The Federal Government on Friday disclosed that the supply of petrol from Dangote Refinery will commence on tomorrow after both parties reached an agreement on pricing and supply.

NNPC will remain as the sole off-taker of petrol from the refinery with other marketers getting the product from the national oil company. 

Speaking in Abuja, a member of the Presidential Committee on the Sale of crude Oil and Refined Products and Chairman of the Federal Inland Revenue Service, Zacch Adedeji said in return NNPC Limited would commence the supply of 385,000 barrels of crude oil to Dangote Refinery on October 1, 2024.

 

Adedeji announced that “all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September”.

He disclosed that Dangote Refinery will in return supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira.

He said other decisions reached by the committee include the sale of Diesel in Naira by the Dangote Refinery to any interested off-taker while PMS will only be sold to NNPC.

“From 1 October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira

“In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid in Naira.

“Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now. All associated regulatory costs will also be paid for in Naira”, he added.

The agreement is expected to ease the acute shortage of petrol across the country and also allow the government to continue the payment of subsidies on the product. 

The Presidential Committee on the Sale of Crude Oil and Refined Product has announced that loading of the first batch of petrol from the Dangote Refinery will commence on Sunday, September 15.

A member of the committee and Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja on Friday. Briefing journalists, the FIRS boss said that from October 1, the Nigerian National Petroleum Company Limited (NNPCL) will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira.

 

 
Last modified on Saturday, 14 September 2024 07:51


... as Odua Investment Company commits to FG's economic revolution

The Vice President, Senator Kashim Shettima, has restated the firm resolve of President Bola Ahmed Tinubu's administration to revolutionise Nigeria's Digital Economy, saying it is on course and fully backed by the necessary support, initiatives and partnerships.

To this effect, he said the Federal Government will continue to open its doors to all willing partners and stakeholders who continue to believe and invest in the Nigeria project, adding that it is just a matter of time before the nation takes its rightful position across the globe.

The Vice President, who gave the assurance on Thursday when the management of Odua Investment Company Limited led by its Chairman, Otunba Bimbo Ashiru, paid him a courtesy visit at the Presidential Villa in Abuja, praised the Company for its initiatives and investment in agriculture, digital economy and MSMEs.

Senator Shettima noted that these sectors remain critical to Nigeria's economic development and future.

"The Southwest region of our country has the enormous capacity to revolutionise the country given its endowments, just as the policies of President Tinubu will, in no time, manifest as the greatest milestones crossed for the development of Nigeria," the VP stated.

On the ''weaponization of fuel subsidy," Vice President Shettima described it as an albatross that hung on the neck of the Nigerian nation, as well as the hitherto manipulated exchange rate.

"Few persons sat on our commonwealth and manipulated our resources. But we are checkmating these manipulations and as can be seen the economy is gradually beginning to recover and pick up. We are, indeed, ready to carry the burden of leadership and together with stakeholders like you, we are crossing the rubicon and the time for reaping will come," VP Shettima further said.

Earlier, the Chairman of Odu’a Investment Company Limited, Otunba Ashiru, who thanked the Vice President for the opportunity to pay him a courtesy call, commended President Tinubu for promoting ease of doing business in Nigeria.

Similarly, he praised the encouragement they got from Vice President Shettima, just as he said, “You could see that businesses are coming in, and that is why we are here. I see a brighter future in this country with what we have seen in general.

“Nigerians have no business going around the world looking for money, especially with the volume of resources at its disposal, more so that our investors are our greatest assets,” he said.

Mr Ashiru expressed optimism that businesses will continue to thrive under the Tinubu administration, even as he called on citizens and investors to take advantage of the opportunities that abound in Nigeria and do business.

“Earlier, it was one of the issues that the Vice President was applauded for. I served as a former Commissioner in my state, and I know that actually, the Office of the Vice President focuses on that aspect of doing business in Nigeria.

“Now, I'm sure Nigeria has moved up the ladder. I remember Nigeria was sometimes ranked around 140 or so. I can tell you that there are lots of opportunities in this country,” he added.


Stanley Nkwocha
Senior Special Assistant to The President on Media & Communications
(Office of The Vice President)

 

Monumental history was made earlier today as Nigeria became one of the few countries in the world to pioneer the issuance of Practice Directions by the Federal High Court which is vested with the constitutional jurisdiction on Aviation matters. The signing of the Practice Direction was presided over by the Vice-President of Nigeria, Senator Kashim Shettima at the meeting of the Presidential Council of Presidential Enabling Business Environment Council (PEBEC) at the Presidential Villa, Abuja.

Since taking over office, one of the key points of the Honourable Minister of Aviation and Aerospace Development Festus Keyamo’s 5-Point Agenda is the support for the growth and sustenance of local airline businesses whilst holding them to highest international standards.

