threatening or intimidating situation, do not try to make your way through it. Turn around and move to safety.
READ ALSO:Lawyer urges NCC to probe telcos for restricting internet access, frustrating protest
“Incidents of inter-communal violence occur frequently and often without warning throughout Nigeria. Although foreign nationals are not normally targeted, there is a risk you could be caught in an attack. Monitor local government announcements and media reporting.”
The Canadian government equally alerted its citizens in Nigeria about the demonstrations, which it said could disrupt traffic and public transportation and “turn violent at any time.”
“Nationwide demonstrations are planned between July 29 to August 5, 2024. They could disrupt traffic and public transportation and could turn violent at any time.
“If you’re in Nigeria, expect a heightened security presence, remain vigilant at all times, avoid areas where demonstrations and large gatherings are taking place, follow the instructions of local authorities, monitor local media for information on ongoing demonstration.”
Domestically, the spectre of looting has cast a pall over the business community.
Traders in major cities have expressed concerns about the safety of their properties and have called for increased security measures.
The anticipated economic fallout from the protests is also a major worry as businesses brace for potential disruptions to supply chains and operations.
The government, on its part, is walking a tightrope.
While acknowledging the citizens’ right to protest, it is also under pressure to maintain law and order.
The recall of riot police to key locations is indicative of the security apparatus’s preparedness for potential confrontations.
A memo dated July 25, 2024 and signed by CSP Okon Moses directed the withdrawal of riot policemen ahead of the protest.
The message titled: “Notification of temporary withdrawal of personnel for national assignment,’ read, ‘’In view of the planned nationwide protest, it becomes imperative to temporarily withdraw some of the personnel attached to you in order to muster sufficient officers to dominate the public space.
“This is part of the proactive necessary measures to enhance the operational capacity/capability of the squadron and your understanding in the above regard is highly solicited.’’
The situation underscores the deep-seated economic challenges facing Nigeria. With the cost of living soaring and unemployment rising, public discontent is palpable.
The recent experience in Kenya where number of people had been killled in a similar protest by the citizens in East Africa’s biggest economy explained why many have called for restraint on the part of people behind the protests.
It nevertheless serves as an expression of discontent by the citizens and the government’s response would be crucial in determining if it would have a far-reaching effects on the country.
The post Looming protests cast shadow over Nigeria’s economy appeared first on Latest Nigeria News | Top Stories from TVN.

Avoid uncoordinated protests, support Tinubu’s reforms, says group

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Avoid uncoordinated protests, support Tinubu’s reforms, says group

The Asiwaju Mandate Group has appealed to the people of Ondo State and its youths in particular to be more patient with President Bola Tinubu in his efforts at repositioning the country and making it our place of pride.

In a late Sunday statement signed by its Director General, Olumuyiwa Asagunla, the AMG expressed concern over what might be the outcome of the proposed nationwide protest scheduled to be held on August 1.

According to the group, how some unscrupulous individuals are promoting the protest for their gains and ulterior intentions is worrisome.

The statement made available to According Online read, “We strongly hold that the right to protest is that of every citizen of this country, and no one should attempt to subdue people’s voices whenever they choose to cry out about how they have been governed or misgoverned.

“We must also acknowledge that this our democracy as presently enjoyed was borne out of agitation and protests, and if there is any component of democracy that is germane, it is that of freedom.

“However, the trajectory of those and the records, over time, of those that seem to be promoting the protest with a political undertone is worrisome.

“At a time when we have not fully recovered from the woes of the EndSars, the looting, maiming, and destruction of public facilities that were replaced by common patrimony or lost forever, we can’t afford to have a repeat of such, and that is why the note of caution has been sounded to the ears of particularly the youths.”

The group noted that an uncoordinated protest without leadership is very dangerous, and youth should not allow themselves to be used by those who have ulterior motives again.

It pleaded with all youths of Ondo State and the nation at large to halt the planned protest, just as he advised the government to step up the engagement of critical stakeholders and be proactive on the policies of government aimed at making life more bearable for Nigerians.

Highlighting Tinubu’s efforts at solving the nation’s issues, AMG noted that “within a year of the President in office, he has given power back to the people with the landmark local government autonomy, through the Supreme Court judgment.

A review of the minimum wage to N70,000 and the introduction of a student loan scheme are some policies aimed at making life easier for Nigerians.

“Massive youth employment and promotion of personnel in correctional services, immigration and fire services, bother security, seamless application and collection of national passports, and other innovations brought by our national leader Olubunmi Tunji-Ojo to the Ministry of Interior show that there are brighter days ahead.

