International Oil Companies (IOCs), which insist on ramping up production of fossil fuels in Africa may face the risk of regulatory action from the United States.
This was disclosed by the country’s Deputy Special Presidential Envoy for Climate, Jonathan Pershing.
If the US makes good its threat, it will be a major blow to Nigeria, Angola, Congo and other oil-producing countries in Africa, which have intensified efforts to attract foreign investors to fund major hydrocarbons projects on the continent.
In August, President Muhammadu Buhari finally signed the Petroleum Industry Act (PIA) to spur competition in the sector as well as attract foreign investments.
But with the position of the US, many of the expected funding for Nigeria’s fossil fuels may be stranded since oil companies would be circumspect about putting their dollars in the upcoming projects.
Western fossil fuel companies planning to develop new projects in Africa would then need to consider the significant risk of regulatory action vis-à-vis the returns on investment in Africa.
Speaking from South Africa, the US envoy urged western investors to consider whether fossil fuels were a good commercial opportunity anymore in Africa or anywhere else.
“There’s a risk of regulatory … and financial activities, and I believe that’s getting more and more explicit. If you are a company looking to invest in oil and gas, you have to ask yourself…‘am I going to be left with a stranded asset?’ I would not bet very strongly on a fossil fuel future,” he said.
Pershing, who was speaking at a virtual media briefing, after being asked about the current rush by western oil and gas companies to develop deposits in Africa, noted that even China had committed to stop building overseas coal plants.
Africa accounts for just 3.8 per cent of greenhouse gas emissions, according to the non-profit Carbon Disclosure Project, but Pershing noted it was the fastest-growing continent.
It could, he said: “leapfrog” older carbon-based technologies and embrace renewables, just as it skipped wired telecoms in many places and went straight for wireless.
“Africa doesn’t need to move in the direction of the West’s high-carbon intensity. It can move directly beyond that,” he said.
His comments came despite the United States itself being a major producer and exporter of oil and gas, with recent growth driven by output from shale fields, a Reuters report said.
The US envoy is visiting several African countries as part of efforts to raise global climate ambition ahead of the United Nations COP26 Climate Summit in Glasgow, Scotland next month.
Man puts self up for sale in Kano
Aliyu Na Idris, a 26-year-old man from Kaduna State, has become a social media sensation for putting himself up for sale in Kano.
Idris, who claimed to be a tailor, has been roaming the streets of Kano State carrying a placard that reads “This man is for sale for N20 million.”
It was gathered that the young man has been on the streets for five days looking for who will buy him.
He said he had decided to sell himself due to hardship.
He said his family was aware that he had offered himself for sale, adding that he had initially presented himself for sale in Kaduna but when he could not get a serious buyer, he decided to try Kano State with the hope that someone will pay the required price.
“Even though many people have offered me various prices of N10m, N5m and N300,000 in Kano, I refused because the amount is less than what I expected,” he said.
The young man said he was operating a tailoring business which failed due to the financial crisis and as such, he lost his customers and became financially handicapped.
He explained that he had no money to survive, not to talk of investing in another business, hence, he decided to present himself for sale at N20m only.
When asked what he intends to do with the money, he said, “I will give my parents N10m; I will give N5m as tax to the state where I was bought, the person who helped in advertising me will be rewarded with N2m while the remaining N3m will be kept for me under the care of the person who buys me for my daily upkeep.”
He further stated that he knows that he would lose his freedom after being purchased but he’s not worried as he has made up his mind to do the bidding of his master.
He said if nobody buys him in Kano, he would move to another state to sell himself.
NCC alerts Nigerians to deadly FluBot malware targeting bank accounts
The Nigerian Communications Commission (NCC) yesterday raised the alarm about what it described as an extremely damaging malware called “FluBot” which attacks Android mobile banking applications.
