Business News
NNPC GMD gives reasons for shutdown of refineries, to get private managers
The Federal Government has decided to continue with the shutdown of its 3 refineries, as part of the ongoing efforts to reposition them.
In what appears to be a never-ending situation, the Federal Government has decided to continue with the shutdown of its 3 refineries, as part of the ongoing efforts to reposition them.
This was disclosed by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, during a television interview earlier today.
These refineries, which are in Kaduna, Port Harcourt, and Warri, have rarely functioned properly for many years, despite the government’s infusion of huge investments in them.
The NNPC boss said that the corporation had decided to shut down all of its refineries in order to develop a model to upgrade them and secure enough funding for them.
(READ MORE: TCN, NNPC partner to boost gas availability, increase power supply)
Although the GMD said they have secured funding for the maintenance, he did not provide details. Note that the corporation had previously entered into several unsuccessful agreements with oil traders.
He said that the NNPC was looking at a different model for refineries, such as that used by the Liquefied Natural Gas (LNG). Kyari said:
“We made a very conscious decision to shut down our refineries. Today, after proper scoping, which was done in the past, we know exactly what to do to get them back on stream. We have also secured financing to make sure they work optimally.
“Aside from proper scoping, we are also going to have an Operation and Maintenance (O&M) contract, a different model of getting the refineries to work. We are looking at the NLNG structure where world-class processes will always be in play. We’ve seen it work with success.”
Getting Nigeria’s refineries to work efficiently and regularly has, for many decades, remained a mirage due to deep-rooted corruption in the oil industry.
In a related development, the NNPC GMD said that the corporation will no longer be involved in the management of the nation’s refineries after their rehabilitation.
He disclosed that upon completion of the ongoing rehabilitation exercise, NNPC will engage the services of a company would manage the plants on an Operations and Maintenance (O&M) basis.
He explained that the ultimate plan is to get private partners to invest in the refineries and get them to run on the NLNG model where the shareholders would be free to decide the fate of the refineries going forward.
(READ MORE: NNPC seeks Russian firms’ partnership to revamp oil refineries)
Mallam Kyari stated that this model, which is totally different from previous approach, would guarantee the desired outcome for the refineries.
It could be recalled that in January this year, the Nigerian senate, resolved to probe the corporation over the sum of $396 million which was spent on turn-around maintenance of the refineries, between 2013 and 2015, without any positive result, as the country has continuously imported almost all its petroleum product needs.
Members of the upper chamber expressed their displeasure at the moribund state of these refineries in the last 15-20 years, due to lack of proper maintenance.
These refineries have hardly operated at more than 15% capacity utilization per annum.
ENDSARS
#EndSARS: Anyone found culpable in Lekki Toll Plaza shooting would be held accountable – Sanwo-Olu
Sanwo-Olu has continued to ensure Nigerians that those found culpable in the unfortunate Lekki shootings will not escape the law.
Lagos State Governor, Babajide Sanwo-Olu, has said that the Lagos State Government would ensure that anyone found culpable in last Tuesday’s shooting at the Lekki Toll Plaza would be held accountable for their actions.
This was disclosed in a statement by the Lagos State Government, after the Governor’s interview with CNN’s Becky Anderson.
In the interview with CNN, the Governor said, “We will be committed to a full investigation of what happened and people would be held accountable. They certainly would be held accountable. We would do everything possible to ensure that they are held accountable.
“People have claimed that their friends and family members have been killed. So, this Judicial Panel of Enquiry is meant to bring all of these stories to accountability; where we can make restitution, where families can prove and identify officers that were responsible for this.
“I am not the Commander-in-Chief of the Armed Forces, I am Governor of a State. The report would be out and we would channel the report to all the relevant authorities in the state to ensure that every one that is found culpable is accountable for the act.”
He added that there was no international pressure on Nigerian leaders to investigate the Lekki incident, and he had met the #EndSARS protesters. He also acknowledged that the protests were legitimate.
“There are no international pressures whatsoever. These are genuine protesters that we all believe and we all have knowledge about. I was the first governor among governors, with due respect to all my other colleagues, who came out to meet with them, who started from the front. I carried the EndSARS flags with them. I met with them twice and we all had the rally together and worked together,” he said.
Sanwo-Olu also said that the investigations would be a catalyst for positive change of Governance, and he saw it as a wake-up call for those in power.
“I genuinely believe there would be a change for two reasons. One, what has happened, especially in Lagos is extremely unimaginable. Number two is that it was a clarion call for all of us in government, especially understanding and realizing what the youths truly want us to be doing. So, it hit all of us like a thunderbolt and it was just a wake-up call,” he said.
