Business

FG To Stop Fuel Importation February 2024, Says Minister

Published

2 years ago

August 26, 2023

… says P-Harcourt refinery to resume daily production 60 barrels of crude December

…Warri to start operating by the first quarter, 2024

The Federal Government has disclosed that it is targeting to stop fuel importation in 2024, adding that Port Harcourt and Warri refineries are been repositioned to function optimally.

FG clarified that the Port Harcourt refinery would commence operations before the end of 2023, precisely in December, while Warri refinery which is also undergoing rehabilitation would started refining petroleum products by February.

It maintained that the December 2023 target for the completion of the rehabilitation of the Port Harcourt refinery remained sacrosanct, expressing satisfaction with the level of work done in the facility.

The Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, spoke during a working visit to the Port Harcourt Refining Company in Eleme, Rivers State, yesterday, to inspect the project.

Lokpobiri, who was accompanied on the visit by the Minister of State, Gas Resources, Ekperikpe Ekpo, expressed happiness with the level of work done, adding the rehabilitation work which was approved for $1.5bn when completed by the end of 2023 will refine upto 60,000 barrels of crude per day.

He said the essence of the inspection was to ensure the timely rehabilitation of the Port Harcourt Refinery and completion of other refineries in the country at the scheduled dates.

Lokpobiri said: “The essence of today’s inspection is to come see the extent of work done at the Port Harcourt Refinery and we are happy with the level of work done here.

“From what we have seen here, we believe the project will be completed as scheduled. The Port Harcourt Refinery will come on board fully by the end of this year, 2023. Warri will start operating by the first quarter of next year and then, Kaduna will come on stream towards the end of next year.

“The Port Harcourt Refinery when completed is expected to produce about 54 to 60 barrels per day, while Warri refinery when it comes on stream by February, 2024 will produce 75 barrels of oil per day. If we add that to Dangote refinery we will be able to stop fuel importation and Nigeria can now have the benefits of full deregulation.

“We will be going round all the refineries in the country, from Port Harcourt, we will go to Warri, to Kaduna. We will also go to Dangote refinery to see the level of work there.

“Our objective is to ensure that in the next few years, Nigeria stops fuel importation and that is why we are here to see the extent of work done, and we are satisfied with what we are seeing here.”

“Nigerians should expect better supply of fuel and better economy. But I can assure you that Nigeria will have a better deal in this renewed hope Administration of president Bola Ahmed Tinubu.”

On his part, the Minister of State, Gas Resources, Ekperikpe Ekpo said, the government is very desperate about gas production and generation of power supply in the country.

Ekpo noted that the government is committed to ending gas flaring in the country.

“You know gas is very important and we have it in abundance. so the issue of gathering the gas to generate power supply and other areas that would need gas in the country is very important.

“The government is very desperate about it as it will bring in foreign investors to invest in the gas sector.”

“With the briefing we have received today, there is hope for Nigeria that gas flaring will stop and gas generation will increase, and with that we will have uninterrupted power supply in the country.”

On the government’s policy on Compressed Natural Gas, CNG, implementation for vehicles Ekpo said, “The policy is very simple and we are encouraging investors in that sector so that we have it in abundance, the vehicles will be converted to appreciate the usage of CNG which would be beneficial to all.

“So, there is desperate and dedicated efforts to make sure gas is available which of course will reduce the cost of gas in the vehicle as well as reducing the cost of using fuel.”

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

12 hours ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.

Business

Dangote Unveils 10-day Credit Facility For Petrol Station Owners

Published

14 hours ago

December 30, 2025

Editor

The Dangote Group has announced a 10-day credit facility backed by a bank guarantee for petrol station owners and dealers, alongside free direct delivery and other incentives, as part of a new supply arrangement.

The company disclosed this in a statement posted on its official X handle on Tuesday, inviting petrol station operators across the country to register to benefit from the offer.

According to the statement, participating dealers will enjoy “a 10-day credit facility backed by a bank guarantee,” with a minimum order requirement of 5,000 litres.

“Our free direct delivery service will commence soon,” the group said, adding that the offer is open to “all petrol station owners and dealers.”

The Dangote Group further called on operators to register their stations to access the supply arrangement.

“Register your petrol stations today to benefit from our competitive gantry price,” the statement read.

The company also disclosed that petrol supplied under the arrangement will be sold at a gantry price of ₦699 per litre.

For enquiries, the group provided the following contact numbers: 0802-347-0470, 0809-324-7070, 0809-324-7071 and 0203.

The announcement follows a recent petrol price adjustment by the Dangote Petroleum Refinery.

The PUNCH earlier reported that the refinery reduced its ex-depot petrol price from ₦828 to ₦699 per litre, representing a ₦129 cut or a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to ₦699 per litre.”

The new price reportedly took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

1 day ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.