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Atiku Demands Immediate Listing of NNPCL on the Nigerian Stock Exchange

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Yemie ADEOYE
FORMER Vice President of Nigeria, Mr. Atiku Abubakar has demanded President Bola Ahmed Tinubu to effect the immediate listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange in line with the Petroleum Industry Act.
Atiku said this in reaction to the decision of the NNPCL to hand over the Warri and Kaduna refineries to private operators who are expected to manage and operate them.
Nigeria is not refining crude locally – NNPC GMD

Group Chief Executive Officer of Nigerian National Petroleum Corporation Limited (NNPCL)Mallam Mele Kyari

“The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act. This would make the company more profitable and enhance transparency and corporate governance.

“Currently, the NNPCL claims to be private, but this is only a ruse to fool the feeble-minded because it remains the ATM of the Federal Government. Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development,” he added.
In a statement issued and signed by the former Vice President’s spokesman, Mr Paul Ibe in Abuja, He further stated that the NNPC Limited continues to provide a cover of political protection to the Tinubu government’s policy inconsistency on the payment of subsidy, raising questions about the independence that the PIA requires of the NNPC Limited as a private business concern.
The Peoples Democratic Party (PDP) Presidential candidate said previous arrangements and concessions had not worked because of a lack of transparency in the contract award process as well as the failure of the government to attract investors.
The former Vice President said that for such a deal to succeed at all, the Bureau of Public Enterprise (BPE) and a credible technical partner like Standard and Poor’s must be part of the process.
Atiku added, “Former President Olusegun Obasanjo revealed recently that even Shell, one of the world’s wealthiest oil companies, rejected the offer to operate Nigeria’s refineries. This is because the NNPCL has, for years, been a cesspool of endemic corruption.
“This is why over $20bn that has been spent on the refineries in the last 20 years has led to nowhere. It is also curious that a government that is still paying petrol subsidy is trying to make its refineries profitable. Which businessman will invest in a refinery that has been programmed to operate at a loss?”
Atiku questioned the feasibility of the NNPC’s latest plan even as he pointed out that such arrangements in the past had not been profitable.
He added, “The manage and operate approach has not always worked. The Manitoba Hydro International, which was handed the Transmission Company of Nigeria led to nowhere. Similarly, Global Steel Limited, which was handed the Ajaokuta Steel Company, was not able to make the facility profitable.
“The contract was questionably revoked by the Umaru Musa Yar’Adua administration, and Nigeria ended up paying Global Steel a compensation of nearly $500m while Ajaokuta remains comatose 17 years later.”
The Waziri Adamawa advised the NNPCL not to make the contract process opaque like it did with OVH last year, which was not only dubious but has still failed to boost the NNPCL’s petrol sufficiency as evidenced by the months long fuel scarcity.
“In 2022, Nueoil, an unknown and newly registered company, acquired OVH and Oando filling stations. Barely four months later, NNPCL Retail bought Nueoil and took control of all its assets, including the Oando filling stations.
“Barely eight months later, OVH turned around to take over NNPCL Retail. This convoluted transaction was done in order to hide the corruption involved. If this is the approach that the NNPCL wants to use in handing over its refineries to private hands, then Nigerians should not expect any positive development whatsoever.”

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NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria

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A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.

The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).

In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.

According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”

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It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.

“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”

It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”

In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.

“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.

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Shell, NNPC Ltd, Others Gift Three Universities ICT Centre, Digital Library

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The Shell companies in Nigeria teamed up with the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities in 2024.

Biztellers reports that it initiative is part of their continuing support for education.

Some of the corporate bodies that executed the projects include the Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC Ltd, and the Nigerian Content Monitoring and Development Board (NCDMB).

The benefiting institutions were, the Niger Delta University, Amassoma, Bayelsa State, which got a digital library in April, the Sa’adu Zungur University (formerly Bauchi State University), Gadau in Bauchi State, where an ICT Centre was commissioned in July, by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as part of the Joint Venture with NNPC, TotalEnergies and NAOC.

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In what would sound like singing-off on the educational intervention initiative for 2024, the Federal University of Technology, Owerri (FUTO), overflew with joy at the unveil of a world-class engineering design studios and ICT hub, courtesy of the SPDC, NNPC Ltd and other Joint Venture partners collaborated with NCDMB.

Reflecting on the three facilities, Country Chair, Shell Companies in Nigeria, and Managing Director, SPDC, Osagie Okunbor, said, “This is Shell working to power lives in Nigeria. The projects have changed the academic and physical landscapes in the three universities and linked the students and lecturers to the global learning arena.”

The facilities at FUTO include two state-of-the-art engineering design studios and a fully furnished 100-seater ICT lecture hall, equipped with computers and smartboards with dedicated power and water supplies. FUTO was selected for the project as part of the “institutional strengthening” in the catchment area of SPDC’s Assa North Ohaji South Gas Development Project. They were launched at a colourful ceremony attended by representatives of the Imo State Government and principal officers of the university.

