Business
NNPC says it’s no longer sensible to operate existing refineries
The Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, has said the corporation deliberately shut down the nation’s refineries because it no longer makes sense to operate them.
The NNPC GMD said this when he appeared before the House of Representatives Committee on Petroleum Upstream on Thursday in Abuja.
He said that the NNPC was unable to supply crude oil to the refineries and that it was only Escravos pipeline which the NNPC managed to sustain through contracting process.
According to him, it is practically impossible to run the pipelines at their optimum capacity.
“For instance, to run Kaduna and Warri refinery, you need to deliver 170,000 barrel of oil per day so that both will operate at 70 per cent capacity,” he said.
Kyari said that at the moment, it only had over 5,000 kilometres of pipelines with 13 fuel depots, which according to him must be protected to forestall the activities of vandals.
“And I can tell you today that except the Atlas Cove to Ibadan line the Port Harcourt to Aba line, none of these pipelines is serviced.
“We cannot flow product into these lines; the cheap one is to say they are aged but the real reason is that the level of activities of vandals on these lines is gross, monumental and profound.
“At every point within a month we fix 80 vandal points. The option is to shut them down and the result of having one depot is what we have seen in Lagos,” he said.
The GMD said that the activities of vandals made it impossible for pipelines to be operated, adding that from January to June it had lost petroleum product close to N43 billion.
Kyari said that to protect the pipelines, the NNPC had to engaged the service of security agencies to curtail the activities of vandals.
He urged the House of Reps to urgently pass the Petroleum Industry Bill (PIB), adding that the passage would encourage investors in the sector.
Kyari said that by the end of December there would be hope for the Petroleum sector, adding that the NNPC would declare dividends to the Nigerian people.
He promised to run the corporation with transparency and accountability adding that the NNPC had published its audited report of 2018 and 2019, which according to him had not happened before.
Chairman of the committee, Musa Adar, said that in the past the house had tried to get the budget of NNPC but to no avail.
He said that this was the first time the budget of NNPC would be presented to the national assembly adding that to whom much is given much is expected.
Adar, however, commended the House of Reps for ensuring that the PIB scaled through the second reading on October 24, saying this was the fifth time the PIB would be brought before the national assembly.
“Initially most of the problems are usually from the NNPC because no one wants his power taken away from him, but I salute the GMD of NNPC,” he said.
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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