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NNPCL invites Obasanjo to tour PH, Warri Refinerie

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Former President Olusegun Obasanjo received a special invitation yesterday: a tour of the Port Harcourt and Warri refineries to confirm their operational status.

The Nigerian National Petroleum Company Limited (NNPCL) assured Obasanjo the days of inefficiency were gone and that the one-time corporation is now a profit-driven company.

NNPCL was reacting to an interview Obasanjo granted Channels Television, in which he said Shell Petroleum Development Company (SPDC) told him that the NNPCL could not run a refinery.

According to him, SPDC was invited to buy equity in the plant but complained that corruption would never allow it to function.

Obasanjo expressed the view that NNPCL had been very deceptive about the functionality of the refineries.

The Port Harcourt Refinery started working in November, while Warri began operation last month.

NNPCL Chief Corporate Communications Officer, Mr. Olufemi Soneye, extended the company’s invitation to the former president for a tour of the refineries.

He said: “We extend an open invitation to President Obasanjo for a tour of the rehabilitated refineries to witness firsthand the progress made under the new NNPC Limited.

“We invite our esteemed former president to join us in this effort as we continue to deliver energy security for our nation and provide tangible benefits to Nigerians.

“His wisdom and experience are invaluable, and we assure him that his advice will always be welcomed and appreciated.

”According to Soneye, NNPCL did not merely carry out turnaround maintenance but did a complete overhaul of the refineries.

He said: “As part of this transformation, NNPC Limited has gone beyond oil and gas to become an integrated energy company.

“One of our notable achievements is the complete rehabilitation of the Port Harcourt Refining Company (PhRC) and Warri Refinery.

“This process was not merely the Turnaround Maintenance (TAM) of the past but a full-scale overhaul designed to meet world-class standards.

“Similarly, we are currently conducting the same comprehensive rehabilitation of the old Port Harcourt Refinery and Kaduna Refinery.”

The spokesman said NNPCL has also moved on from being a loss-making organisation to profit -driven international energy firm.

The new NNPC Limited, Soneye said, is committed not only to enhancing the refineries but also to maintaining them to global standards.

He said: “The NNPC has undergone a transformative journey, evolving from a government corporation into a private entity—NNPC Limited.

“This transition has marked a significant shift from being a loss-making organisation to a profit-oriented global energy company.

“We deeply respect and hold President Obasanjo in the highest regard as a distinguished statesman who has contributed significantly to the progress of our nation.

“He has every right to share his perspectives on national issues, and we value his insights and counsel.

“We remain grateful for his leadership and enduring commitment to the growth and development of Nigeria.

“Together, we can continue to build a brighter future for our great nation.”

Obasanjo said his successor, the late President Umaru Musa Yar’Adua, rejected a $750 million offer from Aliko Dangote to manage the Port Harcourt and Kaduna refineries in 2007.

Speaking on the television programme, the former president said he sought external help to rehabilitate and manage the facilities but faced resistance.

“When I was president, I wanted to do something about the three refineries: Port Harcourt, Warri, and Kaduna.

“Aliko got a team together after I asked Shell to come and run it for us. And Shell said they wouldn’t.

“Later on, I called them. I called the boss of Shell to come and tell me what the problem was and he gave me four or five reasons.

“He (Shell boss) said, first of all, they make a major profit from upstream, not from downstream. He said they run downstream just to keep their head above water.

“Two, our refineries were too small: 60,000 barrels, 100,000 barrels and I think 120,000 barrels. He said that at that time, the average refinery was going for 250,000 barrels.

“Three, he said our refineries were not well maintained. Four, he said there was too much corruption around the activities of our refinery and they would not want to get involved in that.

“After that, Aliko got a team together and they paid $750million to take part in PPP (Public–Private Partnership) in running the refineries.

“My successor refunded their money and I went to my successor and told him what transpired.

“He said NNPC said they wanted the refineries and they could run it. “I said: ‘But you know they cannot run it.’

”Obasanjo was confident in Dangote’s ability to manage his refinery effectively, unlike those of the NNPCL.

“I was told not too long ago that since that time, more than $2 billion have been squandered on the refineries and they still will not work.

“If a company like Shell tells me what they told me, I will believe them.

“But here we are, over $2 billion squandered, and the refineries still won’t work,” Obasanjo said.

Business

MTN Group says it’s under US investigation

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South African mobile operator MTN Group said Monday it was under US investigation over its activities in Iran and Afghanistan, at a time of icy ties between Washington and Pretoria.

Africa’s biggest telecoms company is already facing court challenges in South Africa by Turkey’s Turkcell, which accuses it of winning the Iranian market through corruption.

In 2006, MTN was chosen over Turkcell to become the 49 percent minority shareholder in Iranian government-controlled mobile phone carrier Irancell.

MTN had been made aware of a US Department of Justice (DoJ) grand jury investigation relating to its former subsidiary in Afghanistan and Irancell, the company said in a statement.

“MTN is cooperating with the DoJ and voluntarily responding to requests for information,” said the statement accompanying the group’s financial results.

Grand juries typically decide whether or not to formally lay charges in a case and take it to trial.

The South African multinational is also facing a court case in the United States from US veterans wounded in Iraq and Afghanistan, as well as relatives of soldiers killed in action, the statement said.

“The plaintiffs’ complaints allege that MTN supported anti-American militias in Iraq and Afghanistan .

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Business

UBA Secures N5bn BoI MSME fund for disbursement to key sectors

The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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•GMD/CEO UBA), Oliver Alawuba.

United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.

The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.

UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.

He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth.

It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”

Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you.

”The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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Business

CPPE Proposes Policy Action to Reduce Food Prices

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

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The Centre for the Promotion of Private Enterprise (CPPE) says that a coordinated mix of monetary, fiscal, and structural interventions will be required by the Central Bank of Nigeria, and the Ministry of Finance to consolidate recent drops in inflation and steer the economy toward sustained stability.

CPPE suggested in reaction to the July 2025 inflation reported by the NBS

The headline inflation declined for the fourth consecutive month, easing from 22.22% in June to 21.88% in July, a deceleration of 0.34%Month-on-month food inflation also moderated, falling from 3.25% in June to 3.12% in July, while core inflation posted marginal declines year-on-year (-0.03%) and a sharp slowdown month-on-month, from 3.46% to 0.97%.

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

“The July 2025 inflation figures present a mixed outlook for the Nigerian economy, with notable improvements in key indicators but lingering risks that demand policy attention,” he said.

These developments reflect a gradually stabilising macroeconomic environment, supported by exchange rate stability, improved investor confidence, and the lingering impact of import duty waivers on key staples such as rice, maize, and sorghum.

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