My refinery will begin petrol supply next month, says Aliko Dangote – Newstrends
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My refinery will begin petrol supply next month, says Aliko Dangote

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President of Dangote Group, Aliko Dangote

My refinery will begin petrol supply next month, says Aliko Dangote

The Dangote refinery has said its plan to release premium motor spirit into the market this month will no longer be possible, sparking reactions from Nigerians.

The President of Dangote Group, Aliko Dangote told newsmen during a tour of the facility with Governor Babajide Sanwo-olu of Lagos State on Sunday that the petrol from the 650,000 barrels per day capacity refinery would be out in July.

Dangote said this was due to some minor challenges, stating that the product would be out by July 10 to 15.

“We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be able to come out to take it into the market,” Dangote had said.

Reacting to the update from Dangote, some Nigerians held different views on what could have been the reason for the recurrent postponement.

A Facebook user, Anthony Ihenyen, said it was not easy to have such a huge investment.

“You are trying, sir, and it will fly. We need more people like you to do more here in Nigeria, not abroad. Nobody is a saint.

On his part, Emmanuel Ose expressed concern, saying “Anything that will make an average Nigerian happy is always a problem to get in Nigeria”.

Another commenter, Adeola Orukotan, said, “When you know your refinery isn’t ready, why rush to declare it open? Now it’s over one year with story upon story.”

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An X user, @ajagunsegun, stated, “Nigerians were told that the Dangote refinery was due for operation when it was commissioned by Buhari in May 2023, but up until now, we’re still waiting. Well, Dangote has the right to run his private business however he wishes. But what about the four Nigerian refineries? When President Tinubu came into power, he promised that the Port Harcourt refinery would begin operation by December last year, this is June 2024, and we’re still waiting. Sincerely, there’s no way you’ll reside in Nigeria without developing the tendency to lie. There are too many lies and government propaganda everywhere.

But Michael Chibuzo remarked that a refinery is not a “barbecue business.”

“It is complex. You have to pass a lot of tests and carry out many test runs. Commercial production is always the last stage of the entire process. Let’s be patient,” Chibuzo advised.

@Selomsarl stated, “Thank you for the update, Mr. Dangote. We appreciate your commitment to ensuring the quality of the petrol before releasing it into the market. Your dedication to producing high-quality products is commendable. Questions, sir: How will the new refinery’s production affect the current fuel scarcity in the country? Will the petrol produced by the refinery be subsidised, or will it be sold at the current market price? How will the distribution of the petrol be handled to ensure it reaches all states and regions equally?”

In all of these, a netizen, Stanley Omoyemi, submitted, “We are waiting patiently.”

The PUNCH recalls that Dangote, last month, disclosed that it would begin the sale of PMS in June, saying his refinery would end the importation of petrol into Nigeria.

Speaking at the recent Africa CEO Forum Annual Summit in Kigali, Rwanda, Dangote expressed optimism about transforming Africa’s energy landscape.

“Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” he declared

“We have enough gasoline to give to at least the entire West Africa, diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.

“We have started producing jet fuel, we are producing diesel, and by next month, we’ll be producing gasoline. What that will do, it will be able to take most African crude,” Dangote told the panel.

The words of Dangote appeared to have come as a soothing balm to marketers and Nigerians who are hopeful that the Dangote would crash the price of petrol from around N700 to N500 or below.

My refinery will begin petrol supply next month, says Aliko Dangote

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Nigeria, UAE seal flight rights deal ahead of Emirates return

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5 hours ago

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September 28, 2024

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Nigeria, UAE seal flight rights deal ahead of Emirates return

As Emirates prepares to resume its flight operations to Nigeria on October 1, the Nigerian government has successfully concluded negotiations with the United Arab Emirates (UAE) to ensure reciprocal flight rights for Nigerian airlines aiming to launch flights to UAE cities, particularly Dubai.

Despite an existing bilateral air service agreement (BASA) between Nigeria and the UAE, this new agreement on reciprocal rights will streamline the process for Nigerian carriers to operate flights to the Middle Eastern nation.

