“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
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.
Business
Dangote Refinery can sell petrol to any marketer – NNPC
Dangote Refinery can sell petrol to any marketer – NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has no desire or intention to be the sole offtaker of petrol produced by the Dangote Refinery Limited, DRL.
NNPC Ltd said this while reacting to claim by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the NNPC Ltd.
MURIC had in a statement issued on Friday claimed that recent changes to the pump price of petrol will prevent the Dangote Refinery from selling the product at lower prices to Nigerians.
The group also claimed NNPC Ltd. has become the sole offtaker of all products from the refinery.
However, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Saturday dismissed the claims of MURIC.
While puncturing the claims of MURIC, NNPC LTD in the statement noted that the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.
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The company thefore noted that recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
Business
Forex: CBN sells $20,000 to each BDC at N1,580/$
Forex: CBN sells $20,000 to each BDC at N1,580/$
The Central Bank of Nigeria (CBN) has announced plans to inject more liquidity into the foreign exchange market by approving the sale of US$20,000 to each eligible Bureau De Change (BDC) operator.
This move is aimed at meeting the growing demand for foreign exchange in the retail market, particularly for invisible transactions.
In a circular issued on September 6, 2024, and signed by Dr. W.J. Kanya, Acting Director of the CBN’s Trade and Exchange Department, the bank stated that eligible BDC operators would purchase the foreign currency at the rate of N1,580 per US dollar.
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The BDCs are permitted to sell the forex to end-users at a margin not exceeding 1% above the purchase rate.
To facilitate the process, the bank said eligible BDCs must make Naira payments into designated CBN deposit accounts and submit the required documentation at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the approved $20,000.
This measure is part of CBN’s ongoing efforts to stabilize the forex market and meet demand for invisible transactions such as payment for personal travel, medical bills, and school fees.
Forex: CBN sells $20,000 to each BDC at N1,580/$
Business
Naira falls by N34 to dollar in 24hrs
Naira falls by N34 to dollar in 24hrs
The Nigerian currency, Naira, has plummeted to an unprecedented low, trading at a staggering N1,639.41 per dollar at the official market on Thursday.
This marks a sharp decline from the previous day’s rate of N1,606, reflecting a dramatic loss of N34.
In a parallel trend, the black market also saw the naira fall, with the exchange rate reaching N1,645 per dollar, down from N1,640.
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The worsening exchange rates signal deepening economic challenges and growing concerns over the stability of the national currency.
As the naira continues its downward spiral, analysts and market watchers are closely monitoring the situation, with implications for both the economy and daily lives of Nigerians.
Naira falls by N34 to dollar in 24hrs
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