Connect with us

Oil & Gas

LCCI Backs NNPC proposal to Acquire Stake in Dangote Refinery

Published

on

Share

The Lagos Chamber of Commerce and Industry (LCCI) has backed the proposal by the Nigerian National Petroleum Corporation (NNPC) to acquire 20 per cent stake in the Dangote refinery.

The Director-General, LCCI, Mr Muda Yusuf, in a statement issued on Thursday in Lagos said the move was a step in the right direction.

The NNPC had expressed interest in purchasing a 20 per cent minority equity stake in the 650,000BPD Dangote refinery.

The NNPC Chief Operating Officer, Refining and Petrochemicals, Mr Mustapha Yakubu, made the announcement at the just-concluded Nigeria Oil and Gas Opportunity Fair.

Yakubu said discussions were already going on with the Dangote Group for the acquisition of the stake which would further ensure undisrupted product supply to Nigerians.

The LCCI DG said the reality was that the Dangote refinery was a project of significant and strategic national importance, even though it was promoted by the private sector.

“Taking a stake in the project also makes a great deal of business sense, especially given how far the project execution has gone and our heavy dependence on importation of petroleum products.

“It also makes both commercial and nationalistic sense for the NNPC to express a interest in a project that has a good prospect to put an end to fuel importation and the associated leakages of public funds.

” It would also ensure the preservation of our foreign reserves as we currently spend billions of dollars annually on importation of petroleum products.

“This is in addition to the several multiplier effects arising from related spin off industries like petrochemicals, fertiliser plants which resonates well with our aspiration for self-reliance and backward integration.

“The export prospects are also quite bright,” he said.

According to him, another exciting thing about this investment proposition is that the NNPC will be a minority shareholder and will therefore not take responsibility for the management of the refinery.

He noted that Nigeria had paid a huge price due to the inefficiency in the management of its public enterprises.

Yusuf said: “The model being proposed with the Dangote refinery is similar in a way to the Nigeria Liquefied Natural Gas company model which remains the best example of how government funds should be invested.

“It is a model that shields the investment from interference by politicians and bureaucrats.

“This proposition is much better than the decision to commit scarce public funds to the rehabilitation of decrepit government-owned refineries.”

However, Mr Tunji Oyebanji, Chairman, Major Oil Marketers Association of Nigeria, said marketers were hopeful that the Dangote refinery would be allowed to operate as a purely commercial entity without government interference.

Oyebanji said: “Our experience is that the world over especially in Africa, once government is involved, decisions become political.

“Personally, I would prefer that if equity has to be sold, it should be to the Nigerian investing public, this will ensure that the refinery runs purely on a commercial basis.” (NAN)

Oil & Gas

NNPC Ltd. Disclaims Fake Financial Scheme

Published

on

Share

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has disowned a fake AI-generated video circulating on social media featuring a cloned voice of the Group CEO, Mr Bayo Ojulari, promoting a fictitious poverty alleviation scheme.

The Chief Corporate Communications Officer, NNPC Ltd.

, Olufemi Soneye in a statement on Thursday clarified that the company had no such investment initiative.

Soneye urged the public to disregard the video, originally shared by an account named Mensageiro de Cristo on Facebook.

“NNPC Ltd. has warned the perpetrators to cease their fraudulent actions or face legal consequences,” he said. (NAN)

Continue Reading

NEWS

NGEP Urges Gas Reticulation In Buildings

Published

on

Share

By Olasunkanmi Onifade

Abuja, April 29, 2025 The National Gas Expansion Programme (NGEP) has called on stakeholders to promote the integration of gas reticulation systems in estates, districts, and industrial areas, following best practices seen in developed countries.

Chairman of NGEP, Prof.

Mohammed Ibrahim, made the call on Tuesday during the Builders’ Conference and Annual General Meeting of the Nigerian Institute of Building (NIOB), FCT Chapter, in Abuja.

The conference, themed “Gas Reticulation in Building: Design, Safety, Environmental Compliance and Prospects for Builders,” focused on enhancing energy infrastructure in Nigeria’s built environment.

Ibrahim noted that with Nigeria’s vast natural gas reserves, gas reticulation offered a sustainable solution to improve energy accessibility, affordability, and reliability in homes and businesses.

“Gas reticulation in buildings presents a compelling pathway to a more sustainable, efficient, and resilient built environment.

“By prioritising sound design principles and ensuring strict adherence to safety and environmental standards, we can unlock the full potential of natural gas to drive progress,” he said.

He highlighted the key benefits of gas reticulation, including energy efficiency, cost effectiveness, versatility, and reliability.

Also speaking, the Chairman of the Council of Registered Builders of Nigeria, Samson Opaluwah, stressed the importance of capacity building for safe and efficient gas distribution.

He said this involved training engineers, technicians, and other professionals in system design, installation, and maintenance, while also strengthening regulatory frameworks and encouraging local innovation and manufacturing.

The Chairman of NIOB, FCT Chapter, Usman Okehi, emphasised the growing need to incorporate gas systems in residential, commercial, and industrial developments across Nigeria due to rising energy demands and gas availability.

According to him, with this advancement comes the need for strict adherence to design standards, rigorous safety protocols, and full environmental compliance.

“It is our responsibility as professionals and regulators to ensure these systems are functional, safe, and environmentally sound,” Okehi said.

He described the conference as a platform where stakeholders could explore the evolving landscape of gas infrastructure in building projects, share best practices, examine safety and environmental considerations, and assess future opportunities for builders in the sector.

The News Agency of Nigeria (NAN) reports that the Nigerian Institute of Building is the professional body for builders in Nigeria. It traces its origins to the Builders’ Society, established in London in 1834.

Continue Reading

Oil & Gas

FG Inaugurates Committee to Enhance Gas Distribution in Urban Buildings

Published

on

Share

The Ministry of Petroleum Resources has inaugurated a Technical Working Group to enhance gas reticulation practices in Nigeria’s building industry.

The ministry’s Permanent Secretary, Amb. Nicholas Ella inaugurated the Technical Working Group (TWG) between the National Gas Expansion Programme (NGEP) and the Council of Registered Builders of Nigeria (CORBON) on Wednesday.

Reports= says that reticulation refers to the process of creating a network of pipes or tubes to distribute gas or other utilities to buildings or industrial sites.

The permanent secretary restated the importance of creating energy smart cities, saying that modern urban development relies on efficient gas and utility distribution systems,

“Most modern cities in developed countries have evolved to energy smart cities where energy, specifically gas and other utilities are piped to districts and estates.

“However, one of the key tools in creating energy smart city is the National Building
Code which, in essence, sets the guidelines on Building Pre-design, designs, construction and post-construction stages,” he said.

The permanent secretary reiterated the benefits of reticulated gas systems for households and businesses alike, adding that it ensured metered supply akin to water and electricity,

According to him, it eliminates the need for cumbersome refills, and also enhances safety by burying pipes and incorporating advanced safety equipments.

“The TWG is tasked with designing a comprehensive policy to implement best practices for gas reticulation using LPG, PNG, and Bio-Gas across Nigeria’s building sector.

“Key responsibilities include reviewing the current National Building Code, examining global gas distribution systems, and proposing quality standards for materials used in gas installations,” he said.

The permanent secretary emphasised the need for rigorous safety protocols and guidelines to ensure the efficient and safe use of gas in construction.

He urged the group to prioritise environmental sustainability in its recommendations, adding that the group is expected to submit its report by Nov. 15.

Earlier, Mr Samson Opaliwah, the Chairman of CORBON. expressed the council’s commitment to collaborate with the group to ensure safe uptake of gas for use in houses and housing estates in Nigeria.

“I assure you of the williness of CORBON to leverage the expertise and resources at her disposal to ensure that steps are put in place for gas infrastructure in buildings and estates.

“The gas infrastructure will be safe, sustainable and world-class.

” Our collective efforts will yield clear, standardised guidelines for safe and effective gas systems in buildings, matched with a skilled workforce to meet growing demands in Nigeria,” he said. (NAN)

Continue Reading

Read Our ePaper

Top Stories

POLITICS5 hours ago

Eid Kabir: Lagos APC Felicitates Muslims, says Tinubu is Changing Nigeria’s story

Share)The All Progressives Congress (APC) has facilitated Muslims on the occasion of Eid Kabir, reaffirming President Bola Tinubu’s commitment to...

DEFENCE5 hours ago

Enugu Govt Will Support all Initiatives Promoting Safety on Roads – Gov. Mbah

Share Gov. Peter Mbah of Enugu  State has assured residents of the state that his administration will continue to prioritize...

Metro7 hours ago

Eid-el-Kabir: Wike Assures Tight Security in FCT

Share Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, has assured residents that security agencies are working around the...

General News8 hours ago

Eid-el-Kabir: Etsu Nupe urges Muslims to emulate virtues of Prophet Ibrahim

Share Alhaji Yahaya Abubakar, the Etsu Nupe and Chairman, Niger State Council of Traditional Rulers, has urged Muslims to emulate Prophet...

NEWS11 hours ago

Eid-el-Kabir: Wike Assures Tight Security in FCT

ShareMinister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, has assured residents that security agencies are working around the...

NEWS11 hours ago

Tinubu Mourns Jibril Aminu

SharePresident Bola Tinubu on Thursday paid tribute to Prof. Jibril Aminu, a respected academic and political leader, who died at...

NEWS11 hours ago

Tinubu Pledges more Spending on Enduring Infrastructure

Share President Bola Tinubu says more funds would be committed to infrastructure development across the country.The president said this while...

NEWS11 hours ago

Zulum Felicitates Muslims, Pledges Greater Sacrifices for Lasting Peace

ShareGov. Babagana Zulum of Borno has reaffirmed his administration’s unwavering commitment to intensifying efforts for lasting peace and security in...

NEWS11 hours ago

Petroleum Industry Act: Bayelsa Tasks Oil Companies, Devt Trusts on Transparency

ShareFrom Mike Tayese, Yenagoa The Bayelsa State Government has urged oil companies and host communities development trusts (HCDTs) to be...

NEWS11 hours ago

World Environment Day: EDEN Charges Govt to Hold Plastic Producing Brands Accountable for Waste

ShareFrom Mike Tayese, Yenagoa As the world celebrates World Environment Day with this year’s theme, “Putting An End To Plastic...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc