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NNPCL To Cut Fuel Import From August

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3 years ago

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The Nigerian National Petroleum Company (NNPC) says once the Dangote Refinery starts pumping out refined petroleum products from late July or early August, the NNPCL will cut down on its imports of Premium Motor Spirit, popularly called petrol.
NNPCL is currently the sole importer of petrol into Nigeria, a task which it had shouldered for several years. Other oil marketers stopped importing petrol due to their inability to access the United States dollars at the official rate.
NNPCL also owned 20 per cent stake in the Dangote Refinery. The 650,000 barrels per day crude oil processing refinery was inaugurated on May 22, 2023 by former President Muhammadu Buhari, who described the facility as a game-changer.
Also at the inauguration, the Founder/Chairman, Dangote Group, Aliko Dangote, said the facility would put an end to the inflow of toxic substandard petroleum products into Nigeria, adding that the refinery would meet 100 per cent of Nigeria’s fuel needs.
Dangote also stated that the refinery would start delivering refined products to the Nigerian market from late July or Early August this year.
According to the spokesman of NNPCL, Garba-Deen Mohammed, immediately Dangote Refinery begins to push out products in August, it would change the NNPCL fuel imports programme.
He said, “NNPC Limited is bringing in products from outside Nigeria as a matter of necessity, not as a matter of choice. We would have preferred that we produce here, refine here and we sell and provide the energy security that the country needs.
“Because of the circumstances that surround our refineries, we cannot allow the country to be grounded. So we have to buy wherever we can get and sell. So if Dangote products are available, why should we not buy from Dangote?
“There is absolutely no reason. And that is the reason why we are interested in the Dangote Refinery. We are co-owners, shouldn’t we do business with our partners rather than do it with other people?”
Muhammad stated that the NNPCL would be supplying crude oil to the Dangote Refinery based on business agreement between both parties, and that this would be in accordance with the international price of crude.
“NNPC owns 20 per cent of that asset and we have an agreement with Dangote that we will supply the refinery with crude. So as soon as Dangote begins to request for crude to pay for it, NNPC is prepared to supply the crude as a business transaction.
“We have been selling crude to different parts of the world for decades, and it is not whether we will sell it to Dangote, for why won’t we sell to Dangote when we are selling to other refineries and countries?
NNPCL Group Chief Executive Officer, Mele Kyari, recently stated that the supply of 300,000 barrels of crude oil per day by the national oil firm to the Dangote Refinery would start once the facility commenced operations.
to be produced by the Dangote Refinery would not be known at the moment until the refinery released its pricing template.

They expressed hope that the refinery would improve the petroleum products’ supply situation in Nigeria, but noted that the cost of white products would only be determined by the pricing template of the facility.

The Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, said, “By the time it starts producing, we would see how implementation is going to be and his template.

“We cannot say much about the refinery until it starts. So let us see the mode of production, how it is going to look like in terms of its pricing template”.

Also speaking, the President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the pricing template from the new refinery would guide operators on what would be the cost of refined petroleum products from the facility.

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Boat Mishap Kills Pastor, Wife And Church Members  In Brass Water

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7 days ago

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May 18, 2026

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A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways
The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and  members of his church were in a programme.
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?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet  to be recovered
as search party are still ongoing.
Although the real cause of the boat Mishap is not yet known as at the time of this report,  our Correspondent gathered  that the identities of the Pastor, wife and church members were not disclosed to the public.
The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit
The Bayelsa State government and the state police command are yet to issue official statement’s  on the sad accident
By: CHINEDU WOSU
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Rivers Workers Seek Scrapping Of Contributory Pension Scheme

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7 days ago

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May 18, 2026

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The Rivers State Council of  Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.
Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt,  recently.
Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.
He noted that  the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.
According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.
He also  informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.
“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.
Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.
The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.
He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.
Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.
The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.
He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.
Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.
By: King Onunwor
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FG Begins South-West Tour To Promote New Cooperative Bank

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2 weeks ago

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May 13, 2026

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The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
 Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted  the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
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