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September 21, 2023 The Many Regrets of Muhammadu Buhari – Femi Adesina

The Many Regrets of Muhammadu Buhari – Femi Adesina

Former President Muhammadu Buhari’s has pointed at his regrets at some of the decisions he took while in office and felt he could have done some things better. This was made known by his Special Adviser on Media and Publicity, Femi Adesina, at a programme tagged ‘Media Dialogue with Femi Adesina’ organised by the Association of Veteran Journalists in Osun State.

Femi Adesina, who spoke in Osogbo on Wednesday, such regrets were normal for any human being.

He said before Buhari left office, he had a two-hour chat with him, during which he asked all manner of questions.

There is no living human being that will not regret certain things. It is one of the questions I asked the President.

“Before we left office, I sat with him for about two hours and I asked him every question under the sun; there was no question I didn’t ask him. There were things he (Buhari) felt could have been done better,” Adesina said.

He, however, defended Buhari’s controversial naira redesign policy, saying it was for the good of the nation.

You will recall that even during that time, there was no kidnapping. I remember some people went to kidnap an APC chairman or is it secretary in Kano. After holding him for three days and nobody was calling to ask how much they will collect because there was no cash, they just slapped him three times and told him to go.

“Even kidnappers were out of business because there was no naira and do you know that we have a cleaner election because of that policy?

“Nine serving governors couldn’t go to the Senate. They contested but lost. Have you ever seen a governor who will contest an election and will not win? But because there was no money to spread around, they couldn’t win. The policy was not bad in its entirety. There were issues with it but it was not bad in its entirety,” he said.

September 20, 2023 Dangote Refinery Still Importing Crude, To Start Supply from October

Dangote Refinery Still Importing Crude, To Start Supply from October

The Executive Director of Dangote Group, Devakumar Edwin, has revealed that the Dangote Petroleum Refinery is currently importing crude oil and expects its first crude cargo in about a Forthnight.

Although the Nigerian National Petroleum Company Limited trades crude oil on behalf of Nigeria, Edwin in an interview  on Monday, said the NNPCL had committed its crude to other entities.

The Dangote refinery boss did not disclose the other entities receiving the oil company’s crude but NNPC disclosed last month it had entered into a $3bn crude oil-for-loan deal with African Export-Import Bank.  The deal allowed the company to pledge future oil production to the bank  as repayments for the loan.

Sources within the NNPC are quoted to have said the company had entered into crude oil contracts with a number of entities, a development that made it impossible for the organization to meet Dangote’s need earlier.

A top official of the oil company, however, said  plans were already underway to ensure Dangote’s refineries crude oil needs were met in November.

Also, Edwin pointed out that the importation of crude by Dangote refinery was temporary, as the firm would receive supply from NNPCL from November.

Edwin went ahead to state that the firm would begin the production of up to 370,000 barrels per day of crude that would give rise to Automotive Gas Oil, popularly called diesel, and jet fuel in October 2023.

For Premium Motor Spirit, popularly called petrol, the Dangote Group’s boss said the plant would produce it by November 30, 2023.

This came as oil marketers stated that the prices of diesel and jet fuel would only crash when the Dangote refinery starts receiving crude oil from Nigeria, and not by importing crude.

September 19, 2023 Qua Iboe Crude Hits $100/Barrel

Qua Iboe Crude Hits $100/Barrel

The price of  Nigerian premium crude; Qua Iboe, has hit the $100 per barrel mark as the global market continues to suffer a supply deficit.

This is the first time since 2022 when the volatile market showed recovery from COVID-19 lockdowns, which was also driven by the Russian invasion of Ukraine.

According to LSEG data, Qua Iboe, which is produced from numerous offshore fields by ExonMobil and exported through Qua Iboe Terminal, QIT, surpassed $100 per barrel a few hours ago.

In a brief obtained from its website, ExxonMobil, stated: “Qua Iboe Terminal (4° 20’N, 7° 59’E) is located on the eastern side of the Qua Iboe river estuary and contains nine crude oil storage tanks with a total capacity of 4.5 million bbls.

“Vessels are loaded through an SPM (single point mooring) 23 miles offshore which can accommodate ships up to 312,000 DWT, a 345,000 MT displacement limit and BCM equal to 175 meters maximum. “Maximum draft at both berths is 72 feet. Qua Iboe crude oil parcel sizes are normally about 950,000 barrels, but up to two million barrels can be loaded.”

It described Qua Iboe as, “Light crude containing very low levels of sulfur, metals and asphaltic material; when refined will provide similar low sulfur specification products. A well-balanced intermediate crude that produces high-quality, low-sulfur products after simple refining.”

September 19, 2023 Petroleum Marketers Deny Plans to Increase Pump Price of Petrol

Petroleum Marketers Deny Plans to Increase Pump Price of Petrol

Petroleum Marketers in Nigeria have denied claims that the recent increase in crude oil price to $94 could lead to increase in the pump price of Premium Motor Spirit (PMS).

According to them, there has been no announcement by the Nigerian National Petroleum Company Limited (NNPCL) in that respect.

The price of crude oil and exchange rate account for over 80 per cent of the cost of petrol.

National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, in a chat with news men, described the anxiety as mere speculation, adding that government may have stored product that could last till December. He said despite the price of crude, refined gasoline and exchange rate, the current prices are not reflective of the market.

He added that the issue must be wisely tackled due to its impact on the economy and his association were working hand in hand with the authorities to ensure the prices remained stable.

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