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NNPCL Ends Fuel Import December 2024, Projects N4.5tn Revenue

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The Nigerian National Petroleum Company Limited (NNPCL) announced on Thursday that it would stop importing refined petroleum products by December 2024, when all of the country’s refineries would be functioning.

It also projected that the national oil company’s revenue would reach N4.5 trillion by the end of 2023, and that the rehabilitation of the Port Harcourt Refining Company, which is managed by NNPCL, would be completed by December of this year.

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

Also, oil marketers, on Thursday, confirmed the readiness of the Port Harcourt refinery, as they stated that its operations, which could begin in January 2024, would lead to a considerable drop in the prices of refined petroleum products.

At the meeting in Abuja, Kyari declared that Nigeria was on track to stop the importation of refined petroleum products in 2024 and would emerge as a net exporter of the commodities in the same year.

He also provided explanations on the commencement of operations of the Port Harcourt, Warri, and Kaduna refineries

The company’s helmsman said all refineries would become fully operational, adding that the country would become a net exporter of petroleum products by the end of 2024.

Fuel Subsidy

He blamed the petroleum subsidy for inactive refineries in Nigeria over the years, stressing that the removal of the subsidy was already attracting a lot of private-sector investments.

Kyari stated, “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, Kaduna refinery will come into operation.

“This is the commitment we are giving today and you can hold us accountable for this. In 2024, many of the initiatives including the rehabilitation of our refineries and also the efforts of small-scale refineries, and the upcoming Dangote refinery, will make Nigeria a net exporter of petroleum products in 2024.

“We will no longer be talking about fuel importation by the end of 2024. I am very optimistic that this will crystallise,” he said.

Kyari pledged that by the end of 2023, the expected government revenue from the company would hit N4.5tn, as NNPCL now returns value to shareholders in compliance with the Petroleum Industry Act.

Earlier report in October 2023 had it that Nigeria was spending about N843bn monthly on the importation of Premium Motor Spirit, popularly called petrol, following the halt in oil swaps by NNPCL.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority stated in July this year that between June 1 and June 28, 2023, which was described as the post-deregulation period, the total petrol consumption across the country was 1.36 billion litres, while the average daily consumption was put at 48.43 million litres.

The average ex-depot price of petrol from the only importer of the commodity, NNPCL, is about N580/litre.

But the NNPCL and oil marketers stated on Thursday that this huge oil import fund would drop soon as the Port Harcourt refinery would start producing refined petroleum products from January 2024 barring any unforeseen circumstances.

Confirming the readiness of the plant, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, told one of our correspondents that he visited the facility to get first-hand experience and saw that it was ready.

The Federal Government announced in August this year that the rehabilitation of the Port Harcourt refinery would be completed in December 2023.

When contacted on Thursday to tell the current stage of repairs at the facility, the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, replied, “Scheduled for the end of December 2023, the Port Harcourt refinery project is proceeding as planned without any issues. The delivery date stands. The work is ongoing.”

PETROAN president

The PETROAN president said the Port Harcourt refinery was on course to begin operations, based on findings by the oil union at the facility.

Gillis-Harry said, “I can confirm to you that the refinery is getting set for production. I’ve been there and I’m still going there tomorrow (Friday) morning. One area is going to be active but I want to be there and take a photograph of the place, with me standing by it and I will send it to you.

“The Port Harcourt refinery is on course. I am working on a committee that is reviewing these issues. I won’t tell you the name of the committee because it is a secret mission. However, I can assure you that they are already set.’

“There are quite a lot of products there and it is not difficult for them to set it up and start pumping. So they should be set to produce and deliver by January, and tomorrow (Friday) if you call me in the morning I’ll be in the refinery and I’ll speak to you on video for you to know what I’m talking about.”

Gillis-Harry stated that anytime the Port Harcourt refinery kicks off, the cost of PMS would drop.

“It is simple, there are so many inputs that are going to be removed from PMS cost, such as cost of importation, ports rate, and shipping. From here, you can load products and move them to far locations in Nigeria.

