We will ensure operators present their `green story’ in field development plan – NUPRC

Mr Gbenga Komolafe, Chief Executive, NUPRC

By Solomon Asowata

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says it will ensure that operators present their “Green Story’’ in Field Development Plan (FDP) as Nigeria move to attain net zero carbon by 2060.

Mr Gbenga Komolafe, the Chief Executive, NUPRC, made this known while speaking at the 5th Nigeria International Energy Summit (NIES) on Monday in Abuja.

The News Agency of Nigeria (NAN) reports that the summit had as its theme: “Revitalising the Industry: Future Fuels and Energy Transition’’.

According to Komolafe, the energy transition regime has posed a challenge and opportunity for Nigeria to reposition its energy focus and regulatory policies toward development of clean and renewable energy.

According to him, investors in the upstream are being tasked to provide their green story as a basis for attracting required funds for field development.

He noted that Nigeria was the largest economy in Africa, 25th largest in the world by nominal Gross Domestic Product (GDP) and an emerging global power.

Komolafe said it was rated by the World Bank as an emerging market, a maritime nation with 206tcf gas reserves and crude oil and condensate reserve of 37 billion barrels,

He said Nigeria had huge potential to monetise and derive optimum value from its oil and gas assets in response to the challenges posed by the energy transition regime.

Komolafe said the nation, however, could not exist in isolation of the global trend in energy transition.

“The NUPRC, as part of implementation of its statutory regulatory mandate ensures that operators present their ‘green story’ in FID in a manner that incorporates carbon capture and gas commercialisation,’’ he said.

Komolafe explained that fossil fuels were expected to continue to meet much of the world’s energy demand in spite the growth in renewable energy and nuclear power.

He said that in order to meet increasing demand for petroleum energy, countries would need to carry out increased exploration, adopt advanced technology to maximise production yields and increase oil and gas reserves.

Also speaking, Dr Nasir Sani-Gwarzo, the Permanent Secretary, Ministry of Petroleum Resources, said Nigeria was committed to reducing its greenhouse gas emissions by 20 per cent by 2030.

He said this was being driven by programmes such as Decade of Gas Initiative and promotion of gas-based industries which would lead to job creation for Nigerians.

On his part, Mr Simbi Wabote, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), said international oil companies were divesting their assets due to the global energy transition.

Wabote said this was, however, an opportunity for indigenous companies to take charge of the industry as it was in line with the NCDMB’s mandate. (NAN) (www.nannews.ng)

Nigeria needs to harness gas resources for national development – IOCs

By Solomon Asowata

Lagos, Feb. 22, 2022 (NAN) TotalEnergies Nigeria and Chevron Nigeria Ltd. on Tuesday stressed the need for concerted efforts to harness the country’s abundant gas resources for national development.

The International Oil Companies (IOCs) also pledged their support to the Federal Government’s quest to make gas the country’s transition fuel in the face of the global energy transition to cleaner sources of energy.

They made these known during a panel session at the sixth Edition of the sub-Saharan African International Petroleum Exhibition and Conference organised by the Petroleum Technology Association of Nigeria (PETAN) in Lagos.

The News Agency of Nigeria (NAN) reports that the session had the topic: “Dynamics of Sub Saharan Africa’s Energy, Oil and Gas Sector as We Strive to a Low Carbon Future, an IOC Perspective.”

Mr Victor Bandele, Deputy Managing Director, Deep Water, TotalEnergies Nigeria, said the company was committed to achieving carbon neutrality in its operations by 2050.

According to him, TotalEnergies in line with its new profile as an energy company is investing in all energy sources including biofuels, solar, gas electricity and hydrogen.

He said: “We have reduced our carbon footprint to a good level but not yet to zero.

“We have taken that on board and we are aligning with the Nigerian government because government itself has demonstrated that this is where it is heading to.

“TotalEnergies is partnering with all our partners and aligning with the government to make gas Nigeria’s transition fuel.”

Bandele noted that the Petroleum Industry Act (PIA) had brought clarity to the fiscal terms and would help attract more investment to drive the development of Nigeria’s gas resources.

Also, Mr Rick Kennedy, Managing Director, Chevron, Nigeria/Mid Africa Business Unit, said Africa’s young, skilled and large population as well as abundant gas resources provide a huge opportunity for investors.