Imo State Governor, Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, said, “We deeply appreciate the efforts of our partners in NNPC, SPDC, Total Energies, and NAOC JV, who have invested in the future of Imo State by supporting this critical project. Your commitment to human capacity building aligns perfectly with our goals, and together, we will continue to drive innovation, skills development, and sustainable economic growth for our people.”

Okunbor’s address at the commissioning was read by General Manager, External Relations, Igo Weli, in which he expressed happiness “that the collaboration of SPDC, Joint venture partners, NCDMB, and FUTO has resulted in this successful social investment project that demonstrates our commitment to improving access to quality education for every Nigerian.”

On his part, the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe, called on Nigerian institutions to domesticate the advancements in AI and other technologies.

“Our AI must understand Igbo, Hausa, Efik, Yoruba, and other local languages,” he said, speaking through Dr. Ama Ikuru, the Director in charge of Capacity Building.

“We must leapfrog the innovations of other nations and become a net exporter of advanced technology to achieve the lofty ideals of Nigerian content development,” he added.

The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said in his address which was read by the Senior Advisor Stakeholders Relations, Halimat Wilson, “Innovation thrives in an environment where ideas can be freely exchanged and developed. The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.

Welcoming guests earlier, FUTO Vice Chancellor, Prof Nnenna Oti, thanked the sponsors of the project “for a landmark donation” to the university.

The Shell Companies in Nigeria have been education since the 1950s through scholarships and other initiatives. These efforts have resulted in the award of thousands of secondary, undergraduate and postgraduate scholarship awards, provision of educational infrastructure and establishment of sabbatical and internship programmes as well as centres of excellence in several universities.

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Sustainability: Dangote Eyes Planting 10,000 Mangrove Trees In Nigeria 

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To enhance its environmental sustainability initiatives in line with global best practices, Dangote Industries Limited (DIL), has embarked on a restoration project of planting 10,000 mangrove trees across coastal states in Nigeria.

Biztellers reports that the project would carried out in partnership with Eco-Restoration Foundation, started at Akodo-Ise, Ibeju-Lekki, Lagos, with the objective of minimising the global effects of climate change, by promoting restoration, conservation and protection of mangrove trees across Nigeria.

DIL’s Vice-President, Oil and Gas, Devakumar Edwin said, “one of the primary reasons of the Dangote Group is to ensure that Nigeria keeps providing employment and lifting the people out of poverty through sustainability projects.

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“We are also committed to creating good climate scenarios where people can live long and their livelihoods cannot be taken away from them. Apart from absorbing more carbon from the atmosphere than other tree species, Mangrove Forests serve as vital buffers against coastal erosion, and are critical for preserving marine biodiversity and supporting millions of coastal dwellers whose livelihoods depend on healthy mangrove forests.”

After the flag-off of the tree planting exercise, the Group Chief HSSE and Sustainability, DIL, James Adenuga, expressed excitement at the importance of this partnership and its alignment with the organisation’s focus on the sustainable development of Nigeria and Africa, with long term carbon offset targets.

“Environmental sustainability is one of the seven Sustainability Pillars of the Dangote Group, and preservation of the environment is one of our core priorities wherever we operate. We are glad to embark on this project”, Adenuga pointed out.

On his part, a trustee of Eco-Restoration Foundation, Prince David Omaghomi, stated that the foundation “was more than thrilled to welcome Dangote Group as our largest corporate partner of the Eco-Park Mangrove Sanctuary & Research Centre to date.

He explained further that Nigeria has lost 60 per cent of the mangrove population, adding that Nigeria coastal line is at risk of going underwater in years to come if nothing is done.

“This project is meant to promote mangrove restoration, conservation, and protection. Nigeria has lost 60 per cent of its mangrove forests. More ocean acidification will be expected in Nigeria due to climate change and rising sea level. In the next 100 years, the coastal lines in Nigeria will be covered by water. The great blue wall will run across the coast of Nigeria by using mangroves.

“We are happy to receive the Dangote Group here and with their brand being blue they are the blue Big Brother of Africa. Their (Dangote’s) pledge to plant 10,000 mangroves in phases over the next few months, underscores their commitment to environmental stewardship and resilience building along Nigeria’s coasts.

“With their continued support, we are confident that this project will spark a wave of community-based restoration activities all along Nigeria’s coastline, in line with our persistent calls for the commencement of the ‘Great Blue Wall of Africa’ built of mangrove forests – as a natural defense against rising sea levels and climate change.

“Without immediate action, our multi-billion-dollar industrial complexes, Sea Ports, Oil & Gas facilities, Tourism and entire Blue Economy will be exposed to the relentless advance of ocean acidification in the coming decades,” he observed.

The tree planting exercise, which drew volunteer staff from Dangote Head Office, Falomo Ikoyi, Dangote Fertiliser Limited, Dangote Refinery and Petrochemicals, and other units, drew widespread commendation from the Onise of Akodo-Ise, Oba Ganiu Adebowale Adegbesan, senior officials of the Lagos State Government, and members of the Akodo-Ise community, Ibeju-Lekki, Lagos.

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