Connect with us

Other News

NNPC records $378.42million crude oil proceeds in June, posts $4.60billion export sale in one year

Published

on

Modupe ASUDO

ABUJA-THE Nigerian National Petroleum Corporation (NNPC) has announced a total crude oil and gas export receipt of $378.42million in June 2020 as against $133.16million it posted in May 2020, signally a marked improvement in revenue earnings apparently following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for the black gold in the international market.
The NNPC in a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that petroleum receipts for the month reflected crude oil earnings of $230.65million, with gas and miscellaneous proceeds standing at $75.97million and $71.80million, respectively. The release explained that details of the earnings were contained in the June 2020 Monthly Financial and Operations Report (MFOR) of NNPC, which it noted, is the 59th edition in the series.The report, which was released in Abuja today, put total crude oil & gas export receipts for the period: June 2019 to June 2020 at $4.60billion. In the Downstream Sector, the NNPC monthly report said in order to ensure continuous supply and effective distribution of petroleum products across the country in June, 2020, 1.34billion litres of white products were distributed and sold by NNPC’s Downstream subsidiary, the Petroleum Products Marketing Company (PPMC), saying the figure was significantly higher than the 950.67million litres of white products sold and distributed in May 2020, again an apparent reflection of  the gradual ease of the lockdown in the Country and the picking up of business activities. A breakdown of the June 2020 figures indicated that over 1.3billion litres of Premium Motor Spirit (PMS), 5.10million litres of Automotive Gas Oil (AGO) and 1.65million litres of Dual Purpose Kerosene (DPK) were sold and distributed during the period. White products sale for the period June 2019 to June 2020, the report disclosed, stood at over 19.104billion litres, with PMS accounting for over 18.9billion litres or 99.36 per cent In monetary value terms, the above volumes translated to a total sale of ₦134.22billion of white products by PPMC in June 2020, compared to ₦92.58billion sales in May, 2020. Total revenues recorded from the sales of white products for the period June 2019 to June 2020 stood at over ₦2.267trillion, where PMS contributed about 99.12 per cent of the total sales with a value of over ₦2.247trillion. During the month under review, 33 pipeline points were vandalized representing about 11 per cent decrease from the 37 points recorded in May 2020. Mosimi-Ibadan accounted for 33 per cent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 per cent of the breaks each; other locations made up for the remaining 13 per cent. The NNPC monthly Financial and Operations Report for June, 2020 explained that in collaboration with the local communities and other stakeholders, the corporation would continuously strive to rein in on the incidences of pipeline breaches across the Country. In the Gas sector, out of the 232.03billion Cubic Feet of gas (BCF) supplied in June 2020, 148.66BCF of gas was commercialized; consisting of 34.64BCF and 114.01BCF for the domestic and export market, respectively. This, the report explains, translates to a total supply of 1,154.78million Standard Cubic Feet of gas per day (mmscfd) to the domestic market and 3,800.45mmscfd of gas supplied to the export market for the month, implying 64.07 per cent of the average daily gas produced was commercialized, while the balance of 35.93 per cent was re-injected, used as Upstream fuel gas or flared. The NNPC report stated that gas flare rate for June 2020 stood at 6.11 per cent, that is: 472.94mmscfd, compared with average Gas flare rate of 7.84 per cent, equivalent of 611.73mmscfd for the period June 2019 to June 2020.

Other News

‘I Dress To Inspire Young People’ – Pastor Adegboyega Defends Lavish Lifestyle

Published

on

Embattled Nigerian pastor and founder of SPAC Nation, Tobi Adegboyega, has defended his opulent lifestyle, claiming it serves to inspire young people rather than flaunt wealth.

This statement comes amid a UK Immigration Upper Tribunal ruling ordering his deportation over visa violations.

Adegboyega, 44, faced accusations of overstaying his visitor visa, which expired after he arrived in the UK in 2005.

Related News: Nigerian Pastor, Adegboyega Faces Deportation From UK Over £1.87m Fraud Allegations

He had applied to remain in the country on human rights grounds. The tribunal, however, ruled against him, citing his failure to regularize his status.

The pastor’s luxurious lifestyle, including designer clothing and expensive cars, was a focal point of the case.

Addressing the tribunal, Adegboyega stated that his lifestyle is fully funded by his wife, Mary Olubukola Alade, who earns £100,000 annually at AON.

He said, “I live with my partner, Mary Olubukola Alade, who earns £100,000 per year working for AON. I spend my time working for the church, for which I am unpaid. I am entirely supported by Mary. I have a first-class law degree from Nigeria, but I have ‘sacrificed’ my legal career to help those who cannot help themselves.”

Defending his appearance, Adegboyega emphasized the importance of projecting success to his young congregation.

The court noted, “For instance, people have pointed to the fact that he wears designer clothing and drives expensive cars. He was adamant that all of his personal possessions had been paid for by Mary.

“He believes it is important for him to dress the way that he does because he needs to inspire these young people – they need to understand that there are legitimate ways of making money, for instance through entrepreneurship.”

