Headlines
FG halts refineries’ privatization, says Ajaokuta Steel problem complex
The Federal Government has halted its plan to privatize Nigeria’s refineries following demands by the Nigerian National Petroleum Corporation to allow the corporation to revitalize the dormant facilities.
Also, the Federal Government said on Monday that the problem with the Ajaokuta Steel Company was very complex, although efforts were ongoing to resolve the issues.
Director-General, Bureau of Public Enterprises, Alex Okoh, who spoke to journalists in Abuja while presenting updates on the bureau’s 2021 work plan, said all the refineries under the NNPC management were in various stages of non-production.
He said, “We have four refineries with a refining capacity of 445,000 barrels per day and they are all at various stages of non-production. I don’t have the figures correctly, but I think that Warri would be around five per cent, Port Harcourt around 19 (or) 20 per cent and Kaduna is zero.
“Our plan initially was to suggest to the Federal Government that we should privatize these refineries, no need to put in more money, especially given the fact that you also have private investors going into space.
“Dangote (Refinery) is looking at about 650,000 barrels per day, so the combined refining capacity for all of our four refineries is not even up to that. This means you are going into space where the competition will almost kill you.”
Okoh added, “So we thought we should privatize, but NNPC believes that the plants can be rehabilitated and they have got the government approval to go ahead and rehabilitate the refineries.
“So we have dropped the privatization from our 2021 plan. But I’m sure we will follow with keen interest how the rehabilitation program of the NNPC will go from here.”
The Federal Government had earlier in the year stated that it would sell or give out in concession some of its assets to raise funds to finance the 2021 budget.
In January 2021, the Minister of Finance, Budget, and National, Zainab Ahmed, told lawmakers that the Federal Government would sell selected properties to fund this year’s budget.
The BPE had earlier in the year itemized Nigeria’s refineries as assets to be privatized and classified them as core investor sales, but the amount to be earned from the facilities was not stated as of then.
On Ajaokuta steel, the BPE boss described the problem with the plant as being very complex.
Okoh said, “For Ajaokuta, it’s a very complex issue. Currently, there are negotiations with GINL, who are the original concessionaires of Ajaokuta and it’s a very complex problem to untangle.
“But I can, without divulging too many details, state that we are close to being able to resolve the issue, especially the litigation around Ajaokuta and once that is done we can then go ahead and make a decision on what to do with Ajaokuta.”
Okoh said the Federal Government planned to earn a total of N493.4bn from the sale or concession of about 36 of its assets across the country.
He said the reprivatization deal of Yola Electricity Distribution Company was being concluded on Tuesday, as he noted that the Transmission Company of Nigeria was up for concession.
He explained that assets that were up for sale or concession had been classified under energy assets, industries, and communication department, as well as development institutions and natural resources.
Others include infrastructure and public-private partnerships and post-transaction management departments.
Mr Joshua Ibitomi, the Area Commander of Federal Road Safety Corps (FRSC),
Ibeju-Lekki, Epe Division, Lagos State, has warned truck drivers against speeding and reckless driving.
He gave the warning in an interview with the News Agency of Nigeria (NAN) in Ibeju-Lekki on Tuesday.
The FRSC official, who blamed speeding on the ghastly vehicle accident that occurred at Aiyetoro market in Epe
which claimed several lives and left some injured, said that with careful driving, such accident could be avoided.
He added that “the accident was as a result of speeding, reckless driving and loading of truck beyond its capacity.
“All these are factors responsible for accident when drivers are not conscious of the driving rules.
“Vehicle can develop technical fault at any time, therefore, speed limit and caution need to be applied while driving.”
He said FRSC had been sensitising drivers on the need to install speed limit device and be road conscious while driving, in line with the mandate to instill decent use of road.
Ibitomi also advised passers-by and the public to be safety conscious while walking on roadsides to avoid falling victim of accidents.
He attributed major road crashes on roads to speed limit violation, urging drivers to respect the sanctity of human life by obeying traffic rules.
