NDIC WINS N1.4BN DEBT RECOVERY CASE AGAINST DEBTOR OF DEFUNCT GULF BANK

In its capacity as official liquidator, the Nigeria Deposit Insurance Corporation (NDIC) has secured a judgment against Jolimair Nigeria Limited and three other debtors who owed the defunct Gulf Bank Plc the sum of N1.4bn.

In a debt recovery suit Number: FHC/L/CS/1328/17 – NDIC (Gulf Bank) vs. Jolimair Nigeria Limited & 3 Others, the NDIC prayed the Federal High Court sitting in Ikoyi, Lagos for the recovery jointly and severally from the respondents of the total debt sum of N1,494,987,317.44. 

The amount was due and payable by Jolimair Nigeria Limited to the Gulf Bank (in-liquidation) as at 16th January, 2006 when the defunct bank’s operating licence was revoked by the Central Bank of Nigeria (CBN). The amount was in respect of the banking facilities granted by the bank in-liquidation and guaranteed by three other respondents in the suit; Joseph Samir Karkar, Abbas Shour and Patrick Sule Uduka. 

When the matter came up for judgment on 31st January, 2020, the presiding Judge, Honourable Justice Ibrahim Buba granted the reliefs sought by the NDIC in respect of the N1.4bn debt. The judge said the respondents failed to tender any documents before the court to prove that their indebtedness to the bank in-liquidation had been settled, adding that people like them were responsible for the failure of the bank. 

The court also agreed with the NDIC that the Respondents owed interest on the total debt sum calculated from the 16th January 2006 at the rate of 21 per cent per annum until the whole debt was fully liquidated, in addition to a cost of N500,000.00 awarded against the Respondents.

It would be recalled that the Nigeria Deposit Insurance Corporation, in exercise of its power as the liquidator of Gulf Bank (in-liquidation) instituted the debt recovery case against Jolimair Nigeria Limited in 2017, under the Failed Banks Act to recover the outstanding sum of N1,494,987,317.44 owed to the closed bank by the Respondents.

Photos: A meeting between the SEC and Issuers on Transaction Cost in Lagos

Left to Right: Head of Operations Lagos Zonal office Securities and Exchange Commission, Mrs Hafsat Rufai, Acting Executive Commissioner Operations SEC, Mr. Isyaku Tilde and Head of Department Securities and Investment Services SEC, Mr. Abbas Abdulkdir during a meeting between the SEC and Issuers on Transaction Cost in Lagos, Thursday
Left to Right: Head of Operations Lagos Zonal office Securities and Exchange Commission, Mrs Hafsat Rufai, Acting Executive Commissioner Operations SEC, Mr. Isyaku Tilde and Head of Department Securities and Investment Services SEC, Mr. Abbas Abdulkdir during a meeting between the SEC and Issuers on Transaction Cost in Lagos, Thursday
Left to Right: Head of Department Financial Standards and Corporate Governance, Securities and Exchange Commission, Mr. Sidi Alhassan, Head of Operations Lagos Zonal office SEC, Mrs Hafsat Rufai, Acting Executive Commissioner Operations SEC, Mr. Isyaku Tilde and Head of Department Securities and Investment Services SEC, Mr. Abbas Abdulkdir during a meeting between the SEC and Issuers on Transaction Cost in Lagos, Thursday
Left to Right: Head of Department Financial Standards and Corporate Governance, Securities and Exchange Commission, Mr. Sidi Alhassan, Head of Operations Lagos Zonal office SEC, Mrs Hafsat Rufai, Acting Executive Commissioner Operations SEC, Mr. Isyaku Tilde and Head of Department Securities and Investment Services SEC, Mr. Abbas Abdulkdir during a meeting between the SEC and Issuers on Transaction Cost in Lagos, Thursday
Army Corporal Kills Soldiers In Malam Fatori

A Corporal of the Nigerian Army serving at the Theatre Command Operation LAFIYA DOLE, Army Super Camp 15, located at Malam Fatori went berserk in early hours of 26 February 2020 and opened fire killing  4 of his colleagues before shooting himself.

