Nigerian actress Ini Dima-Okojie has opened up about her struggles with fibroid tumors.
In a video shared on Instagram, she revealed that despite undergoing invasive surgery in 2020, the condition had re-surfaced.
The ‘Blood Sisters’ actress explained that instead of opting for another surgery, she chose a holistic approach to manage the symptoms.
“My Fibroid Journey! I never imagined I’d be sharing this again after my last update on 30/12/2020, but here I am.
“My journey with fibroids isn’t over. recently learned they’ve returned. I’ll let you listen to the details in the video,” Ini Dima wrote.
Ini Dima-Okojie also expressed her determination to raise awareness about fibroids and support other women going through similar experiences.
She further revealed her plans to sponsor scans for 20 women who are dealing with fibroids.
“I will be sponsoring scans for 20 women. If you know someone dealing with fibroids who could benefit from this, please share this with them,” she said.
Caroline Hutchings, the Scottish-Nigerian actress, has spoken up on her life after divorce from her ex-husband, Musa Danjuma.
The actress in a lengthy post on her Instagram page on Wednesday, stated that she lost her identity and dreams after divorce.
Recounting her experience, she explained how the split prompted her to start life from scratch because she faced discrimination and rejections.
“I was once a promising makeup artist and hair guru, actress, film producer and fashion consultant. CEO Luxury Addict, CEO Kinetic Media. But I lost my identity and dreams because of divorce.
“I walked away from it all for my own sanity. I started my journey from scratch facing all the fake rumors, discriminations, rejections and uncertainties at 29+ years.
“A conversation that women who have walked the same part hate to talk about. A bittersweet journey to a place unknown. This is my story,” she wrote.
Recall that Caroline got married to Musa in 2007, and announced their divorce in 2016 after spending nine years together.
Folarin Falana, the famous Nigerian rapper, who is also known as Falz the Bahd Guy, has opened up about his relationship with singer, Simi.
Recall that Simi and Falz sparked dating rumours after releasing a joint EP titled, ‘Chemistry’ in 2016.
Speaking in a recent interview with Hip TV, Falz stated that what they had wasn’t beyond a sonic relationship.
He recalled how he reached out to Simi after hearing her breakthrough song ‘Jamb Question’ and her their musical chemistry inspired more future collaborations.
“I met Simi 2013 or 2014. I reached out to her first time I heard ‘Jamb Question’ to let her know I’ve written a verse for the remix that we’ve not yet discussed,” he recalled.
“And we went on to do it, shot the video and from then onwards, every other track was so natural. She’s family, we really really clicked musically and we just had to really explore that. It was beautiful.”
Falz was recently featured in ‘Borrow Me Your Baby’ off Simi’s latest album, ‘Lost And Found.’
Simi’s marriage to her secret lover, singer, Adekunle Gold, on January 9, 2019, shut the rumours of her alleged affairs with Falz.
In 2020, the couple welcomed their first child, Adejare.
Oside Oluwole, a Nigerian biochemist and auto dealer, who is popularly known as Khoded, has emerged the new world record holder for the longest videogame marathon.
The Guinness World Record, GWR, made the announcement in a post on social media.
The 24-year-old Khoded set the record by playing a soccer videogame for 75 hours with over 500 games played.
He surpassed the previous 50 hour record set by Englishman, David Whitefoot, in 2022.
The biochemist embarked on the attempt to raise funds for a local hospital in his hometown, Iejbu-Ode.
Announcing Oluwole’s feat, GWR wrote: “Before no one in the past has broken this record by such a large margin as Oside has.
"It was first set in 2010 with a time of 24 hours and gradually increased to 50 hours after being beaten seven times in 11 years.”
Former presidential candidate of the Labour Party, Peter Obi has called on the government to pay more attention to children.
According to him, every Nigerian child deserves a better future.
Peter Obi disclosed this on his X handle after an event in Lagos State on Wednesday.
“I was happy to share interactive moments with the children, the future leaders of our nation. I was greatly moved by the confident expressions of their lofty dreams and aspirations in life. Their dreams are valid and will go a long way in building a better Nigeria,” he said.
The former governor of Anambra State said he was a beneficiary of guidance of teachers even as governor. He said education remains an important tool to help children achieve their full potentials.
“Building a better and conducive environment for our children to fulfill their potentials and achieve their dreams has continued to fuel our passion and strengthen our resolve in the struggle for a better nation.
