Business

PORT HARCOURT REFINERY AND THE TRUTH WE MUST KNOW* By Eguono King

Published

6 months ago

November 30, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

PORT HARCOURT REFINERY AND THE TRUTH WE MUST KNOW

By Eguono King

The story of the Port Harcourt Refinery’s alleged operation is one that stands out as a significant lesson in the developing tale of Nigeria’s petroleum industry. It is replete with deceit, laced with ineptitude, and a violation of public confidence. The Nigerian National Petroleum Company Limited’s (NNPCL) Group Chief Executive Officer (GCEO), Mele Kyari, has once again demonstrated that he is better at publicity stunts than at executing true leadership. His recent statements regarding the refinery are not only false, but they also represent a larger systemic breakdown that jeopardizes the future of Nigeria’s oil industry.

It would take just a little digging to unpack the layers of deception surrounding the Port Harcourt Refinery. Kyari’s role in perpetuating this fraud is now very clear to President Tinubu to see him for what he truly is: an inherited problem from the Buhari administration who must be pruned from his administration and held accountable for the grave injustice done to Nigerians. The oil sector is too critical to Nigeria’s economy and national security to be left in the hands of unaccountable individuals.

It would be important to understand that the Port Harcourt Refinery has long served as a representation of Nigeria’s faltering oil sector. Once a ray of hope for the country’s ability to produce its own refined petroleum products, it has been enmeshed in political mismanagement, corruption, and operational inefficiency for decades. Nigerians are now dependent on imported petroleum products since the refinery has not lived up to expectations despite billions of dollars in alleged “rehabilitation” works.

In this context, many knowledgeable observers already viewed Kyari’s statement of the refinery’s purported functionality with skepticism. And rightly so: further investigation has shown that the refinery has not actually started refining Premium Motor Spirit (PMS) as stated. Rather, the entire story seems to have been made up to score cheap political points and divert attention away from the NNPCL leadership’s persistent failure.

The scope of this fraud that NNPCL masterminded under Kyari’s direction is demonstrated by a two-phased reports.

Firstly, a quick observation of this charade highlights a stark similarity between the Port Harcourt Refinery and the doomed Nigeria Airways project. It can be recalled that the Nigerian Airways was a ponzi joke which lasted for a while, and was cunningly used to siphon public funds under the pretense of developing our aviation sector. These programs have come to reflect the level of incompetence and deceit going on in the government. The refinery’s touted functionality is nothing more than a flightless dream – an obvious mirage designed to manipulate and sway public perception.

Secondly, information from a whistleblowers within NNPCL have revealed the shocking reality: PMS is not being refined at all by the refinery. These insiders claim that NNPCL has resorted to blending imported products such as Naphtha and cracked petroleum resins, to provide the illusion of domestic refining. This deceitful behavior not only erodes public confidence but also calls into question the integrity of NNPCL’s leadership. The revelation that parts of the refinery capable of producing PMS are still non-functional further discredits Kyari’s claims. It is now evident that the trucking of petroleum products from the refinery was staged, with NNPCL relying on external purchases to mask the refinery’s continued dormancy.

There has been a pattern of mismanagement, dishonesty, and a blatant disregard for accountability during Mele Kyari’s time as NNPCL’s GCEO. A number of his acts have undermined trust in NNPCL, its capacity to fulfill its purpose, and his handling of the Port Harcourt Refinery issue is just the most recent. The tenure of Kyari’s leadership has seen the oil industry devolved into a theater of unfulfilled promises. From botched refinery restoration initiatives to dubious financial dealings, Kyari has continuously and consistently prioritized short-term optics above long-term fixes. His leadership style has been defined by a lack of transparency and a reluctance to confront the systemic problems that the oil and gas industry Is facing. The question of concern remains, Why is President Bola Tinubu still working with such burden in his administration?

The Port Harcourt Refinery debacle exemplifies Kyari’s modus operandi: using elaborate publicity stunts to mask underlying failures. By falsely claiming that the refinery is operational, Kyari has not only misled Nigerians but also jeopardized the credibility of NNPCL at a critical time when the nation is grappling with economic challenges and rising energy costs.

