News
Stop crude-for-loan deals, Dangote tells govt
The President of Dangote Group, Aliko Dangote, has said that Nigeria needs to stop mortgaging crude oil to ensure the availability of feedstock for local refineries.
Dangote, who spoke at a summit organised by the Crude Oil Refinery Owners Association of Nigeria in Lagos, said it was unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, Nigeria and African countries are spending oil proceeds from the future.
“To ensure sufficient feedstock availability we will need to stop mortgaging crude. It is unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, in Africa, we are spending oil proceeds from the future today,” he stated.
On October 4, 2024, The PUNCH exclusively reported that the Nigerian National Petroleum Company Limited had pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn.
The report stated that pledging 272,500 barrels daily meant that about 8.17 million barrels of crude would be used for different loan deals by the national oil firm on a monthly basis.
This, it said, was according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements.
On Tuesday at the event, Dangote, who was represented by the Group Executive Director, Mansur Ahmed, said the country must also prioritise the implementation of the domestic crude.
“We will also need to prioritise the implementation of the domestic crude supply obligation. We will need to expand crude production capacity to support demand from the refinery,” he submitted.
He also revealed that the company built the 650,000 barrels per day capacity Dangote refinery In Lagos without any incentive from the government.
“We built the Dangote refinery without a single incentive from the government. However, to achieve the vision of turning Nigeria into a refining hub for the region, investors need to be incentivised,” he stated.
Dangote maintained that 1.8 million barrels of new refining capacity is coming on stream in the next three years in Kuwait, China, and Bahrain.
On the other hand, he said Europe is tightening environmental standards while Holland and Belgium have banned exports of low-quality petroleum products from their hubs, stressing that these low-quality products used to be destined for Africa.
Quoting a report, Dangote mentioned that several refineries across Europe and China, with a total capacity of 3.6 million barrels per day are likely to be shut down over the next couple of years.
He said, “It was recently in the news that Scotland’s only refinery will be shut down next year. Shell is converting the 7.5 million tonnes per annum refinery in Germany to a lubricating plant.
“So, the opportunities are there. Africa imports about 3 million barrels per day of petroleum products. About half of this volume is imported by countries along the coast from Senegal to South Africa.
“These same countries produce over 3.4 million barrels of crude per day, which indeed highlights the problem of the dimension of excess crude production capacity without refining capacity. The imports come from Europe, Russia, and other parts of the world.
“So to grab this opportunity, we will need to build 1.5 million barrels per day of additional refining capacity. This would not be an easy feat, and strong support from the government and cooperation between stakeholders would be essential.”
This came as the Federal Government announced that it has officially designated the Dangote refinery as the exclusive supplier of jet fuel or Jet A1 for Nigerian airline operators.
This was disclosed by the Minister of Aviation, Festus Keyamo, during an interview with Channels TV on Tuesday.
“The airline operators just met recently. With my blessing, it’s a decision from the airline operators in Nigeria that they should only buy from Dangote refinery Jet A1,” Keyamo said.
“You can see that yesterday we started the naira-for-crude purchase with Dangote. It’s all naira, no dollar component,” he added.
Keyamo further explained that sourcing jet fuel from Dangote would protect airline operators from the volatility of international oil prices, ultimately lowering their operational expenses.
News
Insecurity! Troops arrest Bello Turji’s ally Bako, silence 211 terrorists in 7 days
A suspected terrorist has been nabbed by the troops in the North West theatre of operation.
The arrested high profile and notorious terrorist was identified as Bako Wurgi. The terror leader is linked to the murder of the Sokoto Monarch and a staunch ally of wanted high profile terrorist Bello Turji’s.
In a statement made available to journalists on Friday in Abuja, the Defence Director Media Operations, Major General Edward Buba said the arrested terrorist leader, Bako Wurgi, eventually succumbed to gun shot injuries sustained during the fire fight.
According to General Buba, the terrorist leader Wurgi provided valuable intelligence to support troops operations before he eventually passed on.