“I encouraged their parents and teachers to remain exemplary guardians to the children as they grow up and throughout their lives. I recounted to them how, even as a Governor, my seniors and teachers in school remained my guardians and advised me when necessary,” he said.
The Labour Party chieftain said, “Every Nigerian child deserves a better future filled with opportunities. We remain committed to building a society where our children will live, thrive and fulfill their potentials.”
The General Overseer of Mountain of Holy Ghost Intervention and Deliverance Ministry, Chukwuemeka Cyril Ohanaemere, popularly known as Odumeje has vowed to use his powers to bring down the price of rice in the country.
Amid the rising cost of food and hardship in Nigeria, the clergyman vowed to bring down the price just as he once claimed to have crashed the dollar price against the naira.
During a recent service, he highlighted the current inflation in the country.
According to Pastor Odumeje, food prices are becoming too expensive for the common man, citing the exponential shoot in the cost of basic meals.
He also condemned other preachers who are mute of the hardship faced by their congregants in Nigeria while emphasizing his goal as a Man of God.
The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele has slammed President Bola Tinubu accusing him of not taking advice.
Speaking on Thursday he lashed out at Tinubu for sending trucks of rice to state governments.
Primate Ayodele said the development would only lead to more corruption and hardship because governors don’t care about the needy.
In a statement by his media aide, Oluwatosin Osho, Ayodele made it known that the rice would not get to those that were really suffering.
He said the governors would rather share it with their party members.
He stated that Tinubu’s government was not ready to listen to good advice.
‘’There is no way this will get to the needy, those who are suffering.
“The Tinubu government isn’t ready to listen to advice. They are not doing what is feasible, Nigerians are hungry and angry, everyone is affected, the president must be careful.
‘’Sending trucks of rice to governors that don’t care about the needs of the people, that don’t share in people’s pains, is tantamount to arbitrary corruption. They will give it to their party members, loyalists and even hoard it.
“Why is this government not listening? The more you bring such, the more the hardship. The truck of rice will only increase hardship and poverty, that’s not the solution.’’
Primate Ayodele further noted that Tinubu’s decisions will kill Nigeria’s economy, advising him to listen to advice that can help the country.
On what the president should have done, the prophet made it known that the trucks of rice should have been taken to markets across the country and sold at lesser prices to the people.
‘’This is simple mathematics, like God revealed to Pharaoh about famine, God has revealed to prophets the situation of Nigeria, we have said this in 2022 about what Nigeria will experience, it is better the government listens before it kills the economy.
‘’The government should have taken the trucks to markets across the country and sold them at a very subsidized rate to the needy. The impact will be felt more than giving it to state governors,” he added.
The main entrance of the Port Harcourt Refinery complex was occupied by aggrieved youths of Alesa and Alode communities in Eleme, shutting down activities at the refinery in demand for employment even as the refinery undergoes rehabilitation.
The youths in their hundreds on Tuesday and Wednesday barricaded the main gate of the refinery complex, with placards bearing different inscriptions, such as “PHRC where did you keep our slots”, and “PHRC obey Nigerian Content Act” among others.
The leader of the protest identified as Hon. Johnson Nwogu, said the community was shocked that an employment of 165 people was carried out by the management of the refinery but only 13 chances were given to the whole of Eleme and less than five to Alesa, the host community.
Engr. Eric Chujor, President of the Eleme Graduates Forum, said;
“It saddens me to imagine how we are marginalized by multinationals, IOCs, and indigenous companies doing business within the confines of Eleme land. Our employment quota and contract chances have been compromised for far too long as against the Nigeria Content Act.
“The behaviour of those managing these firms and our representatives in the over 300 companies doing business in Eleme has impoverished our people. Hence, we must rise to the task of fighting against the injustice meted out to us by these groups of people,” Chujor said.
He continued: “It is heart-wrenching to see that the unemployment rate is on the rise in Eleme, whereas we have people coming into our space to earn massive profits every day. Contract opportunities now belong to a few individuals from the community as against running an open-door policy to all qualified contractors.
“Moreover, Eleme has qualified graduates and professionals who can fill various positions, including managerial roles within these companies, but they tend to look down on our people because our representatives in these firms have failed to project and protect Eleme’s indigenous workers before the top echelon of these companies.
