₦airaland Forum

LAW2577:
Which Dangote? He returning fx cornered to his businesses, he will be exposed soon

michlins:
New week,new lamba

What can $5bn do in the forex market right now? Something one cartel can buy and starts to sell at inflated prices slowly. Problem $10bn couldn't solve, you want to solve it with 5bn

jonahhh:
use your 36 or better still ask questions .. dangote is one of our major problems

Resurrection212:
So they can burial Nigeria finally.

The Minister of State for Petroleum Resources, Heineken Lokpobiri, on Friday, announced that the responsibility for the timely renovation of state-owned refineries squarely falls on the Nigerian National Petroleum Company Limited.

Lokpobiri’s remarks came as he fielded questions from State House Correspondents following the three-day Cabinet Retreat at the State House Conference Center, Abuja.

He outlined the essential role of NNPCL in overhauling three significant refineries, a project pivotal for curtailing fuel scarcity and shifting reliance on natural gas.

Despite investing $25bn on fixing the refineries in the past 10 years, the facilities still function below 30 per cent of their potential output, a report by the 9th National Assembly shows.


The report called for a forensic audit of these efforts and recommended rehabilitating the Warri and Port Harcourt refineries. It also recommended audits on the Kaduna refinery.

Consequently, the Senate constituted an ad-hoc committee to investigate the NNPCL over the N11.35 trillion spent on the turnaround maintenance of the refineries.

The committee was meant to interrogate the Federal Ministry of Petroleum Resources, NNPCL, the Nigerian Upstream Petroleum Regulatory Commission, and the Bureau of Public Enterprises on the best approach to commercialise and ensure the profitability of the state-owned refineries.


Upon being questioned about the timeframe for rehabilitating the refineries, Lokpobiri clarified, “Yes, the rehabilitation of the refineries, if you remember, was started by the previous administration and as part of the President’s directive. I have gone around all the refineries and from what they have briefed me, Port Harcourt has three phases.

“So Phase 1 will be ready by the end of this year. I am not the one who is directly in charge of rehabilitation; it is the NNPCL and they have told me and I am holding them accountable.

“For Warri refinery, they said Phase 1 will be ready by the end of the year. Phases 2 and 3 in Port Harcourt will be ready next year, and the whole Kaduna refinery will be ready by the end of next year.

That is what they said, and I am holding them accountable for their own words.”

The Minister elaborated on his oversight approach, disclosing his practice of unscheduled site visits to monitor progress without prior announcement.

He stressed the significance of achieving a degree of rehabilitation by year-end to boost domestic refining capabilities.


Lokpobiri also touched upon the influx of the Dangote refinery and the numerous modular refineries that have been issued licenses.

He pinpointed a critical bottleneck — the availability of crude as feedstock for these facilities.

Lokpobiri explained, “I believe that those refineries if we are able to achieve some level of rehabilitation by the end of this year, will also improve our domestic refining capacity. But that is not even the problem; the Dangote refinery, too, is coming.

“We have a lot of modular refineries that we have given licenses, but the challenge has been the feedstock. Even if you have the modular refinery, do you have the crude to be able to refine it?

“That’s why I said unless we produce sufficient quantity, even if the refineries are rehabilitated, there will be no feedstock. So, my challenge is to ramp up production to see how we can feed not only the big refineries but also the modular ones. These are the real employers of labour and they will do the magic,”

Lokpobiri mentioned his efforts to streamline the licensing process, cutting through red tape to ensure rapid issuance within 24 hours, provided all requirements are met.

The Minister said he has taken a firm stance on using licenses, indicating a zero-tolerance policy for inactivity.

“I have also said I don’t want to give people licenses and they use them as souvenirs; if you are given a license, you must use it within the terms or else, I will cancel it.


“Just like I didn’t know you before signing the license, I will cancel without blinking an eye,” he cautioned.

Lokpobiri added that increasing crude production is the most viable solution to the nation’s fuel crisis. He acknowledged the inherited challenges of low production, linked to security issues and lacklustre investment.

However, the Minister hinted at the potential for a “different report” in the coming months.

He declared his ministry’s ambition to nearly double crude production, setting a target of reaching close to 2 million barrels per day before the year’s end. These efforts, he explained, include bolstering security and re-engaging international oil companies to reignite investment.

By tackling fiscal and regulatory concerns, Lokpobiri said he hopes to reach a production level that will substantially ease the current fuel crisis.

