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Port Harcourt Refinery Reaches 80% Completion, Set to Produce 10 Million Liters of PMS Daily

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The Federal Government has revealed that the Port Harcourt Refinery is nearing completion at 80%, with the capacity to generate two million liters of Premium Motor Spirit (PMS) and 2.2 million liters of diesel daily once operational.

Director of Press and Public Relations, Olajide Oshundun, stated that the old refinery plant would contribute 54,000 barrels per day, while the upcoming plant, in its final phase of construction, is anticipated to commence production by year-end.

Minister of State, Nkeiruka Onyejeocha, affirmed these details following an inspection tour, highlighting a combined daily production potential of 10 million liters of PMS from both plants.

“Speaking on the inspection visit to the Port-Harcourt refinery by TUC and Federal Government delegation, the minister said reports by organised labour and government established that the Port-Harcourt refinery is 80 percent completed.

“She explained that the old plant would begin with 54,000 barrels per day, which would produce two million litres of PMS and 2.2 million litres of diesel per day, while the new plant which is currently going through its last phase of completion would also begin production before the end of the year. The combined capacity of the two plants, when fully on stream, would produce 10 million litres of PMS per day”, the statement read.

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Onyejeocha emphasised the government’s willingness to engage in dialogue with organised labour and various stakeholders to foster peace and harmony in the sector.

She urged union leaders to view strike actions as a last resort, cautioning that such measures could send unfavourable signals to potential investors.

“Issuing of constant strike threat could send wrong signals to potential investors. This is not healthy for our business environment”.

The released statement indicated that both the Federal Government and the Trade Union Congress leadership convened to assess the progress report on agreements made in October 2023 between the government and organised labour.

“During the review, the minister read each item on the memorandum of understanding among which were the payment of four out of six months on wage award, the committee of minimum wage review, payment of outstanding salaries and wages of tertiary education workers in federal- owned educational institutions, suspension of VAT on diesel, payment of N25,000 conditional cash transfer to 3,140,819 households, including the pensioners.

“While she said the government has made a huge financial commitment to the provision of CNG Buses and conversion Kits, she also explained that the procurement process was slowing down the launch but measures were already in place to fast-track the process.

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“The minister explained that the government has commenced a series of engagements with relevant stakeholders on tax incentives, just as the leadership crises rocking NURTW and RTEAN have been resolved.

The statement noted significant strides, including the subsidised distribution of fertilizers to farmers nationwide, ongoing government dialogues with state governments and the private sector regarding the implementation of wage awards for their workers, and outlined plans to promote Micro and Small Enterprises (MSEs) for job creation and economic enhancement in the country.

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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