“We need to be patient with the Asiwaju Bola Ahmed Tinubu-led government to correct the misrule of the past years,” it read.

The group urged citizens to support the efforts of the president and his Renewed Hope Agenda to ensure the nation is rid of all forms of anti-people policies.

“Together we can birth a new nation with total and absolute support for President Tinubu to take back our country from those who have held us by the jugular over the years.

“We therefore strongly advise Nigerians not to embark on any protest for now because it will only create bad blood and it may take us back into the dark days,” AMG concluded.

Meanwhile, the socio-political group within the All Progressives Congress in Ondo State earlier on July 12 urged the National Assembly to come up with laws that could enable the Independent National Electoral Commission to conduct local government elections.

This is as the group commended Tinubu for his role in securing financial autonomy for LGs across the country.

Nigerian govt vows to reduce trade inefficiencies, barriers to boost productivity of SMEs

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Nigerian govt vows to reduce trade inefficiencies, barriers to boost productivity of SMEs

The Nigerian Federal Government, through the Small and Medium Enterprises Development Agency, SMEDAN, has vowed to eliminate inefficiencies and barriers that hinder productivity in Nigeria’s SME sector.
The Director-General of SMEDAN, Charles Odii, disclosed this recently at the African Growth and Opportunity Act in Washington D.C, USA.
He explained that the Nigerian government is working to secure investments and expand market opportunities for SMEs.
According to him, the goal of the agency was to bridge the gap between Nigerian and U.S. small businesses, ensuring that AGOA’s opportunities are fully leveraged to foster growth, industrialization, job creation, and improved production quality for Nigerian SMEs.
Odii also highlighted SMEDAN’s initiatives to increase awareness of export opportunities such as AGOA among Nigerian small businesses, with targeted support for key sectors like textiles and agriculture. He explained that the agency is collaborating with organizations such as NAFDAC, SON, and NEPC to ensure compliance with safety and regulatory standards and streamline the export process.
“We are diligently working to eliminate inefficiencies and barriers that hinder productivity in Nigeria’s SME sector,” Odii stated.
“As the Secretary of the National Council on SMEs, chaired by the Vice President and led at the state level by all state governors, we are collaborating with other government agencies involved in taxation, health and safety regulations, land access, and financing to create a conducive environment for growth.”
This comes as the government commenced the disbursement of N75 billion grants in the Presidential Palliative Program to SMEs.
Odii noted efforts to secure counterpart funding agreements with both private and public organizations to increase affordable financing for small businesses.
Nigerian govt vows to reduce trade inefficiencies, barriers to boost productivity of SMEs

China congratulates Venezuela’s Maduro on re-election

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China congratulates Venezuela’s Maduro on re-election

China has congratulated Venezuelan President Nicolas Maduro on his re-election, after a vote whose official results were immediately rejected by the country’s opposition and key regional nations.

“China congratulates Venezuela for smoothly holding its presidential election and congratulates President Maduro on his successful re-election,” the spokesman of the Foreign Ministry, Lin Jian, told a regular briefing on Monday.

“China stands ready to enrich our all-weather strategic partnership and better benefit the peoples of both countries.

“China and Venezuela are good friends and partners who support each other.”

Beijing is Venezuela’s main creditor and has close ties with the diplomatically isolated, inflation-ravaged socialist nation.

Maduro visited China in September, meeting President Xi Jinping and declaring the “historic” visit was aimed at “strengthening cooperation and the construction of a new world order”.

The Venezuelan leader was declared the winner of Sunday’s presidential election with 51.2 per cent of votes.

But Venezuela’s opposition coalition insisted it had garnered 70 per cent of the vote, rejecting the figures from Maduro’s loyalist electoral authority.

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Your friend is wrong, you did right by investing in Nigeria, Obi tells Dangote

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Your friend is wrong, you did right by investing in Nigeria, Obi tells Dangote

A former presidential candidate Peter Obi has encouraged Africa’s richest man, Aliko Dangote, following reports of Dangote’s disappointment with his investments in Nigeria.

Obi’s statement comes in response to recent media reports that one of Dangote’s wealthy friends, who had initially discouraged him from investing in Nigeria, is mocking him due to the challenges facing his business operations.

In a statement on Monday via X, Obi firmly supported Dangote’s decision to invest in Nigeria.

