Business
Ethnic youth leaders accuses Kyari of sabotaging indigenous refineries
The Apex umbrella body for the over 407 Ethnic Nationalities Youth Leaders in Nigeria, on Tuesday, accused the General Managing Director, GMD/CEO, of the Nigerian National Petroleum Corporation Limited, NNPCL, Mele Kyari, of sabotaging the fixing of indigenous refineries to the benefit of the subsidy cartel.
They called for the immediate sack of the General Managing Director, GMD/CEO, of the Nigerian National Petroleum Corporation Limited, NNPCL, Mele Kyari.
President General of the group, Comrade Terry Obeih, disclosed this in Abuja, at a press briefing, describing the situation as “unacceptable” and accused the Kyari-led NNPCL of sabotaging the smooth take-off of both the government-owned refinery and the Dangote group-owned refinery.
This stand is coming amid outcry by Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited (DIL), that International Oil Companies, IOCs, were frustrating the Dangote Refinery’s commencement of fuel supply by selling crude oil at higher prices.
Edwin said the IOCs were intentionally obstructing the refinery’s efforts to purchase local crude by inflating premium prices above market rates, compelling the refinery to import crude from distant countries like the United States, leading to significantly higher costs.
Obeih said: “We met today, Tuesday, the 25th day of June, 2024 and reviewed the economic situation in the country as it affects the common masses.
“After a thorough analysis of the situation, it is our considered finding that the NNPCL is sabotaging the effort of the government towards making fuel affordable for Nigerians. There is a serious matter considering that Nigeria is operating a mono-economy, and as such whatever happens to fuel price, has a spiral effect.
“We want to start by recalling that earlier in March this year, the NNPCL MD, Mele Kyayi, promised Nigerians that within two weeks, the Port Harcourt refinery would begin production.
“The MD, who gave that assurance during his appearance before the Senate ad-hoc committee that was investigating the Nigerian Refineries’ Turn Around Maintenance (TAM) Projects, went as far as stating that more than 450,000 barrels of oil were stored at the Port Harcourt refinery.
“We did a mechanical completion of the refinery; that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks. Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works.
“Of course, we have also completed the mechanical work on the Warri refinery. It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready. Lastly, all the crude lines supplying crude to Port Harcourt and Warri are very active and we have delivered over 450, 000 barrels of oil into Port Harcourt refinery. We are confident of the integrity of it. There may be security issues, but the government is responding to that.’
“We then find it so strange that three months after that vague promise, there is no sign that the refinery would begin operation any time soon. To make the matters worse, just a few days ago, Mr Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited (DIL), accused International Oil Companies, IOCs, of frustrating the Dangote Refinery’s commencement of fuel supply by selling crude oil at higher prices.
“Edwin emphatically said that the IOCs were intentionally obstructing the refinery’s efforts to purchase local crude by inflating premium prices above market rates, compelling the refinery to import crude from distant countries like the United States, leading to significantly higher costs.
“These are not matters to be swept under the carpet; they are both interconnected and have to be addressed by the Federal Government. The indices point that a certain cabal in the NNPCL has vowed never to allow local refinery of petroleum products in Nigeria, all in a bid to remain as the sole importer of the commodity and exploit Nigerians.
“We declare today that enough is enough; Nigerians have suffered enough, whereas a few people are feeding fat. The liberalization of the petroleum industry was meant to be a blessing to the country but the reverse is the case, this is not to talk of the PIB which also talks of giving consideration to local refineries, but none of this is happening.”
The youth groups said since the NNPCL had shown lack of capacity to manage the industry, “the only honourable thing for Mela Kyari, the MD to do is to resign. However, should he fail to do so, we urge the President, Bola Ahmed Tinubu to sack him without further delay.
“Should Kyari fail to resign, the youths will not hesitate to mobilize for a national protest that will shut down the country if that is the only way to rescue Nigeria.
“It is clear that NNPCL under Kyari is bent on frustrating the President’s economic agenda, thereby worsening the suffering of the citizens and this is not good for the government. The NNPCL is clearly frustrating indigenous refining of fuel in order to continue importation, which is benefiting the subsidy cartel.
“The National Assembly led by Senator Godswill Akpabio should immediately within 7 days summon the courage to probe Mr Mele Kyari led NNPCL.
“We know that once we have our own local petroleum production refineries working at full capacity, where our local crude oil will be supplied directly to the aforementioned refineries either privately or government owned, the suffering of the masses will be alleviated. As we reaffirm our support for Mr President, it is our hope that he will take this bold action in the interest of the country.”
