Business

Tinubu’s Oando among final bidders to acquire Trinidad’s refinery

Published

Saturday, 26 April 2025, 11:35 am

Tinubus Oando among final bidders to acquire Trinidads refinery

The criteria for finalists included a concrete restart plan, robust operational timelines, and a clear path to refinery activation—a requirement heightened by Trinidad and Tobago’s historical role as a petroleum product supplier to Nigeria.

Oando Plc, a Nigerian oil company owned by Wale Tinubu, nephew of President Bola Ahmed Tinubu, has advanced as one of three finalists to acquire Trinidad and Tobago’s state-owned Petrotrin refinery.

During the country’s national budget presentation, Trinidad’s Finance Minister, Colm Imbert, revealed the shortlist, highlighting Oando as one of three companies competing to revitalise the long-defunct refinery.

“After evaluating 10 initial proposals, we narrowed down to three final contenders,” Imbert said, listing Oando alongside Trinidad’s CRO Consortium and American energy firm INCA Energy.

“A formal Request for Proposals process will now follow, aimed at selecting the company best suited to restart the refinery, should it prove feasible,” he added, underscoring the strategic criteria that guided the selection.

READ ALSO: Fuel price hike expected as NNPC quits as middleman for Dangote Refinery

Trinidad launched the bidding process in February 2024, enlisting US-based Scotia Capital to facilitate the refinery’s procurement. The criteria for finalists included a concrete restart plan, robust operational timelines, and a clear path to refinery activation—a requirement heightened by Trinidad and Tobago’s historical role as a petroleum product supplier to Nigeria.

The move highlights contrasting fortunes for Nigeria’s oil refineries. While the Petrotrin facility in Trinidad is eyeing rejuvenation, Nigeria’s state-run refineries in Port Harcourt, Warri, and Kaduna have remained dormant despite multiple revitalisation promises by the Nigerian National Petroleum Company Limited (NNPC).

Missed production deadlines at the Port Harcourt refinery further underscore Nigeria’s struggle to revive domestic production.

The final decision on Petrotrin’s fate could have implications for both Trinidad’s energy sector and Nigeria’s dependency on foreign petroleum products.
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Nigerian govt wins legal battle as tribunal upholds $220m fine against Meta

Published

2 hours ago

April 26, 2025

John

The Competition and Consumer Protection Tribunal has upheld a $220 million fine levied by Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) against Meta Platforms Inc., the parent company of Facebook and WhatsApp, marking a significant victory for consumer rights enforcement in the country.

In a ruling delivered by a three-member panel led by Thomas Okosun, the Tribunal dismissed Meta’s appeal, affirming that the FCCPC acted within its statutory and constitutional powers in sanctioning the tech giant for engaging in discriminatory and exploitative practices.

The case stems from a 38-month investigation jointly conducted by the FCCPC and the Nigeria Data Protection Commission (NDPC), which began in 2020.

The probe focused on Meta and WhatsApp’s consumer data policies, privacy practices, and overall conduct in Nigeria’s digital space.

“The Tribunal determined that the Commission complied with prevailing laws, discharged its mandate, and exercised its powers within the confines of the 1999 Constitution,” said Ondaje Ijagwu, FCCPC’s Director for Corporate Affairs.

READ ALSO: Is Nigeria’s $220m fine on Meta enough to end data privacy violations?

The Tribunal resolved seven key issues in the appeal, siding with the FCCPC on nearly all fronts. One pivotal matter — the claim that Meta was denied a fair hearing — was rejected, with the Tribunal concluding that the Commission afforded the companies ample opportunity to defend themselves.

“The FCCPC fully discharged its quasi-judicial responsibilities,” the Tribunal ruled, also affirming the Commission’s authority to oversee data protection and privacy under Section 104 of the Federal Competition and Consumer Protection Act (FCCPA).

Regarding the contentious issue of Meta’s privacy policy, the Tribunal upheld the Commission’s finding that the policy contravened Nigerian law.

However, the Tribunal did set aside one aspect of the FCCPC’s final order — Order 7 — citing insufficient legal foundation.

READ ALSO: Mark Zuckerberg’s Meta just got some bad news

Alongside upholding the $220 million penalty, the Tribunal also awarded the Commission $35,000 in investigation costs.

FCCPC Executive Vice Chairman and CEO, Mr. Tunji Bello, welcomed the ruling, praising the Commission’s legal team for its “exceptional diligence and forensic skills.”

He reaffirmed the FCCPC’s dedication to protecting consumer rights and fostering fair market practices, stating, “This judgment is a victory for all Nigerian consumers and a clear message that no company is above the law.”