NNPC Moves to Restore Enugu Depot

Image

By Modupe Gbadeyanka

The Nigerian National Petroleum Corporation (NNPC) has taken steps to revitalise the depot in Enugu so as to meet the demand of petroleum products in the entire South-East region of the country and beyond.

To fast-track this, the state-owned oil firm has sought the assistance of the Enugu State government.

On Thursday, the Group Managing Director of NNPC, Mr Maikanti Baru, paid a courtesy call on the Enugu State Governor, Mr Ifeanyi Ugwuanyi, at the Government House, Enugu.

Mr Baru, who lamented the incessant acts of vandalism on the Aba-Enugu products pipeline, said at some point, about 700 breaches were recorded on the pipeline, a situation that has hampered efficient supply and distribution of petroleum products not only in the state, but in the entire South-East region.

The GMD explained that even after the Aba-Enugu pipeline was repaired, it still had to be shut down as the corporation hardly gets up to 50 percent of the products pumped.

He described the Enugu depot as a major NNPC supply and distribution infrastructure in the entire South-East region which requires the support of all stakeholders bring back to life.

According to the GMD, the Osisioma and Nsirimo areas (both in Abia State) as well as Ishiagwu (in Ebonyi State) were the major vandalism flash points along the line where illegal connections for diversion of products had been observed almost on a daily basis.

He, therefore, called on the Governor to rally his counterparts in the region to work with the NNPC and security agencies to secure the strategic pipeline, which he said would go a long way in reviving efficient supply and distribution of petroleum products in the area.

“This depot is not only strategic to the South East, it also serves as a bridge to Makurdi Depot in the North Central as well as the Yola Depot in the North East,” he noted.

The GMD also charged the governor to collaborate with relevant government agencies to enforce the sale of petrol at filling stations in the state at the government-regulated price of N145.

“You wouldn’t want to watch as unpatriotic marketers profiteer over your innocent citizens. We still believe marketers anywhere in this country can make profit selling at the official pump price,” Mr Baru added.

Responding, Governor Ugwuanyi assured the GMD that he would rally other Governors from the region to ensure that the Aba-Enugu pipeline is secured from the unwholesome activities of vandals.

Describing the GMD’s visit as timely, Mr Ugwuanyi said he was now better informed as to why the Enugu Depot was not in operation.

He assured that the Enugu State Task Force on Petroleum Products would work with NNPC officials and relevant security agencies to ascertain the exact incident spots with a view to securing the pipeline.

Share
Related Stories
Image
25-September-2023

Nigeria’s Internet Speed Averages 25Mbps

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

Image
25-September-2023

Cardoso Must Clear FX Backlog, Create Autonomous Forex Window—CPPE

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

Image
25-September-2023

Experts Advise on How to Successfully Close eToro Account in 2023

eToro is like a big global marketplace for people who want to trade. It has been around since 2007 and serves folks in over 140 countries. It’s great for both the pros who know their stuff and newcomers who are just starting out. They even have a practice account for beginners and ways for people to earn without doing much. Sometimes, though, things don’t work out, or people just change their minds. Traders Union has got you covered with a guide on how to close eToro account the right way. Comparing eToro account options eToro offers trading conditions that many

More Stories
Image
25-December-2019

Can Somebody Talk to Our Youths

By Okechukwu Keshi Ukegbu The concern has formed several funeral homilies. At its height was a concern raised by a cleric in one of his funeral sermons that our society is in the fringe of witnessing a generation gap as demand for young men who are capable of siring children will be on the rise in the nearest future. This is courtesy of the increase in drug addiction by our youths. This trend is assuming a very embarrassing dimension on daily basis and as well progressing in a geometric proportion. The list is becoming endless: tramadol, jegemi, blue tongue.Even drugs