“To prevent these unwanted developments, I request the support of Eleme stakeholders and meaningful people of the soil to rise and put a stop to these menaces for the future growth and development of Eleme land.
“For how long should we remain in silence, fold our hands, and watch all these levels of injustice unleashed on our people? They sack our youths but retain strangers, employ the strangers as direct staff, but our people as support staff, etc.
Take, for instance, Tecnimont has less than six Eleme graduates as their direct staff as against the hundreds of staff engaged. This is a violation of the Nigeria Local Content Act.”
See Video Below;
Media
Currently, a group of individuals is obstructing the entrance to the Port Harcourt refinery. They are celebrating with makeshift shelters and have slaughtered a cow for the occasion. They have also made a commitment that the refineries will not be functional. pic.twitter.com/FvpNZyBM0w
— Imran Muhammad (@Imranmuhdz) July 17, 2024
The Major Energies Marketers Association of Nigeria (MEMAN) has disclosed that the landing cost of Premium Motor Spirit, also known as petrol, was ₦1,117/litre as of Tuesday, July 16, 2024.
MEMAN disclosed this during a webinar with journalists on Wednesday.
The association revealed that the landing cost of diesel was ₦1,157/litre, while that of aviation fuel was ₦1,127/litre.
MEMAN’s Executive Secretary, Clement Isong, said the costs were obtained from independent energy price benchmark providers.
The association maintained that it would release similar information regularly to keep the masses informed.
According to Punch, filling stations operated by the Nigerian National Petroleum Company Limited (NNPC) and those of the major marketers sell PMS at between ₦617/litre and ₦660/litre, while independent marketers sell for ₦700/litre or more.
NNPC, the sole importer of petrol into Nigeria, has consistently denied subsidising the cost of PMS but refused to disclose the landing cost of the product.
The revelation from MEMAN is almost the first from marketers in the industry as the landing cost appears to have been shrouded in secrecy by the importer of PMS.
An expert in the energy sector, Wumi Iledare told the aforementioned publication that, “The gap between the cost of diesel and petrol in Nigeria is much. It is never like that all over the world. That means something is wrong.
“I don’t know if NNPC is paying subsidies or not, but somebody is absorbing the difference. You can call it under-recovery or subsidy, but the price of petrol today does not reflect the market cost of producing a litre of petrol,” he disclosed.
Iledare added that with the current exchange rate, the price of petrol should not be less than 80 per cent of the price of diesel.
[NaijaNews]
The exchange rate for duties collection by the Nigeria Customs Service (NCS) has risen by N3 above the official closing rate of the Naira on the NAFEM window.
Checks on the customs exchange rate portal reveal that the FX rate for duties collection stands at N1584/$ while the naira closed at N1581 to the greenback on the 17th of July, 2023 according to FMDQ data.
The current customs duties exchange rate of N1584 /$ is one the highest since March 2024 when the naira depreciated near the N1600/$ mark.
In recent times, the naira has weakened against the USD despite efforts by the Central Bank of Nigeria (CBN) to boost supply in the foreign exchange market.
Increase in FX turnover
Last week, the Nigerian official foreign exchange (FX) market experienced a notable surge in turnover, rising by 40%. Data gathered by Nairalytics, the research arm of Nairametrics, from the FMDQ indicates an increase of $292.75 million, from $740.92 million last week (July 1 to 5, 2024) to $1.03 billion this week (July 8 to 12, 2024).
The last time the weekly FX turnover exceeded the $1 billion mark was in the first week of June, with a total of $1.05 billion recorded. The rise in FX turnover comes on the heels of CBN’s tacit intervention in the foreign exchange market by selling FX to authorised dealers.
CBN sale of FX to authorised dealers
- The surge in FX turnover this week was driven by a two-day sale of dollars worth $122.67 million to 46 authorized dealers by the Central Bank of Nigeria (CBN).
- In a statement by Dr. Omolara Duke, the Director of Financial Markets at the CBN, it was disclosed that the apex bank sold $67.5 million to 27 authorized dealers and purchased $2.5 million from one authorized dealer on Wednesday.
- The bid range for these transactions was between N1,480/$1 and N1,500/$1, with payments scheduled for July 12, 2024, following a two-day settlement cycle (T+2).