Kennedy, represented by Mr Bobby Heuliet, Director, Deepwater/Production Sharing Contract, Chevron, said the company would continue to invest and make significant contribution to the Gross Domestic Product of the region.

He said the company’s vision was in like with the aspiration of African countries, including Nigeria to use gas as a transition fuel and would continue to make investment that would promote gas development. (NAN)

EKEDC demands more allocation from national grid

The new Chairman of Eko Electricity Distribution Company (EKEDC), Mr Oritsedere Otubu and Mr Alex Okoh, Director General, Bureau of Public Enterprises.

The new Chairman of Eko Electricity Distribution Company (EKEDC), Mr Oritsedere Otubu visited some stakeholders in the power industry in Abuja earlier this week. 

This was in line with Mr. Otubu's agenda to foster cordial relations with stakeholders following his appointment as the new chairman of the leading electricity distribution company in Nigeria last month.

Accompanied by the Company's MD/CEO Engr. Adeoye Fadeyibi; EKEDC Director, Ernest Oji; and some members of the management team, the Chairman visited the Ministry of Power, Bureau of Public Enterprises (BPE), Transmission Company of Nigeria (TCN), Nigerian Electricity Regulatory Commission (NERC), Niger Delta Power Holding Company, and the Nigerian Electricity Liability Management Company (NELMCO). 

This information was released via an official statement signed by the Company's General Manager, Corporate Communications, Mr. Godwin Idemudia.

 He stated that the focus of the new chairman is to improve the exemplary relationship between Eko DisCo and the stakeholders in the power sector as well as consolidate the achievements of his predecessor.

At the meetings, Mr. Otubu appreciated the efforts of the various stakeholders towards Eko Disco and assured them of the Company's support to improve electricity supply in the country. He said, 'this visit is essential to us as we want our stakeholders to see us for who we are. 

"We want to be more involved in the various plans and projects by the Government in strengthening our network.

"It is important for us to work in collaboration with stakeholders to identify areas where we can get things better and effectively supply power to our customers."

Eko DisCo must not only show that it is the leading Disco but also prove that the privatisation process of the power sector is a success.’  

The Chairman also cited the recent power supply issue in Lagos due to the drop in generation which led to frequent load shedding in many areas under the DisCo.

 He described the network as a strategic one growing rapidly because of increased industrial and commercial activities which have brought about the demand for more power supply. Hence, the inability to even meet up with the existing demand poses a real crisis for the DisCo.      

At the Federal Ministry of Power, the Chairman was welcomed by the Honourable Minister of Power, Mr Abubakar Aliyu who congratulated Mr. Otubu on his appointment. 

The Honourable Minister aligned with the Chairman's call for more collaboration by the actors in the power sector and stated his confidence in the DisCo based on its track record of performance in the NESI especially on financial remittance.

He also explained that the Federal Government is currently working on projects to expand the capacity of the national grid to better serve not only Lagos but also the entire country.

The Director General of BPE, Mr. Alex Okoh also congratulated Otubu on his appointment, and expressed his satisfaction towards the drive for more collaboration with stakeholders by EKEDC Chairman. 

He stated that he is confident in the capacity and the competence of the new chair to take EKEDC to a greater level. 

Okoh emphasised that Eko DisCo occupies a strategic franchise area in the power industry, thus such agenda is significant to the national economy and ensure that the intention of the privatisation process in making the sector more favourable to consumers and investors is achieved. 

He said he was impressed by how the Disco handled the recent power supply issues in Lagos and called on the other Discos to emulate such performance and carry along the Bureau in their decision-making process especially on key issues affecting the industry.

In his statement to the Eko DisCo team, Mr Sule Ahmed Abdulaziz, the MD/CEO of TCN explained the importance of having adequate power supply in Lagos as the State consumes more than 50% of the power generated. 

He equally assured Mr. Otubu that TCN will involve the Disco on the several ongoing projects to improve the electricity infrastructure as well as meet the Disco's request of receiving more allocation from the national grid. 

As a result of this visit, Eko Disco has assured its customers across its network of many development projects to improve service delivery and empower the quality of lives. 

Achieving an effective collaboration with the stakeholders, as the Chairman has stated, will move the power sector forward to meet the expectations of Nigerians.

