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NNPC lowered stake in Dangote refinery for CNG investment – Official

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The spokesperson of the Nigerian National Petroleum Company Limited, Olufemi Soneye, has disclosed that the state-owned energy firm reduced its stake in Dangote refinery to invest in Compressed Natural Gas.

Soneye revealed that the NNPC capped its stake at 7.2 per cent instead of 20 per cent to build CNG stations across the nation.

He stated this while featuring on Berekete Family Radio, a video of which was sighted by our correspondent on Monday.

Soneye was called to speak on allegations that the NNPC was collaborating with the Nigerian Midstream and Downstream Regulatory Commission to sabotage the Dangote refinery.

He debunked the allegations that the NNPC would sabotage a company in which it had a 7.2 per cent stake.

He mentioned that the NNPC realised that CNG was more affordable as a better energy alternative for Nigerians, especially during the period of energy transition.

He added that Nigerians could fuel their vehicles with N10,000 when using CNG, compared to petrol.

“The reason for reducing our stake in Dangote refinery is because we wanted to invest in CNG. We observed that CNG is very cheap and all over the world, people are investing in clean and cheaper alternative energy.

“That is why the NNPC is building different CNG stations everywhere. We understand that with N10,000, Nigerians can fill their cars and use it for two weeks. We realised that gas is cheaper in Nigeria, why don’t we invest in it?” the NNPC official stated.

On the allegation of sabotage, Soneye posited, “We want all Nigerians to know that the NNPCL does not have any issue with the Dangote Refinery. We are part of the owners of the Dangote refinery and we don’t want it to collapse.

“We invested billions of naira into the Dangote refinery. As of today, we have a 7.2 per cent stake in the refinery. So, why would we want to sabotage such a company?”

He maintained that the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s Chief Executive, Farouk Ahmed, was speaking in his capacity as a regulator in charge of all operators in the midstream and downstream, including the NNPC.

“Mr Farouk Ahmed is the head of Nigeria’s mainstream and downstream petroleum regulatory authorities. They have power over all refineries. Anything that has to do with the distribution of petrol, they are in charge. In fact, they are superior to the NNPC in that sector. We don’t have anything to do with them,” Soneye posited.

In 2021, the NNPC acquired a 7.25 per cent stake in the refinery for $1.0bn, with an option to purchase the remaining 12.75 per cent stake by June 2024. But the national oil firm has since reneged on its decision.

The President of the Dangote Group, Alhaji Aliko Dangote, disclosed in July that the NNPC had only a 7.2 per cent stake in the refinery and not 20 per cent.

“The agreement was actually 20 per cent which we had with NNPC, and they did not pay the balance of the money up until last year; then we gave them another extension up until June (2024), and they said that they would remain where they had already paid, which is 7.2 per cent. So NNPC owns only 7.2 per cent, not 20 per cent.” Dangote stated.

Meanwhile, a former Minister of Education, Oby Ezekwesili, called for an independent audit to know why the NNPC capped its investment in the Dangote refinery at 7.2 per cent instead of 20 per cent.

“Did the Nigerian government not tell us it borrowed $3.3bn from Afrieximbank to take a stake in the Dangote refinery?” Ezekwesili asked.

She called on President Bola Tinubu to immediately launch an independent audit of the Dangote refinery-NNPC transaction to offer the public the true state of play.

The Dangote refinery was planning to sell the remaining NNPC 12.7 per cent stake this year for loan servicing, Fitch Ratings, a credit rating agency, said recently

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Rivers Capable Of Delivering Massive Votes For Tinubu, Chinda, Others -Fubara …Charges APC, Rainbow Coalition To Embrace Team Work

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Rivers State Governor, Sir Siminalayi Fubara, has declared that the  State is capable of delivering massive votes for President Bola Tinubu,  the  All Progressives Congress (APC) governorship candidate, Rt. Hon. Kingsley Chinda and other candidates of the Rainbow Coalition in the 2027 general elections.

Fubara, who stated this yesterday at the inauguration of the APC Presidential Campaign Council in Port Harcourt, said the surest path to victory is for the  members of the Presidential Campaign Council drawn from the APC and the Rainbow Coalition to embrace the spirit of teamwork.

He said what the state was witnessing in the current political season is a repeat of the successful mobilization done in 2022 and 2023, when a large campaign council worked in unity to deliver victory for him and for President Tinubu.

He added that the present council is bigger, wider and better coordinated and should therefore achieve even better results.

He noted that the beauty of the new council is the fact that some persons who were in the opposition camp during the previous elections are now part of the team, saying their inclusion has made the task easier, provided everyone works as one team and with sincerity of purpose.

The governor thanked the  Coordinator of the Presidential Campaign Council for Rivers State, Chief Nyesom Wike, and other leaders who worked tirelessly to bring the council to fruition, stressing that nothing  is impossible especially when people work together for a common purpose.

He expressed optimism that with seriousness and commitment, the state would record a higher number of votes than it recorded in 2023.

Fubara, while congratulating members who made the list, appealed to those whose names were omitted not to be discouraged, as there are still sub-committees to be constituted and the list can still be updated, even as he warned against double loyalty.

He said the state has gone past the stage of division and is now looking to the future and what God holds for Rivers people, expressing confidence that with the strategy already put in place, the APC and the Rainbow Coalition would come out victorious in 2027.

Minister of the Federal Capital Territory and Coordinator of the Campaign Council, Chief Nyesom Wike, while  inaugurating the Council, lauded Fubara for finding time to attend the ceremony and other engagements of the Council in spite of his busy schedules.

Wike, who is also the National Leader of the PDP/ Rainbow Coalition, reminded members of the Council that they were chosen based on their capacity to participate  in the activities of the group and deliver positive results.

He charged them to work hard to win votes for the candidates of the APC and the Rainbow Coalition for the Presidential, Governorship, National Assembly as well as State House of Assembly elections next year.

He disclosed that apart from the Presidential Campaign Council and its sub-committees, the Local Government Campaign Councils will soon be inaugurated to ensure better coverage of the grassroots during the current campaign season.

 

 

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RSG Floats MNET Culture Content Promo

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The Rivers State Ministry of Culture and Tourism  has floated a culture content platform in collaboration with digital television group, Multichoice.

Permanent Secretary, Ministry of Culture and Tourism, Mr. Freddy Ndigbara, disclosed this after a meeting with MultiChoice Head of Content Acquisition, Don Dotun Ojon, in Port Harcourt.

He assured that content entrepreneurs and film makers would enjoy the platform by promoting culture and other contents to sell the states tourism potentials.

He said MultiChoice M-net was now open to increase its patronage for content shots on locations in Rivers State, describing the State as one that has numerous potentials for film tourism.

“We were privileged to have Don Ojon with us at the Rivers International Film Festival (RIFF) at the weekend in Bonny and he saw, first hand, the numerous sites and opportunities that are open to creatives in the State. After that, we felt it was important to deepen the conversation and he obliged. This is a cheering news for the sector in the State,” he said.

Ndigbara stated that “Rivers State has many more untold stories to tell, many more contents to reel out and the assurances from the M-net Acquisition Manager is an indication that the industry in the state will soon enjoy a new lease of life”.

The Permanent Secretary thanked Ojon for the visit and assured that creatives in the State would grap this opportunity and show the world that Rivers State is a major hub for film tourism in Nigeria.

On his part, Ojon said the visit was to discuss on ways of promoting tourism in the State using creatives and film.

Ojon said although the company has recently been acquired by canal+ France and is undergoing restructuring, he would promote the chances of Rivers State to host the MultiChoice talent factory in the State.

With Asaba, capital of Delta State, being saturated, Ojon said the next port is Rivers  State, which he said is capable of building fresh crop of creatives, new locations, new story lines and concepts.

He, therefore, called for collaboration from stakeholders in the State.

Kevin Nengia

 

 

 

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APC Presidential Campaign Storms PH, ‘Morrow

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Barring last minute changes, the presidential campaign train of the All Progressives Congress (APC) will storm Port Harcourt, Rivers State capital, tomorrow.

This is according to a campaign timetable released by the APC Campaign Council last month.

The Tide reports that the APC presidential campaign kicked off in Kaduna on October 24 with President Bola Tinubu in attendance.

The campaign train later moved to Cross River, Gombe, Nasarawa, and Ekiti on November 2, 3, 4 and 5 respectively with the Vice President, Kashim Shettima representing the President at the rallies.

President Tinubu is personally scheduled to attend 12 states including Rivers, Kaduna, Plateau, Oyo, Borno, Enugu, Bauchi, Sokoto, Delta, Kano, Adamawa and Lagos.

The Rivers State rally, scheduled to hold at the Adokiye Amiesimaka Stadium, Port Harcourt, is expected to witness a large crowd of party supporters drawn from a coalition of political parties in the State.

The party is expected to round off its presidential campaign in Lagos State on January 9, 2027.

The Tide reports that Tinubu has not visited Rivers State as President since he assumed office in May 2023. His last physical visit to the State was before his inauguration on Wednesday, May 3 – Thursday, May 4, 2023, when he was hosted by then Governor Nyesom Wike in Port Harcourt to commission the Rumuola/Rumuokwuta Flyover and the Magistrates’ Court Complex.

Tomorrow’s visit will be his first to the State since assuming office.

 

 

 

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