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Petrol scarcity will be over soon but we have no control over prices – FG

Published

6 months ago

September 6, 2024

Admin

The federal government has assured Nigerians that the fuel crisis experienced in the country will soon be a thing of the past.

Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), gave the assurance on Thursday, while briefing State House reporters after meeting with Vice-President Kashim Shettima, joined by the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.

Mallam Nuhu Ribadu, National Security Adviser, also attended the meeting which is not unconnected with the recent hike in the price of Premium Motor Spirit (PMS) and the backlash that has trailed the development.

Lokpobiri said the meeting was at the instance of President Bola Tinubu, who he said was concerned about the hardship being faced by the masses.

He said the government was not fixing prices and the prices would stabilize as soon as the product was made available

The minister urged Nigerians to shun panic buying, saying it is expected that there will be availability of petrol by the weekend.

He said: “What is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.

“The price could be high in some areas, much higher in some other locations, and much more higher in other areas.

“But we believe that by the time there is availability of products across the country, the price itself will stabilize.

“But what is important is that the government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find its level. And this is important for Nigeria to know.

“There is enough product in the country to be able to meet the demands of Nigerians, there should be no panic buying. And we also believe that Nigerians need to know that the government is not fixing prices.”

Daily Trust reports that the latest hike in the price of petrol has pushed up transport fares by over 50 percent in major cities across Nigeria.

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Kalu Urges SEDC Management To Put Partnership, Development Above Politics

Published

3 hours ago

March 10, 2025

Gloria Ikibah

…call for transparency in utilisation of funds

By Gloria Ikibah

Deputy Speaker of the House of Representatives, Rep. Benjamin Kalu has called for the need of partnership and collaboration over politics for the success of the South East Development Commission (SEDC).

Kalu also urged the management team of the commission to prioritise collective effort, driven by the values of hard work, integrity, and communal progress.

Speaking at a reception for the board of the SEDC and stakeholders engagement hosted by Prince Arthur Eze, the Chairman of Oranto Petroleum in Enugu to round off the visit of the management team in the region over the weekend, the Deputy Speaker noted that the commission’s ultimate goal is to drive growth and development in the region.

Kalu who was represented by the Deputy Minority Whip of the House, Hon. George Ozodinobi stressed that the commission’s success relies on partnership, not politics, and encouraged collaboration across various sectors, including the private sector, diaspora, villages, cities, traditional institutions, and government.

He said: “The South East Development Commission is not just another institution; it is the engine room of renewal, the architect of a modern South East that matches our spirit of enterprise with the necessary infrastructure and support. It will rebuild what was broken, ignite industries, empower our youth, and give new life to the creative and technological prowess that has always defined us.

“We must remember that a river that forgets its source will soon run dry. As we embrace development, let us remain anchored in our values—hard work, integrity, and communal progress. The greatness of a people is not measured by the wealth of individuals but by the prosperity of the many. That is why this commission is not just for the elite, the politically connected, or the privileged. It is for the trader in Ariaria, the farmer in Abakaliki, the artisan in Nnewi, the startup innovator in Enugu, and the student in Owerri who dreams of a future where talent—not location—determines success.

“An Igbo proverb says there is strength in numbers. If the fingers of one hand come together, they form a mighty fist. Our strength has always been in our collective resolve. The Commission will not thrive on politics; it will thrive on partnership. From the private sector to the diaspora, from the villages to the cities, from the traditional institutions to the halls of government, we must stand together. This is not the time for division—it is the time for alignment”.

Kalu also charged the SEDC Board and the management team to utilize allocated funds wisely, ensuring transparency and projects that positively impact ordinary people’s lives.

“We must remain steadfast, ensuring that this commission delivers on its promise, that funds are used transparently, and that projects touch the lives of ordinary people”, he said.

Noting the tortuous legislative journey of the billl at the national assemby, Kalu however expressed gratitude to his colleagues as well as President Bola Ahmed Tinubu for signing the bill that established the commission, ultimately fulfilling the promise of Reconstruction, Rehabilitation, and Reconciliation made to Ndi Igbo by the Gowon led federal government over 50 years ago.

“The journey to this moment was not without its trials, but history is always shaped by those who dare to persist. Along with my esteemed colleagues in the House of Representatives, I championed the South East Development Commission Bill—not as a mere legislative exercise, but as a moral imperative to address long-standing infrastructural deficits, economic stagnation, and the wounds of history that have yet to fully heal. It was a journey of debate, negotiation, and unwavering advocacy.

“I extend my deepest gratitude to His Excellency, President Bola Ahmed Tinubu, whose assent to this bill demonstrates his deep understanding of governance as a tool for national unity and progress. In signing this bill into law, he has not only affirmed his commitment to equity but has also fulfilled, in tangible terms, the long-standing promise of Reconstruction, Rehabilitation, and Reconciliation (the 3Rs) made by General Yakubu Gowon over five decades ago. This is the mark of true leadership—one that listens, understands, and acts decisively in the interest of all Nigerians. Today, the South East is not just seen, but heard. Not just acknowledged, but empowered. And for that, Mr. President, we say thank you”, Kalu said.

