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NNPC’s oil security claims rise to N11.2tn

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The Nigerian National Petroleum Company Limited recorded claims totalling N11.2tn from the Federation in 2025 for costs and advances incurred on its behalf, including expenses related to securing the country’s oil and gas assets, an analysis of its 2025 audited financial statements has shown.

The statement obtained on Wednesday said the N11.2tn in receivables represented costs and advances incurred on behalf of the Federation, an amount that is N4.07tn, or about 57 per cent, higher than the N7.13tn energy security expense recognised in 2024.

The figure highlights the substantial financial burden associated with protecting oil and gas infrastructure against crude oil theft, pipeline vandalism and other disruptions, even as the national oil company reported higher production and a 33 per cent increase in profit after tax.

The audited accounts, however, show that the N11.2tn figure represents energy security costs and other receivables from the Federation, rather than a straightforward cash expenditure newly recognised in 2025.

The company stated that no energy security expense was recognised in 2025, compared with N7.13tn in 2024, following a reconciliation of outstanding amounts against royalties, taxes and dividends due as of December 2024. The reconciliation was completed in September 2025.

The figures come amid the Federal Government’s removal of the petrol subsidy in 2023 and subsequent deregulation of the downstream petroleum market.

NNPC’s 2024 accounts recorded energy security expenses of N7.13tn, compared with N4.8tn in 2023. That represented an increase of approximately N2.33tn, or 48 per cent, in the amount reported for the two years.

The financial report explained, “Other receivables from federation relates to advance payment to Federation and the security costs incurred in protecting the oil and gas assets. This is under the framework of approval between the Government of Nigeria and the Group to incur security costs and charge same to the Federation.”

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The financial statements showed that the group’s energy security cost receivable stood at N8.67tn at the end of 2025, while other receivables from the Federation, including advances and security-related costs, brought the total to N11.2tn.

According to Note 24.2 of the accounts, other receivables from the Federation relate to advance payments to the government and costs incurred in protecting oil and gas assets.

The company explained that the arrangement operated under an approved framework between the Federal Government and NNPC, allowing the national oil company to incur security costs and charge them to the Federation.

The accounts stated, “During the year, no energy security expense was recognised (2024: N7.13 trillion). Following a reconciliation exercise with relevant government agencies, the Energy Security Cost receivables were netted off against royalties, taxes, and dividends due as at December 2024. The reconciliation exercise concluded in September 2025.”

The disclosure means the N8.67tn energy security balance should not be interpreted as fresh spending incurred entirely in 2025. Rather, it reflects the outstanding balance carried in the accounts before its reconciliation against government obligations.

The issue is significant because oil theft, pipeline attacks and production disruptions have historically constrained Nigeria’s ability to maximise crude oil output and earn foreign exchange from petroleum exports.

NNPC’s financial results showed that crude oil and condensate production averaged 1.77 million barrels per day in 2025, the highest level in five years, while natural gas production reached a three-year high of 7.2 billion standard cubic feet per day.

The company said, “Oil and condensate production totalled 565.8 million barrels, up 5 per cent, with NNPC Limited’s equity share increasing 11 per cent to 223.7 million barrels.

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“Natural gas production reached 2,606.2 billion standard cubic feet, up 9 per cent, while its equity share rose 11 per cent to 1,154.9 billion standard cubic feet.”

Despite the improved output, the company’s accounts showed that pipeline maintenance costs fell sharply to N13.813bn in 2025 from N149.478bn in 2024, down by N135.665bn, or 90.8 per cent.

Speaking at the media parley to announce its financial results, the NNPC GCEO, Bayo Ojulari, said the company was also recording improvements in the fight against crude oil theft, particularly on major crude evacuation pipelines.

He said the combination of community-based surveillance, government intervention and security agencies had helped restore the availability of major pipelines, noting that reconciliation between crude produced and volumes accounted for at terminals had improved significantly.

“The most devastating theft has been on our major pipelines in the past, if you remember, right? With the combination of both community-based surveillance and intervention combined with the armed forces, we’ve seen stability, and most of those pipelines have retained 100 per cent availability,” Ojulari said.

He added that while the major pipelines were now more reliable, theft remained a challenge around smaller pipelines and wellheads across difficult terrains.

“We’re installing high-technology, what we call well-head cages, that detect intruders and can quickly respond… On some of the pipelines now, we’re also leveraging technology. We’re advancing technology using fibre optics technology as much as possible and intruder detection,” he said.

