Markets

NNPC Embarks on Healthcare Venture to Reduce Medical Tourism

Published

6 years ago

September 28, 2018

NNPC Embarks on Healthcare Venture to Reduce Medical Tourism

The Nigerian National Petroleum Corporation (NNPC) has teed-off a major national healthcare intervention project designed to halt medical tourism to foreign destinations through the provision of state-of-the-art hospitals and diagnostic centres across the country.

Details of the medical venture plans published in the Q3 2018 Edition of the NNPC Magazine indicated that the corporation has set a five-year gestation period for the project to achieve substantial impact in Nigeria’s healthcare delivery system.

The NNPC quarterly publication reported that the healthcare project is in three parts. The first is Occupational Health designed to specifically service NNPC staff, their dependents and retirees. All current NNPC clinics fall under this scheme and are presently being upgraded to reflect the new realities.

The second scheme involves some key NNPC hospitals like the erstwhile Abuja International Diagnostic Centre (AIDC) and the Benoni Hospital in Benin City which are being equipped to service both NNPC staff and outsiders because of their projected excess capacity.

The third leg of the medical project which has been designated as ‘new business’ involves locations where state-of-the-art hospitals and diagnostic centers will be constructed on NNPC unutilized lands in Kaduna, Mosimi and Port Harcourt for commercial purposes.

NNPC Group Managing Director, Dr. Maikanti Baru, said he was delighted by the development being spearheaded by the NNPC Medicals, saying the project would impact on the bottom line of the corporation in the long run.

According to NNPC’s statement that made this disclosure on Thursday, Baru affirmed that apart from the financial benefits the project promises, it also underlined the progress being made in the transformation efforts to reposition NNPC as a fully integrated company of the future.

The NNPC Magazine’s report further informed that the icing on the cake is the erstwhile Abuja International Diagnostic Centre which is being reconfigured to assume the status of a national flagship medical mall.

Upon completion, the centre will warehouse top class health care providers in cardiovascular, oncology, renal dialysis, radiology and lab services.

The dream, it was gathered, is essentially to make AIDC a hub for other clinics through telemedicine.

This process allows the remote delivery of healthcare services, such as health assessments or consultations with the support of telecommunications and information technology infrastructure. It will enable the healthcare providers to evaluate, diagnose and treat patients without the need for an in-person visit.

Babatunde Adeniran, Chief Operating Officer, NNPC Ventures, said the new-found medical vision was modeled as well as inspired in part by successes recorded in other jurisdictions like Saudi Arabia, where the state oil company, Saudi Aramco, partners John Hopkins to provide best medical care for its staff and residents of other Middle East countries.

“NNPC has 52 clinics/hospitals, the largest network of healthcare facilities in Nigeria which is enough capacity for us to build on, upgrade the facilities and achieve our commercialization dream. The aim is to reduce to zero, medical tourism and the accompanied capital flight with a view to retaining the money in Nigeria while also improving NNPC’s revenue,’’ he said.

Musa Shaibu, veteran Occupational Health Physician and Managing Director of NNPC Medical Services Limited (NMSL), told the NNPC Magazine that the corporation was harnessing its strong brand name and market place identity to achieve remarkable results in the pursuit of medical excellence.

“The NNPC name is huge, it is a golden name and as we are going into healthcare delivery in the name of NNPC, it is going to be a huge advantage. Don’t forget that, over the years, because we have been in the practice, we have interfaced with the best in healthcare delivery across the world. We know what to do and how to achieve result,’’ he said.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Energy

Marketers’ Plan To Boycott Dangote Refinery For Imported Petrol Stirs Fresh Concern In Nigeria Petroleum Sector

Published

12 hours ago

September 20, 2024

Ugwoke Ogbodo

A fresh crisis is brewing in Nigeria’s Petroleum Industry over the new price list for Premium Motor Spirit (PMS), known as petrol.

The Nigerian National Petroleum Company had announced price adjustments for its retail outlets nationwide upon lifting Dangote Petrol, saying petrol will sell between N950 to N1,019.22 per liter depending on the location.

The development had created a price controversy between Dangote Refinery and NNPC. NNPC had insisted that it bought Dangote Petrol at a per liter pump price of N898, but the 650,000 barrels per day Lagos-based refinery had disagreed with the state-owned firm.

Displeased by the price regime of Dangote Refinery and in extension, NNPC, petrol marketers considered the importation of petrol.

Investors King gathered that about 141 million liters of PMS are being conveyed to Nigeria by oil vessels by oil marketers despite the availability of Dangote Refinery petrol.

Checks revealed that the oil marketers’ move followed the full deregulation of the downstream oil sector by the Federal Government.

However, the development has angered the Crude Oil Refiners Association of Nigeria which kicked against the abandonment of local petrol for foreign products.

The Publicity Secretary of CORAN, Eche Idoko, who condemned the shipment of foreign petrol in a statement raised the alarm that some imported petrol was substandard and was blended in Malta or Togo.

He said aside from the fact that the substandard products imported to the country would cause damage, Idoko assured Nigerians that the Dangote Refinery petrol will pay them way better than the regime of importing petroleum products.

Idoko called for backward integration, saying some were afraid that Dangote would become a monopoly.

According to him, oil marketers are nursing the fear that Dangote will become a monopoly, but he noted that the mere fact Dangote subscribed to CORAN, there would never be monopoly.

He added that with the Petroleum Industry Act in place and all the agencies in play, there is no way that Dangote can become a monopoly.

Earlier, the Nigerian Midstream and Downstream Petroleum Regulatory Authority had declared that imported petrol would be subjected to three tests before being allowed to be sold across the country.

NMDPRA spokesperson, George Ene-Ita, disclosed this amid petrol import concerns.

He stressed that marketers with import licenses were free to import PMS but noted that the products must be subjected to three major tests by the agency.

The President of Dangote Group, Aliko Dangote had earlier in May 2024 stated that the commencement of his refinery will end fuel importation in Nigeria.

Energy

NLC Describes President Tinubu’s Involvement In Dangote Refinery Petrol Pricing As ‘Fraud’

Published

1 day ago

September 19, 2024

Bassey Marshall

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has described the involvement of the President Bola Tinubu-led government in deciding the price of petrol produced by Dangote Refinery as fraud.

Ajaero spoke during a media briefing at the Murtala Muhammed Airport in Lagos on Wednesday.

According to him, the inconsistencies in policies and fraudulent actions of the Tinubu-led administration are the cause of the ongoing conflict between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery.

The NLC President criticised the current administration for attempting to interfere with the operations of private entities like Dangote.

He countered the government’s attempt to dictate the price of petrol produced by Dangote, describing it as fraudulent.

Ajaero said: “In a truly deregulated market, there should be no interference in how private sector entities like Dangote operate. Imposing restrictions or dictating prices goes against the principles of a free market.

“For a locally produced product, with no reliance on imported dollars or landing costs, they’re demanding he sells it at the same price as the imported ones. That’s both fraudulent and unacceptable.

“What you’re witnessing is a mix of fraud and policy inconsistency. Nigerians were led to believe that the sector had been deregulated, and in a deregulated market, competition and choice should prevail. So why is there now an attempt to control how much Dangote should sell his product for?

“When the Port Harcourt refinery becomes operational, both NNPC and Dangote should be able to sell freely. But trying to dictate Dangote’s pricing is dishonest.

“This is the time for Nigerians to speak out. We were told that deregulation would put the private sector in charge and limit government interference in business. Now, the government is trying to regulate how private businesses should price their products.

“They expect him to sell at the same price as the imported product, even though it was produced locally without the additional landing costs. That’s outright fraud.”

Crude Oil

Oil Prices Gain Amid U.S. Production Woes and Rate Cut Expectations

Published

4 days ago

September 17, 2024

Samed Olukoya

Crude gained on Tuesday following Hurricane Francine disruption in the U.S. and the possibility of an interest rate cut in the U.S.

These two factors have boosted traders’ sentiment in the oil market despite concerns about global demand and slowing growth in China.

Brent crude oil, against which Nigerian oil is priced, rose by 36 cents, or 0.5% to $73.11 per barrel while the U.S. crude oil gained 53 cents, or 0.8% to settle $70.62 per barrel.

Both closed higher in the previous trading session as the market reacted to the impact of Hurricane Francine on U.S. Gulf Coast production.

More than 12% of crude oil production and 16% of natural gas output in the Gulf of Mexico remained offline as of Monday, according to the U.S.

According to the Bureau of Safety and Environmental Enforcement (BSEE), the disruption has raised concerns over short-term supply shortages and contribution to the upward momentum in prices.

Yeap Jun Rong, a market strategist at IG said “while the market is seeing near-term stabilization, the fragile state of China’s economy and anticipation of the U.S. Federal Reserve’s interest rate decision could limit further gains.”

The Federal Open Market Committee (FOMC) is expected to announce a rate cut later this week, with futures markets pricing in a 69% chance of a 50-basis-point reduction.

Lower interest rates are favourable for oil prices as they reduce borrowing costs and encourage economic growth.

“Growing expectations of an aggressive rate cut are lifting sentiment across the commodities sector”, stated ANZ analysts.

The market, however, remains cautious due to lower-than-expected demand from China, the world’s largest importer of the commodity.

Chinese data released over the weekend showed that China’s oil refinery output dropped for the fifth consecutive month in August. This signals weaker domestic demand and declining export margins.