NNPC Mulls New 250,000bpsd Refineries

Image

By Adedapo Adesanya

The Nigerian National Petroleum Corporation (NNPC) has invited investors to bid for the establishment of new 250,000 barrels per stream day refineries.

This was disclosed by the Group General Manager, Greenfield Refineries and Project Division (GRPD) and Managing Director of the NNPC Greenfield Refinery Limited (NGRL), Mr Bege Talson, at the inauguration of the board of the company in Abuja.

Mr Talson said the investors would be establishing greenfield, modular and condensate refineries with a combined capacity of 250,000 barrels per stream day (bpsd).

The NNPC Greenfield Refinery Limited is a subsidiary of the corporation set up in December 2020 with a mandate to oversee the establishment and operation of new refineries.

The board will see the Group Managing Director of the NNPC, Mr Mele Kyari, as chairman while also constituting the team are Group Executive Director, Finance & Accounts, Mr Umar Ajiya; Managing Director of the Nigerian Gas Company, NGC, Mr Oluwaseyi Omotowa; Managing Director of NNPC Retail, Mrs Elizabeth Aliyuda.

Others are Managing Director of the Nigerian Petroleum Development Company (NPDC), Mr Muhammad Ali-Zarah; and Ms Tolulope Olubommo who will serve as Company Secretary and Legal Adviser.

During the inauguration, the Group Managing Director of the NNPC, Mr Kyari, charged the board to explore all available options to bring an end to the current challenge of petroleum products importation in the country.

In his remarks, the Alternate Chairman of the Board and NNPC’s Group Executive Director, Refinery and Petrochemicals, Mr Mustapha Yakubu, assured that the operations of the company would be guided by the principles of cost-effectiveness in line with the new Petroleum Industry Act (PIA).

He noted that the focus of the project would be profitability.

In his remarks at the ceremony marking the passage of PIA, President Muhammadu Buhari had noted that the failure to pass the bill on time affected the growth of the economy, bringing about stagnation and cited a lack of political will on the part of the past administrations to actualize the needed transformation.

President Buhari said assent of the Petroleum Industry Bill on August 16, 2021, marked the end of decades of uncertainty and under-investment in the petroleum industry.

Share
Related Stories
Image
21-February-2024

Binance Sets USDT Limits for P2P Trading Amid Pressure from Nigeria

By Adedapo Adesanya The new task force formed by the Nigerian government has allegedly ordered Binance and possibly other peer-2-peer (P2P) exchanges to set a cap on traders selling the US Dollar Tether (USDT). The joint force, which includes the Central Bank of Nigeria (CBN), in conjunction with the National Security Adviser (NSA), the Economic and Financial Crimes Commission (EFCC) and other government parastatals has set a cap at slightly above N1,800/USDT. This move will see traders who go above 1802/$ kicked off the platform due to local regulations, which are a wider part of measures towards keeping the dwindling

Image
20-February-2024

Nigeria Creates Task Force to Combat FX Speculation, Hoarding

By Adedapo Adesanya Nigeria has formed a joint task force, made up of leading law enforcement agencies such as the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU), to combat foreign exchange (FX) speculation and tackle the issues affecting the country’s economic stability. The National Security Adviser’s Office, led by Mr Nuhu Ribadu, in collaboration with the Central Bank of Nigeria (CBN), initiated the joint effort. In a statement on Tuesday, a spokesperson for the NSA office, Mr Zakari Mijinyawa, disclosed that the partnership is

Image
20-February-2024

WACOT Rice Concludes Argungu Outgrower Expansion Programme

By Aduragbemi Omiyale An initiative of WACOT Rice aimed at enhancing rice production in Nigeria, the Argungu Outgrower Expansion Programme (AOEP), has been concluded, the company has confirmed in a statement. The scheme was put in place in 2020 by the subsidiary of Tropical General Investments (TGI) Group in collaboration with the USAID-funded West Africa Trade and Investment Hub. It was to leverage WACOT’s existing outgrower programme to improve the livelihoods of smallholder farmers by providing access to essential agricultural inputs, financing, and training on Yield Enhancement Techniques (YET), and Good Agronomic Practices (GAP). At the closing of the scheme

Image
21-February-2024

Naira Gains at NAFEX as Govt Tries Unorthodox Means to Stabilise FX Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, February 20 as the government and the Central Bank of Nigeria (CBN) applied unorthodox measures to arrest the free fall of the local currency. In the official market yesterday, the Nigerian Naira gained 2.9 per cent or N47.3 on the Dollar to close at N1,551.24/$1, in contrast to the previous day’s N1,598.54/$1. However, the domestic currency lost N92.60 against the British Pound Sterling during the session to quote at N2,023.64/£1 compared with the preceding day’s N1,931.04/£1 and against the

More Stories
Image
10-March-2022

NURTW Orders MC Oluomo to Hand Over to Deputy

By Modupe Gbadeyanka The leadership of the National Union of Road Transport Workers (NURTW) has suspended the chairman of the Lagos State chapter of the organisation, Mr Musiliu Akinsanya, popularly known as MC Oluomo. A statement issued by the national body of the transport workers in Nigeria accused the transporter of inciting members of the state chapter against the leadership of the unit. MC Oluomo was also alleged to have been engaged in an act of misconduct, relating his actions to the recent protest by loyalists of the union leader, accusing the national leaders of interference. According to the NURTW,

Image
19-April-2020

SERG Urges South East Governors to Close Borders Now

By Modupe Gbadeyanka Governor of the South East states of the federation have been asked to move quickly to shut down their borders to safeguard the region from the coronavirus pandemic. This call was made by a pressure group known as the South East Revival Group (SERG) in a statement issued on Sunday by its President and National Coordinator, Mr Willy Ezugwu. Mr Ezugwu said it has been very expedient that the Governors close the borders to avert major calamity waiting to happen if there is a community outbreak of the dreaded Coronavirus disease in the east. “Following the upsurge

