Connect with us


NNPCL needs huge investment to meet demand – Dangote



The Nigerian National Petroleum Company Limited needs to roll out massive investments in terms of oil and gas to meet the demand for these commodities, Africa’s richest man and Chairman, Dangote Group, Aliko Dangote, has said.

He said the national oil firm should invest more because there were many off-takers waiting to off-take the products from the company.

Dangote spoke at the ongoing 2023 Annual Value Assurance Review Workshop of the Nigeria Upstream Investment Management Services Limited, according to a statement.

He explained that a good investment manager would actively seek for investment opportunities, assess them and take shrewd investment decisions.

He further stated that the NNPCL could generate billions of dollars in revenue if the right decisions were made, as the Petroleum Insustry Act had brought the transformation of the oil firm from a government establishment to a commercial entity with no recourse to government funding.

He was quoted as saying, “I truly believe that NNPCL should be our African Aramco. You have what it takes to take you up there and I am very happy. There is nothing that is impossible. You can make it possible and don’t let anything scare you.

“It is just the same thing with us. If I tell you about our own story, you will be shocked as to how. It wasn’t only the refinery that we started about six years ago. We had 32 projects that we all rolled out at the same time.

“But then, on the way we had lots of hitches here and there, the devaluation of the currency, COVID, and challenges of infrastructure set in. If you want to do a real project in Nigeria, you have to look at the infrastructure that we have, because the infrastructure we have is not meant for mega projects.”

He said it was important to to look at the infrastructure in Nigeria and see “how we can take ourselves to the next level and it has to be driven by NNPCL because they are the largest conglomerate and whatever happens to NNPCL’s assets, it actually happens to us, either directly or indirectly.”

Also speaking at the event, the Chairman, Heirs Holding, Tony Elumelu, said efforts made by NNPCL in restoring Nigeria’s oil production impacted positively on the output of Heirs Oil and Gas.

The Group Chief Executive Officer, NNPCL, Mele Kyari, said the challenges confronting the oil and gas industry globally had made it compelling for the oil company to come up with more ingenious ways of doing things.

He admitted that there had been challenges with security and underinvestment in recent times, but noted that with the passage of the Petroleum Industry Act, NNPCL was more better positioned to create value for Nigerians.

“The crux of the industry is to make sure the upstream industry works. If the upstream works, there would be cash in the country. We are in cash crunch in the country today, we are in forex crunch today because the upstream has not gotten to a level where we can have surplus to support the economy,” Kyari stated

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Fuel subsidy: Innoson unveils gas powered vehicles



Nigeria’s indigenous automobile company, Innoson Vehicle Manufacturing, IVM, has mass-produced varieties of Compressed Natural Gas, CNG, buses.

This according to the company serves as a suitable alternative for Nigerians following the rising price of petrol and diesel.

The showcase of the CNG vehicles took place at the company’s factory in Nnewi, Anambra State.

The vehicles range from trucks, mini-buses, ambulances, long buses, SUVs, and several others.

Speaking during the unveiling, the Chief Executive Officer, IVM, Dr. Innocent Chukwuma assured Nigerians of the safety of CNG Vehicles and the availability of various kinds of cars.

“We manufacture according to demand, and we manufactured these buses because there is a demand for them now. During the COVID-19 Pandemic, we produced more ambulances, so we are on the ground and ready to produce.

“CNG vehicles bring a solution to total dependence on one or two kinds of vehicles.

“The CNG vehicles are a solution, that’s why we produce them. We made space for CNG, LNG, and Fuel so that anyone available in an area can be used to drive the vehicles. Electric cars, biogas, and solar-powered vehicles are also produced in this factory.”

Similarly, the Governor of Anambra State, represented by the Commissioner for Industry, Anambra state, Mr. Christian Udechukwu stated that the state is gearing up to provide solutions to the challenges facing Nigerians because of the removal of subsidies.

In his words, “We are aware that Innoson has renewable technologies, CNG, LNG and Solar powered technologies that can contribute to the mass transport system in Nigeria and other national solutions”.

“The withdrawal of the subsidy has created a shock and the price of fuel has increased by almost 200% leading to restiveness in the Nigerian Labour Congress, the trade unions, and other Nigerians. The cost of transportation has risen apparently and one of the ways the government can alleviate that is by introducing mass transit systems that run on alternative energies as well as fuel. The more you have the ones that run on gas and solar, the greater the chances of a stable fuel price due to the existence of choices and Innoson offers that”.

He also added that local manufacturing and empowered industries are needed in Nigeria to boost the economy and shrink the national debt profile. All we need is for the industries and everyone else to look to local solutions and Innoson is one.”

