OGEL Energy Law / Transnational Dispute Management (TDM)’s Post

https://lnkd.in/djNVXtDK Analyzing the situation and taking a stance on behalf of the organized private sector, it's evident that the NNPC's stance regarding the role of refineries in reducing petrol prices is inadequate. The organized private sector is deeply concerned about the state of the petroleum industry in Nigeria. Firstly, the reliance on fuel imports due to the inefficiency and mismanagement of existing refineries poses significant challenges to businesses within Nigeria. This reliance not only drains foreign exchange but also hampers local industries that heavily rely on stable and affordable energy sources for their operations. The continual subsidization of petrol prices is seen as a short-term solution that disproportionately benefits specific segments of society while burdening the economy at large. The organized private sector recognizes that these subsidies contribute to fiscal challenges and discourage investment and growth in the petroleum sector. The proposed position on behalf of the organized private sector is as follows: 1. **Urgent Rehabilitation and Modernization of Refineries:** Emphasize the need for a comprehensive rehabilitation strategy for existing refineries and the establishment of modern, efficient facilities. This approach will decrease reliance on imports, create job opportunities, and foster economic growth within the country. 2. **Market-Oriented Pricing:** Advocate for a transition towards market-oriented pricing mechanisms that encourage competition, efficiency, and investment in the petroleum sector. This step would promote fair competition and attract private investment, ultimately benefiting consumers and businesses alike. 3. **Diversification and Sustainable Energy Solutions:** Encourage the exploration and development of alternative and sustainable energy sources to reduce dependency on traditional fuel sources. Promoting investment in renewable energy will not only diversify the energy mix but also contribute to environmental sustainability. 4. **Collaborative Approach:** Call for collaboration between the government and the private sector to implement reforms that drive efficiency, transparency, and accountability within the petroleum industry. This collaboration should aim to create an enabling environment for businesses to thrive while ensuring the welfare of the Nigerian populace. In summary, the organized private sector's position advocates for reforms that prioritize the rehabilitation of refineries, market-driven pricing, diversification of energy sources, and collaborative efforts between the public and private sectors. These measures aim to foster a robust and sustainable petroleum industry that benefits both businesses and the wider Nigerian population. #reformthennpc

Nigerian billionaire businessman, Femi Otedola, made some beautiful comments on Dangote Refinery. Uncle Femi said "This refinery is a beacon of hope for millions of Nigerians and Africans. It is also at the vanguard of championing environmental sustainability. With its Carbon capture technologies and storage processes it will capture up to 90%+ of the CO2 emitted and also play a significant role in reducing Well-to-tank carbon emissions from crude oil maritime transportation, thereby playing its own role in helping Nigeria meet its target for net-zero emissions by 2060. The Refinery recircles 100% of its water. The heat coming out of the process is fully captured to produce 50MW of Power. Dangote is also producing Euro 5 to replace the bad Euro 5 that has been dumped in Africa for a long time. Shipping 65,000 barrels per day of crude out of Nigeria and 650kbpd in refined products to Nigeria and nearby countries which is 480 ships of 1m barrels per day will save 1.5m to 2.5m tons of CO2 emissions. This will help the environment. By meeting our requirements for all refined petroleum products, it will champion energy security and independence for our nation and act as a catalyst for a new era of prosperity for the subcontinent. It promises economic transformation for Nigerians today and for generations to come. “Congratulations, Aliko Dangote. Africa is proud of you! …F.Ote💲” Note:- When the Dangote refinery reaches its full capacity of 650,000 barrels per day (bpd) as Dangote said recently that his focus over the coming months is to ramp up the refinery to its full capacity. The refinery is expected to yield approximately $27 billion in annual revenue from the sale of products such as petrol and chemicals for the country. If NNPC Limited did not play politics with Aliko Dangote and made sure that the refinery continuously receives crude oil to refine as crude oil supply guarantees are essential to the operation of a refinery. Dangote refinery will be a GAME CHANGER for the country. Probably, the government should allocate an oil field to the Dangote refinery. It wouldn't sound good if Dangote Refinery sourced crude from the international market to meet its full refining capacity. #GodBlessNigeria #MayTinubuSucceed #MayDangoteSucceed

