Dons EzeOIL MARKETERS REJECT N1,O30/LITRE PETROL PRICE AS PH REFINERY OPENS UP ON HALTING OPERATIONS
OIL MARKETERS REJECT N1,030/LITRE PETROL PRICE AS PH REFINERY OPENS UP ON HALTING OPERATIONS The Port Harcourt Refining Company (PHRC) has confirmed that its operations were not entirely halted but scaled down temporarily to implement improvements.This clarification came as the Independent Petroleum Marketers Association of Nigeria (IPMAN) expressed concerns over the potential high cost of petrol produced at the facility. On Sunday, PHRC officials addressed claims by oil retailers suggesting that the Nigerian National Petroleum Company Limited (NNPCL) was selling petrol from the refinery at N1,030 per litre—about N60 higher than petrol from the Dangote Refinery. While NNPCL denied the claims, it has yet to disclose the official price of petrol from the newly upgraded refinery. During a guided tour of the facility, Executive Director of Operations at the Nigerian Pipeline and Storage Company Limited, Moyi Maidunama, reassured journalists of ongoing operations. He acknowledged a temporary reduction in output to address technical issues, stating, “The operations were not halted but scaled down for necessary upgrades. We are currently managing distribution using available loading arms, and normal operations will resume soon.” Terminal Manager Worlu Joel highlighted ongoing product distribution, including Premium Motor Spirit (PMS), kerosene, and diesel. However, he noted low turnout from tanker drivers, despite surplus products and operational loading arms. “We’ve already dispatched over 10 trucks today and expect to load at least 15 by the end of the day,” Joel said. PHRC Managing Director, Ibrahim Onoja, emphasized significant upgrades at the refinery, including replacing outdated equipment to enhance efficiency and reliability. “The plant is operational, and we are actively distributing products,” he said. IPMAN’s ConcernsIPMAN, however, voiced its dissatisfaction with the rumored pricing. Spokesperson Chinedu Ukadike warned that independent marketers would avoid purchasing from PHRC if the price of petrol remains at N1,030 per litre. “If the Port Harcourt refinery’s PMs price is truly N1,030, it is unacceptable to us independent marketers. We will not buy from them. We will buy where it is cheap” he stated, urging NNPCL to review its pricing strategy. “They promised to review the price. We will wait till then, but now we will buy from where it is cheaper,” he told The PUNCH. NNPCL has clarified that PMS from the Port Harcourt refinery is currently distributed exclusively through its retail outlets, with pricing subject to periodic reviews based on operational realities. Expert and Industry ReactionsThe Crude Oil Refineries Owners Association of Nigeria (CORAN) and energy experts weighed in on the refinery’s operations and pricing. CORAN’s National Publicity Secretary, Eche Idoko, explained that blending naphtha with cracked C5 to produce petrol could reduce production costs but raised concerns about environmental impact and sustainability if blending components are imported. Energy consultant Henry Adigun projected that the blended PMS from PHRC should cost between N860 and N870 per litre. He clarified that while the refinery is not yet producing petrol directly to standard specifications, blending remains a common practice globally. “Blending is normal, but the current phase of the Port Harcourt refinery is not producing petrol without blending. This stage determines the pricing,” Adigun explained.
