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NNPCL ends fuel import Dec 2024, projects N4.5tn revenue

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NNPCL ends fuel import Dec 2024, projects N4.5tn revenue

The Nigerian National Petroleum Company Limited announced Thursday that it would stop importing refined petroleum products by December 2024 when all refineries would be operating.

The national oil business said it would grow its revenue to N4.5tn by 2023 and rehabilitate the Port Harcourt Refining Company by December.

Mele Kyari, the Group Chief Officer of NNPCL, announced this when he led business officials to a meeting with House Speaker Tajudeen Abbas, who urged for the privatization of Nigeria’s refineries.

Also, oil marketers, on Thursday, reaffirmed the readiness of the Port Harcourt refinery, as they claimed that its activities, which might commence in January 2024, will contribute to a huge decline in the pricing of refined petroleum products.

 

Kyari said at the Abuja summit that Nigeria would stop importing refined petroleum products in 2024 and become a net exporter.

He also explained Port Harcourt, Warri, and Kaduna refinery openings.

The CEO claimed all refineries would be operational and the country would become a net exporter of petroleum products by 2024.

 

Petrol subsidy

 

He blamed the fuel subsidy for dormant refineries in Nigeria throughout the years, adding that its elimination was already drawing private investment.

Kyari said, “I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery; early in the first quarter of 2024, we will start the Warri refinery; and by the end of 2024, the Kaduna refinery will

We promise this today, and you can hold us accountable. Many projects, including refinery restoration, small-scale refineries, and the Dangote plant, will make Nigeria a net petroleum exporter in 2024.

We won’t talk about gasoline importation after 2024. I believe this will crystallize, he said.

Since NNPCL currently returns value to shareholders in conformity with the Petroleum Industry Act, Kyari promised N4.5tn in government income by 2023.

After NNPCL stopped oil swaps, Nigeria spent N843bn per month on petrol imports, according to October report.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority reported in July that between June 1 and June 28, 2023, the post-deregulation period, the country consumed 1.36 billion litres of petrol, with an average daily consumption of 48.43 million.

Petrol from NNPCL, the sole importer, costs roughly N580/litre ex-depot.

On Thursday, the NNPCL and oil marketers announced that the Port Harcourt refinery would begin manufacturing refined petroleum products in January 2024, reducing this massive oil import fund.

Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria, informed one of our journalists that he visited the factory to see for himself and found it ready.

The Federal Government declared in August that the Port Harcourt refinery would be rehabilitated by December 2023.

On Thursday, NNPCL Chief Corporate Communications Officer Olufemi Soneye said, “Scheduled for the end of December 2023, the Port Harcourt refinery project is proceeding as planned without any issues. No change in delivery date. The work continues.”

 

PETRON president

 

The PETROAN president said the Port Harcourt refinery would start operations based on oil union findings.

Gillis-Harry remarked, “I can confirm that the refinery is getting set for production. I’ve been there and will again Friday morning. I want to stand near one active location and take a photo of it to give to you.

“The Port Harcourt refinery is on track. I am working on a committee that is reviewing these topics. I won’t name the committee because it’s a covert mission. I guarantee you they are set.

There are several options, and they can easily set it up and pump. They should be ready to make and distribute by January, and if you contact me in the morning, I’ll be at the refinery and play you a video to explain.

Gillis-Harry said PMS prices will decline when the Port Harcourt refinery starts.

“It is simple—PMS cost will be reduced by importation, port rate, and shipping costs. Load products and transport them across Nigeria from here.

“All we need to do is distribute production fairly. Thus, the refinery will save the federal government forex once it begins production.

Chief John Kekeocha, National Secretary of the Independent Petroleum Marketers Association of Nigeria, asked the NNPCL to start the Port Harcourt refinery on time.

“The refinery will help increase fuel supply by addressing Nigeria’s fuel shortage and high cost. After opening in December or January, it will increase supply in price and quantity.

That’s fine if they can. They may then switch to Warri and Port Harcourt refineries. This will help and we don’t want excuses. They must strive hard to reach this aim because it will have a huge economic impact.