Before the UAE’s suspension of visa services for Nigerians, Air Peace was running direct flights to Dubai, and other Nigerian airlines were planning to introduce flights to the UAE.

However, before Emirates halted its operations to Nigeria, diplomatic tensions between the two countries had led to a reduction in Emirates’ flight frequencies from 21 to just one by the Nigerian government.

This decision was a reaction to UAE aviation authorities’ refusal to grant Air Peace the right to land at Dubai International Airport, the UAE’s top-tier airport.

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In an effort to prevent a repeat of these issues, Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo SAN, led a delegation to the UAE to finalize negotiations ahead of Emirates’ return. The delegation engaged in detailed discussions with UAE officials, focusing on ensuring the smooth reintroduction of Emirates’ services to Nigeria.

The revised BASA agreement, a key part of the negotiations, aims to bolster cooperation between both nations and provide a framework for the evolving relationship in the aviation sector.

According to a statement by the Minister’s Special Assistant on Media and Communications, Tunde Moshood, the talks resulted in a significant breakthrough.

He noted, “Crucially, the negotiations also yielded a significant agreement on reciprocal rights, ensuring that Nigerian airlines will soon have the opportunity to commence direct flight operations to the UAE. This marks a historic development for Nigeria’s aviation industry, expanding international connectivity and offering more options to travelers between the two nations.”

The Minister, expressing his satisfaction, said, “Today’s discussions reaffirm our commitment to fostering a balanced and forward-looking partnership with the UAE. We are pleased to have secured reciprocal operational rights for Nigerian airlines, which will not only deepen our bilateral ties but also strengthen the global competitiveness of Nigeria’s aviation industry. As Emirates returns to Nigeria, we look forward to a thriving and mutually beneficial air service relationship.”

The statement said that the return of Emirates and the new BASA would play a vital role in enhancing tourism, business exchanges, and cultural ties between Nigeria and the UAE, while also contributing to economic growth.

 

Nigeria, UAE seal flight rights deal ahead of Emirates return

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NRC, Lagos govt, NPA, NSIB, others support Nigeria transport summit

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September 27, 2024

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NRC, Lagos govt, NPA, NSIB, others support Nigeria transport summit

The Nigerian Railway Corporation, Nigerian Ports Authority, National Inland Waterways Authority and Lagos State Government are among organisations that have confirmed to be part of the 2024 Nigeria Transport Summit holding in Lagos on October 17.

The event, which brings together critical stakeholders in the transport sector, the organisers, Transportation Correspondents Association of Nigeria (TCAN), said has ‘Intermodal Transport: Prospects and Challenges’ as its theme.

Other firms that have thrown their weight behind the programme are the Nigerian Safety Investigation Bureau (NSIB), the Federal Road Safety Corps, Lagos Metropolitan Area Transport Authority (LAMATA), Lagos Computerised Vehicle Inspection Service (LACVIS), Julius Berger Nigeria Plc, Worldwide Marine Services, Lagos State Traffic Management Authority (LASTMA) and Fidelity Bank Plc, among others.
A statement issued by the TCAN Chairman, Mr ‘Yinka Aderibigbe, and the Local Organising Committee (LOC) Chairman, Mr Rasheed Bisiriyu, said the programme, to be chaired by Lagos State Governor, Babajide Sanwo-Olu,
would be declared open by the Minister of Transportation, Senator Sa’idu Ahmed Alkali.
Former Minister of Transportation, Mr Rotimi Amaechi, would deliver a keynote address at the summit, it added.

TCAN Chairman, Aderibigbe, said, “The focus on intermodal transportation in the maiden edition of the annual summit is deliberate.

“It is aimed at bringing together relevant stakeholders across all subsectors of the transport industry to see the need to form and work in synergy rather than working at cross-purposes, which might pose greater challenge to achieving the dream of giving alternative travel modes in the Nigerian public transportation space.

“Such arrangement will pave the way for greater efficiency through lower costs, operational flexibility and reduced carbon emission in a world committed to cleaner environmental impact that will ultimately benefit all.”

