Select a category
Advertisement
Instablog9ja
34 m
15
Dangote Petroleum Refinery and Petrochemicals FZE has asked the Federal High Court in Abuja to void import licenses issued to the Nigeria National Petroleum Corporation Limited (NNPC), Matrix Petroleum Services Limited, A. A. Rano Limited, and four other companies for the purpose of importing refined petroleum products that are already being produced by Dangote without shortfalls, Nairametrics is reporting.
In suit number FHC/ABJ/CS/1324/2024, Dangote Refinery is also seeking N100 billion in damages against the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for allegedly continuing to issue import licenses to NNPCL, Matrix, and other companies for importing petroleum products such as Automotive Gas Oil (AGO) and Jet Fuel (aviation turbine fuel) into Nigeria, “despite the production of AGO and Jet-A1 that exceeds the current daily consumption of petroleum products in Nigeria by the Dangote Refinery.” Joined as defendants in the case are NMDPRA, NNPCL, Aym Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited (1st to 7th defendants).
In its originating summons dated September 6, 2024, and exclusively seen by Nairametrics, the plaintiff’s lawyer, Ogwu James Onoja, SAN, asked the court to declare that NMDPRA is allegedly in violation of Sections 317(8) and (9) of the Petroleum Industry Act by issuing licenses for the importation of petroleum products. He stated that such licenses should only be issued in circumstances where there is a petroleum product shortfall.
He also urged the court to declare that NMDPRA is in violation of its statutory responsibilities under the Petroleum Industry Act (PIA) for not encouraging local refineries such as Dangote Refinery.
In an affidavit deposed by Ahmed Hashem, the Group General Manager of Government and Strategic Relations at Dangote Refinery, he submitted that the import licenses granted to other companies by NMDPRA for the importation of AGO and Jet-A1 are crippling the plaintiff’s business, to which it has committed substantial financial resources in billions of US dollars. He noted that the plaintiff’s products are largely left unpatronized due to the alleged actions of NMDPRA.
He stated that NMDPRA has thr 3atened to to impose and demand a 0.5% levy on the plaintiff on wholesales and off-takers, as well as another 0.5% levy on wholesales to the Midstream and Downstream Gas Infrastructure Fund (MDGIF) via a letter dated June 10, 2024, contrary to statutory provisions that limit the implementation of levies on transactions within Free Zones.
He emphasized that the foundational purpose of establishing Free Zones is to foster competition, attract foreign investment, and create tax havens. He further stated that there is an alleged grand conspiracy and concerted effort by International Oil Companies and interests, in conjunction with the defendants, who are unhappy that Nigeria has an indigenous refinery ready to solve the lingering energy crisis and save the economy.
“The intervention of the Honourable Court has become necessary in order to stem the incessant violation of statutory provisions by the 1st Defendant in favor of other entities such as the 2nd to 7th defendant “ the plaintiff stated.
The refinery’s legal team stated that the plaintiff is greatly distressed, and its investments risk being jeopardized unless the Honourable Court intervenes. He sought an order of injunction restraining the 1st Defendant from further issuing and/or renewing import licenses to the 2nd to 7th defendants or other companies for the purpose of importing petroleum products. In addition to a restraining order against the import licenses of the affected companies, the plaintiff sought “General damages in the sum of N100,000,000,000 against the 1st Defendant (NMDPRA) and an order of court directing the 1st Defendant to seal off all tank farms, storage facilities, warehouses, and stations used by the defendants for the storage of all refined petroleum products imported into Nigeria.”
Other reliefs partly sought by the plaintiff are as follows: A declaration that by the provisions of Section 8(1) of the Nigerian Export Processing Zone Act (NEPZA), Sections 23(h) and 55(1) of the Companies Income Tax Act (CIT Act), Paragraph 6 of the Second Schedule to the CIT Act, Regulation 54(2)(a)(0) of the Dangote Industries Free Zone Regulation 2020, and the Finance Act, the plaintiff, being an entity duly registered as a Free-Zone Enterprise, is exempted from all federal, state, and local government taxes, levies, and other rates.