Kekeocha said that crude oil was a major component in the creation of refined petroleum products, therefore its price would still affect refinery products.

Since we practice deregulation, when the Port Harcourt refinery starts producing, the refined products will be cheaper if crude oil declines, but if it rises, they would cost more.

This is because crude oil refiners will acquire the product at international prices. Only if we practice subsidizing will it not effect us.

 

Privatize refineries today

 

The Speaker of the House of Representatives urged for oil refinery privatization at the meeting with NNPCL officials to address the oil sector’s chronic crisis.

Abbas called the refineries disgraceful and noted that NNPCL workers had been paid, promoted, and cared for for decades despite working less than a month.

He stated, “These refineries need multi-dimensional uses. If crude oil is gone, what else can keep workers busy so they may earn what they deserve? I need you and your management to figure out how to reverse these decades of losses.

Privatizing these refineries is one way. We’ve spent so much money and time convincing ourselves that the government can operate some enterprises.

“In refineries, we now know that some NNPCL sectors

Our refineries are private-sector businesses.

As soon as the Dangote refinery gets on board, competition will expose refineries’ inefficiencies.

I want you to make privatizing our refineries a priority so they can operate. Soon, they can compete with new refineries, he said.

Abbas said the NNPCL is vital to Nigeria’s economic growth and that the house will help it flourish.

He said the House is concerned about increasing oil theft, which is depleting income, impacting FX availability, and causing inflation.

The Speaker said the House had established a special oil theft committee to work with partners to combat oil theft.

‘Police need N245bn to address patrol vans shortage’

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‘Police need N245bn to address patrol vans shortage’

The Inspector General of Police, Kayode Egbetokun, says each of the 1,537 divisional police headquarters requires four patrol vehicles.

In a Tuesday House of Representatives appearance, the IG cited limited funding and manpower as Nigeria Police Force issues.

“The police also operate in a very difficult environment,” Egbetokun remarked. Today’s police force is understaffed. Even thieves know. Nigeria cannot achieve the UN ratio of 1 to 400. Since Nigeria’s ratio is one to 1,000, we need double the manpower.

Our 1,537 police divisional headquarters serve 774 local governments. Divisions have trouble procuring operating vehicles. Each division needs four operable patrol vehicles. Today, some divisions lack patrol cars.

 

The police would need 6,148 vehicles to give each of 1,537 police divisional headquarters four patrol vehicles.

A new Toyota Hilux V6 costs at least N40m.

Phone chats with our journalist revealed the pricing from several auto dealers who preferred anonymity.

To buy 6,148 automobiles at N40m, the police need N245,920,000,000.

In his National Assembly speech, the IG emphasized police financing.

The agency cannot function with limited resources. The last five months have seen many arrests. Many unlawful weapons have been recovered. Current prosecutions are involving some of these suspects. We cannot fix our security issue with arrests alone. He said 100 criminals were arrested today and 200 tomorrow.

Former Deputy Inspector General of Police Adedayo Adeoye advised President Bola Tinubu to declare a state of emergency for at least six months to end insecurity in an interview with The PUNCH on Tuesday.

To strengthen the NPF, the retired police chief encouraged the federal government to fund it and remove police officers from VIP escort duty.

“The IGP was right about funding and manpower, and I commend him for withdrawing police officers from VIP duties,” Adeoye stated. If successful, NPF manpower will improve.

Although I don’t know about other security services, the police don’t get half of the NPF’s budget. Due to this, police stations cannot afford to fuel patrol vehicles and other necessities. Police require funding. Combating insecurity requires more advanced weapons and intelligence-gathering equipment from security services.

Appeals Court ‘Typo error’ on judgment CTC ‘outrageously scandalous’ – Govt of Kano

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Appeals Court ‘Typo error’ on judgment CTC ‘outrageously scandalous’ – Govt of Kano

Haruna Dederi, the Commissioner for Justice in Kano State, has termed the claim regarding the inaccuracy on the Certified True Copy (CTC) of its verdict on the state’s governorship election as “outrageously scandalous.”
It was previously reported that the court fired state Governor Abba Yusuf and deemed Nasiru Gawuna of the All Progressives Congress (APC) the winner of the March election.

