Connect with us

News

Addax Workers’ Strike Ends As NNPC, Partners Resolve Dispute

Published

on

The Addax Petroleum Development Nigeria (APDN) workers strike has ended, due to the intervention of the Nigerian National Petroleum Company Limited (NNPCL).
The workers had, last week, resumed their strike over the perceived inability of the Federal Government and management of APDN to address the alleged unfair labour practices and payment of their terminal benefits as Addax plans to leave Nigeria.
However, a statement signed by the Chief Corporate Communications Officer, NNPC Limited, Garba Deen Muhammad, who confirmed the resolution of the conflict, stated: “The protracted dispute on OMLs 123/124, 126/137, operated by Addax Petroleum Nigeria Limited has finally been laid to rest, paving the way for much-needed investment and growth of the oil blocks.
“The Production Sharing Contract (PSC) for the blocks was initially signed in 1973 between NNPC and Ashland and terminated after 25 years. Subsequently, NNPC signed another PSC with Addax in 1998 on the blocks and operated through Addax Petroleum for another 24yrs.
“In 2021, issues around the revocation of the licenses were reconsidered and the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) advised that the assets are returned to the Concessionaires (NNPC Limited) to ensure a clean and amicable exit for Addax.
“On January 25, 2022, NNPC Limited commenced formal engagements with Addax and NUPRC; followed by a series of meetings to ensure a swift close-out of the exit discussions and formalities. These discussions eventually paved way for the preparation and signing of a Transfer, Settlement, and Exit Agreement (TSEA).”
It added: “In his remarks at the close-out and signing ceremony, the NNPC GCEO, Mele Kolo Kyari, charged the Transition Management Team to hit the ground running toward restoration and fulfilment of the promise of the Assets. He promised that readjustment will be swift and efficient, in order to extract optimum value from the assets and to deliver maximum value to shareholders.”

Print Friendly, PDF & Email
Continue Reading

News

We Get Petrol At N200 Per Litre From Depots, IPMAN Cries Out

Published

on

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has decried the ‘unsustainable’ price that the private depot owners sell the premium motor spirit, otherwise known as petrol in the country.
Speaking, yesterday, on Channels Television’s Sunrise Daily, the Deputy National President of IPMAN, Zarama Mustapha, revealed that the private depots get petrol at the approved price of N148/litre from the sole importer of the commodity, the Nigerian National Petroleum Company (NNPC) Limited, however, sell it for as high as N195 to N210 to independent marketers, which is not sustainable.
“Though marketers get petrol at the approved price of N148/litre from NNPC depots, the company does not have enough storage facilities to cater to the needs of marketers, hence, the latter resorts to private depot owners. It is more of the issue of private depots collecting the products at the approved price and not selling to the independent marketers at a price approved by the mainstream, downstream regulatory authority.
“You cannot get a product at N195 to N200 and expect to sell it at N175,” he noted.
The IPMAN official said depot owners give excuses such as the cost of transporting the product from the mother vessel to their depots and escalation of the dollar as reasons for the price hike.
Mustapha lamented that most Lagos depots are in a chaotic situation and marketers spend three days to load refined petrol that they are not supposed to spend more than three hours to lift.
He urged the NNPC to engage depot owners to sell the product to marketers at the recommended price, saying the common man is at the receiving end.
For weeks, vehicle owners have had a tough time getting petrol from filling stations, especially in Lagos and Abuja.
Whilst many outlets are closed, the few open ones sell the indispensable commodity for as high as N250 per litre from the uniform price of N169/litre.
The supply shortage has led to long, gruelling snake-like queues at the few open filling stations as motorists and business owners jostle to buy fuel while others resort to the black market.
The situation has also worsened traffic on major roads as vehicle owners block at least one lane to join queues to filling stations.

Print Friendly, PDF & Email
Continue Reading

News

Make Nigerian Youths Innovative, Buhari Tells Corporate Leaders

Published

on

President Muhammadu Buhari has tasked leaders of corporate organisations to build the capacity of Nigerian youths to be innovative and embrace technology to make positive contributions to their organisations and the nation.
The president, represented by the Attorney General of the Federation, Mr Abubakar Malami, said this at the Institute of Directors (IoD) 2022 Annual Director’s Conference (ADC), yesterday, in Lagos.
The ADC had as its theme: “Corporate Governance and Digital Transformation: Leading Purposefully for Growth and Sustainability.”
Buhari, noting that the challenges associated with corporate governance were multifaceted, stressed the need for heads of organisations to harness technology to achieve effective governance.
He reiterated the commitment of his administration to providing the necessary legal support and framework to support the entrenchment of good corporate governance practices across various sectors of the economy.
Buhari also pledged his commitment to supporting the IoD by giving the institute’s chartered bill the necessary consideration to enable it to achieve its mandate.
Deputy Secretary General, United Nations, Ms Amina Mohammed, said the world was hit by a series of global crises which have affected the Sustainable Development Goals (SDG).
Mohammed said technology and digitalisation would set the era of digital transformation in areas of health, education, agriculture and finance.

Print Friendly, PDF & Email
Continue Reading

News

Nigeria Does Not Belong To North, Arewa Youths Tell Northern Elders

Published

on

The Arewa Youth Consultative Forum (AYCF) has said that Nigeria does not belong to the North ahead of the 2023 general election.
Apparently reacting to the recent interview granted by a member of the Northern Elders Forum, Alh Sani Zango Daura, in which he called on the North to support a Northern candidate.
The AYCF, in a statement issued by its National President, Yerima Shettima, noted that supporting a southerner was clearly a demonstration of justice.
He noted that this was because Nigeria does not belong to the North alone, or Muslims and Christians of the North, insisting that “even on moral grounds, the most responsible political action by the North was the decision on powershift in 2023, because the Presidency cannot be hereditary and Nigeria is not a Banana Republic”.
Shettima further said, however, that the elder was expressing his personal opinion and not the stand of the North in general, saying that a “ little balancing was needed in position of our father Zangon Daura, more so when he admitted that the elders are mere escorts for the younger generation today”.
The AYCF noted that when 13 Northern governors led by Kaduna State Governor, Mal Nasirel-Rufai endorsed a Southern candidate for the 2023 presidency, they repeatedly cited political justice.
“Though we are not card-carrying members of the APC, we shared the view that the decision was in line with being fair to the South in 2023.
“We are aware, as well as our father ZangonDaura, that the North is respected for honouring its promises to the South and this one absolutely undeniable character of all Northerners.
“We are not known to break promises and that explains why our son, President MuhammaduBuhari never objected to the idea of a Southern presidential candidate in the ruling party. In the North, like our father ZangonDaura knows, promises are sacred and in fact a culture”.
It would be recalled that in a viral audio of AlhajiZangonDaura while addressing a group of youths, suggested that they should throw their weight behind a fellow Northerner for the presidency in 2023, citing historic and religious instances, something the AYCF said it believed was “overtaken by events, current realities, and the spirit of justice and fairness in the Nigerian project”.

Print Friendly, PDF & Email
Continue Reading

Trending