A declaration that it is against the NEPZA Act, CIT Act, Finance Act, and Dangote Industries Free Zone Regulation 2020, as well as legislative intent, for the 1st Defendant to impose or threaten to impose on the plaintiff an additional financial obligation of a 0.5% levy meant for off-takers of petroleum products directly and an additional 0.5% wholesale levy in favor of the Midstream Downstream Gas Infrastructure Fund (MDGIF).
An order of mandatory injunction directing the 1st Defendant to withdraw immediately all import licenses issued to the 2nd-7th defendants and other companies other than the plaintiff and other local refineries for the purpose of importing refined petroleum products into Nigeria.
An order of injunction restraining the 1st Defendant from imposing and demanding a 0.5% levy meant for off-takers of petroleum products directly and an additional 0.5% wholesale levy in favor of MDGIF or any other levy or sum against the plaintiff.
Investopedia
34 m
12
:max_bytes(150000):strip_icc()/GettyImages-2175741534-0f952ccb18e5475e8dc6e3afa2ac0c6f.jpg)
GE Vernova (GEV) is scheduled to release earnings Wednesday morning, its third report since completing the split of General Electric into three standalone companies.
Analysts expect GE Vernova to report $8.92 billion in revenue for the quarter, up from $8.13 billion the same time last year, when it was still part of the GE conglomerate, along with GE Aerospace (GE), from which GE Vernova was spun off.
GE Vernova is also projected to post a profit of $134.5 million after its prior two quarters as an independent company have been split between one net profit and one net loss.
GE Vernova shares closed up 0.7% Friday to more than $272, and have nearly doubled in value since their April debut.
Since it was spun off from GE in April, analysts largely have been optimistic about the company's future, saying it's well-positioned to benefit from the growing demand for electricity, especially via renewable methods like wind and solar, to run data centers and power-hungry artificial intelligence (AI) technology.
Last month, company leadership said at an investor event that it expects full-year revenue to come in at the higher end of its projected $34 billion to $35 billion range, with analysts expecting revenue of $34.99 billion for the year.
GE Vernova also said it expected the company's wind segment to post another loss for the third quarter because of the high costs of its offshore wind business, which suffered a setback as an offshore blade broke off the coast of Massachusetts earlier this year. However, the GE Vernova wind business is expected to be "modestly profitable" in the fourth quarter.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
Advertisement
Instablog9ja
2 hrs
13
The Ooni of Ife, Oba Adeyeye Ogunwusi has disclosed how Oluwo of Iwo, Oba Abdul-Rasheed Akanbi chased out him out of his palace in Iwo.
The monarch revealed this in a trending video on social media at the weekend. Ooni who spoke in Yoruba language disclosed he visited Oluwo at his palace in Iwo but was chased away like a baby.
His words, “When I visited Oluwo, he chased me out like a child, since that incident, I have always maintained myself going close to him. Now that you people (attendees) are imploring that I visit him again, what if he does what he likes to me?
But I have to contain his excesses as an elder, although I am a young person sitting on the throne of the elders. Oluwo, I greet you.”
The Ooni is known for pursuing a unity agenda among traditional rulers in the region and Nigeria but Oluwo has been on the other side, especially with his war against idol worshipping among Yoruba traditional rulers. The Ooni has condemned traditional rulers advocating against Yoruba tradition without referring Oluwo, but Oba Akanbi has always described idol worshipping as alien to Yoruba tradition and culture.
Instablog9ja
3 hrs
12
The National Drug Law Enforcement Agency (NDLEA) says Oyelola Yisa Ashiru, deputy majority leader of the senate, is “bad-mouthing” it because dr¥gs were allegedly found in his home.
Last week, Ashiru, senator representing Kwara south, said the agency is the “most corr¥pt and compromised government agency” in the country and there is a need to establish a new organisation to curb drug addiction and trafficking. The senator was contributing to a debate on a bill seeking to establish an institute for drug awareness and rehabilitation.
