Business
FG promises to end fuel queues next week, turns back petrol vessels from Belgium
The Federal Government says the lingering fuel crisis resulting in long queues at filling stations will end next week.
It has also turned back five Nigeria-bound petrol-laden vessels from Belgium where the initial bad fuel was said to have been imported.
Group Managing Director of NNPC Limited, Mele Kyari, disclosed this on Wednesday during a session with House of Representatives Committee on Petroleum Resources (Downstream).
He also said the corporation had filed for damages against the suppliers of the off-spec fuel.
He stressed that the NNPC was doing everything to ensure product availability.
Already, he said that about 2.5 billion litres of PMS were being expected before the end of the month.
Kyari said, “For this current situation, I assure you that we have taken every necessary step to restore supply into this country.
“We have placed orders significant enough for us to cross into March, with at least 2.1 billion litres of PMS in our custody.
“The situation you’re seeing today, I can assure you that by next week, it will vanish, all things being equal.”
On why inspectors did not detect methanol, Kyari said: “It is not part of their requirements at the load port. So, we didn’t ask them to declare whether it contains methanol because it is not part of our specification.
“Let me make it clear that methanol is not contamination. It is a regular additive to PMS. In China, up to 15 per cent of PMS contains methanol.
“On its own, it is not a contamination. The key issue is handling methanol. If we knew, we will not accept this. Anytime methanol comes in contact with water, it emulsifies, it turns into a different chemical.
“We didn’t know until our inspecting agents, on 20th of January to be precise, called our attention to the fact that they had seen emulsification in some of the depots and this may be a cause of concern.
“That was how we went ahead to check all the deliveries in our hands from all the four vessels that had already been discharged to confirm that all of them contain methanol.
“We quarantined all the volumes wherever they were in depots transit and we were able to track them. We were able to trace all of them and quarantine them.
“Not only that. We are also expecting several other supplies to come from other sources.
“We checked their origin and confirmed that five other vessels are coming from the same shipping terminal that loaded this and we rejected all of them; they did not sail into our waters.”
He added: “We did not test for methanol both at the load port and by the NNPC and the regulatory authority. I was very clear on this.
“What they (importers) are saying is that ‘what I brought met your specification.’ But what they probably also did not know is that it contained methanol and that methanol originated from the loading terminal.
“It is a legal issue, but it is nowhere sustainable because we have also filed liquidated damages which they can pass on until it gets to the originating depot.
“The liquidated damages can be a legal process where you may not even be able to recover your possession.”
Kyari reassured Nigerians every necessary step has been taken to ensure supply sufficiency.
“Let me tell Nigerians that we have a robust supply plan. By the end of this month, we’ll have about 2.1 billion litres of PMS.
“What we call panic buying is a situation where people who usually go the filling stations to buy N2,000 worth now buy five times that volume and those with more than one car will bring out all their cars.
“That is why you see all these cars in the filling stations and it creates supply disruption.
“We are assuring Nigerians that we have a robust supply plan and there is no need to bring out all your cars. Just buy what you need because there are plans to address this situation.”
He expressed regret over the economic disruptions and hardship.
“We are very conscious of the consequences that will come with it – the queues that you are seeing, the disruption of the economic activities that are very obvious. We are aware of this.
“We regret this situation and it is completely unavoidable. We didn’t see it coming. I apologise to Nigerians that we didn’t see it coming.”
A member of the Committee, Adedeji Olajide, said NNPC’s ignorance about the PMS containing methanol was not an excuse, adding somebody must be held responsible.
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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