NNPCL clarifies that PHRC has not yet begun bulk sales and urges the public to ignore misleading pricing information.

The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refining Company (PHRC) has not yet begun bulk sales, as essential processes are still being finalised.

The clarification was made by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement issued on Friday.

Soneye explained that the products currently available from PHRC originate from the Dangote Refinery, with applicable fees set by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

He further clarified that at this stage, products from PHRC are strictly for sale in NNPCL’s retail stores and not for bulk distribution.

“Products from PHRC are exclusively for our retail stores at this stage. Our pricing is reviewed and adjusted periodically as necessary to reflect operational realities,” the statement read.

This ensures that NNPCL’s pricing remains in line with the current market conditions and operational challenges.

The company also took the opportunity to address recent public confusion regarding the pricing of petroleum products, urging the public to disregard any misleading information circulating.

NNPCL stated that any official price reviews would be communicated through appropriate channels when necessary.

This statement serves to reassure consumers that NNPCL remains committed to transparency and will provide timely updates regarding any changes to pricing or sales processes.

Claims about the true operational status of the Port Harcourt Refining Company spark debate, with accusations of misleading information and partial functionality of the facility, while NNPCL maintains that the refinery is operating at 70% capacity.

The recently rehabilitated Port Harcourt Refining Company has found itself at the center of controversy, with serious allegations questioning the integrity of its operations.

The refinery, which resumed partial operations on November 26, 2024, has faced criticism over claims that products loaded from the facility were not newly refined but were simply old stock from its storage tanks, some of which have been there for over three years.

Also read: NNPCL launches utapate crude oil blend to international markets

Timothy Mgbere, Secretary of the Alesa community stakeholders, which is located near the refinery in Rivers State, accused the Nigerian National Petroleum Company Limited (NNPCL) of misleading the public about the refinery’s functionality.

He stated that only six trucks were loaded with products on Tuesday, a far cry from the NNPCL’s claim that 200 trucks would be dispatched daily.

Mgbere also alleged that the refinery, which is supposed to process 60,000 barrels per day, is operating at far less than its full capacity.

“On the ground, what we witnessed on Tuesday was just a show,” Mgbere said during an interview. “The refinery is operating at a skeletal level.

Some units are running, but not the entire facility.” He emphasized that the products loaded were old stock, not newly refined, challenging the NNPCL’s public statements.

Industry experts have echoed Mgbere’s concerns, urging the NNPCL to provide transparency regarding the refinery’s operations.

They pointed out the lack of details about the refinery’s feedstock and questioned the accuracy of NNPCL’s claims about the plant’s output.

In response, the NNPCL has maintained that the refinery is indeed functional, currently operating at 70% of its installed capacity.

The NNPCL spokesperson, however, did not directly address the allegations of misinformation or provide clarification on why only six trucks were loaded.

Meanwhile, the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) and other stakeholders have supported the NNPCL’s stance, stating that the refinery is functional and operating as claimed.

However, the situation remains contentious, with critics urging for further scrutiny and transparency.

As the debate continues, Nigerians are watching closely to see if the Port Harcourt refinery can meet its promised refining capacity and alleviate some of the country’s pressing fuel supply issues.

The SEC warns against Marino FX Ltd, flags its false licensing claims, and proposes strict penalties for investment fraud under the 2024 bill.

The Securities and Exchange Commission (SEC) has issued a warning to investors and the public, urging them to avoid dealing with Marino FX Ltd, a company falsely claiming to be an SEC-licensed cryptocurrency exchange.

In a statement released on Wednesday, the commission clarified that Marino FX Ltd is neither registered nor authorised by the SEC to operate within Nigeria’s capital market.

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The regulator called the company’s claims of SEC registration “false and misleading.”

“Any claim to the public by the company of its registration or licence by the SEC is false and misleading,” the SEC stated, cautioning the public against engaging with the firm.

The commission highlighted the significant risks posed by transacting with unregistered entities, such as fraud and potential loss of investment.

“The public is hereby advised to exercise caution and refrain from engaging with Marino FX Ltd,” it added.

In addition to warning about Marino FX Ltd, the SEC is taking proactive steps to strengthen Nigeria’s regulatory environment.

Under the draft Investments and Securities Bill 2024, the commission proposes penalties of up to ₦20 million, 10 years’ imprisonment, or both for operators of Ponzi and pyramid schemes.

Speaking at a recent public hearing, SEC Director-General Emomotimi Agama explained that the new legislation seeks to address ambiguities and enforce stricter controls.

“The bill expressly prohibits Ponzi and pyramid schemes to protect Nigerians from fraudulent fund managers,” Agama stated.

He also emphasised that the amendments aim to enhance the competitiveness of Nigeria’s capital market while driving economic transformation.

The SEC reiterated its commitment to tackling fraud, money laundering, and market manipulation in Nigeria’s cryptocurrency sector.

The regulator’s focus on strengthening oversight and enforcement reflects the rapid evolution of the digital financial landscape.

These developments underscore the SEC’s broader mission to safeguard investors, ensure market integrity, and foster sustainable growth in Nigeria’s financial markets.