Business

FG To Stop Fuel Imports, 2019 …As NNPC Puts Oil Production At 2mbpd

Published

9 years ago

May 3, 2017

The Federal Government has reiterated its determination to stop the importation of Premium Motor Spirit otherwise known as petrol by 2019.
The Group Managing Director of the Nigeria National Petroleum Corporation, Dr. Maikanti Baru, disclosed this to newsmen on the sideline of the ongoing Offshore Technology Conference in Houston, Texas, United States.
Baru, who was represented at the conference by the Chief Operating Officer, Gas, and Power, Mr. Saidu Mohammed, said the feat was achievable.
He said that all the nation’s three refineries were producing petroleum products between five and six million litres of PMS daily.
“That is part of what is making the PMS market in Nigeria stable today, we believe that the set target of exiting PMS importation in 2019 is achievable.
“As a result lack of turnaround maintenance over the years, it will take more years to get the refineries fully back to their nameplate capacities.
“We will also bring in new refineries that will co-locate with existing ones, we are on course and I see us becoming a net exporter of products,” he said.
He said in line with its transformation agenda, the corporation was aligning its 12 Business Focus Areas with the Federal Government’s 7-Big Wins as championed by the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu.
Baru had earlier told newsmen that the corporation’s power supply was the most reliable and the cheapest.
Meanwhile, the Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikati Baru, yesterday, disclosed that oil production in the country has risen from 1.2 million barrels per day to two million.
Baru said this in an interview with State House correspondents after meeting behind closed doors with President Muhammadu Buhari at the Presidential Villa, Abuja.
He attributed the increase in oil production to the relative peace and stability being witnessed in the oil rich Niger Delta region.
He said he briefed the President on the activities of the NNPC and its subsidiaries.
Baru said his briefing always dwelt on fuel supply across the country, crude oil and gas productions and the ability of the corporation to supply gas to the power sector.
He said, “I briefed Mr. President on the state of the NNPC and its subsidiaries and also nationally to get him briefed on the situation of fuel supply, crude oil productions, gas production and by extension ability to supply gas to the power sector.
“We had an extensive briefing as you could see. I passed here over two hours. I spent quite some time with him to discuss these national issues.
“He was happy with the state of the corporation and told us to continue with the efforts that we are doing and if we need any executive attention we should not hesitate to come back to him.”
When asked if there were plans to increase the prices of petroleum products, Baru said such decision was not under the purview of the NNPC.

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

5 days ago

December 8, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.

Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.

The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.

PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.

He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.

“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.

Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.

“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.

“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.

“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.

“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.

Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.

“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.

“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.

“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

5 days ago

December 8, 2025

The Tide

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.

The Commission disclosed this in a statement posted on its website.

According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.

The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.

According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.

“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.

The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.

Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.

“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.

The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.

It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products

Published

5 days ago

December 8, 2025

The Tide

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.

The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.

NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu