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Jeniks Group Expands Gas Partnership with Qatar for African Investment

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Jeniks Energy Group, in collaboration with Qatar Gas conglomerate, is finalizing a gas aggregation investment deal in Africa. The Nigerian Investment Promotion Commission (NIPC) Act of 1995, as revised in 2004, allows for 100% foreign ownership in various sectors, including the gas sector.

The Qatari government’s investment arm has entered into a strategic deal with Jeniks Energy Group to invest in Africa’s gas sector, focusing on gas reserves acquisition, Liquefied Natural Gas (LNG), and Liquefied Petroleum Gas (LPG) projects in 11 African countries, including Ghana, Kenya, Nigeria, Angola, and others.

The partnership involves an estimated $15 billion investment, with an initial investment of $6 billion from the Qatar group to kickstart the projects. Jeniks Energy Group, led by Chairperson Princes Osifo, has been working with experts and consultants in the energy sector to actualize this massive gas investment deal. The project is expected to deepen natural gas utilization, boost investment in power and gas-based sectors, and contribute to Nigeria’s revenue and job creation.

Princess Osifo, positioning herself as a key player in the gas sector, has also been investing in the downstream sector of oil and gas, including the acquisition of vessels for crude and refined products transportation. The Qatar-Jeniks Africa Gas Project is viewed as a major endorsement of Jeniks Energy Group’s leadership and the African gas and energy market.

Qatar, a global LNG investor, adheres to highly regulated global best practices and standards. The investment deal, initiated by Jeniks and Qatar group, aims to tap into Africa’s vast and largely untapped gas reserves, aligning with local players and Nigeria’s domestic gas utilization agenda. The project is expected to be completed in the first quarter of 2024, with a significant milestone anticipated by the end of the current month.

This strategic move comes at a time when global energy investment in renewable and clean energy technologies is crucial, and Jeniks Energy Group’s decision to refocus its attention and strategic investments in gas aligns with this global trend. The private initiative between Qatari investors and Jeniks is expected to re-energize the energy sector in Nigeria and other African countries, contributing to the development of gas reserves and infrastructure.

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Technology

OpenAI’s Sam Altman Acknowledges DeepSeek as Major AI Rival

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By Emmanuel Ogbodo

OpenAI CEO Sam Altman has praised Chinese startup DeepSeek as a serious competitor in the global AI race, citing its ability to deliver high-quality AI at significantly lower costs.
In a post on X, Altman highlighted DeepSeek’s R1 model, lauding its performance and affordability.
DeepSeek’s open-source V3 model has disrupted the industry, achieving results comparable to OpenAI’s advanced systems for a fraction of the cost.
The startup’s rapid rise has unsettled U.S. tech markets, triggering a selloff in shares of Nvidia, Microsoft, and Meta.
DeepSeek’s R1 app has even overtaken ChatGPT as the top-rated free app on Apple’s App Store.
While acknowledging the competition, Altman assured that OpenAI remains focused on innovation, promising groundbreaking advancements in upcoming releases.

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News

Nigeria’s First AI University to Open in Lagos

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By Our Correspondent 

Nigeria is set to open its first artificial intelligence (AI), university in Epe, Lagos, marking a significant milestone in advancing AI education across Africa.

Named Wini University, the institution aims to equip young Nigerians with advanced AI skills, addressing unemployment and positioning the continent as a hub for technological innovation.

Inspired by the first AI university in Qatar, Wini University aspires to attract top-tier academics and innovators from around the globe.

The project, initiated in 2016 by a visionary collaboration between Nigerian and Boston-based experts, has undergone years of planning, securing National Universities Commission (NUC), interest, and building stakeholder support.

Wini University is envisioned as Africa’s first AI-focused institution and the foundation for an AI-powered Silicon Valley on the continent.

It aims to foster a thriving community of academics and students passionate about leveraging AI and quantum computing to drive progress in Africa and beyond.

Beyond academics, the university seeks to transform Lagos into Africa’s innovation hub, where technology is harnessed to solve real-world challenges.

The curriculum will include cutting-edge fields such as blockchain, cloud computing, generative AI, data science, and machine learning, preparing students to lead in the global AI market.

This bold initiative underscores the growing importance of AI, echoing Russian President Vladimir Putin’s 2013 declaration that dominance in AI would define the next global superpower.

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Abuja Reports

CNG Conversion Will Cut Costs, Boost Local Content, PiCNG Boss Assures

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By Ade Iyamoye

The CEO of the Presidential Compressed Natural Gas (CNG), Initiative, Engr Michael Oluwagbemi, has assured Nigerians that the government’s CNG conversion program will significantly reduce transportation costs while fostering local content development in the sector.

Speaking during an exclusive interview, Oluwagbemi outlined ambitious plans to expand the adoption of CNG-powered vehicles nationwide.

He revealed that over 10,000 commercial vehicles in Abuja and Lagos are targeted for conversion within the next 10 weeks under the “10 for 10” program, with projections to increase this figure to 250,000 vehicles within a year.

“We are starting with critical urban centers like Lagos and Abuja to achieve the critical mass needed to lower transportation costs,” he said.

To sustain the initiative, Oluwagbemi emphasized the importance of local content, noting that over 80% of the program’s spending so far has been directed toward Nigerian companies.

He also highlighted growing investments in local manufacturing of CNG kits, cylinders, and vehicles.

“This program has created over 9,000 jobs and attracted $470 million in investments, with more opportunities on the horizon,” he added.

The CEO acknowledged the challenges of scaling up, such as increasing conversion centers and training technicians.

Plans are underway to double the current 193 conversion centers to 500 by year-end, with a capacity to convert 250,000 vehicles annually.

Additionally, partnerships with state authorities aim to implement CNG policies at the local level, with Abuja poised to become a model for full adoption of CNG-powered taxis.

Oluwagbemi commended President Bola Ahmed Tinubu for prioritizing energy transition policies and urged Nigerians to embrace the program.

He assured that ongoing investments in refueling stations and modular refilling units will ensure adequate CNG supply across the country.

“CNG conversion is not just about reducing costs; it’s about driving local capacity and positioning Nigeria as a leader in energy transition,” Oluwagbemi said.

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