According to the NCC, Flubot “impersonates Android mobile banking applications to draw fake web view on targeted applications and its goal transcends stealing personal data and essentially targets stealing of credit card details or online banking credentials.”
Malware is a generic word used to describe a virus or software designed specifically to disrupt, damage, or gain unauthorised access to a computer system.
“According to the information received today (Thursday), October 21, 2021, from the Nigeria Computer Emergency Response Team (ngCERT), Flubot targets Androids with fake security updates and App installations,” NCC’s Director of Public Affairs, Ikechukwu Adinde, said in a statement issued yesterday.
NCC explained that FluBot “is circulated through SMS and can snoop on incoming notifications, initiate calls, read or write SMSes, and transmit the victim’s contact list to its control centre.”
NCC said the malware “attacks Android devices by pretending to be FedEx, DHL, Correos, and Chrome applications,” and compels unsuspecting users to alter the accessibility configurations on their devices to maintain continuous presence on devices.
The statement adds: “The new malware undermines the security of devices by copying fake login screens of prominent banks, and the moment the users enter their login details on the fake pages, their data is harvested and transmitted to the malware operators’ control point from where the data is exploited by intercepting banking-related One Time Passwords (OTPs) and replacing the default SMS app on the targeted Android device.
“Consequently, it secures admittance into the device through SMS and proceeds to transmit similar messages to other contacts that may be on the device it has attacked enticing them into downloading the fake app.
“It suffices to say that, when Flubot infects a device, it can result in incalculable financial losses.
“Additionally, the malware creates a backdoor which grants access to the user’s device, thus enabling the invader or attacker to perform other criminal actions, including launching other variants of malware.”
The NCC subsequently issued an advisory to protect telecoms consumers from falling victim.
The guidelines listed by the commission are: “Do not click on the link if you receive a suspicious text message, and do not install any app or security update the page asks you to install; use updated antivirus software that detects and prevents malware infections; apply critical patches to the system and application; use strong passwords and enable Two-Factor Authentication (2FA) over logins and back up your data regularly.”
Others are: “If you have been affected by this campaign, you should reset your device to factory mode as soon as possible. This will delete any data on your phone, including personal data; do not restore from backups created after installing the app; you will also need to change the passwords to all of your online accounts, with urgency, around your online bank accounts; If you have concerns that your accounts may have been accessed by unauthorised people, contact your bank immediately.”
2023: 6 APC govs oppose Tinubu’s presidential ambition — Dayo Adeyeye
National Chairman, South-West Agenda for Bola Tinubu’s presidential ambition, codenamed (SWAGA) 2023, Mr. Dayo Adeyeye has disclosed that 16 All Progressives Congress (APC) governors are covertly supporting the presidential aspiration of the former Lagos State governor.
The party currently has 22 governors under its platform.
Adeyeye, a former Minister of Works (state), said this while inaugurating the factional executives belonging to SWAGA group across the 16 local government areas of Ekiti State.
The former minister said: “Bola Tinubu will be the next President of this country and one of us will become the governor in Ekiti State. I am happy that the new executives have passion for this group and this will lead to action and, eventually, victory for all of us.
“APC leaders and members across board are using their money to fund SWAGA. Members are not after money. Let me tell you this, 16 governors are now backing Tinubu for president and they are no longer afraid, after Governor Babajide Sanwo-Olu of Lagos State openly supported us when we did the flag off in Lagos.”
On the new parallel executives inaugurated by SWAGA, the former Minister said: “Those that were inaugurated today (yesterday) are the authentic APC executives in Ekiti. The party at the national level brought out a guideline that people should come out and queue to vote for the ward and local government congresses, but these people didn’t come out.”
- Man puts self up for sale in Kano
- NCC alerts Nigerians to deadly FluBot malware targeting bank accounts
- Gunmen attack Abolongo correctional facility in Oyo, set prisoners free
- 2023: 6 APC govs oppose Tinubu’s presidential ambition — Dayo Adeyeye
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