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FG begins sale of crude oil, refined petroleum products in naira
Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.
A statement from the Ministry of Finance yesterday said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the implementation of this a significant initiative, approved by the Federal Executive Council (FEC), started on October 1, 2024.
Speaking after a post-commencement review meeting, chaired by the Minister, Edun disclosed that key stakeholders had assured of the commencement of this strategic initiative.
The review meeting was held to assess the progress of the “Crude Oil and Refined Products Sales in Naira” initiative, and the consensus reached highlighted the government’s commitment to seeing the plan through.
“The sale of crude oil and refined products in Naira has officially begun as directed by the Federal Executive Council. This initiative marks a bold step towards economic sustainability and currency stability,” Edun stated.
Last month, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency revealed that President Bola Ahmed Tinubu had given the green light for crude oil to be sold to local refineries in Naira. This decision, according to the committee, will also apply to the purchase of petroleum products.
According to the committee, from October 1, 2024, the Nigerian National Petroleum Company (NNPC) commenced the supply of approximately 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery, with payments made in Naira. This partnership is expected to reshape Nigeria’s oil and gas landscape, as the Dangote Refinery, located in Lekki, Lagos, is Africa’s largest oil refining facility, valued at over $20 billion.
The government had previously outlined that this initiative would reduce pressure on the Naira, eliminate unnecessary transaction costs, and ensure a steady supply of petroleum products across the country. This innovative approach is expected to improve the country’s macroeconomic indicators, including foreign exchange reserves.
Chairman of the technical committee and FIRS boss, Zacch Adedeji, had earlier explained that under the initiative, crude oil would be sold to the Dangote Refinery in exchange for refined petroleum products such as Premium Motor Spirit (PMS) and diesel. These products would then be supplied to the domestic market for distribution, with payments also made in Naira.
“Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker, while PMS will only be sold to NNPC, which will then distribute it to various marketers,” Adedeji explained. Additionally, all regulatory costs associated with the operation, including fees for the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA), will be paid in Naira.
In a bid to ensure a seamless implementation of the initiative, a one-stop shop is being established to coordinate services from regulatory bodies, security agencies, and other stakeholders involved in the process.
The meeting, which solidified the operational framework, brought together notable figures including the Minister of State for Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representatives of the Dangote Group, and top management of the NNPC, led by the Group Chief Executive Officer (GCEO).
This strategic initiative, introduced by President Bola Ahmed Tinubu’s administration, is poised to have far-reaching impacts on Nigeria’s economy. As the country navigates the challenges of global energy markets, the naira-for-crude plan is seen as a critical step in fostering economic growth, stability, and self-sufficiency. It is expected to reduce the nation’s reliance on foreign exchange transactions for crude oil sales, ultimately positioning Nigeria for long-term success in the global energy landscape.
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Army Council elevates 35 Brigadier Generals, 73 Colonels
The Army Council on Thursday approved the promotion of 35 Brigadier Generals and 73 colonels.
A statement by the Director Army Public Relations, Major General Onyema Nwachukwu on Friday said the Brigadier Generals were promoted to the rank of Major General, while the colonels were promoted to Brigadier General accordingly.
Those promoted to the rank of Major General include, Brig Gen A Garba Acting Provost Marshal Nigerian Army, Brig Gen UM Alkali Deputy Chief of Administration, Directorate of Veteran Affairs (Army), Brig Gen AGL Haruna, Acting General Officer Commanding 7 Division and Commander Sector 1 North East Operation HADIN KAI, Brig Gen IA Ajose Acting General Officer Commanding 8 Division and Commander Sector 2 North West Operation FANSAN YAMA, Brig General NB Ebulue Headquarters Nigerian Army Heritage and Future Centre, Brig Gen LG Lepdung Commander Operation WHIRL STROKE, Brig Gen OA Awolo Director Military Training Nigerian Defence Academy, Brig Gen UG Ogeleka Commander Nigerian Army Space Command, Brig Gen OA Fadairo Commander 12 Brigade, Brig Gen OD Williams Commander 22 Brigade , Brig Gen JR Lar Commander 32 Brigade, Brig Gen AG Mahmuda Commandant Warrant Officer Academy, Brig Gen VD Beryo Commander Nigerian Army Special Forces School, Brig Gen AOD Okoro Director Army Headquarters Department of Special Services and Programmes, Brig Gen SO Adejimi Director Movement Army Headquarters Department of Army Logistics, Brig Gen TT Sidick Director of Finance Nigerian Defence Academy, Brig Gen MCE Ejike Commander Sector 2 Joint Task Force North East Operation HADIN KAI, Brig Gen MF Babayo Commander Sector 3 North East Joint Task Force Operation HADIN KAI, Brig Gen H Yanet Commander 51 Signal Brigade and Brig Gen MK Gara Army Headquarters Department of Training.
Also promoted to the rank of Major General are Brig Gen BP Koughna Deputy Chief of Military Affairs, Army Headquarters Department of Civil Military Affairs, Brig Gen I Otu Nigerian Army Heritage and Future Centre, Brig Gen AO Adegbite Headquarters Nigerian Army Corps of Supply and Transport, Brig Gen IE Ekpeyong Headquarters Nigerian Army Corps of Engineers, Brig Gen AA Idris Army Headquarters Department of Army Standards and Evaluation, Brig Gen SA Gumel Nigerian Army Resource Centre Strategic Management and Policy Studies, Brig Gen MT Jinadu Commander 82 Division Ordnance Services, Brig Gen SA Jimoh Deputy Director Tender Board Department of Procurement, and Brig Gen UT Opuene Deputy Director Policy and Plans Defence Intelligence Agency, among others.