“So all we need to do is just to ensure equitable distribution of what is being produced. Therefore once the refinery starts pumping out products it will save forex for the Federal Government.’’

On his part, the National Secretary of the Independent Petroleum Marketers Association of Nigeria, Chief John Kekeocha, urged the NNPCL to ensure that the Port Harcourt refinery begins operations as targeted.

“The refinery will, of course, help to augment fuel supply by addressing the crisis of fuel shortage and its high cost in Nigeria. Once it begins operations in December or January as the case may be, it will augment supply both in price and quantity.

“So if they can do that, fine. And maybe after that, they can shift to the Warri and Port Harcourt refineries. This will help a lot and we don’t want excuses this time. They must work hard to meet this target because the impact on the economy is going to be massive.’’

Meanwhile, Kekeocha explained that since crude oil was a significant component in the production of refined petroleum products, the cost of the commodity would still determine the price of products that would come from the refinery.

“When the Port Harcourt refinery begins to produce, since we are practising deregulation, if the price of crude drops, the refined products will be cheaper, but if crude oil increases in price, it will make the price of these refined products rise.

“This is because the crude oil refiners are going to buy the product based on its international rate. But the only way it will not affect us is if we are practising subsidy.’’

‘Privatise Refineries Now’

At the meeting with NNPCL officials, the Speaker of the House of Representatives called for the privatisation of oil refineries in the country to address the perennial crisis bedeviling the oil sector.

While describing the state of the refineries as shameful, Abbas added that NNPCL workers’ work hours in the last 20 years could be less than a month, yet they get paid, promoted, and cared for.

He said, “There is a need to make these refineries have multi-dimensional uses. If there is no crude oil, are there other activities that can make the workers active so that what they earn is deserved? I need you and your management to look at how we can turn around these decades of losses.

“One way to do so is to find a way to privatise these refineries. We have spent so much money and time deceiving ourselves that some businesses can be run by the government.

“In the case of the refineries, we have now realised that some sectors of NNPCL

business can only be handled by the private sector and our refineries are one of those.

“The inadequacies will become manifest as soon as the Dangote refinery comes on board because the competition will be there and inefficiencies of the refineries will become more naked.

“I want you to put it as part of your cardinal objectives ways to privatise our refineries so that they can be active. Shortly, they will be able to compete with new refineries that will come up,” he said.

Abbas said that the NNPCL is central to the economic development of Nigeria pledging the commitment of the house to supporting the company to succeed.

According to him, the House is concerned about the high rate of oil theft, saying it is draining revenue, affecting forex availability, and causing inflation in the country.

The Speaker maintained that the House had inaugurated a special committee on oil theft to interface with stakeholders to address oil theft in the country.

 

Credit: The Punch

BIG STORY

Peter Obi Will Be Denied 2027 Presidential, VP Tickets In ADC —– Bwala

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Daniel Bwala, Special Adviser to President Bola Tinubu on Policy Communication, says Peter Obi will not become the presidential or vice-presidential candidate of the African Democratic Congress (ADC).

Speaking in an interview on The Clarity Zone Podcast, Bwala claimed that Obi lacks the capacity to serve as director-general of any coalition movement.

The presidential aide also added that the former Anambra governor would eventually contest the next election on a different platform.

He said Obi lost control of the political structure he built after the 2023 election, including his influence in the national assembly.

“After the election, he lost everybody he was leading. He had members in the House of Representatives. How many are there in the national assembly?” Bwala asked.

“The only governor he had… is the governor with him or with us? In fact, I have not seen one that identifies with him at the moment. All the elections he has gone across Nigeria supporting candidates… all of them failed.

“The army of Trojans that he has on social media, they attack people. They say you are two-faced, that you change party. That’s what they do every day.

“But when you say their master and hero has been changing party like a player in the Premier League changes clubs every season, they don’t like it.”

The presidential aide also accused Obi of hypocrisy over party loyalty, saying the former Anambra governor has switched political platforms repeatedly.