The damage Inflicted by Mele Kyari on Nigeria’s oil and gas sector extends beyond immediate financial and operational losses, it has deeply undermined public trust in the industry and government. For decades, Nigerians have been promised a robust and self-sufficient refining sector, yet time and again, these promises have been betrayed. The Port Harcourt Refinery fiasco symbolizes the culmination of years of mismanagement and deceit, and the public’s patience is wearing thin. His actions are a stark betrayal of confidence imposed in him by his employer, the president. Without he himself realizing it, he has created a subconscious, deep-seated longing for the sort of invidiously stratified, poor regime that’s being strengthened with every bad Policy and public stunts he has ever adopted for a cover-up.

Kyari must be held accountable for his acts if Nigeria’s petroleum industry is to regain public confidence. President Tinubu needs to take firm action to stop the corruption in NNPCL and acknowledge Kyari as a liability that was passed down from the Buhari administration. The Port Harcourt Refinery allegations and other contentious choices taken during Kyari’s leadership should first be the subject of an impartial investigation. Finding the entire scope of the deceit and identifying the syndicates he employed in deceiving the public should be the goals of this investigation.

Secondly, NNPCL’s operations and leadership need to be completely overhauled, because it’s obvious that with the level of corruption going on there, nothing good will come from such leadership. A new generation of leaders dedicated to transparency and commitment must be introduced, and the culture of impunity that Kyari has fostered must be destroyed.

Lastly, real refinery restoration initiatives that are led by professionals and devoid of political interference must be given top priority by the government. Only by establishing a viable, self-sufficient refining industry will Nigeria’s reliance on imported petroleum products be lessened as a national security threat.

It is a fact that , “From error to error, one discovers the entire truth,” Sigmund Freud once said. In other words, errors in speech and in writing sometimes serve as lenses that help reveal an unconscious, suppressed, or subdued desire or internal thought. Nigerians have endured this multiple errors thrown at them, and now it’s time to embrace the truth. Kyari’s actions are intentional errors that were made to profit some few individuals at the expense of the livelihood of millions of individuals. Mr President error is in retaining a catastrophe like Kyari in his administration up till this present moment, and it will be a great disservice to the country if he doesn’t remove him from his position.

To tell Nigerians the truth, Mele Kyari’s tenure as GCEO of NNPCL has been a disaster for Nigeria’s oil and gas sector and for the future of millions of Nigerians dependent on it. His deceptive claims about the Port Harcourt Refinery are a proven stark reminder of the dangers of entrusting critical national assets to individuals who lack the vision and integrity to manage them effectively. One of the biggest enablers of corruption and inefficiency in Nigeria’s oil sector is the culture of impunity that allows officials like Kyari to operate without fear of accountability. This must change. A strong message needs to be sent that no one, regardless of position or influence, is above the law.

The Port Harcourt Refinery controversy is more than just a scandal to be debated upon, it is a reflection of the systemic dysfunction that has plagued Nigeria’s oil sector for decades. The final decision is in the hands of Mr President if he’s truly conscious of implementing his renewed hope agenda. President Tinubu has a unique opportunity to chart a new course for Nigeria’s petroleum sector. By confronting the failures of the past and taking bold steps to address the systemic issues within NNPCL, he can lay the foundation for a brighter, more sustainable future.

Kyari must be seen for what he is: a menace to the oil sector, a disappointment to the presidency, a liability, and a remnant of the failed policies of the Buhari administration that must be excised for the good of the nation. It is time for him to be pruned and convicted, and for NNPCL to undergo the radical transformation it so desperately needs. The truth about the Port Harcourt Refinery is just the tip of the iceberg—beneath it lies a deeper crisis that demands urgent attention and decisive action.

This is a crossroads moment for Nigeria. The decisions made in the coming months will determine whether the country continues to stumble under the weight of past failures or rises to meet the challenges of the future. Kyari must go, and the truth about the Port Harcourt Refinery must be a turning point, not just for the oil sector, but for the nation as a whole.

King wrote this piece from Port Harcourt.

Business

Two Years of President Tinubu: A Business Perspective By Abdul Samad Rabiu

Published

2 days ago

May 28, 2025

Sahara Weekly

Two years of President Bola Ahmed Tinubu: A Business Perspective featuring Abdul Samad Rabiu, CFR, CON — Founder & Chairman, BUA Group

As Nigeria marks two years under the leadership of President Bola Ahmed Tinubu, I believe it is important to reflect, not from the lens of politics, but from the perspective of business, of industry, and of the economy. I speak not only as the Chairman of BUA Group – one of Africa’s largest conglomerates, but also as someone who has lived through the complexity of Nigeria’s reforms. I have seen the cost of dysfunction, the burden of inefficiency, but more importantly, the promise of a level playing field and the dividends of decisive governance.