The Head of Corporate Communications, IVM, Mr. Cornel Osigwe pointed out the advantages of Natural Gas Vehicles and the need to patronize local manufacturers. According to him, “Gas has high combustion rate than fuel. So generally, gas is more environmentally friendly. Nigerians are used to petrol cars but the abundance of natural gas has provided sustainable alternatives to all.

“Transportation is very crucial to economic development. Beyond the movement of people from one place to another, it also facilitates the quick and effective distribution of goods and services.

“At this stage in Nigeria’s development, better transportation options are the perfect solution to the rising dependence on petrol and diesel to meet the transportation needs of over 200 million persons.

“Innoson Vehicle Manufacturing, an indigenous car manufacturing company has produced hundreds of CNG-powered vehicles suitable for Nigerian and African Roads

Continue Reading


Mobile subscriptions shrink by three million



Nigeria’s mobile subscriptions shrank by 3.49 million mobile subscriptions in the last three months, leaving a dent in the country’s march toward mobile inclusion for all.

Since mobile subscriptions hit an all-time high of 226.84 million in February of this year, it has been on a steady decline.

It first fell to 225.82 million in March, before slumping further to 223.34 million, according to new industry data from the Nigerian Communications Commission. This is also the first time since June 2021 that mobile subscriptions have fallen consistently.

In 2020 and 2021, a Federal Government policy to link SIMs to National Identification Numbers affected the mobile industry and caused a steep decline in mobile subscriptions. Since then, subscriptions have improved, and risen to record highs.

MTN Nigeria is the only telecommunication firm to have lost mobile subscriptions in the period under review, losing 4.03 million (from 92.71 million to 88.68 million), while retaining its spot as the largest mobile network operator in the country.

Other telcos had better fortunes, with Globacom marginally growing by 172,867 from 60.76 million to 60.93 million; Airtel added 31,705 new subscriptions and grew from 60.30 million to 60.33 million; and 9mobile witnessed the largest growth, adding 330,003 new subscriptions to hit 13.40 million from 13.07 million in the period under review.

Within the three months, teledensity (the number of active telephone connections per one hundred (100) inhabitants living within an area) fell to 117.17 per cent in April from 119.01 per cent in February.

In MTN’s first quarter report, MTN Nigeria’s Chief Executive Officer, Karl Toriola, noted that global macroeconomic factors, inflation, and cash shortages, among others, were affecting its consumers.

He said, “We continued to experience headwinds in our operating environment in the first quarter of 2023. The impacts of the ongoing global macroeconomic and geopolitical developments on energy, food, and general inflation were exacerbated locally by petrol and cash shortages experienced during the period. This placed additional pressure on economic activity, consumers, and businesses.”

Nigeria’s mobile population is the largest in Africa and the prior steady growth in the number of mobile subscriptions had been attributed to increased productivity and efficiency in other sectors

Continue Reading


JUST IN: Elon Musk Regains Spot as World’s Richest Man



Elon Musk has reclaimed his position as the world’s richest person, surpassing French business magnate Bernard Arnault.

POLITICS NIGERIA reports that according to the latest Billionaires tally, Musk’s net worth has soared to a staggering $192 billion, edging Arnault’s $187 billion fortune.

The shakeup occurred on Wednesday when LVMH CEO Bernard Arnault witnessed a 2.6% drop in shares during Paris trading. This setback opened the door for Musk, whose influence as the Twitter chief propelled him back to the number one spot.

For months, these two centibillionaires, a term reserved for those with fortunes exceeding $100 billion, have been engaged in a fierce battle for supremacy.

Arnault, at the helm of the world’s largest luxury brands conglomerate that includes prestigious names like Louis Vuitton, Tiffany, Celine, and Tag Heuer, seemed unshakable. However, Musk’s relentless pursuits propelled him to regain his crown.

Here is a list of the current wealthiest individuals in the world:

1. Elon Musk: $192 billion

2. Bernard Arnault: $187 billion

3. Jeff Bezos: $144 billion

4. Bill Gates: $125 billion

5. Larry Ellison: $118 billion

6. Steve Ballmer: $114 billion

7. Warren Buffet: $112 billion

8. Larry Page: $111 billion

9. Sergey Brin: $106 billion

10. Mark Zuckerberg: $96.5 billion

The list continues with other prominent figures such as Carlos Slim, Francoise Bettencourt Meyers, Mukesh Ambani, Amancio Ortega, Jim Walton, Rob Walton, Alice Walton, Zhong Shanshan, Gautam Adani, and John Mars, each amassing impressive fortunes

Continue Reading