News

Petroleum Marketers’ Meeting With ADITOP: Stop Putting Yourself Under Panic Mood, PTD Tells NUPENG*

Published

2 months ago

October 30, 2024

By Kayode Sanni-Arewa

An elder from the Port Harcourt Zone of Petroleum Tanker Drivers (PTD) Branch of NUPENG, Comrade Joseph Dagogo-Jack (JP) has flayed the leadership of NUPENG for cautioning stakeholders in the Petroleum industry not to accord recognition to Association of Distributors and Transporters of Petroleum Products (ADITOP) who is set to hold a very crucial meeting on Thursday, October 31, 2024 with the petroleum marketers and other key stakeholders in the industry.

Elder Dagogo-Jack who spoke to some selected journalists in Calabar, Cross River State Wednesday night added that NUPENG acted ignorantly, having failed to understand the letters of the constitution of the land which clearly gave the right and privileges to all Nigerians to freely and willingly associate without fear of intimidation, harassment, or victimization.

Comrades Williams Akporeha and Afolabi Olawale, President and General Secretary, respectively of NUPENG had earlier on Wednesday issued a statement to newsmen in Abuja notifying the public about the latest development in the petroleum downstream sector and the potential threat it could have on its numerical strength.

Dagogo-Jack stated that lack of competent leaders have caused the Union many pains and has depleted the membership of the union. He further cited many court cases as bane of progress in PTD, while also urging NUPENG to embrace reconciliation and unite all aggrieved members. He said if that was done no Association can stand as a threat to the union under any guise.

“One wonders why NUPENG especially the General Secretary, and the President, Afolabi Olawale and Williams Akporeha have suddenly become so destabilized and jittery, having got the information that ADITOP will be meeting with petroleum marketers and other key stakeholders in the industry on Thursday, to the extent that they had to issue a statement notifying industry stakeholders not to be associated with them.

“This is not only laughable but also ridiculous. But of course, for lack of knowledge, and gross incompetence it will be quick for them to say NUPENG and its sister Union PENGASSAN are the umbrella bodies for Oil and Gas Workers in Nigeria that represent and protect the interests of the Nigerian oil and Gas workers including Petroleum Tanker Drivers (PTD). NUPENG has forgotten that the constitution of Nigeria clearly bestows on the citizens the rights and privileges to freely and willingly associate without fear of intimidation, harassment, or victimization.

“Regrettably, the PTD Branch of NUPENG, which is the goose that lays the golden egg, has multiple cases in court. We have cases that are on internal issues aside from election and pre-election matters in all courts; Federal High Courts to National Industrial Court of Nigeria (NICN), to Court of Appeal. When a Union is in crisis, it will find it difficult to be on the pathway of peace, progress and prosperity. The Union that succeeds is the one that can manage its affairs, avoid crisis, and be united at all times without cracks or division. You need that unity to get the best of your members along with the leadership to drive your agenda, purposes and objectives. Nobody will invest in a crisis-laden trade union; that would apparently amount to a waste of time, energy, and resources.

“When a Union is in crisis, things don’t augur well at all, and no serious-minded industry player will ever want to associate with such union and that is the limitation and challenge PTD and NUPENG are facing at the moment. The PTD as currently constituted can best be described as an empty shell divided into pieces. To reposition itself, the PTD has to put in place effective leadership. A Union or association without a responsible, committed and competent leaders that can weather the storms should be shown the way out. So, the right and effective leadership has to be put in place as quickly as possible. The leadership has to work in synergy and be united. When they have that united leadership, then the PTD can build up all the other structures of the Branch in a most acceptable and legitimate manner at Unit, Zonal and National levels.

“However the only move to be initiated by the leadership of NUPENG that will significantly help the Union to restore back its lost glory and dignity is for the General Secretary, Olawale Afolabi and the President, Williams Akporeha to drop all cases in court and create room for reconciliation, unite every aggrieved member and ultimately bestore leadership legitimacy of Comrade Lucky Osesua, Comrade Dayyabu Garga, Comrade (Chief) Peter Moudebelu (Onwa), Comrade Dr Humble Obinna Power and others in line with the extant rules of the Union.

“This will undoubtedly restore sanity back to the Union and foster progress and prosperity. It will also restore confidence wherein the parent Union will have no reason to doubt the loyalty of its executives or to insinuate they may want to pitch their tent with another Union, for example ADITOP. If members of PTD across the four zones of the Branch see that Osesua and his team are back, then the Union will come back to its full potential as a formidable and indomitable trade union with capacity, wit and force.

“The Federal Government, Law enforcement agencies, industry stakeholders are all watching NUPENG very closely, other Unions both locally and intentionally are also watching, therefore NUPENG’s leadership should swallow its pride and mend its fence. There is nothing to be ashamed of, in retracing one’s bad steps in the overall and collective interest of the Union, and putting behind every internal challenge plaguing the union, and I tell you it is not too late to do the needful if truly they are genuine leaders,” Dagogo-Jack stated.

News

Photos) Obi Visits IBB, Reveals Their Discussion

Published

5 hours ago

January 2, 2025

Kayode Sanni-Arewa

(By Kayode Sanni-Arewa

Peter Obi, the 2023 Labour Party (LP) presidential candidate, paid a visit to former military president, General Ibrahim Badamasi Babangida (IBB), at his residence in Minna, Niger State.

In a post shared on his X account on Thursday, Obi confirmed the visit, which followed his earlier meeting with Jigawa State Governor Umar Namadi.

The discussions with IBB reportedly centered on national issues, with Obi also taking the opportunity to wish the elder statesman a happy new year.