Despite the ruling, Adegboyega dismissed the deportation concerns as insignificant.

“I’m right here at home, no cause for alarm. Naturally, I will dismiss things that have to do with retrogression; every Nigerian should be proud of me. Living in the UK, a city that is well known for pulling people down, I have survived all sorts, so the matter that they are propagating is the smallest matter,” he said.

He further expressed confidence in his resilience. “No panic, I love London city, it is my city, and nobody can do anything. Of all the people of colour you know here – pastors and leaders – I have survived everything. I’m here, I am at home, nobody should panic for me.

“I succeeded well in this country despite all challenges, and I’m in the league of people you look up to. I have survived that well; nothing has changed, nothing will change,” he added.

 

 

Continue Reading

Other News

Afe Babalola Breaks Silence On Farotimi’s Arrest

Published

on

Amid the growing controversy surrounding the detention of human rights lawyer Dele Farotimi, renowned Senior Advocate of Nigeria (SAN) Aare Afe Babalola has publicly addressed the defamation allegations leveled against Farotimi.

The legal action stems from claims made in Farotimi’s book, Nigeria and Its Criminal Justice System, which Babalola asserts contains false and defamatory statements about him and his law firm, Afe Babalola & Co.

READ MORE: FCT Workers Reject January 2025 Minimum Wage Implementation Proposal

In a petition dated November 19 and submitted to the Ekiti State Commissioner of Police, Adeniran Akinwale, Babalola accused Farotimi of making “criminally defamatory” statements about him, his law firm, and two senior lawyers at his firm, Olu Daramola SAN and Ola Faro.

The defamatory remarks are tied to the Supreme Court case Major Muritala Gbadamosi Eletu & Ors v. H.R.H. Oba Tijani Akinloye & Ors.

Babalola revealed that the allegations came to light when one of his lawyers purchased Farotimi’s book while traveling through Murtala Muhammed Airport.

After reading the book, the lawyer immediately brought its contents to Babalola’s attention.

Other members of his firm reportedly did the same, prompting the senior lawyer to take legal action.

In his petition, Babalola pointed to specific passages in Farotimi’s book that accused him of corruption and unethical conduct. The petition reads:

“I write to report the criminal defamation of myself, my law firm Afe Babalola & Co., and my lawyers, Olu Daramola SAN and Ola Faro, by one Dele Farotimi in his book titled ‘Nigeria and Its Criminal Justice System’, published by Dele Farotimi Publishers, in respect of Suit No. SC/146/2005: Major Muritala Gbadamosi Eletu & Ors v. H.R.H. Oba Tijani Akinloye & Ors.

“Sometime on 2/11/2024, one of our lawyers, while traveling through Murtala Muhammed Airport, bought a book by Dele Farotimi titled ‘Nigeria and Its Criminal Justice System’. He read the book and immediately brought it to my attention. Many of my lawyers also bought the book and read it.”

“The defamatory statements are as follows:

  • That Aare Afe Babalola corrupted the Supreme Court to procure a fraudulent judgment in the service of his client.
  • That Aare Afe Babalola, Olu Daramola, Olu Faro, and the law offices of Afe Babalola & Co. (Emmanuel Chambers) compromised the Supreme Court and the remaining semblance of integrity it might have had, when they went back to the Supreme Court and got the Court to swim in the sewer of corruption and shameful self-abnegation.”

Babalola strongly denies the allegations, claiming that they are false and damaging to both his personal reputation and the integrity of the Nigerian judiciary.

 

Continue Reading

Other News

Dele Farotimi’s Book Becomes Amazon Bestseller Amid Defamation Saga

Published

on

Nigerian author and activist Dele Farotimi’s book, Nigeria and Its Criminal Justice System, has surged to bestseller status on Amazon amid a legal battle with prominent lawyer and businessman, Afe Babalola.

The controversy surrounding the book has captivated public attention, driving both online and offline demand.

The book, which critiques systemic corruption in Nigeria’s judiciary and highlights alleged misconduct by key legal figures, saw modest sales following its release in July 2024.

Related News: NBA Demands Release Of Dele Farotimi, Condemns Police Actions

However, Farotimi’s arrest on Tuesday, following a petition filed by the 93-year-old Babalola, triggered a wave of public curiosity.

By Thursday evening, it had climbed to the top of Amazon’s bestseller rankings, according to checks by Vanguard. Bookstores across Nigeria also reported a significant uptick in demand.

Biztellers reports that Farotimi was detained in Lagos by armed police officers and transported to Ado Ekiti, about 300 kilometers northeast of the city, where Babalola is based.

The senior lawyer alleged that the book accused him of compromising Nigeria’s judiciary—a claim that has sparked heated debates about freedom of speech and accountability in the legal profession.

On Wednesday, Farotimi was arraigned in an Ekiti court, where the judge ordered his remand pending a bail hearing scheduled for December 10.

Farotimi’s legal team has vowed to contest the charges, framing the case as an attack on intellectual freedom.

 

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.