“He started with PDP, then went to APGA. In APGA, he came back to PDP. From PDP, he went to Labour,” he said.

“Right now, when you hear people talk about being between the devil and the deep blue sea, he is between ADC and Labour.

“He will not be the presidential candidate, he will not be the vice-presidential candidate. Peter Obi is going to run on a platform other than Labour and other than ADC.”

Bwala further said Obi will not secure even a quarter of the votes he recorded in the 2023 presidential election.

Obi, a former presidential candidate of the Labour Party (LP) in the last general election, polled 6,101,533 votes to come a distant third behind candidates of the All Progressives Congress (APC) and the Peoples Democratic Party (PDP).

The presidential aide said Obi’s political rise was driven by a fleeting opportunity rather than enduring grassroots strength.

Bwala also described Obi as “an actor” in Nigeria’s political space, noting that his appeal was based on “make-believe” rather than political reality.

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BIG STORY

Anthony Joshua Seriously Considering Retirement From Boxing After Car Crash —- Uncle

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Former world heavyweight champion Anthony Joshua is seriously considering retirement from boxing, according to his uncle, Adedamola Joshua, who spoke with newsmen.

The 36-year-old boxer, who survived a fatal car crash in Nigeria that claimed the lives of two of his close friends and team members, made the decision known to his family in private following last week’s tragedy.

“The major thing there is that he has retired from boxing. That is one thing that makes us glad because each time he’s fighting in the ring, we are always carried away emotionally,” Adedamola told newsmen during a visit to the family home in Sagamu on Monday morning.

“Each time he’s knocked down, it is just like the heart is coming out of our chest. All these emotional feelings whenever he’s fighting, it’s too much trauma for us, also. Now that he has said that he’s leaving while the ovation is highest, we are happy.”

A journalist asked if Joshua had communicated this decision to the family.

“Yes,” the uncle confirmed.

The boxing star has also committed to providing lifelong support to the families of his two close friends, Sina Ghami and Latif ‘Latz’ Ayodele, who died in the car accident near Lagos last Monday.

Joshua broke his public silence on Sunday, sharing photographs with the bereaved relatives on Instagram. His post carried the caption “My Brothers Keeper”, accompanied by two heart emojis and a military helmet symbol representing protection. The phrase references a biblical passage from Genesis 4:9, conveying a moral obligation to look after others.

A source within Joshua’s camp told UK publication The Sun, “AJ is fiercely loyal to his friends and their families and will be there for them for the rest of their lives. He’s had the same team around him for his whole career, and that team included Sina and Latz.”

Ghami served as Joshua’s strength and conditioning coach, while Ayodele worked as his personal trainer, making both men integral members of his boxing camp.

The pair had travelled to Nigeria with Joshua to visit his family when tragedy struck. Their Lexus SUV collided with a stationary truck on the Lagos-Ibadan Expressway. Both Ghami and Ayodele were killed instantly at the scene.

Joshua had to be extracted from the wreckage by rescuers. The boxer was rushed to the hospital but escaped with only minor injuries.

Joshua attended an emotional funeral service at the London Central Mosque on Sunday, joining other mourners to pay his respects. The two coffins were positioned side by side as the Janaza – the Islamic funeral prayer – was read. Hundreds of members of the public had gathered outside the gates of the mosque before the coffins were taken to a nearby crematorium for the funeral service. A wake followed in the afternoon.

One of the indigenes in Sagamu, Adeniji Taiwo, expressed relief that Joshua survived the crash while mourning the loss of the two friends.

“We thank God we didn’t lose our son, and for those who lost their children, God will help us to comfort them,” Taiwo said.

“I believe the fear will be there for him not to come back home, but I will advise him to come back home because he can’t leave his father’s place. This is his home.

“We feel bad that happened to our son, who was already almost home when he had the accident, but we thank God, and we pray nothing like that will happen to him again. There is nothing that can’t happen anywhere. God will continue to be with him, and all of us; no one in Remo wishes him evil, he is our glory.”

Joshua’s uncle also addressed concerns about the boxer’s relationship with Nigeria following the tragedy.

