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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.
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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
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
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.