Connect with us


BIG STORY

BREAKING: President Tinubu Orders NNPC To Sell Crude Oil To Dangote Refinery In Naira

Published

on

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has issued a directive to the Nigerian National Petroleum Company (NNPC) Limited to commence the sale of crude oil to Dangote Petroleum Refinery and other domestic refineries in Nigerian currency, the naira.

This directive was confirmed by Bayo Onanuga, the President’s Special Adviser on Media and Publicity, on Tuesday, stating that the Federal Executive Council (FEC) has approved the proposal.

“To ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, the Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira,” Onanuga said.

“Dangote Refinery at the moment requires 15 cargoes of crude, at a cost of $13.5 billion yearly. NNPC has committed to supply four.

“But the FEC has approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as pilot. The exchange rate will be fixed for the duration of this transaction.

Onanuga said the African Export-Import Bank (Afreximbank) and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC.

“The game changing intervention will eliminate the need for international letter of credit, further saving the country of dollar payments,” the spokesperson said.

The decision followed the dispute between Dangote refinery, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

On June 4, Aliko Dangote, the founder of Dangote Group, said some international oil companies (IOCs) were struggling to supply crude to his refinery.

Speaking on Arise TV on July 15, Gbenga Komolafe, chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) described the claim as “erroneous” as the Petroleum Industry Act (PIA) has provisions that guide willing buyer-willing seller transactions.

On July 17, the management of Dangote Industries Limited (DIL) insisted that IOCs are frustrating its request to purchase crude feedstock for the refinery.

Also, Farouk Ahmed, chief executive officer (CEO) of NMDPRA, on July 18, said local refineries, including the Dangote refinery, produce inferior products compared to the ones imported into the country.

Dangote denied the allegation by testing diesel from his refinery on July 20 when federal lawmakers visited the plant.

The billionaire also called for a probe into the allegations made by the NMDPRA.

On July 22, the lawmakers launched investigations into Ahmed’s claim.

They said allegations that the IOCs in Nigeria are frustrating the survival of the Dangote refinery will also be probed.

On the same day, Heineken Lokpobiri, minister of state petroleum resources (oil), held a meeting with Dangote, Ahmed, Gbenga Komolafe, CEO of NUPRC, and Mele Kyari, group CEO of NNPC, to resolve the dispute.

A day after, the house of representatives asked the federal government to suspend Ahmed over “unguarded comments”.

BIG STORY

JUST IN: UAE Bans Transit Visas, Imposes Stricter Entry Rules For Nigerians

Published

on

The United Arab Emirates has implemented more stringent entry requirements for Nigerian travellers and has fully stopped accepting transit visa applications.

This was confirmed by travel agents on Tuesday.

As stated in the latest directives from Dubai immigration, Nigerians between the ages of 18 and 45 are now ineligible for tourist visas unless accompanied.

Applicants who are 45 years old or older must provide a personal six-month bank statement showing a minimum ending balance of $10,000 (or the equivalent in naira) each month.

Travel agents noted that this policy is expected to significantly decrease the number of Nigerians travelling to Dubai, a major hub for tourism and business.

The notification stated, “For Nigerian nationals, please bear in mind that an applicant aged 18 to 45 years travelling alone is not eligible for the TOURIST VISA CATEGORY.

“An applicant who is 45 years or above must provide a Single Nigerian personal bank statement for a period of the last six months, with each month’s end balance reflecting a minimum ending balance of USD 10,000 or its naira equivalent.

“Kindly note that the above points must be taken into consideration before sending your applications with other existing documents such as hotel reservation, data page, etc.”

Continue Reading

BIG STORY

Dangote Refinery To End Crude Imports By December — Bloomberg Report

Published

on

The Dangote Petroleum Refinery plans to stop importing crude oil by December 2025, aiming to replace hundreds of thousands of barrels per day of imported crude with domestic supply.

A Bloomberg report quoted Devakumar Edwin, Vice President at Dangote Industries, who oversees the 650,000-barrel-per-day facility in Lagos, saying that contracts with foreign crude suppliers will expire, allowing the refinery to shift to sourcing feedstock locally.

Edwin stated that the refinery had previously imported crude from Brazil, Angola, Ghana, and Equatorial Guinea. However, he explained that “improved relations between the refinery, local oil traders and the government will result in a steady supply of Nigerian crude.”

