News
Poor fuel: Matrix Energy slams N20bn libel suit against two media groups
Poor fuel: Matrix Energy slams N20bn libel suit against two media groups
An Indigenous oil company, Matrix Energy Limited, has asked a Federal Capital Territory High Court to restrain two media houses and others from further publishing alleged libellous stories about its oil shipping business.
Matrix and its CEO, Abdulkadir Adisa Aliu, in their court processes, denied any “involvement in colluding with Nigeria’s economic enemies to import adulterated, substandard, or low-quality petroleum products into the country.”
They had earlier responded to reports accusing them of importing substandard petrol into Nigeria, particularly from Malta, insisting that their products meet the required guidelines.
The spokesperson for the company, Ibrahim Akinola, in a statement on August 17, 2024, described reports by an online publication that Matrix Energy was behind the importation of petrol from Malta to Nigeria as not entirely accurate.
Newstrends reported that Aliko Dangote, CEO of Dangote Refinery, recently alleged that certain oil operators are colluding with the Nigerian National Petroleum Corporation (NNPC) to run an illegal blending plant in Malta, a European country, for the purpose of importing substandard petroleum products into Nigeria.
The Group Chief Executive Officer (GCEO) of NNPC, Mele Kyari, however, denied any ownership or operation of a refinery in Malta, vowing to push for the prosecution of any defaulting NNPC staff and others involved.
Interestingly, Nigeria’s petroleum imports from Malta saw a significant surge in 2023, reaching $2.8 billion.
This is a stark contrast to the years between 2017 and 2022, during which there were no imports, and the mere $13.32 million imported in 2016, raising concerns about Nigeria’s dealings with the small European nation.
In a statement on August 17, 2024, Matrix Energy, which is allegedly reported to be importing from Malta, denied any wrongdoing, adding that its petroleum products meet all regulatory guidelines.
READ ALSO:
- FG, ASUU meet today over fresh planned strike
- Nigeria seeks World Bank’s approval to restructure $650m health loan
- 35 die in two Pakistani bus accidents
The company stated that it did not discharge 200,000 metric tons of PMS into its facility in July 2024, as claimed by the news report.
The oil company, however, did not deny the importation of petrol from Malta and elsewhere.
Meanwhile, the company noted that, like all oil operators in Nigeria, it has the right to source its products from any part of the world, as long as it is not breaking any Nigerian or international law.
“Our Chief Executive Officer, Abdulkabir Adisa, is a talented and dedicated Nigerian with the right to associate freely as well as trade freely in any part of the world. As he stated in his presentation before the Nigerian Senate, we are not aware that Nigerian companies have been banned from bringing in legitimate and standard products from outside the country, and until such a ban is in place, we will continue to serve the public with the best quality products,” the company said.
Matrix heads to Court
The oil firm has now approached the FCT High Court, seeking declaratory reliefs(dated August 21, 2024) against certain publications, including a “retraction” of the reports and over N10 billion in “damages”.
The oil firm’s lawyer, Ahmed Raji SAN, urged the court to hold that the media organization “falsely and maliciously published” the said reports against his clients.
He maintained that his client is a member of the Presidential Economic Coordination Council (PECC), an elite body of eminent Nigerians tasked with developing sustainable ideas to bolster the nation’s economic governance framework and ensure robust and coordinated economic planning and implementation.
Poor fuel: Matrix Energy slams N20bn libel suit against two media groups
News
NNPC has no right setting price of Dangote petrol – Falana
NNPC has no right setting price of Dangote petrol – Falana
Human rights lawyer, Femi Falana, SAN, says the Nigerian National Petroleum Company Limited, NNPCL, do not have the power to fix the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation.
Falana said the NNPCL action violated the Petroleum Industry Act, PIA, which stipulated that the price of petrol must be determined by the market forces
In a statement on Tuesday, the legal luminary said it was an aberration for the NNPCL to peg the price of petrol produced and refined in Nigeria at 950 per litre.
“On September 5, 2024, the Nigerian National Petroleum Corporation Limited (NNPCL) stated that foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) governed by unrestrained market forces, as provided for in the Petroleum Industry Act, PIA.
READ ALSO:
- Dangote Refinery hasn’t received full operational licence – NMDPRA
- JAMB gives reasons for limiting physical interaction with underaged candidates
- Tension in Kano, Ganduje reportedly plots to dethrone Emir Sanusi again
“The NNPCL was explaining the pump price of PMS imported into the country at the material time. Specifically, the Executive Vice President of Downstream NNPC Ltd Mr. Adedapo Segun, explained that Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by free market forces.
