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NNPC Gets Approval to Revamp 21 Roads With N621.2bn Tax Liabilities

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NNPC 21 Roads

By Adedapo Adesanya

The Nigerian National Petroleum Corporation (NNPC) is set to deploy some of its tax liabilities to 21 road projects across the six geo-political zones following the approval of the Federal Executive Council (FEC).

The Minister of Works and Housing, Mr Babatunde Fashola, after Wednesday’s virtual FEC meeting, presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja, said that the NNPC tax deployment would not be a one-off payment but periodic and gave the projected commitment to the road projects as N621.2 billion.

The Minister said that the roads would cover a total distance of 1,804.6 kilometres, stating that there was an Executive Order 7, signed by President Muhammadu Buhari, allowing private sector operators to identify infrastructure such as roads for which they would deploy in advance the taxes that they should have paid.

“You recall that I had briefed you here about the use of that policy by the Dangote Group on the Obajana to Kabba and Apapa to Oworonshoki.

“Earlier this year, there were five other roads, the Kaduna Western Bye-pass, the Lekki Port Road, the road from Sagamu through Papalanto and a couple of others like that.

“So, today we have another player; we have other interested players who are showing interest but we haven’t concluded.

“But we have another player who has shown interest and committed to deploying taxes and it is the NNPC.

“So, NNPC has identified 21 roads that it wants to deploy some of its tax liabilities to,’’ he said.

The Minister said that the instructive thing about the initiative was that it would help the government to achieve many things, including Ministerial Mandates Three and Four, which were discussed at the recent retreat.

He said that the Ministerial Mandate Three was energy sufficiency in electric power and petroleum energy distribution across the country.

According to him, the petroleum energy distribution is being impacted positively and negatively by the transport infrastructure, which is the Ministerial Mandate Four.

“So, NNPC has sought and the council has approved today that NNPC deploys tax resources to 21 routes covering a total distance of 180.6km across the six geopolitical zones.

“Out of those 21 roads, nine are in the North-Central, particularly Niger State; and the reason is that Niger State is a major storage centre for NNPC,” he said.

He said that NNPC’s gesture would facilitate petroleum distribution across the country as Niger experiences gridlock every year.

Mr Fashola said that the Niger governor had been complaining that his roads were being damaged by trucks.

He said that drivers, after damaging the roads with their overloaded trucks, would turn round to protest against the damage they had caused.

“So, they are nine like that in the North-Central; three in the North-East, two in the North-West, two in the South-East, three routes- the entire Odukpani-Itu-Ikot-Ekpene road in lots one, two and three now, fully covered.

“Then, in the South-West, you have the Lagos-Badagry Expressway, the Agbara junction, and you also have Ibadan to Ilorin, the Oyo-Ogbomosho section.

“In the South-East, you have the Aba-Ikot-Ekpene in Abia and Akwa Ibom; so that is a major link; then you have Umuahia-Ikwuano-Ikot-Ekpene road again and so on so forth.

“So, in the North-West, it is Gadar Zaima-Zuru-Ganji road and also Zaria- Funtua-Gusau to Sokoto Road.

“In the North-East, it is the Cham-Numan, Bali-Serti and Gombe-Biu Roads.

“The road impacted in the North-Central, include Ilorin-Jeda-Mokwa-Bokani sections one and two; Suleja-Minna sections one and two.

“Bida-Lambata Agaie-katcha-Baro road and Mokwa-Makera-Tagina-Kaduna border in Niger State, Minna-Zungeru-Tegina road, and Bida-Minna road-all in Niger State; as I said, a total of 21 roads.”

The Minister said that the move by the NNPC would resolve the financing problems regarding the execution of the road projects.

He said, for instance, that the Aba-Iko-Ekpene road had an estimate of about N30.3 billion in it while the provision in the budget was N200 million.

“If you look at the Suleja-Minna road, Section 2, it has N25.76 billion to complete it; the provision in the budget this year, is just N100 million.

“So, with these interventions, all those roads will be fully funded; you don’t have budgetary challenges and financing challenges anymore.

“So, the council approved this as strategic funding for this road network.’’

Mr Fashola said that another memorandum related to the road was also presented to the council, with regard to a section of the Calabar-Ikom-Ogoja Road, the section linking Akpet Central.

He said there was a problem with the steel-reinforced drains on the road.

“Those drains were put there about 42 years ago and 86 of them have failed.

“We need to replace them now with concrete ring drains to allow water to flow; otherwise, the retention of water badly impacts the road.

“As a result of that, we had to revise the scope of works from rehabilitation to construction in order to remove all the old steel drains that are corroded and replace them with concrete drains, over 75 km of the road network.

“That required an augmentation of the contract by an additional sum of N12 billion; that memo was approved,” he said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Eaton Calls for Stoppage of Sulphur Hexafluoride Gas 

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Sulphur hexafluoride gas

By Adedapo Adesanya

Leading power management company, Eaton Nigeria, has advocated the regulation of sulphur hexafluoride (SF6) gas usage in electrical power distribution networks.

This call was made during the company’s Power & Water Nigeria Exhibition and Conference 2022, an event that connects the Nigerian utility industry.

The event which was organised by Vertex Global services saw the participation of experts and exhibitors from over 20 countries.

The gathering enabled global stakeholders to access engaging technical discussions, on-the-spot assessment of the region’s opportunities in power generation, distribution, renewables, and water & utility sectors; as well as exhibitions from leading local and international suppliers.

During his presentation on the topic, A Call to Action on the ‘dirtiest’ greenhouse gas in clean energy, Mr Charles Iyo, Regional Sales Manager Eaton West Africa said “Sulphur hexafluoride gas which is used in the production of most switchgears remains one of the world’s potent greenhouse gases that adversely affect the environment. 1kg of SF6 is equivalent to 23,500 Kg of CO2 in global warming potential, and each unit of switchgear is estimated to use 2.5 kg of SF6 gas; which makes it devastatingly dangerous to the climate.”