Scarcity: NMDPRA deploys surveillance teams to Lagos petrol stations

Motorists queue for fuel at a petrol station on Lekki-Epe Express Way, Lagos on Thursday.

By Solomon Asowata

Lagos, Feb. 17, 2022 (NAN) The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday,  deployed seven ad-hoc surveillance teams to monitor petrol stations across Lagos State.

The downstream petroleum regulatory agency also confirmed that 37 million litres of Premium Motor Spirit (PMS) was trucked out with 885 trucks to the stations on Wednesday.

The News Agency of Nigeria (NAN) reports that Mr Ayorinde Cardoso, Zonal Operations Controller, NMDPRA, Lagos, made this known when he led a surveillance team to some petroleum products retail outlets across the state.

Cardoso assured that  normalcy would soon be restored in  the state on the fuel situation  with  efforts being made by all stakeholders in the downstream sector.

He said: “We have sufficient fuel in Lagos now and we have quarantined the contaminated products in some of the impacted depots.

“Our focus right now is to push out clean product to all the stations. Right now in Lagos, as at Wednesday morning, we had over 128 million litres in our depots.

“We have five vessels that are currently discharging since Feb. 15,  and they will also bring in about 204 million litres.

“So in total, in Lagos, we are looking at about 332 million litres within our system. As at Wednesday, we have trucked out about 37 million litres with 885 trucks.

“This morning we went out with seven ad-hoc surveillance teams to assess  the impact of those 885 trucks that were sent out.”

He said the monitoring team was checking availability of products in the outlets as well as the product quality to prevent infusion of any contaminated PMS which had been quarantined by the authorities.

Cardoso said the officials were also checking for hoarding of products by marketers, stressing that any marketer caught engaging in such activity would be penalised.

He said residents should know   that there was no need for panic buying as there was sufficient PMS  in Lagos state.

On the imported off-spec products which were withdrawn from the market, he said it would be disposed of in a safe manner. (NAN)

 

Kyari lauds outgoing NETCO MD for contribution to oil, gas sector

Mr Johnson Awoyomi, outgoing Managing Director, National Engineering and Technical Company flanked by his wife, Nike and Mr Simbi Wabote, Executive Secretary, Nigerian Content Development and Monitoring Board during his book launch on Saturday in Lagos.

By Solomon Asowata

Malam Mele Kyari, Group Managing Director, Nigerian National Petroleum Company (NNPC) Ltd. has lauded Mr Johnson Awoyomi, outgoing Managing Director of the National Engineering and Technical Company (NETCO).

Kyari who spoke at Awoyomi's birthday, book launch and retirement party on Saturday in Lagos, commended him for his contribution to the development of the oil and gas industry in Nigeria.

The three books authored by Awoyomi are : The Cost of Fuel Scarcity in Nigeria  and Maximising Government Net Revenue in the Oil, Gas and Energy Sector- Cost Engineering Perspectives.

It also include Cost Engineering and Cost Control of Medium to Large Capital Projects.

The NNPC boss noted that the books were very vital to operators in the industry as it provides solutions to some of the current challenges in the oil and gas sector.

He noted that the enactment of the Petroleum Industry Act (PIA) had transformed NNPC and its subsidiaries including NETCO into commercial entities that must deliver dividends to its shareholders.

Kyari said cost optimisation was very key in driving profitablity of NNPC , adding that the book would serve as a manual in sustaining the achievements made so far by the company.

On the current situation of Premium Motor Spirit in the country, he said the imported off-spec products have been contained while loading and distribution to filling stations was ongoing.

He said Awoyomi was a veteran of the "NNPC Fuel War Room" having served the nation on numerous occasions in addressing fuel scarcity and eliminating queues at the retail outlets.

Also, Mr Billy Okoye, Group Executive Director, Ventures, NNPC Ltd., said the need for significant cost management could not be overemphasised.

Okoye said the book on cost optimisation was a practitioners manual in managing project cost, cost control, investment appraisal as well as risk analysis.

He added that it was also useful to others outside the industry, especially real estate developers and people with interest in project management.

On his part, Awoyomi who joined NNPC on Nov. 17, 1992 said the books were based on his over 30 years experience in the oil and gas sector.

