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Only NNPCL Can Buy Dangote Petrol – IPMAN

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Only NNPCL Can Buy Dangote Petrol – IPMAN

No oil marketer is going to buy Premium Motor Spirit, popularly called petrol, from the Dangote Petroleum Refinery and sell at the prevalent pump prices at filling stations in Nigeria except the Nigerian National Petroleum Company Limited, operators in the downstream oil sector have declared.

On July 15, 2024, The PUNCH reported that the President of Dangote Industries Limited, Alhaji Aliko Dangote, announced that the $20bn refinery was set to roll out its petrol in August 2024, having resolved its crude oil supply issues through the help of NNPC and the Federal Government.

“Gasoline (petrol) production is to commence in July with sales from August. Annual revenue is projected to exceed $26bn,” Dangote had stated while delivering a presentation at the plant last month.

But oil marketers told our correspondent on Sunday that no dealer in Nigeria would be able to buy the petrol from the Dangote refinery, because the product would be priced at the international market rate, far higher than the domestic cost at the pumps.

When contacted and asked whether oil marketers had been briefed about the price of petrol from the Dangote refinery, the Deputy National President of the Independent Petroleum Marketers Association of Nigeria, Zarma Mustapha, gave a negative reply.

He, however, stressed that PMS from the plant would be sold at the international market rate, adding that no marketer would want to pay such price currently.

“There has been no official communication from them yet on pricing for petrol. However, one thing I want you to understand is that even if the Dangote refinery starts to release products, particularly PMS, no marketer can be able to buy the product from him.

“This is because the refinery is an independent commercial entity and they must recoup their cost of refining and add some margin before they sell out the product. The current price of the product within the country is below the international price of a litre of PMS.

“So you cannot buy the product from the refinery at the international price and then sell it at the prevailing price at the retail outlets. If you do, you are going to lose a huge amount of money, which is a difference of between N400 and N500/litre,” Mustapha stated.

The IPMAN official, however, noted that for Nigeria to have Dangote petrol across its filling stations, the NNPC would have to intervene by purchasing the product and reselling it to dealers at discounted rates.

“NNPC may have to offtake the product, just like they are importing from other countries for upward supply to Nigerian marketers, I think only the national oil company can offtake PMS from them and know how best they can continue to supply it to marketers to sell at the approved current price.

“If it is not done this way, no marketer will be able to buy the product and sell it at a loss of over N400 to N500/litre. It is not possible” Mustapha stated.

On July 18, 2024, The PUNCH reported that the landing cost of petrol was N1,117/litre as of July 16, 2024, according to data released by the Major Energies Marketers Association of Nigeria. MEMAN disclosed this during a webinar with journalists.

The association had also revealed that the landing cost of diesel was N1,157/litre, while that of aviation fuel was N1,127/litre, at the time.

The N1,117 landing cost of petrol is far above the pump price of the product in Nigeria. Currently, the pump price of petrol is between N660/litre and N800/litre, depending on the area of purchase.

When contacted and asked whether major marketers would be able to buy petrol from the Dangote refinery, the Executive Secretary, MEMAN, Clement Isong, said his group had earlier published the landing cost of PMS, adding that this was the realistic cost of the product.

“You have seen the price we published which is the realistic cost, and you know the cost at the pumps today, and Dangote refinery is a business entity that will not want to make losses. So that is all I will say,” he stated.

NNPC is currently the sole importer of petrol into Nigeria. Other marketers stopped importing the product due to their inability to access the United States dollar required for PMS imports. NNPC had yet to respond to enquiries on the matter when contacted, up till when this report was filed.

Author Calls For Inclusion Of Budgeting In School Curriculum 

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Author Calls For Inclusion Of Budgeting In School Curriculum 

An author and accountant, Mr. Wahab Shina Omoniyi has called for the inclusion of budgeting in the curriculum of secondary schools as an avenue to raise awareness on the need for this vital financial document from a tender age.

Omoniyi, a former Chairman of Association of National Accountants of Nigeria (ANAN), FCT Abuja expressed dissatisfaction that despite the huge importance of budgeting in families, associations, enterprises and nations, only a little has been done to drive a robust sensitization towards it.

At the public presentation of his book titled, “Budget As A Policy Instrument For Public Financial Management”, Omoniyi said many financial troubles could be avoided if budgeting knowledge is embedded in the consciousness of Nigerians from a younger age.

“Budget is very important but little is being taught about it in our schools. That is why I put this work together so that if it is taught as a subject in our secondary schools and the students are able to have basic knowledge of budgeting process, it will be in the interest of our country.

“The academia can make further efforts too, so that budget can attain higher relevance within the academic environment beyond what it is today.

“With this, I believe the orientation will be wider, the scope will be broader and the benefit we will derive from it as a nation will be appreciated”, he noted.

Earlier in his remarks, President and Chairman of Council of ANAN, Dr. James E Neminebor while extolling the roles of accountants in preparing and analyzing accounting statements underlined that budget is a crucial document to save enterprises and government from financial crisis.

He applauded the quality of research put in place by the author in the process of penning down his thoughts in the book.

Also speaking, the Special Adviser to the President on Economic Matters, office of the Vice President, Dr. Tope Fasua while highlighting the significance of budget said Nigeria’s annual budget is one of the smallest across the globe.

With barely 15bn dollars for over 200 million population in the 2024 budget, Dr. Fasua said the country’s budget may even be the smallest in the world per capita.

“If you look at our 2024 budget of 15bn dollars, if we were 200 million population, it means each citizen will be getting just 75 dollars and that is what is budgeted for health, agriculture, security, education, work, for everything, it is grossly inadequate.

“The total budget of the 36 states is 15.9trn Naira, Lagos managed to cross 2trn Naira, Ekiti is the smallest with 154bn Naira, they can’t get anywhere”, he noted.

While emphasising that the country has a large informal economy, Dr. Fasua stressed that several Nigerian billionaires don’t pay taxes.

He called for a reliable data on the country’s population as well as the distribution of wealth.

Pictures from the event

Deputy Speaker HOR, Ex-IGP, Others present as Admiral Alade buried wife

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Deputy Speaker HOR, Ex-IGP, Others present as Admiral Alade buried wife

by Fatai Abiodun

The Deputy Speaker, House of Representatives, Rt Hon. Benjamin Kalu, the former Inspector General of Police, Mr Sunday Ehindero; the former corps Marshal of FRSC, Mr Boboye Oyeyemi in the company of other top military and civilian dignitaries, on Thursday 25 July 2024 attended the funeral service conducted for Late Mrs Deborah Ezenwanyi Alade (Nee Onwukwe ) the wife of Retired Rear Admiral Samuel Ilesanmi Alade (Rtd).

Late Deaconess (Mrs) Deborah Ezenwanyi Alade.

The EquityNews gathered that the funeral service was held at the RCCG, Resurrection Parish, 1 Resurrection Drive, 1st Gate Jakande Estate, Km 15, Lekki-Epe Expressway, Lagos and the deceased was buried at RCCG Memorial Garden, Redemption camp, Lagos – Ibadan Express Way.

Deborah, 63, who died on May 31st 2024 in the United States of America was also an active member of the Naval Officers Wives Association (NOWA) and contributed modestly to the development of the Association. Debbie as fondly called was the Coordinator and Director of NOWA Lagos Chapter in 2014 and the Coordinator of the Defence and Police Wives Association (DEPOWA) National Defence College Chapter from 2015 to 2017. Deborah was also a meritorious WAEC Examiner and Education Inspector at various times in her career.

During her lifetime, faith was the cornerstone of Debbie’s life. Debbie fully committed her life to Jesus and actively served in various capacities at the Redeemed Christian Church of God. She was involved in media and publishing, house fellowships, women’s groups, and prayer groups.

Over the last decade, Debbie spoke of reaching a new level in her walk with Jesus where all she wanted was the unadulterated substance of God where He was the Director of her life. She recommitted to finding and fulfilling her purpose in God, living as an example of God’s mercy and grace for everyone around her to see. Debbie fought to live and to truly serve God. She was dogged in her faith, determined to pour herself out fully in service to others.

In the last few years of her life, Debbie lived in New York, USA, where she faithfully attended the Times Square Church in the Theater District of Manhattan. She was deeply involved in the church community, serving on the facilities crew, participating in prayer lines, and volunteering in various capacities. Debbie also formed a Christian Book Club with hundreds of members, sharing God’s word and Christian books. Mrs Alade remained a devoted church worker until her passing. Throughout this time, her love for Jesus and others was evident, and she held on to her faith until her last breath.

