Close Menu
Arogidigba Global JournalArogidigba Global Journal
  • Home
  • Latest News
  • National
  • Politics
  • Entertainment
  • Sports

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Reps raise the alarm over impending health crisis in FCT

May 21, 2025

Wike is a big asset for PDP – Cross River party chairman

May 21, 2025

Dasuki renews call to allocate seized 753 duplexes, apartments to military 

May 21, 2025
Facebook X (Twitter) Instagram WhatsApp Telegram
  • About Us
  • Advert Rate
  • Get In Touch
Facebook X (Twitter) Instagram WhatsApp Telegram
Arogidigba Global JournalArogidigba Global Journal
  • Home
  • Latest News
  • National
  • Politics
  • Entertainment
  • Sports
Subscribe
Facebook X (Twitter) Instagram WhatsApp Telegram
Arogidigba Global JournalArogidigba Global Journal
You are at:Home»Editor's Picks»Raise stake in Dangote refinery, PENGASSAN tells FG
Editor's Picks

Raise stake in Dangote refinery, PENGASSAN tells FG

September 25, 2024No Comments4 Mins Read
Facebook Twitter Telegram LinkedIn WhatsApp Email Copy Link
DANGOTE REFINERY
Share
Facebook Twitter LinkedIn Email Telegram WhatsApp

The Petroleum and Natural Gas Senior Staff Association of Nigeria has urged the Federal Government to increase its shares in the Dangote Petroleum Refinery from the current seven per cent to at least 45 per cent to enable assurance and energy security.

It said this will ensure further energy assurance and security for the citizens.

PENGASSAN President, Festus Osifo, made the call in Lagos on Tuesday during the presentation of its communique and recommendations from the recent edition of the association’s Energy and Labour Summit.

He explained that the high stake in the refinery would enhance energy security, noting that energy security is cardinal for the survival of any nation and  Nigeria is not an exception, hence the citizens demand energy affordability, accessibility, and availability.

Osifo further mentioned that the government should partner with players in the private sector to maintain the already available petroleum product storage in the six geopolitical zones in the country.

“When operational, petroleum products will be stored there and only made available when there is a shortage in supply. This will help in eliminating the bad roads and severe erosion-imposed perennial shortages that often lead to queues at petrol stations across the country,” he said.

Osifo emphasised the expansion of pipelines that could be used in the delivery of refined petroleum products across the length and breadth of the country to reduce the pressure on roads by trucks carrying these products.

He pointed out that to achieve energy security, energy must be affordable, hence in ensuring affordability, the Government must do all it can to stabilise the exchange rate as the continuous slide of the Naira will greatly hamper the affordability of energy in Nigeria.

In ensuring local production of petroleum products, he urged the federal government to ramp up efforts to make the Nation’s four refineries work.

He stressed that once operational, the government should divest majority shareholdings and own at most 49 per cent of the shareholding in the four refineries, noting that core investors will be brought in to take the 51 per cent stake.

He regretted that the NNPC could only buy a 7.2 per cent stake in the $20bn refinery.

“Dangote is open to conversations on selling the stake. He was ready to sell 20 per cent earlier and we were also pushing for the government through NNPC to get the 20 per cent, but unfortunately they could only afford seven per cent, “ he said.

Osifo said the devaluation of the naira is the major reason why PMS has become unaffordable for Nigerians, noting no government floats its currency above 100 per cent.

“If, for example, our exchange rate was at N450 to a dollar, PMS would be selling for around N320 or N350 per litre. So, the main issue wasn’t the removal of subsidies. The main issue was that devaluation. The real problem is devaluation,” he stated.

The association called on the government to develop and strengthen the country’s oil and gas value chain to ensure a more efficient and reliable distribution system downstream.

PENGASSAN stressed that without such a system, the country would continue to face recurring fuel shortages as its reliance on a truck-based distribution system is deficient and inadequate to meet the demands of Nigerians given its vulnerability and disruptions due to bad roads, flooding and ad-hoc logistics arrangements.

