The Nigerian National Petroleum Company Limited (NNPCL) has again disappointed Nigerians over the functionality of the country’s refinery in Port-Harcourt, Rivers State.

The Group Chief Executive Officer of the NNPC, Mele Kyari, had in July, this year, stated categorically that the refinery would come into operation in early August.

Kyari’s announcement made it the seventh time the petroleum company would promise Nigerians that the Port-Harcourt Refinery would restart operations.

But the company has not been able to fulfill any of its assurances as at the time of this report, even as the challenges of fuel availability facing Nigeria bite harder.

The NNPC CEO had earlier promised that the refineries would be functional before the end of former president Muhammadu Buhari’s administration in May 2023.

The most recent date was promised by the Chief Financial Officer of the NNPC, Umar Ajiya, who said the Port Harcourt refinery would commence operations in September 2024.

In a recent reply to an enquiry by legal luminary, Femi Falana, SAN, it was noted that the contractor overseeing the rehabilitation of the Port Harcourt refinery, said it would provide details on the project’s completion by or before October 2.

The contractor conveyed this through a law firm, Olajide Oyewole LLP, in response to a letter from a Senior Advocate of Nigeria, Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation.

Falana had written to them on September 17 and 24, respectively regarding the contract with the NNPC.

Kyari had informed the Senate recently when he appeared before the red chamber that Nigeria would be a net exporter of petroleum products by the end of the year.

He had informed the lawmakers that it was impossible to have the Kaduna refinery come into operation before December and that it would get to December. He had said similar things of both Warri and Kaduna Refineries.

According to him, Port Harcourt would commence production in early August this year.

The Flour Mills of Nigeria Plc (FMN) has perfected plans to buy out minority shareholders to focus on strengthening its position as the future of African food businesses.

Boye Olusanya, the group managing director, stated that the company has received approval from the Nigerian Exchange Limited (NGX) and the Securities and Exchange Commission (SEC) to proceed with the purchase.

FMN disclosed on Tuesday that the buyout would be executed through a scheme of arrangement, supervised by relevant regulatory bodies.

According to Olusanya, this move aligns with FMN’s goal to become the leading Pan-African food business, improving its ability to innovate and grow, while focusing on long-term value for stakeholders.

He said the buyout would enhance FMN’s operational efficiency and decision-making agility.

The company plans to apply to the Federal High Court for approval to convene a shareholders’ meeting, where the resolution to buy out minority shareholders will be discussed.

Olusanya said the resolution would pass if at least 75% of shareholders, either in person or by proxy, approve it at the Court-Ordered Meeting (COM). FMN’s board has already recommended the offer to shareholders, citing the buyout’s potential advantages for innovation and sustainable growth.

The Nigeria National Petroleum Company Limited (NNPCL) has revealed plans to revive two Liquefied Natural Gas (LNG) projects: the Brass and Olokola LNG projects.

With these projects, the NNPCL seeks to maximize Nigeria’s abundant gas resources for economic development and prosperity.

According to Mr. Umar Ajiya, NNPCL’s Chief Financial Officer (CFO), the company has initiated discussions with investors to bring back the Brass and Olokola LNG projects.

Ajiya spoke at the ongoing 2024 Gas Technology Conference and Exhibition (Gastech) in Houston, United States, on Thursday.

He attributed the suspension of the multi-billion-dollar projects to unfavorable market dynamics and slow decision-making by the government.

Ajiya revealed that the LNG projects offer many economic benefits for the country.

His words: “Brass LNG and OK LNG are two projects with the potential for manifold economic benefits, including job creation, power generation, revenue generation, and economic diversification.

“However, the multi-billion-dollar projects were stalled due to unfavorable market dynamics and slow decision-making by the political class in the past.

“In the past, gas prices fell, and the economics of the projects required high capital expenditure (CAPEX), which was a disincentive for investors and partners. Additionally, there was slow decision-making by the political class,” Ajiya added.

He further described NNPC as a commercially driven company that recognizes the importance of timely project development and execution.

Ajiya explained, “Abundant gas resources exist in many parts of the world, and therefore, the earlier Nigeria makes smart decisions to bring partners to the table, the better.”

“We are also pleased to have the Petroleum Industry Act, 2021 (PIA), which has provided fiscal incentives for investors and created an enabling environment that has rekindled hope in the energy sector,” he stated.

Speaking about Gastech, Ajiya noted that it is an avenue for NNPC to learn new technologies that will help the company tap into the global market with its abundant LNG resources.

According to NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement on Friday, “Gastech is the world’s leading forum dedicated to delivering a more sustainable energy future by bringing together experts who brainstorm to create pathways toward global energy security for lasting climate impact.”