However, a CTC of the verdict released on Tuesday confirmed Yusuf’s success.

While the court addressed the situation, stating that it was a typing error, Kano State Justice Commissioner Haruna Dederi stated that such a development is “scandalous.”

“What is a typographical error?” he questioned on Channels TV. Does it have an impact on only one word? Does it have an effect on two words? Does it have an effect on three words? How can a typo influence entire paragraphs? As I already stated, this cannot be accepted by any discernible thinking.

“This is outrageously scandalous, and it cannot be accepted.” We are dissatisfied.”

The Commissioner, who stated that the debate surrounding the verdict “has now been shifted to the Supreme Court,” expects that “it would be resolved there.”

Despite the clarification from the Appeal Court, he maintained that the current copy of the CTC is “the only version we have as the Court of Appeal’s judgment.”

“There is no corrected version,” he says, adding that the CTC’s accusations of typos are “untenable.” It cannot be accepted.”

Governor Yusuf and the New Nigeria Peoples Party (NNPP) have gone to the Supreme Court to appeal the ruling and seek justice.

Nasarawa guber: Heavy security, tension as Appeal Court sets for judgment

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Nasarawa guber: Heavy security, tension as Appeal Court sets for judgment

 

Heavy security has been woven around the premises of the Court of Appeal in Abuja as the Court is set to deliver a make or mar judgment in the Nasarawa State Governorship election legal battle.

All roads leading to the Appellate Court have been cordoned off by heavily armed security personnel from the Nigeria Police, Department of State Services, DSS, and the Civil Defense Corps.

Both private and commercial vehicles who used to ply the Federal Secretariat roads to various destinations have been diverted to other routes with officials of the Federal Road Safety Corps, FRSC, having a hectic battle to control the heavy traffic occasioned by the road blockade.

The security measures, DAILY POST gathered, were put in place by the management of the court to ward off possible breakdown of law after the judgment.

As of the time of this report, both staff of the court, lawyers, litigants and newsmen are being thoroughly frisked at the main gate before being allowed into the court premises.

Although several journalists were accredited for coverage of the judgment, only five of them are being allowed into the court room due to what an official of the court blamed on lack of enough seats and crowd control.

Our correspondent observed that only a few accredited political party officials and their sympathizers who had arrived the court as early as 8 am were permitted into the court premises, while several others were restricted to far distance by armed mobile policemen.

The fierce legal battle is between the incumbent governor of the state, Abdullahi Sule of the All Progressives Congress, APC, and his opponent, David Ombugadu of the Peoples Democratic Party, PDP.

It will be recalled that the Nasarawa State Governorship Election Petition Tribunal had in a majority decision of two to one annulled the election of governor Sule on account of not scoring majority of lawful votes cast during the March 18 gubernatorial election.

The Tribunal declared Ombugadu, a former member of the House of Representatives as the lawful winner of the election.

Meanwhile, the justices are being awaited for the delivery of the judgment.

Modular Refineries Fastest Way to Solve Nigeria’s Energy Problem- Minister

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Modular Refineries Fastest Way to Solve Nigeria’s Energy Problem- Minister

Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has stated that the modular approach is the quickest way to address Nigeria’s energy challenges, while the major refineries are being completely renovated.

Just recently, he praised the Waltersmith Group and the Nigerian Content Development and Monitoring Board (NCDMB) for their contributions to the Federal Government’s goal of increasing domestic refining capacity.

The minister expressed his gratitude to the company and the NCDMB for seizing the bull by the horns and starting local crude refining, thereby meeting a portion of the local need.
Lokpobiri made the remarks on Tuesday during a facility tour of Waltersmith Petroman Oil Limited in Ibigwe, Ohaji-Egbema Local Government Area of Imo State, according to a statement issued by NCDMB Corporate Communications on Wednesday evening.

