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NNPC recorded N20.365b trading surplus in July 2020

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THE Nigerian National Petroleum Corporation (NNPC) has recorded an increased trading surplus of ¦ 20.36billion in July 2020 compared to the ¦ 2.12billion surplus in June 2020 in its operations.

Its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru,, in a statement explained that details of the figures captured in the July 2020 NNPC Monthly Financial and Operations Report (MFOR) indicated that the 858 per cent overall upswell in performance was largely due to the 178 per cent rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship upstream entity.

He stated that the NPDC’s impressive result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.

Similarly, the report said the corporation’s fortune was further enhanced by the 739 per cent increased profit posted by the Integrated Data Services Limited (IDSL) and a 51 per cent growth in performance by Duke Oil Incorporated, both companies of NNPC.

Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28 per cent and 24 per cent respectively, owing to increased sales and improved debt collection.

In the Gas sector, Gas production in July 2020 increased by 2.19 per cent at 236.34billion cubic feet (BCF) compared to output in June 2020; translating to an average daily production of 7,623.98million standard cubic feet of gas per day (mmscfd). Likewise, the daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421megawatt (Mw).

For the period July 2019 to July 2020, 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 70.88 per cent, 20.37 per cent and 8.75 per cent respectively to the total national gas production.

In the Downstream Sector, to ensure continuous stability in Premium Motor Spirit (PMS) supply and effective distribution across the country, 1.02billion litres of PMS translating to 32.95mn liters/day were supplied for the month.

The July NNPC MFOR stated that the corporation has continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the Nation.

The report noted that during the period under review, 36 pipeline points were vandalized, representing about nine per cent increase from the 33 points recorded in June 2020.

Atlas Cove-Mosimi and Aba-Enugu network accounted for 28 per cent each, while PHC-Aba and the other locations recorded 14 per cent and the remaining 31 per cent respectively. NNPC in collaboration with the local communities and other stakeholders continuously have strived to reduce the menace of pipeline vandalism.

The July NNPC MFOR is the 60th edition in the series meant to sustain effective communication with stakeholders.

The report is published monthly on the corporation’s website, national dailies and online media.

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Tinubu Commends APC Primaries, Describes Exercise as Victory for Internal Democracy

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…President expresses satisfaction with governors’ handling of exercise

…Says party members’ support places greater responsibility on him

President Bola Ahmed Tinubu on Saturday described the ongoing presidential primaries of the All Progressives Congress (APC) as a demonstration of internal democracy and grassroots participation, expressing satisfaction with the conduct of the exercise across the country.

The President spoke with journalists after participating in the primary election at Ward L2, Ikoyi, Lagos, where he commended state governors and party officials for managing the process.

President Tinubu, who arrived at the venue alongside the First Lady, Senator Oluremi Tinubu, was received by Lagos State Governor, Babajide Sanwo-Olu, Lagos APC Chairman Pastor Cornelius Ojelabi, Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, former Minister of Finance Wale Edun, and other party leaders.

According to him, the exercise has so far reflected the democratic ideals of inclusiveness and orderly participation within the ruling party.

“This is a demonstration of internal democracy and it has been going very well according to plan.

“This is politics, grassroots politics, where every member of the party has a right to participate and be involved. It’s to ensure that we have an internal democracy and it’s peaceful and well-organized”, Tinubu said.

Responding to questions on whether he was satisfied with the manner governors had handled the process in their respective states, the President said the conduct of the primaries had met expectations.

“Today, I am very satisfied, very, very satisfied that these governors have done well in their various states.

“In fact, from the ward congresses to local government congresses, to the delegate accreditation, validation, members register, and certification of the electoral process, it has been all very well. At least, you will score democracy at a high level”, he said.

The President also reacted to the large turnout and expressions of support from party members and supporters at the venue, saying the show of confidence increased the responsibility on him.

“I’m just excited. They challenge me more,” Tinubu said.

Tinubu reiterated that the APC remained committed to transparent and inclusive democratic processes that allow party members at the grassroots to freely determine their leaders and representatives.

He further commended electoral officials, party leaders and security agencies for ensuring a peaceful and credible exercise, while urging Nigerians to continue supporting democratic institutions and national unity.

The President also reaffirmed his administration’s commitment to democratic ideals, good governance and policies aimed at improving the welfare of Nigerians while strengthening political stability across the country.

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Truck Loaded With Stolen Rail Materials Trapped in Jos, Exposes Growing Sabotage

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Concern is mounting over the persistent vandalism of railway infrastructure across Nigeria following another disturbing incident in Jos, Plateau State.

A truck reportedly conveying stolen railway materials was said to have become stuck along the Kuru axis, drawing attention to the activities of vandals sabotaging critical transportation infrastructure in the country.

The incident has renewed calls for urgent government intervention as experts warn that continued attacks on railway facilities could negatively affect national development and public safety.

Railway tracks and related materials are regarded as essential national assets designed to support economic activities, improve transportation and boost regional connectivity. Their destruction, analysts say, amounts to economic sabotage and a setback to Nigeria’s infrastructure development goals.

There are growing fears that criminal networks are increasingly targeting railway installations in parts of North Central and North East Nigeria, threatening train operations and exposing commuters to danger.

Stakeholders are now urging authorities to intensify monitoring, deploy advanced security systems and strengthen enforcement measures to curb the menace.

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Ekiti APC: Controversy Trail Cyril Fasuyi’s Second-Term Ticket as Fayemi, Oyebanji Alliance Sparks Debate

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There are growing political discussions within the Ekiti State chapter of the All Progressives Congress (APC) following allegations surrounding the emergence of Senator Cyril Fasuyi for a second term ticket.

Some party members and political observers in the state have alleged that Governor Biodun Oyebanji and former Governor Dr. John Kayode Fayemi remain politically aligned despite public perceptions suggesting otherwise. According to the claims, the relationship between Governor Oyebanji and Fayemi remains cordial and influential in the state’s political structure.

Critics further alleged that Senator Cyril Fasuyi was advised to reconcile with Fayemi in order to secure support for his return bid, a move they claim eventually strengthened his chances of getting the ticket.

The development has reportedly generated concerns among some APC stakeholders, who believe certain political interests are working behind the scenes to shape the future direction of Ekiti politics ahead of upcoming political contests.

The allegations also claim that internal power struggles within the party may affect relationships with key figures at the national level, particularly supporters loyal to President Bola Ahmed Tinubu.

However, no official statement has been issued by Governor Oyebanji, Dr. Fayemi, or Senator Fasuyi regarding the allegations.

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