₦airaland Forum

PigTormentor:
Good move. Atiku will soon cry that he said rhe same thing. But he wanted to seel them to his friends.

poiZon:
Very dry...

This line won't clear u for monthly stipend o

Omooba77:
https://www.channelstv.com/2025/11/05/fg-mulls-refineries-sale-to-boost-competition/

BreakingNews21:
I sincerely wish Madame Verheijen the ultimate success in finally sorting out the refinery malaise. The lady comes with top notch international credentials.
She also resembles a famous Nollywood icon.

Meet Olu Verheijen, Tinubu’s Energy Adviser, Picked to Drive Change in NNPC, Electricity Sector

https://www.legit.ng/business-economy/energy/1539898-meet-olu-verheijen-tinubus-energy-adiviser-picked-drive-change-nnpc-electricity/

BreakingNews21:
I sincerely wish Madame Verheijen the ultimate success in finally sorting out the refinery malaise. The lady comes with top notch international credentials.
She also resembles a famous Nollywood icon.

Meet Olu Verheijen, Tinubu’s Energy Adviser, Picked to Drive Change in NNPC, Electricity Sector

https://www.legit.ng/business-economy/energy/1539898-meet-olu-verheijen-tinubus-energy-adiviser-picked-drive-change-nnpc-electricity/

Mrfixitt:
Mumu FG na now una eyes clear abi ? Obasanjo advised Tinubu on what to do but like a clueless man he is, he gave deaf ears.Almost $20b wasted yet nothing is working..May Tinubu NEVER HAPPEN to Nigeria again

iwaeda:
How can you sell what is producing and loading from Eleme. Ojulari is not even sure what to do. Largest refinery in Nigeria 700,000 bpd, why must we sell. When OBJ said it can never work, they reminded him of his sins. Atiku said sell it, they keep shouting.

Eminent2025:
That's the best thing to happen to Nigeria

Princecalm:
Jul 29, 2015

The Nigerian National Petroleum Corporation has announced that the Port Harcourt and Warri refineries have been successfully re-streamed after a nine-month rehabilitation exercise conducted by its in-house engineers and technicians.

The corporation, in a statement, noted that both plants commenced preliminary production of petroleum products after successful test-runs, adding that while PHRC was ramping up its operation to about 60 per cent of its 210,000 barrels per day capacity, WRPC production was projected to hit 80 per cent of its installed 125,000bpd capacity.

The NNPC said the Port Harcourt refinery was projected to boost the nation’s local refining capacity with a product yield of five million litres of petrol per day, while Warri refinery would contribute 3.5 million litres of petrol.

Providing insight into the rehabilitation exercise, the NNPC noted that it had to adopt the phased rehabilitation strategy after the Original Refinery Builders, who were initially contacted for the project came up with unfavorable terms.

It said, “Though a decision was taken in 2011 to rehabilitate all the refineries using the ORB of each of the refineries, we were impelled to switch strategy after the ORBs declined participation and nominated some partners in their stead who came up with outrageously unfavorable terms.”

The NNPC stated that the nominated partners, as sole-bidders, came up with humongous price offers after two years of thorough and exhaustive scope of work definition and price negotiations.

It added that the proxies were also unwilling to provide post rehabilitation performance guarantees.

The corporation said, “The phased rehabilitation strategy which entailed phased and simultaneous rehabilitation of all the refineries using in-house and locally available resources in line with the spirit and letter of the Nigerian Content Law, also involved the use of Original Equipment Manufacturer representatives to effect major equipment overhaul and rehabilitation.”

The national oil firm said the phased rehabilitation programme, which started in October 2014 after the required funding stream was established, created a 70 per cent reduction in costs which helped largely in mitigating the financing challenges of refinery rehabilitation.

It observed that with the successful re-streaming of the PHRC and WRPC, attention has now moved to the 110,000 barrels per day Kaduna Refining and Petrochemicals Company which was billed to come on stream soon.

http://www.punchng.com/news/pharcourt-warri-refineries-commence-preliminary-operations-nnpc/

Breaker001:
Sell them off, if that will bring relief and succour to the average Nigerian citizen. 😎

saintopus:
The PH Refinery ships its first export of petroleum products to Dubai.
The company is expected to load the cargo in the coming days onboard the Wonder Star MR1 ship, signalling the commencement of operations at the plant and the exportation of petroleum products.

The ship will load 15,000 metric tons of the product, which translates to about 13.6 million litres.

Although the volume coming from the NNPC into the global market is still small, the development has the potential to impact the Very Low Sulphur Fuel Oil (VLSFO) benchmarks in the future while changing the market realities for Atlantic Basin exporters into Nigeria and other regions.

