Connect with us

News

NNPC set to select financiers for refineries

Oluwatobiloba Emmanuel

Published

on

The Nigerian National Petroleum Corporation (NNPC) on Tuesday, January 23, said it would soon pick financiers for the country’s refineries in Port Harcourt, Warri and Kaduna.

A statement in Abuja by the NNPC Spokesman, Ndu Ughamadu, says this development will boost petroleum products supply and distribution in the country.

The statement quoted the NNPC group managing director, Maikanti Baru, as saying that agreements on the potential financiers for the refineries were being fine-tuned, following which the endorsement of the NNPC Board would be done this month.

“We are pushing towards the final selection of our financiers and we expect that when that is done, we’ll get the agreements and present them to our board meeting this month to secure their endorsement.

“Once we have the funding, we would start the rehabilitation of the refineries towards a 90 per cent capacity utilisation per stream day before the end of 2019,” Baru said.

He described the procedure for electing the financiers as painstaking, noting however that it is necessary to enable a desired closure on the subject.

Baru said the corporation was also encouraging new refining capacities to come on board, adding that there are two consortia that had indicated interest to co-locate refineries in Warri and Port Harcourt.

Read Also  Ekiti State University Admission Screening Exercise Is Out

He said NNPC would provide whatever utility services the companies might require, such as power, processed steam, water and land, stressing that the corporation had agreed in broad terms on areas of collaboration to fast track the development.

“I’m happy to inform you that progress has been made, up to the level of an acceptable detailed engineering design and we are in the process of mobilising some of the refineries already identified for installation in Nigeria,” explained.

He said the Kaduna state government was also championing a proposal to co-locate another refinery close to the KRPC with the intent of sourcing Nigerien crude for its operations.

Baru further explained that other Greenfield refineries were to be brought on board soon in Kano and Kaduna, saying while on board, they will source their crude from Niger Republic.

He said the designs for the proposed refineries in Kano and Kaduna were ready and their construction would commence this year.

Read Also  Fulani Herder Dies After Fight with Female Farmer

He disclosed that the Ministry of Petroleum Resources and the corporation were collaborating to encourage the establishment of modular refineries in the Niger Delta area to encourage job creation.

“So far, about 35 interests for modular refineries have been declared and the Department of Petroleum Resources (DPR) has issued licenses to about 13 and I have been invited to the ground breaking ceremony of the first one in Bayelsa next month,” Baru revealed.

He assured that the Federal Government and the NNPC would continue to encourage private sector initiatives that would bring in competition in the petroleum products supply and distribution network so as to guarantee energy sufficiency for the country.

He hinted that the corporation was also exploring other sources of energy that could substitute petrol in cars and motorcycles, describing the use of Compressed Natural Gas (CNG) to power vehicles in Benin City as a right step in the right direction.

He said over 3,000 vehicles were now CNG-powered in the ancient city, making them “more secured, more efficient,” given that gas is a cleaner source of energy.

Read Also  $11.489m: EFCC rejects Patience Jonathan’s settlement offer

“Encouraging the development of infrastructure such as roads, railways and waterways are other means by which NNPC plans to lessen the pressure on PMS consumption,” he said.

He lauded the federal government for approving the Abuja-Kaduna-Kano pipeline project, noting that the gesture will go a long way in supporting NNPC’s transmutation into an integrated energy company.

He said the project, when completed, would create the needed back bone for Abuja’s 1,350 megawatts power plant, Kaduna’s 900 megawatts power plant and Kano’s 1,350 megawatts power plant.

Meanwhile, Hitng.com.ng had reported that the Nigerian National Petroleum Corporation (NNPC) will build more depots across the country .

This was disclosed by the NNPC group managing director, Maikanti Baru, on Monday, January 22, in Abuja while inaugurating the board of one of its downstream companies, NNPC Retail limited. Baru stated that the addition to the NNPC’s existing 23 depots nationwide would ease products supply and distribution in the country.

Oluwatobiloba Emmanuel founder of HitNg Ent. Certified Web designer, Computer-Internet Enthusiast. Believes in Creativity. Always Visit HitNg For Latest Naija Entertainment.

News

Those who destroyed Nigeria are now acting like saviours – Lai Mohammed

Oluwatobiloba Emmanuel

Published

on

Lai Mohammed HitNg


Lai Mohammed who is the minister of information has said that Nigeria did not get to its present position in three years that the All Progressives Congress (APC) came into power
Independent reports that the minister made this comment when he received Andrew Hanlon the chief executive officer of TVC.