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 at the Lekki Toll Plaza.
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 at Lekki toll gate.
Bottomline
The Lekki incident has gotten the world’s attention, with the Governor and other members of government admitting that there were casualties as a result of the incident. The onus is on the Federal Government to ensure the recommendations of the state judicial panels are properly executed after they submit their reports.
ENDSARS
#EndSARS: The deliberate shooting of unarmed protestors was an outrage – Archbishop of Canterbury
The Archbishop of Canterbury has once again condemned the deliberate shooting of unarmed protesters in Lekki, calling it an outrage.
The Archbishop of Canterbury and Head of the Anglican Church, Justin Welby, has said that the deliberate shooting of unarmed protesters in Lagos was an act of outrage, and he urged for a path to peace, justice and reconciliation.
The Archbishop disclosed this in a social media statement on Monday evening. He had earlier called on Nigerian leaders to “come together and agree a common vision that puts aside difference, steers the ship of state away from the rocks of conflict and sets a course that is for the good of all.”
The deliberate shooting of unarmed protestors in Lagos and other parts of Nigeria last week was an outrage. I say this as a human being, as a Christian, and as the leader of the worldwide Anglican Communion – which counts some 18 million Nigerians as part of our global family.
— Archbishop of Canterbury (@JustinWelby) October 26, 2020
What you should know
The Archbishop last week condemned the shooting of unarmed protesters in Lekki and urged President Muhammadu Buhari to ensure that lives were protected.
“I condemn in the strongest terms the reported deliberate shooting of unarmed protesters in Lagos and other parts of Nigeria.
“I have urged President Muhammadu Buhari directly to ensure that lives are protected – and I say that again now,” he said last week.
In yesterday’s statement, Mr. Welby said: “The deliberate shooting of unarmed protestors in Lagos and other parts of Nigeria last week was an outrage. I say this as a human being, as a Christian, and as the leader of the worldwide Anglican Communion – which counts some 18 million Nigerians as part of our global family.”
He warned of the violent past of Britain’s colonial history and urged that Nigeria learned from the UK’s past mistakes.
“But I also say this as a British citizen, knowing that in our recent colonial past the UK has committed appalling acts of violence.
“And while I absolutely have no place to lecture or rebuke Nigeria, a country that is very dear to my heart, I can say this: learn from our mistakes. Do not go further down the path of violence and injustice. Turn around and find the path of peace, justice and reconciliation,” he said.
He said that Nigerian leaders could become heroes if they sacrifice ambition and work to unite Nigeria in a time of trouble.
“No nation can be built without heroism. This is a time for all those who play a role in the political and civil leadership of Nigeria to be heroes for the common good. This is a time to sacrifice ambition, to set aside party, to unite to serve in order that Nigerians from richest to poorest may flourish,” the Archbishop concluded.
Coronavirus
COVID-19 Update in Nigeria
On the 26th of October 2020, 119 new confirmed cases and 2 deaths were recorded in Nigeria
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 62,111 confirmed cases.
On the 26th of October 2020, 119 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 4,719 samples across the country.
To date, 62,111 cases have been confirmed, 57,571 cases have been discharged and 1,132 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 612,154 tests have been carried out as of October 26th, 2020 compared to 607,435 tests a day earlier.
COVID-19 Case Updates- 26th October 2020,
- Total Number of Cases – 62,111
- Total Number Discharged – 57,571
- Total Deaths – 1,1132
- Total Tests Carried out – 612,154
According to the NCDC, the 119 new cases were reported from 6 states- Lagos (77), FCT (26), Plateau (9), Edo (4), Oyo (2), Nasarawa (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,884, followed by Abuja (5,993), Plateau (3,603), Oyo (3,425), Rivers (2,773), Edo (2,652), Kaduna (2,617), Ogun (2,010), Delta (1,812), Kano (1,742), Ondo (1,666), Enugu (1,314), Kwara (1,067), Ebonyi (1,049), Katsina (952), Osun (923), Abia (898), Gombe (883). Borno (745), and Bauchi (710).
Imo State has recorded 614 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.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
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.
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Adebiyi, Oluseye Akano
April 9, 2020 at 4:15 am
Let us consider learning from the ‘illegal’ refineries dotting the Niger Delta often closed at will by security agents. Investments in existing refineries seem to have lapsed into ‘sunk’ cost and must be so recognized to enable us adopt small-unit orientation in refinery business. god bless Nigeria.