“Two of his colleagues were also injured during the incident and are currently in stable condition in our hospital in Maiduguri, “confirmed a press release Colonel Sagir  Musa Acting Director Army Public Relations.
” Efforts are ongoing to contact the families of the gallant colleagues who paid the supreme price in the line of duty. May their gentle souls Rest In Peace.”
Meanwhile, investigation into the case has since been instituted to determine the circumstances that led to the unfortunate incident.
EFCC: Former Kano Speaker Nabbed over N1.5bn Fraud

The Kano State Zonal Office of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 26, 2010, arrested the former speaker and now minority leader of the Kano State House of Assembly, Isiyaku Ali Danja for alleged abuse of office and misappropriation of fund meant for constituency projects.

Danja got into trouble following a petition that funds meant for payment of tax liabilities to Federal Inland Revenue Service (FIRS) by Kano State Government were allegedly diverted and misappropriated to the tune of over N1, 500,000,000 (One Billion, Five Hundred Thousand Naira) from the sub-treasury account of the state government.

Several suspicious payments were allegedly traced to some beneficiaries, including some made to Allad Drilling Limited, a company in which the suspect is the sole signatory.

Investigation by the EFCC further revealed that the funds were on several occasions, personally withdrawn in cash by the suspect, while he was the only one who could officially state whether jobs were done before any payments could be made.

It would be recalled that the EFCC had earlier arrested the commissioner for Special Duties in state, Mukhtar Ishaq, for allegedly diverting funds meant for Kano Municipal Local Government while he was chairman of the said local government.

Mukhtar was arrested by EFCC following a petition that alleged that while he was chairman of Kano Municipal, he diverted funds meant for projects, development and empowerment of the people.

The petitioner further alleged that Mukhtar ordered the deduction of N30, 000 (Thirty Thousand Naira), from the account of each council member without justification.

Mukhtar was also alleged to have converted property of Kofar Nasarawa Primary School, Kano, into shops and sold same at the rate of N10,000,000 (Ten Million Naira), per shop and diverted the money to personal use.

Both suspects would be charged to court on completion of investigations.

Ex PDP Spokesman, Metuh Jailed 39 Yrs…forfeits N400M, $2M to FG

The Federal High Court in Abuja yesterday sentenced a former National Publicity Secretary to the Peoples Democratic Party (PDP) Olisa Metuh to a cumulative total of 39 years imprisonment with effect from today for engaging in corruption

Metuh, who was convicted on all the seven counts criminal charges brought against him by the federal government will however spend only seven yeats behind the bar due to order of the court that the terms of the imprisonment run concurrently.

The former PDP spokesman was also ordered to forfeit the sum N375 million and another N25 million to the federal government.

Delivering judgment in the corruption charges against Metuh, Justice Okon Abang also ordered that his family company, Destra Investment used as conduit pipe in the fraud be wound up and all its accounts with the Diamond Bank closed and all the money there-in be forfeited to the federal government

In the judgment that lasted over four hours, Justice Abang sentenced Metuh to seven years in count one, seven years in count two, five years in count three, seven years in count four, three years in count five, three years in count six and seven years in count seven.

The court found the former PDP spokesman guilty of unlawfully taking possession of N400 million from the account of the Office of the National Security Adviser (ONSA), domiciled at the Central Bank of Nigeria without any justifiable purpose..

Justice Abang held that the money, being a proceed of unlawful activity of the former NSA, Col Sambo Dasuki rtd was expended recklessly to fund the campaign of the PDP during the 2015 general elections.

The court rejected the claim of Metuh that former President Goodluck Jonathan approved the release of the money to him for the execution of a national assignment bordering on security issue, adding that throughout the trial, the convict did not show any contract document his company entered with ONSA to justify the payment to him.

Although, Metuh claimed that the money was released to him on the instruction of former President Jonathan, Justice Abang held that the convict abandoned his struggle to invite the former president give evidence in his favour, while Dasuki, who was in court as his witness was of no help to him as he requested for time to refresh his memory but never showed up again.

The judge also agreed with EFCC lawyer, Sylvanus that the convict ought to have reasonably known that the N400 million was a proceed of fraud because there was no contract paper or procurement to justify the release of the money to him.

To worsen the situation, Justice Abang held that Metuh, in his claim named several PDP chieftains in attendance when the purported security contract was awarded, adding that no single service chief, who are in control of security of the country was in attendance.

Justice Abang also held that the ways and manners in which the N400 million was disbursed by Metuh did not leave anybody in doubt that the public money was recklessly used to fund the campaign of the then ruling party in the 2015 general elections.