TOP TEN BANKS IN NIGERIA BY SHAREHOLDERS FUND IN Q3 2024
TOP 10 BANKS IN NIGERIA BY SHAREHOLDERS FUNDS IN Q3 2024 In the third quarter of 2024, Nigerian banks experienced a remarkable 79% year-on-year surge in shareholder funds, which soared from N11.2 trillion in the same period the previous year to N20 trillion, reflecting a substantial increase.This growth, according to data from Nairalytics, is driven by the shareholder figures of 10 major Nigerian banks, compiled for the third quarter of 2024.On a quarterly basis, shareholder funds for these banks grew by 12%, climbing from N17.9 trillion in the second quarter of 2024.Shareholder funds are a key measure of a bank’s financial health. A larger fund indicates lower risk, greater stability, and better growth potential, boosting investor confidence and reflecting a stronger financial position.With this in mind, here’s a closer look at the top 10 banks in Nigeria with the largest shareholder funds for the third quarter of 2024: United Bank for Africa (UBA) At the top of the list is UBA, with N3.5 trillion in shareholder funds for Q3 2024, marking an impressive 102% year-on-year increase from N1.7 trillion. On a quarter-on-quarter basis, the bank’s funds grew by 20%, from N2.9 trillion in Q2 2024.Additionally, UBA reported a 111% year-on-year growth in pre-tax profit, reaching N207.3 billion for the quarter.Source: Sterling Bank Sterling Bank ranks 10th on the list, with shareholder funds of N207.7 billion in the third quarter of 2024. This represents a 25% year-on-year growth from N165.8 billion in the same period last year.On a quarter-on-quarter basis, the bank’s funds rose by 9%, increasing from N190.3 billion in Q2 2024, indicating a consistent upward trajectory in its financial health. Wema Bank Wema Bank holds the 9th position, with N224.7 billion in shareholder funds for Q3 2024. This marks a significant 89% year-on-year increase from N118.5 billion.On a quarterly basis, the bank’s shareholder funds grew by 13.16%, rising from N198.6 billion in Q2 2024, demonstrating strong growth in a short period. Stanbic Bank Stanbic Bank is 8th, with N630.5 billion in shareholder funds for Q3 2024, showing a 34% increase from N471 billion in the previous year. Compared to the second quarter of 2024, the bank saw an 8% rise from N584.4 billion.Stanbic also posted an impressive 68% growth in pre-tax profit, reaching N78.2 billion for the quarter, further reinforcing its solid financial position. Fidelity Bank Fidelity Bank ranks 7th, with shareholder funds totalling N688.2 billion for Q3 2024, up 67% from N410.7 billion in the same period last year. On a quarterly basis, Fidelity saw a 9% increase, up from N629.4 billion in Q2 2024.Additionally, the bank achieved an outstanding 135% growth in pre-tax profit, reaching N81.6 billion for the quarter. First Bank of NigeriaFirst Bank of Nigeria comes in 6th, with N2.5 trillion in shareholder funds for Q3 2024, a remarkable 89% increase from N1.3 trillion in the previous year.The bank also saw a 17% rise in shareholder funds compared to the second quarter of 2024, climbing from N2.2 trillion. FBN’s pre-tax profit surged by 210% year-on-year, reaching N198.8 billion for the quarter. Guaranty Trust BankGuaranty Trust Bank ranks 5th, reporting N2.6 trillion in shareholder funds for Q3 2024, a staggering 107% year-on-year growth from N1.2 trillion.On a quarterly basis, the bank’s funds rose by 12%, increasing from N2.3 trillion in Q2 2024. Additionally, Guaranty Trust Bank posted a 104% year-on-year growth in pre-tax profit, amounting to N215.6 billion for the quarter. Ecobank Ecobank is 4th, with N2.7 trillion in shareholder funds for Q3 2024, reflecting a 57% increase from N1.7 trillion in the same period the previous year. On a quarter-on-quarter basis, the bank saw a robust 20% rise from N2.2 trillion in Q2 2024.Ecobank also posted a remarkable 137% year-on-year growth in pre-tax profit, which reached N265 billion for the quarter. Access Bank Access Bank…
SEVEN FOUNDERS OF LOCAL AIRLINES IN NIGERIA’S $1.78B AVIATION INDUSTRY
l SEVEN FOUNDERS OF LOCAL AIRLINES IN NIGERIA’S $1.7B AVIATION INDUSTRY The Nigerian aviation sector, despite being a critical element in the country’s transportation system and economy, has not reached its full potential compared to other African nations. The International Air Transport Association (IATA) estimates that aviation supports $63 billion in economic activity across Africa. However, Nigeria’s aviation industry contributes a modest $1.7 billion to GDP, representing 0.4% of the national economy—far behind South Africa’s aviation sector, which contributes $12 billion, or 3.5% of GDP. With 20 airports, 23 active domestic airlines, and operations by 22 foreign carriers, Nigeria’s aviation sector holds immense potential. It has created over 241,000 jobs and facilitated international trade and tourism, connecting Nigeria directly to major global business hubs such as London, New York, Johannesburg, Dubai, and Paris. Additionally, Nigeria’s attainment of the FAA International Aviation Safety Assessment (IASA) Category One Certification allows its carriers to fly directly into the United States, a significant milestone for the sector. Passenger and aircraft traffic has consistently risen by an average of 10% annually, with Murtala Muhammed International Airport (MMIA) in Lagos handling over 60% of the