Debbie was deeply connected to her family. and siblings, including Mrs Pauline C. Alozie, Mrs. Good E. Imoh, Ms Faith N. Onwukwe, Mrs. Gloria W. Otosi, Arc. Solomon Onwukwe and Dr. Victor Onwukie. She is survived by her husband Rear Admiral Samuel Alade Rtd, Damilola daughter, Sanmi Son, Mrs Akudo Babs-Babata daughter and Nisun daughter.

Pic:.Admiral Alade Rtd with the Rwanda Ambassador to Nigeria

 

Others in attendance include notable traditional ruler, The Deji of Akure, Oba (Dr) Aladetoyinbo Ogunlade ably represented by Prince Michael Adeyeye; Military Generals, Diplomats and Politicians including Amb Bazivamo Christophe (High Commissioner of Republic of Rwanda in Nigeria), Rear Admiral Ameen Ikioda, Rear Admiral Austin Oyagha, Rear Admiral Niyi Osinowo, Rear Admiral Patrick Agholor, Rear Admiral Stanley Ogoigbe, Rear Admiral Chris Ezekobe, Rear Admiral Babs Egbedina, Rear Admiral Mu’azu Salami, Maj Gen Cecil Esekhaigbe, Maj Gen Dayo Olukoju, Maj Gen Akinjobi, Brig Gen A Ahmad, Rear Admiral OB Daji, Rear Admiral Eno, Rear Admiral LON Iwuoha, Maj Gen Rashid Yusuf, Brig Gen Bunmi Akintola, Commodore Bola Teidi, Navy Capt George Alily, representatives of President NOWA, many other military officers, captains of Industries, APC chieftains, Dr Jerry Nwohu, Dr Abdukareem, Princess Olubumi Osadahun, Prince Akin Falodun, Chief Ayo Ajayi, Mr Akin Oyebode (Hon Commissioner for Finance Ekiti State), Mr Ismail Ejoor, Chief Tuyi Ehindero, Prof Niyi Adewumi, friends, families and well-wishers.

The Deputy Speaker, House of Representatives, Hon. Benjamin Kalu was ably represented by his Special Adviser on Special Duties, Dr Cliff Ogbede.

We pray for the repose of the soul of the deceased and for God to give the entire family of Alade the fortitude to bear the irreparable loss. Amen.

Obama Endorses Harris for the Democratic Nomination

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Obama Endorses Harris for the Democratic Nomination

The former president, who had held back in the days immediately after President Biden left the race, joined the wave of support from Democratic leaders.

Former President Barack Obama endorsed Vice President Kamala Harris’s campaign for the Democratic presidential nomination on Friday, delivering Ms. Harris perhaps the most important missing piece in what has been a cascade of support from her party’s most influential leaders.

Mr. Obama, who has positioned himself as an impartial party elder and has remained neutral during Democratic primaries since he left office, had held back as endorsements poured in for Ms. Harris from all corners of the party after President Biden’s withdrawal from the race on Sunday.

Ms. Harris’s campaign released a video on Friday of a phone call between Ms. Harris and Mr. Obama and Michelle Obama, the former first lady, that took place on Wednesday while the vice president was in Indianapolis.

“We called to say, Michelle and I couldn’t be prouder to endorse you and do everything we can to get you through this election and into the Oval Office,” Mr. Obama said.

Ms. Harris replied: “Thank you both! It means so much. And, and we’re going to have some fun with this, too, aren’t we?”

The Obamas issued a statement saying they would “do everything we can to elect Kamala Harris the next president of the United States.” They added, “And we hope you’ll join us.”

Food Inflation: Governor Adeleke Endorses Traditional Price Control; Direct Food Security Implementation Committee to Fast Track Assignment

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Food Inflation: Governor Adeleke Endorses Traditional Price Control; Direct Food Security Implementation Committee to Fast Track Assignment

Governor Ademola Adeleke has thrown his weight behind the traditional approach to food price control introduced by some traditional rulers in Osun State, describing it as “a local innovation to lower increasing food inflation across the state”

In a statement issued on Friday in which he tasked the State Food Security Implementation Committee to move faster, Governor Adeleke expressed happiness that traditional rulers in Osun State have acted to regulate food prices and curtail negative activities of middlemen in the marketplaces.

Governor Adeleke who condemned artificial inflation induced by market middlemen lauded the traditional rulers for moving against deliberate increment in food prices, noting that the state government supports consensus building to lower food inflation across the state.

According to the Governor, the actions of some members of the Osun State Council of Traditional Rulers on price control has assisted the government in its quest to address food insecurity in Osun State.

