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Dangote Refinery: FG reconciles Aliko, Regulator, NNPCL over 'differences'

Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has convened a high-level Meeting with Key Stakeholders in the Oil and Gas Sector to resolve Issues surrounding the Dangote Refinery.

This is contained in a Statement by Nneamaka Okafor, the Special Adviser to the Minister on Media and Communications.

The Meeting which held on Monday in Abuja had in attendance Aliko Dangote, Chairman/ CEO, Dangote Group and Farouk Ahmed, Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Others are Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Limited).

It will be recalled that recent face-off in the industry saw the Leadership of the Dangote Group, NMDPRA and NNPC Limited in a disagreement over some pertinent issues.

Dangote had declared that the NNPC Limited no longer own a 20 per cent stake in its Refinery, stressing that the Nigerian Oil Company now owns only 7.2 per cent of the Refinery due to its failure to pay the balance of their Shares, which was due in June.

The NNPC Limited however, said the decision to Cap its Equity Participation at the Paid-Up Sum was made and communicated to Dangote Refinery several months ago.

The NMDPRA was also at loggerheads with Dangote over Issues bordering on Licenses, which the Authority said the Dangote Refinery was at its Pre-Commissioning Stage while its Diesel below International Standard.

Dangote, however, refuted the NMDPRA stand on the Issue.

Dangote also accused the International Oil Companies (IOCs) of frustrating its Refinery Operations by selling Crude Oil to it through their Foreign Trading Arms offering Cargoes at $2 to $4 per Barrel, above NUPRC Official Price.

On this background, the Minister convened the Meeting to find a lasting solution to the current impasse affecting the Dangote Refinery, with all Parties demonstrating commitment to collaborative and proactive problem-solving.

Lokpobiri emphasised the importance of Cooperation and Synergy among all Stakeholders.

This, he said would ensure the success and optimal performance of the Oil and Gas Sector, which he described as pivotal for Nigeria’s Economic Growth and Energy Security.

The Stakeholders expressed their gratitude to the Minister for his Exemplary Leadership and timely Intervention in facilitating the Dialogue.

The Meeting marked a significant step towards resolving the challenges and underscores the Minister’s dedication to foster a Conducive Environment for Nigeria’s Oil and Gas Sector.

The coming on stream of the $20bn Dangote Refinery with a Refining Capacity of 650,000 Barrels per day (bpd) in 2023, gave impetus to the Country’s Oil Sector as it would ensure that Nigeria was not reliant on Fuel from Overseas. 

 

Credit NAN: Texts excluding Headline

Dangote Refinery: FG reconciles Aliko, Regulator, NNPCL over 'differences'
Economy
23-Jul-2024

Without Tinubu, Nigeria would have been a failed Country, says Minister

The Federal Government has tasked Nigerian Workers and Citizens on improve Productivity, saying such push would improve Living Standards of the People across the Country.

The Minister of Works, David Umahi, gave the charge while speaking with Journalists on Sunday in Uburu, Ohaozara Local Government Area of Ebonyi.

Umahi noted that hunger could go, “if we improve Production by engaging in Agriculture and step up Daily Working Hours”.

According to him, there is no way we can improve our Standard of Living, if we do not improve on our Productivity and Hours we put in.

“We should be able to tell ourselves the basic truth,” Umahi said.

On the proposed Nationwide Protest, Umahi said that such move was not good for the Country.

“President Bola Tinubu Administration has done good for the People. Let me tell you, Nigerians planning to protest against this Administration are not patriotic.

“There is need to change the Level and Hour of Productivity to improve the Standard of Living.

“By the way, what are the People protesting about? Without the coming of President Tinubu, we would have had a failed Country.

“The Job is easy  when you are not the one doing it. When People say there is hunger, tell us the solution to the hunger. It is not just to be talking.

“So we must engage ourselves into something extra, especially into Farming.

“Even when I was in the Private Sector, I pushed for more Hours of Productivity.

“Everybody must have work to do. We should not as a People, be buying Pepper. We should not be buying Tomatoes. We should be able to get Bags and fill them with Manure and Plant these things at the front of our Houses.

“Improving Standard of Living is the responsibility of everybody. No matter how much the Federal Government injects into the System and Palliatives, we must change our Working Hours.

“We must change our Level of Productivity, because if we have all the Working Tools and you do not deploy it, there will be no result.

“I support what the President is doing. The CNG Buses, a lot of Palliatives, Trader Monies, Monies to the Vulnerable Families, Agricultural Inputs, giving out Rice and Fertilisers to our Farmers, to Indigent Women and Men.

“These are very important. But we must be committed and faithful to it. We must change the Narratives. Government cannot do everything for us.

“We have to support Mr President to change the course of things. This is my Position. When People say they want to protest, they are just being mischievous,” Umahi added. 

 

Credit NAN: Texts excluding Headline

Without Tinubu, Nigeria would have been a failed Country, says Minister
Economy
22-Jul-2024