Business
Okonjo Kidnap: $1 billion Ransom Demand Dismissed by Law Enforcement
According to Mr Ikechukwu Aduba, the Commissioner of Police, these demands were not to the knowledge of the police.
Foreign news agency, reported that someone, possibly one of the kidnappers, had made the demand in a phone call on Monday. However, there was no way of confirming the genuineness of the phone call.
“We have to identify the source of the call. Anybody can make spurious calls and demands,” said Delta State Police spokesman, Sergie Ezegam, without giving details of who was contacted or what was demanded.
“We still don’t know the reason for her abduction. What we know is that this is a crime, the woman’s life is in danger and we are making frantic efforts to rescue her.”
The mother of the Finance Minister was kidnapped on Sunday afternoon from her home in Ogwashi-Uku by eight men who invaded her husband’s palace.
Not long after their arrest, the police disclosed that they had already obtained valuable information about the kidnappers and were hot on their heels.
“We have been able to rescue about 40 victims before,” Aduba said.
Also, the Chief Superintendent Frank Mba, the Deputy Force Public Relations Officer, said that detectives were working on certain clues and was secure in the knowledge that there will soon be a breakthrough in the investigation.
He also said that the Inspector-General of Police, Mohammed Abubakar, had directed Aduba to do everything possible to make sure that the wife of the traditional ruler of Ogwashi-Uku was released soon.
The police spokesperson also appealed to the people of Ogwashi-Uku to provide information to the police to assist them in the investigation, while assuring them that their queen would soon be released.
Meanwhile, there was anxiety at the Ministry of Finance over the abduction with mixed feelings observed among the workers. While lower cadre staff discussed the abduction in gatherings in hushed tones, the senior workers went around their normal activities.
The development did not also stop normal work from being carried out in the seven-storey complex of the ministry, which also houses the Budget Office of the Federation, as people with business transactions completed them in good time.
The Minister of Finance was said to have reported briefly to work early in the morning. However, she was in a pensive mood.
Her spokesperson, Paul Nwabiakwu, could not give any comments as calls placed to his phone went unanswered.
Also, the Delta State Governor, Emmanuel Uduaghan, has enjoined the people of Ogwashi-Uku and the Okonjo royal family not to take the law into their hands.
He stated this on Monday when he visited the family, saying that law enforcement agencies were already gathering information which will enable them track down the criminals and ensure her safe return.
He charged the community leaders, vigilance groups to remain calm and not to take any action that may prompt the kidnappers to act in rash manner.
“Please do not get involved in rumours mongering and trading stories that will not help law-enforcement agents. Only information that will help in her rescue is needed now,” he stated.
Meanwhile, a stakeholders group in the state, The People’s Movement, has condemned the kidnap, calling it barbaric and unreasonable.
The leaders in a statement signed by the Director of Communications of the People’s Movement, Mrs. Ibifuro Tatua, said they were disgusted at the “Gestapo” like manner in which the kidnappers we
In the absence of last-minute change in plans, marketers and retailers of petroleum products will start lifting Premium Motor Spirit (PMS) also known as petrol from the Port Harcourt Refining Company (PHRC) this week.
The Publicity Secretary of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Joseph Obele, made the disclosure, according The Punch.
It was gathered that since the refinery commenced operations in November, it had limited its supplies to retail outlets belonging to the Nigerian National Petroleum Company Limited (NNPC Ltd).
Though marketers still load fuel from the NNPC Ltd, Obele clarified that the products marketers currently buy from the state-owned oil company were imported.
He expressed concerns that the NNPC Ltd was selling PMS to retailers in Port Harcourt at prices higher than that of Lagos State, pleading that the refinery should sell at N899 per litre instead of N970.
“NNPC is still telling us to buy at a rate different from the rate they are selling to Lagos at the moment because of logistics. So, Port Harcourt retail outlet owners are not really comfortable with that. Hence, the Port Harcourt refinery will start servicing us this week.
“We are also requesting that the same rate NNPC is selling to our members at Lagos should be the rate they will be selling to us over here in Port Harcourt too. We are not really comfortable with that disparity,” he disclosed.
On whether or not marketers in Port Harcourt and environs have started buying directly from the NNPC Ltd’s managed refinery, he replied, “No, but it will commence this week. The trucks loading out are for the NNPC retail outlets only.”
On his request to the NNPC Ltd, Obele stated, “We in Port Harcourt, we plead with the NNPC to sell to us at the same rate they are selling fuel to Lagos marketers. The difference is too much. It is N899 per litre in Lagos but N970 in Port Harcourt. It is far higher than that of Lagos.
“The way they explain it, it is like their own vessel will be bringing it and shipping it over to Port Harcourt depot for us to buy. So, we are now saying that since you will be selling directly to us from the refinery, you now have the stock available. Sell to us at the same rate you are selling to Lagos marketers.