Image
20-July-2020

FG Promises Critical Investments to Boost Economy

By Modupe Gbadeyanka The federal government has vowed to continue to make critical investments in the key sectors of the nation’s economy as part of efforts to keep it vibrant. Nigeria is battling to prevent another recession in four years following a reduction in the inflow of foreign exchange (forex) into the country. The country relies heavily on the sale of crude oil to earn forex, but the COVID-19 crisis in 2020 has caused a sharp decline in the price of oil, affecting revenue. It is believed that Nigeria may slide into a recession this year and to possibly prevent

Image
17-July-2017

NipeX GM Lauds Nigerdock Activities on SIIFZ

By Dipo Olowookere Operations of leading indigenous energy services provider, Nigerdock, and the available facility at the Snake Island Integrated Free Zone (SIIFZ) have been described as a paradigm of Nigeria’s great prospects and impact on Africa. General Manager of Nigerian Petroleum Exchange (NipeX), Mr Kanayo Odoe, identified this during his recent courtesy visit to SIIFZ, the location of Nigerdock’s world class facility. Mr Odoe noted that Nigerdock and its activities on SIIFZ represent the prospects of Nigeria across Africa. In his words: “Snake Island is a manifestation of all that is good in this great country Nigeria.  It is

Image
26-February-2018

Asian Equities Rise on Hike in Oil Prices

By Investors Hub Asian stocks finished broadly higher on Monday as oil prices climbed and the Federal Reserve’s monetary policy report released on Friday suggested a gradual pace of interest rate hikes in 2018. U.S. bond yields declined from recent four-year highs as investors awaited U.S. inflation data and the first House testimony by the new head of the Federal Reserve for further insight on inflation and interest rates. Chinese stocks rose for the sixth straight session ahead of the official and Caixin purchasing managers’ indexes due this week. The benchmark Shanghai Composite index rallied 41.23 points or 1.23 percent

Image
09-March-2021

NSE Adjusts Zenith Bank Share Price to N22.20

By Dipo Olowookere The share price of Zenith Bank Plc has been adjusted to N22.20 per unit by the Nigerian Stock Exchange (NSE). The change in the value of the lender’s equities was done on Tuesday, March 9, 2021, and it was to reflect the proposed N2.70 proposed by the board of the company as the final dividend for the 2020 financial year. Business Post reports that about two weeks ago, Zenith Bank released its financial statements for last year and the board recommended the cash reward. In a notice filed by the financial institution, it was disclosed that the

Image
07-December-2020

ESG Takes Centre Stage in Post-Pandemic Africa

By Wildu du Plessis As African businesses begin to recover and build the necessary resilience to successfully navigate COVID-19 disruption, a focus on Environmental Social and Governance (ESG) strategies is proving essential for long-term success. In order to stay competitive, organisations based in Africa are engaging meaningfully with ESG to build robust sustainability strategies that comply with global and local mandatory and voluntary ESG standards and codes, and which fit in with their overall strategic priorities. The definition of Environmental, Social and Governance (ESG) encompasses a broad range of issues across the spectrum of Environmental (climate change, biodiversity, waste, water

Image
09-February-2021

BUA Group Not Authorised to Buy Vaccines—CACOVID

By Ahmed Rahma The Coalition Against COVID-19 (CACOVID) has disowned the statement credited to BUA Group that it has purchased a million doses of COVID-19 (AstraZeneca) vaccines for Nigerians. According to the body, no individual or company can purchase vaccines directly from any legitimate and recognised manufacturer. In a statement issued to clear the air on COVID-19 vaccine purchase, CACOVID explained that the Chairman of BUA Group, Mr Abdulsamad Rabiu, may have been misquoted by the media. “These claims are not factual as CACOVID operates on a collegiate fund contribution model. There is no agreement between BUA, CACOVID and Afreximbank.

