Business

FEC approves $1.48bn for repairs of Kaduna, Warri refineries

Published

3 years ago

August 4, 2021

The Federal Executive Council has approved the award of contracts for the rehabilitation of Warri and Kaduna refineries to Messrs Saipem SPA and Saipem Contracting Limited at the combined the sum of $1.484bn.

Minister of State, Petroleum Resources, Timipre Sylva, stated this on Wednesday, while briefing State House reporters on the outcome of the FEC meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

According to him, the Warri refinery rehabilitation got $897,678,800, while Kaduna Refinery would cost $586,902,256.

Sylva said the completion of the rehabilitation of Warri and Kaduna refineries would be in three phases.

“The first phase will be completed within 21 months. In 23 months, phase two will be completed and in 33 months, while full rehabilitation will be completed,” he added.

The minister said on the Port Harcourt refinery, “Work has already commenced. Already, the first 15% of the contract sum has been paid to the contractor and the contractor was fully mobilised to the site.

FEC had on March 17 this year approved the sum of $1.5bn for the rehabilitation of the largest refining company in the country, Port Harcourt Refinery, to an Italian company, Tecnimont spa with three funding components from Nigerian National Petroleum Corporation Internally Generated Revenue (IGR), budgetary allocations provisions and Afreximbank.

Sylva also disclosed that FEC approved the acquisition of 20% minority stakes by the NNPC in Dangote Petroleum and Petrochemical Refinery in the sum of $2.76 billion.

The Minister of State, Education, Chukwuemeka Nwajiuba said the council approved the convention to regularise the recognition of certificates and diplomats all across Africa.

Nwajiuba said FEC also approved the award of contract for the building of two blocks of social science complexes at Adamawa State University in Mubi for a total sum of N1,103,000,000.

Minister of Power, Sale Mamman, said the FEC okayed the construction of two by 60 MVA 132 33 substation at Gagarawa, Jigawa State in favour of Messrs Power Control and Appliances Limited in the sum of N154,212,396.05.

He said, “The second one is the award of the contract for the engineering, procurement, and construction of 2 by 30 MVA 132 33 substation at Ibino Ibom, Akwa Ibom State in favour of Messrs YEMEC West Africa Limited in the sum of US$6.2m offshore plus N1.8 billion onshore.”

Related Topics:FEC Igboho supporters refineries

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Aviation

Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates

Published

12 hours ago

May 16, 2024

Trends Admin

Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates

Emirates Airlines on Thursday announced that its flight operations to Nigeria would resume on October 1, 2024.

It said this in a statement, “The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in Lagos at 1520hrs. The return flight EK784 will leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day.

“Tickets can be booked now on Emirates.com or via travel agents.”

It quoted Emirates’ Deputy President and Chief Commercial Officer, Adnan Kazim, as saying the Lagos-Dubai service has traditionally been popular in Nigeria.

“We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard,” Kazim said.

Minister of Aviation and Aerospace Development, Festus Keyamo, on Wednesday said the Emirates Airlines had given a definite date to resume flight operations to Nigeria and would make the announcement in a matter of days.

Emirates Airlines suspended flight operations to Nigeria in October 2022 over its inability to repatriate its $85 million revenue trapped in Nigeria.

Business

Dollar crashes against Naira at official market

Published

19 hours ago

May 16, 2024

Trends Admin

Dollar crashes against Naira at official market

The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.

Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N61.38.

This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.

Dollar crashes against Naira at official market

Business

Nigeria’s inflation rises further to 33.69%, highest in 28 years

Published

1 day ago

May 15, 2024

Trends Admin

Nigeria’s inflation rises further to 33.69%, highest in 28 years

Nigeria’s inflation rose to its highest in 28 years as it hit 33.69 per cent in April 2024, up from 33.20 per cent in March.
A report by the National Bureau of Statistics revealed this on Wednesday. It showed the food and non-alcoholic beverages category continued to be the biggest contributor to inflation.
Food inflation, which accounts for the bulk of the inflation basket, reached 40.53 per cent in annual terms, against 40.01 per cent in March.
The galloping inflation is attributed largely to President Bola Tinubu administration’s removal of petrol subsidy and naira devaluation due to foreign exchange rates unification.
Reuters in a report recalled that the Central Bank of Nigeria had raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
CBN Governor Olayemi Cardoso has indicated that rates will stay high to bring down inflation.
The bank holds another rate-setting meeting next week.

Price pressures have left millions of Nigerians grappling with the worst cost of living crisis in decades as they struggle to meet their basic needs.
To ease the pressure on government workers, Tinubu recently introduced a wage award of N35,000 and direct cash transfer to the vulnerable.