Headline

Refineries Probe: Reps Kick As Kyari Keeps Mum On Oil Swap Deal

Published

4 years ago

May 11, 2022

THE Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday, finally appeared before the House of Representatives’ Ad Hoc Committee on the State of Refineries in Nigeria.

However, Kyari could not answer some of the critical questions posed to him by members of the committee, urging the lawmakers to allow him to come back with documents containing the details.

The details sought by the lawmakers include the actual cost of rehabilitating the refineries, especially the Port Harcourt Refining Company.

This is just as the committee and the GMD failed to disclose the quantity of crude being taken from Nigeria and the volume of petroleum products being delivered to the country on a daily basis, under the Direct Sale Direct Purchase or oil swap deal with firms.

In his presentation, Kyari said, “We recognise that today, none of our refineries are operating for a very obvious reason that I am sure, through the work of this committee, you will find out why they are not operating today. We will hide nothing from you. We will also tell you where we are as we speak.

“Needless is to say that the refineries were essentially not properly managed over time, not just today but in the last 20 to 25 years. The turnaround maintenance processes were clearly mismanaged over time. We clearly admit that those turnaround maintenances were not properly done in the past, leading to where we are.

“When we took over, it is very obvious that what you are dealing with is not turnaround maintenance; you are dealing with a total rehabilitation. The refineries were clearly in situations where ordinary turnaround maintenance would not solve the problem. We have degradation of a monumental proportion that we met. And of course, the only way you can do this is to conduct full turnaround maintenance.”

Kyari also noted that the refineries were shut down as the country was running at a loss using them. He also said the NNPC shopped for “the best of class” contractors to rehabilitate the facilities.

He said, “We did not abridge any process. We took through all the necessary processes of governance to make sure that we have the right contractor in place. And I am happy today that at the end of that exercise that we have put in place, the Federal Executive Council has approved a contractor for the Port Harcourt refinery, the Kaduna refinery and the Warri refinery.

“Even when you rehabilitate the refineries, you must have the pipelines. As we speak now, the pipeline from Escravos, which will feed the Warri refinery and ultimately the Kaduna refinery cannot carry the two refineries as we speak now. This is for many reasons; one is the act of vandals.

“Needless is to say that the rehabilitation work must also be complemented with the replacement of the pipeline network. We are also working on this. It is a very critical component of what we are doing.”

The GMD also noted that the rehabilitation projects would be financed by banks, different from the previous efforts which were frustrated by funding challenges.

A member of the committee, Olanrewaju Edun, however, said Kyari did not speak to the document the NNPC presented to the panel, noting that what the GMD said was not captured in the written presentation.

Responding, Kyari said the committee should adopt his oral presentation also. “We have nothing to hide, that is why I said everything I could remember,” he said. Other members of the committee, however, insisted on getting the details demanded from the NNPC.

Another member, Ayokunle Isiaka, asked if the NNPC was changing the entire structure and systems of the refineries or changing some specific parts. He demanded an asset valuation report on the refineries. He also asked how refined products would be transported from the refineries when they become functional to the depots for onward distribution.

Chairman of the committee, Ganiyu Johnson also said, “It is very important for you to tell us the actual cost of this (Port Harcourt refinery rehabilitation) contract. If there are fluctuations (variations), the original contract sum, we should know.”

Responding, the GMD said, “Chairman, I didn’t say I did not have answers to all the questions but it is very obvious that we did not respond to all the questions – the requests – that this honourable committee asked us to do. If we had done so, many of the questions that were asked today wouldn’t have come up in the first instance. That is why I said give me the grace so that I can respond to all the submissions that you have requested and I would clearly come back to you as you directed.

“Secondly, we know the contract sum. We are hiding nothing from you. There is no variation on this contract. If you look at the document I submitted to you, you will see the approval is for $1.559bn including VAT. So, there is no question that we do not have an answer to. I don’t have all the details; I will not be able to have all the details, definitely.”

Johnson also asked, “What is the quantity of crude oil given out per day under the DSDP programme to refiners outside this country? Two, what is the quantity of PMS received per day in exchange for the quantity of crude oil swap?”

