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NNPC resumes Oil Exploration in Nasarawa – Baru

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…As Nigeria saves N216bn from rice importation – BOA***

In fulfillment of a Presidential mandate, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, announced on Thursday that oil search would soon begin in the nation’s inland basins.

Baru made the revelation in a statement issued by the NNPC Group Public Affairs Manager,  Mr Ndu Ughamadu, in Abuja, pointing out that the  Presidential mandate directed NNPC to resume oil exploration activities in some of the nation’s inland basins, particularly the Chad Basin and the Benue Trough.

He also said the Presidential mandate was driven by the urgent need for the nation to increase its Oil and Gas Reserves, to improve revenue streams and create more business and employment opportunities for Nigerians.

Baru who also said the move was in line with NNPC’s corporate vision of 12 Business Focus Areas (12 BUFA), added further that the NNPC team was now in Nasarawa State to sensitise the government and people of the state to the mission.

”I am therefore happy to be personally here to kick-start the beginning of a high-profile stakeholder engagement towards oil exploration in the Nasarawa State’s part of the Benue Trough,” he said.

Baru assured that as a responsible corporate organization, NNPC through its Frontier Exploration Services (FES), would do everything possible to operate peacefully among the people and with much respect to the environment.

”Already, the Corporation’s Frontier Exploration Services (FES) had mobilised the Integrated Data Services Ltd (IDSL), an Upstream arm of the NNPC, to acquire seismic data in the Benue Trough commencing from the Keana area.

”I am convinced that the success of the results from IDSL’s seismic data acquisition will lead to the drilling of exploration wells in the area.

”This, hopefully, would launch Nasarawa state into the league of oil producing states in the country,” Baru said.

He assured that Nasarawa State indigenes would enjoy more products availability once the Corporation rehabilitated the Makurdi Depot pipeline feeding Nasarawa and Benue States with products.

“We have resuscitated Mosimi, Ibadan, Kano and Aba depots.

”Once we are done with Aba-Enugu line, we are heading towards Makurdi Depot,” Baru concluded.

In the meantime, Nigeria has saved over N216 billion from the importation of rice alone from Thailand and other countries, since the nation’s domestic mass production flooded the markets under the Anchor Borrowers’ Programme (ABP).

Prince Niyi Akenzua, the Executive Director, Risk Management and Finance, Bank of Agriculture disclosed on Thursday in Ibadan when he visited Gov. Abiola Ajimobi of Oyo State.

The News Agency of Nigeria(NAN) reports that Akenzua had led some other officials of the bank on the visit to the state.

He said that the figure represented a fraction of a staggering $22 billion (N7.92trillion) spent on importation of foods into the country annually prior to the advent of President Muhammadu Buhari’s administration.

Akenzua said it was worthy of commendation that the country had committed itself to diversifying from oil economy, with emphasis on revitalisation of agriculture.

He said he had embarked on advocacy visit around the country to enlist the support and involvement of state governments in ABP, which freed the country from reliance on importation of rice.

“We enjoin Oyo State to participate in the ABP as we have remodelled the programme to expand the scope of beneficiaries.

“The pilot scheme was so successful that $600m was saved from rice importation due to massive rice production in the country.

“One or two rice millers in Thailand have closed down because Nigeria, which has always been their major importer, has stopped importing their rice.

“We used to spend $22 billion importing food into Nigeria and with our consciousness that every square meter in the country is arable land.

“We felt that it was not sustainable. Of course, the crash in crude oil price has forced us back to agriculture,’’ he said.

Akenzua said that the state could choose a particular crop to produce under the programme, with a promise to co-fund or fund the production of such crop.

Ajimobi in his remarks commended the Minister of Agriculture and Rural Development, Chief Audu Ogbeh for the positive changes he had brought into the agriculture sector since he assumed duties at the ministry.

The governor stated that the fundamental problem besetting the country was attitudinal, stressing that the country was not bereft of knowledge, policies and programmes capable of enhancing its economy.

Ajimobi said that the state was supposed to be the food basket of the nation, if past leaders had seen agriculture as a major solution to unemployment, hunger and economic driver.

According to him, the state is in good stead to be a major agric hub, judging by the concentration of reputable research institutions in the state and its vast arable land.
“The state is also strategically located between Lagos, the commercial nerve centre of the country and the North among other comparative advantages.’’