General Buba also disclosed that another two high profile terrorists identified as Hamisu Sale (aka Master) and Abubakar Muhammad were arrested during seperate operations conducted in North Central theatre of operation.
In his words, the duo are cooperating and providing valuable intelligence on the terror network.
The DHQ spokesman was deadpan when he said that, “Troops are on high alert and have increased readiness to protect the country from further terrorist aggression, particularly during the yuletide.
Accordingly, robust operations targeted at terrorist leadership are being conducted across the various theatres of operations.”
He disclosed that during the week under review, troops neutralised 212 and arrested 272 persons.
The DHQ publicist informed that troops recovered 247 assorted weapons and 6,174 assorted ammunition.
Giving the breakdown, General Buba said 2 RPG UXO4, 110 AK47 rifles, 56 fabricated rifles, 36 dane guns and 2 FN rifles were recovered during the week under review.
Others include, 2 baretta pistols, 15 locally made pistols, 2 revolver pistols, 12 pump action guns, 2 double barrel guns, one single barrel gun, one RPG bomb, one RPG tube, 2 exploded RPG chargers, one PKM link, one link of GPMG and 70 AK47 magazines.
Also recovered are 3,235 rounds of 7.62mm special ammo, 1,583 rounds of 7.62mm NATO, 130 rounds of 7.62 x 51mm ammo, 400 rounds of 7.62 x 39mm ammo, 92 rounds of 7.62 x 54mm ammo, 107 rounds of 9mm ammo, 311 live cartridges, one FN magazine, 3 bandoliers, 5 baofeng radios, 8 vehicles, 51 motorcycles and 103 mobile phones amongst other items.
News
Speaker Abbas Refutes Claims of Outstanding Land Payment to FCTA
By Gloria Ikibah
The Speaker of the House of Representatives, Rep. Tajudeen Abbas, has clarified reports alleging that his land title in the Federal Capital Territory (FCT) was revoked due to unpaid dues.
In a press statement issued on December 20, 2024, the Speaker’s Special Adviser on Media and Publicity, Musa Abdullahi Krishi, affirmed that Speaker Abbas owns only one land title in the FCT and had fully settled the required payment in October 2024. This payment was made promptly after the Federal Capital Territory Administration (FCTA) issued public notices in the newspapers regarding outstanding obligations.
The Speaker described the inclusion of his name among defaulters as an error on the part of the FCTA and urged the agency to exercise greater caution in managing such matters.
He also called on the media to verify facts thoroughly before publishing reports, cautioning against the dissemination of misleading information that could tarnish his reputation.
The Speaker therefore appealed for restraint in circulating inaccurate.
News
Wike gives final ultimatum to land owners to pay for C-of-O
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has given owners of the 762 plots of land in Maitama II District, Cadastral Zone, A10, Abuja, a fresh two-week ultimatum to pay for their Certificates of Occupancy (C-of-O) or risk final revocation of their allocations.
According to a statement on Friday, by his Senior Special Assistant on Public Communications and New Media, Lere Olayinka, the FCT Minister reiterated that the primary interest was not for people to lose their lands, but to get them to make necessary payments to the government.
The statement read: “It should be recalled that on October 5, 2024, list of 3,273 allottees/title holders that were yet to pay for their C-of-O were published. They were offered two weeks to pay their bills or lose their Right of Occupancy (R-of-O) titles. Out of the 3,273, a total of 2,511 complied, leaving 762.
Yesterday, notice of withdrawal of the R-of-O titles of the 762 defaulters was published.
“Since then, many of the affected allottees have offered to pay, and since the primary aim of the government is to ensure payment, a two weeks grace has been given.
“Consequently, the 762 allottees and the 614 others with outstanding payment on C-of-O will have till January 3, 2025 to pay, or have their R-of-O titles withdrawn, pursuant to the provisions of Section 28 of the Land Use Act of 1978.
After January 3, 2025, there will be no further extension and withdrawal of the R-of-O titles of defaulters will be final.”
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