Business
It is better to privatise a functioning refinery than a non-functioning one – Minister
Minister of State for Petroleum has said that subsidy is one of the reasons why refineries are not functioning optimally.

Published
3 weeks agoon

The Federal Government has stated that it is better to privatise/concession a functioning refinery than a non-functioning one, as it attributed the ailing state of the facilities to fuel subsidy.
This was disclosed by the Minister of State for Petroleum, Timpreye Sylva, during a press briefing on Petroleum Industry Bill on Thursday.
According to the minister, the subsidy is one of the reasons the nation’s refineries are not functioning optimally and such constraint will be taken away with deregulation.
READ: Why NNPC should be commercialised
He said, “Subsidy is one of the reasons why our refineries are not functioning optimally. That constraint will be taken away with deregulation.
“That is why we must now fix our refineries, so that they can function optimally in a deregulated regime. It is better to privatise/concession a functioning refinery than a non-functioning one.”
READ: NNPC to support alternative energy initiative by deploying CNG plants across the country
Hon. Minister of State for Petroleum Resources, @HETimipreSylva will brief the press on the imminent passage of the #PetroleumIndustryBill (PIB), and what it holds for the country. Noon today. #StateHouseBriefing
Watch Live on State House YouTube Page: https://t.co/Pm1kyGvKTb
— Presidency Nigeria (@NGRPresident) March 25, 2021
He added that the nation’s refineries are NOT archaic and that the Port Harcourt Refinery, which was built in 1960s and bigger one commissioned in 1989, cannot by any stretch of imagination be considered archaic.
Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]


Business
FAAC payment: Obaseki replies Finance Minister, says FG should end monetary rascality
Governor Obaseki has urged the FG to take urgent steps to end the current monetary rascality

Published
3 hours agoon
April 15, 2021
The Edo State Governor, Godwin Obaseki responded to allegations by the Finance Minister, Zainab Ahmed, over FAAC top-up in March, saying that the state will not “join issues with the Minister” but urges the FG to end the current monetary rascality.
The Edo State Governor disclosed this in a statement on Thursday morning, stating that:
- While we do not want to join issues with the Finance Ministry, we believe it is our duty to offer useful advice for the benefit of our country.
- The Finance Minister should rally Nigerians to stem the obvious fiscal slide facing our country.
- Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.
The Governor added that he believes the imperative to approach the Nigerian project “with all sense of responsibility and commitment and not play to the gallery”.
In case you missed it
Nairametrics reported that The Nigerian Government stated the claim made by the Edo State Governor, Godwin Obaseki, that N60 billion was printed as top-up for the Federation Account Allocation Committee (FAAC) in the month of March is untrue.
“What we distribute at FAAC is revenue that is generated by NNPC, FIRS, Customs… It is not true to say we printed money to distribute at FAAC,” Finance Minister, Zainab Ahmed said.
Business
Shoprite: Nigerian company, Persianas to take over operations
Persianas, a Nigerian property group, will take over Shoprite’s operations in Nigeria at the conclusion of a bidding process.

Published
7 hours agoon
April 15, 2021
Nigerian property group, Persianas, will take over Shoprite’s operations in Nigeria after a bidding process was concluded. The company is reportedly arranging debt to finalise the deal.
This was disclosed in an exclusive report by Reuters on Wednesday. According to the report, the deal was confirmed by banking sources.
What the report says
- Persianas Properties emerged as the buyer after a bidding process, and the company is arranging debt for the buyout.
- MBO Capital and KPMG advised Persianas, while FBNQuest is arranging debt.
Bloomberg also reported that Shoprite’s owners valued its sale at N30 billion; however, the deal between Persianas and Shoprite remains undisclosed.
READ: NSE fines Mortgage bank, Conoil, others over N1 billion for account filing default
What you should know
Persianas Group owns the Palms Shopping Mall in Lagos, which also contains a Shoprite outlet.
Recall Nairametrics reported last week that the Federal Competition and Consumer Protection Council (FCCPC) had said it was not aware that Shoprite was exiting Nigeria, but that there was a pending application for a merger/acquisition involving it.
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