Pastor Tonye Cole, a former governorship candidate in Rivers State, has stated that Nigerian refineries cannot sell a litre of Premium Motor Spirit (PMS) for ₦700 or less at this point in time.

He made this assertion on Tuesday during an interview on Channels Television, shortly after the Nigerian National Petroleum Company Limited (NNPCL) announced that the Port Harcourt refinery had begun refining crude oil.

The NNPCL disclosed that the Port Harcourt refinery would start operations at 60 percent capacity, producing 60,000 barrels per day. Additionally, the company revealed that the Warri refinery would soon commence petroleum product production.

Despite these positive developments, Cole, a prominent businessman and politician, highlighted the challenges that still persist, particularly regarding the importation of machinery and components necessary for refining operations.

Cole emphasized that the price at which PMS is currently sold in Nigeria remains lower than the cost of importing a similar volume of fuel.

He explained, “The price being sold in Nigeria is lower than what an imported cargo would land at.” This disparity, he noted, discourages most businesses from importing fuel, thereby reducing pressure on Nigeria’s foreign exchange reserves.

He further explained that Nigerians are already benefiting from reduced fuel importation as the local consumption of petroleum products has declined.

“The volume of consumption in Nigeria has dropped, and as a result, the pressure you used to have on foreign exchange has gone down because we’re no longer importing that much,” Cole said.

He also pointed out that crude oil transactions are conducted in naira, which has brought some relief to the economy.

“What you’re selling is in naira; naira is what you use in buying crude, so we’re already feeling the impact of that,” he added.

However, Cole stressed that achieving a PMS price below ₦700 remains unrealistic due to the structural and economic challenges in the industry.

He explained that while the refineries are operational, there are still significant costs associated with the imported components used during their refurbishment.

“All the things that were refurbished at the refinery were refurbished with products and machinery brought in from outside the country,” he stated.

This reliance on imported materials adds a substantial foreign exchange component to production costs.

In conclusion, Cole underscored the complexities of the situation, noting that the current pricing reflects broader economic realities.

Until Nigeria reduces its dependence on imported machinery and strengthens its local refining capacity, achieving a significant reduction in PMS prices will remain a daunting task.

The Academic Staff Union of Polytechnics (ASUP) has announced its readiness to shut down all public polytechnics across Nigeria following the Federal Government’s failure to address its demands.

The union, which has expressed growing frustration with the government’s inaction, has resolved to commence an indefinite strike starting December 2, 2024.

Speaking to journalists on Tuesday, the Chairman of ASUP’s Kaduna Polytechnic Chapter, Comrade Abubakar J. Abdullahi, reiterated the union’s position, emphasizing the need for urgent action to resolve the systemic challenges plaguing polytechnic education in the country.

This announcement follows a 15-day ultimatum issued by the union on October 6, 2024, outlining critical demands aimed at improving the state of polytechnic education. Despite the ultimatum, the government has yet to respond to the union’s concerns.

Comrade Abubakar listed key demands, including the release of the second tranche of the NEEDS Assessment Intervention Fund.

This fund is crucial for addressing infrastructural deficits and improving the quality of education in polytechnics.

He also called for the immediate implementation of the approved 25/35% salary review for polytechnic staff, a measure designed to enhance staff welfare and align their earnings with current economic realities.

Additionally, the union demands the payment of accrued salary arrears owed to its members, some of which have been outstanding for years.

“Regrettably, as we passed the deadline of this ultimatum, we are yet to see the necessary actions from the Federal Government to address these pressing demands,” Abubakar stated. He expressed disappointment over the lack of engagement or tangible progress, describing the government’s silence as a clear indication of neglect toward polytechnic education and its workforce.

Abubakar warned that the union would have no choice but to embark on a total shutdown of polytechnic institutions nationwide if the government fails to act promptly.

“The silence and inaction have left us with no option but to consider the possibility of a total shutdown of our institutions on December 2nd, 2024, should our concerns remain unaddressed,” he said.

The looming strike threatens to disrupt academic activities in public polytechnics, affecting thousands of students and staff across the country.

ASUP’s demands highlight long-standing issues in Nigeria’s polytechnic system, including inadequate funding, poor staff remuneration, and decaying infrastructure.

The union has called on the government to demonstrate its commitment to education by meeting these demands and averting a strike that could further destabilize the sector.

As December 2 approaches, the nation awaits a response from the Federal Government, with stakeholders urging a resolution to avoid another protracted shutdown in the education sector.

The Port Harcourt Refining  Company Limited (PHRC) on Tuesday began the first tuck-out of petroleum products in view of the re-streaming of the rehabilitated facility.

The News Agency of Nigeria (NAN) reports that the re-streaming and truck loading signaled the commencement of crude oil processing from the plant and delivery of petroleum products to the market.