country’s total air traffic. Within this sector are owners of domestic airlines of Nigerian descent. These individuals have invested private capital and helped to a certain extent provide job opportunities and new pathways for growth in the industry. Take a look at some of these personalities as spotlighted by Nairametrics. Allen Ifechukwu Onyema, a Nigerian lawyer and entrepreneur, founded Air Peace in 2013 to create economic opportunities for Nigerian youth. His vision was to build a thriving airline that would serve both domestic and international markets, and over the years, Air Peace has grown into one of the country’s most prominent carriers. The airline’s fleet has expanded significantly, now including Boeing 737s, Boeing 777s, Dornier 328s, Embraer 145s, Embraer 195-E2s, and Airbus 320s. This diverse range of aircraft has supported Air Peace’s growing network, which now includes routes to international destinations such as Accra, Ghana, Sharjah, and Johannesburg, South Africa. Onyema’s commitment to expanding the airline’s reach has positioned Air Peace as a key player in West African aviation, offering affordable air travel options while creating jobs and boosting the local economy. Jacky Hathiramani, the pioneer Managing Director/CEO of Dana Airlines and now the Group Managing Director/CEO of Dana Group of Companies, is a Nigerian born in Jos, Plateau state. He holds a degree in Business Administration from the European Business School of London and sits on the board of several blue-chip companies and PLCs. Jacky started his career in the manufacturing industry, where he was appointed as an Executive Director of Ashmina Limited in 1998. He led major business transformation in the company, which led to his appointment as Group Managing Director. He has been responsible for the strategic development and expansion of the Group, which has evolved into a multi-billion dollar conglomerate with interests in key sectors of the Nigerian economy, including transportation, steel, and aviation. Jacky’s drive and passion for quality service led to the establishment of Dana Air in 2006. The introduction of the airline and its redefining role in the aviation industry, offering world-class customer and in-flight service, with an on-time performance that is still unrivaled, earned Jacky multiple CEO of the Year awards. Jacky’s superior business performance and innovations have enabled the company to achieve commendable market share and recognition as one of Nigeria’s Most Respected Companies. Kunle Soname is a Nigerian entrepreneur, sports enthusiast, and the chairman of Bet9ja, a leading betting platform he founded in 2013. He made history in 2015 as the first Nigerian to acquire a European football club, C.D. Feirense. Soname studied Estate Management at Obafemi Awolowo University, graduating in 1988, and later…
PH REFINERY STILL OPERATING – ENGINEERS CLAIM
PH REFINERY STILL OPERATING – ENGINEERS CLAIM The Nigerian Society of Chemical Engineers, NSChE, has insisted that the Port Harcourt Refinery is still operational and has continued to refine petroleum products. This is coming amid reports that the refinery has halted operations just days after the Nigerian National Petroleum Company (NNPC) Ltd revealed that it had fulfilled its pledge of re-streaming the facility. The development was discovered by a reporter who visited the refinery where it was observed that the facility was inactive, with no discernible signs of operation. But in an interview on Arise TV Sunday morning, Mr Tony Ogbuigwe, the National President of NSChE made fresh claims that the refinery is fully operational. He said, “I’m here as a professional and as the president of the Nigerian Society of Chemical Engineers. The truth of the matter is that Area 5 of the Port Harcourt refinery is running and it is indeed running. Port Harcourt refinery has two parts. “There is the old refinery and the new refinery. The old refinery is the one that has been brought back into operation. It is running. “We can confirm that it is running. We have made contact with our colleagues, professional chemical engineers who are on the ground and they have confirmed that the refinery is indeed running. “Products are being produced from the old refinery and those products are being blended to give PMS that we consume in our cars and diesel oil which we consume in trucks. Those products are indeed being produced. Kerosene is also being produced and that is the truth.” He said that just as the Dangote refinery went through stages upon its takeoff, the Port Harcourt refinery is going through similar stages. According to him, “It’s exactly the same thing that is happening in the Port Harcourt refinery. Crude oil comes into a refinery and goes into what is called a crude distillation unit. “There, there is the distillation column and products come out from the column at various levels. From the top is gas which will eventually give you cooking gas. “And then the next level is light naphtha or straight run gasoline as some will call it and then the next level is heavy naphtha, and then kerosene and then diesel and then fuel oil which is from the bottom of the column. “These are the straight products that come from the column but they go for further processing in different parts of the refinery. “What has happened is that Area 5 was commissioned and the main column, the crude distillation unit, has been commissioned. It is running as I said and it is producing those products. “However, the heavy naphtha which should go into the catalytic reforming unit, that unit, (the CR unit) is the next unit which should be brought on stream. That is not yet on stream.” He affirmed that Area 5, also called the old refinery, “is currently producing different products, listing those products to include light naphtha, heavy naphtha, Kerosene, light gas oil, and fuel oil.” Dismissing reports that PMS is mixed with naphtha and supplied to Nigerians, the petrol-chemical expert said what is being brought in was Crack C-5, a by-product from the Eleme petrol chemical processes. He said, “That is a high octane stock that is blended with the light naphtha to give you the 1991 run for PMS”, adding that “the refinery is operating between 60-70 percent right now, stating that they are ramping up towards 90 percent.” “Hopefully, when they ramp up to 90 percent, then, of course, there will be more products coming out,” he said. It could be recalled that cheerful news had emerged last Tuesday that the refinery had resumed oil production and that…
NIGERIANS TO PAY MORE FOR MTN, GLO, AIRTEL FROM DEC 13
NIGERIANS TO PAY MORE FOR MTN, GLO, AIRTEL CALLS FROM DEC, 13 The Nigerian Communications Commission (NCC) is set to release a new tariff plan for MTN, Airtel, Glo, and other telco operators on December 13, 2024. The development is part of the commission’s efforts to simplify tariff plans for telecom companies. NCC reveals reason for new tariff plans The executive vice chairman of NNC, Aminu Maida, disclosed this on Thursday, November 28, 2024, in Abuja. The NCC boss, who was represented by Reuben Mouka, the director of public affairs, said the new plans’ unveiling date remains sacrosanct, unlike the botched date of October 27, 2024. The commission earlier announced October 27 as the release date for new tariff plans. However, it disclosed that it was not ready due to stakeholders’ non-conclusion. The NCC also directed operators to limit their tariff and promotional plans to seven. The directive aims to reduce complex tariff plans and bundles, ensure transparency and fairness of promotional elements, protect consumers’ interests, and ensure fair operator competition. The NCC investigates data depletion “On December 13, 2024, a new tariff plan will be announced against the old date of October 27, as announced. We have gotten stakeholders to make inputs. The NCC chairman disclosed that the commission had thoroughly investigated consumer data depletion complaints and mandated that telcos engage a reputable audit firm. The NCC disclosed that consumers must know that data usage is different on Android phones. “As a consumer-centric regulator, the commission has embarked on public awareness on this for consumers to understand their data depletion better,” he said. NCC speaks on advancing into, and 7G technology Legit.ng earlier reported that the NCC has said that the country’s introduction of 5G technology boasts a broader attack surface because of its denser network infrastructure and higher number of connected devices. The commission stated that technology has advanced into the sixth and seventh generations (6G and 7G). It said this at this year’s telecom industry risk management conference in Lagos under the theme “Evolution and Future Risk Management in the Telecoms Industry: Harnessing Emerging Technologies and Trends.” ,
PH REFINERY SHUTS DOWN TEMPORARILY
PH REFINERY SHUTS DOWN MOMENTARILY The Port-Harcourt refinery of the Nigerian National Petroleum Company Limited (NNPCL) has shut down operation “at the moment” with only its non-petroleum unit running which is the Crude Distillation Unit (CDU), SaharaReporters can report. The CDU produces naphtha, kerosene and diesel but cannot produce the component which is needed for the Premium Motor Spirit (PMS) otherwise known as petrol, top sources at the refinery disclosed to SaharaReporters on Saturday. SaharaReporters has been monitoring developments at the refinery since Tuesday when the NNPCL initially claimed the refinery was up and trucking out PMS to the Nigerian public. SaharaReporters had exclusively reported that only the old section of the Port-Harcourt refinery was working and it was blending “Crack C5 with the Naphtha” and trucking it out as Premium Motor Spirit, which some staff warned would have an “effect” on vehicles. The top sources had clarified to SaharaReporters on Wednesday that the NNPCL came up with the idea of blending Crack C5 with the Naphtha from the primary units because the secondary units are not ready yet. The sources had said that though blending is a standard practice and that PMS is a blend of products, “but the blended products are reformate. Gasoline is produced from the secondary units of the process plant. These secondary units are yet to be commissioned.” Giving an update to SaharaReporters on Saturday, a top official said only the CDU was running at the moment and could turn out only naphtha, kerosene and diesel. “The Crude Distillation Unit (CDU) is still running but the operation of the depot is shut down at the moment. The CDU produces naphtha, diesel and Kerosene but cannot produce the component for the production of PMS,” the source revealed. “All these products cannot serve the masses as the production of these products are in small