He praised the traditional rulers for impressing on market leaders the need to avoid unnecessary price increase, calling on all other traditional rulers in Osun State to engage market leaders on the urgency of price moderation.

“I task our royal fathers to engage market associations and stop exploitation of our people. We must engage market associations to ensure that voluntary price control is introduced.

“We recognise the importance of market associations. We see them as strong partners in governance. To that end,we call on them to join hands with government and traditional institutions to lower food inflation.

“ I am also directing my Special Adviser on Markets to move quickly to support our royal fathers in this new drive to institute traditional price control. The Iyalojas and Babalojas should be integrated into the implementation process”, the Governor directed.

● Direct Food Security Implementation Committee to Fast Track Assignment

Meanwhile, Governor Adeleke has directed the Food Security Implementation Committee to move faster to ensure realisation of a secured and accessible food supply value chain in Osun State.

He tasked the committee to quickly come up with actionable plans, deliverables and timeliness, noting that food security is a matter demanding urgent attention.

“ The Committee is composed of tested experts. It is time for action. We already have a well thought out food security report. We only need a roadmap to execution.

“ I commend the Commissioner for Agriculture for rising to the occasion on our agro-industrialisation agenda. We have started with a supply of tractors which I will be unveiling at a ceremony soon. We have embraced traditional price control through our traditional rulers.

“ We must implement a holistic agenda which addresses all segments of agric value chains. That is what we have in our Food Security Committee report and the actualisation is what I demand from the implementation committee”, the State Governor declared.

Signed:
Mallam Olawale Rasheed,
Spokesperson to the State Governor.

President Xi Jinping Invites Tinubu To China

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President Xi Jinping Invites Tinubu To China

Chinese leader President Xi Jinping has invited President Bola Tinubu to pay a state visit to China in September.

China’s Vice Minister of Foreign Affairs, Chen Xiaodong delivered the invitation to Tinubu at the Aso Villa on Thursday.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, made this known in a statement issued via his social media handle on Friday.

According to the statement, Tinubu has accepted the invitation and hoped that it would strengthen Nigeria-China bilateral relations and the proposed currency swap agreement.

The statement added, “Chen, who came with a large entourage, said President Xi would also welcome First Lady Remi Tinubu during the visit.”

Naira Depreciates To N1,575/$ In Parallel Market –

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Naira Depreciates To N1,575/$ In Parallel Market –

The Naira yesterday depreciated to N1,575 per dollar in the parallel market from N1,565 per dollar on Tuesday. However, the Naira depreciated to N1,586.71 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.71 per dollar from N1,548.76 per dollar on Tuesday, indicating N37.95 depreciation for the naira.

How ‘pregnant’ passenger stole my car, made me unconscious – 43-yr-old man narrates experience0:00 / 1:07

The volume of dollars traded (turnover) in the market fell by 39 percent to $171.03 million from $280.92 million traded on Tuesday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N11.71 per dollar from N16.08 per dollar on Tuesday.

‘nil From 2017-2022, $2bn In 2023’; Sudden Surge In Petroleum Import From Malta’

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‘nil From 2017-2022, $2bn In 2023’; Sudden Surge In Petroleum Import From Malta’

‘Nil from 2017-2022, $2bn in 2023’ — the sudden surge in Nigeria’s petroleum imports from Malta

Nigeria’s petroleum importation from Malta surged significantly to $2.8 billion in 2023.

Nigeria is one of Africa’s biggest oil-producing nations — but it lacks local refining capacity.

Speaking at an event in May, Vice-President Kashim Shettima had said over $25 billion is expended on the importation of refined petroleum products yearly.

The Nigeria National Petroleum Company (NNPC) Limited is the sole importer of petroleum products in the country.

According to data from Trademap, a database on international trade statistics, between 2017 and 2022, there were no imports of the commodity from Malta — an island country in Southern Europe located in the Mediterranean Sea.

However, the value of imported petroleum oils and oils obtained from bituminous minerals was $13.32 million in 2016.

This represents a 20,921 percent increase compared to the amount ($2.8 billion) recorded in 2023, according to TheCable Index analysis.

Further checks showed that the importation of petroleum products from Malta gulped $47.5 million in 2013. The amount increased to $59.98 million and $117.01 million in 2014 and 2015, respectively.

Similar import figures were also shared on social media by StatiSense, a data company.

On July 22, Aliko Dangote, chairman of Dangote Industries Limited, said some personnel of the NNPC Limited, oil traders and terminals have opened a blending plant in Malta.