He added that the FRSC had evolved measures to ensure accident-free yuletide and new year festivities in 2024
Jubilant supporters celebrated Donald Trump’s apparent victory in Florida early Wednesday as he claimed a return to the White House, despite most major news networks holding off on officially calling the race.
At an event in Palm Beach, Trump supporters reveled in the win projected by Fox News, cheering as the former president declared a “political victory that our country has never seen before.”
“I feel extraordinary,” said 68-year-old supporter Ted Sarvanis, dancing with arms in the air. “This is the greatest American political story in the history of the country.”
Joined by running mate J.D. Vance, Trump took the stage, celebrating his projected win. The atmosphere at the convention center was electric, with supporters sporting “Make America Great Again” caps and mingling in formal attire and Trump-themed clothing.
“I feel relieved. I was a little bit scared because you never know how things are going to turn out,” said Stacy Kurtz, 45.
In contrast, a far different scene unfolded for Vice President Kamala Harris’s supporters at Howard University in Washington, where they were hoping for a Democratic win.
As the night wore on and Trump gained electoral votes in key battleground states, disappointment swept through the crowd.
“I am scared, I am anxious now,” said Charlyn Anderson earlier in the evening.
Democratic watch parties in places like Atlanta and Pennsylvania grew somber as results rolled in, with Lynn Johnson, 65, expressing concern, “It’s going to be dangerous if he wins. I don’t feel safe.”
While Trump’s supporters celebrated a comeback, the mood among Democrats was marked by worry and disbelief.
“He’s a terrible candidate, so it just doesn’t make sense,” said Harris supporter Ken Brown.
The contrasting scenes highlighted the nation’s deep political divide on election night.
President Bola Tinubu has extended warm congratulations to President Donald Trump on his re-election as the 47th President of the United States, expressing optimism for stronger ties between Nigeria and the U.S. in an era of global challenges.
The congratulatory message, issued by Tinubu’s Special Adviser on Information & Strategy, Bayo Onanuga, emphasises the Nigerian leader’s hopes for a renewed partnership between the two nations.
Following his victory on Wednesday, Trump pledged to “heal” the country, marking a stunning political comeback as he edged past Kamala Harris in a closely contested election.
Tinubu, in his message, affirmed, “Together, we can foster economic cooperation, promote peace, and address global challenges that affect our citizens.”
Tinubu highlighted that Trump’s return to the White House reflects the trust and confidence of the American people in his leadership, praising their commitment to democracy.
Given Trump’s experience from 2017 to 2021 as the 45th President, Tinubu foresees a new era of “earnest, beneficial, and reciprocal economic and development partnerships between Africa and the United States.”
The Nigerian President also expressed confidence that Trump’s leadership will contribute to peace and prosperity worldwide, acknowledging America’s significant influence on global affairs.
Court remands 2 brothers for alleged culpable homicide, armed robbery
FRSC warns truck drivers against speeding, reckless driving
Ondo 2024: Odu confident of landslide victory for APC
Facebook, Instagram Temporarily Allow Posts on Ukraine War Calling for Violence Against Invading Russians or Putin’s Death
Nigeria, Other West African Countries Facing Worst Food Crisis in 10 Years, Aid Groups Say
New York Consulate installs machines for 10-year passport
-
Business3 years ago
Facebook, Instagram Temporarily Allow Posts on Ukraine War Calling for Violence Against Invading Russians or Putin’s Death
-
Headlines3 years ago
Nigeria, Other West African Countries Facing Worst Food Crisis in 10 Years, Aid Groups Say
-
Foreign2 years ago
New York Consulate installs machines for 10-year passport
-
Technology2 months agoZero Trust Architecture in a Remote World: Securing the New Normal
-
Entertainment2 years agoPhyna emerges winner of Big Brother Naija Season 7
-
Business5 months agoNigeria Customs modernisation project to check extortion of traders
-
Business8 months agoWe generated N30.2 bn revenue in three months – Kano NCS Comptroller
-
Headlines5 months agoPhilippines’ Vice President Sara Duterte resigns from Cabinet