Awoyomi said: "It is important to put our experiences into perspective for generations unborn to learn.

"It is a privilege to have served this nation and I thank God for His mercies on my life."

Substandard petrol: IPMAN directs members to compile inventory of affected customers

Motorists on queue to buy fuel at a petrol station in Lagos.

By Solomon Asowata

Lagos, Feb. 10, 2022 (NAN) The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to compile an inventory of customers’ cars affected by the recent dispensing of substandard Premium Motor Spirit (PMS) in their retail outlets.

IPMAN’s National President, Mr Chinedu Okoronkwo, made this known in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

NAN reports that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had confirmed that four cargos of PMS imported into the country were discovered to contain methanol above the specified volume.

The authority had thereafter withdraw the affected product from the market and set up technical and commercial teams to address the challenges posed by the development.

Okoronkwo noted that some IPMAN members had received complaints from their customers regarding dispensing of the substandard petrol into their vehicles.

“In our Central Working Committee meeting yesterday, we agreed that members should take inventories of customers’ vehicles affected by the adulterated fuel.

“The list will be sent to the government because there is need to compensate those vehicle owners affected by the situation.

“We will be scrutinising all claims to ensure that some unscrupulous persons don’t take advantage of the situation.

 

“The marketers have their sales records and all claims will be thoroughly investigated just like we have in insurance,” he said.

 

According to him, the purpose of the inventory is to know the extent of damage and how the owner of the vehicle will be compensated.

 

On the fuel situation, Okoronkwo said the scarcity would soon end based on the assurances of the Nigerian National Petroleum Company Ltd and the NMDPRA.

He noted that the withdrawal of the affected products disrupted the supply chain which led to panic buying by Nigerians, particularly in Lagos and Abuja.

Meanwhile, a NAN correspondent who monitored the fuel situation at Oshodi, Igando, Ikeja and Abule Egba areas of Lagos State on Thursday observed that many filling stations were still not selling petrol.

Long queues were seen at the few stations selling with both private and commercial motorists  complaining about the situation.

 

A commercial bus driver who gave his name as Akin, said he spent over an hour before he could fill up his vehicle on Wednesday night.

 

“This thing is becoming frustrating for us as drivers because we cannot increase our fares despite the stress and time it takes for us to buy fuel.

 

“The government needs to look into the situation, he added.

 

Another motorist, Mr Jones Awe, said he had not taken his vehicle to work this week because of the fuel situation.

 

“I work on the Island and I normally use my vehicle but I have not been able to get fuel so I am using commercial transport for now until the issue is resolved,” he said.

 

NAN reports that the NMDPRA had assured Nigerians that there was no need for panic buying because the country had 20 days sufficiency of PMS.

 

Mr Farouk Ahmed, Chief Executive, NMDPRA, who gave the assurance after inspecting some depots in Apapa and Ijegun-Egba, Lagos State on Wednesday, had said loading activities were going on seamlessly.

 

He had expressed optimism that the market would soon be wet with petroleum products which would restore normalcy across the country. (NAN) (www.nannews.ng)

Petrol scarcity: We’ll restore normalcy in Abuja, others in 3 days – NMDPRA

(L-R ) Mr Adeyemi Adetunji, Group Executive Director, Downstream, NNPC Ltd., Mr Adetunji Oyebanji, Managing Director, 11 Plc and Mr Farouk Ahmed, Chief Executive, NMDPRA during the agency’s visit to the 11 Plc depot on Wednesday in Lagos.

By Solomon Asowata

Lagos, Feb. 9, 2022 (NAN)The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says normalcy will be restored to petrol stations in Abuja and other areas in about three days following the resumption of loading in Lagos depots.

Mr Farouk Ahmed, Chief Executive, NMDPRA, made this known when he visited some petroleum products depots in Apapa and Ijegun-Egba areas of Lagos State on Wednesday.

The News Agency of Nigeria (NAN) reports that the depots visited by Ahmed who was accompanied by Mr Adeyemi Adetunji, Group Executive Director, Downstream, Nigerian National Petroleum Company Ltd., included 11 Plc, NIPCO, A.A. Rano and Emadeb.

Ahmed said the scarcity was caused by the stoppage of loading for some days when a vessel of Premium Motor Spirit (PMS) imported into the country was discovered to contain methanol above the specified volume.