Image
10-July-2017

Mining Sector to Contribute $27b to GDP by 2025—FG

By Modupe Gbadeyanka It is no doubt that a lot has not been tapped from the mining industry in Nigeria, but the present government is focusing its attention to this just as it is doing with the agricultural sector. At the moment, it is estimated that the contribution of the sector to the Gross Domestic Product (GDP) of Nigeria is $13 billion. But the Ministry of Mines and Steel Development says it hopes to push this to about $27 billion by 2025. This was revealed in the Ministry’s Road Map released on Sunday in Abuja, which was posted on its

Ad
Ad
Recent Stories
Image
26-September-2023

Smart Recycling Hub Opens in Ibadan

By Aduragbemi Omiyale A smart recycling hub has been unveiled at the Ojoo terminal in Ibadan, the Oyo State capital, courtesy of a waste management consultant, Mottainai Recycling Limited. The facility was opened on Monday at a ceremony attended by the representatives of the state government, the consultant, and the Akinyele Local Government, among others. The Director of Environment of the local council, Mrs Ahmed B.D., said the initiative was aimed to raise awareness among traders, market women, and the general public about climate change, stressing the hazards and consequences of indiscriminate waste disposal, and other undesirable waste management practices.

Image
26-September-2023

Small Business Owners Fret Over Exchange Rate Instability

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

Image
26-September-2023

NGX RegCo’s Code of Conduct for Stockbrokers Takes Effect October 3

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

Image
26-September-2023

Sustainable Development is a Necessity for Every Society in the World

By Professor Maurice Okoli For the majority of African leaders and delegates, it was a momentous achievement, to participate and contribute speeches with diverse themes at the podium during the 78th session of the UN General Assembly (UNGA) in New York. The UNGA traditionally meets in September, the highest global gathering to make several significant decisions on what the organization, consisting of 193 UN members, is generally expected to do. It has wrapped up its 78th annual session with another huge pack of commitments to engage in reshaping a better life for the entire population and Development paradigms in the

Image
26-September-2023

Equinor to Sell 20.2% Stake in Nigeria Oil Field Asset to Chappal

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

Image
26-September-2023

400-year-old British Institution Opens $150m School in Lagos

By Adedapo Adesanya A 400-year-old British educational institution, Charterhouse, has commissioned its first African school, currently in progress on a sprawling 70-hectare site located at Ogombo in Lekki, Lagos. The introduction of Charterhouse Lagos marks the convergence of British independent school heritage with cutting-edge educational practices, ushering in a new era of excellence in West African education. Charterhouse Lagos will represent a remarkable educational undertaking in the commercial capital of the country, with the planned $150 million campus expected to be fully delivered in 2028. The school’s development will unfold gradually, with the first intake of primary school students in

Image
26-September-2023

Moniepoint Partners Nithub UNILAG to Train HatchDev Participants

By Modupe Gbadeyanka As part of efforts to meet the target of equipping one million technical talents with the requisite knowledge to excel in the industry, Moniepoint has sponsored the training of the pioneer cohort of the HatchDev programme. The HatchDev initiative is the brainchild of Nithub University of Lagos, designed to produce hundreds of market-ready software engineers every year. The scheme, which runs for nine months and started in October 2022, aspires to shape 300 junior software engineers, 100 intelligent systems developers, and 100 IoT/embedded systems engineers. The first beneficiaries have been trained to be readily absorbed into a

Image
26-September-2023

Senate Resumes, to Screen Acting CBN Governor, FIRS Chief

By Adedapo Adesanya  The Senate and the House of Representatives will on Tuesday resume plenary after weeks of vacation with expectations that they will attend to correspondences from President Bola Tinubu. The upper chamber adjourned for a six-week annual recess on August 17 after confirmating 45 out of the 48 ministerial nominees of President Tinubu. The Senate President, Mr Godswill Akpabio, also announced the composition of 74 standing committees on that day. Upon resumption, the Senate will commence its legislative duties by attending to correspondences from the President requesting the confirmation of some appointments he made. The appointments include those

Image
26-September-2023

FrieslandCampina, CSCS Raise Unlisted Securities Market By 0.54%

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

Image
26-September-2023

Naira Falls to N773.25/$1, N1.006/$1 at P2P

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3