In pursuit of this agenda, the Minister was confronted with the lingering problem of the low rate of Nigeria’s compliance with the Cape Town Convention - a Convention that regulates the dry-leasing of aircrafts by major aircraft manufacturers such as Boeing and airbus and major leasors across the world who perceived Nigeria as a non-compliant country. This led to the blacklisting of Nigeria by the Aviation Working Group. The AWG CTC compliance index shows Nigeria’s substantial non-compliance with the CTC which is largely as a result of legal impediments in the country’ judicial process which have adverse impact on the implementation and compliance with terms of the Convention. Certain judicial cases have shown that speedy reliefs sought by the creditors were not granted within the 10 days declaration made by Nigeria under the Convention. The Minister, with the key support of Mr. President, the Vice-President and the Attorney-General of the Federation, then reached out to key institutions and offices in the judicial sector to make this possible, which resulted in the signing of the Practice Direction today.

The new Practice Directions issued by the Chief Judge of the Federal High Court will eliminate judicial impediments in the implementation and compliance with the Cape Town Convention. This singular move has revolutionised airline business in Nigeria as it will boost investors’ confidence and open the floodgate to Nigeria air operators to have easy access to aircraft acquisition at much lower cost. And this will significantly enhance the growth of the aviation industry by creating more jobs and promoting the rapid economic development of the aviation industry. By so doing, the Nigeria aviation industry which, has huge global market can favourably compete and increase its contribution to the GDP.

It is important to stress that as a Party to the Convention on International Mobile Equipment (Convention) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (the Protocol) which was adopted in Cape Town South Africa on the 16th November 2001 and has been ratified and domesticated in the Civil Aviation Act 2006, as amended in the Civil Aviation Act 2022, Nigeria has the obligation to ensure that its domestic laws and its courts and administrative bodies give full effect to the CTC and that the timelines and remedies set in the CTC are not varied at the discretion of the courts.

It is only by so doing that the primary objective of the CTC which is to facilitate the efficient financing and acquisition of aircraft objects by the recognition of the international interests created in the objects can be beneficial to airline operators in the country.

The Honourable Minister would like to seize this moment to express profound appreciation to all the stakeholders who have contributed immensely towards the actualization of this landmark issuance of the new Federal High Court Practice Directions which will not only clear the image and reputation of Nigeria in the global community, but usher in a new era for the airline business in Nigeria to grow and be well positioned to compete favourably in the global aviation market.

Tunde Moshood,
SA, Media and Communications to the
Honourable Minister of Aviation and Aerospace Development

THE Nigerian National Petroleum Company Limited (NNPC Ltd), said its purchasing portal would be reopened as soon as the backlog of orders for petrol was cleared.

 

Marketers had complained about the  portal shutdown, adding that it encourages round-tripping of product supplies while driving prices.

 

However, in a press statement obtained by Vanguard, the Chief Corporate Communications Officer of NNPC Ltd., Olufemi Soneye, said: “We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period. 

“It will be reopened once the backlog has been sufficiently reduced. We are working to address it as soon as possible.”

The Caretaker Committee of the Labour Party has called on Julius Abure to cease presenting himself as the national chairman.
The party leadership maintained that Abure’s tenure ended on June 9, 2024.


During a press conference held by the Labour Party National Transitional Committee (NTC) in Abuja, the Secretary of the party’s Board of Trustees, Salisu Mohammad, noted that this resolution was made during a stakeholder meeting in Umuahia, led by the legitimate and lawful Caretaker Committee under Nenadi Usman.

Mohammad emphasized that the NTC has actively engaged and rallied all pertinent stakeholders to facilitate the party’s recovery from what they termed Abure’s unlawful actions and corruption.

He further stated that since Abure took over as national chairman following the unexpected passing of the previous chairman, Alhaji Abdulkadir Abdulsalam, in 2000, he has led the party without undergoing an election.

‘In fact, INEC (Independent National Electoral Commission) had asked him to vacate the chair meant for Chairman of Labour Party.

“These interventions by the NTC have culminated in the meeting of the National Executive Committee (NEC) of the Labour Party in Umuahia.

“The National Transitional Committee (NTC) facilitated by the Nigerian Labour Congress as the Trustee of the Labour Party fully accepts and commends the decision of the NEC of the Labour Party at its meeting on September 4, 2024.

“We support the 29-man Caretaker Committee to prepare and conduct democratic congresses to elected party leadership at the Ward, LGA, State and National levels’’, he said.

He stated that the NEC convened by Governor Alex Otti of Abia represents the most necessary intervention to rescue the party from what he termed as unlawful activities.

“We believe that this intervention is in line with the expression of the democratic will of the millions of Nigerians who do not want the party to die at the hands of political contractors who have been procured to destroy the party,” Mohammad said.

Last modified on Thursday, 12 September 2024 14:02

King Charles III, on Thursday, hosted President Bola Tinubu at the Buckingham Palace in the United Kingdom (UK).

The development was confirm by the new media aide to the president, Olusegun Dada, who posted a photograph of both men exchanging pleasantries in a post on X.

The aide said continued diplomatic ties and partnership between Nigeria and the UK were discussed at the meeting.

Dada said, “President Bola Ahmed Tinubu visited His Majesty, King Charles at Buckingham Palace.

“The significant meeting, highlighting the continued diplomatic ties and partnership between Nigeria and the United Kingdom.”

Both men met last in November 2023 shortly before the 28th United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates (UAE).

Tinubu traveled to the UK after visiting China where a number of agreements were signed between Nigeria and the Asian giant.