*FUEL SUBSIDY REMOVAL*

The removal of the fuel subsidy is one of the most important decisions taken by this administration. Before that, Nigeria was selling PMS at 200 or 250 Naira per litre, which was about 25 or 30 cents. I doubt there was any country in the world where fuel was being sold at that price. During my trip to Saudi Arabia for the lesser Hajj in February this year, I checked the pump price at one of the petrol stations as we drove from Jeddah to Mecca. When I converted the price to Naira, it was almost 1,500 Naira per litre. That was Saudi Arabia.

We could simply not afford the subsidy. It was not just Nigerians who were benefiting from it. We were subsidising the entire region. I remember visiting Niger Republic a few years ago when President Bazoum honoured us. During dinner, he joked and said, “Thank you for the subsidy.” He said 100 percent of all PMS consumed in Niger was coming from Nigeria because it would cost them three times more to import. There was no incentive for them to bring in their own fuel or refine crude at their own refinery. This was the situation across the region.

Today, I understand that our fuel consumption has dropped by almost 40 to 50 percent. It is not because Nigerians are consuming less, but because neighbouring countries have stopped tapping into our subsidised fuel. The PMS is still cheaper in Nigeria, even at 800 or 900 Naira per litre, but the logistics no longer support easy access. Countries like Niger and Benin Republic still take fuel from Nigeria, but others have stopped.

The removal of subsidies was needed not only to save the economy but to ensure that Nigerians alone benefit from what is imported. Even if there must be subsidy, it should be for Nigerians only. The money saved is now being channelled to infrastructure, to better support for states, and to other developmental priorities. All the states are receiving more money now, and that has made a real difference.

I am of firm opinion that President Bola Ahmed Tinubu made the right decision, and he made it boldly. On the first day he took office, he did what everyone knew had to be done but no one dared to do. He acted immediately. Many criticised him, but he did the right thing, and it saved the country. Had we continued under that burden, only God knows where we would be today. I always say, Mr President is probably the only one who had the courage to take such hard and necessary decisions.

*ON THE UNIFICATION OF THE FOREIGN EXCHANGE REGIME*

The unification of the foreign exchange market is another critical reform. Before this, many of us in the business community spent most of our time chasing foreign exchange. I personally spent half of my time trying to get FX from the Central Bank of Nigeria. The CBN was the only source of official exchange, offering FX at around 500 Naira when the parallel market was 800 or 900. No business could survive outside the CBN structure.

Every two weeks, we would go to Abuja to seek allocations. It was exhausting and inefficient. You had to camp there for three or four days before Allocation Monday, waiting for the CBN to allocate dollars. Today, I have met the new CBN Governor, Mr Cardoso, only once in two years. The reason is simple: I do not need to go to Abuja now to get foreign exchange. The system is open. It is working.

This was also a bold move by President Tinubu. It was necessary, and he took that decision as well. We are very glad because today we can focus on our businesses. These reforms are saving the economy.

*FAIRNESS, SANITY AND STABILITY IN BUSINESS*

Under this administration, we have seen a return to fairness and stability in business. We no longer worry about arbitrary shutdowns or politically motivated disruptions. Let me give a real example. We started a new business in Port Harcourt four or five years ago under BUA Foods, operating at the Rivers Ports under a concession with the Nigerian Ports Authority. It was going very well. One day, we woke up to a letter stating that the concession had been revoked, the terminal shut down, and the lease agreement terminated. There was no prior warning, no issue, no conflict.

Later, we discovered that the Managing Director of NPA at the time decided to close the business simply because our operations were competing with those of her friend. She wanted to impress her friend. That was the only reason. Today, that kind of thing cannot happen. Nobody would dare take such an action under President Tinubu. You can wake up now without fear that your business has been shut down by an agency or politician.

That stability is critical. That Port Harcourt plant alone has seen over 500 million dollars in investment and has employed over 4,000 people. The confidence this government has brought is real, and it is helping us plan better.

