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
Business
Finally, NERC unbundles TCN, creates new system operator
Finally, NERC unbundles TCN, creates new system operator
The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).
The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.
The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.
By this order, the TCN is expected to transfer all market and system operation functions to the new company.
The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.
The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.
Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
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