NNPC, SPDC, Others Sign Deal for $3.5 Billion Brass Fertiliser, Petrochemical Project Emmanuel Addeh in Abuja Three International Oil Companies (IOCs) and state-owned Nigerian National Petroleum Company
Limited (NNPC) yesterday signed a Gas Sales and Purchase Agreement (GSPA) for the commencement of the Brass Fertiliser and Petrochemical project located in Bayelsa State.
The agreement supervised by the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, paved the way for the Brass Fertiliser and Petrochemical Company Limited
(BFPCL) and its partners to achieve financial close for the project. The JV partners, comprising NNPC, Shell Petroleum Development Company (SPDC), TotalEnergies Ltd,
and Eni, will supply 270 million standard cubic feet of gas per day to BFPCL, marking the largest single GSPA to any domestic gas off-taker in Nigeria.
The project is expected to generate over $1.5 billion annually from exports of fertilisers, petrochemicals, and other Continued on page 5
11 Female Chief Executive Officers Reshaping Nigeria’s Banking Landscape...
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FG Quits Petroleum Pricing, Facilitates Direct Purchase, Fostering Competition Ndubuisi Francis in Abuja The federal government yesterday reiterated that it has ended petrol pricing, explaining that direct purchase mechanism allows marketers of premium motor spirit (PMS) to
negotiate commercial terms directly with refineries. The initiative is expected to foster a more competitive market environment and enable a smoother supply chain. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale
Edun, disclosed this. The direct purchase structure was put in place as against the initial arrangement where the Nigerian National Petroleum Company Limited (NNPCL) was the sole off-taker. In a statement, Edun who is the
Chairman of the Implementation Committee on Domestic Sales of Crude Oil in Local Currency, said his committee held its second review meeting on Wednesday, October 10, 2024. Giving what he described as a key update, the minister stated that the
"New Direct Purchase Model," was the most significant change under the new regime which now allows petroleum product marketers to purchase PMS directly from local refineries. This, he said, marked a departure from the previous arrangement
where the NNPC served as the sole purchaser and distributor of PMS from the refineries. "This direct purchasing mechanism allows marketers to negotiate Continued on page 5
Drama as PDP National Working Committee Splits Suspension, counter-suspension rock party Ologunagba, Ajibade, Damagum, Anyanwu involved Court stops removal of party’s acting national chairman Wabara sues for peace No faction in PDP says Mohammed, pledges to resolve differences Chuks Okocha and Alex Enumah in Abuja and Segun Awofadeji in Bauchi The battle for the soul of the opposition Peoples Democratic Party (PDP) came to a head yesterday as two factions within the party’s National Working Committee (NWC) with different loyalties went on a suspension spree against each other before a court order was finally thrown in barring the removal of the Acting National Chairman, Ilya Damagum. The first salvo was fired when the Damagum-led group which announced the suspension of the National Legal Adviser, Adeyemi Ajibade, and the National Publicity Secretary, Debo Ologunagba. The suspended group responded by also announcing the sack of Damagum and the party’s National Secretary, Continued on page 5
WELCOME TO NIGERIA… L-R: President/Chief Executive, Dangote Group, Alhaji Aliko Dangote; Prime Minister of Grenada, Hon. Dickon Mitchell and Governor of Lagos State, Mr. Babajide Sanwo-Olu, during the Prime Minister’s courtesy visit to the Governor at the Lagos House, Marina…yesterday