“But contrary to the well-publicised statement, the NNPCL has fixed the price of PMS produced by the Dangote Refinery and Petrochemical Company Limited. The action of the NNPCL is a violent contravention of section 205 of the PIA, which stipulates that the prices of petroleum products shall be determined by market forces.
“Furthermore, since the petrol sold by Dangote is not imported into the country but produced at the Lekki Economic Free Trade Zone, the NNPCL cannot justify the sale of petrol at N950 per litre without freight cost, lightering cost, jetty depot fees, storage fees, foreign exchange costs, NPA charges: NIMASA charges, Customs duties etc,” he said.
Falana’s outburst followed the commencement of PMS lifting by the NNPCL from the Dangote Refinery.
You would recall that as soon as lifting commenced, NNPCL announced that the product would sell for N950 per litre in Lagos State and its environs, and above N1,000 per litre in states such as Borno.
Reacting, the Independent Petroleum Marketers Association of Nigeria, IPMAN, on Monday, criticised NNPCL, saying it was not right for petrol lifted from the Dangote Refinery to cost higher than imported ones
NNPC has no right setting price of Dangote petrol – Falana
News
Coffee prices double in Nigeria after global supply disruptions
Coffee prices double in Nigeria after global supply disruptions
Nigeria is feeling the impact of the global coffee crisis as futures prices surge by over 30% due to severe supply disruptions caused by drought in Brazil, the world’s largest Arabica coffee producer.
In Nigeria, coffee prices have doubled in 2024, with popular brands like Nescafe and TopCafe experiencing significant hikes.
For instance, “Nescafe 3 in 1” spiked to N34,000 per carton in August, up from N28,000 in May, and a steep rise from N18,000 last year.
READ ALSO:
- No going back on increase in boarding fee – Lagos Govt
- Man gets 16-week jail for stealing two iPhones
- World’s oldest Sunday newspaper, Observer, up for sale
The rainfall shortage in Brazil, which began in April, has led to a sharp decline in coffee production, sparking a global rush to secure supplies.
This has driven up coffee futures, with U.S. Coffee Futures and Arabica Futures both soaring by more than 30% in 2024, impacting markets worldwide, including Nigeria.
Coffee prices double in Nigeria after global supply disruptions
News
UN donates $6m to support Borno flood victims
UN donates $6m to support Borno flood victims
The United Nations has announced the donation of a $6 million fund in support of the Maiduguri flood victims in Borno State.
In a statement on Tuesday, the UN’s Humanitarian Coordinator in Nigeria, Mohammed Fall, said a joint mission comprising UN agencies and non-governmental organisations (NGOs), alongside the Nigeria Red Cross Society, visited the main city of Maiduguri over the weekend.
According to Fall, the team met with people who had been impacted, many of them had already displaced multiple times by conflict and insecurity in the area.
The flood was caused by an overflow in the Alau Dam located just over 10 miles to the south of Maiduguri.
READ ALSO:
- Lady laces food with laxatives to know those eating it
- 18 burnt to death in Ore-Ijebu-Ode road crash
- Hamas chief says they’re ready for ‘long war’ in Gaza
“We and our partners are providing them with hot meals, we are facilitating air drops of food in hard-to-reach areas cut off by flood waters, and we are also trucking in water.
“We are also providing water and sanitation hygiene services and water purification tablets to stem disease outbreaks.
“This is in addition to supplying hygiene and dignity kits to women and girls, as well as emergency health and shelter services.”
He added that the staff of the UN Office of the Coordination of Humanitarian Affairs were also working closely with donors to secure additional funding.
UN donates $6m to support Borno flood victims
-
metro3 days agoFG begins free CNG conversion in three Ogun centres
-
Business3 days agoPetrol: Dangote pump price emerges as NNPC trucks begin loading
-
Business18 hours agoDangote refinery to transport 75% of fuel locally by sea
-
News3 days agoDangote fuel supply forces Scotland refinery to announce shutdown date
-
Politics3 days agoI never said I’d be VP to anyone in 2027 – Peter Obi
-
metro8 hours agoFour burnt to death, eight others injured in Ore-Ijebu Ode road crash
-
metro3 days agoMen beware – Lack of sex can make your wife miserable, angry
-
Aviation3 days agoAir traffic controllers threaten to ground Nigeria’s airports Wednesday