In its announcement, NNPC reported a profit after tax of N7.2tn, up from N5.4tn in 2024, while earnings before interest, taxes, depreciation and amortisation increased by 22 per cent to N18tn.

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Operating cash flow rose by 16 per cent to N12.8tn, earnings per share increased by 32 per cent to N35.9, and the declared dividend reached N5.8tn. Revenue stood at N34.5tn.

The company attributed its improved operational performance partly to progress on strategic infrastructure projects, including the completion of the River Niger crossing on the Ajaokuta-Kaduna-Kano gas pipeline and the completion of the 40-inch, 623-kilometre mainline.

It also said it commissioned the ANOH-OB3 Custody Transfer Metering Station, advanced the 300 million standard cubic feet per day ANOH Gas Processing Plant towards start-up readiness and acquired 500 compressed natural gas-powered trucks.

NNPC’s forward targets include raising crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030. It is also targeting gas production of 12 billion standard cubic feet per day by 2030 and plans to mobilise $60bn in upstream, midstream and downstream investments over the period.

The financial statements do not provide a separate, quantified breakdown of petrol subsidy payments for 2025 in the figures supplied. Therefore, the energy security receivables cannot be treated as a direct measure of savings from the removal of petrol subsidies.

However, the disclosure provides an indication of the scale of another major petroleum-sector obligation facing the government as it seeks to improve production, protect infrastructure and strengthen public finances.

Source: punchng.com

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Free zones attract $200bn FDI, create 500,000 jobs – FG

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The Federal Government has said Nigeria’s free trade zones have attracted more than $200bn in foreign investment and over N900bn in domestic investment, while generating more than 100,000 direct jobs and over 500,000 jobs across supply chains, logistics networks and host communities.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this at a meeting of Special Economic Zones stakeholders held virtually in September, as the government moves to modernise the regulatory framework governing the zones and strengthen their role in driving investment and non-oil exports.

Oduwole said the government was revising the Nigeria Export Processing Zones Authority regulations to make the scheme more responsive to the changing nature of businesses and investment, including digital operations.

She said the revised framework would recognise Digital Free Zones and Digital Special Economic Zones, support technology-enabled and non-physical operations, modernise corporate and registry provisions and strengthen dispute-resolution mechanisms.

“Across the scheme, the authorities record over $200bn of foreign investment and over N900bn of domestic investment, more than 100,000 direct jobs, and over 500,000 when the supply chains, the logistics networks and the host communities are counted. So you are all, indeed, valuable investors and contributors to the Nigerian economy. This has not and will not change,” Oduwole said.

The minister said the government’s latest regulatory reforms sought to build on the investments and jobs already created by the zones while addressing weaknesses that had affected the integrity and competitiveness of the scheme.

She said the reforms followed extensive consultations with government agencies, lawmakers and private-sector stakeholders and were designed to preserve Nigeria’s attractiveness as an investment destination while strengthening fiscal accountability.

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Oduwole said the government had identified the diversion of goods produced in free zones into the Nigerian Customs Territory while retaining fiscal incentives intended for export-oriented activities as a major concern.

She said the revised framework would restore the export orientation of the scheme by clarifying the 75 per cent export and 25 per cent domestic-sales structure and aligning domestic sales with applicable Nigerian tax laws.

The minister said the reforms would also clarify the responsibilities of the agencies overseeing the zones, taxation and customs, with NEPZA and the Oil and Gas Free Zones Authority retaining responsibility for licensing and operational oversight.

She said the Nigeria Revenue Service would retain responsibility for tax administration, while the Nigeria Customs Service would handle customs control, valuation, classification and enforcement.

Oduwole said the modernised framework would also accommodate businesses that did not require conventional physical zones, particularly technology-driven enterprises.

“The Revised NEPZA Regulations and Operational Guidelines create, for the first time in Nigeria, Digital Free Zones and Digital Special Economic Zones – zones that operate on a platform rather than a perimeter, with no requirement of physical presence,” she said.

She added that the framework would introduce licence categories, including an Innovator Licence for enterprises operating in areas where regulatory frameworks were still developing, while reporting and fee structures would reflect the way digital businesses generate revenue.

The Executive Secretary of NEPZA, Toyin Elegbede, said operators welcomed the reforms but wanted the government to protect businesses that had already invested under the existing regulatory regime.

“Our members recognise the need for a strong, transparent and well-regulated Special Economic Zones regime, and we welcome the opportunity to engage the government before the framework is finalised. Our priority is to ensure that the reforms address genuine gaps without creating new uncertainty for operators who have invested and modelled their investment on the strength of the existing regime at the time of investment,” Elegbede said.