He advised the new management of BOA to do all that is humanly possible to sustain the momentum in its renewed drive to revitalise the agriculture sector.
“You need to change the attitude of our people so they will know that there is money in agriculture.
“We are in this sorry state today because of bureaucracy and lack of sustenance of past agric policies. What has happened to Operation Feed the Nation?
“Don’t just talk the talk, walk the talk. In the past, some people will just give loans to themselves, which they knew they would not recover and this had crippled the bank.’’

The governor stated that the state was ready to take advantage of all opportunities available in agriculture to promote the standard of living of its people.

The governor promised to lead by example by also venturing into commercial agriculture, urging the BOA team to advise him on how he could go about obtaining a loan for the purpose.

Economy

Import Licence: NNPCL Asks Court To Strike Out Dangote Refinery’s Suit 

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Import Licence: NNPCL Asks Court To Strike Out Dangote Refinery’s Suit

The Nigeria National Petroleum Corporation Limited (NNPCL) has asked a Federal High Court in Abuja to strike out a suit filed by Dangote Petroleum Refinery and Petrochemicals FZE, describing it as “incompetent.”

The NNPCL, in a notice of preliminary objection filed by its team of lawyers led by Kehinde Ogunwumiju, SAN, before Justice Inyang Ekwo, argued that the suit was premature.

The application, marked: FHC/ABJ/CS/1324/2024 dated and filed on Nov. 15, was sighted on Wednesday.

NNPCL seeks two orders, which include an order of the honourable court striking out the suit for lack of jurisdiction and alternatively, an order striking out the name of the 2nd defendant (NNPCL) from the suit.

Giving a six-ground argument, the corporation argued that Dangote Refinery lacked locus standi to institute the suit.

“The plaintiff’s suit is premature. The plaintiff’s suit discloses no cause of action. The 2nd defendant is not a competent party. The plaintiff’s suit is incompetent. This honourable court lacks the jurisdiction to hear this suit,” the NNPCL said.

In the affidavit in support of the application deposed to by Isiaka Popoola, a clerk in the law firm of Afe Babalola & Co, counsel to the NNPCL, he said one of their lawyers, Esther Longe who perused Dangote’s originating summons, affidavit and written address told him that an examination of the processes showed that NNPC sued by the refinery was a non-existent entity.

Popoola averred that the court lacked jurisdiction over the 2nd defendant sued as NNPC.

“This 2nd defendant in this suit as consistently seen on the face of the plaintiff’s originating summons, the affidavit in support and the written address as “Nigeria National Petroleum Corporation Limited (NNPC)”

“A simple search on the CAC website shows that there is no entity called “Nigeria National Petroleum Corporation Limited (NNPC).”

 “The printout of the said search is hereby attached and marked as Exhibit A,” he said.

According to Popoola, the 2nd defendant/objector is not the same as the 2nd defendant sued by the plaintiff.

“The registered name of the 2nd defendant/objector is Nigerian National Petroleum Company Limited and this is the only name it can be sued by,” he added.

He said the NNPCL as sued by the refinery in the instant suit, is not a competent party or a juristic person.

Popoola, who averred that the suit was incompetent and ought to be struck out, prayed the court to grant their application in the interest of justice.

It had been earlier reported that three oil marketers had also prayed the court to dismiss the suit.

The oil marketers, in a joint counter affidavit marked: FHC/ABJ/CS/1324/2024 filed on Nov. 5 in response to Dangote Refinery’s originating summons, told Justice Ekwo that granting that application would spell doom for the country’s oil sector.

According to them, the plan to monopolise the oil sector is a recipe for disaster in the country.

The three marketers; AYM Shafa Limited, A. A. Rano Limited and Matrix Petroleum Services Limited, in their response, said the plaintiff did not produce adequate petroleum products for the daily consumption of Nigerians.

Besides, they argued that there was nothing placed before the court to prove the contrary.

Dangote Refinery had sued Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigeria National Petroleum Corporation Limited (NNPCL) as 1st and 2nd defendants.

Also listed as 3rd to 7th defendants respectively in the originating summons dated Sept. 6 are AYM Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited.

It prayed the court to nullify import licences issued by NMDPRA to the NNPCL and five other companies to import refined petroleum products.

The company also prayed the court to declare that NMDPRA violated Sections 317(8) and (9) of the Petroleum Industry Act (PIA) by issuing licenses for the importation of petroleum products.