- Last week Thursday, the CBN sold $55.17 million to 19 authorized dealers at a rate of N1,540.0/$1. No foreign exchange was purchased on this date, and payments for these spot sales were due on July 15, 2024.
- The CBN also urged all authorized dealers to ensure that foreign exchange purchases from the bank are exclusively used for trade-backed transactions, which must be reported within 72 hours.
- The renewed gradual depreciation of the naira comes as the apex bank prepares for its fourth Monetary Policy Committee (MPC) meeting next week where it will decide whether to hold or continue interest rate hikes.
[Nairametrics]
More...
…Says N32b available for disbursement
The National Education Loan Fund, NELFund formerly took off on Wednesday, with the disbursement of the first tranche of funds to successful applicants, by President Bola Tinubu, amidst high level skepticisms, especially amongst states from southern part of Nigeria.
Akintunde Sawyerr, Managing Director of the NELFund, speaking with State House Journalists, after the Presidential disbursement, said paucity of data for determining credit search, is hampering its ability to determine who is an indigent applicant
He revealed that the NELfund portal has a total number of 164,000 students registered for the loan while 103,000 of them applied.
According to him, ” a total sum of N32 billion is currently available for disbursement to kick start the program.
He said the aim of NELFUND is to empower Nigerian youth by providing fair transparent funding and removing financial barriers to educational opportunities and academic pursuits.
He also revealed that more applicants from northern part of Nigeria top the number of beneficiaries, as most states in the South parts are still skeptical, as they doubt whether it will take off or not.
He stated that the system current lack data for arriving at who indigent students are, as well as credit search, but noted that NELFund rely on applicants bank verification number BVN, National Identification Number NIN amongst others and back end data of educational institutions to determine who are successful applicants
Speaking further on criteria for selecting beneficiaries, Sawyerr stated that while the education funds are disbursed directly to institutions, upkeep loans goes to qualified students.
“We pay education loans directly to the students’ institutions, while the upkeep loans go directly to the students, if they are successful,” he said.
“Focus is on government owned institutions for now. You can’t get the stipend unless you have the loan.
“The Fund got key ammendments of loan act on 3rd April, 2024, secured dashboard metrics on may 25th May till date as well as the Prssidial disbursement of funds on 17th July,2024.
” Students applied for two types of loan, one is educational fees which is sent directly to institutions and the other is the student application for upkeep loan, which is the loan that covers monthly stipend.
“Institutions collected cheque for multiple applications also students cannot get stipend unless the fees are been picked by NELFUND.”
President Tinubu, while flagging off the distribution of the loans, described education as a ” vital tool in combating poverty and achieving national development.
The President also linked the current level of insecurity in parts of the country to neglect of the education sector, even as he noted that education raina an instrument for conquering insecurity, poverty and disease.
“Education provides the light at the end of the tunnel, no matter how slow the progress may seem.
He said the target of his administration is to build a fair society that is built on successful inclusiveness.
“What I believe is that education is the greatest weapon against poverty in any society, without education there is no vision, there is development, you cannot successfully conquer insecurity.
“Education is that light at the end of the tunnel no matter how sluggish you move, it will give you the light and the hope”.
“We are investing, we don’t want to try ignorance as alternative, we want education from foundations to the topmost level and I am glad that leadership and its leadership accepted the responsibility.
“There is available here the hope and the genuine and commitment, inclusiveness is what democracy is all about.
“Today I am fufilling one of my greatest campaign agenda,You cannot find your way if you are not well educated, you cannot even fight terrorism and banditry.
“If we have successful inclusive and loan that is necessary for our people to get educated and invest in their own lives we would have built a fair society and a promise that we will earn a banner without stain to our children.”
The President also symbolically presented loan cheques to students from each geo-political zones, indicating the beginning of the disbursement of the fund to qualified Nigerian students.
President Tinubu also presented cheques to Vice Chancellors of Bayero University, Kano (BUK), Federal University of Technology, Owerri (FUTO), amongst other institutions present.
The event was witnessed by GodsWill Akpabio, President, Tajudeen Abbas, Speaker of House of Representatives, Jim Ovia, Chairman NELFUND Board, Wale Edun, Minister of Finance,
Others are Atiku Bagudu, Minister of Budget& Economic Planning, Mamman Tahir, Minister of of Education, Jamila Bio, Minister of Youths, Zacc Adedeji, FIRS Chairman and Olayemi Cardoso CBN Governor.
