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Revelations On The “Unseen Hands” Fighting Dangote Refinery: A Deep Dive

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In 2022, the Nigerian National Petroleum Corporation (NNPC) announced the acquisition of OVH Energy, a subsidiary of Oando, which operates Oando filling stations.

This move was intended to integrate OVH Energy with NNPC Limited, the entity responsible for downstream operations, including refining, marketing, and distribution of petroleum products.

However, new revelations suggest a different narrative, one that has significant implications for the Nigerian oil industry.

In reality, it appears OVH Energy, rather than being acquired, has taken control of NNPC Retail.

Following the merger, Huub Stokman, formerly the CEO of OVH, assumed the role of Managing Director of NNPC Retail, replacing the Nigerian MD, Margret Okadigbo.

This change has raised concerns among NNPC insiders, with one key official describing the transaction as “the worst possible acquisition deal ever.”

Barely a month after President Bola Ahmed Tinubu took office in June 2023, OVH Energy began to assert its dominance over NNPC Limited’s operations. An investigation by Premium Times, which included interviews with key NNPC personnel, confirmed that OVH Energy now effectively controls NNPC Retail.

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Despite the controversy, NNPC Managing Director Mele Kyari defended the merger, citing an all-time high profit of N18.4 billion attributed to the deal with OVH Energy.

However, this financial success story is contradicted by NNPC’s subsequent actions.

In September 2023, it was revealed that the NNPC had borrowed $1.036 billion to acquire a mere 7.2% stake in the Dangote Refinery, far short of the 20% initially agreed upon. Kyari later admitted that NNPC lacked the funds to purchase the remaining 12.8% of the shares, despite the previous claims of high profits.

Moreover, NNPC is now seeking to borrow an additional $2 billion for undisclosed purposes, raising further suspicions of financial mismanagement. This situation has led to a fierce conflict between Dangote and NNPC over the Dangote Refinery.

Amidst this turmoil, the role of Oando and its CEO, Wale Tinubu, has come under scrutiny.

Wale Tinubu, who is President Bola Ahmed Tinubu’s nephew and long-time business associate, has a history of controversial business dealings. Their partnership dates back to 2002, when Bola Tinubu, as Governor of Lagos, established Alpha-Beta, a company that has been accused of being a conduit for siphoning funds.

These developments have led to widespread allegations of corruption and cronyism, with many pointing fingers at the highest levels of government. As the battle over the Dangote Refinery intensifies, it is clear that the power dynamics within Nigeria’s oil industry are shifting, driven by unseen hands and questionable deals.

The implications of these revelations are far-reaching, potentially affecting Nigeria’s economic stability and public trust in its institutions. As more details emerge, the true extent of the “unseen hands” fighting for control of the Dangote Refinery will undoubtedly become clearer, raising critical questions about governance and accountability in Nigeria.

Energy

Asharami Synergy Unveils Fuelling Solutions In Omagwa

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In line with its commitment to driving access to quality petroleum products, Asharami Synergy Limited, a leading Sahara Group downstream company, has said the public can now access exceptional fuelling solutions at its newly commissioned retail station in Omagwa, Rivers State.

Situated strategically along the Airport Road in Omagwa, the station, which features a storage capacity of 45,000 litres each for Automotive Gas Oil (AGO, also known as diesel) and Premium Motor Spirit (PMS, also known as petrol) is equipped with two pumps and four discharge nozzles for PMS and AGO.

The facility also has ample space for sundry services in a bid to ensure consumers get more “miles and smiles” as well as the energy to “go further” with Asharami’s world-class products.

“The Asharami Omagwa Retail Station is fully operational, offering a range of premium products and services. It’s a one-stop shop that also gives our esteemed customers eat-in and take-out restaurant services, shopping, as well as the Asha lubricants and Asha Service experience which will ensure premium care for all classes of automobiles and engines,” said Oladimeji Williams, Head, Government Relations and Business Development at Asharami Synergy.

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At the Commissioning, Willaims said the new station represents an important step in Asharami Synergy’s expansion plan aimed at reaching and serving more communities responsibly. “This station is strategically positioned close to the airport, serving as the gateway for powering socio-economic development in the community and those close to it, while enabling Asharami Synergy integrate all aspects of its downstream business towards ensuring efficiency and value for our customers,” he stated.

Williams commended the Federal Airport Authority of Nigeria (FAAN) and the Omagwa community leaders for their support and collaboration throughout the project’s duration, describing it as a “seamless and productive process that highlights Asharami’s corporate stewardship and social impact” in the community.

Similarly, Ifesinachi Ezike, Regional General Manager (South South), FAAN, emphasized the broader significance of the new station, stating, “This occasion marks a significant milestone not just for Asharami Synergy but for the airport and the entire community. It marks not just an opening of a new facility but the beginning of a renewed commitment to enhancing the travel experience of all our passengers and stakeholders”.

In a move that underscores its commitment to sustainability and community development, Asharami Synergy also commissioned a solar-powered borehole during the launch. The borehole is set to improve access to clean and reliable water for residents, marking a tangible contribution to the local community.

“At Sahara, we are always making a difference—not just through our business operations; we are unwavering in our commitment to driving sustainable development and building partnerships that enhance the well-being of our host communities,” Williams added.

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Energy

Awards Galore For Shell, Staff At NAPE 2024 Conference

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The Shell companies in Nigeria and staff won awards in recognition of their robust participation at the 42nd Annual International Conference and Exhibition of the National Association of Petroleum Explorationists (NAPE), held in Lagos.

At the closing dinner of the event, the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), Ronald Adams pledged sustained efforts by the company to address “the Nigerian energy trilemma by powering progress towards energy security in a sustainable manner”.

On the awards, the Shell was declared Best Overall Exhibitor and Best Exhibiting Energy company (International) just as Geophysicist Somime Oguntola took home the Award of Excellence for Oral Paper (second place).

The icing on the cake was a Shell staff, Johnbosco Uche, being installed as the new President of the NAPE.

It was gathered that the Shell companies in Nigeria have supported NAPE since its founding in 1975, using the skills and expertise of the large pool of energy professionals in its employment to improve its activities especially educational and mentoring programmes.

In addition to being a major sponsor of the 2024 conference, Shell mounted a high-profile exhibition, featuring among other things, career counselling, engagements on Nigerian Content and Contractor development and panel sessions on Women in Industry and Sustainability Energy Challenge.

A highlight was the Shell medical stand which attended to more than more than 500 conference participants and members of the public over the four days of the annual event. The doctors and nurses offered a wide range of services including laboratory tests, deworming, medical consultation as well as ophthalmology checks and distribution of nearly 300 eyeglasses.

Adams referred to the operations of SNEPCo as an example of Shell’s contribution to energy security in Nigeria. “As a result of sustained production from Bonga, we have provided funds to finance development, created a new generation of Nigerian Deepwater professionals, empowered indigenous contractors and service providers, and implemented social investments that have touched lives in the six geo-political zones of the country,” he said.

Adams added, “SNEPCo and indeed Shell are in Nigeria for the long haul. Our commitment is reflected in both our current and growth plans, all of which are grounded in principles of safety, affordability, and competitive performance.”

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Energy

Accugas Denies Culpability In Akwa Ibom’s Power Outage

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Owing to the persistent power outage, which has crippled economic and social life in most parts of Akwa Ibom State and environs, Accugas Limited has washed its hands off the ugly situation.

This was contained in a statement under the signature of its Communications Manager, Okwudili Onyia, in which the company traced the anomaly to a “fault in the 132-KV Aba-Itu transmission line”.

To ameliorate the situation, the company maintained that “It is imperative that the restoration of the Aba-Itu line is completed as soon as possible.”

In addition, the company pledged thus, “Accugas will continue to partner with, and support, the government of Akwa Ibom State towards achieving the government’s agenda for economic development and prosperity of the state.”

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The statement reads, “Accugas Limited, a subsidiary of Savannah Energy, wishes to strongly deny the misinformation concerning its alleged involvement in the current power outage in Akwa Ibom State.

“The power cut in Akwa Ibom State is entirely due to the reported fault in the 132-KV Aba-Itu transmission line, which, unfortunately, is preventing power being transmitted from the National Grid into the State. It is imperative that the restoration of the Aba-Itu line is completed as soon as possible.

“Ibom Power Company (“IPC”) is one of 23 thermal power generation companies which channel power to the National Grid, which in turn disseminates all accumulated power to each State of the Federation through the electricity distribution companies (“Discos”). Indeed, Accugas supplies gas to enable c. 20% of Nigeria’s thermal generation capacity and, as such, is a critical enabler of the Nigerian economy.

“Within Akwa Ibom State, Accugas has been the sole supplier of gas to IPC since 2014 and, together with other Savannah subsidiaries, has invested over US$1.5 billion in gas development within the state. Furthermore, Savannah has recently invested c. US$45 million in a gas compression project at Accugas’ Uquo central processing facility at Esit Eket. Accugas’ commitments also extend to several social investment projects in the state. All the foregoing investments and projects, including other imminent investments Accugas intends to make in the State, demonstrate the Company’s long-term commitment to Akwa Ibom State and Nigeria.

“Accugas will continue to partner with, and support, the government of Akwa Ibom State towards achieving the government’s agenda for economic development and prosperity of the state.”

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