Connect with us

Business

FG To Invest In Modular Refineries

Published

7 years ago

on

The Federal Government says it will  support investment  in the construction of modular refineries  to ensure the success of the initiative.
The Senior Technical Adviser to the Minister of State for Petroleum Resources, Mr. Rabiu Suleiman, disclosed this at the ongoing Nigeria International Petroleum Summit (NIPS) in Abuja.
He added that government would also guarantee crude oil supply to modular refineries in the Niger Delta.
Suleiman stated that in investing in the modular refineries, the Federal Government or any of its agencies could acquire stakes in the projects.
He said the Federal Government was already in talks with a number of its agencies and likely financiers like the Central Bank of Nigeria (CBN), International Finance Corporation (IFC) and Nigerian Sovereign Investment Authority (NSIA) among others, to provide contributory finance to investors in modular refineries in the Niger Delta region.
In addition, he also noted that the Niger Delta Development Commission (NDDC), and some state governments had equally indicated their willingness to invest in the refineries and take up equity positions in them.
To show government’s commitment to the modular refineries’ initiative, he noted that the government would also be granting custom duties and tax waivers to the investors to ensure the refineries projects take off and remain profitable.
According to him, these were parts of government’s plans to incentivise modular refining and create jobs in the Niger Delta.
He said: “Nobody wants to invest heavy amount of money in places where you are not very sure of doing the business without being interfered in one way or the other.
“ Modular refining is a small ticket business and it has very long impacts.
“We have a lot of programme that will support modular refining initiative and a lot of incentives have been put together to support this initiatives, right from customs duty waivers.
“Anybody who wants to invest in modular refining in the Niger Delta is going to benefit from such custom duty waivers and tax reliefs that is being discussed at very senior level and we have reached a very serious level and that is going to happen.”
On financing, he said government had  engaged the Central Bank of Nigeria, CBN; Bank of Industry, we have engaged Sovereign Wealth Fund and the Infrastructure Bank.
“We have engaged a lot of them including the IFC and the rest.
“We have all worked with them and they all promised to make contributory finance into that. Only two weeks ago, we engaged with NDDC, the Managing Director made a commitment that they are going to see how they can put in some money even if it means to pick up equity either in one or two or three of the refineries.
“State governments have said they want to be part. So, we are encouraging a lot of financing. In the next two weeks, we intend to call for an investors’ engagement forum that will address some of the funding arrangements that we intend to bring on board,” he said.
Suleiman further stated that oil companies would be compelled to sell crude oil to modular refineries operators instead of shipping their crude outside the country.

Related Topics:
Continue Reading

Business

NPA Assures On Staff Welfare 

Published

1 week ago

on

June 27, 2025

By

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

1 week ago

on

June 27, 2025

By

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

1 week ago

on

June 27, 2025

By

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending