Connect with us

Business

Swiss Firms Selling Dirty Fuel to Nigeria – Group

Published

on

Oil Declines Below 60USD A Barrel

A civil rights organisation, Africa Network for Environment and Economic Justice, has raised the alarm that two companies based in Switzerland, Vitol and Trafigura, are allegedly engaged in the importation of dirty fuel to Nigeria.

The ANEEJ advised the government to “work closely with the National Assembly and help to activate all environmental laws that will check the illegitimate business activities of Vitol and Trafigura.”

The Executive Director, ANEEJ, Rev. David Ugolor, at a press briefing in Abuja on Thursday, challenged the Federal Government to pay serious attention to the dangers posed to the health of the citizens by the development.

He also suggested that there should be an increase in the oversight function of regulatory bodies like the Petroleum Products Pricing Regulatory Agency, while a task force should be set up in the West African sub-region to embark on a massive enlightenment on dirty fuel.

Ugolor alleged that foreign companies “take undue advantage of weak fuel standards in Africa to produce, deliver and sell diesel, Premium Motor Spirit (petrol) and gasoline, which damage the health of the people.”

He alleged that the business model of the Swiss firms relied on an illegitimate strategy of deliberately lowering the quality of fuels for gain.

Ugolor said, “Using a common industry practice called blending, Vitol and Trafigura and their conglomerates mix cheap and toxic intermediate petroleum products to produce what the industry calls African quality fuel.”

According to him, these products contain higher levels of sulphur and other harmful poisons that can never be found in Europe and the United States. By selling such fuels and diesels at the pump in Africa, the traders increase external air pollution, causing respiratory diseases and premature deaths.

He said, “We all know that poor air quality poses serious risks to public health. As air quality declines, the risk of stroke, heart diseases, lung cancer, and chronic and acute respiratory diseases increases for residents of cities where the people rely on diesel to power their means of production.

“It is impossible to continue to remain silent about this problem, especially for the short and long-term repercussions on the health and economy of our people.

“Therefore, the ANEEJ, an NGO strong in the areas of anti-corruption, environment, poverty alleviation and good governance, in collaboration with a Swiss NGO, the Public Eye, formerly the Berne Declaration, have carried out this campaign against dirty fuels in the West African sub-region with the intention to address it.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

Published

on

MTN 1

MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

Continue Reading

Business

President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

Published

on

President Buhari

President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

Continue Reading

Business

Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

Published

on

Tesla earnings

Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

Continue Reading

Trending