Connect with us

Business

Otti backs establishment of $13.1m CNG project in Abia

info

Published

on

514267362 1345097763731372 7929533874111756472 n.jpg

MTN ADVERT

Governor Alex Otti of Abia State has backed the proposed 13.1million dollars Compressed Natural Gas (CNG) project, saying it aligns with the state’s industrialisation agenda and would strengthen clean energy and manufacturing development.

The project, proposed by Earthoc Group and its partners, involves the establishment of a 14.13 million Standard Cubic Feet Per Day (MMSCFD) Compressed Natural Gas (CNG) mother station at Owaza in Ukwa West Local Government Area.

The project is focused on boosting gas utilisation and supporting industrial growth in the state.

Speaking during a meeting at Nvosi, Isiala Ngwa South Local Government Area, on Thursday with the investors, Mr Otti said Owaza has proven commercial gas reserves, with exploration and production activities already being undertaken by different oil companies.

He described the location as ideal for the project because of its abundant gas resources and said the investment fitted into the state’s vision of building an industrial economy.

PT WHATSAPP CHANNEL

Mr Otti said the proposed project aligned with the state’s industrialisation agenda, noting that the Abia Industrial and Innovation Park (AIIP), where several manufacturers had begun establishing operations, would provide a suitable location for the investment.

He said the state government would facilitate discussions on the company’s request for about five hectares of land within the AIIP and work with the investors on the proposed Public-Private Partnership (PPP) arrangement.

Mr Otti said Abia’s electric buses were powered by the uninterrupted electricity supplied by Aba Power Limited to Aba North, Aba South and seven other local government areas since February 2024.

He said the state government initially procured 20 electric buses, while another 20 had arrived, with an additional 30 expected before the end of September.

The governor, however, said CNG vehicles remained relevant because they were cheaper to operate and produced lower emissions than vehicles powered by internal combustion engines.

According to him, consumers would continue to have different transportation preferences, making both electric and CNG-powered vehicles important in the energy transition.

Mr Otti commended the investors and their partners for choosing Abia and expressed optimism that the proposed investment would attract more businesses to the state.

He also assured the delegation that land allocation for their automobile business would not pose a challenge, expressing hope that construction of the proposed facilities would commence soon.

Why Abia

Earlier, the Executive Director of Earthoc Group, Odim Kalu, said the company planned to invest about 13.1 million dollars in developing the 14.13 MMSCFD CNG mother station in Owaza.

Mr Kalu said the project would leverage the area’s abundant gas resources and position Abia as a major hub for compressed natural gas infrastructure in the South-east.

He said his company, which operates in marine logistics, support services and the oil and gas sector, ventured into CNG conversion following the federal government’s Presidential CNG Initiative introduced in 2023.

According to him, the company began converting petrol and diesel-powered vehicles, trucks and generators to CNG but identified the shortage of refuelling infrastructure, particularly in southern Nigeria, as a major obstacle to wider adoption.

He said the company subsequently partnered with a Chinese firm to construct CNG mother and daughter stations to bridge the infrastructure gap.

Mr Kalu said frequent complaints by motorists travelling between Port Harcourt and Enugu over the absence of CNG refilling stations in Abia informed the company’s decision to invest in the state.

“We have completed about 99 per cent of the preparatory work and are ready to commence the project.

“Our vision is to position Abia as the first integrated CNG industrial hub in the South-east, where there are currently no CNG mother stations,” he said.

Mr Kalu said the proposed facility would provide cleaner and more affordable energy for industries and the transport sector while reducing carbon emissions.

ALSO READ: Abia, neighbouring states in talks for regional railway project – Otti

He described Abia as an ideal investment destination because of its strategic location, growing industrial base, expanding demand for clean energy, gas deposits in Owaza and the state government’s commitment to industrialisation and job creation.

The executive director said that although the state had invested significantly in electric vehicles, CNG remained a complementary and cost-effective energy solution for commercial transportation and industries.

He said the project would create jobs, stimulate industrial growth and lower energy costs for businesses.

Earlier, the Director of Drivemart Automobiles, Chukwudalu Umeobi, said his company and its partners were seeking collaboration with the Abia State Government to develop the automobile and CNG sectors in the state.

Mr Umeobi, who is also a partner with Chery Group, an international Chinese automobile brand, said the company was in Abia to introduce its operations and explore areas of partnership with the state government.

He said Cherry Group was involved in the distribution, assembly and production of Cherry vehicles in Nigeria as part of efforts to support the growth of the country’s automobile industry.

According to him, the delegation included representatives of Earthoc Group, Fuelbuddy Nigeria and Unity Providus Bank, all partnering on initiatives to advance CNG infrastructure and clean energy solutions.

Mr Umeobi said that although Abia had made significant investments in electric vehicles, CNG offered a more affordable alternative for many users and could complement the state’s clean energy drive.

He said the delegation was in the state to present its proposals and explore investment opportunities with the state government.

(NAN)


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Tax Ombud braces for digital asset tax disputes, seeks greater public awareness

info

Published

on

By

WhatsApp Image 2026 05 01 at 11.44.28 1.jpeg

MTN ADVERT

The Office of the Tax Ombud said it is strengthening its capacity to handle disputes arising from digital asset taxation as part of efforts to improve fairness and transparency in Nigeria’s tax system.

The Tax Ombud and Chief Executive of the Office of the Tax Ombud, John Nwabueze, disclosed this on Thursday at a media parley in Lagos, where he outlined the office’s achievements and future priorities.

According to him, the office has expanded the capacity of its accountants and legal experts to handle complex tax matters, including disputes involving digital assets, should such cases arise.

He also said the office plans to establish offices in all six geopolitical zones to improve taxpayers’ access to its services.

Mr Nwabueze said the Office of the Tax Ombud has enhanced access to its services through a digital complaints portal, a case management system, a toll-free call centre and SMS callback services, making it easier for individuals and businesses to lodge complaints and obtain timely resolutions.

PT WHATSAPP CHANNEL

According to him, the office received more than 20 ‘genuine’ complaints within its first three months of operation, most of them involving state revenue services.

“Within three months, the Office received over 20 genuine complaints, most of them involving state revenue services.

“Of these, eight have been successfully resolved, all within the statutory 14-day resolution period, with provision for an additional seven days where necessary,” Mr Nwabueze said.

The Tax Ombud said the office is also expanding engagement with professional bodies, the media, revenue authorities and other stakeholders, while preparing a nationwide public awareness campaign to address issues such as multiple taxation.

“The Office has expanded the capacity of its skilled accountants and legal experts to handle complex tax matters, including disputes relating to digital asset taxation, should such cases arise.

“We are also enhancing accessibility at the grassroots through plans to establish offices across all six geopolitical zones,” the tax ombud CEO said.

He further noted that multiple taxation, particularly at the state and local government levels, remains a major concern, adding that the federal government is working with relevant stakeholders, including the Joint Revenue Board, state governments and local government authorities, to develop lasting solutions.

ALSO READ: Oyedele unveils Tax Ombud website, digital portal to strengthen taxpayer protection

Mr Nwabueze said the Office of the Tax Ombud was established to provide impartial mediation between taxpayers and revenue authorities, promote voluntary tax compliance and strengthen public confidence in Nigeria’s tax administration.

“Multiple taxation is an endemic issue that we are determined to address by engaging all relevant stakeholders, including the Joint Revenue Board, state governments, and local government authorities.

“Through collaboration and policy engagement, we are working towards sustainable solutions,” the Tax Ombud stated.

He called for support in terms of public awareness of its services, noting that many taxpayers are still unaware of their rights and the avenues available for resolving tax disputes.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Recapitalisation: NAICOM Revokes Royal Exchange Prudential Life Insurance License

info

Published

on

By

450864fd 67ac 48b1 b2b4 47070be2dd26 205x300.jpeg

BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), has revoked the certificate of registration for Royal Exchange Prudential Life Insurance PLC  over its failure to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The cancellation, which took effect on Plc August 3, 2026, The regulator also ordered the immediate winding up of the firm’s operations.

The action was executed under the legal powers granted to the regulatory authority by the Nigerian Insurance Industry Reform Act (NIRA) 2025.

According to a notice signed by Deputy Commissioner (Technical) Decent Jankara, titled “Notice Of Cancellation Of Certificate Of Registration Of Royal Exchange Prudential Life Insurance Plc”, the regulator appointed Titilayo Akinlawon (SAN)as Receiver and Provisional Liquidator to oversee the winding up of its affairs.

The notice added that “The appointed Receiver is mandated to take control of the company’s affairs, liquidating its assets and settling its outstanding liabilities in strict accordance with NIRA 2025 regulations and extant insurance guidelines.”

“Relevant stakeholders and financial institutions have been instructed to cooperate fully with the Receiver during the official takeover and winding-up proceedings.”

This development comes days after NAICOM announced the completion of the insurance sector recapitalisation exercise and published a list of 43 insurance and reinsurance companies that met the July 31, 2026 compliance deadline.

The post Recapitalisation: NAICOM Revokes Royal Exchange Prudential Life Insurance License appeared first on Business Today NG.

Continue Reading

Trending