Business News

NNPC seeks Russian firms’ partnership to revamp oil refineries

The NNPC has met with some Russian firms, including a state company and private entities to help bring the refineries back to life.

Published

1 year ago

October 24, 2019

Joseph Olaoluwa

Has petroleum product deregulation finally come to roost?, Six Modular Refineries billed to commence operation, FG says , NNPC seeks Russian firms' partnership to revamp oil refineries

As the timeline to revamp Nigeria’s four oil refineries in 2023 edges closer, the Nigerian National Petroleum Corporation (NNPC) has met with some Russian firms, which includes a state owned company and private entities to help bring the refineries back to life.

The Details: This was publicly announced by the NNPC’s Group Managing Director, Mele Kyari, who tweeted about the development from the ongoing Russian African Economic Summit that in Sochi, Russia. He added that he had been discussing the issue as well as the development of gas infrastructure in Nigeria with Russian investors.

A team of top Government officials are involved in engaging investors at the summit. The officials include the Minister of State for Petroleum Resources, Timipre Sylva; the NNPC’s Chief Financial Officer, Umar Ajiya; the NNPC’s Chief Operating Officer, Refineries, Mustapha Yakubu, among others

According to Kyari, the engagement was to make sure that Nigeria’s moribund refineries get the right attention while also developing infrastructure for gas.

“The team engaged Russian state company and private entities to secure development cooperation of mutual benefit,” Kyari retweeted.

He added, “Refinery rehabilitation and gas infrastructure development on the front burner.”

📸 News: HMSPR, Chief Timipre Sylva; GMD Mallam @MKKyari; #NNPC's CFO Umar Ajiya; COO Gas & Power @YUsman_ebuman; COO Refineries Mustapha Yakubu & Group CEO @Oando_PLC @AdewaleTinubu at today's Plenary Session of the #RussiaAfricaEconomicForum in #Sochi, #Russia 🇷🇺. pic.twitter.com/lPHiXiHeXN

— NNPC Group (@NNPCgroup) October 23, 2019

The Team engaged Russian state owned company & private entities to secure development cooperation of mutual benefit. Refinery rehabilitation & gas infrastructure development on the front burner. #RussiaAfricaEconomicSummit #PMBinRussia @NGRPresident @BashirAhmaad @toluogunlesi

— NNPC Group (@NNPCgroup) October 23, 2019

Recall that the Federal Government set a 3-year target period to revamp the ailing refineries across the country.

Starting with the refinery in Port Harcourt, the President Muhammadu Buhari-led administration disclosed that it had begun the overhauling of refinery facilities, adding that it has till 2023 to ensure that the refineries operate optimally.

Similarly, the Nigerian National Petroleum Corporation (NNPC) promised Nigerians that the full rehabilitation of the nation’s three refineries would commence by January 2020.

Malam Mele Kyari explained that fixing the refineries, which are in Port Harcourt, Warri and Kaduna, would help the corporation to refine crude oil at optimum capacity by 2022. He also noted that it was a mandate the NNPC as a corporation would leave no stone unturned to actualize because of its timeliness.

Related Topics:Mele Kyari Nigerian National Petroleum Corporation

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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ENDSARS

#EndSARS: Army denies shooting at Lekki protesters, says Lagos asked for military

The Nigerian Army has once again denied it fired gunshots at protesters who were gathered at the Lekki toll plaza.

Published

3 mins ago

October 28, 2020

William Ukpe

#EndSARS: Nigerian Army set to commence Exercise Crocodile Smile VI

The Nigerian Army has stated that the alleged massacre of protesters at Lekki Toll Plaza is untrue, unfounded, and aimed at causing anarchy in the country and that their presence was requested by the Lagos State Government to restore normalcy.

This was disclosed in a statement by the Acting Deputy Director, 81 Division Army Public Relations, Major Osoba Olaniyi, on Tuesday evening, as the world draws attention to the Lekki shootings last week.

In the statement, the Army said: “The attention of Headquarters 81 Division Nigerian Army has been drawn to a viral video on social media in which it was alleged that civilian protesters were massacred by soldiers at Lekki Toll Plaza.

“This allegation is untrue, unfounded and aimed at causing anarchy in the country. At no time did soldiers of the Nigerian Army open fire on any civilian.

The Army said that the 81st Division never got involved in the #EndSARS protests. However, Lagos State called the Army after a 24-hour curfew was imposed due to reports of Police stations being burnt.

“From the onset of the ENDSARS protest, there was no time personnel of 81 Division Nigerian Army Lagos were involved. However, the decision to call in the military was taken by the Lagos State Government (LASG) after a 24 hours curfew was imposed.

“This was as a result of the violence which led to several police stations being burnt, policemen killed, suspects in police custody released and weapons carted away.