Image
17-March-2020

Nigeria Confirms Third Coronavirus Case

By Adedapo Adesanya A third case of coronavirus in Nigeria has been confirmed on Tuesday, March 17 by the Lagos State Government through its Commissioner for Health, Mr Akin Abayomi, who said the new case was an independent case of the index. Speaking at a press briefing on the development, the Commissioner said, ”We have a 30-year-old who returned on March 13. She returned from the UK after a 10-day stay. After the isolation period, she became unwell and had dry cough.” ”We went to collect her sample and we tested that sample and that sample tested positive. As at

Image
19-February-2022

Crude Oil Closes Mixed as Iran Deal Clouds Russia-Ukraine Tension

By Adedapo Adesanya The prices of crude oil grades closed mixed on Friday and were heading for a weekly fall as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis. At the session, the Brent crude futures rose 0.66 per cent or 61 cents to $93.58 while the US West Texas Intermediate (WTI) crude futures fell by 0.29 per cent or 27 cents to $91.49 per barrel. Both benchmark contracts hit their highest levels since September 2014 earlier this week with the international benchmark touching $96 per barrel and the WTI

Image
07-April-2022

At Investors’ Window, Naira Appreciates 0.08%

By Adedapo Adesanya The Nigerian Naira recorded a better performance against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, April 6. This was because the local currency appreciated by 0.08 per cent or 33 kobo to close at N416.50/$1 compared with the preceding session’s N416.83/$1. The indigenous currency regained its strength at the spot market yesterday on the back of improved FX supply to the market window, which enabled end-users to have their requests met by the dealers, which were mostly financial institutions. At the spot market, it was

Image
16-January-2018

European Stock Market Close Flat as Euro Rally Halts

By Investors Hub European stocks were flat to slightly higher on Tuesday as the euro paused after recent rally and investors awaited more earnings news from the U.S. as trading resumes following a long weekend. The pan-European Stoxx Europe 600 index was up 0.3 percent at 398.81 in opening deals after declining 0.2 percent the previous day. The German DAX was rising half a percent, France’s CAC 40 index was moving up 0.3 percent and the U.K.’s FTSE 100 was up 0.2 percent. Novartis rose about 1 percent. Sandoz, a Novartis division, announced that it has received approval from the

Image
10-July-2022

Insurance, Pension Reporters Elect Naeche-Esezobor as New Leader

By Dipo Olowookere Journalists reporting on the insurance and pension sectors in Nigeria have elected new persons to lead them for the next two years. At an election held at their 2022 Annual General Meeting (AGM) last Thursday in Lagos, the reporters, under the aegis of the National Association of Insurance and Pension Correspondents (NAIPCO), chose Mrs Nkechi Naeche-Esezobor as the new chairman. Mrs Naeche-Esezobor, a respected media practitioner in Nigeria, is the Publisher/Editor-in-Chief of Business Today, one of the leading business journals in the country. After her election, she expressed her gratitude to her colleagues for finding her worthy

Image
15-July-2020

Handover of National Theatre Thrills IFMA Nigeria

By Modupe Gbadeyanka The handing over of the National Theatre, Iganmu, Lagos to the Central Bank of Nigeria (CBN) and the Banker’s Committee has excited the International Facility Management Association, Nigeria Chapter. The group, in a statement, described the move as lauded and a step in the right direction because it will benefit the country. In view of this, the acting President of the association, Mr Segun Adebayo, said IFMA Nigeria is willing to offer free professional services as its support towards the success of the project. According to him, this will guarantee the sustainability and positive impact on the

Ad
Ad
Recent Stories
Image
22-February-2024

NPPAN Targets $10bn Contribution to Nigeria’s GDP via Palm Biomass

By Adedapo Adesanya The federal government will sign a Memorandum of Understanding (MoU) with the Malaysian government to develop palm biomass in the country as part of efforts to utilise one of the undertapped farm produces in the country. Mr Alphosus Inyang, President of the National Palm Produce Association of Nigeria (NPPAN), made this disclosure, saying palm biomass is a multi-billion dollar economy. “Biomass simply means agricultural waste and we are talking about turning waste into wealth,’’ he said in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The president said NPPAN was working with

Image
22-February-2024

Salesforce Introduces Clean Energy Programme Management

By Modupe Gbadeyanka A new solution to help electric, gas, and water utilities increase customer participation in clean energy programmes has been introduced by Salesforce. The initiative known as Clean Energy Programme Management for Energy & Utilities Cloud streamlines the launch, management, and oversight of energy efficiency, conservation, electrification, and EV charging programs. It helps utilities manage clean energy initiatives with connected data — like energy usage and billing information — and personalised engagement to promote relevant programmes. This platform also digitises and simplifies the application process for customers, participating contractors, and utility program staff to help increase clean energy

Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and

Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
22-February-2024

Investors Recover N165bn as FBN Holdings, BUA Cement, Others Gain

By Dipo Olowookere The bulls recaptured the Nigerian Exchange (NGX) Limited on Wednesday after the bears dominated for two straight days as a result of panic selling due to the macroeconomic environment, especially with the poor performance of the Naira in the foreign exchange (FX) market. During the midweek session, the local bourse finished higher by 0.30 per cent on renewed bargain-hunting activities by investors. This raised the market capitalisation of the domestic exchange by N165 billion to N55.464 trillion from N55.299 trillion, as the All-Share Index (ASI) grew by 301.71 points to 101,362.38 points from 101,060.67 points. Business Post

Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine