Business
PETROAN Faults NNPC’s PH Refinery Retention
National Publicity Secretary of the Petroleum Products and Retail Owners Association of Nigeria (PETROAN), Joseph Obele, has faullted the decision of the Nigerian National Petroleum Company (NNPC) Limited ruling out the sale of the Port Harcourt refinery.
He said as a community stakeholder in Port Harcourt, he “strongly disagree with the Nigerian National Petroleum Company Limited’s decision to rule out the sale of the Port Harcourt Refining Company.”
In a chat with The Tide’s source, Obele said the comment by the Group Chief Executive Officer of the NNPC, Bayo Ojulari, that the refinery would not be privatised was not good news to him, saying that plans to keep the Port Harcourt refinery under NNPC management are disturbing.
According to him, private firms tend to prioritise the interests of host communities, unlike the government-owned ones.
“This isn’t good news plans to sell the Warri and Kaduna refineries while keeping Port Harcourt under NNPC management are concerning, given NNPC’s history of corruption and favouritism.
“Private firms tend to prioritise host communities’ interests, as seen with Indorama Petrochemical”, he stated.
Obele stated that the NNPC had consistently failed to meet Nigerians’ expectations in its management of government-owned refineries.
“The NNPC has consistently disappointed Nigerians with its inefficient management of refineries, leading to fuel scarcity, price hikes, and economic hardship. Its track record of corruption, inefficiency, and neglect is well-documented. It’s time for a change”, he stated.
According to him, the privatisation of the Port Harcourt refinery would bring numerous benefits, including increased efficiency and productivity; much-needed investment and capital injection; expertise and technology transfer; job creation and economic growth for the local community; reduced bureaucratic red tape and corruption; improved accountability and transparency; enhanced competitiveness in the global market; and better management and utilisation of resources, among others.
Obele added that the gains of privatisation would far outweigh the costs, and it is in the best interest of the community and the nation at large.
The university lecturer called on President Bola Tinubu to intervene by directing that the Port Harcourt refinery be privatised in the interest of transparency, efficiency, and economic growth.
“The community is ready to receive a private firm taking over the refinery with the highest sense of hospitality and cooperation.
“We assure any private firm of a warm welcome and collaborative working relationship to ensure the refinery’s success, which will in turn benefit our community and the nation.
Last week, the NNPC said it officially ruled out the sale of the Port Harcourt refinery, reaffirming its commitment to completing “high-grade rehabilitation” and retention of the plant.
Ojulari was said to have announced this at a company-wide town hall meeting at the NNPC Towers, Abuja.
He stated that the position isn’t a shift. Rather, it was informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
The statement indicted the past NNPC executive, quoting Ojulari as saying that “the ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.”
The statement read further, “Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. Thus, selling is highly unlikely, as it would lead to further value erosion.
The announcement came in the wake of widespread speculation following his remarks at the 2025 OPEC Seminar in Vienna, Austria, earlier this month, where he said during an interview with Bloomberg that “all options are on the table.”
The Port Harcourt refinery was shut down on May 24 for a one-month maintenance. However, it has not been reopened two months later.
The President of the Dangote Group, Alhaji Aliko Dangote, has said the refineries may never work again after gulping up to $18bn.
Continue Reading
Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.
The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.
This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.
In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.
According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.
Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.
The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.
“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.
The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.
The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.
The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.
Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.
Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.
Enoch Epelle
Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.
Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.
The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.
The exercise is expected to reach more than 60,000 regular undergraduate students.
Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.
He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.
According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.
He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.
The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.
Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.
Nkpemenyie Mcdominic, Lagos
The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos Port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in Port efficiency.
The intervention followed a stakeholders’ meeting convened by the Managing Director of NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.
At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.
Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.
According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).
“The responsibility of the task force is to monitor truck movement on the Port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.
He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.
To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.
On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.
He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.
He expressed confidence that the renewal would be concluded soon.
Reaffirming the Authority’s commitment to maintaining free-flowing Port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s Port competitiveness and preserve its growing international reputation.
“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said
Nkpemenyie Mcdominic, Lagos
-
News1 day agoFamily Seeks Police Help As Woman Goes Missing After Fleeing Female Circumcision Threat
-
News1 day agoNigeria Hosts World Public Relations Forum Sept …As Experts Seek Inclusion Of PR In Decision Making
-
News1 day agoUphold Principles Of Dev, Rivers SSG Charges Tertiary Institutions
-
News1 day agoTinubu, Fubara Condole Amaechi Over Mother’s Death
-
News2 days agoSpain Are World Champions ….. End Argentina, Messi’s Dreams
-
News1 day agoRivers NUJ Seeks Recruitment Into State Media Houses …Urges Govt To Reposition Public Service
-
News1 day agoBadejo-Okusanya Emerges 33rd NBA President …Says We’ll Build NBA Where Lawyers Live Better