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Monday, April 9. 2011

Business Refineries: PENGASSAN wants FG to adopt NLNG model fMlllWllflWllfO ShosInp. ~os

Umlrm and Eni lntcmationil in different pro-

AOAINSf the backdrop o(calil for the outright sUe 01 thc Country', lOur rdiMrics wa, ofincntasin, Ioal mmlog mNigtna. oil workcn undu the Pttrokum and Natural Gas a$'

SenIOr Siad ofr-hgcria (PENGASSAN) hive c:aJltd on the f«lual BO"ff1\mcnt to .dopt the Nigerian LicJ,UCfted Noalural Gas (NLNG) model m man",,!"g the four rdinuics in the

country. ~ oItht union BabatundeOgunsaid .1 tk ~1Id that thiI tw bttomt nccaAJY In 1'1CW olthe penistmt ails fot the OUlnght -.It oftiw (buntty's (our mUleties as. way 01 IncrCUlllB mlDinB in the country. He saki tJ,.t itil only the NLNG modd tIw

an pn?6e6 the national Inln-esl.nd makt the rd"~ Of'UlIlt at thaI" f\AI Clplldtics. ~rdir18 10 hun, in the NI.NG modd. the; (tdcI-aJ @O\muc:;=gh ~ Nlgftim NalioM! Pel mleum ion I1WnS, ~9 P" el."l1l bfl~ rqultyUarcs. wh(k lilt remaining 5J IX"( aenlis 0"",,«1 br 9td1 Gu BV, Total u.lG



He ~ tNt the mOOd will the operatiOns of the rd'int:ries from all meumbnnctscauKd bybu~andoffidal bot· tJmcdt:s ~I hindrr them performing II tlleu optunaI capacities. Ogun uplaintd th:." the major probkm bcdcriUing the four rdi~c:s Is lack of adcqWlIC autonomy (Of" Lhcir bOards. He said the pramt situation where the manillin8 director/chlef cucuthoc or the rt:fineries Mft In approval limit thaI cannot,eYen rq>Iace a nut In the plant kt alone CllrTfOllla Tum Around Mllntenana{TAM) bdeuimenlaJlo thedlick:nl oprrations of the refin~rieL He Aid: ·Th~re are min) limiting racton 11... 1 cannot .uowour rdinetJes to function I.l optimal capacities and as IlIlIjor . lilihoIder we ar~ Wo worried about thil. We CIfInss that for the downstream J«Ior t~be actift and for thelIlomalia in the functJo IngC1f'lhe rdffln"les to be corrected, .mat we mils libenllulion bul not priYatiUltion.


Ib.i. is what the goftrnmml did wuh the tdKOmmunicalknu ICCtor_ If the market ls 1Ibt:I"I1iud.!.he priYate invt'Stor will be able 10 come in with investmmts and establish refineries. while the existJng refineries can opttllte side by side.. -In N"lS'"ria. we are III Imng witnes.Jes 10 the fale thaI bad! companies thsl Mve been privatiud. Where are they today' Where I.! NIT£L AjaokulaSted Company Umiled, Nigeria Iron Ore MlnlngCompany (NIOMCO) and a baR ofothcnl For the same fate not to bt:faU our refineries wnkh is crillcal to our «onom) . we as the worktn In that 5«tor are advoat1Dg for the NLNG modd where the govttnmtnt will hold some percentlKC of the rquity Ind privat~ Investors willibe be allowed 10 hold lOme equhy shares and opmtle the plants Thills the model we want to revitalise our reOntties Ind reduce our oYer-dependence on tmpottation ofpdrOleum prodUCIJ WIth Its Inhe,ent cOfroptkKllnd dbtorttons to the nation's «onomy.-

Court orders Dangote to halt reconstruction of Okotie's house From MwmlMf SftowInyJ. ~

