Business
Edo Refinery Receives Operational License from NMDPRA, Set to Begin Production
The Edo Refinery and Petrochemical Company Limited, located in Ologbo, Ikpoba-Okha Local Government Area of Edo State, has received its operational license from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This license allows the refinery to commence full-scale production, marking the final stage of regulatory approval.
This milestone comes just a week after the company raised concerns about the lack of crude oil supply necessary to start operations. The license was handed over by the CEO of NMDPRA, Ahmed Farouk, to Segun Okeni, Head of Technical Operations at the refinery, during a ceremony attended by key officials. Farouk praised the refinery for achieving this significant step and encouraged the company to continue its progress.
The NMDPRA’s Executive Director, Hydrocarbon Processing Plant Installation and Transport Infrastructure (HPPITI), Mr. Francis Ogaree, reaffirmed the agency’s role as a business enabler, promising continued support for the refinery’s future projects.
Segun Okeni, representing AIPCC Energy, the parent company of the Edo Refinery, expressed the company’s commitment to contributing to Nigeria’s petroleum refining and gas processing sectors. He revealed that the refinery is in the final stages of securing a crude oil supply agreement with an indigenous oil company, which is crucial for optimizing production.
Okeni explained that obtaining the operational license follows a rigorous process, starting from the License to Establish (LTE), License to Construct (LTC), and Approval to Introduce Hydrocarbon, to pre-commissioning, commissioning, and now, the License to Operate (LTO). He emphasized the importance of local refineries in the bidding rounds for marginal fields, urging the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to prioritize existing facilities.
This development signals a positive step forward for the Edo Refinery, which is poised to enhance Nigeria’s refining capacity and contribute to the country’s energy sector.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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