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FG to Withdraw Idle Oil Refinery Licences

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  • FG to Withdraw Idle Oil Refinery Licences

The Federal Government has said it will withdraw the refinery licences that have remained idle in the hands of private investors since they were issued.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated this on Wednesday on the sidelines of an ongoing annual Offshore Technology Conference in Houston, United States.

The News Agency of Nigeria quoted the minister as saying that he had discussed the matter with the Department of Petroleum Resources.

The DPR’s statutory functions include processing application for various licences, permits and approvals across the oil and gas value chain.

Kachikwu said the aim of giving licences was to reduce the huge capital flight to fuel importation, meet local demand and look at possible exports.

“I have spoken with the DPR on the matter. Those who have not been able to move forward will have their licences withdrawn,” he said.

The Federal Government under former President Olusegun Obasanjo had granted licences to some private concerns to build refineries but most of them have yet to put it to use.

The minister explained that the review of the system was necessary as the nation’s existing refineries, which had a combined capacity of 445,000 barrels per day, were grossly inadequate to meet the national daily demand.

He said that his outlook for the year for the sector was to “have a robust relation with investors to increase production of crude to 2.5 million bpd and then to three million bpd”.

On incentives for modular refineries, Kachikwu said, “Since they will be located in states, land will be provided for the refineries.”

He explained that investors would leave other countries to do business in Nigeria irrespective of seeming unstable business climate, because “Nigeria has the best returns on any investment in the world. The terrain is good.’’

The minister also said, “A lot of latitude is given to investors to develop what works for them. Most of them know how to be resilient because they know the returns. Our resource base is huge. We have huge gas reserves, huge downstream opportunities.

“I don’t know of any country that has that much resource, that income generation. I think we can favourably compete with Saudi Arabia.”

He said that when he took over at the ministry, there were security issues and downstream policies were not robust.

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.

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Ellah Lakes Partner Ondo State Government to Develop Oil Palm, Cassava in the State

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The management of Ellah Lakes Plc said it has partnered with Ondo State Government to develop and manage 5000 hectares of land for the purpose of cultivating oil palm and cassava in Ondo State, Nigeria.

The company stated in a statement signed by Kenechi Ezezika, Company Secretary, Ellah Lakes Plc.

Speaking on the development, the Chief Executive Officer, Chuka Mordi said: “This is a significant landmark for the Company in the development of our landbank, & we are very excited to be working with ODSG.

I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base. I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State”.

The Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi, who also spoke on the development said: “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”

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Unilever Nigeria Appoints Mr Jaime Aguilera as a Non-Executive Director

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Unilever Nigeria Plc announced it has appointed Mr. Jaime Aguilera as a Non-Executive Director of the company effective from January 2021.

The company stated in a statement filed with the Nigerian Stock Exchange.

Mr Jaime Aguilera worked with Coca-cola, Nestle and Procter & Gamble before joining Unilever as Executive Vice President Unilever Eastern Europe in September 2016.

Therefore, his experience spans from Europe, Americas and Asia.

His key expertise areas are “in Sales & Marketing and he has lead teams in Spain, Brazil, South Eastern Europe, Middle East, Mexico and Global teams.

“In 2009, he joined Unilever Spain as EVP & Chairman and then moved to his current role as Unilever Executive Vice President Africa, leading the Unilever business in Africa. Jaime is of Spanish origin and is an alumnus of the Universidad Pontificia de Comillas- ICADE. Jaime majored in Economic Sciences, Management & Business Administration.”

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

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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.

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