Business
Allow us fix refineries, oil marketers tell FG
Oil marketers have expressed willingness and capacity to fix Nigeria’s dysfunctional refineries and get the facilities running in the shortest possible time.
Operators of retail outlets in the downstream sector of the oil industry called on the Federal Government to allow oil marketers run some of the country’s ailing refineries.
It was gathered that oil marketers under the aegis of Petroleum Products Retail Outlets Owners Association of Nigeria had contacted financial and technical partners on what would be required to effectively run the refineries.
Nigeria’s refineries in Kaduna, Port Harcourt and Warri have been dormant in terms of crude oil refining for several years despite huge expenses incurred on the facilities by the Nigerian National Petroleum Corporation.
On November 23, The PUNCH exclusively reported that a total of N81.41bn was expended on the refineries between January and August this year but the facilities refined no drop of crude oil through this period.
To address this, oil marketers told our correspondent in Abuja that they had capacity to get the refineries working and were speaking with technical and financial partners on this.
“The government should call on oil marketers to come and take one or two of the refineries, seek financial and technical partners and make the refineries work,” the President, PETROAN, Billy Gillis-Harry, said.
He added, “We don’t have to predicate our petroleum product prices on international indices. We have four refineries and a few modular refineries that are already on stream now.
“So there should be a way of domesticating our prices, which should be by making sure that we have crude oil available for these refineries to refine and sell domestically first.
“Get PETROAN to run one or two of the refineries because we have the capacity to make sure our refineries work.
“We are offering to partner the government and NNPC to run the refineries on acceptable business strategies and profit sharing processes.”
He said all retail outlet owners in the downstream sector across the country had always wanted the refineries to work and that was what dealers were now asking for.
Gillis-Harry said, “We should be given Warri and Port Harcourt refineries and partner government in reviving them, refine crude oil and control our prices, which we can do.”
He said oil marketers were also capable of buying the facilities if the government so desired.
“If they give them to us to buy we are more than happy to look for resources because we are already talking to technical and financial partners across the globe with the aim of making our country’s economy work,” the PETROAN president stated.
Gillis-Harry described refineries as major contributors to economic stability.
“This is because every litre of fuel you buy has the United States dollar on it and we don’t run our economy on dollar, rather it is run on naira,” he said.
He added, “So by introducing a foreign currency at all times, it depletes the resources that should stabilise and grow our economy.
“This is why PETROAN is proposing to the government to give us the refineries to run and we will run them efficiently.”
On whether the recent reduction in petrol price by N5 per litre would warrant the re-introduction of subsidy, Gillis-Harry stated that it would not.
He argued that petrol subsidy had gone and would remain so, adding that it would be detrimental to the economy if the government should bring back subsidy on refined petroleum products.
-The Punch
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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