The former Nigerian Minister of Tourism, Femi Fani-Kayode, has tackled critics of the Nigerian National Petroleum Company Limited upon the recent revival of Port Harcourt Refinery.

This comes as he alleged that some elements within the private sector in the oil and gas industry want to undermine and understate the revitalisation of the Port Harcourt Refinery.

Fani-Kayode made this known in a statement on his official X handle on Thursday, noting that the oil business is not the same thing as selling sugar, spaghetti, and cement, tackling Aliko Dangote, president of Dangote Refinery.

His comments come amid claims against the viability of Port Harcourt Refinery after NNPCL announced that the plant has begun trucking out petroleum products on Tuesday.

Recall that Timothy Mgbere, Secretary of the Alesa community stakeholders, in an interview on Arise Television on Thursday alleged that Port Harcourt Refinery trucked sold out old stock, not freshly refined petroleum products.

However, Fani-Kayode fingered some elements in the private sector of the industry as responsible for the campaign of calumny to discredit the Group Managing Director of NNPCL, Mele Kyari, and President Bola Ahmed Tinubu over the commencement of Port Harcourt Refinery after years of being in comatose.

He stressed that the Port Harcourt Refinery is a great victory for Nigeria.

According to him, what Nigerians need is for NNPCL refineries to flourish, and the same for Dangote Refinery and others.

He said, “The resurrection of the PH refinery is one of the most encouraging things that has happened in the petroleum sector for many years, and the credit for this must go to the President and the GMD of NNPC.

“It is a pity that some elements in the private sector who are new in the field are doing all they can to undermine and understate this great victory for Nigeria.

“The oil business is not the same as selling sugar, spaghetti, cement, or rice, and no matter how hard you try, you cannot muscle your way and create a monopoly on the sale of refined products as you did for other commodities over the years.”.

He added: “NNPC will go from strength to strength, and once its other refineries are working as well, Nigerians will have cause to smile again. Let the new kid on the block flourish, but let the NNPC refineries flourish too. That should be our goal and not a squalid attempt to discredit NNPC and its leadership.

“Every optimistic and true lover of Nigeria’s progress and President Tinubu’s renewed hope agenda must be proud of the GMD Mele Kyari. His tenacity, bravery, ingenuity, and forthrightness have been rewarded with this great feat. Surely this is hope renewed for Nigerians.”.

Ekwutosblog recalls that on Tuesday the NNPCL announced the commencement of petroleum product production at the Port Harcourt Refinery.

Access Holdings successfully completes the acquisition of Standard Chartered Bank’s operations in Angola, expanding its footprint in Africa.

Access Holdings has successfully finalized the acquisition of Standard Chartered Bank’s operations in Angola, marking a significant milestone with the transfer of banking assets to its commercial banking division, Access Bank.

This transaction, initially announced four months prior, was confirmed in a statement from Access Holdings on Wednesday.

The acquisition enhances Access Bank’s footprint in Africa, with the Angolan market representing a valuable addition to its growing portfolio.

Furthermore, the completion of transactions for StanChart’s subsidiaries in The Gambia, Cameroon, and its consumer and private banking operations in Tanzania is anticipated soon, further solidifying Access Bank’s presence across the continent.

According to Access Bank’s CEO, Roosevelt Ogbonna, these acquisitions are expected to improve earnings quality by increasing the bank’s share in Corporate and SME banking within these markets.

Mr. Ogbonna emphasized that these developments are pivotal to the bank’s vision of becoming the World’s Most Respected African Bank.

As the largest lender in West Africa by assets, Access Bank is strategically expanding into Southern Africa, a region recognized for its lucrative banking opportunities.

Acquiring StanChart’s unit in Angola, the continent’s leading oil producer, is crucial for strengthening its market position and achieving its goal of ranking among the top banks in the country in the coming years.

Access Bank already operates a local subsidiary, Access Bank Plc, in Angola.

The decision by StanChart to divest a significant portion of its banking assets aligns with Access Holdings’ ambition to expand during a time when the African Continental Free Trade Area is facilitating unprecedented trade opportunities within the continent.

A financial institution based in London announced on Wednesday that it is evaluating the potential sale of its wealth and retail banking divisions in Zambia, Botswana, and Uganda to support further investment in its prominent wealth management sector.

In October, Mr. Ogbonna mentioned in a discussion with journalists that Access Bank plans to launch its first dollar bond in two phases in Nigeria starting next year.

