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Another Delay: Port Harcourt Refinery Kick-off Postponed Again

Another Delay: Port Harcourt Refinery Kick-off Postponed Again

ThinkBusiness Africa Today - August 14th

Ogho Okiti
August 14, 2024

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Headlines

Another Delay: Port Harcourt Refinery Kick-off Postponed Again - The Nigerian National Petroleum Company Limited (NNPCL) has again failed to commence operations at the Port Harcourt Refinery. Despite multiple promises to Nigerians, the refinery remains idle. The NNPC has consistently provided different dates for the refinery's operation, with the most recent pledge being in early August. However, as of mid-August, there is no sign of production starting. The company attributes the delay to regulatory approvals from international bodies. Critics, including former President Olusegun Obasanjo, have blamed corruption and mismanagement for the refinery's continued failure. The repeated postponements have raised concerns about the government's ability to address Nigeria's fuel crisis and reduce dependence on imported petroleum products. The Senate has also expressed dissatisfaction with the situation, questioning the $1.5 billion approved for the refinery's renovation. With each delay, Nigerians' hopes of a self-sufficient fuel market diminish, further exacerbating the country's economic challenges.

EFCC Funds Education with N50bn Crime Proceeds - The Economic and Financial Crimes Commission (EFCC) has donated N50 billion of recovered crime proceeds to the Nigerian Education Loan Fund (NELFUND). This significant contribution aims to support indigent students in accessing higher education. NELFUND, an initiative of President Bola Tinubu, seeks to address youth unemployment and unrest by providing financial assistance to students. The EFCC chairman, Ola Olukoyede, emphasized the importance of transparency in the fund's management to prevent corruption. This development comes as NELFUND has already received over 1.2 million student loan applications since its launch in May 2024. The initiative is seen as a major step towards improving access to education in Nigeria. The EFCC's contribution underscores the government's commitment to combating financial crimes and reinvesting recovered funds into beneficial social programs.