Connect with us

News

Breaking: Port Harcourt Refinery Begins Crude Oil Processing at 60% Capacity

The Nigerian-owned Port Harcourt Refinery has officially commenced the processing of crude oil, marking a significant milestone in the nation’s efforts to achieve energy independence.

The announcement was made on Tuesday by Olufemi Soneye, the spokesperson of the Nigerian National Petroleum Company Limited (NNPCL).

According to Soneye, the refinery is currently operating at 60% capacity, processing 60,000 barrels of crude oil per day.

The Port Harcourt Refinery, located in Rivers State, has a combined installed capacity of 250,000 barrels per day (bpd) when fully operational.

The current production level represents a crucial first step toward restoring full capacity after years of underperformance and missed operational deadlines.

The commencement of operations follows several years of rehabilitation efforts and delays. The refinery, once a key player in Nigeria’s domestic petroleum production, had been plagued by inefficiency, mismanagement, and aging infrastructure, which rendered it largely non-functional for extended periods.

The rehabilitation project, managed in collaboration with international engineering firms, aimed to overhaul its facilities and bring them up to global standards.

The ongoing operations are part of a phased rehabilitation strategy to restore the refinery’s productivity gradually.

The Nigerian government and the NNPCL had previously faced public scrutiny over repeated delays and missed deadlines in the refinery’s recommissioning.

This renewed activity is seen as a step toward alleviating Nigeria’s dependency on imported refined petroleum products, which has long been a drain on the nation’s foreign exchange reserves.

The spokesperson emphasized the significance of the refinery’s renewed operations, noting that the current output will help reduce the pressure on Nigeria’s importation of refined petroleum products.

This is particularly crucial as the nation grapples with economic challenges, including fluctuating crude oil prices, foreign exchange volatility, and a growing demand for refined petroleum products.

Stakeholders have expressed cautious optimism regarding this development. Industry analysts view the refinery’s restart as a potential game-changer for the Nigerian economy if managed effectively.

However, they also stress the importance of maintaining transparency, ensuring regular maintenance, and implementing efficient management practices to prevent a relapse into inefficiency.

The Port Harcourt Refinery’s rehabilitation aligns with broader efforts to revamp Nigeria’s oil and gas sector.

This includes the ongoing rehabilitation of the Warri and Kaduna refineries, as well as the anticipated operationalization of the Dangote Refinery, which is set to become Africa’s largest refining facility.

For many Nigerians, the restart of the Port Harcourt Refinery represents a glimmer of hope that the nation’s petroleum sector can regain its former glory and contribute significantly to economic stability and growth.

News

EFCC Detains Former Kogi Governor Yahaya Bello Over Alleged N80.2 Billion Money Laundering

The Economic and Financial Crimes Commission (EFCC) has officially detained Yahaya Bello, the former governor of Kogi State.

This development follows his appearance at the EFCC headquarters in Abuja on Tuesday.Dele Oyewale, the EFCC’s Head of Media and Publicity, confirmed the arrest during a briefing with journalists.

According to Oyewale, Bello was detained by the Commission’s chief security officer upon his arrival at the EFCC office. “It is true that we have him in our custody.

The operatives of the Commission arrested him,” Oyewale stated.Bello’s visit to the EFCC office was reportedly in response to allegations of financial impropriety leveled against him, specifically involving the misappropriation of funds.

He arrived at the Commission’s headquarters in the company of his legal team. However, conspicuously absent from his entourage was his successor and current governor of Kogi State, Usman Ododo, who had accompanied Bello during a prior visit to the EFCC office a few weeks ago.

The former governor has been under investigation by the EFCC for some time. On April 18, 2024, the anti-graft agency declared Bello wanted in connection with an alleged N80.2 billion money laundering case.

The EFCC accused him of financial misconduct during his tenure as governor, a charge that has drawn significant public attention.

Bello’s arrest marks a critical moment in the ongoing investigation, as he had previously avoided detention despite repeated calls for him to answer for the allegations.

Tuesday’s detention suggests a more decisive step by the EFCC to hold the former governor accountable for the accusations against him.

The absence of Governor Usman Ododo in this latest development has also raised eyebrows. Ododo, who succeeded Bello as governor of Kogi State, had previously been seen accompanying the former governor during visits to the EFCC.

This time, however, Bello faced the anti-corruption agency alone, flanked only by his lawyers.