quantities even if the plant runs at 100% throughput. The processing plant of 150,000bpd capacity will commence operations in 2026; that is if money is made readily available to meet the timelines because at the moment the project has exceeded $2billion.” SaharaReporters on Tuesday reported that NNPCL confirmed its exclusive reports that only the old Port Harcourt Refinery in Rivers State is working and that the refinery is not trucking out PMS but blended gasoline. The NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement had said that the old Port Harcourt Refinery is currently operating at 70% of its installed capacity, and that it produces Straight-Run Gasoline (Naphtha), blended into 1.4 million liters of Premium Motor Spirit (PMS), popularly known as petrol daily. Confirming SaharaReporters’ stories, Soneye in a statement on Tuesday evening, said, “The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd.) express heartfelt appreciation to Nigerians for their support and excitement over the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery. “This achievement marks a significant step forward after years of operational challenges and underperformance. “We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products. “For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%. The refinery is producing the following daily outputs: “Straight-Run Gasoline (Naphtha): Blended into 1.4 million liters of Premium Motor Spirit (PMS or petrol); Kerosene: 900,000 liters; Automotive Gas Oil (AGO or Diesel): 1.5 million liters; Low Pour Fuel Oil (LPFO): 2.1 million liters; Liquefied Petroleum Gas (LPG): Additional volumes.” Soneye had added, “It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications. “Blending is a standard practice in refineries…
PH REFINERY HALTS OPERATIONS, LOADING BAY EMPTY
PH REFINERY HALTS OPERATIONS, LOADING BAY EMPTY The fanfare that greeted the resumption of activities at the Port Harcourt Refining Company on Tuesday may have melted away leaving the hope and expectations of many Nigerians hanging.A visit by Saturday PUNCH to the refinery on Friday revealed that there was no activity on site, as some workers met by our correspondent claimed that the refinery was undergoing calibration which might last till next week.The Port Harcourt Refinery has faced numerous delays and missed deadlines to resume operations.However, the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited, Melee Kyari, inaugurated the new plant at the Area 5 terminal of the refinery on Tuesday. It was claimed that 200 petrol trucks were loading daily from the plant.However, the announcement was met with skepticism as reports circulated that the trucks were loaded with old products in the storage tanks.Upon visiting the Port Harcourt Refinery Area 5, our correspondent observed no signs of activity.An official, who spoke on condition of anonymity, revealed that the loaded trucks contained “dead stock”.He said, “Before the refinery was shut down between 2015/2016, we had dead stock left in the tank, including some Premium Motor Spirit (petrol) DPK (kerosene), and Automated Gas Oil (diesel).“So, these products were in large quantities in stores in those tanks. During the rehabilitation of the Port Harcourt Refinery, Old Area 5, those products were evacuated from the tanks for storage.”However, he noted that the large quantity of refined petrol was “off-spec,” requiring separation from water to obtain the main product in preferred colours.“But for DPK, it is in large quantity but they have not pushed it from the tank where it was kept after refined ready for commercial purposes.“So, the product that was loaded was dead stock, that is the old product that was in the system. So, after these dead stocks, they will have to clean the tank, remove all the debris before pumping the new project into that tank, and redye it,” the source said.The worker highlighted that refineries worldwide should operate electronically, not manually.“But what they are trying to do at the Port Harcourt Refinery is manual, which cannot match the new digital pumps. Most of the pumps used for the event were refurbished,” he added.He explained that during Kyari’s visit on Tuesday, seven trucks were prepared for loading, but only five were filled with petrol.The Chairman of the Independent Petroleum Marketers Association of Nigeria, Taken Ikpaki, while speaking to journalists during the inauguration of the facility on Tuesday, had expressed optimism.He stated that more trucks were expected to come into the facility to load products in the coming days.But rather than more trucks coming into the refinery, the number of trucks has dwindled.Around 1.30pm when our correspondent visited, he observed that most workers and drivers appeared idle as no machinery was operational.Nine trucks were seen parked, but the loading bay, numbered from one to 18, was empty and deserted, with some workers lying down.When asked about the lack of loading activity, a worker in overalls said, “They are de-watering, removing the water under the PMS. Maybe there will be loading after that, but we don’t know what time today.Another worker at the loading bay mentioned that ongoing calibration was the reason for the delay.“They are calibrating the meters,” he said tersely.Findings showed that the PMS left in the storage might not be enough to fill five trucks.A source indicated that calibration would continue until Monday, with the loading of DPK (kerosene) and AGO (diesel) expected to start by then.Speaking to our correspondent, a resident of Alode in Eleme Local Government Area of Rivers State, who simply identified himself as Osaro, said, “After that ceremony with Mele Kyari where they said the…