The report noted that in June, the plant received about half of its crude from local producers, who will be able to supply more as their foreign commitments wind down.

Edwin said, “We expect some of the long-term contracts will expire. Personally, and as a company, we expect that before the end of the year, we can transition 100 per cent to local crude.”

Data compiled by Bloomberg revealed that in June, the refinery sourced 53 per cent of its crude from domestic producers and 47 per cent from the United States.

Edwin added that the plant is currently processing 550,000 barrels of crude per day.

According to cargo allocations seen by Bloomberg News, Dangote was scheduled to receive five cargoes from the Nigerian National Petroleum Company Limited in July, with the same amount set for August. Each cargo contains nearly one million barrels of crude.

Aliko Dangote constructed the $20 billion refinery to end the export of Nigerian crude for refining abroad and the subsequent importation of refined products.

The gradual ramp-up of the refinery has already enabled Nigeria to become a net exporter of petroleum products, despite initial challenges in securing adequate domestic crude to reach its full capacity of 650,000 barrels per day. This led to the refinery relying heavily on foreign crude.

Dangote recently stated that despite a naira-for-crude deal, the refinery had been largely dependent on crude from the United States.

The refinery expects a notable increase in local crude supply over the coming months.

Continue Reading

BIG STORY

LG Polls: Speaker Obasa Charges Lagos West APC Candidates To Intensify Campaigns, Assures Of The Assembly’s Support

Published

on

  • As Lagos Railway Corporation and Ibile Energy Corporation bills scale second reading

 

Ahead of the local government elections holding Saturday, July 12, across the state, Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa met with candidates of the All Progressives Congress (APC), from the Lagos State West Senatorial District at the assembly complex on Tuesday, charging them to knock on all doors and campaign vigorously until the very last day to ensure victory at the polls.

As a show of support, Speaker Obasa contributed generously to the candidates’ campaign purses and assured them of the Assembly’s unstinting support before and after the elections.

At the meeting, which was attended by all the APC chairmen, vice-chairmen, and councillorship candidates, Speaker Obasa urged the candidates not to rest on the party’s laurels but to maintain momentum and outreach efforts until the very last day of campaigning. “Engage with everyone in the community, regardless of their ethnic background or religion,” he implored, while harping on the necessity for candidates to actively supervise those assigned to manage their campaigns.

The Speaker also admonished the candidates to adopt a mindset centred on service to the people when they assume office, adding, “Your focus should be on serving your constituents with integrity and commitment, and you must have respect for democratic institutions and practices.”

Further, he proudly noted that Lagos remains unique among states in the country, as it grants local government chairmen a four-year tenure per term, allowing for more sustained governance and grassroots development.

The meeting concluded with a palpable sense of urgency and resolve among the APC candidates, as they prepare to take their campaigns to the grassroots, embodying the spirit of service and dedication imparted by Speaker Obasa.

Meanwhile, the Lagos State Railway Corporation bill and the IBILE Energy Corporation Bill have scaled the second reading.

According to the Majority Leader, Hon. Noheem Babatunde Adams, who spoke during plenary later on Tuesday, the proposed ‘bill for a Law to establish the Lagos State Railway Corporation to improve Railway Transportation in Lagos State and for connected purposes’, seeks to provide efficient and reliable transportation services, and establish a Governing Board tasked with overseeing the corporation’s operations.

Hon. Adams, the member representing Eti Osa Constituency 1, said, “With South Africa leading in Africa with a 20,926 km railway network and Nigeria currently at 3,798 km, Lagos, as Africa’s second-largest city economy after Cairo, must take the lead in innovative rail transport solutions.” He added that the bill will set up a standard railway corporation comparable to any across the globe.

Similarly, the House also read for the second time, ‘A bill for a Law to establish the IBILE Energy Corporation’, which Hon. Sobur Oluwa, chairman of the House Committee on Energy and Mineral Resources, described as a transformative one for the state’s energy landscape.
“If passed into Law, the corporation will attract innovation, investment, and reshape the energy sector of the State,” he said.

In his remarks, Speaker Obasa commended the essence of the bills and noted that when eventually passed into law, they will mark a significant advancement in the assembly’s efforts to modernize infrastructure and strengthen the state’s economy. He, thereafter, committed the two bills to the committees on Transportation and Energy and Mineral Resources with a mandate to submit their reports at the earliest possible time.

Continue Reading



 

Join Us On Facebook

Most Popular