[BusinessDay]
Governors elected on the platform of the Peoples Democratic Party (PDP) yesterday decried the delay in new minimum wage negotiations.
They, however, urged the federal government and the leadership of Organised Labour to ensure that any agreement reached must be backed up by stakeholders’ ability to pay.
The governors also backed the recent Supreme Court judgement granting financial autonomy to the local government system and pledged continuous support to the third tier of government.
At a meeting of the Forum held at the Enugu State Government House, the chairman of the Forum and governor of Bauchi State, Bala Mohammed, said the Forum was in consultation with the National Working Committee (NWC) and various organs of the party to resolve issues bedevilling the party and the country.
In a communique issued at the end of a four-hour meeting of the Forum, the governors called on the federal government and Organised Labour to expedite action on negotiations on the new minimum wage in view of the unprecedented hardship faced by Nigerians caused by the dismal performance of the All Progressives Congress (APC)-led federal government.
The forum in the communique read by Governor Bala Mohammed said: “The minimum wage negotiations are becoming unduly protracted in the face of the attendant unprecedented hardship and impoverishment of the majority of the people.
“The governors, therefore, resolved that Labour’s demand for a substantial salary raise is eminently justified and, therefore, commands the support of this Forum.
“While the Forum fully supports Labour’s demand, the agreement must consider the ability of the sub-nationals, the federal government, and the third tier of government to pay.
“While negotiations are ongoing, we appeal for restraint against actions that could lead to the breakdown of law and order and ultimately the collapse of the economy.”
On the Supreme Court ruling on local government allocations, the PDP governors expressed faith in the local government system as the closest tier of government to the people.
They pledged to continue supporting the autonomy of the local governments as enshrined in the Constitution of the Federal Republic of Nigeria.
“The Forum regrets that the 16 years of tremendous development under the PDP- led federal government during which the country witnessed single-digit inflation, the establishment of the existing anti-corruption institutions and higher standard of living by every Nigerian has been eroded under the lifespan of the lacklustre APC- led federal government.
“The Forum identifies with the Nigerian public in these troubling times and promises to bring back the good old days of the low inflation rate, affordable food, fuel and transportation, and steady Foreign Direct Investment inflows, resulting in high Naira value and greater quality of human lives as recorded.
“The Forum also notes, with dismay and grave concern, the mismanagement of the economy by the APC-led federal government.”
“The Forum commended the governors of the PDP-controlled states for their innovative approaches to governance in many fields, especially infrastructure, education, health, youth initiatives and the timely delivery of developmental projects across the country.”
In the upcoming congresses of the party, the forum called for the adoption of internal pro-democracy measures that must be all-inclusive, transparent, fair, and in strict compliance with the party’s constitution.
On the off-season elections in Edo and Ondo states, the Forum admonished all political parties involved to ensure that all campaigns are issued-based, violence- free and in strict compliance with the provisions of the Electoral Act.
The Forum also urged the Independent National Electoral Commission to ensure a level playing field that guarantees transparent, fair and unimpeachable elections as any act of bias would be strongly resisted.
The PDP governors also urge President Bola Tinubu to show leadership and desist from making any political statement that depicts interference in the electoral process.
On the crisis in the Rivers State chapter of the party, the Forum expressed commitment to supporting Governor Siminalaye Fubara and also said that the issue could be resolved through the political solution
The Forum equally urged Nigerians to eschew any form of anarchy as “we all march towards returning the PDP to power in 2027”.
The Forum thanked the host and governor of Enugu State, Governor Peter Mbah, for hosting the meeting successfully and for keeping the party together not only in Enugu but in the entire South East geopolitical zone.
In attendance were the 12 state governors of the PDP: Bala Mohammed (Bauchi), Godwin Obaseki (Edo), Ahmadu Umaru Fintiri (Adamawa), Sheriff Oborevwori (Delta), Seyi Makinde (Oyo), Siminalayi Fubara (Rivers), Umoh Eno (Akwa-Ibom), Caleb Mutfwang (Plateau), Dauda Lawal (Zamfara), Agbu Kefas (Taraba), the host Governor, Peter Mbah (Enugu), and Osun State Deputy Governor, Prince Kola Adewusi.
