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Niger Delta Stakeholders Forum replies Olu of Warri, Says NNPCL owes no explanations

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…Decribes claims by Itsekiri Pipelines Surveillance Stakeholders as spurious, irritating

The controversy over the termination of the $3.9M monthly contract of the company owned by the Olu of Warri, Ogiame Atuwatse III, Pipelines Infrastructures Nigeria Limited (PINL) has continued to linger as Niger Delta Stakeholders Forum (NDSF) once again accused the Itsekiri monarch and the management of PINL of being dishonest.

According to the group, for the Itsek kiiri monarch and PINL to be honest, they have to lay bare the circumstances, which led to the termination of their non-performing Trans-forcados pipeline contract in the public domain

NDSF, in a statement issued on Friday, lambasted a group fronting for the Itsekiri monarch and his company, Itsekiri Pipelines Surveillance Stakeholders (IPSS), of being ingrorant of the facts of the matter “they were hired and paid by the Olu and his company to defend.”

The NDSF in the statement signed by its leader, Chief Julius Daukoru, also described as “laughable” the call by the Itsekiri fictitious group asking NNPCL’s management to provide explanations for the termination of the surveillance job of the Trans-forcados pipelines hitherto handled by the Itsekiri monarch.

The NDSF insisted that the management of NNPCL neither owed the Olu and his company nor the “renegade group” any explanation over the termination of the non-performing contract.

NDSF, which promised to issue another detailed statement soon, said the group led by “one Collins Oritsemeyin Edema, merely demonstrated arrant ignorance and gullibility at the media briefing over the controversy generated by the termination of the Olu of Warri contract recently in Warri.”

The NDSF said “those handpicked as members of the hurriedly formed and non-existent fictitious group were either paid for the hatchet job or merely showing gratitude to the Olu of Warri for previous help and favours rendered to them by the Itsekiri monarch, such as in the case of Collins Edema, who was appointed as self-serving Olu of Warri liason to NNPCL.”

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Daukoru said the task expected of the Olu of Warri and his company was simple, which “is to come up with facts and figures of their performances in the handling of the Trans-forcados pipeline surveillance job.”

“But instead of doing what is right, they decided to hire idle hands and surrogates for naming calling and giving of spurious excuses. ”

“Otherwise, how do you explain the attempts by the imaginary Itsekiri Pipelines Surveillance Stakeholders to blackmail the NNPCL that the Trans-forcados pipelines are located on Omadino Land, under the overlordship of the Olu of Warri?”

“By implication, they are saying that the overlordship of the Olu has made it compelling for the NNPCL to sustain a non-performing contract to the Olu of Warri and his company?”

“The Itsekiri Stakeholders also need to answer another question to which, does the Olu of Warri have overlordship over the various communities in Rivers, Imo, Abia and part of Bayelsa where his PINL is currently handling pipeline surveillance jobs for NNPCL? Are there no monarchs, with overlordship authorities in those areas?”

“Why is the Olu of Warri operating outside his domains when it becomes an issue when Tantita Security Services Nigeria Limited (TSSNL) and other companies are awarded jobs in Omadino? Even the claims of ownershipby the Itsekiri to these areas are spurious and at variance with historical facts.”

“We expect the Olu and some of his subjects, sympathetic to him to come out clean by admitting that the PINL failed to do the right thing in the handling of the $3.9M monthly job awarded to it instead of blackmailing and intimidating the management of NNPCL.”

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“Let the management of PINL come out openly with facts and figures to defend the company. Was the Trans-forcados pipeline being incessantly damaged or not under the watch of the company, the developmmey which made it compelling for the contract to be terminated?

“Is it justifiable for the NNPCL to sustain the award of the contract to PINL in the circumstances of continuous wreckage of the Trans-forcados pipelines by oil thieves as PINL appeared helpless and pocketing $3.9M monthly for doing nothing?