Adebayo Adelabu, minister of power, says Nigeria will generate and distribute 8,000 megawatts (MW) of electricity before the end of President Bola Tinubu’s first term in 2027.
The minister spoke during a ministerial press briefing hosted by Mohammed Idris, minister of information and national orientation, on Thursday.
Adelabu explained that the Tinubu administration increased power generation by 1,700 megawatts in two years, whereas it previously took the country 35 years to achieve a 2,000 megawatt increase.
He assured that if the new trajectory is sustained, before the end of the Tinubu administration in 2027, the power ministry will generate and distribute 8,000 megawatts of power or more.
“In the country’s history of the power sector, let me thank our agencies, our operators, that this was achieved during our time,” Adelabu said.
“We have crossed the bar of 6,000 megawatts for the first time in the history of Nigeria’s power sector.
“That is not enough, this achievement was followed by a peak generation evacuation of 5,801.44 megawatts on 4th of March 2025, which also saw an impressive daily energy output, the highest ever, 128,370.75 megawatts per day on that very day.
“We’ve always been at 118,000 to 119,000 megawatts on a daily basis, but we achieved 128,000. That is the highest energy ever consumed in a day since the power sector came to being in Nigeria, and we are proud to achieve this.
“In summary, the average daily power generated and distributed in the first quarter of 2025 was 5,700 megawatts.
“Compared with what we met when we resumed office, average of 4,100 megawatts achieved in the third quarter of 2023, this indicate a growth of 1,600 megawatts, nearly 40% growth since we assumed office at the ministry.
“This is very important to us. I came into office August 2023, and between July, August, and September, what we achieved was 4,100 generated, evacuated, transmitted, and distributed, and it’s always been like that. Even though there were spikes in the past, it would go up, it would come down.
“It was not sustainable, and it took the country about 40 years. In 1984, when Alhaji Rilwanu Lukman was the federal minister of power, we achieved 2,000 megawatts of power generation.
“We took this to 4,000, about 2016-2022, so it took the country between 35 to 40 years to achieve 2,000 incremental generation.
“But this administration, thanks to our Mr. President for his support, in one and a half years, we grew this from 4,100 to a peak generation of 5,800; 1,700 increase in one and a half years.
“What we are saying is that past administrations have their own positives, creation of the NIPPs, a lot of things that they achieved.
“If they have been adding at least 1,000 megawatts of power since 1999, we’d be talking about 26,000 megawatts, plus 4,000, that would be about 30,000 megawatts of power in Nigeria today, but we cannot keep dwelling in the past.
“It’s the way forward. Now that we have created the trajectory, if we sustain this trajectory, I can assure you that before the end of this administration in 2027, we should be able to generate and distribute nothing less than 8,000 megawatts of power.
“So, given that it took the country almost 40 years to achieve an incremental 2,000 megawatts average energy, we accomplished this.”
‘NATIONAL GRID STRONGER IN TINUBU’S ADMINISTRATION’
Adelabu explained that the national grid has been stronger in Tinubu’s administration, as the Transmission Company of Nigeria (TCN) strengthened the critical network by commissioning 61 new transformers.
“It is a huge grid to cover over 200 million people, and it’s been there for so long, and we know that the maintenance history has been poor, replacement history has been poor, expansion history has been poor,” the minister said.
“It is old, so collectively enabling our grid 8.7 gigawatt operational capacity, as of today, if we grow our generation to 8,700 megawatts, the grid can still carry it, thanks to the activities of the TCN and the FGN power company.
“Two years ago, once it gets to 5,000 megawatts, the grid collapses, then we have evacuated 5,800 megawatts successfully without the grid blinking, it was still stable, so we can transport 8,700 megawatts.
“To strengthen this critical network, TCN commissioned 61 new transformers, totalling 5,589 MVA in 2024. Followed by nine additional transformers in quarter one of 2025 across key locations in Lagos, Benin, Bauchi, Oshogbo, Kano and Kaduna, we have the list of the sites, I once mentioned that TCN had over 100 unfinished projects.
“In the 2025 appropriation, we already have N25 billion to support TCN to complete some of these projects and that will also improve power supply.
“Beyond TCN, we have the activities of the presidential power initiative, which is being executed by the FGN power company. The pilot phase delivered infrastructure across 13 locations, adding 700 megawatts to the national grid.
“We experience a number of grid disturbances towards the end of last year; but since January up till today, four months into the new year, we have not seen any major disturbance to the grid.
“I can assure you, we do everything possible to maintain and sustain the current scenario. If there’s any little disturbance, our turnaround time is being worked upon, within one to two hours, the grid will be up.”
Adelabu said another remarkable initiative is the progress made towards regionalising the national grid, adding that the eastern and western supergrid approvals currently in progress will revolutionise the national grid and reduce failures.
