REVOKING IDLE REFINERY LICENSES

 With the worst over between the Federal Government and organised Labour over the recent steep hike in petrol prices,  Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has served notice that the FG would soon revoke the refinery licenses that are not ready to set up shop. Between 2002 and 2014, about 25 licences were issued to private investors to capitalise on the high volume of consumption in the Nigerian market and establish a variety of refineries. However, despite the series of price hikes on petroleum products which have taken place since the beginning of the liberalisation of the downstream sector of the petroleum industry some fifteen years ago, only one venture – the Dangote refinery – appears to be aggressively on course. The argument of the prospective investors has always been that unless the sector is deregulated to enable the forces of demand and supply  determine the true market values of refined products, it will be impossible to risk private capital on the venture. They imply that mere price hikes will not give the necessary assurances. Since government has demonstrated over the past thirty years that it is no longer able to manage its refineries and provide steady flow of petroleum products, we have always been of the strong view that nothing short of total deregulation would bring lasting solutions to this problem. While we agree with Kachikwu that the licence holders who are clearly unserious or have no financial or technical capacity to deliver on their licences should be made to give them up, we also advise that liberalisation alone may not suffice.




For the full story, check the Vanguard newspaper.







Comments

Post a Comment

Popular posts from this blog

10 World Most Eloquent People

Image
Only the eloquent can adequately describe eloquence. It includes articulation, a mellifluous tone of voice and poise under pressure. To be eloquent is to speak well in a persuasive and deeply thoughtful way. Though it appears to come easily, eloquence does not often come naturally. The most talented speakers often have training in rhetoric and behavioral psychology. Here are 10 great examples of eloquent speakers who have made their mark on the world. 1. Martin Luther King, Jr “I Have a Dream” is perhaps the most powerful speech in American history. In poetic, unequivocal language, he explains how people can live up to their ideals for the sake of their children. 2. Abraham Lincoln In a speech only two minutes long, Lincoln explained the moral justification for the Civil War in his Gettysburg Address. 3. Winston Churchill In a few short years Churchill transformed himself from a burly, unemployed, failed novelist to a leader of the free world with ...
Read more

St. Finbaar’s College, Akoka wins the annual Helmbridge Science Challenge for secondary schools in Lagos State.

St. Finbarr’s College Akoka, Lagos at the weekend won the annual Helmbridge Science Challenge for secondary schools in Lagos State. The school in a six-week-long competition defeated May Day College and Topgrade Secondary School, Surulere in the preliminaries to qualify for the final. The Akoka boys who walked-over Penny International College Coker, the defending champions, for late coming, went into sporadic jubilation on their victory. The News Agency of Nigeria, NAN reports that 16 schools participated in the competition, including Yaba College of Technology Secondary School, St. Finbaar’s College, Penny Internatinal College, Shining Lord’s Secondary and Technical School. Others are St. Michael’s Anglican College, Jubilee Model Grammar school, Fountain Heights Secondary School, St. Gregory’s College and St. Jude’s Private Secondary School. Also in the competition are Methodist Boys’ High School, Birch Freeman High School, Community Senior Grammar School and ABS College. ...
Read more

BIAFRA: IPOB, MASSOB shut down markets, Uwazuruike expelled

Image
  Visit Late Odumegwu Ojukwu’s house to seek his blessing Uwazuruike expelled, Madu takes over as MASSOB leader Forget Biafra, secession —Nwabueze Over seven thousands members of the Indigenous People of Biafra, IPOB, yesterday,   shut   down markets and all commercial activities in Nnewi, Anambra State in solidarity protest for the release of the Director of Radio Biafra, Mr. Nnamdi Kanu, who has been incarcerated by  the Directorate of State Services, DSS, for over one month. Members of the IPOB mobilized from Onitsha, Asaba, Awka, Ekwulobia, Awka-Etiti, Enugu, Imo, Ebonyi and Abia states, converged at  Nnewi from where they marched to the house of the late Ikemba Nnewi, Dim Chukwuemeka Odumegwu Ojukwu to ask for his blessing even in death. This came as constitutional lawyer and leader of eminent group of Nigerians, The Patriots , Professor Ben Nwabueze (SAN),  admonished  the  groups to have a re-think over th...
Read more