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South Korean Investors Set To Build Four Refineries In Nigeria – FG
South Korean Investors Set To Build Four Refineries In Nigeria – FG. A consortium of investors from South Korea has concluded plans to build four 100,000-barrel capacity refineries in various locations in Nigeria, the Federal Government announced on Tuesday.....KINDLY READ THE FULL STORY HERE▶
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated this at the maiden edition of a summit organised by the Crude Oil Refineries Owners Association of Nigeria in Lagos.
According to him, the Federal Government is encouraging investors to build refineries by providing an open environment for all.
Lokpobiri noted that approval was recently granted to invite the consortium, the name of which he did not mention.
“We encourage investors to build limited refineries by providing an open environment. A recent approval was granted to invite to Nigeria a consortium of investors from South Korea, which intends to establish four 100,000 barrels-model refineries in four different locations in Nigeria.
“We have adopted the public-private partnership model to unlock investment in the midstream and downstream segments of the oil and gas sector, which will lead to the establishment of more modular and mega refineries,” he narrated.
The oil minister said this will yield results because the Federal Government is open to equity investment in modular refineries and other upcoming refineries as a step to ensure energy security.
“The Nigerian Upstream Petroleum Regulatory Commission has developed and published the domestic crude supply obligation guidelines to ensure transparency in the oil industry and ensure access to feedstock by our local refineries.
“In addition, we prioritise and work with stakeholders to ensure effective implementation of the recommendations of the Modular Refinery Committee to give special concession to local refineries’ owners, thereby guaranteeing feedstock to their refineries,” he explained.
He spoke further, “We will ensure the deregulation of the downstream sector is 100 per cent and put in place a necessary framework that will ease the impact on the poor masses.
“The ministry has facilitated easier access to existing tax and other exemptions on refinery equipment importation, which is part of our plan to make Nigeria self-sufficient for petroleum producers and become Africa’s petroleum refining hub.”
Lokpobiri said though the PIA created the petroleum ministry and National Gas Infrastructure Fund, which sources its funds from the sales of petroleum products in-country, the thought of the ministry was that a portion of the fund is used to support infrastructural development for refineries, like in the gas value chain.
“In effect, we will initiate the review of the PIA to enable this. Meanwhile, CORAN as a body should take up the campaign. Through the Petroleum Technology Development Fund and the Nigerian Content Development and Monitoring Board, we are prioritising partnerships with international institutions in knowledge transfer for manpower in refinery operations, and investment in research and development, to support technological advancements and innovation in the refining sector.
“In no distant time, we intend to create the apprenticeship programme in collaboration with existing refineries to develop expertise in our refinery operations,” he disclosed.
In an effort to discourage crude oil theft and illegal refining, he said the ministry had set up an international emergency committee on home-grown solutions to in-country refining.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, announced that Rivers State’s political coalition will adopt Rotimi Amaechi’s past philosophy of “brotherhood” to support President Bola Tinubu in the 2027 election.....KINDLY READ THE FULL STORY HERE▶
Speaking on Saturday in the Ikwerre Local Government Area, Wike referenced Amaechi’s rationale from the 2015 election—where Amaechi argued that brotherhood isn’t about blood ties but shared support, choosing Muhammadu Buhari over Goodluck Jonathan. Wike intends to apply this exact logic against Amaechi, who is now a vice-presidential candidate for the African Democratic Congress (ADC).
Wike criticized Amaechi’s record as Minister of Transportation, claiming he neglected Rivers State while funneling the University of Transportation project to Daura in Katsina State in a failed bid for higher office. In contrast, Wike praised President Tinubu for recognizing the state, pointing to recent federal appointments of University of Port Harcourt and University of Environment vice-chancellors as proof that Tinubu is the true “brother” deserving of their votes in 2027.
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You Lack The Capacity: Wike Dismisses Critics Claiming Rainbow Coalition Will Cost Tinubu Votes
Federal Capital Territory (FCT) Minister Nyesom Wike has dismissed claims by certain governors that the Rainbow Coalition will diminish President Bola Tinubu’s vote count in the 2027 elections, arguing that those critics simply lack electoral capacity. Speaking at a grand reception hosted by the coalition in Rivers State on Saturday, Wike asserted that the alliance will instead boost the president’s numbers and challenged the complaining governors’ past performance in 2023. Meanwhile, some APC governors have reportedly voiced concerns to President Tinubu that the coalition could fracture the ruling party’s support base and jeopardize candidates running for National Assembly seats.....KINDLY READ THE FULL STORY HERE▶
Casual & Conversational FCT Minister Nyesom Wike has hit back at governors who claim his Rainbow Coalition will hurt President Tinubu’s chances in 2027, bluntly stating that anyone warning against it just doesn’t have the capacity to deliver votes. At a reception in Rivers State, Wike insisted the coalition will actually increase Tinubu’s support and told his critics to come learn how it’s done. Behind the scenes, however, some APC governors are reportedly worried the initiative might split the party’s votes and cause trouble for other candidates down the ballot.
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Wike Fires Back: FCT Minister Nyesom Wike dismissed governors warning that the Rainbow Coalition will hurt President Tinubu’s 2027 votes, claiming those critics lack political capacity.
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Boost, Not Reduction: Speaking in Rivers State, Wike insisted the coalition will increase Tinubu’s votes and challenged critics to look at their own weak 2023 election results.
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APC Governors Concerned: Despite Wike’s defense, several APC governors have reportedly expressed worries to the president that the coalition could split party votes and threaten National Assembly candidates.
Manchester City maintained their 100% start to the Premier League campaign with a narrow 1-0 victory over Coventry City, courtesy of an Erling Haaland header. The match featured debut appearances for marquee signing Enzo Fernandez and Iliman Ndiaye. Elsewhere, Crystal Palace secured a dramatic 3-2 comeback win over Fulham to hand manager Pierre Sage his first victory, while Brighton salvaged a 1-1 draw against Leeds United thanks to a late Luka Vuskovic header. Tottenham Hotspur’s early-season struggles continued with a scoreless draw against Nottingham Forest, and Sunderland earned a late 1-1 draw with Brentford via an Enzo Le Fee penalty.....KINDLY READ THE FULL STORY HERE▶
Casual & Conversational Erling Haaland kept Manchester City rolling with the only goal in a 1-0 win against Coventry City, keeping their perfect record intact on a day that saw big-money signing Enzo Fernandez make his debut. Crystal Palace pulled off an exciting 3-2 comeback against Fulham for Pierre Sage’s first win as manager, and Brighton grabbed a late 1-1 draw with Leeds. Meanwhile, Tottenham’s expensive squad drew blanks in a 0-0 stalemate with Nottingham Forest, and Sunderland bounced back to draw 1-1 with Brentford thanks to a clutch late penalty from Enzo Le Fee.
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Manchester City 1 – 0 Coventry City: Haaland’s header keeps City perfect as £125m signing Fernandez makes his debut.
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Crystal Palace 3 – 2 Fulham: Palace fights back twice to hand Pierre Sage his first win.
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Brighton 1 – 1 Leeds United: Vuskovic rescues a late point for the Seagulls.
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Tottenham 0 – 0 Nottingham Forest: Spurs’ winless streak continues after a frustrating scoreless draw.
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Sunderland 1 – 1 Brentford: Le Fee’s late penalty seals a valuable point for the Black Cats.
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