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IOCs Plotting the Failure of Our Oil Refinery – Dangote Group

Published

7 months ago

June 24, 2024

Eric

… Accuses NMDPRA of Supporting Importers of Banned Dirty Diesel, Jet Fuel

Vice President, Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. Edwin said the IOCs are deliberately and wilfully frustrating the refinery’s efforts to buy local crude by jerking up high premium price above the market price, thereby forcing it to import crude from countries as far as United States, with its attendant high costs.

Speaking to a group of Energy Editors at a one-day training programme, organised by the Dangote Group, Edwin also lamented the activity of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in granting licences, indiscriminately to marketers to import dirty refined products into the country. He said, “the Federal Government issued 25 licences to build refinery and we are the only one that delivered on promise. In effect, we deserve every support from the Government. It is good to note that from the start of production, more than 3.5 billion litres, which represents 90 per cent of our production, have been exported. We are calling on the Federal Government and regulators to give us the necessary support in order to create jobs and prosperity for the nation.”

According to him: “While the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) are trying their best to allocate the crude for us, the IOCs are deliberately and willfully frustrating our efforts to buy the local crude. It would be recalled that the NUPRC, recently met with crude oil producers as well as refineries owners in Nigeria, in a bid to ensure full adherence to Domestic Crude Oil Supply Obligations (DCSO), as enunciated under section 109(2) of the Petroleum Industry Act (PIA). It seems that the IOCs’ objective is to ensure that our Petroleum Refinery fails. It is either they are deliberately asking for ridiculous/humongous premium or, they simply state that crude is not available. At some point, we paid $6 over and above the market price. This has forced us to reduce our output as well as import crude from countries as far as the US, increasing our cost of production…

“It appears that the objective of the IOCs is to ensure that Nigeria remains a country which exports Crude Oil and imports refined Petroleum Products. They (IOCs) are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their GDP, and dumping the expensive refined products into Nigeria – thus making us to be dependent on imported products. It is the same strategy the multinationals have been adopting in every commodity, making Nigeria and Sub-Saharan Africa to be facing unemployment and poverty, while they create wealth for themselves at our expense. This is exploitation – pure and simple. Unfortunately, the country is also playing into their hands by continuing to issue import licences, at the expense of our economy and at the cost of the health of the Nigerians who are exposed to carcinogenic products.

“In spite of the fact that we are producing and bringing out diesel into the market, complying with ECOWAS regulations and standards, licences are being issued, in large quantities, to traders who are buying the extremely high sulphur diesel from Russia and dumping it in the Nigerian Market. Since the US, EU and UK imposed a Price Cap Scheme from 5th February, 2023 on Russian Petroleum Products, a large number of vessels are waiting near Togo with Russian ultra-high sulphur diesel and, they are being purchased and dumped into the Nigerian Market.

“In fact, some of the European countries were so alarmed about the carcinogenic effect of the extra high sulphur diesel being dumped into the Nigerian Market that countries like Belgium and the Netherlands imposed a ban on such fuel being exported from its country, into West Africa, recently. It is sad that the country is giving import licences for such dirty diesel to be imported into Nigeria, when we have more than adequate petroleum refining capacity locally…”

It would be recalled that in May, Belgium and Netherland adopted new quality standards to halt the export of cheap, low-quality fuels to West Africa, harmonising its standards with those of the European Union. These measures synchronise fuel export standards with the European domestic market, specifically targeting diesel and petrol with high sulphur and chemical content. Historically, these fuels, with sulphur content reaching up to 10,000 ppm, were exported at reduced rates to countries like Nigeria and other West African consumers.

Belgium’s Minister of Environment, Zakia Khattabi, announced that his country followed the Netherland, which in April 2023 also prohibited the export of low-quality petrol and diesel to West Africa via the ports of Amsterdam and Rotterdam. Khattabi emphasised that the Netherlands’ decision to restrict dirty fuel exports had redirected the trade to Belgium, now used by oil producers and traders to export gasoline with excessively high levels of benzene and sulphur.

“For far too long, toxic fuels have been departing from Belgium to destinations including Africa. They cause extremely poor air quality in countries such as Ghana, Nigeria, and Cameroon and are even carcinogenic,” said Khattabi.

In September 2017, an investigation by an international organisation, Public Eye revealed that polluted and toxic fuels were being exported on a large scale from the ports of Rotterdam and Amsterdam for export to African markets. As much as a quarter of the petrol and diesel available in West Africa originates from the ports of Amsterdam, Rotterdam, and Antwerp. These fuels contain sulphur and other pollutants, such as cancer-causing benzene, in quantities up to 400 times the limits permitted in Europe. The Netherlands and Belgium were enjoined to enforce regulations to shield millions of Africans from exposure to toxic fuels.

The decision of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in granting licenses indiscriminately for the importation of dirty diesel and aviation fuel has made the Dangote refinery to expand into foreign markets. The refinery has recently exported diesel and aviation fuel to Europe and other parts of the world. The same industry players fought us for crashing the price of diesel and aviation fuel, but our aim, as I have said earlier, is to grow our economy.

He noted that because the refinery meets the international standard as well as comply with stringent guidelines and regulations to protect the local environment, it has been able to export its products to Europe and other parts of the world.

While appealing to the Federal Government and the National Assembly to urgently intervene for speedy implementation of the PIA and to ensure the interest of Nigeria and Nigerians are protected, he said: “Recently, the government of Ghana, through legislation has banned the importation of highly contaminated diesel and PMS into their county. It is regrettable that, in Nigeria, import licences are granted despite knowing that we have the capacity to produce nearly double the amount of products needed in Nigeria and even export the surplus. Since January 2021, ECOWAS regulations have prohibited the import of highly contaminated diesel into the region.”

Uncategorized

Madam Beatrice Abiodun Awomosu Thanks God at 80

Published

1 week ago

January 17, 2025

Eric

By Ruth Udeme

Joy indescribable, was written all over the face of Madam Beatrice Awomosu, when close family members and friends gathered in Ibadan, Oyo state to celebrate her entry into the octogenarian club.

The elegant matriarch, who is the mother of the stylish CEO of Jummhy Exclusive Fabrics, Mrs Jumoke Oyeneyin, marked her special 80th birthday in the house of the Lord, a recognition of His grace and divine mercies in her life over the years.

The thanksgiving service, which was held at Christ The Good Shepherd Catholic Church, Ibadan was a glorious outpouring of hymns, songs, praises and prayers all the way.

The officiating minister, who delivered the sermon, described the celebrator as an unwearied leader in the vineyard of the Lord, praying that God will shower her with excellent health and keep her alive to continue enjoying her children and grand children.

In her remarks, during the ceremony, her elated daughter, Mrs Jumoke Oyeneyin, who was filled with happiness that her mother was healthy and strong at 80, also noted that the hand of God was indeed upon the family.

The lively service was soon concluded after which guests moved to the Sunlight Royal Event Center, in the heart of Ibadan, for a classy one-in-town reception.

The venue had been creatively transformed by the inimitable Finesse Events who planned the event. Guests were pampered like royals, Choice drinks and gourmet dishes of various kinds flowed freely.

The ceremony was compered by Gbenga Adeyinka 1st, and had excellent music contents from great performers such as Beejay Sax, King Sunny Ade and Aristos Band.

Phots: Ken Ehimen

Uncategorized

Senate Approves Tinubu’s ₦1.77trn Loan Request

Published

2 months ago

November 21, 2024

Eric

The Senate has granted approval to the ₦1.77 trillion ($2.2b) loan request of President Bola Tinubu after a voice vote in favor of the request.

The Senate presided by Deputy Senate President, Barau Jibrin, approved the loan after the Senate Committee on Local and Foreign Debts chaired by Senator Wammako Magatarkada (APC, Sokoto North) presented the report of the committee.

The request which was submitted by the President on Tuesday is part of a fresh external borrowing plan to partially finance the N9.7 trillion budget deficit for the 2024 fiscal year.

Tinubu had on Tuesday written to the National Assembly, seeking approval of a fresh N1.767 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 Appropriation Act.

The fresh loan is expected to stretch the amount spent on debt servicing by the Federal Government. The Central Bank of Nigeria recently said that it cost the Federal Government $3.58 billion to service foreign debt in the first nine months of 2024.

The CBN report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.

According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.

The trend in foreign debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.

Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.

March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.

The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.

July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.

Given rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.

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Boss Picks

DIAMED CENTRE: Kesington Adebutu is a Father in a million – Daughter, Abiola Olorede

Published

6 months ago

July 20, 2024

Eric

By Eric Elezuo

A United States and United Kingdom trained prolific doctor, Dr. Abiola Olorede, the first daughter of accomplished businessman and renowned philanthropist, Sir Kesington Adebukunola Adebutu, is not a run-off-the-mill medical practitioner. She knows her onions, her worth and the mandate she is programmed to fulfill.

She is the Chief Medical Director of the just opened DIAMED CENTRE, a fully equipped diagnostic and medical facility saved with the responsibility of catering to the medical needs of the Nigerian public.

The hospital, which was built and handed over to her by her philanthropic father, is located at Kuboye Street, in the heart of Lekki Island, Lagos.

In this brief chat, the achiever, who lived most of her educational life in Dublin, Poland, expressed her gratitude to a father like no other, and how she and her team intends to make the best of the facility and equipment to totally affect humanity for the better.

Excerpts:

CAN YOU TELL US THE IDEA BEHIND THIS GREAT PROJECT?

Thank you very much, my name is Abiola Olorede, I am a medical doctor by profession. I schooled in Dublin, worked in the United Kingdom and in United States of America. When I came back home to Nigeria after my education including postgraduate studies, I realized that one of the major challenges is that a lot of the diagnostic tools that we need to use for evident-base treatment of our patient were lacking. Since then, I have always had a dream that when i am able to afford it, I will like to have a place that Nigerians can go to as comparable as those round the world because, just as I have always spoken about it, every Nigerian should have any treatment obtainable anywhere in the world in their home country.

CAN I DEDUCE THEREFORE, THAT YOU INTEND TO STOP MEDICAL TOURISM BY ESTABLISHING THIS ALL INCLUSIVE MEDICAL CENTRE?

Hmmm…Intend to stop is a very big word. I am hoping by the service we would offer here, a lot of Nigerians will see it as comparable to anywhere in the world and would want to use it instead of going out of the country. So, a lot of people that go out of the country can benefit from world class treatment in Nigeria.

SO OUT OF ALL YOUR DAD’S PHILANTHROPIC GESTURES, HOW DOES THIS ONE MAKE YOU FEEL?

If you noticed, the Kensington Adebutu Foundation, KAF, as it is fondly referred to, has major pillars and that’s education and health. It does a lot of other projects no doubt. I know that in any society, if the people are not educated, it’s a big loss to the country, if you don’t have the healthy workers too, it’s a big loss. So this brings out much of my pride in the service of Nigeria.

AS A PROUD DAUGHTER, WHAT MORE COULD YOU SAY ABOUT YOUR FATHER?

First of all, I would like to thank him. I tell everybody that he is father in a million. He supported his children over the years, financially, and with wisdom. I’m going up to 60, and my father still supports me pursue my dreams; it’s very rare. I want to thank him from the bottom of my heart. He’s always there, so thank you dad, you are a wonderful dad.

CAN YOU JUST ANALYZE THE KIND OF EQUIPMENT WE HAVE HERE?

We have a lot of facilities that are available, we have 3D monogram, it gives better images, and it’s less painful when you do that. We also have 64 high CT scan, digital X-rays, a lab, Haematology, Dialysis department, Dental suite, Opthalmology and Physiotherapy. We have a fully functional Pharmacy; so it’s like a one stop shop.

We have a Cardiac Suite where you can do ECO and other tests. We engage patients morning to night, make them comfortable as they get their test done. We don’t want you to feel you are in a hospital premises; you come from home and get all your test done.

WHAT DO YOU PROMISE NIGERIANS USING THIS FACILITY?

I promise Nigerians is that only experts, who will give the right diagnosis will be engaged here so we can give world class treatment and service. We want to use evidence and innovations to manage patients. Those are our promises to Nigerians and others as an organization and God will help us deliver all these promises.

AND HOW AFFORDABLE IS IT TO PATRONISE THIS PLACE?

We would try to make it cost effective in as much as medical care is not cheap. I tell people that being healthy is cheaper that being sick and that’s true, and that’s what we hope to accomplish. It is difficult to maintain some of this machines, some of them are very expensive so we must be able to recoop cost to get and replace equipment when due.

Thank you doctor Abiola, you have been very helpful and I wish you well in the management of this facility to the best interest of Nigerians. God bless you ma.

The pleasure is mine