The minister added that Nigeria needs regionalisation of the national grid so that if there is a problem in one part of the country, it will not affect other parts.
… Reminds Public to always verify registration status
The Securities and Exchange Commission has stated that Crypto Bridge Exchange also known as CBEX was not granted registration by the Commission at any time to operate as a Digital Assets Exchange.
In a Circular dated April 17, 2025, the Commission stated that its attention has been drawn to recent media reports/publications on the activities of CBEX (Crypto Bridge Exchange). CBEX, which also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, has held itself out as a digital asset-trading platform, offering high returns to investors in Nigeria.
According to the SEC, “The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market.
Preliminary investigations carried out by the Commission have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.
CBEX has failed to honour withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints.
The SEC emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the Commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against the CBEX, its affiliates and promoters.
“The Commission uses this medium to remind the public to REFRAIN from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models. Prospective investors are advised to VERIFY the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them”, the SEC added.
SEC Director General, Dr. Emomotimi Agama, had recently said the Commission is launching a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as Ponzi schemes.
Agama said with the newly enacted Investments and Securities Act, 2025 (ISA 2025), the Commission now has enhanced powers to prosecute Ponzi schemes and their promoters.
He said investigations were ongoing on CBEX, adding that promoters of the failed scheme will not go scot-free.
Agama said the new law has given the Commission more powers and blocked loopholes in emerging areas of virtual and digital assets.
“The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” Agama said.
He said that while the apex capital market regulator would continue to support innovations in finance and investments, the Commission would maintain strict oversight in line with its enhanced investor’s protection mandate.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” Agama said.
He recalled that SEC had even with the limited scope of the repealed Act maintained extensive surveillance and was able to shut down a number of Ponzi schemes, with some of the promoters like Fahmzi Interbiz jailed for defrauding Nigerians.
According to him, with the ISA 2025 that gives the Commission more powers to deal with issues, the Commission will ensure that promoters of such schemes are not allowed to operate.
The Nigerian Exchange reversed previous gains on Wednesday, April 16, as investors lost N445bn following a widespread decline in banking stocks, especially Guaranty Trust Holding Company and Zenith Bank.
At the close of trading, the All-Share Index dropped by 708.14 points, representing a 0.68 per cent decline, to settle at 103,851.88 points. This downward movement also dragged the overall market capitalisation from N65.7 tn to N65.3 tn, reflecting a N445 bn loss in value.
The decline in the market was primarily driven by sharp sell-offs in top-tier banks. Guaranty Trust Holding Company recorded the worst performance on the losers’ chart with an 11.94 per cent drop to close at N59.00 per share. Zenith Bank followed closely with an 11.65 per cent dip to close at N44.00 per share. Other laggards included Industrial and Medical Gases, which fell by 10 per cent, Guinea Insurance, which dropped by 9.52 per cent, and UPDC Real Estate Investment Trust, which declined by 8.2 per cent.
Despite the bearish outing, 124 listed equities participated in the day’s trading, out of which 24 recorded gains while 21 posted losses. Abbey Mortgage Bank led the gainers’ chart with a 9.99 per cent increase to close at N8.15 per share. It was trailed by Sovereign Trust Insurance with a gain of 7.69 per cent, the Nigerian Exchange Group rose by 7.3 per cent, and Deap Capital Management and Trust appreciated by 6.67 per cent.
Market activity also showed mixed sentiments. A total of 351.66m shares valued at N13.71bn were exchanged in 12,141 deals. Compared to the previous trading day, this represented a five per cent decline in trading volume, a 26 per cent increase in turnover, and an eight per cent drop in the number of deals.
Access Holdings led in terms of volume with 68.2m shares traded, followed by GTCO with 36.8m shares, FCMB Group with 28.8m shares, and United Bank for Africa with 26.4m shares.
On the performance of key indices, the NGX Top 30 Index fell by 0.72 per cent. The NGX Oil and Gas Index slipped by 0.05 per cent, while the NGX Industrial Index was marginally flat. However, some indices posted gains: the NGX Insurance Index advanced by 0.8 per cent, the NGX Consumer Goods Index rose by 0.34 per cent, and the NGX Pension Index edged up by 0.09 per cent.
In terms of broader market performance, the NGX has recorded a one-week loss of 0.32 per cent and a four-week loss of 1.84 per cent, although it retains a modest year-to-date gain of 0.9 per cent.
On Tuesday, the Nigerian equities market rebounded, with investors recording a gain of N19bn, pushing the market capitalisation of the Nigerian Exchange to N65.7tn at the close of trading.