The sulfur content of the export by NNPC stands at 0.26 per cent per wt and a 0.918 g/ml density at 15°C, according to Kpler, a data and analysis company.

The cargo was reportedly sold at an $8.50/t discount to the NWE 0.5 per cent benchmark on a Free on Board (FOB) basis.

Kpler reported that the development would help displace imports from traditional suppliers in Africa and Europe, as Nigeria’s falling clean product (CPP) imports are already decreasing, dragging imports into the wider West Africa region lower as well.

https://guardian.ng/energy/nnpc-begins-export-from-ph-refinery-as-dubai-firm-buys-first-cargo/

frog12:
so what happens to people that took billions and
lied to us that the refineries have been
fixed

chisomkachy:
The Economic and Financial Crimes Commission (EFCC) has withdrawn the alleged money laundering suit it filed at the Federal High Court against Lagos Speaker Mudashiru Ajayi Obasa.

Naija News understands that the anti-graft did not give any particular reason for its application for withdrawal.

Following the application to withdraw, Justice Nicholas Oweibo discharged the ‘lien/Post No Debit’ placed on Obasa’s three accounts in Standard Chartered Bank.

The accounts are (US Dollars) 0001852063; (Current) 0001852056 and (Saving) 5002309624.

The judge also set aside the ex-parte orders he made on September 15, 2020, which led to the freezing of the accounts.

Recall that the court on September 15, 2020, granted an interim order freezing Obasa’s accounts following the EFCC’s application in a suit marked FHC/LCS/1064/2020.

The agency had said it was investigating the Speaker for the alleged offences of conspiracy, diversion of funds, abuse of office and money laundering.

But Justice Oweibo, on August 16, 2023, heard the application to unfreeze the accounts in his chamber.

During the hearing, the EFCC was represented by Mr. Sulaiman I. Sulaiman, while Obasa was represented by Mr. Adeyinka Olumide-Fusika (SAN).

The EFCC lawyer told the court that the application to unfreeze the accounts was pursuant to Section 44(2)(K) of the 1999 Constitution (as amended) and Sections 26, 29 and 34 (1) of the EFCC (Establishment) Act, 2004, and under the court’s inherent jurisdiction.

Section 44 of the Constitution concerns constitutional rights to property.

Justice Oweibo held: “It is hereby ordered that an order is hereby granted to the respondent/applicant setting aside the ex-parte orders of this court made on the 15th day of September 2020 upon the ex-parte motion of the Applicant/ Respondent in relation the funds of the Respondent/Applicant domiciled in the accounts stated in the following schedule:

“ACCOUNT NAME, FINANCIAL ACCOUNT INSTITUTIONS, TYPE OF ACCOUNT, 1. Mudasiru Ajayi Obasa, Standard Chartered, (US Dollars) 0001852063 2. Mudasiru Ajayi Obasa, Standard Chartered (Current) 0001852056 3. Mudashiru Ajayi Obasa, Standard Chartered (Saving) 5002309624.

“Issued at Lagos, under the seal of this Honourable Court and by the hands of the Presiding Judge this 16th day of August 2023.”

https://dailytimesng.com/obasa-efcc-withdraws-suit/

Previous Threads:
https://www.nairaland.com/5877642/obasa-64-bank-accounts-linked#89878603

https://wap.nairaland.com/6167844/lagos-assembly-speaker-obasa-efcc#94728150

https://www.nairaland.com/6168612/obasa-court-orders-efcc-freeze#94741534

Mrfixitt:
Mumu FG na now una eyes clear abi ? Obasanjo advised Tinubu on what to do but like a clueless man he is, he gave deaf ears.Almost $20b wasted yet nothing is working..May Tinubu NEVER HAPPEN to Nigeria again

ZombieTAMER:
This party called APc opposed refinery sale under PDP


how exactly should we define evil?

PigTormentor:
Good move. Atiku will soon cry that he said rhe same thing. But he wanted to seel them to his friends.

PigTormentor:
Good move. Atiku will soon cry that he said rhe same thing. But he wanted to seel them to his friends.

Vision101:
My friend avoid bias when you criticize. The turnaround maintenance, the disbursement and the management team were actions of Buhari. PBAT inherited them. As sensitive as sale of a major asset like NNPC is would it be the first actions of a new president when commitment and expenditure has been made by previous administration? The logical thing is it not to encourage it to see if something good will come out?

If it didn't work out, the next step is to fire the team, put a new team in place and allow them to have a neutral look at the issue. Whatever comes out then a firm decision will be taken. Is this not what is happening?

Leadership is not a piece of cake 🎂.

PigTormentor:
I'm trying very hard bro. I'm waiting on my 22k monthly pay before I can eat. I never chop since 20 days na. Clown 🤡