A Lap High Courtal theWttkend rcstrained Dangole Nigeril Umiled from proceeding with reconJiruction "''arks on one of the hou.scs owned by the former Minister of Finance. late Olief Falus Okotie-Eboh_ Prt:!lidin8 Judge. Justice Ayotunde Phillips. at I pre-ttja( ft.S lion, tltpressed displnsure thaI the company hascontinutd mievdoplng the prope:rty In .plle of the restnctlon not to do 10 She told Dangole's lawyer, Ohiora Ejiu, 10 tell his dlent 10 stop further construction work. failing which she will visit lhe wralh of the lawon the company. She said; "You should tell )'Our dienl to Itop buildin8. The courl dlr«ted Ihal you maintain .talus quo. your client proc«ded to demolish the property_ Now you are going ahead 10 rebuild. If the courl has .howed you resp«I, you .hould Ilso .how resp«t Respect begets rcsptCL "When you need the court, you run to it for succour But now the court has ordered you to mlintaln "aIUS quo you Nr:vt: refused Are you nOI aware Ihat the courl can give In order and all you hl\oc built will be demol uhed' This Is my court. I Will visit Ihc wralh o(lhe law on anybody, no mailer who you Ire. I h,,-e the powt'r to du.1 with the Issue and I know what to do.~ lustlce Phillip. hIS in the mcantimc rued May 17 for all pending appliCitlons oflbe mat lu.

She arrlvnl at Ihe date after lutcnlDg tD the argument of parlies among them the applicatIOn for contcmpt proceedings and Ihal challenging the pllintiffs' locus stlndi (rillhllo sue) should he heard fi rst. Counsel to Mrs. Jade.lml. Prof Taiwo Oslpllan (SAN) insiJltd that his appllcahon, challenging the piainliffs'locus standi should ta.u precedence o~ r Ihe contempl proceedings just inslituted Igainst the Dangole Nigeria Ltd and Aldto DanYlsl and unlapped investment orportunilies in agricuhur~, consumer goods. mining. Idecoms. Infrutruclure and banking 5«Ion.

He Ald growth prosp«1S ranain &vour.ble for many ckvdoplng countries In SubSaharan Africa csptdaIIy commodity produce.nln the regknu addin80 while food and fuel price Incrruc:.;are ·serious rlsb 10 the posltivt out.100k. lmproved har~ ftSls in m~ny countries arc pro¥kIins a Rcwhtort and Mrk::an ~ments Mvt: betler KOnomk: policies In pba to mitigate thelm~ad: R

bet"'ftfl tilelJl will be very signifiOR In the ,an: ahntd with USA pbymg aitkII roies b indr."iduab. ~ instJIutioru:and gawan-

""":'Our ... 5UpCrior covcnge of the ~tinmtpoWonsUSUthe

partna" b intetJWionaI with intemI In Africa lne-agin@;ourintegnltd tnde and rcmilb.nCcJ pIatbm IICnJI.5 our 19 Afdan counlnc5 of prcsrncr at wdI U our Iocationt: In thnc: gJobaI 6nancb1 ccntm ofNtw York. london and Paris- he said. bduowadded that UBA has buill strong links Ind ·workin8 partnerships with OFls, internatlonal f'inandal hutituUons and multilateral agencks KlOSS Africa Ind the rest the work!


WIth whom we share similar goals. n1uesand upir.tlonJ.. ·Welevcrageour African footprint 10 facilitate Africa·, business: he said. While .speaking al the conrerence, Managing Dlr«tor and Head of Africa. Wholesale! Finandal 8anlting Unl! of Commcnbank. Mr. Ronan Will said Africa ls a market that has bendited rrom increased -.lth crntion and ~th dislnbution througbsllbkeconomk poIK:Ies. _ He urxcd mtnnational !nYUul!'\o dewlap a posilive- mindset about Africa, notin8 thaI, ·It ls time to nnally change ptu:t.p6on and 10 view African marktU and countries not only as sales markets. but abo u investment desti nations· he said.

"",~ Oangote Nigeria Umited owned by businessman Aliko Dangote U sued with Mn Alero ladulml and fi~ others In a SUit dWIt.nging the purported sale of the property al 15 KinVWl'T Road. lkoyi, Lagos. 10 the companyby Mrs. Jadcsimi (oncoftht: late mmiJler', daughters)_ The suit, number lD/I99SnOO9 was InJliluted In 2009 by the latc mlnuters company. mlus Okotie-Eboh and Sons Umiled, IU: of the d«nsed's children - D, Oara Aktle, Mrs. Gracc Oduro.. Sawn. Emmanud.Adolo and Lawrmce (who are directors in the company) and a Orm, Mald...-iUe I'ro(>er'ties Umited_


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