Already, TCAN said a team of speakers had been carefully selected to do justice to the issue under focus.
“A panel of discussants featuring some relevant members of the intelligentsia, heads of prominent agencies/parastatsls and organisations will speak to the sub-themes of the summit around railway, road, inland waterways and aviation sub-sectors as well as safety of operations in the nation’s transportation industry,” the statement said.
A communique will be issued at the end of the event that is expected to come handy for stakeholders in deciding the new direction of the nation’s integrated transportation system.
An industry journal packaged by TCAN would be formally unveiled as one of the highpoints of the event, the committee also stated.

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Oil&gas industry operators owe FG $6bn, N66bn – NEITI report

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September 27, 2024

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Oil&gas industry operators owe FG $6bn, N66bn – NEITI report

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said outstanding collectible revenues due to the Federal Government from operators in the oil and gas industry have risen to 6.071 billion dollars and N66.4 billion as at June 2024.

NEITI disclosed this on Thursday in Abuja at the public presentation of its 2022 and 2023 Independent Oil and Gas Industry Reports.

The report was prepared by the NEITI Board, National Stakeholders Working Group (NSWG).

The report was unveiled by Mr Ola Olukoyede, Chairman, Economic and Financial Crimes Commission (EFCC), alongside Sen. George Akume, Secretary to the Government of the Federation and Chairman, NSWG, NEITI and other dignitaries.

The breakdown of the report showed that outstanding liabilities were 6.049 billion dollars and N65.9 billion in unpaid royalties and gas flare penalties, due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as collectible revenues by Aug. 31, 2024.

It also provided a detailed analysis of the information and data regarding who owes what in outstanding revenues due to the government.

A further breakdown showed outstanding petroleum profit taxes, company income taxes, withholding taxes, and Value Added Tax (VAT), due to the Federal Inland Revenue Service (FIRS), amounting to 21.926 million dollars and N492.8 million as of June 2024.

On fuel importation, the latest NEITI report disclosed that a total of 23.54 billion litres of Premium Motor Spirit (PMS) were imported into the country in 2022, while 20.28 billion litres were imported in 2023.

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This represented a reduction of 3.25 billion litres, or a 14 per cent decline, following the removal of the fuel subsidy.

A detailed 10-year trend analysis (2014–2023) in the NEITI report showed that the highest annual PMS importation into the country, 23.54 billion litres, was recorded in 2022, while the lowest, 16.88 billion litres recorded in 2017.

The NEITI report also disclosed that a total of N15.87 trillion was claimed as under-recovery/price differentials between 2006 and 2023, with the highest amount, N4.714 trillion, recorded in 2022.

On crude production, fiscalised crude production in 2022 stood at 490.945 million barrels, compared to 556.130 million barrels produced in 2021, representing an 11 per cent decline.

However, in 2023, NEITI’s independent report revealed total fiscalised production of 537.571 million barrels, and 46.626 million-barrel or 9.5 per cent increase from total production recorded in 2022.

A 10-year trend (2014–2023) of fiscalised crude oil production in Nigeria showed the highest production volume of 798.542 million barrels was recorded in 2014, while the lowest, 490.945 million barrels, was recorded in 2022.

The NEITI report further provided detailed information and data on crude lifting, disclosing that in 2022, total crude lifting was 482.074 million barrels compared to 551.006 million barrels lifted in 2021.

“In 2023, total crude lifting stood at 534.159 million barrels, representing an 11 per cent increase of 58.08 million barrels,” the report stated.

On oil theft and crude losses, a total of 7.68 million barrels of crude were either stolen or lost in 2023, representing a significant drop of 79 per cent (29.02 million barrels) compared to 36.69 million barrels either stolen or lost in 2022.

NEITI’s independent industry report carefully reviewed all aspects of the regulatory framework for the oil and gas industry.

This included the legal framework, fiscal regime, roles of government entities and reforms, as well as laws, Petroleum Industry Act (PIA 2021) and regulations relating to addressing corruption risks in the oil and gas sector.

The event was supported by the European Union and the Rule of Law and Anti-Corruprion (RoLAC) programme being implemented by International Institute for Democracy and Electoral Assistance (IIDEA).

Oil&gas industry operators owe FG $6bn, N66bn – NEITI report

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