Kano NNPC Depot Resumes Operations after N1.6b Repairs

Image

By Modupe Gbadeyanka

Loading operations have resumed at the depot of the Nigerian National Petroleum Corporation (NNPC) in Kano after the agency repaired vandalised pipelines in the region.

At the flag-off of the resumption of loading operations on Monday, the Group Managing Director (GMD) of NNPC, Mr Maikanti Baru, appealed to residents of the state to ensure the facilities were not vandalised again.

He said in 2016, NNPC spent more than N1.6 billion to repair the vandalised pipelines between Kaduna and Kano.

The NNPC boss lamented that this money would have been used to provide “other essential services.”

Mr Baru noted that since the repairs of the pipeline, over 20 million litres of AGO have been transferred into tanks of Kano and Kaduna refinery in addition to 40 million litres of diesel to Kano depot.

He said efforts have been made to ensure safety of the pipelines, revealing that about N2 billion have been used for that within the last one year.

“With the repairs of the vandalised pipeline, I am happy to tell the Governor (of Kano State) that the line is now 100 operational,” the NNPC boss disclosed.

Share
Related Stories
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

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

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,

More Stories
Image
31-July-2020

Ogun, Plateau Sign Revised 2020 Appropriation Bill into Law

By Adedapo Adesanya The governments of both Ogun and Plateau States have signed their respective revised 2020 Appropriation Bill into law. In Ogun State, Governor Dapo Abiodun signed the 38 per cent slashed budget on Thursday with a pledge to pay attention to health, education, infrastructure and other sectors that would boost the state’s economy. The Governor noted that despite the reduction from N449.9 billion to N280 billion, his administration was ready to work within the budget and pay attention to specific areas that require urgent attention. He lauded the state lawmakers for expediting action on the bill in order

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
24-September-2020

Rise of the Saints Gets October 9 Cinema Release Date

By Modupe Gbadeyanka From Friday, October 9, 2020, movie lovers will have the opportunity to see a new flick, Rise of the Saints at cinemas across the country. The new feature-length film was produced by Grand Redemption Platform and co-produced by Accelerate TV. The flick was originally scheduled for release on April 17, 2020, but due to the COVID-19 pandemic and the lockdown measures put in place by the federal government, the release was pushed forward. Rise of the Saints featured veterans in the Nigerian movie industry fondly called Nollywood like Rachel Oniga, Tina Mba, Peter Fatomilola, and Deyemi Okonlawon

Image
03-October-2017

Ghana Wins Maritime Boundary Dispute Against Cote d’Ivoire

By Dipo Olowookere The maritime boundary dispute between Ghana and Cote d’Ivoire has been won by the former after the ruling by a Special Chamber of the International Tribunal for the Law of the Sea (ITLOS). The tribunal adopted the boundary line claimed by Ghana, rejecting the one proposed by Côte d’Ivoire. Ghana was represented by a team of international lawyers led by Professor Philippe Sands Q.C. of Matrix Chambers (London) and Paul Reichler of Foley Hoag LLP (Washington). The case was widely followed because of the abundant oil and gas resources in the Gulf of Guinea off the southern

Image
27-February-2017

400 Lagos Butchers Trained in Abattoir Management

By Modupe Gbadeyanka No fewer than 400 butchers and live cattle dealers drawn from various abattoirs and slaughter slabs in Lagos State have been trained by the state government on current trends in abattoir management. This move, the government explained, is part of efforts aimed at ensuring and maintaining a hygienic and conducive environment within abattoirs and the red meat value chain business in Lagos. The training, which centered on the standard operating procedures in abattoir management, was organized by the State Ministry of Agriculture as part of the ongoing reforms in the Red Meat Value Chain in Lagos State.

Image
08-November-2018

New Minimum Wage Regime Amplifies Inflation Risks

By United Capital Research The monthly selected food prices watch released by the National Bureau of Statistics for Sep-18 showed that of the 43 foodstuffs tracked, 21 had trended higher y/y. Yet, a comparison of the prices at the end of 2017 and Sep-18 shows an upward trend on 24 of the 43 foodstuffs tracked even as headline inflation rose 11.3%y/y in the month. Meanwhile, the Nigeria Labour Congress has cornered the government into a 66% minimum wage hike with the argument of a rising cost of living and poverty level. The fiscal sustainability of this new minimum wage regime

Image
19-November-2020

#EndSARS: CNN Should be Sanctioned for Irresponsible Journalism—FG

By Dipo Olowookere United States-based media outfit, Cable News Network (CNN), has been slammed by the Nigerian government for engaging in “irresponsible journalism for which [it] deserves to be sanctioned.” The Minister of Information and Culture, Mr Lai Mohammed, while briefing newsmen on Thursday, said the reputable erred in his news report on Wednesday on the alleged killing of #EndSARS protesters in Lagos by soldiers. The news platform had released a report yesterday detailing how men in the uniform of the Nigerian Army shot directly at peaceful demonstrators at the Lekki Toll Gate on Tuesday, October 20, 2020. The Nigerian

Image
25-October-2017

Kaduna Electric Retains Outstanding Corps Members

By Dipo Olowookere Members of National Youth Service Corps serving at the Kaduna Electric who demonstrated outstanding performance during their service year with the company have been assured of automatic employment. Managing Director/CEO of the firm, Engr Garba Haruna, while addressing the outgoing Batch B, Stream A NYSC corps members who served with the company, said the gesture was to reward excellence. The Managing Director, who spoke through the Chief Corporate Service Officer, Mr Uday Mishra, commended the corps members who participated in the customer enumeration exercise saying that the exercise recorded success despite a few challenges. He said those

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

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