Describing Babangida as a “father figure” and “wise man,” Obi expressed his admiration for the former leader’s insights and guidance.

He wrote:
“From Jigawa State, I traveled to Minna, Niger State to pay a visit to a father figure, elder statesman, and leader, the former military president, General Ibrahim Badamasi Babangida, at his residence in Minna. The visit was an opportunity to wish him a happy New Year and to exchange thoughts on national issues.

“General Babangida’s wisdom and perspectives remain very important, and I always deeply appreciate the chance to visit him and listen to his invaluable advice and words of wisdom.

“A new Nigeria is POssible!”

News

After Obasanjo’s outburst NNPCL invites him to PH Refinery, Speaks on ‘Halting Crude Oil Supply to Dangote

Published

5 hours ago

January 2, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Nigerian National Petroleum Company Limited (NNPCL) has invited former President Olusegun Obasanjo to visit the Port Harcourt Refinery and assess its operational status firsthand.

Naijablitznews reports this is coming barely hours after the former president’s on the reactivated refineries.

Obasanjo had granted interview on Channels Television, in which he cited advice from Shell Petroleum Development Company (SPDC) raising concerns about the refinery’s potential inefficiency.

SPDC, which had been approached for equity participation in the refinery, reportedly attributed these concerns to corruption impacting operations.

Obasanjo also accused NNPCL of misleading the public regarding the refinery’s performance.

In response, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, emphasized the company’s commitment to transparency and invited Obasanjo to see the progress made since the refinery’s rehabilitation.

Soneye highlighted that the rehabilitation efforts involved more than just maintenance, but a complete overhaul to meet international standards, with similar projects underway at the Warri, old Port Harcourt, and Kaduna refineries.

Soneye also noted that NNPCL’s transition from a government corporation to a private entity with limited liability has refocused the company on profitability, aiming to position it as a competitive global energy player. He reassured Nigerians of NNPCL’s dedication to sustaining operations that meet global standards and contribute to the nation’s energy security.

Addressing Obasanjo’s comments, Soneye acknowledged the former president’s role in national discussions and reaffirmed NNPCL’s commitment to a brighter future. Regarding rumors about NNPCL cutting crude oil supplies to the Dangote Refinery, Soneye dismissed the reports as false, indicating there was no need to respond to such claims.

News

Oil Prices Rise On First Trading Day Of 2025

Published

6 hours ago

January 2, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

On Thursday, marking the inaugural trading day of 2025, global oil prices experienced a modest increase.

Brent crude futures experienced an increase, reaching $74.80 a barrel by 0547 GMT, marking a gain of 17 cents, or 0.06%

Meanwhile, U.S. West Texas Intermediate crude futures rose by 19 cents, or 0.26%, settling at $71.91 a barrel

On Tuesday, New Year’s Eve, Brent crude oil prices increased by 65 cents, while West Texas Intermediate (WTI) saw a rise of 73 cents on the same day

In 2024, global oil prices experienced significant fluctuations, driven by ongoing conflicts in the Middle East and a notable decline in oil demand from China

China’s Economic Growth Fuels Optimism.

Investors are closely monitoring the expansion of China’s economy.

According to a report by Reuters, oil investors are expressing optimism regarding potential growth in China’s economy, which may lead to increased oil demand from the Asian powerhouse

This sentiment follows President Xi Jinping’s commitment to fostering growth by 2025

In his New Year’s address, the President of China committed to enacting more proactive policies aimed at stimulating economic growth in 2025

China’s factory activity experienced sluggish growth in December 2024, according to a recent survey by Caixin and S&P Global

However, there are indications of a modest recovery in the services and construction sectors, pointing to the potential impact of policy stimulus measures.

Impact of US Economic Policies

As US President-elect Donald Trump prepares to take office on January 20, investors are expressing concerns about the potential effects of tariffs

Due to the New Year holiday, the Energy Information Administration has delayed the release of the weekly U.S. oil stocks data until Thursday, which investors are currently anticipating

Market analyst Tony Sycamore shared insights with Reuters, noting that the weekly chart for WTI is narrowing, suggesting that a significant price movement is on the horizon

The upcoming US ISM manufacturing release is poised to play a crucial role in determining the next direction for crude oil prices.

Instead of attempting to forecast the direction of the impending break, he suggested that it would be more prudent to observe it as it happens and then align with it.

Nigeria’s oil price assumption for the year

The administration of President Bola Tinubu has established the 2025 budget based on the expectation that global oil prices will hover around $75 per barrel.

Additionally, the government has committed to increasing oil production to exceed 2 million barrels per day

Elements influencing oil prices in 2025. We project China’s oil demand to peak in 2025. We anticipate an increase in oil prices should this occur

The Economic and Technological Research Institute (ETRI) of the China National Petroleum Corporation forecasts an increase in oil demand to around 770 million tonnes in the world’s second-largest economy by 2025. India’s Demand: If demand surges in India, the country with the highest population globally, we could witness a significant increase in oil prices. Analysts predict that India is poised to overtake China as the dominant oil market in Asia.

Trump’s commitment to the slogan “drill, baby, drill” has sparked significant discussion regarding energy policies and environmental implications. Upon taking office, President Trump has committed to an immediate increase in oil production within the United States. Experts suggest that this scenario may be unlikely, as the private sector predominantly influences the oil and gas industry in America. The impact of OPEC: Last year, the Organization of the Petroleum Exporting Countries (OPEC) faced challenges managing oil prices despite implementing production cuts.

We cannot yet predict the potential impact on the oil market in 2025. Analysts suggest that OPEC’s influence in the global oil market has diminished compared to its historical prominence.