During that debate, Kawu Sumaila, senator representing Kano south, alleged that the homes of some politicians are being used to stockpile narcotics.Addressing a press conference in Abuja on Monday, Femi Babafemi, NDLEA’s director of media, said Ashiru’s outburst was because of his grouse with the agency.
“The personal house of the senator in GRA Ilorin, the capital of Kwara State, had been raided in recent past, where dr¥gs and illicit substances were recovered while two of his aides: Ibrahim Mohammed and Muhammed Yahaya were arrested,” Babafemi said.
“Based on credible intelligence and surveillance which confirmed that the senators house was being used as a dr¥g joint for dr¥g dealers and users, the house was raided by our operatives at 1:30pm on February 4, 2024 during which the two aides were arrested, while a third suspect escaped arrest
Instablog9ja
4 hrs
9
OAP Ope making reference to Halleluyah Challenge, has said, we’ve really become our parents.
She said see youths waking to pray and praise in the middle of the night, We have really become our parents.
Advertisement
Healthwatch
4 hrs
22
Do you follow certain social media creators, music artists, actors, athletes, or other famous people? Are you a huge fan of particular fictional characters from a book, TV show, or movie? Perhaps you check in with them daily because you feel a connection, care about them, or just love keeping up with the minutiae of their lives.
These one-sided emotional ties to people you don't actually know (or those who don't actually exist) are called parasocial relationships. Like all relationships, they come with risks and benefits, says Arthur C. Brooks, a social scientist, best-selling author, and professor at both the Harvard Kennedy School and the Harvard Business School.
Why do we develop parasocial relationships?
Parasocial relationships tend to occur because of our natural tendency to link to others.
"Humans have evolved to thrive in groups, probably because 250,000 years ago you needed to rely on other people to survive by building social relationships. And so we become attracted to and care about people if we have a regular enough exposure to them," says Brooks.
We are all exposed regularly to tiny details about celebrities and fictional characters, watching their days unfold on social media or learning about them from a TV show or book. What hooks us is the emotional connection, especially if the person is exciting or compelling.
"That's the secret to the success of the Harry Potter book series and the TV show Breaking Bad. The writing is supposed to engage you emotionally," Brooks says. "People can form a bond even if the characters are psychopaths."
The upsides of parasocial relationships
Parasocial relationships can be a nice complement to your life. They might entertain you, inspire you, educate you, or bring you comfort. You might feel less lonely or like you're part of a tight group or a cultural moment, a feeling the shows Friends and Game of Thrones fostered for many people.
Bonding emotionally with famous or fictional people might also shape people's values. For example, children might learn lessons about right and wrong from characters they connect with on shows such as Sesame Street or Bluey. Teens or adults might feel moved to work harder if they're attached to champion athletes, or do good deeds if they admire selfless leaders.
One study of more than 300 people ages 18 to 35 even found that parasocial relationships might help reduce the stigma of mental health conditions. All participants watched one video of someone who shared personal information aimed at creating a social bond. Then, some participants also watched a video of the content creator sharing his challenges with bipolar disorder. Those who saw both videos scored lower on measures of prejudice about mental health conditions than those who only saw the first video.
The downsides of parasocial relationships
While parasocial relationships can enrich your life, these one-sided affairs can also hurt you.
Navigating parasocial relationships
A dollop of parasocial relationships in your life is fine as long as they don't crowd out real-life bonds or warp your thinking and values. But how would you know if this was becoming an issue?
Two red alerts:
Shifting from parasocial relationship to deeper connections
Parasocial relationships fill a need. Social scrolling, streaming shows, or following celebs may tamp down loneliness or offer curated moments of joy and connection. But if you're leaning too hard on these one-sided relationships, Brooks advises taking a hard look at what's missing from your life.
Forging warm connections in real life is worthwhile, though it isn't always easy. "It's a tall order for people who are shut-ins or introverted or don't have social skills, but you can start small. Have dinner with a friend. Spend more time with your family. Get more human eye contact. Touch, such as a hug, releases the bonding hormone oxytocin in the brain," Brooks suggests. "You'll care less about the characters and get what you really need."
Source: Harvard Health Publishing
