The Port Harcourt Refining Company (PHRC) Ltd in Rivers State has officially commenced crude oil processing, marking a significant milestone in Nigeria’s energy sector.

This development was announced on Tuesday by Femi Soneye, the Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPCL).

“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye stated.

He lauded President Bola Ahmed Tinubu, the NNPC Board, and the Group Chief Executive Officer (GCEO) Mele Kyari for their dedication to the project.

“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”

Truck loading operations at the refinery are also set to begin immediately, Soneye added, while affirming that the NNPCL is working diligently to restore operations at the Warri Refinery in the near future.

End of a Series of Delays

This marks the end of a long series of missed deadlines for the refinery, located in Nigeria’s oil-rich Rivers State. Upon assuming office in August 2023, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, promised that the refinery would begin operations by September 2023.

However, this deadline was postponed to December 2023 and subsequently to April 2024.

Earlier this year, GCEO Mele Kyari reiterated NNPCL’s commitment to enhancing the nation’s refining capacity.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and his entourage during an inspection tour of the rehabilitation work progress at the Port Harcourt Refining Company (PHRC) Ltd. plant, in Port Harcourt on Friday.

During an inspection of the PHRC in August 2024, Kyari stated, “We are focused on delivering this rehabilitation project, our two other refineries, and all other investments towards revamping the nation’s refining capacity. We are hopeful that in 2024, this country will be a net exporter of petroleum products.”

The Federal Government had approved $1.5 billion for the refinery’s rehabilitation in 2021. The facility, one of Nigeria’s largest, had been out of operation since 2019.

Boosting Domestic Refining Capacity

Nigeria, one of the world’s largest producers of crude oil, has long struggled with limited refining capacity, relying heavily on imports to meet domestic demand. This reliance has led to costly crude-for-fuel swaps and subsidies that drained foreign reserves.

The launch of the Port Harcourt Refinery follows the commissioning of the Dangote Petroleum Refinery earlier in 2024. The privately-owned refinery began producing petrol, diesel, and aviation fuel, providing a significant boost to Nigeria’s domestic refining capacity.

“These milestones,” Soneye said, “are expected to cushion the impacts of the removal of fuel subsidies, which had driven the price of petrol from N200 to over N1,000 per litre.”

Nigerians are hopeful that with both the Port Harcourt and Dangote refineries now operational, the nation’s energy sector will achieve greater stability, reduce dependency on imports, and lower the cost of petroleum products.

Moriah Trust Limited and its alter ego, Mr. David Nwedu, have petitioned the Economic and Financial Crimes Commission (EFCC) to investigate alleged fraudulent activities by Ecobank Nigeria Plc involving a $285,006 Advance Payment Guarantee (APG) Bond.

The petition also seeks accountability for bank officials allegedly complicit in these transactions.

The petition, titled “Criminal Complaint Against Ecobank Nigeria Plc on an Attempt to Defraud Moriah Trust Limited of an Advance Payment Guarantee Bond No G 00613 for $285,006,” was dated November 13, 2023, and filed with the EFCC on January 26, 2024. It was signed by Olabanji A. Eniola Esq. of Umar, Gimba & Associates, solicitors to the petitioner.

The document sighted by TheNiche, reveals that Moriah Trust Limited, a customer of Ecobank Nigeria Plc, operates a domiciliary account (No. 2230509622). In 2005, while executing the “Abidjan Lagos Transport Corridor” project, Mr. Nwedu, on behalf of Moriah Trust, requested a 20% APG of the contract sum of $1,425,032.70. Ecobank approved the request, crediting $285,006 to the account.

Ex- Bankers Arrested for Allegedly Stealing Deceased Customer’s Funds

However, the petition states that the International Development Association (IDA), the project’s awarding body, had earlier advanced $70,000 to the petitioner. As a result, only $215,006 of the APG remained payable. On November 14, 2005, the IDA transferred $214,996 to Ecobank on behalf of Moriah Trust Limited, deducting $10 as bank transfer charges. This amount was purportedly warehoused by Ecobank pending the discharge of the APG.

On January 5, 2006, Mr. Nwedu fulfilled his contractual obligations and returned the APG document to Ecobank for discharge.