The EFCC’s investigation into Bello centers on allegations of large-scale financial mismanagement and corruption, with the N80.2 billion case being one of the most high-profile charges.

The Commission’s decision to arrest Bello highlights its commitment to addressing corruption in the country.

As of now, the EFCC has not disclosed further details about the progress of the investigation or the next steps in the legal process.

However, Bello’s detention is expected to spark further scrutiny and debate about governance and accountability in Nigeria.

Continue Reading

News

Tinubu, wife to visit France on Macron’s invitation

President Bola Tinubu and his wife, Oluremi Tinubu are set to visit France on President Emmanuel Macron's invitation

President Bola Tinubu and his wife, Oluremi Tinubu are set to visit France on the invitation of President Emmanuel Macron.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga disclosed this in a statement he shared on his official X account on Tuesday.

“President Bola Tinubu will depart Abuja on Wednesday to begin a state visit to France in honour of an invitation from President Emmanuel Macron,” Onanuga wrote.

He said the Nigerian leader’s three-day visit will focus on strengthening political, economic, cultural relations and establishing more opportunities for partnership.

Onanuga said the partnership will particularly be in the areas of agriculture, security, education, health, youth engagement, employment, innovation and energy transition, saying that they promise significant benefits for Nigeria.

“President Tinubu and his wife, Sen. Oluremi Tinubu, will be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l’Élysée, by Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings,” Onanuga said.

“During the visit, President Tinubu and President Macron will harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.  

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication. 

They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.   

“Brigitte and Nigeria’s First Lady will discuss the latter’s passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative.”

According to Onanuga, the president and his wife will be hosted at a state dinner by the French leader before their departure. 

The presidential aide added that some top government officials will accompany Tinubu on the trip. 

Continue Reading

News

AMGA ABUJA 2024:• FIBA Africa Zone 3 President retired Colonel Samuel Ahmedu, elated with AMGA’s recognition

The President of FIBA Africa Zone 3, Retired Colonel Samuel Ahmedu, is elated with the honour and recognition accorded him by the Africa Military Games (AMGA), and the Local Organizing Committee of the Games in Abuja.

Retired Colonel Samuel Ahmedu who is also a member of the Nigeria Basketball Federation (NBBF), was invited as one of the Special Guest at the Games and he was asked to do medal presentation at the event over the weekend.Ahmedu, a seasoned sports administrator, said,

“It was indeed a great honour and privilege for me as a retired military personnel and product of the legendary Nigerian Armed Forces sporting system to be part of this prestigious event.

”The retired Nigeria Army Officer, had some pleasant and thoughtful words for the Chief of Defence Staff, General Christopher Gwabin Musa (OFR), and members of the Organizing Committee, who deemed him worthy of such an honour.

“Thank you so very much for putting up a massive Games like this and also for honouring me alongside another board member of the NBBF, Professor Florence Adeyanju, and thank you for a lovely organization of the Games,” the FIBA Africa Executive Member stated.

“On Saturday 23rd November, 2024, I had the privilege of uhpresenting Gold Medals to the Cameroonian Armed Forces Women’s Team that won the Female Basketball event at the on going Africa Armed Forces Games, in Abuja, Nigeria, along with Professor Florence Adeyanju, a colleague on the NBBF Board.

”48 countries are participating in 19 sports at the Africa Military Games in Abuja which ends this weekend.

Continue Reading

News

Atiku is an active player in democracy; Tinubu extols former VP at 78

President Bola Tinubu has recalled the moments shared with former Vice President Atiku Abubakar as founding members of the All Progressives Congress (APC), saying they were united in the mission to build a better future for Nigerians.

While acknowledging their engagement as political opponents in the 2023 presidential election, he said Atiku, who was the PDP presidential candidate in the election, has been an active player in Nigeria’s democratic process since the return to civilian rule in 1999.

Tinubu also recognised Atiku’s commitment to public service and philanthropy and prayed that Almighty Allah would continue to grant him health and happiness in the years ahead.

This was contained in his congratulations message to Atiku on his 78th birthday, signed by his Special Adviser on Information and Strategy, Bayo Onanuga.

Continue Reading

News

Food prices rose in October—NBS

The National Bureau of Statistics (NBS) says prices of beans, eggs, bread, rice, and other food items witnessed significant price increases in October 2024.

The NBS said this in its Selected Food Prices Watch report for October 2024 released in Abuja on Tuesday.

