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Political commentators say that Akeredolu, who has an idea about his illness, must have planned it in advance by giving his son such enormous power to render the deputy governor’s office incapacitated. It was learned that Governor Akeredolu allegedly sidelined his deputy with the consent of his wife who was said to be against Aiyedatiwa as her husband’s successor. The governor’s wife is said to prefer Oke, who hails from Ilaje, Ondo South State, to take over from her husband because there might be a gubernatorial ticket. For example, former Governor Mimiko who hails from Ondo Central served for eight years, Akeredolu from Owo, Ondo North will be eight in 2025 so the ticket will automatically revert to Ondo South. Oke and Aiyedatiwa are from Ilaje, Akinterinwa from Ile Oluji, Akintelure who was Akeredolu runner up in 2012 is also from Ondo South. The Guardian concluded that since the governor’s wife had enormous influence in Ondo politics, she probably facilitated the appointment of the current deputy governor before they parted ways. This may not be due to the fact that he felt Aiyedatiwa was too ambitious. But attempts to remove Aiyedatiwa failed. The recent Speaker of the Ondo House of Assembly, Bamidele Oloyeloogun, was involved in a plot to initiate impeachment against Aiyedatiwa, but Oloyeloogun refused to participate. Another dangerous game was propaganda to the immediate past Speaker of the Ondo House of Assembly, whose forces wanted to agree on the impeachment of Aiyedatiwa. Unfortunately, the strategy didn’t work. The plan was to ensure that Oloyeloogun would start an impeachment against Aiyedatiwa, but the former speaker got chills from the move. The idea to force Oloyeloogun to resign was to bring in another speaker, perhaps from Owo, Ondo North, to remove Aiyedatiwa if Akeredolu does not return, but the new speaker, who was supposed to come from Owo, Ondo North, simply resigned. . to complete the governor’s mandate. The new speaker will then have no chance to contest the governorship primaries next year because he is not from Ondo South. Unfortunately, the plan failed. Therefore, Oloyeloogun’s signature on the resignation letter was forged and made available to the media, but a speaker in close proximity shouted that his signature was forged. Aiyedatiwa, who was informed of his impeachment plan, quickly contacted the party’s National Secretariat and the Presidency, who sent security agents to surround the Ondo State House of Representatives to prevent Aiyedatiwa from being impeached or Oloyeloogun resigning as Speaker. Following the March 18, 2023 State House of Assembly polls, the Oloyeloogun-led Ninth House of Assembly was dissolved and a new Speaker, Olamide Oladiji, who hailed from the Central Senate Zone, was elected. This shut down the plan to bring in another speaker from Owo North. to end Akeredolu’s tenure. But the plot to get rid of Aiyedatiwa did not stop, his bad guys also organized another plan claiming that he molested his wife which failed again. Opponents of Aiyedatiwa also believe that although he hails from Ilaje, the southernmost largest constituency, their argument is that Aiyedatiwa does not have the capacity to govern Ondo and is not as deeply rooted as Oke, Akinterinwa, Akintelure and others in Ondo region. politics For them, Aiyedatiwa also lacked the necessary leadership. For example, the deputy governor is said to have started presenting himself as the governor even though power has not yet been transferred to him, portraying the behavior of someone who can intimidate other members of the cabinet. Other party sources said Aiyedatiwa’s ordeal could worsen now that the governor is back. Whatever the case may be, experts are crossing their fingers to see how Akeredolu handles the various security reports and other intrigues and the inclusion of all over time.
April 23, 2024

Modular refineries can’t refine fuel due to price regulation – NNPC

By admin Mar3,2022

• OPEC increases Nigeria’s oil production quota as Brent hits $111/barrel

The Nigerian National Petroleum Company Limited on Wednesday explained that one of the key reasons modular refineries in Nigeria were not producing Premium Motor Spirit, popularly called petrol, was because of the regulated pump price of PMS by government.

A modular refinery is a simplified refinery requiring significantly less capital investment than traditional full-scale refineries. They are crude oil processing facilities with capacities of up to 30,000 barrels per day.

Nigeria has a number of modular refineries in Edo, Delta, Imo and other states, while plans are on to increase the number through private sector investments.

OPEC raises Nigeria’s oil production quota as Brent hits $111/barrel

This came as data released on Wednesday by the Organisation of Petroleum Exporting Countries indicated that OPEC had raised Nigeria’s oil production quota from the 1.718 million barrels per day target in March to 1.735 million bpd in April 2022.

Also, it was observed that the cost of Brent, the crude against which Nigeria’s oil is priced, appreciated on Wednesday, rising to $111.03/barrel as at 6.54pm Nigerian time, amidst the increase in OPEC oil production quota for Nigeria.

The organisation raised the country’s crude oil production quota following the conclusion of the 26th OPEC and non-OPEC Ministerial Meeting,  held via videoconference on March 2, 2022.