Among others, the Judge found as facts that Metuh gave N25 million to Abba Dabo for media advocacy on 2015 election, N21.7 million to late Chief Tony Anenih, N5 million to Mrs. Kema Chikwe, a former Aviation minister, N31.5 million to Richard Ewedioha, N50 million to Kanayo Olisa Metuh and another N200 million to Daniel Ford International, while N50 million was also transferred to his wife’s personal account.

Justice Abang held that the claim of Metuh that the N400 million was for national security assignment cannot stand in the face of the law in view of the fact that the money was deployed to the political activities of his party.

The court also found Metuh guilty of concealment of $2 million cash, which origin was not established throughout the four year trial of the charges against the convict.

The judge held that Metuh ran foul of the law when he released $1 million to one Kabiru Ibrahim and collected naira equivalent iof N183 million deposited into the Destra Investment account with Diamond bank.

In invoking section 15(3) of Money Laundering and Prohibition Act 2011as amended in 2012 to sentence Metuh to 39 years imprisonment, the judge held deserves no mercy because of his arrogant and stubborness through out the trial.

The judge also lambasted Metuh for destroying page three of his confessional statement made to EFCC to cover up his admission that there was no contract paper for the puported security contract and no contractual relationship with the ONSA at the time the N400 million was released to him, through his family company.

Justice Abang also took swipe at two senior advocate of Nigeria, (names withheld) engaged by the Metuh adding that it was painful that the two senior lawyers took delight in writing frivolous petitions against him for doing discharging his duty without fear or favour, adding that the two lawyers, by their actions were destroying the bridge they will cross as legal practitioners.(PRNigeria)

Coronavirus : Suspected Chinese Citizen Tested Negative – LASG

Lagos State Government says the Chinese citizen suspected to have coronavirus has tested negative to the infection.

The Commissioner for Health in the state, Professor Akin Abayomi, confirmed this in a statement on Thursday, a day after the patient presented himself at a hospital in Ikeja.

He noted that the possibility of the infection of the virus, also known as COVID-19, in this particular patient was very low.

Professor Abayomi disclosed that the conclusion of investigations and sophisticated testing confirmed that there was no case of coronavirus in Lagos State as of now.

“I would like to reassure Lagosians that our vigilance levels are very high, and we are putting more measures in place to safeguard the state,” he was quoted as saying in the statement by the ministry’s spokesman, Tunbosun Ogunbanwo.

While giving details of the investigation, the commissioner explained that the Ministry of Health’s attention was drawn to a suspected case of coronavirus at a private health facility located at Ikeja.

“From our investigation, we gathered that a Chinese citizen who arrived in Nigeria from China seven weeks ago presented at Reddington Hospital yesterday (Wednesday) complaining about fever.

“The hospital, in keeping with the advisory we earlier issued, correctly maintained a high index of suspicion, isolated the patient and reported the case to the Ministry,” the commissioner said.

He added, “We took up the case, transferred the patient to the State Isolation Unit at the Mainland Hospital which is our specialised infectious disease hospital.

“His blood samples were taken to the virology laboratory for analysis and it came out negative.”

Professor Abayomi, therefore, appealed to the residents to refrain from posting unverified news that could cause unnecessary anxiety in the community.

He also urged them to disregard any information about the novel coronavirus that does not emanate from official communication channels of the Ministry of Health or his office.

DisCos tackle minister over power supply claims

Electricity tariff hike imminent, says minister

The Association of Nigeria Electricity Distributors (ANED) on Wednesday dismissed as untrue, the claim by Minister of Power Mamman Sale that  electricity Distribution Companies (DisCos) evacuate only 3,000Megawatts (MW)  out of the 7,000MW wheeled by the Transmission Company of Nigeria (TCN).

ANED which is the umbrella body of the DisCos  said the TCN wheels a mere 4,303MW   supplied to consumers.

The minister last week  blamed on the Discos.

“Nigeria currently generates 13,000 MW  of electricity, it transmits 7,000 to DisCos while the distribution companies can only distribute 3,000 megawatts to end users,”Sale told  reporters.

But ANED,in absolving its members of blame in the worsening power supply in the country, stated that the quantum of power that DisCos  supply to their customers is based on the allocation they get from the TCN.

The association restated in a statement that its members have till date not received a kobo from the Federal Government as subsidy. It reminded the government that even though DisCos liabilities to NESI is N81bn, MDAs owe them to the tune of N100bn.

ANED referred the minister to a review of the daily power report published by TCN’s National Control Centre (NCC) , Osogbo, Osun State, which  shows  that his claim  on current  wheeled megawatts of electricity  was false.