News

Reps Secure Pledge from Seven Oil Companies to Pay $37.4m into Federation Account by August

Published

4 hours ago

March 10, 2025

Gloria Ikibah

By Gloria Ikibah

Following an extensive probe by the the House of Representatives, Public Accounts Committee of seven oil and gas firms have committed to paying a total of $37,435,094.52 (₦58 billion) into the Federation Account by August 2025.

This resolution comes after a review of financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which exposed significant lapses in royalty payments and overall financial reconciliation within the sector.

In a statement bybthe House Spokesperson, Rep. Akin Rotimi, disclosed that the pledged repayments are part of a much larger ₦9 trillion backlog flagged in the 2021 Auditor General’s report submitted to the National Assembly. Some of these debts have accumulated over four years, further exposing gaps in Nigeria’s revenue collection process within the oil and gas industry.

Rotimi said that beyond the seven companies that have agreed to settle their debts, investigations have uncovered $1.7 billion (₦2.5 trillion) in unpaid royalties owed by 45 oil firms as of December 31, 2024.

1. Companies That Have Agreed to Pay by August 2025

The following companies have acknowledged their outstanding debts and have pledged to clear them before the deadline:

1. Belema Oil

2. Panocean Oil Nigeria Ltd*

3. Newcross Exploration & Production Ltd.

4. Dubri Oil Company Ltd

5. Chorus Energy

6. Amni International

7. Network Exploration

2. Companies Disputing Their Recorded Liabilities

Nine companies, with a total outstanding debt of $429.2 million, have challenged the figures attributed to them. They have requested a reconciliation process with NUPRC to verify the accuracy of their obligations. These companies are:

1. Aradel/Niger Delta

2. Chevron

3. STAR DEEP

4. Shore Line

5. Seplat Producing Unlimited

6. Esso Erha

7. Esso Usan

8. Eroton Exploration

9. Seplat Energy

The Public Accounts Committee has directed that the reconciliation process be concluded within two weeks. After this period, all verified debts must be paid immediately without further delays.

3. Companies That Have Ignored the Committee’s Summons

A total of 28 companies, collectively owing $1.23 billion, have refused to appear before the Committee or respond to public notices. The defaulters include:

1. Addax Petroleum Exploration Nigeria Ltd

2. AITEO Group

3. All Grace Energy

4. Amalgamated Oil Company Nigeria Limited

5. Total E&P Nigeria (OML 100, 102, 52 & 99)

6. Bilton Energy Limited

7. Enageed Resources Limited

8. Waltersmith Petroman Limited

9. Conoil Plc

10. Continental Oil & Gas Company Ltd

11. Energia Limited

12. First E&P Ltd

13. Frontier Oil Limited

14. General Hydrocarbons Limited

15. Green Energy International Ltd

16. Nigeria Agip Exploration Ltd (NAE)

17. Neconde Energy Limited

18. Nigeria Petroleum Development Company (NPDC) – OML 60, 61 & 63

19. Lekoil Oil and Gas Investments Limited

20. Midwestern Oil and Gas Limited

21. Millennium Oil and Gas Company Limited

22. Oando Oil Ltd (OML 60, 61 & 62)

23. Heirs Holding

24. Pillar Oil Limited

25. Platform Petroleum Limited

26. Universal Energy Limited / Sinpec

27. Sahara Field Production Limited

28. Oriental Energy Resources Limited

These firms have been given a one-week grace period to submit the necessary financial documents and appear before the Committee. Failure to comply will attract strict legislative and regulatory actions to enforce compliance.

4. Companies That Have Fully Paid Their Royalty Obligations

Only two companies were confirmed to have no outstanding royalty debts:

1. Shell Petroleum Development Company (SPDC)

2. Shell Nigeria Exploration & Production

Next Steps: Enforcing Compliance & Revenue Recovery

The House Committee on Public Accounts has reaffirmed it commitment to enforcing compliance with statutory financial obligations under the Petroleum Industry Act (PIA). Lawmakers have vowed to intensify oversight efforts to recover outstanding revenues and curb future financial leakages in Nigeria’s oil and gas sector.

The House of Representatives insists that all firms operating in Nigeria’s energy sector must meet their financial responsibilities in order to support the nation’s economic stability. The Committee has also assured Nigerians that appropriate legislative actions will be taken to hold all defaulters accountable.

News

2027: Ex-Gov El-Rufai visits Aregbesola, Tunde Bakare in Lagos

Published

5 hours ago

March 9, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Ex- Kaduna State Governor, Nasir El-Rufai, paid a visit to former Minister of Interior, Rauf Aregbesola, and cleric Pastor Tunde Bakare in Lagos.

The visit was disclosed by Muyiwa Adekeye, El-Rufai’s media adviser, in a tweet on Sunday.

“Malam Nasir @elrufai was in Lagos today to visit Ogbeni @raufaregbesola and Pastor Tunde Bakare,” Adekeye wrote.

El-Rufai’s meeting with both men is coming days after visiting former President Muhammadu Buhari in Kaduna.

The former Kaduna governor’s visit to Lagos has fueled fresh conversations about his political future and possible strategic alliances ahead of the 2027 elections.

Aregbesola, a former two-term governor of Osun State and a former ally of President Bola Tinubu recently left the All Progressives Congress after a protracted crisis within the party in Osun State.

Bakare, on the other hand, is a known political voice and a former presidential aspirant under the APC.