GeneralDae:
This one is different because PMS is still our biggest import and affects the naira more than cement or anything else.

The only stuff that comes close to PMS imports are Laptops and Phones.

These are the big movers and shakers that can affect the naira when they sneeze.

Brownbetsport24:
Hj

The Chief of Air Staff, Air Marshal Hasan Abubakar, has said the service in the last two weeks has taken delivery of four aircraft.

According to him, two additional DA-62 surveillance aircraft were received last two weeks, while two T-129 ATAK helicopters were delivered to the service two days ago.

He disclosed that the attack helicopters would soon be inducted into the inventory of the Air Force.


A statement by the Air Force spokesperson, Edward Gbakwet, quoted the Air Chief as saying this during the annual 10km Walk/Jog for its personnel in Abuja on Saturday.

It partly read, “The CAS disclosed that through the commitment of the Federal Government, the NAF has witnessed a total overhaul and enhancement of its Order of Battle, recalling that about 2 weeks ago, the Service took delivery of 2 additional DA-62 surveillance aircraft and only 2 days ago, also received 2 T-129 ATAK helicopters soon to be inducted into the inventory of the NAF.”

Abubakar, however, stated that more additional aircraft were still expected by the Air Force, adding that with the arrival of some of the purchased platforms, the service would stop at nothing to eradicate the security challenges facing the country.

N3TRAL:
That they're worth above 1billion USD doesn't mean they have it in their personal bank accounts.

Roboto11:
They don't have 5 billion dollars In cash.

N3TRAL:
Not up to 100 individuals in the whole world have up to 5 billion USD in their personal bank accounts.

Biodun556:

https://www.youtube.com/watch?v=4ONtQMYZPRo?si=_Bmuec1oaho2PnUD

SPAMBOX7:
Lol I have lost more than 500k and still counting but I ain't moved. I ain't withdrawing shit.

I just dey laff people wey still believe in naira thriving over dollar. Yall will keep fooling yourselves till it's too late. For as long as tifnubu is here to stay dollar will hit 3k before 2025.

Come back in 2025 and read this again and say I told you.

Drops pen*

TheSuperX:
Around 700 currently

BeauBragnar11:
Black market??

The Nigeria Customs Service, Area 2, Onne, Rivers State, said on Friday that it generated a total sum of N246 billion in ten months.

The Comptroller of Customs in the command, Comptroller Baba Imam, disclosed this to newsmen at a briefing in Onne, Eleme Local Government Area of the state.

Imam said the command raked in the sum of N38 billion for October alone, surpassing its monthly revenue target of N28 billion with an increment of over N10 billion.

The command, he said impounded nine containers laden with various items such as 724 bales of used clothing, 1805 pieces of used tyres, four vehicles used in the concealment of 76.9kg special cannabis, 2070 cartons of tomato paste whose total duty paid value was put at N1,162,424,371.00bn.


He stated that an imported container from the United States which was declared to contain household effects and one used vehicle was found to contain one pistol and 100 rounds of ammunition.

He said two suspects arrested in connection with the ammunition have been handed to the police for further investigation.

Imam stated, “Today’s briefing is the sequel to a series of events that have unfolded in the last six months.


“Above all, part of our event today is for you to witness the handover of a pistol, 100 pieces of 9mm ammunition, and two suspects in our custody in connection to the pistol and ammunition smuggling to the Nigerian police.

“On the 26th of October, 2023 in the course of examination of an imported container from the United States which was declared to contain household effects, one used vehicle was found to contain one pistol and 100 rounds of ammunition.

“The operatives of the customs intelligence unit attached to the group of examination officers were instrumental in the discovery of the pistol and 100 rounds of live ammunition concealed within the vehicle.”

He added, “In the area of revenue generation and collection, this area command has generated a total of N246,025,872,903.80 billion from January 2023 to October 2023, this represents a significant increment of N44,145,889008.65 over the amount generated for 2022”

“It is pertinent to State here that the Command realized the sum of over N38bn with an increment of over N10 billion

”Let me at this juncture, be emphatic that we do not just take delight in impounding containers or making seizures of contraband goods, rather we do this to enforce the laws of the nation and to serve as deterrents to others.”

While lauding his men for their vigilance and high commitment to duty, Imam said that the command will collaborate with sister agencies to make the country a safe place to live in.