Business
Modular Refineries: Minister Lists Benefits To N’ Delta
The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said replacing illegal refineries with modular refineries was part of government’s wider plan to develop the Niger delta region.
Kachikwu said this at the 10th edition of the annual Nigerian Association of Energy Economics (NAEE)/International Association of Energy Economics (IAEE) conference in Abuja.
According to him, the Federal Government and operators of illicit oil refinery outfits in the region have held their first tranche of meetings to review and adopt an implementation template.
Kachikwu, who was represented by Dr Bello Gusau, the Executive Secretary of the Petroleum Technology Development Fund (PTDF), said the initiative would be carefully implemented with greater considerations to the environment of the region.
“In the past few weeks, we have had open and prospective discussions with some of the refiners and government is assiduously working to ensure that this initiative is carefully implemented without destruction to the environment.
“This will not only provide a legal job and source of income for the populace, but also contribute to our national productivity,’’ he said.
The Federal Government had disclosed plans to restructure activities of illegal oil miners in the Niger Delta into consortia.
The Nigerian National Petroleum Corporation (NNPC) had also said if well coordinated, the refineries could produce up to 1000 barrels of crude oil daily.
The immediate past President of the IAEE, Mr Gurkan Kumbaroglu, lauded the activities of the NAEE in Nigeria, saying the “association is well-disposed to helping development efforts in Africa’’.
The President of the NAEE, Prof. Wunmi Iledare, speaking to newsmen on the sideline of the event, said the legislature should have passed the Petroleum Industry Governance Bill (PIGB) by now.
Part of the Bill seeks to promote transparency and accountability in the petroleum industry and create a conducive business environment for operators in the petroleum industry.
Iledare said Nigeria could have avoided the troubles of cutting an exit deal to pay off its Joint Venture (JV) cash-call debts to its International Oil Companies (IOCs) if it had passed the PIGB.
The government, in Dec. 2016, had agreed on a deal with IOCs to pay off discounted cash-call debts to them on the condition of incremental oil production.
Iledare said: “let me resolutely speculate that if the industry reform has been vigorously pursued by the Federal Government, the need to cut the cash-call exit deal to ameliorate the cash-call toxin in the Nigerian economy and oil and gas industry performance over the years would have been circumvented”.
“Thus, the need to pass the Petroleum Industry Governance Bill cannot be over-emphasised.
“It is the key, in my opinion, to addressing the apparent lapses and weaknesses of the Nigeria oil and gas industry governance within the context of global best practices.
“That the Petroleum Industry Governance Bill has undergone the third reading in the Senate is certainly a welcome development’’.
In his goodwill message, Mr Victor Shidok, the Immediate Past Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), assured indigenous Nigerians who have ideas for alternative energy of government’s support.
In another goodwill message, the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Dr Maikanti Baru, lauded the NAEE for its contribution to the economy and urged it to “provide workable solutions’’ to government’s heavy dependence on oil.
Business
Traders Decry Continuous Increase In Prices Of Foodstuffs
Some traders at the Rumuwoji Market popularly known as Mile 1 Market have decried the continuous increase in the prices of food stuffs and other items in the ember season.
This was made known by the traders when The Tide visited the market recently.
The traders revealed varying changes in the prices of foodstuffs, with some commodities recording higher increase than others .
A trader Mrs Charity Obinna, at the market, said the price of yam remained the same last week and this week compared to the prices from last month to this month, adding that only a difference of about N100 to N200 was seen.
Another trader, Chukwuebuka Livinus who deals on garri, reported that the prices of some food commodities had been changing frequently.
According to him, the price of a bag of garri increased from N45,000 last week to N58,000 this week, representing an increase of N13,000.
Livinus described the increase as scary and called on the government to do something about it, especially as we get closer to the festive period.
A trader that deals on vegetables, Mrs Joy reported that a significant increase in the prices of pepper rose from N20,000 last week to N40,000 this week.
Similarly, the price of a bag of melon (egusi) increased from N420,000 toN490,000 this week.
In a separate report, Mrs Charity Obinna said that foodstuffs were generally cheaper last month than this month, with price differences ranging from N150 to N200 for some items.
Meanwhile, Giff Okoro reported a decrease in the price of tomatoes. According to her, a quantity of tomatoes that cost N45,000 last month now sells for N25,000, indicating a reduction of N20,000.
Another trader, Usman Ibrahim said the cost of transporting goods from the communities to urban areas where they are sold is one of the major reasons for high cost of goods.
He said transport cost has doubled due to the cost of petroleum products in Nigeria, adding the whole cost is part of the goods because “entrepreneurs must cover their cost and make their gains .