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He said stakeholders wanted a competitive free zones ecosystem that would attract more investment, protect legitimate businesses and increase production and exports.

Meanwhile, the Chairman of NEPZA, Hadi Mutallab, said the government must ensure that the transition to the new framework did not undermine existing investments.

“The reform of Nigeria’s Special Economic Zones is necessary to strengthen the integrity of the scheme and ensure that the incentives provided deliver the investment, production, jobs and exports for which they were intended. At the same time, we must protect legitimate operators who have invested in our Zones and ensure that the transition to the new framework is clear, predictable and does not undermine existing investments,” Mutallab said.

Further, Oduwole said the government would continue to support lawful incentives that served the purpose of the zones while demanding compliance from operators.

She said the government’s objective remained to position the zones as engines of non-oil export growth and support President Bola Tinubu’s target of building a $1tn economy by 2030.

Source: punchng.com

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States fail to implement Tinubu’s low fare directive on CNG application

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Despite President Bola Tinubu’s directive that transportation fares should begin to fall from October 1 through the deployment of Compressed Natural Gas-powered buses, commuters across several states have continued to pay the same, and in some cases higher, fares.

Findings by The PUNCH across the states on Thursday showed that the presidential directive had yet to translate into widespread reductions in transport fares.

While some state governments have introduced subsidised or free CNG-powered transportation schemes, the initiatives remain limited in coverage, leaving millions of commuters dependent on commercial buses whose operators continue to grapple with high fuel, spare parts and maintenance costs.

In several states, transport unions said they had not received CNG buses, while motorists complained about inadequate infrastructure, including a shortage of refuelling facilities and conversion centres.

The situation was particularly evident in Enugu, Anambra, Delta, Imo, Sokoto, Kebbi, Jigawa, Gombe, Edo, Plateau, Ondo, Osun, Oyo and Ogun states, where checks showed that fares remained largely unchanged as the October 1 deadline took effect.

President Bola Tinubu had urged state governments on September 19 to ensure that savings from cheaper CNG-powered transportation translate into lower fares for Nigerians by October 1.

Tinubu made the charge in a statement updating Nigerians on the National Affordable CNG Transit Programme, established after his August 27 meeting with the 36 state governors.

He said the objective agreed with the governors was for more Nigerians to begin experiencing “measurable reductions in transportation costs” from October 1.

“I encourage every state to maintain the momentum towards October 1. Work with transport unions and commercial operators. Support conversion and fleet deployment.

“Facilitate the infrastructure required. Above all, ensure that savings from cheaper energy reach Nigerian citizens through lower fares,” he said.

The President said several states were already recording reductions in transport fares through CNG-powered and electric buses.

Speaking to The PUNCH on Thursday, the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed, insisted that several states, including Borno, Kaduna, Zamfara and Ebonyi, have started reducing transport fares through the deployment of Compressed Natural Gas and electric vehicles.

He further disclosed that fare reductions had commenced on some routes ahead of the Federal Government’s October 1 target.

Responding to PUNCH’s findings, Ahmed explained that October 1 was not a deadline for all states to implement fare reductions simultaneously, but the date from which the Federal Government would begin monitoring the rollout across the country.

He said, “The President and the Governors sat on August 27 to make a commitment to see that they have deepened the use of alternative fuel vehicles, that is CNG and electric vehicles, in different parts of the country.

‘’The Federal Government has made a significant investment both in terms of infrastructure and equipment for the last three years and he, the President, indulged the governors to make a commitment to do their own part at the sub-national level, what the governors have done. So, the price fare reduction have already started happening in different routes, but of course the 1st of October is not a day that, it’s not a be-all date that everything would happen at the same time, no.”

Ahmed further stated that the Federal Government would monitor the commencement of fare reductions on routes where CNG and electric vehicles were being used.

“It is a date where we will begin to monitor the commencement of fare reduction in routes where CNG and EV are being used in different states and right now I can tell you for free that in Abuja, in the last two, three years, we’ve been using CNG buses in different high-traffic routes like from the Federal Secretariat to Gwagwalada to Kubwa and anywhere. If you like, you can go tomorrow and check on a CNG bus, you will see that the fare reduction is significantly lower.”

According to him, Lagos has also begun expanding the use of CNG buses, following the donation of 20 buses to the Lagos Metropolitan Area Transport Authority.

