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BUSINESS: Dangote Refinery Moves Petrol Production From June To Mid July, Cites “Slight Delay”

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Africa’s largest oil refinery, Dangote Refinery, has moved the date of production of premium motor spirit (PMS), popularly known as petrol, from June to the middle of July.

The President and CEO of the refinery, Aliko Dangote, made the new production date known to newsmen at the $20 billion facility in Lagos on Monday.

Dangote mentioned that the change in date was due to a slight delay, prompting the shift from the originally proposed June to mid-July.

The CEO said the refinery will commence production of petrol between 10 and 15 of July, while supply to local marketers will commence from the third week of the same month.

“We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in tank to make sure that it settles. So by third week of July, we’ll be able coming out to take it into the market,” Dangote said.

Earlier reports had it that the Dangote refinery was expected to begin production and supply of petrol this month.

For instance, analyst at the Standard and Poor’s’ Global (S&P Global) Commodities Insights predicted that the refinery will start supply of petrol in the fourth quarter of this year, particularly in the month of June.

“We are starting to see signs of activities, but all eyes are on when we’ll start to see gasoline production will commence from that project. There is a significant amount of pressure from the Nigerian government for significant volume of that supply to be sent to the domestic market.

“In reality, when we see that start scale up is still subject to debate. Dangote has recently been espousing some punchy timelines. They have most recently been saying that they are looking to produce gasoline by May. But in reality, our analyst expect that would be something like the fourth quarter of this year in a more realistic timeline,” the analysts said.

Meanwhile, the refinery has begun the supply of jet fuel and diesel to domestic marketers in the country.

In addition, the $20 billion facility started exporting its first jet fuel cargo to Europe.

The first shipment, loaded onto the vessel “Doric Breeze,” left the Lekki Free Zone in Lagos on May 27th and is now on its way to Rotterdam, Netherlands, as per data from S&P Global Commodities at Sea.

The Dangote refinery is expected to significantly reduce Nigeria’s dependence on imported petroleum products.

Nigeria, despite being the most populous country in Africa and its top oil producer, ironically imports almost all of its fuel.

Primarily, this is attributed to the nation’s lack of sufficient refining infrastructure, a gap that the new refinery seeks to fill.

Dangote said the refinery is positioned to be one of the best petroleum refineries in the world.

“What we are doing is to be able to export petroleum products to anywhere and compete with any company. By next week, we’ll be producing about ten thousand ppm in terms of diesel which now what’s happening in that we import about 2 to 3 thousand. We will produce the best,” Dangote added.

BIG STORY

JUST IN: Nigerian Lawmakers Propose Creation Of 31 Additional States [SEE FULL LIST]

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Nigeria’s House of Representatives Committee on Constitution Review on Thursday proposed the creation of 31 new states in the country.

If the proposal is approved, Nigeria will have 67 sub-national governments, as the current number of states stands at 36, including the Federal Capital Territory.

The proposal for new states was presented in a letter read during Thursday’s plenary session by the Deputy Speaker, Benjamin Kalu, who presided over the session in the absence of the Speaker, Mr. Tajudeen Abbas.

The letter read in part, “The committee proposes the creation of 31 new states. As amended, this section outlines specific requirements that must be fulfilled to initiate the process of state creation, which include the following:

“1. New state and boundaries

“An act of the National Assembly for the purpose of creating a new state shall only be passed if it requires support by at least the third majority of members.

“The House of Representatives, the House of Assembly in respect of the area, and the Local Government Council in respect of the area are received by the National Assembly.

“Local government advocates for the creation of additional local government areas are only reminded that Section 8 of the Constitution of the Federal Republic of Nigeria, as amended, applies to this process.

“Specifically, in accordance with Section 8 (3) of the Constitution, the outcome of the votes of the State Houses of Assembly in the referendum must be forwarded to the National Assembly for fulfillment of state,” the proposal partly reads.

According to the proposal, the new states include Okun, Okura, and Confluence States from Kogi; Benue Ala and Apa States from Benue; FCT State; Amana State from Adamawa; Katagum from Bauchi and Savannah States from Borno and Muri State from Taraba.

Others include New Kaduna and Gujarat from Kaduna State; Tiga and Ari from Kano; Kainji from Kebbi State; Etiti and Orashi as the 6th state in the South East; Adada from Enugu; and Orlu and Aba from the South East.

Also included are Ogoja from Cross River State, Warri from Delta, Ori and Obolo from Rivers, Torumbe from Ondo, Ibadan from Oyo, Lagoon from Lagos, Ogun, Ijebu from Ogun State, and Oke Ogun/Ijesha from Oyo/Ogun/Osun States.