“Government in Africa, especially Nigeria needs to take proactive measures such as implementing new regulations to ban the use of SF6 Gas in switchgear production. Also, regulatory bodies and industry stakeholders need to collaborate and elevate industry practice and policies to implement the use of SF6 free technology thereby creating a safe and sustainable future,” he added.

Mr Iyo further highlighted SF6-free alternatives that could positively combat climate change, saying the adoption of vacuum technology is considered a safe, compact and reliable alternative to SF6 gas in the production of switchgears.

Eaton has been at the forefront of advocating the elimination of SF6 gas globally. The power management company pioneered SF₆ free medium voltage switchgear production in 1960 with Magnefix, a compact solution for distribution system operators.

The various range of SF6 free switchgears are produced with environmentally friendly technology in comparison with the methods used by many other suppliers, which use SF6 as insulation gas.

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OVH Energy Rewards Distributors for Outstanding Performance

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ovh energy

By Adedapo Adesanya

Leading supplier and distributor of refined petroleum products, OVH Energy Marketing, has rewarded its top-performing lubricant distributors for their outstanding performance at a presentation ceremony held in Lagos.

During the presentation ceremony which happened at Aspamda Market, two qualified distributors who each sold over 1 million litres of lubricants were recognized in line with the management’s commitment to award deserving distributors.

Chucorl Nigeria Limited and Ade De Young Auto Limited, who met and exceeded the set target in the distribution of OLEUM lubricants, were awarded OLEUM branded trucks at the ceremony.

Speaking at the event, the Chief Executive Officer, OVH Energy Marketing, Huub Stokman posited that the ceremony was organized to reward top-performing distributors as well as inspire others through their exemplary feats.

“Our distinctive progress as the leading downstream oil and gas company is built on the commendable dedication and support of our partners as well as the contributions of our staff. I applaud the awardees and other OLEUM distributors for their diligence and resourcefulness in making sure that the OLEUM range of lubricants remains a market leader,” he said.

“Oleum is a product made in Nigeria, by Nigerians, for Nigerians. Our dream is to formulate the best lubricant available in the Nigerian market at a very affordable price. The hard work of our partners continues to contribute immensely to the growth of the organization and for that we are thankful,” he continued.

Commenting at the presentation ceremony, Mr Lateef Adeleke, owner Ade De Young Auto Ltd., an awardee said “I appreciate the company for this initiative to reward distributors with branded trucks. Rewarding deserving distributors with the branded trucks is a thoughtful initiative from OVH Energy Marketing.”

On his part, Mr Oliver Jacob, CEO Chucorl Oil and Gas Limited said “This acknowledgement from OVH Energy Marketing is indeed an incentive to do even more. The trucks will be valuable in strengthening our supply chain and meeting our increasing consumer demand.”

In recent years, OVH Energy Marketing has embarked on diverse empowerment initiatives such as the OLEUM Academy and the Mechanic Oleum Reseller Enterprise Initiative.

OLEUM academy has impacted over 5,000 individuals nationwide through the provision of automotive mechatronics, lubrication, and entrepreneurship training.

The Mechanic Oleum Reseller Enterprise Initiative is an avenue for auto-technicians to boost their income through the sales of lubricants in their workshop.

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Capital Market Can Attract Funds to Solve Nigeria’s Infrastructure Deficiency—Yuguda

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infrastructure deficiency

By Aduragbemi Omiyale

The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has again emphasised that the current infrastructure deficiency in Nigeria can be solved with the help of the capital market.

While addressing the new executives of the Chartered Institute of Stockbrokers (CIS) in Abuja over the weekend, he said all that was needed was for the government to partner with the private sector to bridge the infrastructure gap by approaching the capital market for funding.

“We have a huge infrastructural deficit in the country like insufficient power, lack of good roads among others. We want our country to have good infrastructure and I know this is possible with the help of the capital market and other stakeholders.

“It requires adequate planning and financing and we can achieve it as a nation. The capital market through the private sector can fund road construction while the government focuses on other issues,” the SEC DG said, appealing to the relevant stakeholders to cooperate with the agency to achieve this goal.

He also said for the capital market to attain full potential, all stakeholders need to ensure they carry out their functions with integrity and fairness in a bid to restore investor confidence.

Mr Yuguda acknowledged CIS as a key partner in the commission’s regulation of the market, assuring that the SEC would continue to provide the needed support.

“On behalf of the Board and staff. We will give you all possible co-operation you desire to make your job easy. We are here to support this market and make it the market we all desire,” he said.

The SEC boss stated that derivatives trading has commenced for people who want to manage their risk, adding that the SEC is working to increase the literacy of Nigerians so they can take better decisions.

“The future for this country is bright and we have the young population to push it. We can have a much better standard of living than we have now and we hope you will continue to give a lot to the market.

“We are committed to any initiative that will further spur the growth of the capital market. We also have a review of the ISA bill pending at the National Assembly and that bill has a lot that will revitalize this market,” he added.

In his remarks, the President of CIS, Mr Oluwole Adeosun, commended the SEC for the relationship that exists between the Commission and the Institute and thanked the Management for always supporting the organisation.

“Thank you always because you have embraced the institute and made it clear that you desire a very harmonious relationship and we are happy about it.

“You have shown this in your actions since you came into office and we appreciate you for all your efforts, we pray that investors benefit greatly from their investments in the capital market. Thank you for all your support to the CIS Bill,” he said.

The former President of CIS, Mr Olatunde Amolegbe, also thanked the DG for the efforts the management has been making to support the CIS, adding that the institute has been able to function effectively due to the support of the SEC.

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