Responding, Kyari said, “Definitely, these are very specific numbers and there is no way I can give you a number on these, at this moment. First, let me tell you the principle around this. I know today, how much PMS we have in the country. I know we have up to 2.8 billion litres of PMS in the country at this moment, sufficient to keep us for 47 days if we don’t import.

“This is the basic information that I know. And all the PMS don’t come in equal volumes every day. Some days you can receive cargo and for three days may not receive cargo, and you can also receive up to four cargoes in a day. This is market-determined, supply-determined; you cannot give the volume for every day but we have data for every volume of PMS.”

Headline

Aircraft Crashes In Owerri With Four Persons Onboard

Published

21 hours ago

December 17, 2025

Editor

Photo: File copy

A Cessna 172 aircraft with registration number 5N-ASR, operated by Skypower Express, has crashed at the Sam Mbakwe International Cargo Airport, Owerri, Imo State.

The aircraft had departed Kaduna International Airport en route to Port Harcourt International Airport before diverting to Owerri after the crew declared an emergency.

The crash occurred at about 8:00 pm on the airport premises, with four passengers and crew members onboard.

Confirming the incident, the Director, Public Affairs and Family Assistance of the Nigerian Safety Investigation Bureau (NSIB), Mrs. Bimbo Oladeji, said the agency had been notified of the crash.

According to the NSIB, the aircraft crashed on the approach area of Runway 17, but no fatalities have been recorded so far.

The statement said: “Following the occurrence, airport emergency services were successfully activated and arrived on site promptly. Reports indicate that there was no post-crash fire, and the runway remains active for flight operations, with other aircraft taking off safely after the incident.

“Efforts are currently underway to coordinate the recovery and evacuation of the distressed aircraft from the crash site to allow for a detailed wreckage examination.”

The NSIB said it has officially activated its investigation protocols in line with its statutory mandate

The Director-General of NSIB, Capt. Alex Badeh Jr., sympathised with the management of Skypower Express over the incident and expressed relief that no lives were lost.

Badeh Jr. added that the Bureau’s investigation team is already coordinating with relevant authorities to secure the crash site and commence a detailed investigation into the cause of the accident.

Two days ago, 11 persons narrowly escaped death as a private jet crash-landed at Mallam Aminu Kano International Airport, Kano, on Sunday morning.

The occupants, including passengers and cabin crew, were safely evacuated amid an intense atmosphere, eyewitnesses told The Guardian.

The private jet, owned by Flybird Aviation, crash-landed at about 9:30 a.m. while approaching Kano Airport en route to Abuja.

The incident attracted urgent attention, with emergency staff and other stakeholders converging at the runway to render rescue operations.

The management of the Federal Airports Authority of Nigeria (FAAN) is yet to release an official statement on the incident. Unofficial sources disclosed that the passengers have been taken to an unknown destination.

Several aircraft incidents have occurred at Kano Airport, with several lives lost.

The last incident occurred in May 2002, when an EAS Airline aircraft departed the runway at Aminu Kano International Airport at 1:29 p.m. local time en route to Lagos.

Headline

Musk Breaks Record As First Person Worth Over $600 Billion

Published

24 hours ago

December 16, 2025

Editor

Elon Musk, Chief Executive Officer of SpaceX, Tesla, and xAI, has reached a new personal wealth milestone, surpassing a net worth of $600 billion, driven primarily by a recent valuation increase of SpaceX.

The development makes Musk the first individual in history to exceed the US$600 billion threshold.

According to Bloomberg’s Billionaires Index, Musk’s net worth stood at approximately $638 billion as of 15 December 2025, with the increase largely attributed to SpaceX, which was recently valued at around $800 billion following an insider share sale.

The privately held aerospace company, based in Starbase, Texas, is now considered the most valuable private firm globally, significantly boosting Musk’s personal holdings.

Musk’s stake in Tesla, estimated at roughly 12 per cent, is valued at nearly $200 billion, while his majority ownership of xAI Holdings is estimated at $60 billion.

Collectively, these assets place him on track to potentially approach US$700 billion, widening the gap between him and the world’s second-richest individual, former Google CEO Larry Page, valued at $265 billion.

