BUA REFINERY & PETROCHEMICALS, AKWA IBOM: PROJECT UPDATE

Contrary to a misleading report stating that our 200,000barrels/day refinery is at 90% completion, BUA wishes to advise the public to disregard such misleading reports that did not emanate from us.

As we make remarkable strides on our Akwa Ibom refinery project, we are proud to share that construction is progressing steadily. Whilst the refinery is not at 90% completion, we are however on track to meet our delivery timelines in collaboration with our partners. This BUA Refinery & Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security.

Our other energy projects, including the construction of a mini-LNG plant and several new hybrid power plants across the country to add additional capacity to our over 1,000MW installed captive power generation capacity, are also progressing rapidly.

The public is advised to verify any news through our official channels and platforms so as not to be misled by mischievous persons.

At BUA, we remain committed to transparency and excellence. As we have consistently done with over 12 of our completed mega industrial projects worth over $3.5billion in the past 10 years, we will continue to keep you updated with verifiable and accurate information only where necessary, and as milestones are achieved. We appreciate the public’s interest and enthusiasm for this transformative project as we work together in building a stronger industrial and manufacturing base for a self-reliant Nigeria.

Signed:
Management

Tinubu Intensifies Lobbying Efforts Amid Northern Opposition to Tax Reform Bills

President Bola Tinubu has ramped up efforts to win support for his administration’s contentious tax reform bills, enlisting emissaries and back-channel negotiations to address concerns from the northern elite. This move comes amid fierce opposition from northern governors and stakeholders who argue that the proposed reforms would disproportionately disadvantage their region.

Lobbying the Northern Elite
According to sources within the Presidency, Tinubu has been consulting influential northern leaders both individually and as groups to garner support for the bills. A senior official, speaking anonymously, revealed that consultations began even before the holidays.

“What I know is that he [President Tinubu] has been consulting with some of the northern elite at an individual level and as groups, even before the holidays,” the source disclosed.

Another insider confirmed that the President is using “back channels” to address contentious aspects of the bills. “He is reaching out through different channels that are available to him to make sure that the grey areas of the bills are smoothened out,” the source said.

Northern Governors Stand Firm
Despite Tinubu’s overtures, the Northern Governors Forum has maintained its staunch opposition to the reforms. The governors are demanding that the bills be withdrawn from the National Assembly to allow for further consultation.

In a communiqué issued on October 28, the forum expressed deep dissatisfaction with the proposed amendments, particularly the shift to a derivation-based model for Value Added Tax (VAT) distribution. They argued that this model, which allocates VAT based on the location of a company’s headquarters, tax office, and where goods or services are consumed, would undermine the economic stability of the northern region.

“The forum notes with dismay the contents of the recent Tax Reform Bills forwarded to the National Assembly. The reforms, particularly the proposed amendment to the distribution of VAT to a derivation-based model, are detrimental to the interests of the north and other sub-nations,” the communiqué read.

Bauchi State Governor Bala Mohammed criticized the reforms, calling them “anti-northern” and warning of potential consequences. “If these policies persist, the northern region will show its true colors in response,” he cautioned during an interview.

Tinubu Stands His Ground
Undeterred by the backlash, Tinubu defended the tax reform bills during a media chat in December. The President emphasized the need for sweeping reforms to address the country’s economic challenges.

“Tax reform is here to stay. We cannot just continue to do what we were doing yesteryears in today’s economy. We cannot retool this economy with the old broken tools,” Tinubu said.

The President also dismissed concerns about the reforms being anti-poor, explaining that vulnerable groups would not be taxed. “This tax reform is pro-poor. All we are asking for is to widen the tax net and bake the cake larger so that we can share a larger meal,” he added.

Looking Ahead
The tax reform bills, introduced to the National Assembly in October 2024, include the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

With Tinubu’s administration doubling down on consultations and the northern governors refusing to budge, the fate of the proposed reforms remains uncertain. The unfolding political tussle highlights the challenges of implementing sweeping policy changes in a country marked by diverse regional interests.

NAPS Leadership Meets with OPAY Top Management in Lagos

Lagos, Nigeria – December 30, 2024 – The leadership of the National Association of Polytechnic Students (NAPS), led by Senate President Comrade Adeniji Boluwaji Temitope, met with the top management of OPAY in Lagos State to discuss the inclusion of polytechnic students in OPAY’s scholarship program.

Other NAPS representatives at the meeting included Comrade Abdulmumeen Ibrahim, Comrade Olalere Benedict (NAPS Southwest PRO), and the Director of Media and Publicity.

The meeting was made possible through the intervention of the Lagos State Department of State Services (DSS) in response to an official letter sent to OPAY.

Polytechnic Students Demand Inclusion in OPAY Scholarship

During the meeting, Comrade Olalere Benedict highlighted the marginalization of polytechnic students in Nigeria. He pointed out that many corporate organizations prioritize university students over polytechnic students, despite the significant contributions of polytechnic graduates to Nigeria’s economic development.

He further noted that, despite polytechnic students being a major demographic of OPAY’s users, they had not been considered in the company’s Corporate Social Responsibility (CSR) programs, particularly the scholarship initiative. He urged OPAY to address this issue and ensure that the HND/BSc dichotomy does not hinder the inclusion of polytechnic students in the scheme.

The Chief Operating Officer (COO) of OPAY reassured NAPS that OPAY does not support the HND/BSc dichotomy, emphasizing that he himself is a polytechnic graduate. He explained that the scholarship program was initially designed for primary and secondary school students, but was later extended to tertiary institutions as a pilot scheme.

He clarified that universities were selected randomly for the initial phase, but assured NAPS that some polytechnics had also been chosen and would be communicated in due time. He further stated that while OPAY cannot reach every institution, all regions of Nigeria would benefit from the initiative.

The Head of Risk Management and the Head of CSR echoed these sentiments, assuring NAPS that polytechnic students were not intentionally excluded. They appreciated NAPS for engaging OPAY in dialogue and expressed commitment to further collaboration.

The meeting ended on a positive note, with the NAPS leadership expressing satisfaction with OPAY’s responses.

Comrade Adeniji Boluwaji Temitope, NAPS Senate President, commended OPAY for its efforts in financial inclusion and community service and called for stronger collaboration between NAPS and OPAY in future initiatives.

Comrade Oyewumi Festus, NAPS PRO Southwest, raised concerns about proof of funds for students applying for visas, urging OPAY to address this issue, as many students rely on OPAY for daily transactions.

Comrade Abdulmumeen Ibrahim, National Secretary of the NAPS Stakeholders Forum, praised OPAY for its efficient financial services and requested more business opportunities for polytechnic graduates and undergraduates.

The meeting strengthened communication between OPAY and NAPS, paving the way for polytechnic students to benefit from OPAY’s scholarship program and other future initiatives.

Aluta Continua… Victoria Ascerta!

Signed:
Comrade Adeniji Boluwaji Temitope
NAPS Senate President