The Dangote Refinery is reportedly under threat of sabotage by international oil companies, prompting concerns raised by the Vice President. Devakumar Edwin, Vice President of Dangote Group, has made a startling accusation against International Oil Companies (IOCs), alleging a concerted effort to undermine the Dangote Refinery. This accusation, amidst claims of economic sabotage and regulatory oversights, poses a significant threat to Nigeria's ambitions for energy independence and economic sovereignty. Edwin's claims suggest IOCs are manipulating crude oil prices and creating artificial shortages to force Dangote Refinery into importing expensive crude from the United States, thereby inflating operational costs. He emphasized that these actions go beyond normal competition, aiming to hinder Nigeria's industrial progress. Additionally, Edwin criticized the Nigerian regulatory authority for reportedly allowing the importation of banned, substandard diesel and jet fuel, contrary to Dangote Refinery's capacity to produce high-quality fuels. This regulatory lapse, he argued, undermines efforts to uphold industry standards. These developments highlight critical challenges in Nigeria's oil sector, potentially impacting energy security and economic stability. As investigations continue, stakeholders urge transparency and accountability to safeguard the nation's vital energy interests. #NigeriaNews #NaijaUpdates #BreakingNewsNG #NigeriaHeadlines #NaijaToday

https://lnkd.in/dSFRUuTM Hello Folks, Summary of the Article above: Dangote Refinery: A Turning Point or Another Player in Nigeria's Corruption-Ridden Oil Sector? The article examines the potential impact of the Dangote Refinery on Nigeria's oil and gas sector. With a $19 billion investment and a refining capacity of 650,000 barrels per day, the refinery could be a game-changer by reducing Nigeria's reliance on fuel imports, stabilizing prices, and addressing fuel scarcity. Currently, fuel prices in Nigeria range from N850 to N900 per liter due to the inefficiencies of the Nigerian National Petroleum Corporation Limited (NNPCL), which has failed to repair state-owned refineries despite large budget allocations. The article raises concerns about whether the Dangote Refinery will bring positive change or join the corruption-ridden practices of the NNPCL. If managed with transparency and good governance, the refinery could lower fuel prices to an estimated N300 to N400 per liter. However, if Dangote engages in corrupt practices, Nigerians will continue to suffer from high prices and economic mismanagement. Key recommendations include full transparency from the Dangote Refinery, judicial investigations into the NNPCL's finances, and immediate repairs of Nigeria's refineries to prevent further economic decline. Enjoy the rest of the day 🇳🇬🇳🇬🇳🇬. Mahmud Aminu Hanga

NEWSFLASH: The House of Representatives has requested for the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) to be suspended while thorough investigations are conducted into the allegations against the Authority. After Honorable Esosa Iyawe raised a motion of urgent public importance in the House regarding the immediate necessity to resolve the outage caused by what he referred to as reckless remarks from him, this action was taken. Hon. Iyawe said, “In their defence, Dangote called for a test of their products, which was supervised by Members of the House of Representatives, wherein it was revealed that Dangote’s diesel had a Sulphur content of 87.6 ppm (parts per million), whereas the other two samples diesel imported showed Sulphur levels exceeding 1800 ppm and 2000 ppm respectively, thus disproving the allegations made by the NMDPRA boss. “Allegations have been made that the NMDPRA was giving licences to some traders who regularly import high-Sulphur content diesel into Nigeria, and the use of such products poses grave health risks and huge financial losses for Nigerians. “The unguarded statements by the Chief Executive of the NMDPRA, which has since been disproved, sparked an outrage from Nigerians who tagged his undermining of local refineries and insistence on the continued importation of fuel an act of economic sabotage, as the imported products have been shown to contain high levels of dangerous compounds.” #hammidbakare #OpeningMonologue #fypyou #News #tiktoknewsupdate #governance #NASS #leadership #StateOfTheNation #RenewedHopePolicies #GodBlessNigeria