PH REFINERY: NNPCL WILL FURTHER SLASH PMS PRICE – PETROAN
PH REFINERY: NNPCL WILL FURTHER SLASH PMS PRICE – PETROAN The President of the Petroleum Products Retail Outlet Owners Association, PETROAN, said it is working to ensure that Nigerian National Petroleum Company Limited further reduces the price of Port Harcourt Premium Motor Spirit (Petrol) from N1030 per litre in the coming days. The National President of PETROAN, Billy Gillis-Harry, disclosed this on Friday in his remarks at a strategic meeting in Abuja. According to him, the role of PETROAN is to ensure that Nigerians get quality petroleum products at cheaper prices nationwide. “One of the great things that has come out in the last few days is that PETROAN was able to make its own case to ensure that a petroleum product is received at a cheaper price. “Today, NNPCL has reduced their price to 1,030 Naira, and we are still hoping and pushing that it will still come down low. Our energy security is very critical, and that is why PETROAN as an organisation has consistently pushed for the in-country refining capacity to be enhanced. And that is why we are at the forefront of those who are advocating for the naira for crude oil to boost domestic refining,” he stated. This comes as Gillis-Harry assured Nigerians that the truckout petroleum products from the Port Harcourt refinery on Tuesday were freshly refined and of standard quality. He further stressed that Port Harcourt refinery, Dangote refinery, and other emerging refineries will guarantee energy security for all Nigerians. “And I can tell you, it’s a thing that PETROAN is working hard to make sure that we take the product from there, and ultimately, the prices coming from NNPC will be lower than what we are seeing today. You can hold us responsible to keep making that push. “So, as far as energy security is concerned, today we have brought up 650,000 barrels per day at Dangote Refinery. His comments come at the time the Nigerian National Petroleum Company announced the commencement of crude oil processing and truckout of petroleum products at Port Harcourt Refinery on Tuesday. In an update on Friday, PETROAN announced that the Port Harcourt Premium Motor Spirit (Petrol) ex-depot price stood at N1030 per litre. Meanwhile, the revival of the Port Harcourt refinery had sparked controversy over the state-owned firm’s operations. The development comes days after Dangote Refinery reduced its ex-depot price to N970 per litre.
FIT GROUP TO CONSTRUCT HILTON GARDEN INN IN ENUGU
FIT GROUP TO CONSTRUCT HILTON GARDEN INN IN ENUGU FIT Hospitality & Entertainment Limited, a subsidiary of the FIT Group of Companies Limited, is set to develop a 150-key Hilton Garden Inn Hotel in Heliu Business District, a commercial area of Enugu, as part of a move seen at playing big in the hospitality industry. The construction will be done in partnership with Sana Global Projects Limited; an engineering, procurement, and construction (EPC) contractor. Victor Ogakwu, chairman, FIT Hospitality and Entertainment Limited, stated that the agreement marks a pivotal moment in the realisation of the first globally franchised Hilton Hotel in the South East of Nigeria. According to him, the emerging Heliu Business District is a project set to redefine estate development standards in the SouthEast region. “We are thrilled to engage the Sana Group as the EPC contractor to deliver this turnkey hotel project with its unique steel building technology, the first of such a building in Enugu. This project underscores our commitment to driving economic growth and tourism development in this region,” Ogakwu stated. According to him, the Hilton Garden Inn will feature 150 luxuriously furnished rooms, cutting-edge conference facilities, and signature dining options, including a rooftop bar and restaurants, while blending traditional Igbo aesthetics with contemporary elegance. Loretta Aniagolu, CEO, FIT Hospitality and Entertainment Limited, stated that the Hilton Garden Inn will become a beacon of excellence, showcasing the rich cultural heritage and creating vibrant business opportunities in the state. “This agreement brings us one step closer to creating an iconic development that will not only boost tourism but also catalyze economic growth in Enugu State,” she assured. According to Aniagolu, the project’s funding structure, arranged by Afrinvest Capital Limited, demonstrates a robust financial framework designed to ensure timely delivery and sustainability. She stated further that Hilton Garden Inn, upon completion, is expected to elevate the profile of Enugu State as a hospitality hub. Alaa Alghadban, managing director, Sana Global Projects, disclosed that the firm was chosen for its expertise and track record of successful infrastructure projects. “We are excited to be engaged by FIT Hospitality & Entertainment Limited to execute this prestigious project. We share in FIT Group’s vision for excellence, and we are determined to ensure the Hilton Garden Inn Hotel becomes a flagship destination in Enugu,” Alghadban said.