“The quickest way to fix our energy challenge in the country should be through modular refineries, while we await the total rehabilitation of the big refineries” , he told reporters.
He stated that since its commissioning in 2020, the 5,000-barrel per stream day Waltersmith Petroman has been a consistent supply of diesel, kerosene, naphta, and premium fuel oil to the local market, demonstrating how useful such smaller processing plants may be.

Lokpobiri praised the NCDMB for investing in Waltersmith Refinery, allowing the modular refinery to be completed rapidly.
While praising Waltersmith Group, he urged enterprises granted modular refinery and marginal field licenses to follow Waltersmith’s lead and make careful investments.
“If you have a marginal field, an allocation, it is a piece of paper given to you; it doesn’t add value to you or to Nigeria unless you take it to the next level by making the necessary investment and then adding the value that is expected,” he remarked.

“What I am seeing is that out of the numerous marginal fields that were allocated, only Waltersmith and a few of them have been successfully driven,” he said, recalling his warning at the recent Nigeria Economic Summit Group (NESG) event in Abuja that marginal field allocations without the necessary investments risk being cancelled.
The minister explained the importance of such a course of action, saying, “It is important that we make this point so that we can retrieve some of those fields to the basket,” in order to reallocate such assets to those who are capable and willing to develop and exploit them for the benefit of the industry and the nation.

He announced that he had secured presidential authority to undertake a new round of bidding, which would take place soon, pledging that “marginal fields would (henceforth) be prioritized in terms of their location to those who have modular refineries, so that they will be able to produce.”

While recognizing Waltersmith’s amazing success story, whose management had announced plans for additional development, Lokpobiri stated, “I can assure you that this Government will do whatever we can to support you so that you can continue to grow.”

Similarly, he thanked the NCDMB, whose direct involvement in the form of equity participation considerably aided the refinery’s take-off and operations.

Read Also: Ogun Customs seizes N398m in contraband, earns N30m

In his remarks, NCDMB Executive Secretary Simbi Wabote stated that the board’s decision to participate as an equity holder in Waltersmith was influenced by the company’s strong sense of mission and impressive organizational structure.
According to him, NCDMB had no issue in partnering with Waltersmith “given the very clear corporate governance that is required and exists within the company,” and that “part of our mandate is to enhance development and we see ourselves as catalysts for the industrialisation of Nigeria.”
“At NCDMB, we are proud of what we have achieved here (at Waltersmith),” he told reporters.

Mr Abdulrasaq Isa, President and Group Chief Executive Officer of Waltersmith Petroman Oil Limited, stated that the company’s expansion plans include increasing the processing plant’s capacity from 5,000 to 40,000 barrels per stream day and producing two million tonnes of petroleum products per year.

Since its commissioning in 2020, the refinery has provided a total of 600 million liters of petroleum products to the Nigerian market.

NYSC deploys 1,689 corps members to Bauchi

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NYSC deploys 1,689 corps members to Bauchi

NYSC has sent 1,689 corps members to Bauchi State for the 2023 Batch ‘C’ stream II orientation exercise.

On Thursday in Bauchi, state scheme coordinator Mrs. Rifkatu Yakubu.

She said the corps members’ orientation will start on Nov. 24 and culminate on Dec. 14 at the NYSC Permanent Orientation Camp in Wailo, Ganjuwa LGA.

She said prospective corps members may only join the program after certification.

The NYSC Coordinator stated this was part of security to prevent corps members from being impersonated.

Prospective corps members have registration deadlines and must follow camp rules.

Defaulters will be punished per NYSC bylaws, Yakubu stated.

The scheme discouraged late-night travel, therefore she advised potential corps members to avoid it.

She cautioned them to be punctual, diligent, and follow the camp’s dress code, saying NYSC dressing code violations would not be condoned.

Ogun Customs seizes N398m in contraband, earns N30m

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Ogun Customs seizes N398m in contraband, earns N30m

October saw the Nigeria Customs Service, Ogun 1 Area Command, confiscate 122 illicit products worth N398m.