I must also personally acknowledge former President Muhammadu Buhari. When our Port Harcourt plant was unfairly shut down, it was his intervention that saved it. I had the privilege of explaining the situation to him. He agreed it was wrong and acted. He said he would not permit injustice under his watch. That decision saved the business. But the reality is, I had access. What if I did not? That is the difference today. Now, nobody needs access to the President to be treated fairly. Everyone knows that if you do something wrong under President Tinubu, you may lose your job or even face prosecution and go to jail. That is why I can now spend more time focusing on the business and relaxing.

The President Tinubu reforms are creating a level playing field. Like I said previously, every business had to lobby the CBN for FX. If you did not, your business would collapse. Now, you do not need to go to Abuja. You just focus on your operations.

*INFRASTRUCTURE AS A KEY DRIVER OF DEVELOPMENT*
In infrastructure, the difference is also clear. Look at the Lagos-Calabar highway. Look at the Sokoto-Badagry road. Look at the Kwara projects we are executing under the tax credit scheme. Look at Kano-Kongolam. Look at the Okpella to Kogi State corridor. These projects are progressing because of the savings from subsidy removal and FX unification. With more revenue, Nigeria is building.

These roads and others being built are critical because logistics have become a major challenge. Transporting goods from Lagos to the North is very expensive due to bad roads. Now, the President is addressing this. With better infrastructure, logistics will improve, and businesses will grow. These reforms have enabled long-term planning and serious investment.

*BUA WILL CONTINUE TO BET ON NIGERIA*
Since President Tinubu took office, BUA Group has invested over one billion dollars in the Nigerian economy. We are expanding our food business, doubling our flour and pasta facilities in Port Harcourt and building another in Lagos. Demand is increasing. People are earning more. Confidence is returning. We have also completed the first POP plaster manufacturing plant in Nigeria which is now operating and are soon starting construction of a 30MW solar energy project in Sokoto State.

In the oil and gas sector, we are completing our LNG project in Ajaokuta, Kogi State. These investments are possible because of stability that has been brought about by President Tinubu’s reforms. We can plan now. The exchange rate has been fairly stable for almost a year. FX is accessible. Money is coming in from different sources, and investors are responding. If you want 200 million dollars a week for trade, you can get it without lobbying anyone at the Central Bank. These are the results of good policies.

*ON FOOD SECURITY*

When I met President Tinubu recently, he raised concerns about food prices. He wanted to know what BUA Foods was doing. I explained that his six-month tariff waiver had worked. It disrupted hoarding in the rice market. In Nigeria, the rice harvest is short and runs for about three months. Middlemen were buying paddy rice, hoarding it, and raising prices post-harvest. This artificial scarcity drove prices to as high as 110,000 Naira per bag. The farmers did not benefit. Farmers just wanted to sell and move on yet some people were buying from them, hoarding it, and creating a food crises in the country.

The temporary waiver allowed rice to be brought in, and milled immediately. The hoarders were cut out. Prices began to drop. It was a short-term solution, but it worked. It showed foresight. I told the President it helped and that if the situation persists, further steps can be taken. But for now, it has made a difference.

*PRESIDENT TINUBU’S NIGERIA FIRST POLICY AND BACKWARD INTEGRATION*

President Tinubu’s Nigeria First policy has aligned well with our own belief in backward integration. Our cement business is almost entirely local. We mine our own limestone. We use Nigerian gas even though it is dollar-denominated. The only foreign element is the equipment, and even that benefits from government concessions for mining equipment which everyone else in the industry benefits. If we had to import cement today, prices would be over 15,000 Naira per bag. Nigeria does not have the port infrastructure to even handle the import volume. Producing locally has saved the economy and stabilised the sector.

We are doing more, and we will continue to do more. Nigeria has everything—population, arable land, resources, water, and now, strong leadership under President Tinubu. We believe in Nigeria because the fundamentals are now strong. My advice to all is to take a Bet on Nigeria. This is the place to be.

So for me, what has this administration done right? First, it removed the fuel subsidy which was the biggest economic scam in our history. Second, it unified the foreign exchange market and third, it restored stability, fairness, and confidence in the economy. These are the foundations of growth. Nigeria is full of potential. With the right leadership, which we now have, there is no limit to what we can achieve.