He said:

“We are on a rescue mission. However, the way a section of the media is reporting the challenges facing the country today does not reflect that understanding. They are making a corrective administration to look like the culprit, to give the impression that the rain started beating us in Nigeria only from 29 May 2015, to play down the challenges that this Administration has faced and which it is successfully tackling.
“For example, we did not get to where we are today in just three years. It has taken successive decades of bad governance, unbridled corruption, lack of probity, a culture of impunity and a near state of anarchy. These are the ills this Administration inherited and which it has set out to tackle. And this is what the media must reflect in their reporting.”
“Instead of recession, we could have had a total collapse of the economy. The power grid could have collapsed
“Altogether. Corruption could have overwhelmed the society. Boko Haram could have turned Abuja to Bama or Konduga. Food imports could have tripled what it was pre-May 29th 2015 and the Naira might have been worse hit.”
He called on the media to educate Nigerians ”that it is hard to build but easy to destroy, that the same people who presided over yesterday’s looting of our treasury are today posing as would-be saviours of Nigerians, that this Administration is rebuilding almost from the scratch with 60% less revenue, that the corrupt ones are spending millions of Naira to paint the government of the bad, and that Nigeria is not returning to Egypt”.
He said: “This administration assumed office, the price of oil, the mainstay of Nigeria’s economy, had dropped to around $30 from over $100, foreign reserves stood at a low of $24 billion, the Federal Government was borrowing to pay salary, some 27 states were owing arrears of salary, contractors were being owed over several years, infrastructure was in poor state, power generation was 2,690 megawatts, billions were being paid as ‘fuel subsidies’ to fat cats, corruption had emptied the treasury while 20 of the 27 local councils in Borno were under Boko Haram control.
”Today, the trend is being reversed and the results are showing: Foreign Reserves is now $42.8b, inflation has fallen for 12 consecutive months to 15.13%, 108 billion Naira has been saved from the removal of maintenance fees payable to banks pre-TSA, the nation is saving 24.7 billion Naira monthly with the full TSA implementation, the elimination of ghost workers has saved the nation 120 billion Naira, capital inflow reached $1.8 billion in the second quarter of 2017, almost double the $908 million in the first quarter, while Nigeria’s stock market is one of the best-performing in the world, delivering returns in excess of 40 percent.
”Nigeria has also jumped 24 places on the World Bank’s Ease of Doing Business ranking and earned a place on the List of Top 10 Reformers in the world, the Administration has repeatedly given bailouts for states to pay salary, the Administration’s Agricultural Revolution is a huge success, with agriculture export up year-on-year by 25%, rice import from Thailand dropping 644,000 megawatts to 22,000 megawatts and rice farmers growing from 5 million to 12.3 million, the Home-Grown School Feeding Programme has created jobs for 61,352 cooks, and it is providing 6.4 million school children in 33,981 schools across 20 states with one meal a day.”

HitNg.Com.ng had reported that Mohammed said that Nigeria, under President Muhammadu Buhari, is very safe and
being run by competent hands.
Mohammed gave this assurance at a mini town hall meeting with the staff of the Nigerian Embassy in Madrid, Spain, and a cross-section of Nigerians living in the European country on Saturday, February 17, Premium Times reports.

Read Also  NASU, SSANU, NAAT to End Strike as Meeting with FG Ends Successfully

Hitng.com.ng gathered that Nigeria’s ambassador to Spain, Susan Aderonke Folarin, led the staff of the embassy to the town hall meeting, which was held at the embassy premises.

Continue Reading

News

Donald Trump ranked worst US president of all time

Oluwatobiloba Emmanuel

Published

on

President Donald Trump has been ranked as the worst U.S. President in history in a Presidents’ Day poll of political scientists that ranked all 44 of the people who have served as U.S. president.

Abraham Lincoln, George Washington, Franklin Delano Roosevelt and Teddy Roosevelt respectively took the top four spots in the Boise State University “Presidential Greatness Survey.”

While Donald Trump is the 45th President, one of his predecessors, Grover Cleveland, was elected two separate times, making him the 22nd and 24th President, who ranked as 24th on the survey.

Read Also  How Indecent Dressing Allegedly Led To The Arrest Of This Two Ladies In Enugu

The experts were asked to rank each president on a scale from zero – worst – to 100 – best – based on their overall performance in office.

Their rankings showed that Donald Trump came in last place with an average score of 12.34.
Coming in first place, according to the survey, is Abraham Lincoln, who scored an average of 95.03 between both Democrats and Republicans surveyed while George Washington got a rating of 92.59.

Read Also  Donald Trump ranked worst US president of all time

Just over 57 per cent of those polled identified as Democrats while 13 per cent were Republican and 27 per cent were Independents.

The top seven presidents that have remained the same since the poll was last conducted in 2014: Lincoln, Washington, Franklin Delano Roosevelt, Theodore Roosevelt, Thomas Jefferson, Harry Truman, and Dwight D. Eisenhower.

In the latest round of survey, former president Barack Obama moved up in the rankings to 8th best president, compared to 18th he ranked in the 2014 survey.

Read Also  NASU, SSANU, NAAT to End Strike as Meeting with FG Ends Successfully

Even Republican respondents rated Trump as the fourth worst president – 40th of 44th while they placed Obama as the 16th.
The study, conducted once every four years, asks researchers from the American Political Science Association to rank each president’s greatness on a scale of 0 to 100, with 0 representing total failure and 100 for greatness.

Continue Reading

News

$11.489m: EFCC rejects Patience Jonathan’s settlement offer

Oluwatobiloba Emmanuel

Published

on

Patience Jonathan, former Nigeria first lady aim to settle out of court the dispute between her and
EFCC over the strange payment of $11,489,069.03 into her domiciliary accounts has been rejected.

Read Also  Lawyer who stabbed husband to death sentenced to 7-years in jail

TheNation reports that EFCC refused and insisted that she appears before a court and enter a plea bargain in line with the laws of the land, noting that this is the only way the court will be carried along.

Continue Reading

Trending