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Updated: NNPC debunks claims Port Harcourt refinery trucking-out old product

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Updated: NNPC debunks claims Port Harcourt refinery trucking-out old product

The Nigerian National Petroleum Company (NNPC) Limited has denied claims by a community leader in Alesa, Rivers State, alleging that the Port Harcourt refinery is not yet producing fuel.

In a statement released on Friday, NNPC spokesperson Olufemi Soneye criticized the comment made by the community leader, it was based on ignorance about refinery operations.

Soneye explained that while he would have typically ignored such remarks, he felt compelled to respond in order to clarify the situation.

Timothy Mgbere, a leader in the Alesa community, appeared on national television on Thursday, where he accused the NNPCL of misleading Nigerians by claiming that the Port Harcourt refinery was already processing crude oil.

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But  Soneye said the Port Harcourt refinery was currently operating at 90% capacity.

He emphasized that the allegations lacked merit and were inconsistent with the facts.

The NNPC spokesperson noted that the community leader had acknowledged fuel being loaded out from the refinery’s gantry but dismissed it as “old stock” from the previous refinery, which, Soneye argued, further undermined the credibility of the allegations.

“He (Mgbere) claimed that the old Port Harcourt Refinery was only operating skeletally and was not processing PMS. His proof was that the PMS truck-out was done at the gantry of the new Port Harcourt Refinery as against the gantry of the old Port Harcourt Refinery.

“This betrays his scant knowledge of the operations of the refinery. The old and new Port Harcourt refineries have since been integrated with one single terminal for product load-out.

“They share common utilities like power and storage tanks. This means that storage tanks and loading gantry which he claimed belong to the new Port-Harcourt Refinery can also receive products from the Old Port Harcourt Refinery

“The nameplate capacity of the refinery is 60,000 barrels of oil per day. It is currently producing at 90 per cent throughput which translates to Straight-Run gasoline (Naphtha) blended into 1.4 million liters of PMS, aside from other products like diesel and kerosene.

“We call on the general public to disregard the claims of the self-acclaimed ‘community person’ which are obviously borne out of sheer mischief and blatant display of ignorance,” Soneye said.

 

Port Harcourt refinery now 90% operational, says NNPC, tackles community leader claim

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Naira appreciates to N1,555/$ in Parallel market

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December 6, 2024

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Naira appreciates to N1,555/$ in Parallel market

The Naira gained significant ground against the dollar on Friday, appreciating to N1,555/$ in the parallel market, compared to N1,685/$ recorded on Thursday.

Similarly, in the official foreign exchange market, the Naira appreciated to N1,535/$, as reported in the Daily Nigerian Foreign Exchange Market (NFEM) data published by the Central Bank of Nigeria (CBN). This reflects a notable improvement of N32, as the indicative exchange rate strengthened from N1,567/$ on Thursday to N1,535/$.

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The narrowing of the gap between the parallel market and the official NAFEM rate was also evident, with the margin shrinking to N20/$, compared to the N118/$ difference observed on Thursday.

The development signals a positive trend for the Naira, easing pressures on currency exchange rates across both markets.

 

Naira appreciates to N1,555/$ in Parallel market

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Nigeria gets $50m loan for women-owned businesses

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13 hours ago

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December 6, 2024

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Bank of Industry

Nigeria gets $50m loan for women-owned businesses

Nigeria’s Bank of Industry (BoI) has secured a 50 million dollars loan portfolio from the African Guarantee Fund (AGF) to empower women entrepreneurs and drive economic growth in Nigeria.

This innovative guarantee framework agreement is backed by the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) initiative.

The loan, which will be disbursed over a 10-year period, is expected to scale up BoI’s lending to Small and Medium Enterprises (SMEs) in the country, with a focus on women-owned businesses and environmentally sustainable enterprises.

Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, spoke on the sidelines of the Africa Investment Forum, Market Days 2024, which ends on Friday in Rabat, Morocco.

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Olusi said that the partnership would propel Nigeria’s industrial sector by providing financial and business support services to enterprises.

“Today, we signify a collaboration that promises to drive inclusive growth, innovation, and sustainable development,” he said.

The AGF will also provide tailored guarantees and technical assistance toward special SME products offered by BOI, targeting women, youth and green businesses.

This agreement is expected to unlock up to 100 million dollars in financing for SMEs in Nigeria.

According to Olusi, the partnership is a significant step towards promoting economic growth and reducing unemployment in Nigeria.

He said it also aligned with the Renewed Hope agenda of President Bola Tinubu’s administration.

The African Development Bank’s Vice President, Agriculture, Human and Social Development, Dr Beth Dunford, emphasised the bank’s commitment to empowering women entrepreneurs and fostering economic growth in Nigeria.

“This strategic partnership is a beacon of hope and progress for African businesses, particularly those led and owned by women,” she said.

Nigeria gets $50m loan for women-owned businesses

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Naira gains for the third straight day against dollar in new EFEM window

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23 hours ago

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December 6, 2024

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Naira gains for the third straight day against dollar in new EFEM window

The exchange rate between the naira and dollar appreciated yet again on the official EFEM market closing at N1,567/$1 on Thursday December 5, 2024.

This is the third consecutive day of exchange rate appreciation since the central bank migrated to the much touted EFEM platform.

At N1,567/$1 the naira has now posted the best closing rate since October 8th when it closed at N1,561.7/$1 when NAFEM under FMDQ was in use.

Best gain in two months

The exchange rate on the official EFEM window closed at N1,567 on Thursday representing a N41 gain from the N1,608/$1 closing rate recorded a day earlier.

  • Intra-day high and lows for the day was N1,610 and N1,565 respectively while the weighted average rate printed N1,587.
  • On the parallel market where the exchange rate trades unofficially, cash sales for the dollar closed was quoted for around N1,640/$1 as of this evening
  • On funding investment apps such as Bamboo and Trove the exchange rate for converting naira into dollar quoted at N1,653 and N1,654 to the dollar respectively.
  • This suggest the disparity between the official and parallel market rates is under N60 or around 4%.

Meanwhile Bitcoin prices surged to around $103k before falling to around $99.2k as of when this article was published.

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EFEMS boosting price discovery

The newly introduced Enhanced Foreign Exchange Market System (EFEMS) by the Central Bank of Nigeria (CBN) has enhanced transparency in the forex market with the positive gains on the naira evidence of the impacts.

The platform has now recorded three consecutive days of gains boosting the central bank’s target of achieving price discovery.

This new forex trading window consolidates Nigeria’s foreign exchange markets, replacing the Investors and Exporters (I&E) window in a bid to simplify and increase transparency in the forex market.

 

Naira gains for the third straight day against dollar in new EFEM window

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