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BUSINESS: Dangote Refinery To Start Petrol Refining November — Official

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Dangote Refinery is slated to start refining petrol by November 30, 2023, and diesel and jet fuel operations by October 2023, the group’s executive director Devakumar Edwin says.

In an interview with S&P Global Commodity Insights on Monday, Edwin added that the refinery would receive its first crude cargo in two weeks’ time and would begin producing up to 370,000 barrels per day of diesel and jet fuel in October 2023.

Furthermore, Edwin stressed that the refinery would initiate a gradual increase in petrol production, aiming to reach an impressive 650,000 barrels per day by November 30. He emphasised the refinery’s readiness to receive crude oil, stating, “Right now, I’m ready to receive crude. We are just waiting for the first vessel. And so, as soon as it comes in, we can start.”

Regarding the shift in the original timeline, Edwin clarified, during his conversation with S&P, that the Nigerian National Petroleum Corporation Limited had already committed their crude oil to another entity on a forward basis, causing a temporary delay. He said that the setback is momentary, and the refinery would soon run exclusively on Nigerian crude oil as of November 2023.

He noted that the Nigerian oil would be purchased in US dollars, and not naira because it is in a free trade zone on the outskirts of Lagos. However, the NNPCL will supply some crude at knockdown prices due to its equity stake.

Edwin further stated that, aside from heavy Angolan grades, the Dangote refinery can process most African crudes, as well as Middle Eastern Arab Light and even US light-tight oil.

He said, “We can take even some of the Russian grades… if the global system opens up to allow us to receive them. Basically, if you look at our production profile, 50% of my production will meet 100% of the requirements of the country.

“Excess gasoline, which will be 10 ppm sulfur Euro 5 quality, will be exported to other African markets as well as the US and South America, although the volumes will be relatively small. Meanwhile, jet fuel will be exported to Europe and diesel will be sold in sub-Saharan Africa.”

S&P also quoted Edwin as saying the refinery would be “enormously beneficial to the country” by establishing a reliable supply of “environmentally-friendly” refined products and bringing “a huge amount of foreign exchange into the country.”

Furthermore, Edwin noted that the refinery would play a pivotal role in alleviating the fuel supply challenges faced by import-dependent West Africa, worsened by Nigeria’s recent removal of fuel subsidies, which had led to a thriving illicit gasoline market due to price fluctuations.

Additionally, he added that the revenues generated from the refinery’s operations would be reinvested to fuel further developments, underscoring Aliko Dangote’s commitment to Nigeria.

“The money will be coming back in, and it will go for further investments,”

“Aliko Dangote is from Nigeria and his focus is always on Nigeria,” Edwin said.

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Senate Passes Bill Seeking To Impose Death Penalty On Drug Traffickers

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The senate has approved the bill on third reading that would punish drug traffickers with the death penalty.

Following Tahir Monguno, the senator from Borno North, submitting a report on behalf of the joint committees on drugs and narcotics and the judiciary, the bill was passed by the upper legislative chamber on Thursday.

Monguno stated that the nation’s battle on drugs needs to be strengthened while he was presenting the report.

After the report was presented, the senate went into the “committee of the whole” to consider clauses of the bill where some senators disagreed with the death sentence.

When put to a voice vote, Barau Jibrin, deputy senate president, gave it to the “ayes”.

Thereafter, Adams Oshiomhole, a senator representing Edo north, said the senate should be careful with any law that deals with life.

“Anything that deals with life, we should be careful,” Oshiomhole said.

Responding, Jibrin said Oshiomhole should have called for a divide.

“I’m sorry my former national chairman… you should have called for a divide, it is your right, but we have passed it,” the deputy senate president said.

Also, Akpan Ekong, senator representing Akwa Ibom south, tried to come under “personal explanation” to disapprove of the provision, but Jibrin ruled him out of order.

The bill, which originated from the house of representatives, will be sent to the president for assent if there are no differences between the two chambers of the national assembly.

If there are differences, the two chambers will set up a conference committee to harmonise the grey areas before it is sent for assent.

In recent times, the National Drug Law Enforcement Agency (NDLEA) has been making substantial seizures of substances ranging from cannabis to opioids from suspected traffickers.

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BREAKING: Reps Suspend Implementation Of Cybersecurity Levy

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The House of Representatives on Thursday ordered the Central Bank of Nigeria (CBN) to stop enforcing the cybercrime levy in accordance with the terms of the cybercrime Act.

This came after the PDP Rivers Minority Leader Kingsley Chinda’s urgently important proposal was adopted.

According to Chinda, the Cybercrime Act’s section 44 (2a) identified the following entities as required to pay the fees: stock exchanges, insurance firms, banks and other financial institutions, GSM and telecom businesses, and Internet providers.

The lawmaker explained that the circular from the CBN has raised apprehension across Nigeria, stressing that it has given the impression that the levy is to be paid by Nigerians in an era when they are still battling with an increase in the price of petroleum products, among others.

The House subsequently asked the apex bank to withdraw its earlier circular on implementing the levy immediately and issue another circular in line with the provisions of the Act.

 

More to come…

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Alleged Fraud: Court Grants Sirika, Daughter, Two Others N100m Bail Each

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A Federal High Court located in Abuja has granted N100 million in bail to Hadi Sirika, a former Minister of Aviation, along with two other individuals and his daughter.

They are on trial for allegedly defrauding the N2.7 billion. The court orders them to submit two further sureties, both of whom must have acquired properties in Abuja.

The court ruled that the sureties had to be law-abiding citizens as well. A means affidavit must be deposed to by the sureties.

The accused were also prohibited by the court from leaving the country without authorization.

Justice Oriji ordered that the defendants should be remanded in prison custody if they failed to meet their bail conditions.

The sureties must own landed properties within the FCT with valid titles. The trial will commence on the 10th, 11th and 20th of June.

 

More to come…

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