Surprisingly, instead of crediting the warehoused $214,996, Ecobank allegedly credited the domiciliary account with $20,060,118 on January 18, 2006, an amount grossly in excess of the expected sum.

The petition claims that Mr. Nwedu immediately notified Ecobank of the error. The bank reportedly responded that it had erroneously credited the naira equivalent of the warehoused funds to the domiciliary account. Following this, Ecobank allegedly deactivated the account without informing or obtaining the consent of Moriah Trust Limited, leaving the erroneous credit balance intact.

EFCC freezes N10billion linked to ex-Lagos gov Ambode

Efforts to resolve the issue proved futile. In 2008, Mr. Nwedu deposited $17,000 to reactivate the account and reconcile the statements, but the bank allegedly failed to act. A further deposit of $3,000 in 2009 also did not yield any results, as Ecobank reportedly continued to deny the petitioner access to the account.

The situation has caused significant challenges for Mr. Nwedu. Since 2019, the IDA has demanded a project closure report, which he has been unable to provide due to his restricted access to the account. This has reportedly led to allegations of fiduciary breaches against him, causing irreparable damage to his reputation.

The petition accuses Ecobank Nigeria Plc of deliberately withholding access to the account, raising suspicions of fraudulent activity involving the APG funds. It urges the EFCC to investigate the matter thoroughly, identify any officials involved, and ensure justice is served.

“The actions of Ecobank Nigeria Plc constitute an attempt to defraud Moriah Trust Limited of its hard-earned funds,” the petition reads, adding that the EFCC chairman should intervene to uncover any illegal transactions and protect the petitioner’s financial interests.

Air Commodore David Olumuyiwa Babalola, a consultant clinical pharmacist in the Nigerian Air Force (NAF), has achieved an extraordinary milestone in Nigerian pharmacy practice, earning three prestigious honors at the 97th Annual National Conference of the Pharmaceutical Society of Nigeria (PSN).

Held from November 4 to 9, 2024, the conference celebrated Babalola’s exceptional contributions with the Biogenerics Integrity Award, the Pfizer Excellence Award, and the Fellowship of the Pharmaceutical Society of Nigeria (FPSN).

Babalola was recognized as the best overall public-sector hospital pharmacist in Nigeria, clinching the Biogenerics Integrity Award. This esteemed honor, accompanied by a ₦1,000,000 cash prize, celebrates excellence in patient care, career achievements, innovations, training, research, professional service, philanthropy, and leadership in public hospitals.

Adding to his accolades, he was one of four pharmacists nationwide to receive the Pfizer Excellence Award. This award highlights outstanding contributions to hospital and community pharmacy and includes a ₦250,000 cash prize, a commemorative plaque, and a certificate.

Representatives of Pfizer Nigeria presented the award during the conference’s grand closing banquet at Flairmore Event Centre, Uyo.

This achievement makes history as Babalola becomes the first pharmacist in the Nigerian Armed Forces to win a PSN-sponsored corporate award since its inception nearly two decades ago.

In his acceptance speech, Babalola expressed gratitude to Biogenerics Nigeria Ltd and Pfizer Nigeria for their sponsorship, which he said inspires excellence in hospital pharmacy practice.

He also acknowledged the Chief of the Air Staff, Air Marshal HB Abubakar, for fostering an enabling environment for pharmacists within the NAF and for approving the implementation of the Pharmacists Consultant Cadre in the force.

Babalola’s accolades were further crowned by his conferment with the Fellowship of the Pharmaceutical Society of Nigeria (FPSN), the highest honor awarded to pharmacists in the country. This recognition, reserved for individuals who have rendered exemplary and meritorious service, solidifies Babalola’s status as a trailblazer in the field.

As the first pharmacist in the Nigerian Air Force to attain the rank of air commodore, Babalola’s career is marked by groundbreaking achievements.

His latest recognitions underscore his relentless commitment to advancing pharmacy practice in Nigeria and inspiring a new generation of pharmacists.

The investiture ceremony for his FPSN honor is slated for early 2025, promising yet another celebration of his outstanding contributions to the pharmacy profession and the Nigerian Armed Forces.