Baggage assessment and fuel product auctions brought in N30m for the command.

N24,921,200.00 is over 400% higher than N5,487,076 revenue from the same period previous year.

The Acting Customs Area Controller, Ogun Area 1 Command, Deputy Comptroller Amadu Shuaibu, announced this on Wednesday at a briefing in Idiroko.

 

Shuaibu seized 122 articles, including 901 packets of Cannabis Sativa (marijuana) and 500 pieces of foreign-used pneumatic tires (Tokunbo).

These include 23 cars used to transport illegal items, five foreign used Tokunbo, and 4,684 50kg bags of foreign parboiled rice, equivalent to eight trailer loads.

Shuaibu added, “From October 1 to 31, 2023, the command generated N30,408,276.00 through baggage assessment and auction sales of seized petroleum products.

“Compared to N5,487,076.00 collected in 2022, there is a 24,921,200.00 increase, or over 400%. Our dedication to trade facilitation and stakeholder involvement allows us to achieve this.

Our resolve to remain resolute in the anti-smuggling fight has allowed the command to seize 122 items, including 901 parcels of cannabis sativa, also known as Marijuana or Indian hemp; 500 pieces of foreign-used Pneumatic Tyres, or Tokunbo tyres; 23 units of vehicles used to transport prohibited goods and 5 foreign-used Tokunbo vehicles; and 4,684 bags of foreign parboiled rice in 50kg each.

“We are pleased to inform you that the command recorded N398,470,687.00 in Duty Paid Value of seizures during the period under review. Encouraging working conditions set by Comptroller General of Customs Adewale Adeniyi and his management team contributed to our success.

We recently received eight CGC-provided Toyota Land Cruiser trucks to improve our anti-smuggling efforts. The strategic deployment of our gallant Officers and Men, intelligence, sister agency collaboration, and other essential stakeholders also contributed to our success.

Shuaibu stated that the command’s continual seizure of Cannabis Sativa, foreign-used pneumatic tyres, and other dangerous products shows its tenacity in protecting the teeming youth from narcotics that could endanger their lives.

Shuaibu added that these accomplishments demonstrate Nigeria Customs’ dedication to economic growth and national security.

2Baba, Goya Menor, Magnito, Terry G, others storm Otukpo for Creed Nightlife grand opening

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2Baba, Goya Menor, Magnito, Terry G, others storm Otukpo for Creed Nightlife grand opening

The city of Otukpo is set to come alive with the grand opening of Creed Nightlife, a revolutionary nightclub promising a fusion of glamour, rhythm and top-tier performances.

Interestingly, The Creed is not not only a nightclub, it also has a restaurant and a sports lounge, fitted with karaoke facilities.

Scheduled for Saturday 25 and Sunday, November 26, 2023, at 7 pm, at 18 Fairwinds Avenue, GRA Otukpo, the event is anticipated to redefine the nightlife landscape in Benue State, North Central and Nigeria as a whole.

Creed Nightlife births as a beacon of sophistication, featuring cutting-edge design, state-of-the-art sound, and lighting systems.

The venue is a visual spectacle with chic interiors, creating an ambiance that seamlessly blends opulence and modernity, setting the stage for an unparalleled nightlife experience.

The highlight of the grand opening will be the star-studded lineup of Nigeria’s foremost entertainers.

The stage will be graced by iconic figures such as 2baba Idibia, Goya Menor, Maginito, Terry G, Berri Tiga, Odd Woods, DJ YK Mule, Mark Owi, Nedu of Wazobia, and Meraqie, among others.

Hosting the event with flair and humour is the charismatic MC Smart.

Creed Nightlife’s grand opening marks the commencement of a month-long festival series extending through December.

Attendees are invited to immerse themselves in the rhythm of the nation’s music elite, embracing a season of celebration enriched with panache, pomp, and pageantry.