“Our Itsekiri brothers and sisters should not be brainwashed to see the decision of the NNPCL to terminate this non-performance contract as an affront against the Itsekiri ethnic nationality. Was the contact awarded to Itsekiri ethnic nationality in the first place or PINL by NNPCL?

It’s not a war against the Itsekiri nation but purely a business transaction in which someone has to justify why he should continue to pocket a whooping sum of $3.9M monthly for doing nothing.”

“So anyone trying to defend this failure should be abreast with the issues and not come to the public space as ethnic bigots.”

“How many Itsekiri even knew about the existence of $3.9M monthly contract awarded to PINL in over 2 years, talkless of feeling the impact of the award of such heavy contract?”

“Our Itsekiri brothers and sisters should borrow a leaf from the patriotic zeal and fervour demonstrated by a prominent Itsekiri leader, Mr. Godwin Ebosa, who came out boldly to state that Tantita Security Services Nigeria Limited has been doing a fantastic job and warned that no Itsekiri man should lose sleep over the fate of the Olu of Warri because it was a case of business transaction turned sour.”

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“So, why would any sane person demand an explanation from the NNPCL for the termination of a non-performing contract? Are they saying that NNPCL cannot hire and fire? Does the NNPCL requires the approval of anyone before terminating a non-performing contract?

“We know from the reliable authorities from NNPCL that the Trans-forcados contract of PINL would have been terminated long time ago if not for the intervention of the Vice President, Upstream, NNPCL, Mrs. Oritsemeyiwa Eyesan, who is playing ethnic cards with her job, by supporting PINL to retain the job for wrong reasons.”

“Even the Olu and management of PINL derive their effontery to challenge the NNPCL to provide explanations over the termination of the contracts from the encouragement being received from Mrs. Oritsemeyiwa Eyesan. She is using her office to give backing to the Itsekiri monarch in sustaining non-performing contracts.”

“It’s high time that Mrs. Oritsemeyiwa Eyesan is made to be conscious of the fact that she was not appointed into the NNPCL board to serve the narrow ethnic interests of her Itsekiri kits and kins. She is in the NNPCL’s board to serve the general national interest.”

“If she falls to realise this and continue to exhibit parochial ethnic interest, we will not hesitate to demand for her removal,” the statement by Daukoru added.

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PETROAN lauds NNPC Ltd, Dangote refinery over fuel price reduction

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The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has commended the NNPC Retail Ltd. for slashing the price of Premium Motor Spirit (PMS), known as petrol from N920 to N875 per litre.

PETROAN said the bold move was expected to alleviate the financial burden on Nigerians amidst rising inflation.

In a statement on Monday, the National President of the association, Dr Billy Gillis-Harry praised the NNPC Retail Ltd. for taking proactive steps to support the Nigerian people.

“This price reduction will be a huge relief to many Nigerians struggling to make ends meet,” he said.

Gillis-Harry said the reduction in pump price was expected to positively impact Nigerians by reducing transportation costs, making it easier for people to commute and transport goods.

He said the reduced transportation costs would lead to reduced food prices, making it easier for Nigerians to access affordable food.

The PETROAN’s President also lauded Dangote Refinery for agreeing to refund N65 to retail outlet owners affected by the price reduction.

This refund initiative follows Dangote Refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.

According to the refinery, customers who purchased PMS at higher rates than the advertised prices from Dangote’s key partners are eligible for a refund.

The refund amount is N65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price.

He said that Dangote had absorbed a N16 billion loss to implement these refunds, demonstrating its commitment to fair pricing and consumer welfare.

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The refund initiative, he said would also positively impact retail outlet owners, who would benefit from reduced prices and refunds.

“Many retail outlet owners purchased PMS at the higher rate before the price reduction, and the refund will help mitigate their losses.
“We commend Dangote Refinery for this initiative, which will help reduce the financial burden on our members,” Gillis-Harry said. (NAN)

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Dangote cement reports N3.58bn revenue growth in 2024

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Dangote Cement has reported a 62.2 per cent revenue growth, reaching N3,580.6 billion in 2024.