“So, that’s where we are right now. Our request is that the NNPC should sell to us from the Port Harcourt refinery at the same rate they are selling the product to those in Lagos.”
Asked if he meant the NNPC Ltd was still importing fuel to Lagos, the PETROAN spokesman replied in the affirmative, saying “The stocks in Lagos are imported stocks.”
Recall that after several postponements, the NNPC Ltd announced in November that the old 60,000 barrels per day Port Harcourt refinery had resumed operations.
The state oil major promised that rehabilitation works at the new Port Harcourt refinery with 150,000 barrels per day capacity would soon be completed.
The BUA Group has dismissed what it described as ‘misleading report stating that our 200,000 barrels/day refinery is at 90% completion’.
This was contained in a statement on its verified handle on micro-blogging site, X, on Sunday.
The company expressed pride at the ‘remarkable strides on our Akwa Ibom refinery project, we are proud to share that construction is progressing steadily.’
It also used the opportunity to offer updates on its other ongoing industrial projects.
‘The public is advised to verify any news through our official channels and platforms so as not to be misled by mischievous persons,’ it added.
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It wrote, “Contrary to a misleading report stating that our 200,000 barrels/day refinery is at 90% completion, BUA wishes to advise the public to disregard such misleading reports that did not emanate from us.
“As we make remarkable strides on our Akwa Ibom refinery project, we are proud to share that construction is progressing steadily. Whilst the refinery is not at 90% completion, we are however on track to meet our delivery timelines in collaboration with our partners. This BUA Refinery & Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security.
“Our other energy projects, including the construction of a mini-LNG plant and several new hybrid power plants across the country to add additional capacity to our over 1,000MW installed captive power generation capacity, are also progressing rapidly.
“The public is advised to verify any news through our official channels and platforms so as not to be misled by mischievous persons.
“At BUA, we remain committed to transparency and excellence. As we have consistently done with over 12 of our completed mega industrial projects worth over $ 3.5 billion in the past 10 years, we will continue to keep you updated with verifiable and accurate information only where necessary, and as milestones are achieved. We appreciate the public’s interest and enthusiasm for this transformative project as we work together in building a stronger industrial and manufacturing base for a self-reliant Nigeria.”
Motivated by the relief provided by President Bola Ahmed Tinubu’s crude-for-naira swap initiative, two prominent players in Nigeria’s downstream oil and gas sector — Ardova Plc and Heyden Petroleum — have gone into a bulk purchase agreement with the Dangote Petroleum Refinery.
Biztellers reports that this strategic move is designed to ensure a steady supply of petroleum products at affordable prices, with a view to further stabilising Nigeria’s fuel market and enhancing energy security.
This strategy seeks to build on the example set by MRS Oil Nigeria Plc, which had entered into a similar agreement with Dangote Refinery.
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As a result, MRS Oil had lowered its petrol prices to N935 per litre across all its stations nationwide, addressing the long-standing issue of price disparities between states. On the sideline, MRS Oil’s stock surged to a new 52-week high last Friday, as investors became increasingly optimistic about the company’s future earnings prospects.
It was gathered that the bulk purchase agreement with Dangote Petroleum Refinery would enable both Ardova and Heyden to secure a reliable and consistent supply of petroleum products from the world’s largest single-train refinery, ensuring a stable supply of fuel at competitive prices, benefiting consumers across the country.
The arrangement ensures that Ardova and Heyden will have access to a full range of refined products, thereby securing their operations with a reliable supply chain.
A statement from Ardova Plc underscored the importance of this agreement in fostering a more competitive environment within Nigeria’s downstream oil and gas sector.
Ardova has been a key off-taker from the Dangote Refinery since its inception, but this new framework is expected to formalise and strengthen the partnership between the two companies, creating long-term benefits for both parties.
“This framework will see Ardova Plc offtake a full slate of petroleum products from the refinery. While Ardova Plc has been a significant off-taker from the refinery since its inception, this new framework will institutionalise a more robust relationship between the two companies to further enhance the emerging competitive landscape in the downstream oil and gas industry in the country,” noted the statement.
The partnership with Dangote Refinery is poised to have a transformative impact on Nigeria’s oil and gas market. By ensuring a stable and affordable supply of fuel products in the over 1,000 retail outlets of the two companies, the agreement will help to alleviate the recurring issue of fuel scarcity that has long plagued Nigeria.
The Dangote Refinery, which began production in 2024, has already played a pivotal role in addressing these challenges. Its large-scale operations have helped alleviate the supply pressures that often lead to price hikes and fuel shortages.
During the festive season, Nigerians enjoyed a relatively smooth period, with stable fuel availability and no significant price increases at the pump. Unlike previous years, when the country faced fuel shortages and arbitrary price hikes during peak periods, the Dangote Refinery has significantly contributed to stabilising the market and maintaining price consistency.
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