“There are a lot of things we have heard, but this is a Christian family, and everything we take with faith,” he said.

“Once something like that happens, emotionally, you can say anything, but as time goes on, you know this is (always) your root.”

On Friday, the Ogun State Police Command confirmed that Adeniyi Kayode, who was driving the car with Joshua as a passenger, had been charged over the crash at the Sagamu Magistrate Court. He was charged with causing death by dangerous driving, reckless and negligent driving, driving without due care, and driving without a valid driver’s licence. The case has been adjourned until January 20.

Kayode’s lawyer told the Daily Mail, “My client has pleaded not guilty and what happened was an accident. I haven’t had a full chance to speak with him yet, but I know he is saying the brakes did not work.

“I also understand that the journey started in Lagos and that initially Anthony had got into the front seat, but the driver asked him to swap seats. He did this because Anthony is a big fellow, and he couldn’t see the wing mirror properly, so he asked him to move, and he sat behind the driver. From what I understand, Latif was in front and then changed seats with Anthony.”

Joshua, who was born in Watford to Nigerian parents, was on holiday in Nigeria following his sixth-round knockout win over YouTuber-turned-boxer Jake Paul in Miami on December 19.

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BIG STORY

Nigeria Battle Mozambique For AFCON Quarter Final Spot Today

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Nigeria continues its quest for a fourth Africa Cup of Nations title when they face Mozambique in the round of 16 on Monday at the Fez Stadium.

Victory will secure the Super Eagles’ 12th quarter-final appearance, extending their record for last-eight finishes ahead of Egypt, while Mozambique will make their debut at this stage after reaching the knockout phase for the first time in six attempts.

The two sides have met five times across all competitions, with Nigeria undefeated against the Mambas, winning four and drawing one.

Their only previous AFCON meeting came in 2010, a 3–0 group stage victory featuring a Peter Odemwingie brace and an Obafemi Martins strike.

More recently, Nigeria edged Mozambique 3–2 in a friendly in October 2023, with Terem Moffi, Frank Onyeka, and Moses Simon on the scoresheet.

Nigeria entered the knockout stage on the back of a flawless group performance, winning all three matches against Tanzania, Tunisia, and Uganda. They scored eight goals in the group phase, their highest tally in an AFCON group stage, and conceded four.

Their total of 61 AFCON wins now sits just behind Egypt’s 62, while their record of scoring in 10 consecutive tournament matches remains intact.

Key performers for the Super Eagles include Ademola Lookman, who has scored twice and provided two assists so far, earning a spot in the group stage Best XI. Forward Victor Osimhen, who has 32 goals in 49 appearances for Nigeria, is expected to spearhead the attack, supported by captain Wilfred Ndidi and midfielders Alex Iwobi and Raphael Onyedika.

Semi Ajayi and Bright Osayi-Samuel are set to return to the starting line-up in defence and on the wing, respectively.

Lookman reflected on the team’s strong showing in the group stage, “Yeah, we had a great run in the group stage, and I am thankful to all who voted. The selection is not just for me, but for my entire teammates, because their efforts on the pitch contributed to my selection.

“However, this is not the vision for our team. We have set targets to accomplish here in Morocco, and we are nowhere near our targets yet.”

Mozambique entered the knockout phase having claimed their first-ever AFCON finals win against Gabon in the group stage. They also scored against Cameroon in their final group match but lost 2–1.

The squad, led by captain Domingues and coached by Chiquinho Conde, will rely on defenders Nené, Bruno Langa, and Reinildo Mandava, while Chamito, Faisal Bangal, and João Bonde spearhead their attacking efforts. Geny Catamo has already scored in back-to-back AFCON matches, becoming the first Mozambican to achieve this feat.

Cameroonian official Abdou Abdel Mefir has been appointed referee for the match, assisted by compatriots Elvis Noupoue and Carine Atezambong.

Eric Chelle has urged his players to remain focused, “We will not get ahead of ourselves and think we are the best. We will continue to work hard and stay focused for every match as it comes.”

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