The report, according to ANED,  clearly  indicates that the peak generation ever recorded in Nigeria is 5,375 MW, of which only 4,303 MW of energy are  wheeled or transmitted by the TCN to its members.

It said that a further review, historically, shows  that TCN has never wheeled or transmitted energy above 4,557 MW nor matched its transmission to any of the generation peaks to date. The association added:  “As such, references to TCN’s ability to transmitting  ‘…7,000 to Discos…’ is inaccurate and misleading.  TCN’s attestations of a transmission capacity of 8,100 MW is based on nothing more than a computer simulation and not tested, proven or practical capacity.”

ANED said the recent Siemens “Electrification Roadmap for Nigeria” report, May 7th, 2019 states ‘Today, power distribution by the DisCos  to end-customers is limited by power in-feed from TCN.”’

The same report, according to the association, also states that the capacity of the “last mile (DisCos capacity) …is about twice as high as the peak supply delivered by the TCN to the respective distribution utilities (where the peak was 5.2 GW across all Nigeria in 2018).”

It said that a System Adequacy report authored by TCN’s Market Operator (July 2017), states that “transmission constraints frequently limited the power flows in the network.”

The ANED  statement also  made reference to the Nigerian Electricity Regulatory Commission (NERC) December 2019 TCN Minor Review Order which  stateds inter alia:  “…whereas the CAPEX provided to TCN in MYTO-2015 Order was to support the evacuation of the average projected generation of 5,465MW in 2016 to 10,493MW in 2019, actual average generation remained between 3,500MW to 4,OOOMW during the same period.”

The statement  went on to add: “Maximum Available Capacity to Date  for generation, indicated in the NCC report on the date (February 20, 2020) of the honourable minister’s comments was 7,652.2 MW. Thus, raising a question as to the basis for the  minister’s reference to 13,000MW of generation.

“Indeed, of the available generation capacity, 1,500MW continues to be constrained by lack of gas, given that twenty-five (25) out  of 28 generating plants are thermal plants that are fuelled by gas.  Grid and hydro issues provide additional constraints to generation availability.

“In simple terms, the DisCos can only deliver the energy that is transmitted or wheeled to them by TCN, based on the amount generated.

“Of greater importance is the need, at a minimum, for a realignment of gas, generation, transmission and distribution capacities, that will provide the country with a level of consistent power supply.

“Any unsupported or inaccurate information amounts to deviation from this minimum and needless distraction from issues of sectoral urgency.

“That is what we are saying.  Government cannot continue to subsidise because what they are doing is that they collect 3,000MW and pay for only 1,000MW. That is 15 per cent of what they are collecting. So, government is the one completing the payment.”

The association also disclosed that its members have till date not received a kobo from the Federal Government as subsidy.

“To date, the DisCos have not received any subsidy from the Federal Government.  References to the N1.7 trillion in subsidies paid by the government are associated with payments that have been made to the generating and gas supply companies, under the Payment Assurance Guarantees (PAG) initiative and the Nigerian Electricity Market Stabilization Fund (NEMSF), ANED added.

The statement further  said: “PAG is, principally, a result of government regulatory and policy interventionist initiatives that have resulted in the inability of the NESI value chain to recover the cost of doing business based, primarily, on tariffs that are non-cost reflective – an unmet critical commitment of the privatisation of the electricity distribution companies.

“As a matter of fact, NERC’s December 2019 Minor Review Order specifies Federal Government’s  debt to the DisCos (correspondingly, the rest of the NESI value chain , due to tariff shortfalls of N1.728 trillion.”

“DisCo’s liability to NESI, due to market shortfalls, is N81 billion.  Significantly, government Ministries, Departments and Agencies (MDA) owe the DisCos in excess of N100 billion, for energy consumed but not paid for – a Federal Government commitment, yet again, unmet under the privatisation agreement and MYTO-2015.

“Under the NEMSF N210 billion initiative, of the N189.1 billion that has been disbursed, the DisCos have only received N49.89 billion or 26.3%.  Importantly, this is money owed to the DisCos by the consumers, due to the non-cost reflective tariff of MYTO 2.0 and the government’s failure to inject the associated N100 billion in subsidies,  a commitment under the privatisation agreements.