The party’s chairman, its BOT, the former chairman of former PDP governors, the chairman of the Senate Caucus, the chairman of the former Ministers’ Forum, and the chairman of the party’s 36 state chapters were also in attendance.
Court Bars PDP From Conducting Congress In Rivers
A Rivers State High Court sitting in Port Harcourt has issued a preliminary injunction barring the Peoples Democratic Party (PDP) and its top officials from holding its congress which is scheduled to take place on July 27, 2024, in Rivers State.
This followed a suit PHC/2282/2024 filled by Hon. David Omereji, Prince Solomon Eke and nine others asking the court, presided over by Justice Sobere Biambo, to stop the holding of the nationwide exercise in the state.
The national chairman, national financial secretary, national organising secretary, and other party representatives are parties to the suit.
The order reads in part: “It is ordered that an order of interim injunction be and is hereby issued restraining the defendants and each of them, either by themselves or servants, agents assign or otherwise, howsoever, from holding or carrying out the Peoples Democratic Party (PDP) congress in Rivers State, scheduled to hold in Rivers State on the 27th day of July 2024 or be rescheduled to be held on any other date or any other location pending the determination of the motion on notice already filed.”
The Court adjourned the matter to July 19, 2024 for hearing.
[Leadership]
Former president, Nigeria Football Federation (NFF), Amaju Melvin Pinnick has revealed his preference for expatriate coaches.
Pinnick appointed Franco-German, Gernot Rohr to manage the Super Eagles for the majority of his reign in charge of the Super Eagles.
American tactician, Randy Waldrum also took charge of the country’s women’s national team, Super Falcons.
Pinnick, who is currently a FIFA council member, said his reason for being averse to indigenous coaches stemmed from lack of respect for them by the players.
“Yes, the Nigerian coaches have the requisite knowledge and the technical ability, but modern football is beyond that in managing players.
“Will the national team players respect the coach? The sad thing is that they don’t,” he said in an interview on Arise TV.
The NFF is still hunting for a foreign coach to tinker with the Super Eagles.
[DailyPost]
The Management of Dangote Industries Limited has insisted that the international oil companies are still frustrating crude supply to its 650,000-capacity refinery.
The management said this even as it commended the Nigerian Upstream Petroleum Regulatory Commission for its various interventions in the oil company’s crude supply requests from IOCs, and for publishing the Domestic Crude Supply Obligation guidelines to enshrine transparency in the oil industry.
In a statement on Wednesday, the Dangote Group alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents, saying the local price of crude would continue to increase because the trading arms offer cargoes at $2 to $4 per barrel, above NUPRC official price.
The group also alleged that the foreign oil producers seemed to be prioritising Asian countries in selling the crude they produced in Nigeria.
The Vice President, Oil & Gas, Dangote Industries Limited, Mr DVG Edwin, said, “If the Domestic Crude Supply Obligation guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the Petroleum Industry Act.”
Edwin insisted that IOCs operating in Nigeria had consistently frustrated the company’s requests for locally-produced crude as feedstock for its refining process.
IOCs trading arms
He stated that when cargoes were offered to the oil company by the trading arms, it was sometimes at a $2 to $4 (per barrel) premium above the official price set by the NUPRC.
“As an example, we paid $96.23 per barrel for a cargo of Bonga crude grade in April (excluding transport). The price consisted of a $90.15 dated Brent price plus a $5.08 NNPC premium plus a $1 trader premium. In the same month, we were able to buy WTI at a dated Brent price of $90.15 + $0.93 trader premium including transport. When the Nigerian National Petroleum Company Limited subsequently lowered its premium based on market feedback that it was too high, some traders then started asking us for a premium of up to $4m over and above the NSP for a cargo of Bonny Light.
“Data on platforms like Platts and Argus shows that the price offered to us is way higher than the market prices tracked by these platforms. We recently had to escalate this to NUPRC,” Edwin said, urging the commission to take a second look at the issue of pricing.
Edwin was reacting to a statement by the Chief Executive of the NUPRC, Gbenga Komolafe, who in an interview on national television said, “It is ‘erroneous’ for one to say that the International Oil Companies are refusing to make crude oil available to domestic refiners, as the Petroleum Industry Act has a stipulation that calls for a willing-buyer, willing-seller relationship.”
While noting that the commission had been very supportive of the Dangote refinery as it had intervened several times to help secure crude supply, Edwin, however, insisted that the NUPRC boss might have been misquoted by some people hence his statement that IOCs did not refuse to sell to us.