Very sad .Others just perceive Africans as subhumans. Africa has all to lead the global world in creating wealth for its population . Nigerians should rally to support Aliko Dangote . It seems mafiosi are ruling Nigeria . $30B refined oil import at risk. They ae happy to take bribes from Indians ,Russian, British and French interests to sabotage Aliko Dangote 19$B investment. Nigeria faces challenges in its oil sector, with recent events sparking concerns among industry operators. The 650,000-capacity Dangote Petroleum Refinery experienced a fire incident, quickly controlled with no harm reported. The Lagos Chamber of Commerce and Industry urged the Federal Government to address issues around oil supply contracts, crude costs, and logistics to prevent disruptions in the sector. Modular refinery operators seek intervention to resolve the domestic crude oil supply crisis, emphasizing the importance of boosting local production and investor confidence. Efforts to tackle these challenges are crucial to safeguarding the stability and growth of Nigeria's oil industry. #OilSector #Nigeria #Investment #IndustryChallenges

Nigeria’s Oil Losses Highlighted at NEITI Board Retreat During the opening ceremony of the 2024 NEITI (Nigeria Extractive Industries Transparency Initiative) board retreat in Lagos, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, unveiled alarming statistics revealing significant losses in Nigeria’s oil sector. According to NEITI, Nigeria lost 619.7 million barrels of oil valued at $46.16 billion over a 12-year period from 2009 to 2020. Additionally, between 2009 and 2018, the country lost $1.84 billion worth of petroleum products from its refineries, equivalent... Read more on the link below https://lnkd.in/gswdvhSB

The Dangote Oil Refinery Nigeria incorporates modern #technology and processes, setting a standard for future refineries in #Africa. This could encourage further #investment in the continent's energy infrastructure and promote technological transfer and knowledge sharing. #SAR #OilRefinery #Africa #EconomicalGrowth #Nigeria #Investment #EmergingMarkets #CreditRating #TechnologicalAdvancement #RatingAgency #EnergyIndependence #EnergySector https://lnkd.in/eed3U3z3

The Dangote Refinery, Africa's largest with a capacity of 650,000 bpd, is tackling Nigeria's fuel import dependency. Since beginning operations in January, the refinery has struggled to secure enough crude oil for Nigeria. To address this, the refinery is negotiating with Libya and other African countries, alongside diversifying imports from Brazil and the USA. It has also formed partnerships with international traders like Trafigura and BP, and established an oil trading arm in London and Lagos.   Kaase Gbakon PhD Thomas Yeung kayode Ekundayo Etulan Adu Ikenna Madu Ikechukwu Promise Obialor Dakim Dung Petlong Dakhling Follow The African Energy Council for more energy news #Energy #OilRefining #aecouncil #Africa #Sustainability #DangoteRefinery #EnergySector #OilIndustry #CrudeOil #AfricaEnergy #CleanEnergy #SustainableDevelopment #EnergyTransition #OilAndGas   

Business News. FG drags 36 Governors to Supreme Court, seeks full autonomy for LGAs The Federal Government has instituted a legal action against the Governors of the 36 States of the Federation at the Supreme Court over alleged misconduct in the administration of Local Government Areas, LGAs. https://lnkd.in/d_TKBEaA Dangote Refinery to Begin Export of 10ppm Diesel in June, Gets NMDPRA’s Approval to Refine Petrol Nigeria’s 650,000 barrels per day Dangote refinery will start exporting diesel conforming to European specifications along with gasoline (petrol) sales in June, its Vice President for Oil and Gas, Devakumar Edwin, said at the weekend. https://lnkd.in/dhykKnq5 FG Promises to Purchase Innoson’s CNG-powered Buses The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has said the federal government would in future include Innoson Vehicle Manufacturing Company Ltd (IVM) in the award of contracts for the production of... https://lnkd.in/dm32k2i7 Tinubu approves $100m investment in African Energy Bank President Bola Tinubu has approved a $100m investment by Nigeria for class A shares in the proposed African Energy Bank, the Federal Ministry of Petroleum Resources announced on Friday. https://lnkd.in/dqxzgDN2 Africa Needs to Invest $6bn Yearly in Digital Infrastructure The International Financial Corporation has said Africa will need to double its spending to $6 billion annually if it hopes to connect more people and businesses to the Internet. https://lnkd.in/dungaHAt Damilola Hassan Ola Belgore ACIArb Lydia Amobi-Offor Michael Abiodun Thomas #investment #business #growth #economy #finance #investors #funding #africa #corporation #digital #fund #energy #bank #oil #export #markets #financing #tax #capitalmarkets