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Group Disagrees With FG Over $1.5bn For PH Refinery Rehabilitation

Published

3 years ago

March 26, 2021

The Paradigm Leadership Support Initiative (PLSI), a civic organisation fostering public accountability in the country, says it is not profitable to expend a sum of $1.5 billion to rehabilitate the refinery in Port Harcourt, Rivers State.

Recall that last week, the Federal Executive Council (FEC) approved the sum at the 38th virtual FEC meeting presided over by President Muhammadu Buhari.

Timipre Sylva, minister of state for petroleum resources, said the rehabilitation of the refinery would be done in three stages.

But speaking at policy dialogue on improving efficiency and revenue of the Nigeria National Petroleum Corporation (NNPC) in Abuja on Tuesday, Olusegun Elemo, PLSI executive director, said the 2019 audit report of the NNPC has shown that the refinery is not profitable.

He said the refinery incurred a direct cost of N22 billion and it did not produce any product.

“They have been doing this turn around over and over again. There are other pressing issues, we are looking at revamping, the education section is there with it’s issues and security, it is difficult to open schools but you want to put $1.5 billion in a refinery that we are not certain,” Elemo said.

“The same Port Harcourt refinery did not generate anything in 2019. On what basis, what parameters are you using for investments? Who are the people that will run it anyway?

“The same Port Harcourt refinery that did not generate a dime in 2019 incurred a N22 billion direct cost – paying salaries, getting people to travel around. It doesn’t appear to be profitable.

“It’s clear that it is not profitable.”

Also speaking at the meeting, Madaki Ameh, a lawyer and a former official of Shell, said instead of rehabilitating the refinery a new one should be set up.

“What you are turning around when setting up a refinery is not rocket science,” Ameh said.

The lawyer said for the industry to be viable, there must be performance indicators (KPIs) and a way to hold those occupying offices to account until the Petroleum Industry Bill (PIB) is enacted.

“If we are going to expect anything from the oil and gas industry we must set key performance indicators (KPIs) and hold people accountable to make them get their work done,” he said.

“We are not in short supply of those who can run this industry. We have very competent people.”

Overtime, experts have argued that the PIB will make NNPC a viable organisation to the country.

The proposed law which has been in the works for over 10 years is expected to cause reforms in the oil and gas sector.

Some provisions of the bill include the restructuring of the NNPC and making it a public liability company.

Saudi Arabia has been able to achieve this feat with Aramaco listing on the Saudi Stock Exchange in 2019, becoming the most valuable listed company in history.

(THECABLE)

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Man, 38 Escapes Assassination Attempt In Benin

Published

9 months ago

July 22, 2023

Editor

Innocent Omoruyi

By Omokha Andrew

A 38-year-old activist, Innocent Omoruyi, narrowly escaped assassination in the early hours of Wednesday, July 19, 2023 as his residence at Obe Community,Sapele Road in Benin city was attacked by yet to be identified gun men.

The attack which eye witnesses say was viciously executed on Wednesday, July 19, 2023 bore the markings of a dreaded cult group terrorizing Benin City, the state capital.

The Obe, Sapale Road incident, it was learnt, happened soon after Omoruyi left the house to attend to matters of interest some few metres away from his home.

The assailants were said to have shot sporadically in their frustration as residents scampered for safety.

However, Omoruyi escaped unharmed.

One of the eye witnesses who craved anonymity said: “The felons apparently went for the kill, weilding guns and other dangerous weapons. “We are shocked that they didn’t see Innocent Omoruyi who was just some few metres away from home when they arrived”.

“How that happened, only God knows and it was obvious that it wasn’t his time to die yet and just before that not long ago his business place on Lagos Street, Benin City was burnt down in the middle of the night by unknown arsonists.

“This sequence of events is not ordinary. We know it’s politically motivated due to the role he played in the last general elections. He has been advised to go into hiding at the moment for his personal safety”, he concluded.

When contacted, the police Public Relations Officer Chidi Nwabuzor said he was yet to get any information as regards the latest incident. He promised to feed our correspondent with relevant details as soon as they become handy.

Our information source however revealed that the matter has already been incidented at the Love World Police station on Sapele Road, Benin city.

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Nigeria To Earn Over $4bn Revenue As FEC Okays Concession Of Abuja, Kano Airports

Published

11 months ago

May 18, 2023

Editor

Nigeria will earn over $4 billion in nominal revenue as the Federal Executive Council, FEC, on Wednesday okayed the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja, and Mallam Aminu Kano International Airport (MAKIA), Kano, to the Corporacion American Airport Consortium, a Luxembourg-based company.

James Odaudu, the Special Assistant on Public Affairs to the Minister of Aviation, disclosed this in a statement on Thursday.

According to him, the Council also approved that the Federal Ministry of Aviation would be renamed the Ministry of Aviation and Aerospace.

The statement noted that the company would make combined upfront payments of $8.5 million for the concession of NAIA and MAKIA.

He added that the development would spur evidential growth within the Nigerian aviation industry.

“In alignment with the Aviation Roadmap, approved by Mr President on 18th October 2016, the Ministry of Aviation and Aerospace is delighted to inform all stakeholders, both local and international, and the media, that the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja, and Mallam Aminu Kano International Airport (MAKIA), Kano has been approved by the Federal Executive Council,” the statement said.

In December 2022 and January 2023, Corporacion American Airport Consortium was announced as the preferred bidder for the airport’s concession after scaling through a series of evaluations of technical and financial bids.

Nominal revenues mean income not adjusted for inflation and decreasing purchasing power.

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Russia Expelled From Council Of Europe Amid War With Ukraine

Published

2 years ago

March 16, 2022

Editor

The Council of Europe says it has expelled Russia with immediate effect after 26 years of membership because of the Ukraine war.

The Committee of Ministers took the decision in a special session, the rights body announced in the French city of Strasbourg on Wednesday.

Earlier, Russia had already declared its withdrawal from the Council of Europe after it had taken steps to exclude it.

On Tuesday evening, the Parliamentary Assembly of the Council of Europe voted unanimously in favour of Russia’s exclusion.

Russia joined the Council of Europe on Feb. 28, 1996.

Together with the formal notification of the withdrawal, the Secretary-General of the Council of Europe also received information from the Russian Federation on Tuesday about its intention to denounce the European Convention on Human Rights.

In a statement on Tuesday evening, the leaders of the Council of Europe once again condemned the Russian invasion of Ukraine.

They expressed their solidarity with the Russian people, who continue to belong to the European family and share its values.

The body said it would continue to stand by Ukraine in the fight against the aggressor.

The Council of Europe monitors the observance of human rights in its 46 member states and is not part of the European Union.

The body reacted to the Russian invasion of Ukraine two weeks ago by suspending Russia’s membership, this decision was considered historic.