It stated that such licenses should only be issued in circumstances where there is a petroleum product shortfall.

It also urged the court to declare that NMDPRA violates its statutory responsibilities under the PIA for not encouraging local refineries such as the company.

The company equally sought N100 billion in damages against NMDPRA for allegedly continuing to issue import licences to NNPCL and the five companies for importing petroleum products.

These it said are Automotive Gas Oil (AGO) and Jet Fuel (aviation turbine fuel) in Nigeria, “despite the production of AGO and Jet-A1 that exceeds the current daily consumption of petroleum products in Nigeria by the Dangote Refinery.”

Justice Ekwo had fixed Jan. 20, 2025, for the report of settlement or service.

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Economy

PETROL: ‘Be Wary Of Substandard Product Dumping’, Dangote Refinery Tells Nigerians

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PETROL: 'Be Wary Of Substandard Product Dumping', Dangote Refinery Tells Nigerians

…Says citizens’ health and vehicle longevity are seriously at risk!

The Dangote Refinery on Sunday warned that Nigerians may soon begin to buy substandard petrol, without much concern for either the citizen’s health or the longevity of their vehicles, except care is taken to prevent low products dumping by those open to connive with certain international traders.

The Group’s image maker and spokesman, Anthony Chiejina gave the warning, saying the group was constrained to raise the alarm, despite its desire to refrain from engaging in any media fights.

“We have lately refrained from engaging in media fights but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations. 

“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices and we believe our prices are competitive relative to the price of imports”, Chiejina stated, stressing that the issue on ground was not about being able to land relatively cheaper petrol on ground, but the quality of such products.

“If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low-quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles. Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.

“Post deregulation, NNPC set the pace by selling PNS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.

“In good faith, and the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.

“At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, intending to use it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.

“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips to protect their domestic industries.

“While we continue with our determination to provide affordable, good quality, domestically refined petroleum products in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty”, the Group Chief Branding and Communications Officer further said.

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YULETIDE Decorations: LASG To Divert Traffic At Ajose Adeogun

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YULETIDE Decorations,: LASG To Divert Traffic At Ajose Adeogun

The Lagos State Government will divert Traffic, away from a section of Ajose Adeogun Street in Victoria Island, for the mounting of end-of-the-year decoration, for a duration of three weekends starting from Saturday 19th October 2024.

The aforementioned exercise, according to Commissioner for Transportation, Oluwaseun Osiyemi,  will be carried out in three phases with each phase focusing on different sections of the street. 

To this end, the following alternative routes have been mapped out for motorists during the cause of the mounting; 

 During the First Phase which will cover Jubril Martins to Chicken Republic – (Saturday, 19th and Sunday, 20th October 2024)

Traffic inward Eko-Hotel Roundabout will be diverted to the other half (existing section) of Ajose Adeogun Street by VCP Hotel to form contra-flow traffic and exit at Eko-Hotel Roundabout to continue journeys.

Alternatively, Traffic inward to Eko-Hotel Roundabout from VCP Hotel will be diverted through Jubril Martins into Muri Okunola to link Patience Coker and access Ajose Adeogun Street to connect destinations.

During the Second Phase which will cover Molade Okoya Thomas to Mounis Bashorun section – (Saturday, 26th and Sunday, 27th October 2024). 

Traffic inward Ajose Adeogun Street from Eko-Hotel Roundabout will be diverted to a right turn into Molade Okoya Thomas to link Younis Bashorun to access Ajose Adeogun Street to continue journeys. 

During the Third phase of the project spanning 10 meters inward Ajose Adeogun (Saturday, 2nd November, 2024).

Motorists from Adetokunbo Ademola Street will maintain a lane movement for about 10 metres into Ajose Adeogun Street to connect their destinations, while Motorists inward Eko-Hotel Roundabout on Ajose Adeogun Street will maintain a lane movement for about 10 metres into Eko-Hotel Roundabout.

The Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi while imploring Motorists to note the ease of movement plan assured that the State’s Traffic Management Authority will be on ground to manage vehicular activities along the corridor to minimise inconveniences.

The Commissioner therefore advised Motorists to be patient, as the Partial closure is part of the traffic management plans for the commencement of End of Year Decoration of Ajose Adeogun Street, Victoria Island, Lagos, by Zenith Bank PLC.

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