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We’re not sole distributor for Dangote Refinery-NNPC opens up

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By Kayode Sanni-Arewa

The Nigerian National Petroleum Company (NNPC) Limited has debunked reports that it intends to become Dangote refinery’s sole distributor.

This is contained in a statement issued on Saturday, the NNPC addressed allegations by the Muslim Rights Concern (MURIC), accusing it of undermining the Dangote refinery and monopolising its products.

“The attention of the NNPC Ltd has been drawn to a press release by the, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd),” the statement reads.

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“Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower prices and that NNPC Ltd. has become the sole offtaker of all products from the refinery.”

To set the records straight, NNPC Ltd. wishes to further state as follows:

“The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.”

The NNPC said the recent changes in petrol prices have no impact on the Dangote refinery or any other domestic refinery’s access to the Nigerian market.

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In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market,” NNPC said.

The company also said there is no guarantee domestic refining would lead to lower prices compared to global parity pricing, stressing that it would only fully offtake petrol from Dangote refinery if market prices are higher than the pump prices in Nigeria.

“The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products,” the company said.

“NNPC Ltd. has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.”

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The NNPC said it cannot undermine a business in which it holds a billion-dollar stake, adding that “MURIC should have verified the facts before making flawed statements that risk inciting the public against the company”.

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Just in: Lagos LG chairman slumps during APC meeting

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The Chairman of Bariga Local Government Area of Lagos State, Kolade Alabi, on Wednesday, suddenly slumped at the All Progressives Congress stakeholders’ meeting held at the party’s Secretariat in Ikeja, the state capital.

According to The PUNCH, Alabi, who is the state chairman of the Association of Local Government of Nigeria, was addressing party members when the sad incident occured.

Fortunately, he was immediately revived and rushed away to the hospital in an ambulance for further treatment.

Details shortly…

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Multiple video evidence against Nnamdi Kanu

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The Federal High Court in Abuja on Wednesday, admitted a video recording allegedly showing the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu issuing inflammatory directives which the prosecution claims incited acts of terrorism across the South – East region of the country.

The Wednesday proceedings resumed with the continuation of the testimony of the second Prosecution witness, an operative of Department of State Services (DSS) codenamed PWBBB.

In the video played in open court, Kanu was seen addressing his followers in what he called, “the blessed land of Biafra”, wherein he announced the formation of the Eastern Security Network (ESN), urging followers to defend their land against what he referred to as “Fulani domination.”

He warned political leaders in the region against compromises and issued a directive forbidding the presence of fulani herdsmen, saying, “No Fulani parading as herdsman shall be allowed in our land. If you are an agent of the Fulani, turn your way this evening.”

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The device was admitted as evidence alongside a certificate of compliance, despite objections from the defence.

They were marked as Exhibits PWA and PW1, respectively.

The court also admitted a letter dated June 17, 2021, authored by the former Attorney General of the Federation, Abubakar Malami, SAN, which accused Kanu of terrorism, murder, and incitement to violence.

The letter, addressed to the DSS, was tendered without objection and marked as Exhibit PWF.

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Reading from the document, the witness, who was led in evidence by the prosecuting counsel, Chief Adegboyega Awomolo, SAN alleged that Kanu’s broadcasts were followed by coordinated attacks on police stations and correctional facilities, resulting in loss of lives and property.

He quoted the petition as saying Kanu had instructed that security operatives be “brought down” and their weapons seized.

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Just in: Security and Exchange Commission declares PWAN as PONZI scheme, cautions Nigerians

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Securities and Exchange Commission (SEC) has alerted the public on the activities of Property World Africa Network (PWAN), which holds itself out as a real estate investment company and solicits funds from the public for investment purposes through PWAN MAX.

In a statement on Tuesday, the SEC said PWAN/PWAN MAX are not registered either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.

The SEC said investigations revealed that PWAN’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns and failure to honour withdrawal requests from subscribers.

“Accordingly, the public is strongly advised to be wary about investing with PWAN/PWAN MAX, as any person who places such investment with these entities, does so at his/her own risk.

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“The commission similarly reminds potential investors of the need to verify the registration status of investment platforms via the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” the SEC said.

(The Guardian)

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