“My Dear Elder Brother, Alhaji Dangote, I want you to know that your friend is wrong. You did the right thing by investing in the productivity, growth, development and progress of our beloved nation, through your many business ventures, irrespective of the challenges and obstacles that now stand in your way,” Obi stated.

The former Anambra State governor emphasised the importance of serving humanity, acknowledging that such service often comes with challenges.

He said, “God knows that you are strong enough to overcome the challenges and contribute to building a better humanity.”

Drawing from his own experiences, Obi shared personal setbacks he faced since entering public service.

“I have lost more in my own life ever since I joined public service, which I would not have lost if I remained in the private sector,” he added.

Obi detailed how his savings from abroad and businesses in Nigeria were either run aground or taken over by those entrusted with their management. Despite these obstacles, Obi noted that he remained optimistic about Nigeria’s future.

He encouraged Dangote to persevere, stating, “I encourage you to remain resilient in the face of the present challenges, not for material gains, but for the development and progress of the nation and a better humanity.”

On July 23, Dangote, in an interview with PREMIUM TIMES was quoted to have said, “Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his actions in the interest of his country.

“He blamed his action on policy inconsistencies and shenanigans of interest groups.

“That friend has been taunting me in the past few days, saying he warned me and that he has been proven right.”

He said he invested in the refinery to help solve a major issue in the country, wondering why some people were working against him.

Venezuela election result not accurate, says US

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Venezuela election result not accurate, says US

Washington has “serious concerns” that the Venezuelan election result declaring President Nicolas Maduro the winner is not accurate, US Secretary of State Antony Blinken said Monday.

“We have serious concerns that the result announced does not reflect the will or the votes of the Venezuelan people,” Blinken said in Japan.

Shortly before he spoke, Venezuela’s electoral council had announced that Maduro won re-election to a third six-year term with 51.2 percent of

votes cast.

Independent polls had predicted Sunday’s vote would bring an end to 25 years of “Chavismo”, the populist movement founded by Maduro’s socialist predecessor and mentor, the late Hugo Chavez.

“It’s critical that every vote be counted fairly and transparently, that election officials immediately share information with the opposition and independent observers without delay, and that the electoral authorities publish the detailed tabulation of votes,” Blinken said.

“The international community is watching this very closely and will respond accordingly.”

AFP.

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Nadal, Djokovic game lights up Olympics as Titmus  eyes more gold

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Nadal, Djokovic game lights up Olympics as Titmus  eyes more gold

Rafael Nadal and Novak Djokovic will do battle once more when they meet at the 2024 Paris Olympics on Monday while Australia’s Ariarne Titmus is hotly tipped to win her second swimming gold of the games.

Also on the third day of action, Britain’s Tom Daley will try to prevent an anticipated Chinese clean sweep in diving, while China and Japan will duel for gold in the men’s team final of the gymnastics.

Gold medals are also up for grabs in archery, canoeing, mountain biking, equestrian, fencing, judo, shooting and skateboarding.

The hottest ticket in town will be at Roland Garros, where Djokovic and Nadal will clash for a 60th time, with the Serb up in their rivalry 30-29.

Nadal has had a clear edge on the clay in the French capital down the years, but after more injury concerns and with his career winding down, the 38-year-old Spaniard said Djokovic was the “clear favourite” this time.

“Of course, it’s beautiful to play against one of the two biggest rivals that I had in my career, especially on this court.

“But situations are completely different for him, for me. He’s being very competitive. I was not being very competitive for the last two years,” Nadal said.

– Titmus eyes more gold –

Another night of red-hot competition is in the offing in the pool where the best swimmers on the planet will compete for five titles.

The last race of the night sees Titmus attempt to add the 200-metre freestyle crown to her dominant 400m triumph on Saturday when she blew away rivals Summer McIntosh and Katie Ledecky to retain her title.

The 23-year-old Titmus is the favourite at 200m — she is the reigning champion and world record-holder.

Her biggest threat is fellow Australian Mollie O’Callaghan, who boasted the fastest time ever until Titmus smashed it in June.

Following her emphatic victory over 400m, when she led from start to finish, Titmus, who hails from Tasmania, said it was hard to take it all in.

She said, “I’m just the same old goofy Tassie girl out here living out her dream.

“I hope it goes to show that anyone can do what they want to do if they work hard and believe in themselves.”

The other swimming finals on Monday are in the women’s 400m individual medley, men’s 200m freestyle, men’s 100m backstroke and women’s 100m breaststroke.