The president is expected to leave the UK for the United Nations general assembly meeting in New York, US.

Beneficiaries of the Federal Government’s student loan scheme across the country have lamented the delay in the payment of the August monthly stipend.

Some of the students, in separate interviews with our correspondent, expressed their disappointment in the payment delay.

The PUNCH reports that students can choose to apply for upkeep loan apart from institutional loans, which is paid directly to institutions.

A total of 20,371 students from six tertiary institutions were said to have been paid a sum of N20,000 each as July stipends.

 

The institutions said to have benefitted from the disbursement are Bayero University, Kano State; Federal University, Dutsin-Ma, Katsina State; University of Ilorin, Kwara State; University of Benin, Edo State; University of Ibadan, Oyo State; and University of Maiduguri, Borno State.

A BUK student, who spoke to our correspondent anonymously for fear of victimisation, said, “We haven’t received the August stipend. I am very confused. Please help us speak to them. The economy is getting too difficult. In fact, we are even trying to plead with them to please help us increase the stipend as the N20,000 cannot even get us anywhere.”

Another student from the University of Ibadan, who also spoke anonymously, said, “To be very honest, I was expecting it at month end but till now we have not got any feedback from them as to what the problem is.”

 

A student of the University of Benin, also speaking, said, “Honestly, it is getting too late. NELFUND needs to do something. Our school fees have been paid but at this point, the upkeep is much more important. Please help us reach out to them.”

Commenting on the development, NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, said the students would likely be paid the N20,000 stipend this week.

“It’s been approved. They should get it this week,” Oluwatuyi said.

Meanwhile, the National Association of Nigerian Students has called on the Federal Government to increase the monthly stipend from N20,000 to N40,000.

In a surprising twist, the All Progressives Congress (APC) has announced that it will not sign the peace accord, just two hours before the planned signing ceremony.

This move is coming ahead of the September 21 governorship election, where the peace accord was intended to promote a peaceful and harmonious electoral process among contending political parties.

Recall that Governor Godwin Obaseki had earlier declared that his party Peoples Democratic Party, PDP, may not sign the peace accord because the party has lost faith in the police and the Independent National Electoral Commission, INEC.

Addressing a press conference at the party secretariat, Emperor Jarret Tenebe said the party declined to sign the accord because two months after a police inspector Onuh Akor, who was the orderly to the candidate of the party, Sen Monday Okpebholo was shot and killed along Airport Road, nobody has been arrested and prosecuted.

Details soon …

Marketers of petroleum products in Nigeria have reportedly written to President Bola Tinubu to complain that the drop in price of Dangote Refinery’s diesel to N900 per litre, is negatively affecting their businesses.

Devakumar Edwin,  Vice President, Dangote Industries Limited, disclosed this on a Twitter Spaces session organized by Nairametrics.

Edwin highlighted some of the challenges facing the Dangote Refinery and its impact on Nigeria’s fuel supply and prices.

According to him, the refinery, located in the Lekki Free Zone near Lagos, struggles to sell about 29 tankers of diesel per day due to low patronage from local petroleum product importers.

“As a result of this poor local patronage, the refinery exports most of its diesel and aviation fuel,” he said.

However, he said despite the challenges, 44% of the refinery’s petrol production capacity is sufficient to meet all of the country’s local demand.

Daily Trust reports that the Dangote Refinery, with a capacity of 650,000 barrels per day, started naphtha exports in March, low-sulphur straight run fuel oil (LSSR) exports in May, and began selling diesel and jet fuel domestically in April

In June, it started exporting diesel fuel meeting European specifications.

My Dearest Sage, the Esama of Benin Kingdom,

To think that you have clocked nine decades of life's mileage on Planet Earth, and still hearty and healthy, can only be a rare gift from the Creator of Man. Plus your own attributes of healthy diet, exercise, and peaceful coexistence with people.

To have emerged from a humble cradle in Okada village in the current Oredo Local Government Area of Edo State some 32,850 days ago, to become a global phenomenon that you are today speaks volumes of your gains over pains, in a life that is fraught with strifes, ups and downs. More grease, Sir.

Meanwhile, burrowing into your personal history sheds light on your perspiration, aspiration, and desirous determination and ambition to be great in life in order to impact humanity positively.

And since you found the rope of opportunity to climb unto the hill of hope of life from your hitherto dark slope; you have through multiple ways served mankind selflessly and constructively. Be it as a policeman, businessman, education investor, or grand philanthropist.

Kudos High Chief. Your good deeds shall outlive your mortal being to become reference points in the chronicle of human knowledge and feats.

I am therefore highly delighted to join your nuclear and extended families, close associates, and teeming admirers worldwide to wish our iconic living legend further longevity in wealth of good health. You have made ninety to look seventy.

Definitely, your lofty legacies, urbane, and humane antecedents shall forever be worthy of emulation by generations yet to come in our nation.

Warm congratulations on the anniversary of your 90th birthday, Esama (Dr) Gabriel Osawaru Igbinedion, the living legend of our time.

Finally, my family and I wish you more grace and continuous usefulness to our country, Nigeria, and humanity at large.