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El-Rufai Lacks Capacity To Unsettle Tinubu, He Can’t Even Win Senatorial Seat — Daniel Bwala

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Daniel Bwala, special adviser to the president on policy communication, asserts that Nasir el-Rufai, the former governor of Kaduna, lacks the capacity to “unsettle” President Bola Tinubu.

Bwala made this statement on Thursday during an interview with TVC News. He emphasized that Tinubu is not losing sleep over el-Rufai’s continuous criticisms of his administration.

Background

El-Rufai has been targeting some members of the Tinubu administration.

The former minister of the federal capital territory (FCT) recently criticized the ruling All Progressives Congress (APC) for “straying away from its core values,” mentioning that he no longer recognizes his political party.

Bwala had questioned el-Rufai if his stance on the APC would have been different had he been a member of Tinubu’s cabinet.

In response to Bwala’s comments, el-Rufai stated that he would not hesitate to criticize the party, even if he were given a position in the Tinubu administration.

‘On His Own, El-Rufai Is Unelectable’

When asked if the presidency was anxious about el-Rufai’s remarks and the regrouping of opposition politicians, the spokesperson confirmed that Tinubu is not concerned with the opposition’s movements.

Bwala emphasized that the president’s approach has always been one of reconciliation.

“Who is jittery? The political opponents have no direction. There is no organized political party in Nigeria other than APC. Almost all opposition parties are trying to find their way,” Bwala stated.

“I don’t attack because I see that the position of Mr. President is that of reconciliation. In his 18 months in office, he has never reacted to anybody. He has never been seen being combative or aggressive against anybody.”

The presidential spokesperson acknowledged el-Rufai’s dilemma, adding that the former governor cannot accomplish his goals by joining the opposition.

According to Bwala, el-Rufai only becomes a significant political figure when he aligns with a “solid revolutionary” leader.

“El-Rufai, as he said, is still in APC. You treat him like a brother. I know his grandstanding. I know he is facing challenges finding a path,” he stated.

“If you leave a governing party, which you have influence over, and think that you can undertake a mission, you need to have a working platform to do that.”

“He does not have the capacity to make the president unsettled. No opposition party, even if combined, can make the president unsettled.”

“Let me tell you something about my elder brother, el-Rufai, and whether we should be worried.”

“There is a dynamic around el-Rufai. El-Rufai needed a solid revolutionary person to thrive. On his own, el-Rufai may not win the senate.”

“He won governorship because of the Buhari factor and got re-elected because of the Buhari factor. If you leave him now to go and run for senate in Kaduna, he would not win.”

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Importers To Pay More As Customs Introduces 4% FOB Levy

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The Nigeria Customs Service (NCS) has announced that it will enforce a 4 percent charge on the “free-on-board” (FOB) value of imports.

“FOB” refers to the arrangement where the seller is responsible for delivering the goods to the port of departure, clearing them for export, and loading the goods onto the vessel. Once the goods are on the vessel, the risk transfers from the seller to the buyer, who then assumes responsibility for all subsequent costs.

In a statement released on Wednesday, Abdullahi Maiwada, NCS national public relations officer, confirmed that the directive is in line with the provisions of the “Nigeria Customs Service Act” (NCSA) 2023.

“In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a 4 percent charge on the “Free On-Board” (FOB) value of imports,” Maiwada stated.

“The FOB charge, which is calculated based on the value of imported goods, including the cost of goods and transportation expenses incurred up to the port of loading, is essential for driving the effective operation of the service.”

“Furthermore, the NCS acknowledges concerns raised by stakeholders over the continued collection of the 1 percent “Comprehensive Import Supervision Scheme” (CISS) fee.”

“It is a regulatory charge imposed for funding Nigeria’s Destination Inspection Scheme alongside the 4 percent FOB charge.”

“As a responsive government agency, the service wishes to assure the general public that extensive consultation is ongoing with the federal ministry of finance to address all agitations raised by our esteemed stakeholders.”

Maiwada urged all stakeholders to comply with the directive, which was conceived after thorough consultation with relevant stakeholders and organizations.

“All stakeholders are urged to support this legally binding initiative,” he emphasized.

“As the measures introduced in alignment with the NCSA 2023 reflect a balanced approach born out of extensive consultations with industry players, importers, and regulatory bodies.”

He also acknowledged the valuable contribution of stakeholders in shaping and actualizing the NCSA 2023.

“Their insights, expertise, and unwavering commitment have been instrumental in ensuring a robust legal framework that enhances efficiency, promotes innovation, and strengthens transparency in customs operations,” he added.

The customs official reiterated that under the leadership of Adewale Adeniyi, the comptroller-general, the service remains dedicated to transparency, fair trade practices, and efficient revenue management.

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