The association mentioned that the recent trend of divestment by the International Oil Companies necessitated a strategic shift to accommodate local empowerment, innovation and harnessing potential and latent talents, adding that the divestment trend was driven by the combination of global energy transition goals, financial prudence, portfolio rationalization and evolving regulatory environment.

PENGASSAN cautioned that divestments present both risks and opportunities for Nigeria, including a reduction in foreign direct investment, technical expertise and a potential dip in production level.

“A comprehensive divestment framework under the Petroleum Industry Act (PIA) to guide asset divestment by Licensees and Lessees in the Nigerian Upstream Petroleum Sector should be strictly adhered to and implemented. Pending when the Petroleum Industry Act is amended to include the divestment framework, the current framework promulgated by the Nigerian Upstream Petroleum Regulatory Commission must be gazetted for full implementation.

“A job protection system should be developed by the government to ensure that Nigerians do not lose their jobs post divestment. An MOU must be signed between the divesting companies and the trade unions to protect members’ jobs and enhance their welfare,” he said.

Featured
Share. Facebook Twitter LinkedIn WhatsApp Email Telegram Copy Link
Previous ArticleN15.6bn deceased police officers’ benefits paid – IG
Next Article Jordan becomes first country to eliminate Leprosy globally

Related Posts

Reps raise the alarm over impending health crisis in FCT

May 21, 2025

Wike is a big asset for PDP – Cross River party chairman

May 21, 2025

Dasuki renews call to allocate seized 753 duplexes, apartments to military 

May 21, 2025

Leave A Reply Cancel Reply

Ads />
</a></div>		</div>

		</div>
		<div id=
Latest Posts

Reps raise the alarm over impending health crisis in FCT

May 21, 20250 Views

Wike is a big asset for PDP – Cross River party chairman

May 21, 20250 Views

Dasuki renews call to allocate seized 753 duplexes, apartments to military 

May 21, 20250 Views

2025 UTME: No conspiracy against any part of Nigeria — JAMB Registrar

May 21, 20250 Views
Don't Miss

Danish Embassy, Danish Veterinary And Food Agency, Partner NAFDAC To Combat Antimicrobial Resisitance

By Arogidigba Global JournalDecember 8, 2024

The National Agency for Food and Drug Administration and Control NAFDAC in its quest to…

CAN disburses 600 baggage of rice to Jigawa Christians

January 6, 2024

Court Nullifies Rivers 2024 Budget, Bars Fubara From Interfering In Assembly Matters

January 22, 2024

OSIEC chairmanship: I am no longer PDP member – Hashim Abioye

January 12, 2024

Senate In Rowdy Session As Lawmaker Claims ‘Older’ Senators Got N500m For Projects

March 12, 2024
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo

Subscribe to Updates

Get the latest news from Arogidigba Global Journal

About Us
About Us

AROGIDIGBA GLOBAL NEWS…something of stupendous magnitude is a digital newspaper platform published by AROGIDIGBA MEDIA LIMITED. We are accessed all over the world on the various social media. As an independent News Organization, we are purposefully positioned to serve the Nigerian audience and the world with credible news reports and shrewd analyses.

Facebook X (Twitter) YouTube WhatsApp Reddit
Latest News

Reps raise the alarm over impending health crisis in FCT

May 21, 2025

Dasuki renews call to allocate seized 753 duplexes, apartments to military 

May 21, 2025

2025 UTME: No conspiracy against any part of Nigeria — JAMB Registrar

May 21, 2025
Editor's Pick

Ghana pays 90% of $75m gas debt to Nigeria

May 20, 20250 Views

Aramco’s $21bn dividend payout puts NNPC in spotlight

May 20, 20254 Views

FG accuses DisCos of frustrating power sector reforms

May 20, 20256 Views
© 2025 Arogidigba Global Journal pagcor egames
  • Home
  • Latest News

Type above and press Enter to search. Press Esc to cancel.

Ad Blocker Enabled!
Ad Blocker Enabled!
Our website is made possible by displaying online advertisements to our visitors. Please support us by disabling your Ad Blocker.