Connect with us

News

Reactivated refineries : Obasanjo queries their capacities

Published

on

Ex- Nigerian President Olusegun Obasanjo has made fresh assertions about the management of government-owned refineries in Nigeria, criticizing the Nigerian National Petroleum Corporation Limited (NNPCL) and raising concerns about its capacity to operate the refineries effectively.

In an interview with Channels Television, published on Thursday, Obasanjo questioned recent claims by President Bola Tinubu’s administration that the refineries have resumed operations.

He expressed skepticism, using a Yoruba proverb to emphasize that those who lie about their accomplishments will eventually be forced to confront the truth.

Shell’s Rejection and a Missed Opportunity
Obasanjo recalled his efforts during his presidency to involve Shell in managing the nation’s refineries. Despite his offer, Shell declined, citing concerns about the operational inefficiency and political challenges surrounding the facilities.

Advertisement

He also shed light on a missed opportunity in 2007 when billionaire businessman Aliko Dangote and his team offered $750 million to manage the Port Harcourt and Kaduna refineries under a Public-Private Partnership (PPP). Obasanjo negotiated the deal, only for his successor to reject it and refund Dangote’s investment. The rejection, according to Obasanjo, was based on assurances from the NNPCL that it could handle the refineries. However, Obasanjo firmly asserted that the corporation lacked the expertise and capacity to fulfill such promises.

Despite his criticism of the NNPCL, Obasanjo expressed faith in Dangote’s ability to manage the privately owned Dangote Refinery in Lagos. Highlighting Dangote’s track record as an entrepreneur, Obasanjo noted that private sector-led initiatives are often more efficient and less burdened by bureaucratic challenges than government-run enterprises.

Refineries and Nigeria’s Oil Sector
Obasanjo’s remarks reignite longstanding debates about the effectiveness of Nigeria’s approach to managing its oil sector. Many observers argue that government-owned refineries have struggled due to poor maintenance, mismanagement, and corruption. While privatization and public-private partnerships have been proposed as solutions, successive administrations have often resisted such measures, citing concerns over national sovereignty and control.

The Bigger Picture
Obasanjo’s criticism comes at a time when Nigerians are grappling with high fuel prices and economic challenges. His statements could further fuel discussions on the need for structural reforms in the oil and gas sector. Meanwhile, the success of the Dangote Refinery, expected to be a game-changer for Nigeria’s refining capacity, may serve as a benchmark for what private sector participation can achieve.

Advertisement

This candid reflection by the former president underscores the importance of leadership, transparency, and innovation in addressing Nigeria’s long-standing energy challenges.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Sad !Explosion rocks Abuja school

Published

on

By Kayode Sanni-Arewa

An explosion suspected to be a bomb has rocked an Islamiyyah school in the Kuchibiyu Community of Bwari Area Council, Abuja, killing one student and injuring four others.

A report by Premium Times said the incident occurred around noon on Monday, January 6, 2025.

The deafening explosion reportedly sent shockwaves through the quiet community located approximately 42 kilometres from Abuja’s city centre.

Advertisement

Emergency response teams, including the police bomb disposal squad, promptly arrived at the scene, while the injured were rushed to a nearby hospital for urgent medical care.

The report quoted a security source to have disclosed that the deceased student, whose identity had yet to be confirmed as of press time, was reportedly carrying a substance suspected to be an Improvised Explosive Device (IED) when it detonated.

The explosion caused injuries to other students and widespread panic in and around the school premises.

Authorities at the school were unavailable for comment, and the Federal Capital Territory Police Command had yet to issue an official statement as of press time.

Advertisement

Repeated calls to the FCT Police spokesperson, Josephine Adeh, did not connect.

The affected students were said to have resumed school just three days ago, on January 3.

Continue Reading

News

SAD ! Sokoto SSG loses daughter, three grandchildren to fire outbreak

Published

on

A fire outbreak in Sokoto metropolis has caused the death of four persons, a daughter to Secretary to the State Government of Sokoto, Muhammad Bello Sifawa, and her three children.

The deceased mother was also the wife of the Permanent Secretary of the Sokoto State Ministry of Sports and Youths Development, Muhammadu Yusuf Bello.

Only the husband survived the fire which affected the entire 6-bedroom flat while family was sleeping.

Personnel of the state fire service were unable to put out the fire as it had already consumed the house before their arrival.

Advertisement

The remains of the 4 deceased members of the family are slated for burial at Sheikh Shehu Usmanu Danfodiyo Mosque, Sifawa, the family home of the Sokoto State SSG.

The state deputy governor, Idris Mohammed Gobir, members of the state executive council, APC stalwarts, friends and well-wishers have been trooping to Sifawa for burial rites and condolence.

Continue Reading

News

Just in: DisCo Announces 50% Electricity Tariff Hike

Published

on

By Kayode Sanni-Arewa

Aba Power, an electricity distribution company in Nigeria, has announced a significant increase in electricity tariffs for its customers in Abia State, with rates rising by over 50%. The adjustment, which took effect on January 1, 2025, has been approved by the Nigerian Electricity Regulatory Commission (NERC).

Gists9ja reports that the revised tariff structure was shared with customers through a notice posted on the company’s official X account. Under the new rates, customers in Band A feeders will now be charged between ₦219.70 and ₦241.45 per kilowatt-hour, a substantial increase from the previous rate of ₦99/kWh.

Customers in Band B will face rates ranging from ₦180.77 to ₦203/kWh, while those in Band C will pay between ₦145 and ₦205/kWh.

Advertisement

Aba DisCo explained that this tariff increase is necessary to address the challenges posed by the prevailing macroeconomic conditions in Nigeria.

In a statement, the company noted, “This adjustment will enable us to cushion the effects of recent macroeconomic developments on our ability to continue delivering high-quality service to our customers, in compliance with regulatory standards.”

The new tariff structure is part of ongoing efforts to maintain the company’s operations and ensure continued service delivery despite economic challenges.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News