Kaduna, Warri Refineries to Begin Full Operation June 2020—Sylva

Image

By Adedapo Adesanya

The Minister of State for Petroleum Resources, Mr Timipre Sylva, has disclosed that Nigeria’s fallow refineries located in both Warri at Delta State and Kaduna State will be up and running before June 2020.

He also added that the rehabilitation of the Port Harcourt refinery in Rivers State was ongoing and was nearing completion and others were expected to follow by Q1 and Q2 2020.

He made these remarks at the at the 13th Oil Trading and Logistics Africa Downstream Week, adding that the refineries would not only be repaired but their capacities would also be increased to support the rapid infrastructural development in the sector.

It is to be noted that all four government refineries have a combined installed capacity of 445,000 barrels per day but have not been utilized for many years.

Mr Sylva, who was represented by his Senior Technical Adviser and Chief of Staff, Mr Moses Olamide, said, “In order to have a robust, investor-friendly and stable downstream petroleum sector, the government is currently finalising clearer and more transparent regulatory framework with well-delineated activities to support the rapid infrastructural development in the sector including new refining capacities emerging in the country.”

The Minister further said that government would promote the passage of the Petroleum Industry Bill (PIGB), which would produce a focused supervisory agency, regulated tariff and open access to pipeline and terminals, and introduction of transportation network code, among other benefits to the sector.

He also added that the ministry was looking towards a public-private partnership in the downstream sector which would assist the nation in managing its pipeline infrastructure and depots.

He then promised to set up the necessary framework that would encourage this partnership while aggressively pursuing the commercialisation of gas flaring.

Share
Related Stories
Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
29-February-2024

No Going Back on Reforms—Tinubu

By Adedapo Adesanya President Bola Tinubu has said there is no going back on the reforms embarked upon by his government that have led to the hike of essential goods and services in the country. He made this known as he inaugurated the Red Line Rail Project in Lagos on Thursday. The project, an intra-state rail service, is aimed at improving transportation within the city and spans 37 kilometres. Speaking while inaugurating the project, the President reiterated his administration’s commitment to improving the nation’s infrastructural development. He said, “But this revolution that has started, this reform that is ongoing, we

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

More Stories
Image
18-August-2017

Cooperative College Will Boost Lagos Economy—Lawmaker

By Modupe Gbadeyanka Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, on Thursday said that the establishment of Lagos State Cooperative College would further enhance economic progress of the state. Mr Obasa made this disclosure at the public hearing on a bill for a law to Establish the Lagos State Cooperative College and for Connected Matters organised by the House Committee on Commerce and Industry led by Mr Oladele Adekanye. The lawmaker, who was represented by his deputy, Mr Wasiu Eshinlokun-Sanni, said that the bill, when passed into law, would afford cooperators with adequate skills for economic

Image
10-January-2023

Ortom and Public Interest

By Jerome-Mario Chijioke Utomi Looking at the number of politicians in Nigeria that play politics with neither ideology nor principle, it will not be characterized as hasty if one concludes that Mohandas Karamchand Gandhi, popularly known as Mahatma Gandhi, an Indian lawyer, anti-colonial nationalist and political ethicist, had Nigerians, particularly politicians in mind, when he, many years ago, remarked that seven things which have to do with social and political conditions would destroy a man. Gandhi, who employed nonviolent resistance to lead the successful campaign against the colonial master in India, named these seven sins to, include; Wealth Without Work,

Image
23-February-2018

Naira Stays Unchanged N360/$ at Parallel Market

By Dipo Olowookere The local currency traded flat on Thursday at the black market, closing at N362 to a Dollar at the end of transactions. Business Post reports that this was extended to the other foreign currencies transacted at the foreign exchange (forex) market. Specifically, the Euro, which traded on Wednesday at N442, closed yesterday at the same rate, while the Naira, which was sold at N500 to the Pound two days ago, remained unchanged at the market segment yesterday. However, at the CBN window, the local currency appreciated, trading at N305.95 to the Dollar against N306 the previous day.

Image
06-July-2021

Africa and the Challenge of Development

By Jerome-Mario Utomi It is no longer news that recently, the Director-General of the Industrial Training Fund (ITF), Sir Joseph N. Ari, officially presented the ITF Mobile Android GSM smartphone to President Muhammadu Buhari at the Presidential Villa, Abuja. The DG said at the presentation that the ITF mobile phone, which was comparable in quality to any other brand of Android phone in the world, was assembled by the ITF Model Skills Training Centre (MSTC), Abuja, as part of the implementation of the vision of the incumbent management of the ITF with particular emphasis on research and development. The phone

Image
20-March-2022

Customers to Get Tech Devices on Jumia at Discounted Prices

By Modupe Gbadeyanka From March 21 to April 3, 2022, shoppers on the popular e-commerce platform, Jumia Nigeria, will purchase various tech devices at discounted prices. This offering is through the Jumia Tech Week and during the two-week-long campaign, customers will get the best deals on the latest mobile phones and accessories, TVs, computers, cameras, video games and much more. According to the CEO of Jumia Nigeria, Mr Massimiliano Spalazzi, the Jumia Tech Week allows consumers to buy tech-related items at the best prices. “This year, we have extended the campaign to two weeks to give our consumers more time

Image
14-December-2016

Railway Yet To Get 2016 Budget Allocation

By Dipo Olowookere Managing Director of the Nigeria Railway Corporation (NRC), Mr Fidet Okhiria, has informed the Senate that his agency was yet to receive over N330 million allocated for its capital projects captured in the 2016 budget. Mr Okhiria made this disclosure on Tuesday while addressing members of the Senate Committee on Land Transport. The NRC boss further said the corporation was underperforming because it is not well-funded, pointing out that the agency still works with obsolete machineries and workshop equipment and urged the lawmakers to “come to our assistance as the railway is critical to economic development.” According

Image
01-March-2023

Groups Collate Data of Disenfranchised Nigerian Voters

By Modupe Gbadeyanka The February 25, 2023, presidential election in Nigeria may have come and gone, with Mr Bola Tinubu of the ruling All Progressives Congress (APC) declared the winner, the irregularities witnessed in the exercise conducted by the Independent National Electoral Commission (INEC) would continue to dent its credibility for a long time. Several persons, including observers, opposition parties and others, have questioned the credibility of the election because of issues ranging from voter suppression, non-adherence to the guidelines, and the inability of voters to exercise their civic rights, among others. For Promad Foundation and Advokc, the last part

Image
28-September-2022

Education Sector and Nigeria’s Revolving Underdevelopment Doors

By Jerome-Mario Chijioke Utomi One recent occurrence that typifies the nation’s education sector as an area in urgent need of help is the current shoddy state of Ologbo Primary and Secondary Schools, Ologbo, Obarentin community in Ikpoba-Okha Local Government Area of Edo State, formerly called Rubber Research Institute of Nigeria Primary and Secondary School, Ologbo. In addition to signalling the gory tale of poor leadership, neglect and outright abandonment of responsibility by the Edo State government, the pictures and accompanying commentaries diverted attention from real threat deserving of healthy and appropriate fear, the federal government’s protracted inability to resolve their

Ad
Ad
Recent Stories
Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in