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Nigeria’s Oil Reserve To Dry Up In 30 Years ― Ibe Kachikwu

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nigeria's oil reserve

President Muhammadu Buhari declared on Wednesday that Nigeria’s oil reserve estimate as per reserve has been estimated to dry up in the next 25 years to 30 years at most.

To this end, the President said the focus of the government must be on gas which is also estimated to last for over 60 years, adding that his government must ensure a dramatic movement into gas production.

President Buhari, who was represented by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu spoke yesterday at the 5th triennial delegates conference of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.

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Minister of State for Petroleum Resources, Dr Ibe Kachikwu

He also cleared the air on the argument surrounding the sale of the nation’s refineries, declaring that there is no plan or attempt to sell or concession the refineries as being speculated “by those who should know better.”

President Buhari’s Keynote address on the theme: “Emerging Trends in the oil and gas industry and its impacts on Labour movement in Nigeria,” was presented by Dr. Kachukwu, who emphasized that he was representing and presenting the message of the president.

He said: “As it concerns Nigeria, we must work inclusively hard to deal with some of the difficulties that we will continue to see in our production platforms. Whether it is the militants which is a key component or the slow speed of approvals or whether the fact that our policies are not even as fast as they should to catch up with changing Times.

“Those of us who have the opportunity to seat in ministerial zones where we have to influence policies have got to work extremely hard to help drive the sea of change that is imperative if the sector is to survive.

“Infrastructural deficit is a key component. We lack infrastructure in the sector, whether it is down stream or up stream or oil and gas. The absence of infrastructure has made it impossible to have a holistic private sector participation. We have got to find policies that will encourage private sector participants to play a key role.

“Coupled with that is the fact that countries are moving away from oil. Our oil estimate as per reserve is at best about 25 to 30 years, while gas estimate is over 60 years. Clear enough, Nigeria is more of a gas country than an oil country. But what are we doing to ensure our dramatic movement into the gas production.

“I am just coming from the FEC where we presented a memo on gas which has been approved today. Major movement is in terms of what we need to do in the gas environment because it is so key that unless we can put the two energy together, we are not likely to see an improvement in our economy or see opportunities that most of you are beginning to miss in terms of job creation and employment in the oil sector.”
He added: “Gas is the new horizon of opportunity. There is so much happening that needs to happen, that should have happened yesterday. Gas is the future for this country and the place to be and we need to start looking at that. Increasingly, we are seeing very strong local players.

“I need to see gas flaring east out win the next three years. I like to see the refineries which is enmeshed in all kinds of confusion finally kick off.

“On the issue of refineries, let me say that there has been attempt and there is no approval to concession refineries or sell refineries. I keep hearing discussions all over the place especially from people who should know better.

“What we have approval for is to bring in a financing mechanism that will enable us to finance and develop and upgrade the refineries as they are. The reality is that once private sector players begin to build their own refineries, whatever we are afraid of will disappear and unless we begin to move very rapidly and quickly to position these refineries in such a way that they can compete, we will lose the refineries completely together with the job scale that exist there right now.

“My drive is to see that those investments goes through a transparent process and the announcement that you hear about selection has not happened.”

On the emerging trends in the industry, he said the reality is that the oil industry is changing almost transformatively; while prices have tumbled and have continued to struggle despite all the works done in OPEC to boast it.

According to him, “the reality is that investments are declining at an alarming rate and suddenly, there are new entrants into the industry. Also, CEOs are struggling as to where to put very scarce resources and suddenly, it is just how well you can market your country, reposition your policies in such a way that there are benefits.

“All in a sudden, investment return in some of these exploration activities are beginning to get challenges. Only those who are able to look at their technology and new ways of doing business are going to survive the oil industry of tomorrow.

“If you take the annual return of most of the major oil companies, you will see the sort of disequilibrium that’s happening there and those who are beginning to jump in and out of leadership

MOVIES

Funke Akindele’s “Everybody Loves Jenifa” Rakes Box Office With ₦511 Million In Just 12 Days

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Everybody Loves Jenifa rakes box office with ₦511 million | fab.ng

Funke Akindele’s comedy film “Everybody Loves Jenifa” has shattered Nigerian box office records by earning ₦511 million within just 12 days of its release.

FilmOne, the film’s distributor, revealed that this remarkable achievement makes it both the highest-grossing Nollywood film of 2024. It is also the fastest Nigerian movie to reach the ₦500 million milestone.

“History Made! Everybody Loves Jenifa smashes records with ₦511M at the box office, becoming 2024’s highest-grossing Nollywood title and the fastest to hit ₦500M in just 12 days! Don’t stop! Let’s smash the record books. Watch Everybody Loves Jenifa in cinemas near you,” the post said.

 

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“Everybody Loves Jenifa” achieved unprecedented success by generating ₦206 million during its opening weekend. It established a new record for the highest-grossing opening weekend in Nollywood history.

The film demonstrated its immediate appeal by earning ₦87.8 million on its first day. This set another record for the highest single-day earnings in Nigerian cinema.