The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also grew by 56.0 per cent to N1,388.2 billion, with a 38.6 per cent margin.

Arvind Pathak, Chief Executive Officer and Group Managing Director of Dangote Cement, disclosed this in a corporate filing with the Nigerian Exchange Ltd. (NGX).

Pathak said “We wrapped up 2024 with strong momentum, driven by our focus on operational efficiency and excellence.

“Our group volume grew by 1.6 per year-on-year, reaching 27.7 Mt, driven by a strong recovery in Nigeria, where we improved efficiency and boosted sales growth by 7.9 per cent.

“A major milestone was the launch of the Document Management System (MMS), which enables customers to independently manage sales transactions and track deliveries, remotely.

DMS is the use of a computer and software to store, manage and track electronic documents and electronic images of paper-based information captured through the use of a document scanner.

“Over 80 per cent of our customers actively use this platform, and we aim to increase adoption to 90 per cent .

“Despite macroeconomic challenges, both globally and domestically, we remain committed to innovation and value creation, delivering strong returns for our stakeholders.”

He noted that the group’s revenue grew by 62.2 per cent to N3,580.6 billion, which was driven by a combination of volume growth and price adjustments to reflect inflationary trends.

He said as a result of this, the EBITDA reached a record high, surpassing the N1 trillion mark for the first time at N1,382.0 billion, while profit after tax (PAT) grew by 10.5 per cent year-on -year, totaling N503.2 billion.

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“Reflecting our strong financial performance, the board has proposed a dividend of ₦30.00 per share for the 2024 financial year.

“By leveraging our strong export-to-import strategy, Dangote Cement achieved a record 31 clinker shipments from Nigeria to Ghana and Cameroon, driving a 69.1 per increase in Nigerian exports and strengthening our commitment to Africa’s cement self-sufficiency.

“We also made significant strides in sustainability, particularly in alternative fuel investments.

“Our Thermal Substitution Rate (TSR) improved to 10 per cent , with 11 alternative feed systems installed across our plants, enabling greater flexibility in energy sourcing.

“Recognising our sustainability efforts, the Carbon Disclosure Project (CDP) upgraded Dangote Cement’s rating to B across both climate and water categories,” he said.

Looking ahead, Pathak noted that the group would remain focused on strengthening the Nigerian market position, enhancing productivity, and driving economic growth across its operating regions.

He said, “we are now set to commission our 3Mta Cote d’Ivoire grinding plant in 2025, further expanding our footprints to capitalise on the high-growth African cement market.” (NAN)

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NNPC Slashes Petrol Price To N880/Litre In Abuja, N860/Litre In Lagos

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By Abubakar Yunusa

The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre.

This decision comes amid an intensifying price war among major marketers and independent petroleum dealers, as well as fluctuations in global crude oil prices.

The new price, which took effect on Monday, marks a significant drop from the previous average of N920 per litre, offering relief to millions of Nigerians grappling with the high cost of living.

The reduction by NNPC, the country’s largest fuel supplier, has sparked a wave of competitive pricing among private marketers.

Dangote Petroleum Refinery and Petrochemicals Limited had last week reduced the ex-depot price of petrol from N890 per litre to N825.The reduction marks the second price cut in February.

Dangote, in a public notice on the price slash, announced three filling stations in Lagos, which included MRS: N860 per litre, AP: N865 per litre, and Heyden: N865 per litre, as its partner off-takers.

While the price reduction has been welcomed by many, some Nigerians remain skeptical, questioning whether the drop is sustainable.

“This is good news, but we hope it’s not just a temporary move to calm the public,” said Adeola Ogunleye, a commercial bus driver in Lagos. “Fuel prices have been too high for too long, and we need lasting solutions

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