The report said that the average price of 1kg of brown beans increased by 254.23  per cent from N790.01 recorded in October 2023 to N2,798.50  in October 2024.

“On a month-on-month basis, 1kg of brown beans increased by 2.19  per cent in October  from the N2,738.59 recorded in September 2024.”

It said that the average price of medium-sized Agric eggs (12 pieces) increased by 140.21 per cent on a year-on-year basis from  N1,112.22 in October 2023 to N2,671.60 in October 2024.

“On a month-on-month basis, the eggs  increased by 7.42 per cent from the N2, 487.04 recorded  in September 2024.”

The report said that the average price of sliced bread increased by 103.76  per cent on a year-on-year basis from N760.82 in October 2023 to N1,550.24 in October  2024.

“On a month-on-month basis, the price increased by 1.44 per cent from the N1,528.19  recorded in September  2024.”

In addition, the average price of 1kg of local rice rose by 137.32  per cent on a year-on-year basis from N819.42 recorded  in October 2023 to N1,944.64 in October 2024.

“On a month-on-month basis, it increased by 1.56 per cent from N1,194.77 recorded in September  2024.”

Also, the report said that the average price of 1kg of boneless beef increased by 98.73   per cent on a year-on-year basis from N2,948.03 in October 2023 to N5,858.58 in October  2024.

“ On a month-on-month basis, the price increased by 3.99 per cent from the N5,633.60 recorded  in September 2024.”

On state profile analysis, the report showed that in oc  2024, the highest average price of 1kg of brown beans was recorded in Bauchi at N3,750.00,  while the lowest was recorded in Yobe at N1,749.52.

It said that Niger recorded the highest average price of medium size Agric eggs (12 pieces) at N3, 450.00, while the lowest was in Adamawa at N2,050.00.

The NBS said that the highest average price of sliced bread was recorded in Rivers at N1,867.14, while the lowest price was recorded in Yobe at N960.07.

According to the report, Kogi recorded the highest average price of 1kg local rice (sold loose) at N2,693.41, while the lowest was reported in Benue at N1,267. 25.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the South-South at N3,274.39, followed by the North-Central at N2,990.02.

“The lowest price was recorded in the North-East at N2,294.29.”

The North-Central and South-East recorded the highest average price of medium size agric eggs(12 pieces) at N2,915.58 and N2,879.24, respectively, while the lowest price was in the South-West at N2,472.94.

The report said that the South-South recorded the highest average price of sliced bread at N1,829.25, followed by the South-East at N1,665.56, while the North-East recorded the lowest price at N1,360.85.

The NBS said also that the South-East and the South-West recorded the highest average price of 1kg of local rice(sold loose)  at  N2,146.08 and N2,011.05, respectively.

“The North-West recorded the lowest price of 1kg of local rice (sold loose) at N1,763.62.”

The News Agency of Nigeria(NAN) reports that in July, the federal government in a bid to address the incessant increase in food prices and ensure food security granted a 150-day duty-free import window for food commodities.

The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders which include maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures such as addressing the issue of insecurity, foreign exchange and transportation costs to address the soaring food prices and ensure  food security.

Continue Reading

News

Tinubu not presenting 2025 budget Wednesday- NASS

Tinubu approves bridge reconstruction

Mr Bullah Bi-Allah, the Director of Information, Secretary,  Research and Information (SR&I), National Assembly, has denied the purported budget presentation by President Bola Tinubu on Wednesday.

Bi-Allah said this in a statement in Abuja on Tuesday following the news making the round that the president was billed to present the budget on Wednesday, Nov. 27.

He said such news credited to him was fake, baseless, and unfounded, urging the public to disregad it.

He said: “The attention of the Secretary, Research and Information (SR&I), National Assembly, Dr Ali Barde Umoru, has been drawn to the purported fake news credited to him.”

He added that the news alleged that “His Excellency, President Bola Tinubu, will tomorrow Wednesday present the 2925 budget to the joint session of the National Assembly.”

According to him, the news circulating on both social and mainstream media and other outlets is false and should be disregarded.

“The secretary advised that any official inquiry and clarification should follow the official communication channels of the National Assembly.”

He said that NASS was yet to approve the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, forwarded to both chambers of the National Assembly by Tinubu.

He clarified that the MTEF approval would come before the official presentation of the 2025 budget.

He sai: “In view of the above, the SR&I warns peddlers of such information to desist forthwith from using his office to mislead members of the public.” 

Continue Reading
Advertisement

Trending