Premium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
INVESTIGATION: Despite ban in several countries, ‘harmful’ weight gain product sold indiscriminately in NigeriaAll hail Iku Baba Yeye!, By Wole OlaoyeClimate change-induced heatwaves devastate Taraba yam farmers, others
The marketers are NNPC Ltd, Matrix Petroleum Services Limited, AYM Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, and 2015 Petroleum Limited. He argued that Dangote Refinery is not entitled to any of the reliefs sought, noting that the key function of NMDPRA is to ensure a vibrant petroleum sector which will be operated in line with international best practices.
He said the agency is also mandated to promote competition and prevent abuse of dominant market positions and unhealthy monopolies in the oil and gas sector. He noted the present market structure of local refining would not only result in a monopoly with its pricing implications but also put at risk the nation’s energy security “which is best assured through multiple supply sources given the present market structure of local refining.”
“The plaintiff is to remit such levies to the 1st defendant not later than 21 days following the month of the sale,” he added. He said contrary to the company’s submission, it was untrue that the Dangote Industries Free Zone Regulation 2020 was enacted for it to carry out operations in the free zone “devoid of payment of all levies, taxes and rates by the federal, state and local government in Nigeria.”
“I know as a fact that the plaintiff does not have the capacity yet, to meet the entire local demand of refined petroleum products based on the count and readiness of its licensed and commissioned production lines. To ensure the availability of products to meet the market demand in Nigeria, it is, therefore, the responsibility of the 1st Defendant to license qualified entities to cater for any shortfall and meet domestic demand.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dangote Reveals NNPC's $1 Billion Payment & Refinery OperationsAliko Dangote, chairman of Dangote Industries Limited, clarifies the circumstances surrounding a $1 billion payment from the Nigerian National Petroleum Company (NNPC) for his company's refinery project. He states that the payment, a fraction of the total $20 billion investment, was intended as an upfront cash contribution with a balance to be paid in crude supplies. Dangote also explains the refinery's decision to reduce the ex-depot petrol price to N899.50, citing market realities and the need to protect investments.
Read more »
NNPC zata rage yawan danyen man da take baiwa matatar DangoteGwamnatin Tarayya na shirin rage yawan man fetur da take bai wa kamfanin Dangote Refinery daga ganga 300,000 kullum zuwa kasa da haka, sai idan yawan man da ake hakowa a Najeriya ya karu.
Read more »
Nigerian Citizens Demand Priority Crude Oil Supply to Local RefineriesA group of Nigerian citizens called on the NNPC to prioritize crude oil supply to local refineries, including the Dangote refinery, over foreign partners. The group expressed concern over reports that the NNPC plans to reduce its crude oil supply to the Dangote refinery and accused the NNPC of attempting to monopolize the oil sector and frustrate local investors.
Read more »
Tinubu Boasts of Fulfilling Nigeria's Financial Obligations Without NNPC Remittances or Ways and MeansPresident Bola Tinubu proudly declared that he has met Nigeria's financial obligations for three consecutive months without relying on NNPC remittances or Ways and Means financing from the CBN.
Read more »
Dangote Refinery Restart and Minimum Wage Increase Offer Glimmer of Hope Amidst Economic Hardship in NigeriaThe start of domestic production of petroleum products by the Dangote Refinery, coupled with the restart of the Port Harcourt and Warri Refineries, provides a ray of hope for Nigerians who endured economic challenges throughout 2024. Despite President Bola Ahmed Tinubu's economic reforms, the lingering effects of fuel subsidy removal, naira devaluation, and soaring inflation rates led to increased cost of living. However, the commencement of petrol production at the Dangote Refinery and the resumption of operations at the other refineries boosted Nigeria's GDP growth and offered a positive economic development. A minimum wage increase also provided some relief for the struggling population.
Read more »
Nigeria's Auditor-General Uncovers N514 Billion Financial Infractions at NNPCNigeria's Office of the Auditor-General for the Federation has discovered at least four financial irregularities totaling N514 billion in the Nigerian National Petroleum Company Limited's (NNPC) operations during the 2021 financial year. These infractions include irregular deductions from domestic crude sales, warehousing of funds, unauthorized deductions, and unsubstantiated payments. The report states that these violations breach the Constitution of the Federal Republic of Nigeria and the 2009 Financial Regulations Act.
Read more »