PETROL PRODUCTION: CONTROVERSY SURROUNDS PH REFINERY, NNPCL
PETROL PRODUCTION: CONTROVERSY SURROUNDS PH REFINERY, NNPCL The operational capacity of the recently rehabilitated Port Harcourt Refining Company faced significant scrutiny on Thursday.Allegations surfaced that petroleum products loaded from the facility on Tuesday were not newly refined but were, instead, products stored in its tanks for over three years. This situation has reignited skepticism surrounding the refinery, which has experienced repeated delays and missed deadlines, with seven failed attempts to resume operations. Timothy Mgbere, Secretary of the Alesa community stakeholders, claimed during a Thursday interview that the refinery’s 60,000 barrels per day capacity is far from being fully operational, contradicting the Nigerian National Petroleum Company Limited’s (NNPCL) assertions. The Alesa community, located in Eleme, Rivers State, hosts the Port Harcourt refinery. Mgbere alleged that only six trucks of petroleum products were loaded on Tuesday, despite NNPCL’s claim that 200 trucks would be dispatched daily. He further highlighted that the ceremony marking the plant’s reopening was largely symbolic, stating that full operations had not commenced. Industry experts have called on NNPCL to substantiate its claims by selling products directly to oil marketers. However, NNPCL spokesperson Femi Soneye declined to respond to inquiries on the matter. The refinery resumed operations on Tuesday after years of inactivity. NNPCL stated that the revamped complex of the old refinery operates at 70% of its installed capacity, producing diesel, Pour Fuel Oil, and other petroleum products. According to NNPCL, the facility is expected to release 200 trucks of petrol daily into the Nigerian market. However, Mgbere described the reopening event as a superficial showcase, adding that not all units of the old complex are functional. He insisted that what was presented to the public does not reflect the reality on the ground. Mgbere further criticized the refinery’s automation claims, stating that inefficiencies remain evident. He also accused the contractor of incompetence, pointing out that the project was heavily reliant on subcontractors, many of whom lacked the required equipment. He said, “The Port Harcourt refinery, and by extension, the Port Harcourt depot, happens to be the mainstay of the Alesa community economy. The economic activities emanating from the operations of these depots mean a lot to us as a community people, but as it were, now, I don’t think it’s a cause for celebration yet because what we are having in the media space is different from what we have on the ground. “I can tell you on authority as a community person, that what happened on Tuesday was just a mere show at the Port Harcourt depot. A mere show in the sense that the Port Harcourt refinery, we call it area five, that is the old refinery, is merely in skeletal operation. When I say skeletal, I mean that some units of the refinery were brought up and are running, but not the entire unit of the old refinery is functional, as we speak. “I will give them the credit that at least they have started something, but not to say, according to the Head of Corporate Communication, Femi Soneye, like it is in the media that they are already producing 1.4m barrels per day. That’s not the case. That’s not true. I don’t want to use the word lie, but as an agency that is holding the oil industry in trust for Nigerians, they shouldn’t put out information that is not true.” He argued that “the true picture of what happened on Tuesday is that the NNPC has been under pressure to televise to Nigerians that everything is okay and that the old refinery has started functioning. “I can tell you that the MD or the CEO of the refinery, was in Port Harcourt since Monday; the other MDs were also in Port Harcourt. The MD of…