“To set the records straight, we would like to recap the facts below. Aside from the NNPCL, to date, we have only purchased crude directly from only one local producer, Sapetro. All other producers refer us to their international trading arms. These international trading arms are non-value-adding middlemen who sit abroad and earn a margin from crude being produced and consumed in Nigeria. They are not bound by Nigerian laws and do not pay taxes in Nigeria on the unjustifiable margin they earn.
“The trading arm of one of the IOCs refused to sell to us directly and asked us to find a middleman who would buy from them and then sell to us at a margin. We dialogued with them for nine months and in the end, we had to escalate to NUPRC who helped resolve the situation,” Edwin stated.
He spoke further, “When we entered the market to purchase our crude requirement for August, the international trading arms told us that they had entered their Nigerian cargoes into a Pertamina (the Indonesia National Oil Company) tender, and we had to wait for the tender to conclude to see what is still available. This is not the first time. In many cases, particular crude grades we wish to buy are sold to Indian or other Asian refiners even before the cargoes are formally allocated in the curtailment meeting chaired by NUPRC.”
He urged the NUPRC to take a second look at the issue of pricing, having severally asserted that transactions should be on a willing-seller, willing-buyer basis.
For this to work, he said that there must be market liquidity (many sellers/many buyers in the market at the same time) unlike where a refinery needs a particular crude grade loading at a particular time then there is typically only one participant on either side of the market.
“It is to avoid the problem of price gouging in an illiquid market that the domestic gas supply obligation specifies volume obligation per producer and a formula for transparently determining pricing. The fact that the domestic crude supply obligation as defined in the PIA has gaps is no reason for wisdom not to prevail,” Edwin stated.
The PUNCH reported earlier that the President of the Dangote Group, Alhaji Aliko Dangote, told editors during a tour of the refinery that the refinery was set to roll out its petrol in August 2024, having resolved its crude oil supply issues through the help of the Nigeria National Petroleum Company Limited and the Federal Government.
Dangote’s comment came a few days after the NUPRC said crude oil producers in Nigeria had committed to working towards a sustainable supply of crude oil to Dangote and other local refineries under a market-determined pricing system.
Both parties had said the commitment aimed to ensure that while the operators (crude oil producers) do business optimally, the refineries are not starved of feedstock.
Accordingly, the industry regulator, the Nigeria Upstream Petroleum Regulatory Commission has directed oil refiners to provide monthly price quotes on crude supply.
Refiners accuse IOCs
Meanwhile, the Crude Oil Refiners Association of Nigeria has also alleged that IOCs in the country have been selling crude to CORAN members through their trading agents in Europe instead of engaging in direct sales to local refineries.
CORAN, while expressing optimism that the recent intervention of the Federal Government would help in stopping the practice, described it as an illegal act that requires immediate government attention.
In an interview, CORAN Publicity Secretary, Eche Idoko, told The PUNCH that the oil companies engaged in the act despite the regulations of the Nigerian Upstream Petroleum Regulatory Commission on the Domestic Crude Supply Obligation.
“To be fair to the Federal Government, the NUPRC has set up the Domestic Crude Supply Obligation that is meant to mandate the crude producers to supply to the Nigerian market.
“But as I speak to you, the IOCs are still kicking to see how they can whittle down the effect of the DCSO guideline, which said they should sell crude to Nigeria on a willing-buyer, willing-seller basis, but under a favourable term to Nigerians.
“What the IOCs are pushing for is that the agreement is signed between the refineries and their trading agencies instead of themselves, but the Petroleum Industry Act says it should be with them. Why they want us to sign with their trading agencies or partners is that most of their trading agencies are in Europe,” Idoko stated.
The oil refiners’ spokesperson added, “So, it means we are buying crude from a European country while the producer is in Nigeria. This is the same thing the Dangote refinery was complaining about. We will be buying our crude oil like it is from an international market. Those are the issues we’ve been grappling with.”
Idoko added that the IOCs want to be paid through the A-rated banks, meaning the cost could only be paid in dollars.
“Another issue is that the IOCs want us to pay with an A-rated bank and no Nigerian bank is A-rated, so we have to buy with dollars. The clauses they are trying to smuggle into this trade agreement will make it more difficult for us to buy from them under a domestic trade term. This technically places us at a disadvantage,” he said.
