Business
Oil Marketers and Dangote Battle in Court Over Import Licences
Three oil marketers, AYM Shafa Limited, A. A. Rano Limited, and Matrix Petroleum Services Limited, have asked the Federal High Court in Abuja to dismiss a suit filed by Dangote Petroleum Refinery and Petrochemicals.
The marketers, in a joint counter affidavit marked: FHC/ABJ/CS/1324/2024, and dated November 5, 2024, a response to an originating summon filed by Dangote Petroleum Refinery and Petrochemicals, argued that granting the application of refinery would spell doom for the country’s oil sector.
They emphasised that the plan to monopolise the oil sector is a recipe for disaster in the country.
Dangote refinery in its originating summon dated September 6, 2024, had sued Nigeria Midstream and Downstream Petroleum Regulatory Authority and Nigeria National Petroleum Corporation Limited, AYM Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited as 1st to 7th defendants respectively.
The refinery prayed the court to declare that NMDPRA was in violation of Sections 317(8) and (9) of the Petroleum Industry Act (PIA) by issuing licenses for the importation of petroleum products.
It stated that such licenses should only be issued in circumstances where there is a petroleum product shortfall.
It also urged the court to declare that NMDPRA is in violation of its statutory responsibilities under the PIA for not encouraging local refineries such as the company.
Shafa, A. A. Rano, and Matrix Petroleum, however, responded that Dangote refinery does not produce adequate petroleum products for the daily consumption of Nigerians.
They noted that the plaintiff had not placed anything before the court to prove the contrary.
They argued that they are well qualified and entitled to be issued an import licence by NMDPRA to import petroleum products.
They argued that they are well qualified and entitled to be issued an import licence by NMDPRA to import petroleum products in Nigeria within the meaning of Section 317(9) of the PIA.
They also noted that they are fully qualified for the issuance of the import licences issued to them by the 1st defendant, as they duly met all the legal requirements for the issuance of such import licences, before the same were issued to them.
“The import licences lawfully and validly issued to the defendants did not in any way whatsoever, cripple the plaintiff’s business or its refinery.
“The import licenses issued to the defendants by the 1st defendant are in line with the provisions of the Petroleum Industry Act, 2021, the Federal Competition and Consumer Protection Act, 2018, and other relevant laws,” they contended.
They insisted that giving Dangote Refinery the power of monopoly in Nigeria’s petroleum industry as it sought in the instant suit, would kill competitive pricing of petroleum products in the country.
Business
NDPC Chief Advocates for Warehousing Citizens Data Locally
Olatunji made the call today during the opening ceremony of data protection peer review conference at the Continental Hotel in Abuja, organised in partnership with the World Bank, Nigeria Data Protection Commission (NDPC), and Smart Africa.
The National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission (NDPC), Vincent Olatunji, has advocated for developing indigenous technologies to support data protection processes, including breach reporting, compliance monitoring, and public awareness systems, rather than relying solely on imported solutions.
Olatunji made the call today during the opening ceremony of data protection peer review conference at the Continental Hotel in Abuja, organised in partnership with the World Bank, Nigeria Data Protection Commission (NDPC), and Smart Africa.
The conference is being attended by nine African countries – The Gambia, Sierra Leone, Liberia, Ethiopia, Burundi, Somalia, Malawi, Zambia and Kenya.
Delegations from the participating countries are joined by representatives of key regional organisations, including the Economic Community of West African States (ECOWAS), Economic and Monetary Community of Central Africa (CEMAC), and the Intergovernmental Authority on Development (IGAD).
Olatunji told participants that the initiative would promote East-West peer learning and strengthen mechanisms for building and operationalising data protection regimes across the continent.
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Business
OPEC+ announces 188,000 barrels-per-day output increase in first meeting without UAE
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said in its statement.
Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz – a vital shipping route for global oil and gas supplies – has remained effectively closed.
OPEC+ has agreed an increase in oil output of 188,000 barrels per day, the cartel said on Sunday, as it pushes on with production in the first meeting since the loss of its key member, the United Arab Emirates.
CNBC reports that the group of seven major oil producers announced it would increase June production by slightly less than May’s output hike of 206,000 bpd. Sunday’s figure excludes the United Arab Emirates share of output, which officially departed OPEC on May 1.
The seven countries included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said in its statement.
Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz – a vital shipping route for global oil and gas supplies – has remained effectively closed.
Business
President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.
The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:
” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.
Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.
President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.
The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.
At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.
With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.
Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Tinubu will be accompanied on the trip by some of his ministers and senior aides.
He will return to Nigeria at the end of the Rwanda summit. “
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