Ibrahim called on the government to help farmers and traders even with little capitals to expand and sustain their business.
Another trader, Mrs Choice Promise a fish retailer said a cartoon which sold at #35,000 last week now sells at #50,000 .
Promise complained that there is no gain or profit because the price has drastically increase and most people cannot afford to buy fish again.
“Mr. President’s Renewed Hope Agenda recognizes that economic ambition requires dependable infrastructure,” Tegbe said.
He added that investments in electricity infrastructure would strengthen the foundations for business expansion, employment and economic growth.
The Kankia substations comprise two 60 MVA, 132/33 kilovolt (kV) facilities designed to strengthen the transmission network serving Katsina State and neighbouring areas.
Tegbe said the infrastructure would improve the network’s ability to distribute available electricity, supporting commercial activities and household welfare.
He also urged residents to protect the facilities against vandalism and other activities that could disrupt electricity infrastructure, asking them to report suspicious activities to TCN or security agencies.
Katsina State Governor, Dikko Umaru Radda, described the project as a significant investment in the state’s electricity infrastructure.
Radda stated that improved electricity supply could support industrial development, economic growth and public service delivery.
He further commended the President, the Federal Ministry of Power and TCN for completing the project.
It would be noted that the latest projects come amid a broader government’s drive to address bottlenecks in Nigeria’s electricity transmission network, which has constrained the amount of electricity that can be delivered to distribution companies and end users.
Wali Chioma, Obasi Chidinma & Amarachi Uche
Business
Firm Mulls Crash Down On Vegetable Oil Price Targets Revenue Boost, Job Creation
A firm, Kompetenz Investment Zentrum Ltd, has said it would crash down the cost of vegetable oil in the market through adequate production and milling of its product for large scale sales in and around the State.
The Head, Human Resource Management of the firm, Mrs Amina Shehu said this in Yenagoa, the State capital, Wednesday while speaking with newsmen on an inspection tour of the company.
She noted that while other firms have previously managed the Palm farm, her company which she described as an experienced manager of palm farms recently acquired right of management of the Bayelsa Government-own palm plantation in September, 2026.
“We inherited a poorly managed farm and machineries from our predecessors, and so we’re working assiduously to overhaul the mills in this firm, more especially the biggest one.
‘’Today we’ve been able to put the small one into use, and it’s functioning well. Some engineering contractors have also came around with their various interest in bidding for the repair and overhaul of the ailing big mill we inherited, but surely the cost of repairs shown to us by the engineers run into billions.We’re however determined to get all our equipments and machinery functioning soon”, she said.
Mrs Shehu bemoaned the dysfunctional State of the farm facilities prior to its acquisition, adding however that there were plans by the company to get all moribund machinery functioning and put them to maximum utilisation and production capacity, while also working towards ensuring revenue boost for the firm and the State in the future.
Speaking on manpower and employment generation, the company’s HRM emphasised that at low peaks, the firm has employed no fewer than 200 staffers, comprising regular, casuals and workers on its daily payroll.
“At peak periods of harvest, more hands would be employed and production and milling capacity will be increased to 10 tons of palm oil per day in order to gradually crash down the soaring price of red oil in and around this State.
“We have just acquired the right of management of the Bayelsa Palm estate in September, 2026. We’re barely two months old as new management of this farm. As you can see for yourselves, a lot of work is currently ongoing in this farm.
“We have borrowed loans to run this farm, and so a lot of work; slashing of the palm fruits and clearing of the farm is ongoing. But upon what we have done which amounts to millions, it’s like we have not yet started because the Bayelsa Palm estate is really big” Mrs Shehu added.
She noted that during the world food day the company “showcased some of our produce and as we speak calls are coming in from far and near placing orders and showing interest in doing business with us.
“Our Director (our boss), has the requisite experience in this business. He has reinvigorated and invested in similar Palm farm businesses in other parts of this country.
“Some contractors have also came around with their various interest in bidding for the repair and overhaul of the ailing machinery we inherited, but surely the cost of repairs shown to us by the engineers run into billions.
‘We determined to get all our equipments and machinery functioning as we progress. For now we have about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.
“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”.
The Tide gathered that the firm is the new operator of the Bayelsa Palm estate and managers of the state’s Palm tree plantation.
The Tide spoke with a cross section of traders and consumers in major markets of the State and reports said the price of Palm oil which is botanically referred to as ‘elaeis guineensis’ has increased astronomically in recent months, due to general inflation in prices of commodities.
Ariwera Ibibo-Howells, Yenagoa
Business
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