Connect with us

Breaking

Refineries Lost N77.15bn In Six Months – NNPC

Published

on

Federal Government-owned refineries located in Port Harcourt, Kaduna and Warri lost N77.15bn in the first six months of the year, the Nigerian National Petroleum Corporation has said.

The refineries posted a loss of N68.10bn in the same period in 2018, according to the NNPC data obtained by our correspondent on Monday.

The Port Harcourt Refining Company has two refineries, while the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company have one each.
The refineries have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity for many years.

They lost N8.362bn in January; N10.26bn in February; N16.04bn in March; N11.44bn in April; N13.63bn in May, and N17.42bn in June.

Kaduna refinery, which was idle during the six-month period, lost N30.1bn, the NNPC said.
Warri lost N23.87bn as it did not process any crude oil in April and June, while Port Harcourt refinery recorded a deficit of N23.17bn as it was idle in January, April, May and June.

The NNPC said it had been adopting a merchant plant refineries business model since January 2017.
It said, “The combined value of output by the refineries (at import parity price) in June amounted to N2.01bn while the associated crude plus freight costs and operational expenses were N6.34bn and N13.10bn respectively. This resulted in an operating deficit of N17.42bn.

“The lower operational performance recorded is attributable to the ongoing revamping of the refineries which is expected to further enhance capacity utilisation once completed.”

The Group Managing Director, Nigerian National Petroleum Corporation, Mr Mele Kyari, said in August at an industry event that the corporation was committed to revamping the nation’s 445,000-bpd refineries to enable them “work to an appreciable level or capacity.”

Kyari said, “We are progressing with the establishment of condensate refineries to fast-track domestic supply of petroleum products.
“In the same vein, the corporation would support the actualisation of the 650,000bpd Dangote refinery, as well as other private initiatives along this line.

Breaking

Senator Ifeanyi Ubah dies at 52

Published

on

By

The Senator representing Anambra South in the National Assembly, Ifeanyi Ubah, is dead.

Ubah, who was the Chief Executive Officer of Capital Oil, was said to have died in a hotel in London, the United Kingdom, on Saturday.

He would have been 53 on September 3.

Senate spokesperson, Yemi Adaramodu, confirmed Ubah’s death to our correspondent on Saturday.

He said, “It’s confirmed, but I am sending an official statement soon.”

Ubah, who was re-elected into the 10th Senate under the Young Peoples Party, had last year defected to the All Progressive Congress.

In September 2022, Ubah escaped assassination when he was attacked by gunmen on his way to Nnewi in Enugwu-Ukwu in Anambra State.

Continue Reading

Breaking

JUST IN: Edo state Assembly impeaches Deputy Governor Shaibu

Published

on

By

The Edo State House of Assembly, on Monday, impeached the state’s Deputy governor, Comrade Philip Shaibu.

The impeachment followed the adoption of the report of the seven-man investigative panel set up by the Assembly to probe allegations of misconduct against Shaibu.

Continue Reading

Breaking

JUST IN: Olubadan of Ibadanland, Oba Lekan Balogun joins ancestors at 81

Published

on

By

The Olubadan of Ibadanland, Oba Lekan Balogun has joined his ancestors after a brief illness.

He joined his ancestors at the age of 81.

It was gathered that the late monarch was taken to the hospital Wednesday morning having stayed indoor throughout Tuesday on account of slight malaria fever, though, he was hail and hearty on Monday during which he personally received few guests that paid him congratulatory visits on his second year anniversary on that day.

Making this announcement was the Baba-Kekere Olubadan and his younger brother, Dr Kola Balogun in a statement by the Personal Assistant (Media) to the late monarch, Oladele Ogunsola.

According to the statement, Dr. Balogun disclosed that Oba Balogun would be buried at his Aliiwo ancestral home by 4.00pm on Friday according to Islamic rites just as he said that the State Governor Seyi Makinde, though already verbally informed, would be formally notified early in the morning.

The late Olubadan was the first most educated to have emerged as Ibadan monarch, a British trained P.hd holder, a former university lecturer, former member of management staff of Shell British Petroleum, former gubernatorial candidate of the defunct Nigeria People’s Party, NPP, former Senator and a successful business man.

His last official outing was the Olubadan Advisory Council’s meeting which he presided over last Saturday where the decision to derobed Mogaji Akinsola, Olawale Oladoja was taken.

He however, on Tuesday instructed the Ekerin Olubadan, Oba Hamidu Ajibade to midwife a small committee to deliberate on last Friday’s decision on what should be the position of Ibadan Zone in the proposed newly reconstituted Oyo State Council of Obas and Chiefs.

The decision of the small committee was earlier on Thursday ratified by the Olubadan Advisory Council at a meeting presided over by Otun Olubadan and the former governor of Oyo State, High Chief Rashidi Ladoja and was to be taken to the late Oba Balogun for his signature Friday morning so as to meet the deadline for submission to the state Commissioner for Local Government and Chieftaincy Matters later in the day.

The late Olubadan is survived by wives, children and grandchildren.

Announcing the passage of the monarch, Governor Makinde, in a statement, stated that Olubadan, who joined his ancestors late Thursday evening at the University College Hospital, UCH, Ibadan, described him as an epitome of royal excellence and a great achiever, who made great marks on Ibadanland in just a little over two years of his reign.

He expressed his condolences to the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland and Oyo State, praying to God to grant repose to the soul of the deceased monarch.

Makinde said: “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba Dr. Mohood Lekan Balogun, Alli Okunmade II, the 42nd Olubadan of Ibadanland.

“A mighty Iroko has fallen; Oba Dr. Balogun has joined the ancestors.

“In Kabiyesi, Ibadanland had a cosmopolitan and well-experienced Olubadan, who made indelible marks on the sands of history and achieved greatly within a short while.

“On behalf of the Government and good People of Oyo State, I condole with the immediate family of the Oba Dr. Balogun, the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland.

“It is my prayer that God grants repose to the soul of our late monarch.”

Continue Reading

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

Most Read...