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Modular Refinery: FG lauds Waltersmith, NCDMB on completion of 5000 bpd…plans expansion to 50,000 bpd
The company growth plans part of which is to significantly expand the refinery’s production capacity to 50,000 barrels of crude oil per day. He said: “We have started with the first module which is 5000 barrels. The next module will be 25,000 barrels. Then the finale module will be 20,000.
Precious ADELOLA
Tour of Waltersmith Modular Refinery developed with 30 Percent equity investment by the NCDMB L-R: Chairman of Waltersmith Petroman Oil Limited, Mr. Abdulrasaq Isah; Executive Governor of Imo State, Senator Hope Uzodinma; Honourable Minister of Information and Culture, Chief Lai Mohammed and Executive Secretary of the Nigerian Content Development & Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote, on Tuesday during the Minister’s tour of the 5000 barrels per day modular refinery completed with NCDMB’s equity investment at Ibigwe, Ohaji-Egbema LGA of Imo State.
IBIGWE-THE Federal Government has applauded Waltersmith Petroman Oil Limited and the Nigerian Content Development and Monitoring Board (NCDMB) for their effective partnership that led to the record completion of the Waltersmith 5000 barrels per day modular refinery within two years.
The Honourable Minister of Information and Culture, Chief Lai Mohammed conveyed the commendation on Tuesday after touring the project located at Ibigwe, Ohaji/Egbema LGA, Imo State, in company with the Governor of Imo State, Senator Hope Uzodinma, the Minister of State for Education, Hon Chukwuemeka Nwajiuba and the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote.
The modular refinery was started in October 2018 and will commence operations on October 14, 2020, loading out 23 trucks of refined products per day, having concluded off-take arrangements with select firms.
The Minister stated that the completion of Waltersmith modular refinery and conceptualization of similar projects in Bayelsa were key achievements of President Muhammed Buhari’s administration, adding that modular refineries only became a reality under the present administration despite years of rhetoric by previous governments.
Mohammed described modular refineries as key to meeting the Federal Government’s agenda of increasing local refining capacity, enhancing value addition to the hydrocarbon resources and employment generation. He gave assurance that government through the Ministry of Petroleum Resources and relevant agencies will provide Waltersmith with all necessary support it needs to operate and grow sustainably.
In his remarks, the Executive Secretary of NCDMB expressed pride that the Board moved quickly to invest 30 percent equity in the Waltersmith modular refinery project with the approval of its Board’s Governing Council. He hinted that the project had several benefits, including generation of direct, indirect, and induced employment opportunities for management staff, plant operators, technicians, drivers, cleaners, suppliers, security personnel and others.
He said that one of NCDMB’s mandates is to develop in-country capacities and capabilities to utilize and add value to the nation’s hydrocarbon resources, while its vision is to serve as a catalyst for the industrialization of the Nigerian oil and gas industry and its linkage sectors.
According to him, “this vision contributes to the realization of our 70 percent Nigerian Content target in the oil and gas sector by 2027. Our partnership with Waltersmith and other similar investments are some of the levers we are using to deliver the target growth rate.”
Wabote canvassed that at least 10 percent of Nigeria’s oil production should be refined through the modular refineries. He noted that an average of ten direct jobs were created for every 1,000 barrels/day capacity of modular refinery, hence over 2,500 direct jobs and over 25,000 indirect jobs can be created if 10 percent of Nigeria’s production is refined using modular refineries.
In his welcome remarks, the Chairman of Waltersmith Petroman Oil Limited, Mr. Abdulrasaq Isah indicated that the company decided to embark on the modular project as a strategy to address incessant pipeline vandalism and theft of its crude oil products. The project will also ensure import substitution, energy security for the nation, lower of the company’s operating cost and create lots of jobs, he revealed.
He outlined the company growth plans, “part of which is to significantly expand the refinery’s production capacity to 50,000 barrels of crude oil per day. He said: “We have started with the first module which is 5000 barrels. The next module will be 25,000 barrels. Then the finale module will be 20,000.
“At that point we will be loading 120 trucks every day at peak production, comprising different products-diesel, kerosene, PMS, HFO and Jet Fuel.”
He confirmed that load out of products will commence on October 14, starting with diesel, to be followed closely with the commencement of phase two of the project.
Isah also endorsed Federal Government’s deregulation of the downstream subsector, remarking that “the removal of subsidy has created a market for what we are doing. It also facilitates our ability to raise financing for the next module we will be doing.”
The President of the African School of Governance, Kingsley Chiedu Moghalu has admonished state actors against resorting to brutal force in the bid to muscle out separatist agitators.
In the aftermath of Mazi Simon Ekpa, the Finland based Biafran nationalist agitator being caught in legal web and the Nigerian government moving swiftly to seek his repatriation, the former deputy governor of the Central Bank of Nigeria (CBN) has cautioned that ‘We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.’
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The political economist, while expressing his hope in Nigeria, made it clear that “hope is not a strategy”.
He bared his mind in a series of posts on his verified handle on micro-blogging site, X on Friday.
Moghalu wrote, “Despite sustained contemporary difficulties, I am hopeful about Nigeria. But hope is not a strategy. We need to improve state capacity for effective governance.
“We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.
“We must learn to be honest with ourselves and address the root causes of our problems. Why ignore them, when the problem is actually quite solvable? The problem with continuing with this approach is that when the danger crystallizes, those who thought they were benefiting from
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.
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