“In Lagos we just donated about 20 CNG buses to LAMATA to start using as operators to start cutting down the fare prices in between Lagos and Ibadan and so on within Lagos and other areas as well.”

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Ahmed said Kaduna had also recorded significant reductions in fares after adopting CNG buses over the past two years.

He added that Zamfara had launched 100 electric taxis, while Ebonyi was providing free transportation for some categories of residents.

“Zamfara just launched their electric vehicles, 100 taxis, their fares are significantly reduced. Ebonyi is using their buses, it’s free for their civil servants and students. We are trying to see how we can bring that to the wider public,” Ahmed explained.

He also highlighted the fare reduction recorded in Borno State, where electric vehicles were being used to provide transportation at significantly lower rates.

“In Borno they are using EVs and then they are charging about 15 Naira as opposed to about 200 to 500 Naira for each trip,” he said.

Ahmed said the Federal Government was aware that the initiative had not yet reached all parts of the country, but would continue to expand the use of alternative fuel vehicles.

“So, there are a lot of stories all over the country, but it’s not everywhere yet but it is a beginning. What the President said is that there will be commencement of fare reduction by 1st of October and God willing, we are going to keep following that up to make sure that we deepen it and it pervades every community and every high traffic corridors.”

However, findings by this newspaper indicated that several states had yet to implement the low fare directive.

In Anambra State, transport fares remained unchanged on October 1, with commuters paying N700 from Upper Iweka to Oba and about N2,000 from Awka to Onitsha.

Some drivers said they were unaware of the Federal Government’s CNG buses, while gas stations in the state were reportedly not operational.

A commercial transport operator, Uche Daniel, blamed the high cost of spare parts and bad roads for the inability of transporters to reduce fares.

He said, “Even the CNG buses cannot reduce transport fare because the roads are bad, which make our vehicles faulty, and we have to take a long distance to our destination as we avoid bad roads and delays in areas where roads are being repaired.”

Daniel also cited the closure of the First Niger Bridge, saying motorists had been forced to use inner roads that were in poor condition.

In Delta State, transport operators similarly said there had been no reduction in fares.

The PUNCH observed only five CNG-branded buses parked at the Commissioner for Transport’s lodge in Asaba.

The Chairman of the NURTW Summit Motor Park, Asaba, Emeka Okoro, said the union had not received any CNG buses and therefore had not reduced its fares.

“They have not given us any buses, and we have not reduced transport fare. We cannot reduce transport fare when the cost of buying fuel is still high,” he said.

Okoro stated that the government needed to address fuel prices and ensure that transport unions and drivers had access to CNG-powered vehicles.

In Imo State, the situation was similar, with commercial transporters saying they were yet to receive Federal Government CNG buses.

Although the state’s All Progressives Congress spokesman, Jones Onwuasoanya, argued that the President’s promise was on course and that the state had started taking delivery of CNG vehicles, checks by The PUNCH at major motor parks showed that transport fares remained high.

A driver said a journey from Owerri to Akokwa cost N4,500, while Owerri to Awka cost as much as N9,000.

“The CNG bus is not in Imo, and we have not seen anyone. Imagine paying N4,500 from Owerri to Akokwa and paying N9,000 from Owerri to Awka. These places increased by 50 per cent. The President should reduce the fuel price and forget about all this unrealistic talk about CNG,” he said.

Another driver, Emeka, questioned the reach of the programme, saying the state’s transport system was largely driven by private bus owners.

“Have we also talked about the modalities of the operation? Imo State is run by private bus owners. These are factors of consideration. We expect the Federal Government to reduce pump price,” he said.

In Sokoto and Kebbi states, transport fares also remained unchanged.

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At the Central Motor Park in Sokoto, passengers travelling to Kebbi continued to pay between N5,000 and N6,000, while journeys to Kano or Kaduna cost about N20,000 on commercial vehicles.

In Kebbi, a journey to Sokoto remained about N5,000 on commercial buses, although state-owned transport vehicles charged N3,500 on the same route.

The lower fares offered by state-owned services provided some relief, but their limited coverage meant that most passengers still relied on commercial operators.

In Jigawa State, residents of Dutse expressed disappointment that fares had not fallen.

At Dutse Central Motor Park and Shuwarin Motor Park, passengers said fares remained unchanged.

A passenger travelling to Kano, Isa Hamisu, said, “They told us fare will come down by October 1. I am paying N3,500 to Kano today just like last week. There is no change. I don’t know which one is a CNG bus.”