“Some of the terminals, some of the NNPC people and some traders have opened a blending plant somewhere off Malta,” the billionaire had said.

“We all know these areas. We know what they are doing.”

In response to Dangote’s allegation, Mele Kyari, the group chief executive officer (GCEO) of the NNPC, said he does not own a blending plant in Malta.

An oil blending plant is a facility which has no refining capability but is either capable of producing finished motor gasoline through mechanical blending or blends oxygenates with motor gasoline.

Ndume Gives Condition To Remain In APC

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Ndume Gives Condition To Remain In APC

The Senator representing Borno South, Mohammed Ali Ndume, says he would continue to be a member of the ruling All Progressive Congress (APC) as long as Borno State governor, Prof Babagana Umara Zulum, remains in the party.

Ndume stated this on Thursday at his residence in Maiduguri, while addressing some groups of women supporters, who vowed to stage a peaceful protest naked at the national assembly against his removal as Chief Whip of the Senate.

He said: “On the call by APC National Working Committee (NWC) that I should leave the party and join any other political party, let me say that, it is only God that gives power to whom He wishes.

“And so, I want to categorically state that I am one of the founding members of the APC. Our Leader, Governor Zulum, is in APC, and wherever our Governor is, that is where I belong.”

Speaking on behalf of the groups, Pastor Moni Mushari, quoting John 8:31, said: “If you continue in my word, you are truly my disciples; and you will know the truth, and the truth will make you free”.

Pastor Mashari said they are strongly behind Senator Ndume for “speaking the truth.”
Ndume was removed as Chief Whip for criticising the President Bola Tinubu-led government, following a letter transmitted to the Senate by the national leadership of the APC.

He was also stripped of his position as Vice Chairman Senate Committee on Appropriations.

Construction Begins At Midoil Refinery, Lagos

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Construction Begins At Midoil Refinery, Lagos

Midoil Refining and Petrochemicals Company Limited has finally performed the turning of sod ceremony, marking the commencement of construction activities in Lagos.

The turning of the sod took place at Shekungba, Ikosi/Ejinrin Local Council Development Area of Lagos State recently.

The Executive Chairman of Midoil, Mrs Elizabeth-Omolara Akintonde, led dignitaries to the large expanse of land spanning various communities at Ikosi/Ejinrin Local Council Development Area.

Akintonde assured leaders and members of the communities that the refinery would transform their areas by bringing immediate development, creating both direct and indirect jobs.

She commended the village heads for refusing to be misled by some individuals who tried to bribe them to renege on their agreements.

Akintonde, whose 74th birthday coincided with the turning of the sod, stated that the Midoil refinery would boost Nigeria’s energy landscape with a refining capacity of 100,000 barrels per day.

“All these bushes you see today, in the next couple of months, you will see them no more,” Akintonde stated, assuring the people of her determination to see the project to reality.

One of the Directors of Midoil and Chairman of Serenecity Staff Housing Estate, Hajia Amina Abdullahi, expressed joy that the project had finally commenced after over a decade delay.

“We have faith in God that we will witness the inauguration of the refinery. We know this is a big project that will go through many processes, but with the turning of the sod today, we have taken the right step,” she stated.

A founding member of the proposed refinery, retired Justice Olusola Hunponu-Wusu, opined that the country needed more refineries to boost its refining capacity and stop fuel importation.

Hunponu-Wusu advised the country to ramp up its current low oil production, expressing confidence that feedstock would not be a setback when the Midoil refinery finally comes on board.

While performing the turning of the sod, the Bishop of Lagos Anglican Communion, Ifedola Okupevi, prayed for the completion of the project at the right time.

The PUNCH recalls that the Chairman of Midoil, on March 17, 2024, signed agreements with the representatives of Shekungba, Arogbo and Ererufu, presenting cheques to the host communities.

She explained that a large expanse of land was acquired from the administration of former Governor Babatunde Fashola of Lagos, stating that the land allocation letter was received from the Lagos State Government on April 24, 2014.

“Subsequently, on January 24, 2017, we got the licenses to establish the refinery from then Department of Petroleum Resources,” she remarked.

Akintonde said: “It has taken Midoil 10 years to secure interested investors that are willing to invest in Nigeria and our project. But to the glory of God Almighty, we now have three consortiums of investors willing to invest $5bn with us.

“The sourcing of the required funding from overseas has been the major reason for the delay.”

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