Minister probes correctional service officers aiding terrorists

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Minister probes correctional service officers aiding terrorists

The Nigerian Correctional Service’s Controller-General, Haliru Nababa, has been instructed by Interior Minister Olubunmi Tunji-Ojo to look into the allegations made against workers.

Gen. Chris Musa, the Chief of Defence Staff, had charged certain correctional service employees of working with prisoners to support terrorist organizations.

“The problem with prisons and jails During our debriefing of some of the Boko Haram members who had been detained in the Northeast, they were able to provide us with information about how they could coordinate field operations from the prison. They transfer money between each other.

Read Also: EFCC charges Lateef Babatunde, Olanipekun Joseph, Oyetunde Ibrahim with allegation of diversion of N97m cocoa beans.

Some of the warders there are used by them. We’re not claiming that they’re all corrupt. They utilize their accounts, and as per the agreement, whoever uses an account gets to split it 50/50. Those are the difficulties, Musa had stated on Tuesday during his appearance before the House of Representatives.

 

But the minister denounced the staff members’ disloyal behavior in a statement released on Thursday by his Special Advisor on Media and Publicity, Alao Babatunde.

According to the statement, “The minister has called for a speedy investigation into the matter, noting that any officer found to be responsible or complicit in undermining the security of the country, including the Nigerian Correctional Facility, shall face the full wrath of the law.”

“The minister also wants to let the public know that efforts are being made to change the correctional system to conform to international norms so that prisoners can receive true rehabilitation in accordance with President Bola Tinubu’s Renewed Hope Agenda.

“The days of just talking things out are passed. Any officer who breaches policy will not be tolerated by the Renewed Hope government. Protecting the state’s interest comes before protecting anyone else’s.

EFCC charges Lateef Babatunde, Olanipekun Joseph, Oyetunde Ibrahim with allegation of diversion of N97m cocoa beans.

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EFCC charges Lateef Babatunde, Olanipekun Joseph, Oyetunde Ibrahim with allegation of diversion of N97m cocoa beans.

Judge Adebukola Olajide of the Federal High Court in Ibadan, Oyo State, has arraigned Lateef Babatunde, Olanipekun Joseph, and Oyetunde Ibrahim on behalf of the Ibadan Zonal Command of the Economic and Financial Crimes Commission.

The accused were charged on Tuesday, November 21, 2023, on three counts related to conspiracy and diversion of 33.360 metric tons of cocoa beans valued at N97 million, according to a statement from the antigraft agency’s Head of Media and Publicity, Dele Oyewale.

“That you, Lateef Babatunde, Oyetunde Ibrahim, Wahab Adisa (at large), Razaq Babatunde (at large), Ayobami Bello (at large), Ibrahim Fatai (at large), and Oladimeji Olaitan (at large) on or about the 21st of December, 2022 at Ibadan, within the jurisdiction of this court, conspired to fraudulently convert 33.360 metric tons of cocoa beans valued at N97 million belonging to Olam Nigeria Limited, thereby committing a felony of conspiracy to commit stealing by conversion in violation of Section 516 of the Criminal Code, Cap 38, Laws of Oyo State, 2000.”

In accordance with Section 427 of the Criminal Code Law of Oyo State 2000, “that you, Olanipekun Joseph on or about the 24th of December 2022 at Ibadan, within the jurisdiction of this court, received 33.360 metric tons of stolen cocoa beans valued at N97m belonging to Olam Nigeria Limited,” is the charge that follows.

 

After reading the charges, the defendants entered a “not guilty” plea.

Prosecution attorney Damilare Odemuyiwa requested a trial date from the court in light of the pleas.

Additionally, he asked the court to remand the accused to a detention facility while they await trial.

Nonetheless, Alabi Ogor, the defendants’ attorney, told the court of his bail request that was submitted to the court.

Judge Olajide gave two sureties the same amount each, in addition to the defendants’ N10 million bail.

He also gave the order to keep the defendants in the EFCC’s custody till their bail requirements were met.

The matter was postponed until February 19, 2024, when the trial was to begin.

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