Another commuter, Abba Garba, said the fare to Hadejia remained N5,000.

However, the Jigawa State Chairman of NARTO, Bello Usman Dunaro, confirmed the union had received government support under the CNG initiative.

“About 100 of our vehicles were converted to CNG courtesy of the initiative from the government. The intention is to reduce transportation fares for the people. We are still working on it,” he said.

In Gombe State, passengers also reported no reduction in fares on routes operated by the state transport service and private companies.

A passenger, Naomi Sambo, said she expected the Federal Government’s intervention to result in cheaper fares.

“Transportation to Abuja is still as it has been. I came to pick a bus expecting to see changes. What they said is in the papers,” she said.

Another passenger, Murtala Sabo, observed that the fare to Kaduna remained unchanged.

The Managing Director of the Gombe State Transport Service, Dr Sani Sabo, revealed that the agency was exploring alternatives to prevent fares from rising further and was working towards converting some buses to CNG.

In Edo State, transport fares also remained unchanged.

Short-distance journeys in Benin ranged between N200 and N300, while longer journeys cost N500 to N600. Even vehicles already converted to CNG had not reduced their fares.

An official of the transport union blamed the high cost of spare parts and inadequate gas infrastructure.

He said some buses had to queue for hours, and sometimes days, to refill with gas.

The Edo State Government, however, said it would launch 50 52-seater CNG buses later in the month.

The State Commissioner for Information and Strategy, Kassim Afegbua, disclosed that the buses would be distributed to the three senatorial districts according to commuters’ strength.

He added that once the passengers have the option of cheaper rates from the CNG buses, other transporters would be forced to reduce their fares.

“We are also launching our own CNG next month with over fifty 52-seater CNG buses. They will be distributed according to commuter strength across the three senatorial districts. Once the passengers have the option of cheaper rates from the CNG, other transporters will be forced to reduce their fares,” he stated.

In Enugu State, commuters continued to grapple with high fares despite the operation of government-owned CNG buses.

The buses charge a flat N300 fare, but their limited routes and operating hours have restricted their impact. For instance, a journey from Emene to Old Park in Enugu metropolis costs N600 in regular commercial buses, compared with N300 on the government CNG buses.

However, the CNG buses operate mainly on major routes during the morning and evening periods, leaving commuters with little choice but to patronise more expensive commercial vehicles outside those periods.

The state government had rolled out 100 CNG mass transit buses a year ago from an acquisition plan of 200 units, but there was no available information on whether the remaining buses had been procured.

An official of the Road Transport Employers Association of Nigeria in the state said the union had not been informed about the lower fares promised by the President.

Efforts to obtain comments from the state Commissioners for Information and Transport were unsuccessful.

In Kaduna State, where the government has operated a free CNG-powered mass transit scheme, commuters have had some relief on selected routes. However, commercial transport fares outside the CNG network remain high.

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A journey from Kawo to Kasuwa, which previously cost less than N300, was reported to cost about N500 on commercial vehicles, while Kasuwa to Sabon Tasha also cost about N500.

The state government had rolled out 100 CNG buses and said the buses had carried about 3.2 million passengers in their first year, saving commuters more than N3.5bn in transport costs.

The Kaduna State Commissioner for Information and Culture, Ahmed Maiyaki, said Kaduna remained the only state providing completely free CNG-powered mass transit services.

He emphasised that the scheme operated across eight routes, using 100 buses and about 200 bus stops.

However, residents noted that the benefit remained limited to commuters who could access the designated routes.

In Plateau State, transport fares in Jos also remained unchanged despite the October 1 directive.

CNG buses were not yet operating in the state, while government-owned metro buses continued to charge N200.

A resident, Moses Gyang, said he paid N1,000 from Bukuru to Terminus, the same amount he paid before October 1.

The Commissioner for Transport, Davou Jatau, however, said Plateau had already gone ahead of the Federal Government’s directive through its subsidised transport scheme.

He said government-supported buses transported about 13,000 commuters daily at N200, compared with more than N500 charged by commercial operators.

According to him, the state was also working with the National Institute of Transport Technology, Zaria, to establish a CNG and hybrid vehicle conversion centre in Jos.

He identified the absence of a refuelling station as one of the major challenges confronting the CNG initiative.

Commercial transport fares similarly remained unchanged in Ondo,  while no CNG buses were seen operating across the state.

A taxi driver said he was unaware of any CNG buses being deployed and questioned how fares could be reduced while petrol remained expensive.