The old refinery is currently operating at 70 per cent of its installed 60,000 barrels per day (bpd) capacity, with plans to ramp up to 90 per cent.

The refinery is producing the following daily outputs: Straight-Run Gasoline (Naphtha): Blended into 1.4 million litres of Premium Motor Spirit (PMS or petrol), Kerosene: 900,000 litres, Automotive Gas Oil (AGO or Diesel): 1.5 million litres.

Others are Low Pour Fuel Oil (LPFO): 2.1 million litres and Liquefied Petroleum Gas (LPG), Additional volumes.

NAN reports that the trucks began loading petroleum products which include PMS, AGO and Kerosene, while other product slates will be dispatched as well.

Malam Mele Kyari, the Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd.), while marking its first products lifting said the plant would be producing about 200 trucks of products daily.

Kyari described the commencement of loadout activities as a monumental achievement for Nigeria which signified a new era of energy independence and economic growth for the country.

In the bid to ease the distribution of the products, Kyari said the refinery’s access road was captured under the roads being renovated under the road tax credit scheme for improved infrastructure and smooth product delivery.

Meanwhile, some petroleum marketers who witnessed the first loading of petroleum products, lauded the NNPC Ltd. for achieving the milestone after many years of being moribund.

Dr Joseph Obele, the National Public Relations Officer (PRO), Petroleum Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) expressed optimism that with the coming on stream of the refinery, fuel price would be reviewed.

“Indeed, it is a dream come true, the plant is up and running. I commend the NNPC Ltd and the host community for realising this project. Marketers now have hope of loading products here,” he said.

High Chief Sunny Nkpe, a community leader and Managing Director Wesham Oil Ltd, said the development would further contribute to the economic development and energy sustainability.

He called for the crude oil processing from the plant to be sustained for Nigerians to feel the impact.

Also speaking, Mr Johnbosco Bosco, the Chairman, Petroleum Tankers Driver (PTD) Branch of  the Ngeria Union of Petroleum and Natural Gas Workers (NUPENG), thanked the Federal Government for putting smiles on their faces.

“We are ready to partner with the NNPC Ltd. to ensure that petroleum products reach designated destination.

“We also want to see that this trend to continue, we want to be loading regularly in this refinery,” he said.

The CEO of Matrix Energy, Abdukabiru Aliyu also expressed delight over the development and urged the NNPC Ltd to sustain it. 

Despite the announcement of an interest rate hike by the Central Bank of Nigeria (CBN) on Tuesday, the naira appreciated to N1, 659.44 against the US dollar.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed a N16.88 gain against the dollar from the N1, 675.62 it traded at on Monday.

A look at the parallel section of the foreign exchange market showed a gain of N5 for the naira against the dollar, trading at N1,750 compared to the N1,755 it traded at on Monday.

The naira, however, didn’t record any change in trade against the British pound on Tuesday as it still exchanged at Monday’s rate of N2,245 against the pound.

Also, the naira maintained N1,300 against the Canadian dollar but appreciated marginally against the Euro to trade at N1,840/€1 as against the previous day’s rate of N1,845/€1.

The Nigerian National Petroleum Company Limited (NNPCL) has reaffirmed that it will maintain the progress made on the Port Harcourt refinery.

The NNPCL gave this assurance on Tuesday night through a statement signed by the Chief Corporate Communications Officer, Olufemi Soneye.

“The Board and Management of the Nigerian National Petroleum Company Limited (NNPCL) express heartfelt appreciation to Nigerians for their support and excitement over the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery,” Soneye said. 

“This achievement marks a significant step forward after years of operational challenges and underperformance.

“We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products. 

“For clarity, the old Port Harcourt refinery is currently operating at 70% of its installed capacity with plans to ramp up to 90%.”

Soneye said the refinery is producing the following daily outputs: Straight-Run Gasoline (Naphtha): Blended into 1.4 million liters of Premium Motor Spirit (PMS or petrol) and Kerosene: 900,000 liters.

Others are Automotive Gas Oil (AGO or Diesel): 1.5 million liters, Low Pour Fuel Oil (LPFO): 2.1 million liters and Liquefied Petroleum Gas (LPG): Additional volumes.

He added that it is worth noting that the refinery incorporates crack C5, a blending component from the NNPCL’s sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals) to produce gasoline that meets required specifications. 

According to him, blending is a standard practice in refineries globally as no single unit can produce gasoline that fully complies with any country’s standards without such processes.

Additionally, Soneye said the NNPCL has made substantial progress on the new Port Harcourt refinery which will begin operations soon without prior announcements.

“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation,” he said. 

“Malicious attacks on clear progress only undermine the significant strides made by NNPC Ltd. and the country.

“Let us move forward together in building a stronger and more self-sufficient energy sector.”

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.