– Pressure on China? –

China are the unparalleled force in diving and at the pandemic-delayed Tokyo Games three years ago when they hoovered up seven of the eight golds.

The one they did not win went to Daley and Matty Lee in the men’s synchronised 10m platform.

It was gold at last for Daley, who also has three bronze medals, the first coming at London 2012. He made his Olympics debut as a 14-year-old at Beijing 2008 and has been in the public eye ever since.

One of Britain’s highest-profile Olympians, he was the country’s male flag-carrier at Friday’s opening ceremony on the River Seine.

The 30-year-old said the pressure is on the Chinese.

“On paper, you would consider them to win every single event, but it is the Olympic Games,” Daley, who will team up with Noah Williams, told the BBC.

“I know every single one of the Chinese divers knows it is their competition to lose, which brings a lot of pressure and expectation.”

China scooped the first diving gold in Paris with victory ahead of the United States and Britain in the women’s synchronised 3m springboard.

– Ukraine fencing hope –

In other sports, Yuto Horigome defends his men’s skateboarding street title. The event was postponed on Saturday because of rain.

Japan could snatch all three medals, with the 2023 world champion Sora Shirai and 14-year-old Ginwoo Onodera also strongly fancied.

The legendary American Nyjah Huston will have something to say about that.

Japan’s women skateboarders took gold and silver in the street on Sunday.

In sabre fencing, Olga Kharlan of Ukraine, a four-time individual world champion, is chasing a second Olympic gold and fifth medal overall of her career.

The Italy-based fencing great told AFP in Paris that another gold will be an achievement against all the odds, following Russia’s invasion of her homeland.

AFP

Protests will hurt economy, says ex-Senate leader

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Protests will hurt economy, says ex-Senate leader

A former Senate Leader and governorship candidate of All Progressives Congress in Oyo State, Teslim Folarin, on Sunday, appealed to Nigerians to shelve their planned protests, saying “it will multiply our pains and hurt our economy.”

Folarin, in a statement signed and made available to According Online in Ibadan, the state capital, said the protests would only worsen the pains of Nigerians and further damage the country’s economy.

He said while the right to protest is enshrined in the Nigerian constitution, the proposed “Days of Rage” and “#EndBadGovernance” protests were likely to be hijacked by miscreants, turning them into another “#EndSARS” situation.

Folarin said, “No responsible government would want its citizens to suffer, and I dare say, that no government would fold its hands while the citizens’ livelihood and survival are being undermined.”

The former Senate Leader expressed concerns that the protests would hurt economic activities, send a negative signal about Nigeria’s democratic stability, and impact investors’ confidence.

He also warned that terrorists and criminal elements could take advantage of the protests to cause mayhem and destabilize the country.

He added, “There is no denying the fact that Nigerian masses are currently undergoing economic hardship due to economic reforms being undertaken by the government. The government has been honest in admitting the hardship. The government has also assured that what Nigerians are currently going through is the pain that precedes the relief.

“As a stakeholder in our body polity, I have significant doubts that the planned nationwide protest would achieve any tangible. The reason is simple– the proposed nationwide protest tagged #DaysofRage, #EndBadGovernance and others, is being championed by yet-to-be-identified individuals and/or civil society organisations. Besides, security agencies have informed of credible intelligence of plans to hijack the protests.

“Let me make it crystal clear, that the right to protest is enshrined in the Nigerian constitution and is a fundamental aspect of democracy, underscoring the public’s right to express discontent with government policies and actions. But can the country gamble on the protest not being hijacked by miscreants, thereby turning it into another #EndSARS?

“Replicating Kenya’s Gen Z protests in Nigeria is an ill wind that will blow Nigeria and Nigerians no good.

“My other area of concern is that the planned nationwide protest is already hurting economic activities. There is already panic buying and selling.”

Russia downs 39 Ukrainian drones

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Russia downs 39 Ukrainian drones

Russia on Monday said it had downed 39 drones fired by Ukraine overnight mainly targeting border regions.

“The anti-air defence systems intercepted and destroyed 19 drones in the Kursk region, nine above Belgorod, three over Voronezh and five over Bryansk,” all bordering Ukraine, the Russian defence ministry said on Telegram.

Three others were neutralised in the northwestern Leningrad region near Saint Petersburg in an “attempted terrorist attack”, it said.

Ukrainian drone attacks on Russian fuel depots, refineries and energy facilities are frequent, particularly in the border regions.

Russia has also launched massive attacks on Ukraine’s power plants, causing severe electricity shortages in recent months.

AFP

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