However, the Special Adviser to the Governor on Transport, Muyiwa Ogunyemi, mentioned that the state was working on CNG conversion centres and additional gas outlets.

In Osun State, intra-city and interstate transport fares also remained unchanged.

The state Commissioner for Information and Public Enlightenment, Kolapo Alimi, said the state was still waiting for CNG buses promised by the Federal Government.

He said the state’s difficult financial situation had also constrained its ability to provide immediate subsidised transportation.

“The Federal Government promised us CNG buses, but we have yet to get any. We know that with the intervention of the President to reduce transportation costs, Osun will get its own share of CNG.”

In Oyo State, fares across major routes in Ibadan remained at levels introduced following the increase in petrol prices.

For example, Ojoo to Mokola remained N600, compared with N500 before the latest petrol price increase, while Ojoo to Iwo Road cost between N400 and N500.

Passengers said they had yet to see any difference in fares.

A trader, Bisi Ogunade, said, “President Bola Tinubu said October 1, and today is that day. Let’s wait and see from this weekend whether the president was lying or not. But today, I boarded it at the same price.”

In Ogun State, there was also no immediate fare reduction.

A journey from Kuto to Ijebu Ode remained N3,500, regardless of whether the vehicle was powered by CNG or petrol. Kuto to Ita Oshin costs between N600 and N700, while Kuto to Sagamu was N2,000 and above.

A driver said rising fuel prices, maintenance expenses and general living costs made it difficult to reduce fares.

The Special Adviser to the Ogun State Governor on Information and Strategy, Kayode Akinmade, assured the state government would soon make a formal pronouncement on its response to the presidential directive.

“Today (Thursday) is still October 1st and a public holiday, but in the days coming, the state government, in addition to actions taken in the past, will reveal its interventions that are to help cushion the situation.”

Additional reporting: Godwin Isenyo, Adeyinka Adedipe, Chima Azubuike, Salisu Kabuga, Animasahun Salman, Chigozie Uzosike, Uche Okere, Efecha Gold, Ikenna Obianeri, Raphael Ede, Ademola Adegbite and Bankole Taiwo

Source: punchng.com

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Dangote blames marketers, IOCs for Lamu refinery protests

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Nigerian billionaire and President of the Dangote Group, Aliko Dangote, has blamed local marketers and international oil companies for fuelling protests over land earmarked for his proposed $16bn oil refinery in Lamu, Kenya.

Dangote and the President of Kenya, William Ruto, performed the groundbreaking ceremony for the refinery in Lamu on Wednesday. This comes even as a court halted construction activities due to a land dispute.

Dangote made the allegation while speaking to the BBC’s Focus on Africa programme, amid protests by some residents over compensation for land acquired for the refinery project.

The refinery is expected to have a processing capacity of 700,000 barrels per day when completed in 2030. Dangote disputed claims that the company had taken more land than it required, saying it only used the portion allocated to it by the Kenyan Government.

“They said some people are demonstrating; demonstrating about what? Have you ever seen people demonstrating against themselves in terms of development?” he asked.

Africa’s richest man dismissed the protests as “games played by local marketers and international players”, insisting the refinery would go ahead and would be ready by 2030 as planned.

The groundbreaking was also attended by the leaders of Uganda, Ethiopia, Togo and Benin. Dangote has offered regional governments a combined 30 per cent stake in the refinery, according to Reuters.

The billionaire insisted that the protests would not stop the refinery project, which he described as his largest proposed investment outside Nigeria.

The project is expected to become the largest refinery in East Africa and Kenya’s biggest infrastructure project since independence, surpassing the $5.1bn Standard Gauge Railway.

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Dangote said the refinery would demonstrate that the success recorded with his 700,000bpd refinery in Nigeria could be replicated elsewhere on the continent.

“Lekki proved that it can be done, Lamu must prove that it can be repeated,” he said.

However, the Save Lamu campaign group has raised concerns about the environmental impact of the project on the local community. The co-founder of the group, Walid Ali, told the BBC that residents wanted to see the findings of the environmental impact assessment and the proposed mitigation measures.

A group of 133 Lamu residents had approached the Kenyan High Court in a bid to stop construction work. Following the legal action, activities including excavation and construction on the disputed land have been restricted pending the next court hearing, scheduled for October 14.

Dangote said the refinery would create about 60,000 jobs at the peak of construction, with local communities expected to benefit from the project.

The refinery will also include a 1,000-megawatt power plant designed to supply Dangote’s operations and other industries expected to establish businesses in the area.

Source: punchng.com

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