“Interestingly, the rest of the NEMSF disbursement of N139.21 billion or 73.7% is comprised of the  defunct  Power Holding Company of Nigeria (PHCN)’s legacy gas and energy supply liabilities that should have resided with the Nigerian Electricity Liability Management Company (NELMCO).

“Unfortunately, these liabilities now constitute an encumbrance on the DisCos’ financial books, limiting or precluding their ability to access the financing that is critical for capital investment and injection of efficiency in the distribution of electricity –  another violation of a privatisation commitment which required that the DisCos have debt-free financial books that would enable them access debt funding for their operations.

“A review of DisCos performance would indicate that the DisCos have improved their collection efficiency from 2017 (57.89%) to a high of 74.5% (Quarter 4, 2019), in spite of the issues of lack of access to financing and the related limited capital investment, as well the artificially suppressed electricity tariff.

“However, a discussion about DisCos remittances and collection efficiency would be incomplete without reference to regulatory and government policy inconsistencies and interventions that have distorted the ability of NESI to evolve organically.”

We’ve Stepped up Talks with Int’l Community to Subdue Boko Haram, Says Buhari

President Muhammadu Buhari wednesday expressed optimism about the imminent defeat of Boko Haram and other terrorist groups in the country, saying his administration has intensified collaborations with the international community to curb the spread of terrorism and crush insurgency.

He also charged the military to re-examine strategies towards defeating one of the terror groups in Nigeria, the Islamic States for West African Province (ISWAP), whose terrorists, along with their comrades in Boko Haram, have turned the North-east into a dangerous zone.

The president, at the opening of the 10th National Security Seminar organised by the Alumni Association of the National Defence College (AANDEC) in Abuja, said new threats in the areas of insurgency and terrorism had emerged due mainly to the defeat of ISIS.

Minister of Defence, Major General Bashir Magashi (rtd), represented the president at the seminar with the theme: ‘Combating Insecurity in Nigeria,’ which was organised in collaboration with the Office of the National Security Adviser (ONSA) and the NDC.

Buhari said: “Looking back over the period since assumption of office, it is worthy of note that there have been positive and significant improvements in all sectors of our national life. However, new threats in the areas of insurgency and terrorism have emerged due mainly to the defeat of the Islamic State in Syria (ISIS) whose fighters have relocated to other countries and regions.

“This is a major concern to us, as their presence in the West Africa Sahel region poses great danger not only to Nigeria but the entire region. Thus we are exploring higher level of collaboration among all nations and international organisations to effectively curtail the spread of terrorism and defeat insurgency and terrorism.

“The criminal elements using kidnapping and other criminal activities as a way to get rich quick should either stop such acts forthwith or face the full weight of the law as security agencies have a renewed mandate to deal with such acts of criminality.’’

He added that his administration would continue to prioritise security and described the seminar as necessary, especially at a time when the government was making efforts to ensure attainment of sustainable peace in the country.

He explained that AANDEC’s collaboration with ONSA, NDC and other security agencies presented the type of desired collaborative efforts towards addressing major security issues and challenges facing the country.

According to him, it is expected that at the end of the seminar, participants will come up with some recommendations to assist the nation to defeat terrorism and other security challenges.

“As we all know, security should be the concern of everyone hence we must all cooperate and work collaboratively to address security issues from all perspectives, be it physical or human.

“The nexus between physical and human security makes it necessary for all Ministries, Departments and Agencies (MDAs) to be highly productive.
“State and local governments should also view workers’ welfare with utmost priority while all security agencies in particular must deal appropriately with extremist tendencies that are capable of affecting peace and development of the nation, according to the law.

“The National Security Strategy 2019 is very clear on these and we shall implement every aspect of it.’’

Buhari also said due to the economic recovery efforts of his administration within the last five years, Nigeria is on the path of steady growth while the economic recovery and growth plan 2020 which provided guidance for all the sectors will be replaced with another as it expires with vision 2020.
On border closure, the president stated that government had to temporarily close land borders with a view to taking a closer look at how to address the challenges of smuggling and illegal movement of weapons.

He added that the border issue would be properly examined in collaboration with Nigeria’s neighbours to put in place acceptable measures to prevent illegal economic activities and other related crimes.

The president commended AANDEC for its contribution over the years towards enhancing security, peace and development in Nigeria.
On his part, Magashi, represented by the Permanent Secretary in the ministry, Mr. Nuratu Batagarawa, acknowledged the efforts of Buhari for creating an enabling environment to resolve the prevailing security challenges bedevilling the country.

Magashi said it was imperative to forge a common front among the security challenges to finding permanent solutions to the security challenges.
He said the ministry would come up with measures to implement the recommendations from the communiqué at the end of the seminar.

He expressed optimism that the seminar will help in providing recommendations that would help in tackling the national security challenges.
Earlier, the president of AANDEC, Major General Garba Audu (rtd), had said the seminar was organised with a view to proffering solutions to national security challenges.

NNPC to Double Nigeria’s Domestic Gas Supply, Export Fuel by 2023

The Nigerian National Petroleum Corporation (NNPC) is to expand its domestic gas footprint with the delivery of the Escravos-Lagos Pipeline System (ELPS) II to double capacity from 1.1 billion standard cubic feet of gas to 2.2 BSCF.

A statement by its Acting Group General Manager, Group Public Affairs Division, Samson Makoji, in Abuja, said the Group Managing Director of the corporation, Mele Kyari, spoke on the expansion at the fourth sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos.

A report by Financial Derivatives Company (FDC) has also noted that investors in the oil and gas industry are awaiting the outcome of the passage of the Petroleum Industry Bill (PIB), especially the clarity of its fiscal terms.

Speaking on the theme: “Oil and Gas as an Enabler for Economic Transformation in Sub Saharan Africa,” Kyari stated that the NNPC would commence the construction of the Ajaokuta-Kaduna-Kano gas pipeline in the second quarter of 2020 to serve as an enabler to further boost economic activities of the country.

Represented by the Chief Operating Officer (COO), Gas and Power, Mr Yusuf Usman, Kyari explained that the recent passage of the Deep Offshore Act into law has set the industry on the path of irreversible growth.

According to him, Nigeria as Africa’s leading exporter of LNG and the fourth in the world after Qatar, Australia and Malaysia, is ready to capture more LNG market with the Final Investment Decision of the NLNG Train 7.

He said most resource dependent nations rely on their dominant natural resource to drive other key economic initiatives and activities, noting that it is true of Nigeria and many other countries represented at the conference.

He explained that the connection between the oil and gas industry and the Nigeria economy was intricate, adding that the state of every aspect of the nation’s economic and social life revolves around hydrocarbon resource.

Kyari called for more hard work to diversify the economy away from over dependence on oil revenues in order to avoid the risk of market fluctuations that may impact the nation’s fiscal equation.

He said: “Oil and gas resources have remained the major source of revenue that has kept the wheels of Nigeria moving for over five decades. Oil, as we all know, has served as key enabler to the economic transformation of many nations like Norway, Saudi Arabia, UAE, Qatar and many other oil resources dependent nations.

“The current government under the leadership of President Muhammadu Buhari has made it a priority to ensure revenues from oil and gas resources are utilised to support the emergence and growth of other non-oil sectors of the economy.

“In order to achieve this objective, it means more money will be required from the oil and gas to fund new economic projects outside the oil and gas industry,” the GMD stated.

He said the NNPC, as a national oil company, had been repositioned to support the vision of the president for economic diversification, adding that in the upstream, the corporation targeted increasing oil production from 2.3 million barrels per day to 3 million bbl/day.

He noted that the corporation was working with partners to significantly reduce production cost per barrel in order to improve the flow of the needed revenue to support economic diversification.

He said the NNPC was encouraging private investors to boost investment in oil and gas value chain as a way of creating more value and job opportunities for the nation’s teaming youths.

Kyari explained that Nigeria was still a net importer of petroleum products due to the current state of NNPC refineries and the long absence of private investment in the refining sector.

According to him, the NNPC is inviting investors to key into the revamp and expansion of domestic refining capacity in order to support the growth of the downstream sector and guarantee energy security for the nation.

“We are progressing with the establishment of condensate refineries to fast-track domestic supply of petroleum products. In the same vein, the corporation would support the actualisation of the 650Kbbl/day Dangote Refinery, as well as other private initiatives along this line. Our plan is for Nigeria to become a net exporter of petroleum products by 2023,” Kyari noted.

He said that NNPC was leveraging technology and innovation to achieve the goal of building an energy company of global excellence.
The GMD implored all stakeholders to collaborate with the corporation in an atmosphere that is beneficial to all and emplaces Nigeria on the path of growth and development.

In his opening remarks, the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Bank-Anthony Okoroafor, called for deeper regional integration among African countries to boost the continent’s economic activities.