He said the technical team comprising stakeholders in the downstream sector had been able to identify, isolate and quarantine the limited amount of PMS affected by the methanol volume that was discovered.

Ahmed said: “We have gone round some of the depots in Apapa and Ijegun-Egba and they are loading.

“These products that are being loaded have been tested and are being distributed to Lagos and other Northern parts of the country.

“There is a vessel that just arrived with 39,000 MT, which would be distributed to the major marketers here in Apapa.

“Once they start loading, Lagos will be cleared in a day or two but trucking from here to Abuja and other areas will take two to three days.”

He noted that the incident had taught the authority a lesson on the need for extra due diligence in carrying out its regulatory activities.

“I will not make any excuses. The fact is that there were mistakes made because we received product that was off specification even though there was a surveyor that actually went on board and took sample.

“Because this parameter was not indicated, they didn’t capture that parameter.

“So it was a mistake but now going forward, obviously we have to balance all these parameters and components of imported products not only PMS but other petroleum products.

“The component that was in excess was methanol and the fuel was not toxic or something that can destroy the environment but it was a matter of how it affects machineries and vehicles,” said Ahmed.

He said the withdrawn products would be re-blended to ensure it met the country’s specification.

According to him, it will be tested to ensure it is of good quality and recertified before it is redistributed into the market. (NAN)

NUPRC, others embark on joint investigation visit to FPSO Trinity Spirit

By Solomon Asowata

Lagos, Feb. 5, 2022 (NAN) The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and other relevant stakeholders have embarked on a Joint Investigation Visit (JIV) to the Floating Production Storage and Offloading (FPSO) facility which exploded on Wednesday.

The NUPRC confirmed the development in a statement issued on Saturday in Lagos.

The News Agency of Nigeria (NAN) reports that the Trinity Spirit FPSO located at Ukpokiti field (OML 108) in Delta State exploded leading to a fire incident on the vessel.

Providing an update, the commission said the fire had been successfully extinguished.

It said: “The commission will commence JIV with relevant stakeholders immediately in line with our regulatory oversight function for upstream operations.

“The commission will further deploy its incident management strategy while also ensuring that the removal of the FPSO is carried out professionally to prevent an escalation of the incident.

“The commission will continue to ensure that all safety and environmental measures are strictly adhered to in the management of the incident.”

Also in a statement, the Management of Shebah Exploration and Production Company Ltd. (SEPCOL), which owns the FPSO, confirmed that the JIV with relevant stakeholders and experts had been scheduled for Feb. 5.

The statement was signed by Mr Ikemefuna Okafor, the Chief Executive Officer, SEPCOL (In receivership).

Okafor had disclosed that that there was still no reported fatalities from the incident.

He said the company would continue prioritising investigations with respect to establishing the whereabouts, safety, and security of the 10 crew members who were on board the vessel prior to the incident.

Okafor lauded the assistance provided by the Clean Nigeria Associates, the Chevron team, government agencies and the people of the community, particularly the fishermen since the incident occurred. (NAN)

NMDPRA seeks upgrade of petroleum products storage facilities in Apapa jetty

(L-R) Mr Adeyemi Adetunji, Group Executive Director, Downstream, NNPC Ltd., Mr Farouk Ahmed, Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority and Mr Olumide Adeosun, Chairman, Major Oil Marketers Association of Nigeria (MOMAN) during Ahmed’s inspection visit to Apapa Jetty in Lagos on Thursday.

By Solomon Asowata

Lagos, Feb. 3, 2022 (NAN) Mr Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has called for the upgrade of petroleum products storage facilities in Apapa Jetty, Lagos.

Ahmed said this would help enhance safety and smooth distribution of petroleum products across the country.

He made the call on Thursday after an inspection visit to some facilities operated by the Nigerian National Petroleum Company Ltd. and the Major Oil Marketers Association of Nigeria (MOMAN).

Ahmed, who was accompanied by Mr Adeyemi Adetunji, Group Executive Director, Downstream, NNPC, inspected the storage facilities of Ardova Plc, TotalEnergies and OVH Energy Marketing Company.

Ahmed noted that Lagos was one of the key areas through which Nigeria receives imports of petroleum products.