Officers promoted from the rank of Colonel to Brigadier General are Col SM Iliya Commander 43 Engineers Brigade, Col O Igwe Commander 78 Supply and Transport, Col NE Udofia Headquarters Nigerian Army Electrical Mechanical Engineers, Col UR Okoroji Commander 404 Engineers Brigade, Col GS Oyinwola Army Headquarters Department of Military Secretary, Col S Ahmadu Defence Intelligence Agency, Col CI Nwonyi Commander 81 Division Provost Group, Col AS Aliyu Commander 1 Division Military Intelligence, Col T Garba Commander 77 Supply and Transport Brigade, Col K Imam Commander Army Headquarters Garrison Ordinance Services, Col NS Onuchukwu Chief Medical Director 44 Nigerian Army Reference Hospital, Col A Musa Commander 108 Division Equipment Support, Col DM Baba Office of the National Security Adviser, Col OA Obochi Defence Headquarters, Col PAJ Ebuk Commander 1 Division Supply and Transport, Col IP Omoke Office of the COAS Directorate of Procurement and Col P Elayo Headquarers Department of Space Administration.
Others elevated to the rank of Brigadier General are Col NI Abdullahi Armed Forces Command and Staff College, Col JC Mbanefo Army War College Nigeria, Col IO Amah Department of Operations Defence Headquarters, Col M Jimoh Defence Headquarters Garrison, Col TA Ayoola Army Headquarters Department of Army Operations, Col SA Jimoh Office of the Chief of Army Staff Department of Procurement, Col OC Ameni 103 Division Equipment Support, Col OU Okwuosa 2 Division Medical Hospital and Services, Col AO Odubiyi Armed Forces Command and Staff College, and Col NE Udofia Headquarters Nigerian Army Electrical and Mechanical Engineers, among others.
The Chief of Army Staff, Lieutenant General Olufemi Oluyede, while congratulating the newly promoted senior officers and their families, also charged them to redouble their efforts to justify their elevation and the confidence reposed in them.
He further tasked the newly promoted officers to lead their subordinates by example and evolve “out of the box” ideas and innovations to speedily tackle contemporary security challenges bedeviling the nation. He added that they must remain committed to their oath of allegiance to defend the nation at all times and maintain unalloyed loyalty to the constitution of the Federal Republic of Nigeria.
News
SAD! Ex-Boxing World Title Holder Thiery Jacob dies at 59
French former boxing world title holder Thierry Jacob has died at the age of 59, the mayor of his home city Calais announced on Friday.
Jacob took the WBC super bantamweight title in 1992, defeating Mexico’s Daniel Zaragoza in front of his local fans in Calais.
“We begin this day with sad news. Thierry Jacob died overnight, so young,” Natacha Bouchart, mayor of the northern port city, announced on Facebook.
Jacob turned professional in 1984, retiring a decade later with a 39-6 record, losing his WBC title at his first defence against American Tracy Harris Patterson in New York.
One of his sons, Romain Jacob, followed him into the ring, claiming the European super featherweight belt in 2014.
AFP
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PDP cancels Gov’s birthday Party over oyo stampede
The South East chapter of the People’s Democratic Party (PDP) has canceled a birthday celebration planned for Oyo State Governor, Chief Abiodun Makinde, following the tragic deaths of over 30 children in a stampede at a funfair in Ibadan.
The event, organized under the Ali and Onyinyechi Foundation by the PDP National Vice Chairman (South East), Chief Ali Odefa, was scheduled to take place at Re-Meritona Hotel, Abakaliki, Ebonyi State.
Announcing the cancellation, the chairman of the occasion, Senator Sam Egwu, explained that the decision was made to honor the deceased and sympathize with their families.
Egwu stated: “My friend, Governor Makinde, had prepared to be here with us today. In fact, he sent an advance team two days ago. However, given the tragic incident in Ibadan, it is inappropriate for a state in mourning to have its governor celebrating a birthday.
“Some families, due to this incident, no longer know the meaning of Christmas. They are grieving, and it would be wrong for us to be rejoicing while they mourn. This is a painful but necessary decision.”
Egwu assured attendees that the event would be rescheduled, and a new date would be communicated.
Chief Ali Odefa, the event’s chief organizer, expressed deep sorrow over the tragedy in Ibadan and the subsequent cancellation of the celebration. He noted that the occasion was also meant to launch a book about Governor Makinde, whom he described as a friend and leader.
“This incident hit close to home for me, as the location where it occurred is just seven minutes away from my house in Ibadan,” Odefa said. He directed that all posters and billboards for the event be taken down.
Representing Governor Makinde, Prof. Emmanuel Echiegu conveyed the governor’s condolences to the families of the deceased and the people of Oyo State. He also commended Chief Odefa for choosing Ebonyi State for the celebration and encouraged him to reschedule the event at a later date.
The tragic stampede has cast a shadow over the festive season in Oyo State, prompting mourning and solidarity from across the nation.
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