_Abdul Samad Rabiu is the Founder and Chairman, BUA Group._ Watch the full, exclusive interview on youtube – https://bit.ly/pbatbua

#TinubuAtTwo #BUAGroup #PresidentBolaTinubu #AbdulSamadRabiu #BetOnNigeria

https://bit.ly/pbatbua

Business

Dangote Splashes N11bn in Gifts, Cash on Cement Distributors, Customers at Awards Nite

Published

2 days ago

May 28, 2025

Sahara Weekly

Dangote Splashes N11bn in Gifts, Cash on Cement Distributors, Customers at Awards Nite

For their continued loyalty and patronage, Dangote Cement Plc has rewarded its distributors and customers with various choice gift items and cash worth N11 billion.

At the 2025 edition of its Customers Awards & Gala Nite held in Lagos, a premium celebration dedicated to recognising and rewarding its highest-performing distributors, with the theme ‘Let’s Acceler8’, the cement giant rewarded its distributors with gift items comprising several CNG trucks, containers filled with products, and cash valued at over N11 billion.

Welcoming customers of the company to the distributors’ award ceremony, Chairman of Dangote Cement / President of Dangote Industries Limited, Aliko Dangote, commended the distributors for their unwavering commitment and resilience “in driving our business forward, even amidst economic challenges.”

He lauded “their perseverance and determination in ensuring our products remain available in the market. Thanks to your efforts, we have secured over 57 per cent of the market share, and we encourage you to continue pushing for more growth.”

Dangote noted that “this year’s theme serves as a rallying call for unity and collective growth as we strive for unmatched market leadership in 2025. This theme reflects the strength of our partnership with valued customers, which continues to drive the success of Dangote Cement.”

He also noted that “Our leadership in the building and construction sector is rooted in this mutually beneficial relationship. Also, the partnership has been instrumental in elevating us to the position of Africa’s largest cement producer.”

He said, “in appreciation of the hard work, unflinching loyalty, and commitment of our esteemed customers in the year 2024, we are rewarding you with gift items and cash valued at over N11 billion. We are also celebrating our valued corporate customers, who have consistently chosen our cement products for a wide array of construction projects.”

He assured the stakeholders of the Company’s commitment to research and continuous improvement in its production processes and the highest quality products.

In his welcome address, Group Managing Director of Dangote Cement Plc, Arvind Pathak, stated, “Tonight, we celebrate the pivotal role our customers play in ensuring the widespread availability of our products across every region of Nigeria. We recognise and appreciate your remarkable efforts in driving the sales, distribution, and usage of our products throughout the year 2024.”

He said, “The outstanding performance of our company, especially in the past year, is a testament to your collective commitment and resilience. We are thankful for your continued dedication, which has made our products visible across all geopolitical regions. As vital partners in our value chain, from quarry to customer, your role is instrumental.

“To support your growth, we have distributed over 5,000 containers to various retailers. This initiative not only enhances our business value but also ensures that consumers receive products with an extended shelf life directly from the factory. In alignment with our chairman’s vision, we aim to distribute an additional 4,000 containers to our customers and retailers this year.”

Pathak added, “In line with DCP’s commitment to sustainability and the country’s clean fuel policy, we are transitioning our fleet of over 7,000 trucks from AGO to CNG by the end of 2026.

“We are making significant investments in new CNG trucks and the necessary infrastructure to support this transition. Currently, 3,100 trucks are operational, and our initiatives in alternative fuel utilisation have gained global recognition, with Dangote Cement receiving a commendable score from CDP in climate change and water security.”

He pointed out that “we are excited to reward some of our customers who have shown outstanding performance with CNG trucks to further develop their businesses. These rewards demonstrate our dedication to supporting our customers’ growth and commitment to sustainability. We are focused on strengthening the partnerships that have positioned us as the leading civil manufacturer in the nation.”

The Group Executive Director of Commercial Operations at Dangote Industries Limited, Fatima Aliko Dangote, acknowledged the significant contributions of the distributors. She emphasised the importance of their outstanding performance and achievements to the company’s sales growth and market expansion in 2024.

She noted that their efforts play a crucial role in sustaining public awareness and developing a market for Dangote’s cement products.

Aliko Dangote identified and highlighted the distributors as the backbone of the company’s growth and success, and encouraged them to aim for even higher performance levels in 2025.

The awards categories were in phases; Regional Award, Growth Award, Best Performing Customers.

Bank

Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

Published

2 days ago

May 28, 2025

Sahara Weekly

Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.

This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.

Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs. This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”

The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.

“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.

He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.

This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.

Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production. This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.