NUPRC recently announced that it had resolved the controversies between oil producers and local refineries, a development that was re-echoed by the Dangote Petroleum Refinery at the time it said the plant would release petrol to the market in August.
However, CORAN called for concerted efforts to prevent a situation whereby the Dangote refinery would resort to the importation of its crude due to an unfavourable Nigerian market.
Idoko told our correspondent that Dangote and other local refiners were in the oil business to ameliorate the sufferings of Nigerians, especially in having access to cheaper fuel and ending years of recurring fuel scarcity.
“Most refiners in Nigeria went into the business out of passion. We really want to see the sufferings of Nigerians ameliorated. But what I can say is that Dangote will definitely sell his product to make profits. He has done a lot to have sighted the refinery in Nigeria.
“The Federal Government also has to do the needful to ensure he also gets the crude at a cheap rate. If the crude is not sold to him cheaper, we will not get the anticipated price reduction the refinery should bring to PMS. But it will be less cumbersome for the Federal Government to buy from him,” Idoko stated.
CORAN expressed concern that the Federal Government was finding it difficult to enforce its regulations, saying the IOCs want to retain Africa as their market for imported petroleum products.
“If local refineries sell their products outside Nigeria, it will bring an inflow of foreign exchange and it will reduce the pressure on the naira. But our question is, why is it so difficult for the Nigerian government to see through the gimmicks of these oil merchants who continue to hold us to ransom? They want to guarantee supply to their refineries outside Nigeria.
“If Nigerian refineries continue to get crude supply, it means they can only get crude after the Nigerian refineries are satisfied; they might go out of market. The second reason is that they want a continuous market in Africa for their products, and Nigeria is the largest consumer of refined products in Africa. The Nigerian government should wake up.
“The refining industry in Nigeria has the propensity to create 20 million direct and indirect jobs. It can solve 60 per cent of the current forex issue with a direct impact on inflation. We have been pleading with the Coordinating Minister of the Economy to sit with us to see how we can partner together, but the trade merchants have presented themselves as the saviour and we as the enemy,” he claimed.
Idoko charged the Federal Government to implement its policies and guarantee the supply of crude to local refineries.
Meanwhile, repeated efforts to speak with the IOCs individually and as a group proved abortive. While some of them acknowledged the emails sent to them by our correspondent seeking their reactions to the various allegations against them, they refused to comment.
IOCs keep mum
An official of the Oil Producers Trade Section, a sub-group within the Lagos Chamber of Commerce and Industry, promised to revert but he has yet to provide a detailed response up till when this report was filed.
Rather the official, who did not want his name in print, said many of the allegations were not true.
Contacted, the NUPRC spokesperson, Olaide Shonola, said the commission was not aware of claims that the IOCs sold crude to local refiners through their foreign trading agents, promising to find out.
Our correspondent recalls that Dangote’s Edwin had last week accused international oil companies in the country of plotting to frustrate the survival of the $20bn refinery.
He said the IOCs were deliberately and willfully frustrating the refinery’s efforts to buy local crude by hiking the cost above the market price by $6, thereby forcing the refinery to import crude from countries as far as the US, with its attendant high costs.
Edwin stated, “The IOCs are deliberately and willfully frustrating our efforts to buy the local crude.
“It seems that the IOCs’ objective is to ensure that our petroleum refinery fails. It is either they are deliberately asking for a ridiculous and humongous premium or they simply state that crude is not available.
“At some point, we paid $6 over and above the market price. This has forced us to reduce our output as well as import crude from countries as far as the US, increasing our cost of production.
“It appears that the objective of the IOCs is to ensure that Nigeria remains a country, which exports crude oil and imports refined petroleum products. They are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their Gross Domestic Product (GDP), and dumping the expensive refined products into Nigeria, thus making us dependent on imported products.”
It was expected that the directive of the NUPRC Chief Executive, Gbenga Komolafe, that oil producers and refiners should henceforth provide the regulator with cargo price quotes on crude supply and delivery to monitor and regulate transactions among parties would help resolve the crude controversy.
Komolafe recently warned that the pricing model from the oil producers should not be seen to be strangulating the domestic refineries.
However, the fresh lamentations from Dangote and other local refineries are an indication that the crude crisis is not yet over.
[Punch]