According to him, Apapa is also one of the major facilities for offloading of vessels and also trucking out petroleum products to other parts of the country.

He said: “This visit is in line with our oversight responsibility to see the reality on ground.

“There have been a lot of complaints about facilities being dilapidated and need some upgrade for efficient delivery of petroleum products.

“There is a lot of work to be done to upgrade these facilities. We went round some of the marketers facilities and we saw that most of them have not been upgraded in 20 to 25 years.

“We also saw that some marketers are upgrading their facilities and there are a lot of expansion projects going on in terms of storage facilities for petroleum products and Liquefied Petroleum Gas, as well as, truck out facilities.

“So, it is very good to see the upgrade in those areas but generally speaking, the jetty need a lot of work to be done in order to meet up with the new safety requirements.”

Ahmed said the authority would be having quarterly meetings with the marketers to review areas of concern that requires improvement.

On his part, Mr Clement Isong, Executive Secretary, MOMAN, thanked Ahmed for visiting the facilities to gather first hand information on the challenges facing the marketers.

He said: “This is the sort of regulator we have been looking for.

“The one that supports us, that supports our business, works with us, feels our pain and does what he can do to help us.” (NAN) (www.nannews.ng)

FG pays petrol bridging claims of N22.7bn to transporters – NMDPRA

By Solomon Asowata

Lagos, Feb. 2, 2022 (NAN) The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the Federal Government has paid bridging claims amounting to N22.7 billion to transporters of petroleum products.

The Chief Executive Officer, NMDPRA, Mr Farouk Ahmed, made this known during an interactive session with downstream industry stakeholders on Wednesday in Lagos.

Ahmed added that the government would pay another N30 billion to the transporters before the end of this week to ensure the smooth distribution of petroleum products across the country.

The session had in attendance top officials of the Nigerian National Petroleum Company Ltd., the Major Oil Marketers Association of Nigeria and the Depots and Petroleum Products Marketers Association of Nigeria.

He said: “Another area of concern is the transporters and payment of their bridging funds.

“Since the last meeting in December, we have paid about N12.7 billion to the transporters and on Jan. 24, we paid another N10 billion.

“This week, we are paying another N30 billion to transporters in a bid to give them respite because of the difficulties they are facing with the economic realities.”

He attributed the delay in the payment of the bridging funds, which was paid for transporting petroleum products by road to long distances, to verification of the claims of the transporters by the agency.

“We had to do our due diligence to reconcile before we make the payment.

“The reconciliation is still ongoing and the more we collect, the more we pay, in order to catch up with the backlog we inherited,” Ahmed said.

On the implementation of the Petroleum Industry Act 2021, he said, regulations were being put in place by the Presidential Steering Committee chaired by the Minister of State for Petroleum Resources.

Ahmed noted that out of about 38 regulations that relate to the NMDPRA, the authority had received about eight draft regulations forwarded for review.

He said: “The intention is to review these regulations and invite all the stakeholders to get input because we do not intend to do this alone.

” We need to invite stakeholders to review the regulations before they are put in place because the PIA is here to stay.”

Also,  Mr Adeyemi Adetunji, Group Executive Director, Downstream, NNPC Ltd., said that NNPC would play its role as an energy supplier of last resort for the country.

Adetunji said: “We will continue to ensure that all petroleum products are available.

“Thankfully, we went through the last festive season (Christmas/ New Year) with zero queues in the country.

“So, we thank all the stakeholders in the industry, we thank Nigerians for ensuring that they were able to access petroleum products at all retail stations and outlets.

“NNPC will continue to put in place and supply the market with adequate petroleum products even as we are now NNPC Ltd., a fully commercial company governed by both the PIA and Companies and Allied Matters Act.”

He said the company would continue to subscribe to the highest standards of all the regulations in the industry and collaborate with stakeholders.

Adeyemi said this was to ensure that Nigerians have adequate and quality flow of petroleum products at all times.

On his part, Mr Olumide Adeosun, Chairman, MOMAN, said a lot of the key issues tabled by the marketers had been addressed.

Adeosun said: “Some are yet to be addressed and some are work in progress.

“A case in point over work in progress is the plan that we need to have in place post- announcement of the postponement of the subsidy removal with the PIA.” (NAN)