The SpaceX valuation comes ahead of a projected public listing in 2026, which could see the company valued at approximately $1.5 trillion.

“Other shareholder meetings are snooze-fests but ours are bangers. Look at this. This is sick,” Musk said in November during Tesla’s shareholder meeting, referring to a performance-linked pay package approved by investors.

He added, “I super appreciate it.” The package, potentially worth up to US$1 trillion in stock, is tied to market-capitalisation and operational milestones over the next decade.

SpaceX’s Starlink satellite network has also contributed to investor confidence. The company continues to expand high-speed internet access to underserved regions worldwide.

Chad Gibbs, Vice President of Starlink Operations, stated that the satellite technology “bypasses the need to build massive amounts of infrastructure,” allowing broader and faster connectivity.

Musk’s ascent in personal wealth follows years of strategic risk-taking and long-term planning, with Tesla’s focus on electric vehicles, battery technology, and autonomous systems laying the foundation for his financial growth.

Analysts note that the combination of SpaceX’s soaring valuation, Tesla’s long-term incentives, and Musk’s diverse portfolio underpins his current status as the world’s wealthiest individual.

Headline

South Korea, Japan Protest China, Russia Aircraft Incursions

Published

1 week ago

December 10, 2025

Editor

South Korea and Japan reacted furiously on Wednesday after Chinese and Russian military aircraft conducted joint patrols around the two countries, with both Seoul and Tokyo scrambling jets.

South Korea said it had protested with representatives of China and Russia, while Japan said it had conveyed its “serious concerns” over national security.

According to Tokyo, two Russian Tu-95 nuclear-capable bombers on Tuesday flew from the Sea of Japan to rendezvous with two Chinese H-6 bombers in the East China Sea, then conducted a joint flight around the country.

The incident comes as Japan is locked in a dispute with China over comments Prime Minister Sanae Takaichi made about Taiwan.

The bombers’ joint flights were “clearly intended as a show of force against our nation, Defence Minister Shinjiro Koizumi wrote on X Wednesday.

Top government spokesman Minoru Kihara said that Tokyo had “conveyed to both China and Russia our serious concerns over our national security through diplomatic channels”.

Seoul said Tuesday the Russian and Chinese warplanes entered its air defence zone and that a complaint had been lodged with the defence attaches of both countries in the South Korean capital.

“Our military will continue to respond actively to the activities of neighbouring countries’ aircraft within the KADIZ in compliance with international law,” said Lee Kwang-suk, director general of the International Policy Bureau at Seoul’s defence ministry, referring to the Korea Air Defence Identification Zone.

South Korea also said it deployed “fighter jets to take tactical measures in preparation for any contingencies” in response to the Chinese and Russian incursion into the KADIZ.

The planes were spotted before they entered the air defence identification zone, defined as a broader area in which countries police aircraft for security reasons but which does not constitute their airspace.

Japan’s defence ministry also scrambled fighter jets to intercept the warplanes.

Beijing later Tuesday confirmed it had organised drills with Russia’s military according to “annual cooperation plans”.

Moscow also described it as a routine exercise, saying it lasted eight hours and that some foreign fighter jets followed the Russian and Chinese aircraft.

Since 2019, China and Russia have regularly flown military aircraft into South Korea’s air defence zone without prior notice, citing joint exercises.

In November last year, Seoul scrambled jets as five Chinese and six Russian military planes flew through its air defence zone.

Similar incidents occurred in June and December 2023, and in May and November 2022.

Meanwhile, Tokyo said Monday it had scrambled jets in response to repeated takeoff and landing exercises involving fighter jets and military helicopters from China’s Liaoning aircraft carrier as it cruised in international waters near Japan.

It also summoned Beijing’s ambassador after military aircraft from the Liaoning locked radar onto Japanese jets, the latest incident in the row ignited by Takaichi’s comments backing Taiwan.

Takaichi suggested last month that Japan would intervene militarily in any Chinese attack on the self-ruled island, which Beijing claims as its own and has not ruled out seizing by force.

AFP