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10 nabbed as Lagos task-force raids adulterated diesel joint

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LAGOS — Lagos State Taskforce on Environment and Special Offences, Enforcement Unit, at the weekend stormed the hideout of a diesel adulterating syndicate at Opebi area of the state, arresting 10 persons in the process.

The team also impounded three oil tankers from the scene. One of the trucks has number plate LAGOS- EKY-251 XF. The suspects, who were arrested under the Opebi Link-bridge, Ikeja Local Government Area, used to produce and sell adulterated diesel to the unsuspecting members of the public.

The team also impounded several litres of adulterated diesel from the hideout.It was gathered that the adulterated diesel was produced by mixing large quantity of kerosene with some diesel.

The illegal activities, according to government officials, have impacted negatively on the ecosystem within 100 metres radius.It’s not adulterated diesel —Suspect However, one of those arrested, Mr. Saheed Ibrahim, said they were not producing adulterated diesel.According to him, “the products were bought from the tank farms in Apapa and other authorised locations.”Ibrahim, who presented some of the bills of laden issued at the ports and the receipts issued to their prospective buyers, said:

“We sell kerosene and diesel products in smaller quantity to those who could not approach the tank farms.”On why they were operating from a hidden environment as against others who do such businesses at the depots, he said: “This is the only location we can carry out the business.

”Ismaila Ashiribo, the driver of one of the impounded tankers, explained that some of the products, especially kerosene, were purchased from a tank farm (name withheld) at Abule-Ado, Amuwo-Odofin Local Government Area of Lagos State.Economic sabotageTaskforce chairman, Chief Superintendent of Police Bayo Sulaimon, who led the raid, described the activities as sabotaging the country’s economy.He said: “This is a situation where some people perpetrate illegal activities.

They buy small diesel and kerosene and mix them up. Adulteration is going on here at will. The trucks come into the premises and discharge the products and leave.”Sulaimon added that after the production exercise, “they approach consumers in the name of registered oil and gas companies and sell these contaminated products to the public.

”The chairman lamented that those arrested used to engage in the activities with business names without known addresses adding: “It is alarming that a lot of vehicles and generating sets would have been damaged by these adulterated products. It is unfortunate.“We got the information and the combined team of the state Ministry of the Environment and the officers of the taskforce decided that such act must not continue in the state.

”Sources said although the suspects were licensed to operate but not under the bridge. “They do not have approval to operate here. This is a government scheme,” the source said.He explained that the operators seized the opportunity of the presence of artisans operating few metres from the hideout to carry out their nefarious acts.

“They (artisans) have been asked to vacate the land few months ago but they refused. After today, I assure you that we will not allow them to operate here again. We will be removing the vehicles and the adulterated diesel from this place and the suspects charged to court.”Sulaimon continued, “Aside the economic sabotage, their activities have impacted negatively on the community.

It has led to water pollution and the impact is very severe. We will ensure that due process is followed.”

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Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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