Business

DG VON Attacks Atiku’s Economic Blueprint, Atiku Reacts

The development is coming five days after Atiku vowed to resuscitate Nigeria’s ailing economy by launching a $10 billion Economic Stimulus Fund within his first 100 days in office once elected.

Published

2 years ago

September 19, 2022

Seyi Babalola

The Director-General of Voice of Nigeria, Osita Okechukwu, has taken a swipe at the proposed economic plan of the presidential candidate of the opposition Peoples Democratic Party, Atiku Abubakar, stressing it would further bring hardship on the masses in Nigeria.

Okechukwu, who is also a chieftain of All Progressives Congress, APC said Atiku was subtly striving to reintroduce an economic blueprint that is reminiscent of the unforgettable ‘Structural Adjustment Programme’ that brought about austerity measures in the country.

It would be recalled that SAP was a set of economic reforms introduced in Nigeria by then-military President Ibrahim Babangida to secure a loan from the International Monetary Fund and the World Bank in 1986.

The development is coming five days after Atiku vowed to resuscitate Nigeria’s ailing economy by launching a $10 billion Economic Stimulus Fund within his first 100 days in office once elected.

The former vice president made the statement at the “Lagos Chamber of Commerce and Industry Presidential Economic Agenda Forum for the PDP” in Lagos.

At the event, the PDP presidential flagbearer, who laid out his economic plan to salvage the country’s economic fortunes, said he would rather privatise Nigeria’s dilapidated refineries rather than spend $1.55 billion on their revitalisation.

Reacting, Okechukwu noted that he found it odd for a man who could not unite his party to be talking about measures he believed can revamp the economic fortunes of the country.

The VON managing director made the clarification is a statement issued in Abuja on Sunday.

He said, “I watched with rapt attention, but in deep regrets that former Vice President Atiku Abubakar’s Economic Plan is more or less like the nebulous economic policy of Structural Adjustment Programme’s Pocketbook of 1986.

“The former Vice President harped profoundly on privatisation of State Owned Enterprises as the fulcrum of his economic revitalization programme, akin to SAP proponents of yore.

“Whereas, one is not against private sector partnership; however what we have in surplus are rent-seekers and scanty industrialists. Therefore, I am not surprised that a man who breached PDP’s constitution and by extension failed to unite his party did not bother to do the needful assessment which posits that 80 per cent of State Owned Enterprises privatised under his chairmanship of National Council of Privatisation and indeed the 16 years of PDP leadership went into comatose.”

Okechukwu further explained that when it came to power in 1999, the PDP with Atiku as Chairman of National Council on Privatisation dusted up the SAP pocketbook and stripped our national assets including profitable companies like NICON Insurance, NICON Hilton Hotel, Niger Dock and unprofitable companies like Distribution Electricity Distribution Companies.

“For instance, Niger Dock a profitable pre-privatisation company has 6,000 staff under Nnamdi Ozobia, today it has gone under with less than 600 staff and the N1.72 billion proceeds allegedly missing.

“Secondly, NICON one of Africa’s leading Insurers originally owned by the Federal Government of Nigeria was privatised in December, 2005. With an asset base of N46.9bn gathered over a 52-year period of operation, 30 branches and six regional offices, it is therefore modest to classify NICON as a colossus in the insurance industry, but has regrettably gone under AMCON life support management.

“I make bold to say that what Atiku is proposing is by no means different from SAP policy thrust neither is his proposal on NNPC Ltd better than the giant steps that President Muhammadu Buhari has taken towards commercialism of NNPC.

“If you ask me, His Excellency Atiku Abubakar should first unite his party, and drop Senator Iyorchia Ayu who incidentally has crowned him Nigeria’s Odinga,” he said.

Defending his boss, Atiku’s media aide, Paul Ibe, noted that much as he wouldn’t like to join issues with Okechukwu, he wanted Nigerians to understand that Atiku’s proposed policies are well thought-out.

According to him, Nigeria needs fixing at a critical period when the masses are already losing hope.

“Where are we in Nigeria today? Total energy crisis, no money and even the FG is broke. We are owing globally with interests and still borrowing money. Atiku’s blueprint is an opportunity.

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Business

We’ve commenced fuel lifting from Port Harcourt, Warri refineries – PETROAN

Published

2 days ago

February 2, 2025

Seyi Babalola

The Petroleum Products Retail Outlet Owners Association says its members have started loading dual-purpose kerosene, automotive gas oil, and premium motor spirits at the Port Harcourt and Warri refineries.

The spokesperson of PETROAN, Joseph Obele, disclosed this in a statement on Saturday.

This follows a reported shutdown of the Port Harcourt refinery in December 2024 after it was rehabilitated in November. The same situation was said of Warri Refinery after it recommenced operation in December 30, 2024.

However, in an update, Obele revealed that the lifting of petroleum products has commenced in both state-owned refineries.

According to him, the Port Harcourt refinery is already selling petrol, diesel, and kerosene to retailers, while the Warri refinery is supplying only diesel and kerosene.

“PETROAN members are now loading petroleum products, including dual-purpose kerosene, automotive gas oil, and premium motor spirits.”

The restart of petrol sales at both the Port Harcourt and Warri refineries, together with the existing Dangote Refinery, has sparked speculations of retail fuel price reduction.

“The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices. As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.

“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market,“ Obele stressed.

Meanwhile, Nigerians currently buy fuel between N965 and N1,100 per litre nationwide.

Business

Dangote refinery slashes petrol price to N890/litre

Published

2 days ago

February 1, 2025

Seyi Babalola

Citing favourable developments in the global energy sector and a significant decline in international crude oil prices, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, from N950 to N890 per litre, effective from Saturday.

The company stated that the decision to slash prices is also part of plans to drive economic relief for Nigerians.

Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.

A statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19 January, when a modest price increase was implemented due to rising crude oil costs.

However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.

The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.

Dangote Petroleum Refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.

Business

SA billionaire Johann Rupert maintains Africa’s richest man record, Dangote New position revealed

Published

1 week ago

January 25, 2025

Seyi Babalola

South African business mogul, Johann Rupert has solidified his position as the continent’s richest man as Aliko Dangote’s net worth dropped further, causing him to fall even further behind South Africa’s billionaire on the list of the richest people in Africa.

According to Forbes, Dangote lost $95 million on Friday, January 24, bringing his net worth down to $10.7 billion.

His rival, Johann Rupert, continued to amass more wealth as he made $76 million on Friday to push his net worth to $13.6 billion.

Rupert is currently the 168th richest man in the world 68 places higher than Dangote, who is ranked 236th richest man in the world, and also the second in Africa.