“The situation was fast degenerating into anarchy. It was at this point that LASG requested for the military to intervene in order to restore normalcy. The intervention of the military followed all laid down procedures for Internal Security operations and all the soldiers involved acted within the confines of the Rules of Engagement (ROE) for Internal Security operations,” the statement read.

The Army insisted that they did not shoot any civilian and that there is glaring and convincing evidence to attest to this fact. They maintained that the allegations of shootings is the “hand work of mischief makers who will stop at nothing to tarnish the image of the Nigerian Army.”

What you should know

Nairametrics reported last week that several social media accounts had revealed that peaceful protesters were allegedly being shot at by the military at the Lekki toll holdout. The Nigerian Army, however, denied deploying soldiers to attack #EndSARS protesters who assembled there.

The Lagos State Government ordered an investigation into the Lekki Toll Plaza shooting that was allegedly done by some men of the Nigerian Army on Tuesday evening. Babajide Sanwo-Olu had also stated that Lagos State would not burn on his watch, as he tried to calm things down after hoodlums wreaked havoc post-Lekki shootings, and announced that the Judicial panel set up by the state would include the incident.

Nairametrics earlier reported that Lagos State Governor Babajide Sanwo-Olu had insisted that there were only two confirmed deaths during the shooting incident that happened a week ago at the Lekki Tollgate.

Coronavirus

COVID-19 Update in Nigeria

On the 27th of October 2020, 113 new confirmed cases and 3 deaths were recorded in Nigeria

Published

7 hours ago

October 28, 2020

Samuel Oyekanmi

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,224 confirmed cases.

On the 27th of October 2020, 113 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 2,326 samples across the country.

To date, 62,224 cases have been confirmed, 57,916 cases have been discharged and 1,135 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 614,480 tests have been carried out as of October 27th, 2020 compared to 612,154 tests a day earlier.

COVID-19 Case Updates- 27th October 2020,

Total Number of Cases – 62,224
Total Number Discharged – 57,916
Total Deaths – 1,1135
Total Tests Carried out – 614,480

According to the NCDC, the 113 new cases were reported from 12 states- Lagos (51), FCT (15), Plateau (11), Kaduna (8), Oyo (8), Rivers (8), Ogun (4), Edo (2), Imo (2), Kwara (2), Delta (1), Kano (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,935, followed by Abuja (6,008), Plateau (3,614), Oyo (3,433), Rivers (2,781), Edo (2,654), Kaduna (2,625), Ogun (2,014), Delta (1,813), Kano (1,743), Ondo (1,666), Enugu (1,314), Kwara (1,069), Ebonyi (1,049), Katsina (952), Osun (923), Abia (898), Gombe (883). Borno (745), and Bauchi (710).

Imo State has recorded 616 cases, Benue (486), Nasarawa (479), Bayelsa (403), Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (140), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

ENDSARS

Oyo sets up N500 Million fund each for youth entrepreneurs, compensation for victims of police brutality

Governor Seyi Makinde plans to disburse N500 million fund to youth entrepreneurs in Oyo state.

Published

8 hours ago

October 27, 2020

Omokolade Ajayi

Oyo sets up N500 Million fund each for youth entrepreneurs, compensation for victims of police brutality, #EndSARS: State Governors should have necessary powers to control the Police Force - Seyi Makinde, Seyi Makinde Proposes N3 Billion plan for water supply

Oyo State Government has directed that a N500 million MSME fund be set up to fund youth entrepreneurs in the State with bright business ideas

This was disclosed by Governor Seyi Makinde while speaking at the Post-Protest Meeting with Traditional Rulers and other Stakeholders, held at Agodi, Ibadan.

According to the Governor, the fund will provide further employment and improve the economic landscape in Oyo State.

READ: #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years

The Governor also approved N500 million as compensation to victims of police brutality and injustice. This fund is to encourage anyone who has suffered any form of injustice in the past or as a result of the #EndSARS protests.

He said, “I have directed that a N500 Million MSME fund be set up. This fund will be disbursed to youths who have bright entrepreneurial ideas that will provide further employment and improve the economic landscape in Oyo State.”

READ: FG launches $1bn agric loan scheme, claims it will create jobs

“Let me also state that we have set up an initial Five Hundred Million Naira (N500million) Compensation Fund for victims of injustice.

“So, I encourage everyone who has suffered any form of injustice in the past or as a result of the #EndSARS protests, to please take advantage of the platforms we have provided to log their cases.

“We have an email service and a direct reporting portal on the Oyo State Government website. A judicial panel for Oyo State will be inaugurated in the next one week to look into cases of injustice.”

He stated further, “We know that the protests have been a result of simmering anger among the youths. We are aware of the economic situation, especially the reduced income of many due to the COVID-19 pandemic and also the general unemployment situation in the country. Let me reassure you that we will continue to prioritize actions that will positively impact the youths.”