Funke Akindele masterfully reprised her beloved Jenifa character, delivering a performance that perfectly captured the character’s signature humour and charm.

The narrative follows Jenifa through an engaging storyline filled with personal growth, fame-related challenges, and comedic situations that resonated deeply with audiences across Nigerian theatres.

Akindele’s marketing strategy proved exceptionally effective. Moreso, she implemented comprehensive social media campaigns and made strategic appearances at various cinemas to connect with viewers.

Her promotional efforts transformed the film’s release into a cultural phenomenon that extended beyond traditional movie-watching.

The film features an impressive ensemble cast including Falz, Omotunde ‘Lolo’ Adebowale-David, Olayode Juliana, Chimezie Imo, Layi Wasabi, Bisola Aiyeola, Jackie Appiah, and Omowunmi Dada.

These actors collectively bring depth to this comedy-drama that successfully weaves together humorous moments, emotional depth, and surprising plot developments.

Check out more movie updates here.

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MUSIC

Tems Debut Album Ranks #2 On Billboard’s R&B List Of 2024

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Tems debut album hits #2 on Billboard's R&B list of 2024 | fab.ng

Tems’ Global Impact: A Billboard Recognition

Tems, a global music sensation, has solidified her position as one of Africa’s most successful artists, with her album captivating millions of fans worldwide and garnering numerous prestigious awards.

In a recent testament to her talent, her debut album secured the second spot on Billboard’s list of the best R&B albums of 2025.

This remarkable achievement places Tems alongside renowned artists such as Chris Brown, PartyNextDoor, Muni Long, and Bryson Tiller.

Furthermore, Billboard has praised Tems’ music for transcending the boundaries of Afrobeats, resonating with audiences across the globe.

“The Nigerian star finds her footing in the global spotlight and stands firmly in her purpose on her dazzling debut album Born in the Wild.

“She opens up about surviving her mental wilderness and learning to thrive in it on the opening acoustic ballad that shares the album’s title.

“And on the mid-tempo standout “Burning,” Tems confronts the trappings of her newfound stardom but finds comfort in the collective struggle. As someone who’s studied Céline Dion, Destiny’s Child, and Mariah Carey and dreamt of making soul-stirring songs that send people into their feelings, Tems succeeded with aplomb.

“Born in the Wild became her highest-charting project on Top R&B Albums (reaching No. 5) and marked her career-first entry on the Billboard 200, peaking at No. 56.

“And while Born in the Wild and “Love Me JeJe” earned Tems 2025 Grammy nominations for Best Global Music Album and Best African Music Performance, respectively, her best R&B song nod for “Burning” further reinforced the rich diversity of her music–  and the notion that African artists like Tems cannot be bound to the catchall “Afrobeats” term, as their music has traveled well past the borders of the continent. – H.M.”

Tems’ debut album, “Born In The Wild,” received critical acclaim in the United States.

Indeed, the album earned a Grammy nomination for Best Global Album.

Additionally, her single “Burning” broke records by securing a nomination for Best R&B Song. Meanwhile, “Love Me Jeje” received a nomination for Best African Music Performance.

Check out more music updates here.

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MUSIC

Adekunle Gold Reveals The Role Pheelz Played In Getting Him Signed To YBNL

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Adekunle Gold credits Pheelz for his YBNL signing | fab.ng

Adekunle Gold marks a significant milestone this December 2024 as he celebrates 10 years since releasing his breakthrough single ‘Sade.’

This debut track, which creatively reimagined One Direction’s ‘Story Of My Life,’ catapulted him into Nigeria’s mainstream music consciousness in December 2014.

The artist recently shared compelling details about his journey to stardom in an industry interview, particularly highlighting his unique path to signing with YBNL.

Before his musical breakthrough, Adekunle Gold cultivated a professional relationship with Olamide through his work as YBNL’s graphic designer, creating cover art for the label’s artists, including Lil Kesh and Viktor.

The pivotal moment in his career arrived when producer Pheelz discovered ‘Sade’ and advocated for Gold’s signing to Olamide, leading to a transformative partnership with YBNL.

Under the label’s guidance, Gold released his debut album, ‘Gold,’ which produced standout hits like ‘Orente’ and ‘Pick Up,’ earning both critical acclaim and commercial success.

AG Baby, as fans affectionately call him, has demonstrated remarkable artistic versatility throughout his decade-long career.

He began his journey by crafting a distinctive urban interpretation of folk and traditional Yoruba music, later evolving into a dynamic pop star with the release of ‘Afro-pop Vol 1.’ His musical portfolio now spans five albums, each showcasing his growth and artistic range.

The singer-songwriter has established himself as one of Nigeria’s most accomplished artists, earning recognition for his exceptional songwriting abilities and commanding stage presence.

His performances continue to captivate audiences across Africa, solidifying his position as a leading figure in the continent’s music scene.

Gold’s journey from a graphic designer to a celebrated musician exemplifies his artistic versatility and dedication to his craft, marking him as one of Africa’s most sought-after performers.

Check out more updates here.

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