Dealers insist PMS must be cheaper than Dangote’s, NNPCL delays price portal opening, restricts product

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Oil marketers have outlined the conditions that will make them patronise the newly rehabilitated Port Harcourt Refinery Company in Rivers State.

PHRC, under the management of the Nigerian National Petroleum Company Limited, must dispense its refined petroleum products below the prices of the Dangote Petroleum Refinery, the dealers stated.

But the NNPCL, in reaction to claims on Wednesday that its petrol price was about N1,045/litre, stated that the refinery had yet to release its prices, as products from the plant were currently dispensed to only NNPCL stations.

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The oil firm’s spokesperson, Olufemi Soneye, revealed that the company was still reviewing its prices and had yet to commence bulk sales, as its purchasing portal remained closed.

Meanwhile, it was also gathered on Wednesday that oil marketers imported 105.67 million litres of petrol into the country in five days.

Marketers confirmed that NNPC was selling petrol at N1,045/litre, stressing that they may be compelled to opt for petrol importation as a means of meeting local demands.

The PUNCH exclusively gathered that a total sum of 78,800 metric tonnes representing 105.67 million litres of petrol was imported into the country in the last five days spanning November 23 and November 28.

On Tuesday, the 60,000-capacity Port-Harcourt refinery resumed operations after years of inactivity, drawing initial praise from Nigerians and industry stakeholders.

The NNPC said the newly rehabilitated complex of the old Port Harcourt refinery, which had been revamped and upgraded with modern equipment, is operating at a refining capacity of 70 per cent of its installed capacity.

NNPC added that diesel and Pour Fuel Oil would be the highest output from the refinery, with a daily capacity of 1.5 million litres and 2.1 million litres, respectively.

This is followed by a daily output of Straight-Run Gasoline (Naphtha) blended into 1.4 million litres of Premium Motor Spirit (petrol), 900,000 litres of kerosene, and low-pour fuel oil of 2.1 million litres.

It was stated that about 200 trucks of petrol would be released into the Nigerian market daily.

However, claims that the national oil firm’s PMS price was higher than that of Dangote triggered diverse reactions from marketers.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, told one of our correspondents that though NNPC had yet to release any price for the products from the refurbished Port Harcourt refinery, a high price would discourage marketers.

Dangote currently sells his petrol at N970/litre, while imported petrol is around that price.

Ukadike, however, noted that there was the possibility that the NNPC would review its prices downward when the Port Harcourt refinery comes fully on stream.

He confirmed that the state-owned oil company sells a litre of PMS at N1,040 or N1,045 while the Dangote refinery just reviewed its price from N990 to N970 for marketers buying a minimum of two million litres.

Ukadike did not mince words when he said independent marketers would only buy from the NNPC if its price is cheaper than that of Dangote or vice versa.

“With the Port Harcourt refinery now working, we are anticipating that any moment from now, NNPC will give us its price. Once NNPC releases its price, we will start loading from NNPC. That is subject to if it is cheaper than that of Dangote.

“The last NNPC price was N1,040 and N1,045 per litre. But I know there will be a review of prices because there has been a crash in prices globally. So, we are expecting a review. Once that review is done, I will be able to give you the actual price. I know they are reviewing it. They are on top of the matter,” the IPMAN spokesman said.

The latest development also indicates that oil marketers may commence the importation of fuel if the prices set by both domestic refineries surpass their profit margins, thereby making it more financially viable for them to rely on imported fuel rather than locally produced stock.

The National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria, Dr Joseph Obele, had earlier said NNPC petrol was N75 higher than the N970/litre offered by Dangote refinery.

However, PETROAN’s President, Billy Gillis-Harry, in a statement denied the claim, stressing that no price has been released by the national oil firm.

He explained that members of the association bought PMS based on the old pricing structure and are still waiting for the updated prices.

The statement read, “The National Headquarters of Petroleum Products Retail Outlet Owners Association of Nigeria, PETROAN Abuja would Like to Inform the media and the general public that no new price for PMS has been released by the NNPC port Harcourt refinery.

“Members of PETROAN only bought PMS with the old pricing template awaiting

new prices. We are excited that the production and loading of refined petroleum products have commenced at the Port Harcourt Refinery and we are expectant that soon the price of PMS will be stated by NNPC to the benefit of Nigerians.”