Nigeria had been missing its oil production quota lately. Early last month, OPEC increased Nigeria’s crude oil production target for the month of March despite the fact that the country had been missing its approved monthly output targets.

OPEC raised Nigeria’s oil production target for March 2022 to 1.718 million barrels per day, indicating a marginal increase from the 1.701 million barrels per day target that was approved for Nigeria in February.

The PUNCH had exclusively reported that Nigeria missed its crude oil output target for January 2022, pumping 1.46 million barrels per day against a target of 1.683 million bpd as approved by OPEC.

Speaking on the reasons why modular refineries were not producing petrol, during a plenary session at the ongoing Nigeria International Energy Summit 2022 in Abuja, the Group Executive Director, Refining, NNPC, Mustapha Yakubu, said it was due to fuel pump price regulation.

He said, “Some modular refineries should take up to 50,000 barrels per day, but because of financing you can start with 10,000 barrels and then scale up gradually to 50,000 barrels.

“What do you need to do to produce PMS? It is to put additional investment that will put in the cracker required to produce the PMS. But in this period why they (modular refineries) cannot produce PMS is because we are under full regulation.

“So to me, if they produce PMS today, at what cost are they going to produce it and at what cost are they going to sell under this regulated environment?”

Participants at the session therefore urged the government to implement the Petroleum Industry Act in full and ensure the complete deregulation of the downstream oil sector.

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Political commentators say that Akeredolu, who has an idea about his illness, must have planned it in advance by giving his son such enormous power to render the deputy governor’s office incapacitated. It was learned that Governor Akeredolu allegedly sidelined his deputy with the consent of his wife who was said to be against Aiyedatiwa as her husband’s successor. The governor’s wife is said to prefer Oke, who hails from Ilaje, Ondo South State, to take over from her husband because there might be a gubernatorial ticket. For example, former Governor Mimiko who hails from Ondo Central served for eight years, Akeredolu from Owo, Ondo North will be eight in 2025 so the ticket will automatically revert to Ondo South. Oke and Aiyedatiwa are from Ilaje, Akinterinwa from Ile Oluji, Akintelure who was Akeredolu runner up in 2012 is also from Ondo South. The Guardian concluded that since the governor’s wife had enormous influence in Ondo politics, she probably facilitated the appointment of the current deputy governor before they parted ways. This may not be due to the fact that he felt Aiyedatiwa was too ambitious. But attempts to remove Aiyedatiwa failed. The recent Speaker of the Ondo House of Assembly, Bamidele Oloyeloogun, was involved in a plot to initiate impeachment against Aiyedatiwa, but Oloyeloogun refused to participate. Another dangerous game was propaganda to the immediate past Speaker of the Ondo House of Assembly, whose forces wanted to agree on the impeachment of Aiyedatiwa. Unfortunately, the strategy didn’t work. The plan was to ensure that Oloyeloogun would start an impeachment against Aiyedatiwa, but the former speaker got chills from the move. The idea to force Oloyeloogun to resign was to bring in another speaker, perhaps from Owo, Ondo North, to remove Aiyedatiwa if Akeredolu does not return, but the new speaker, who was supposed to come from Owo, Ondo North, simply resigned. . to complete the governor’s mandate. The new speaker will then have no chance to contest the governorship primaries next year because he is not from Ondo South. Unfortunately, the plan failed. Therefore, Oloyeloogun’s signature on the resignation letter was forged and made available to the media, but a speaker in close proximity shouted that his signature was forged. Aiyedatiwa, who was informed of his impeachment plan, quickly contacted the party’s National Secretariat and the Presidency, who sent security agents to surround the Ondo State House of Representatives to prevent Aiyedatiwa from being impeached or Oloyeloogun resigning as Speaker. Following the March 18, 2023 State House of Assembly polls, the Oloyeloogun-led Ninth House of Assembly was dissolved and a new Speaker, Olamide Oladiji, who hailed from the Central Senate Zone, was elected. This shut down the plan to bring in another speaker from Owo North. to end Akeredolu’s tenure. But the plot to get rid of Aiyedatiwa did not stop, his bad guys also organized another plan claiming that he molested his wife which failed again. Opponents of Aiyedatiwa also believe that although he hails from Ilaje, the southernmost largest constituency, their argument is that Aiyedatiwa does not have the capacity to govern Ondo and is not as deeply rooted as Oke, Akinterinwa, Akintelure and others in Ondo region. politics For them, Aiyedatiwa also lacked the necessary leadership. For example, the deputy governor is said to have started presenting himself as the governor even though power has not yet been transferred to him, portraying the behavior of someone who can intimidate other members of the cabinet. Other party sources said Aiyedatiwa’s ordeal could worsen now that the governor is back. Whatever the case may be, experts are crossing their fingers to see how Akeredolu handles the various security reports and other intrigues and the inclusion of all over time.