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Tag: Gabriel Ogbechie

  • Rainoil boss warns on market-driven prices

    Rainoil boss warns on market-driven prices

    Founder and Group Managing Director of Rainoil Ltd, Gabriel Ogbechie, has urged Nigerians to brace for market-determined petroleum prices as the country adjusts to the federal government’s full deregulation of the downstream sector.

    Ogbechie’s remarks comes amid the public’s struggle with recent increases in fuel prices, which have soared from N175 per litre in May 2023 to as high as N1300 per litre in some regions.

    In a television interview monitored in Lagos, Ogbechie hailed President Bola Tinubu’s decision to remove the fuel subsidy, saying the move has opened the sector to healthy competition.

    He however warned that Nigerians should be prepared for continued fluctuations in fuel prices.

    According to him, “President Tinubu did the right thing by saying the subsidy was gone. He removed the subsidy and then we saw the price of petrol slide upwards.” He further explained that the government’s initial intervention to stabilise prices after the removal of the subsidy has now come to an end.

    “In October, the government directed marketers to source their products independently and set prices based on market dynamics,” Ogbechie noted.

    He emphasised that this shift marks a significant departure from the past, where the Nigerian National Petroleum Company Limited (NNPCL) often dictated prices.

    When asked if Nigerians should expect further increases in petrol prices, Ogbechie said: “The key thing is that deregulation is here to stay.”

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    He added that current prices of petrol, ranging between N1000 and N1300 per litre depending on the region, reflect the current realities of crude oil prices and the fluctuating exchange rate.

    The market price for petroleum products, the Rainoil boss highlighted, will continue to change in response to global oil prices and exchange rate movements.

    “As long as the price of crude oil keeps changing, as long as the exchange rate keeps changing, prices of petrol too will keep changing,” he said, adding that consumers could see a decrease in prices if global oil prices fall or if there is an improvement in the naira’s value against the dollar.

    The Rainoil boss noted that while the future of petroleum prices remains uncertain, Nigerians must prepare for an era where fuel prices are determined by market forces.

    “Nobody can exactly tell you what will happen in the next six months. But Nigerians should just be ready to pay the market-determined prices for petroleum products,” he cautioned.

  • Delta, private firm, sign MoU for $20m oil palm project

    Delta, private firm, sign MoU for $20m oil palm project

    The Delta Government has signed a 20 million dollars Memorandum of Understanding (MoU) with Norsworthy Investment Limited, a private firm, for the cultivation of 3,000 acres of oil palm and processing plant project.

    The MoU for the project which would be sited at Akwukwu-Igbo community, Oshimili North Local Government Area of the state, was signed in Asaba on Thursday by the Secretary to the State Government, Mr Festus Agas.

    Agas reiterated the commitment of the state government to provide the needed support for investment towards developing every sector of the state economy.

    He said: “Upon the inception of this present administration in the state, Gov. Ifeanyi Okowa, expressed his commitment to create an enabling environment for investement to thrive.

    “The governor is committed to creating jobs and as such ensure a massive investment drive to grow our economy.

    He pointed out that Okowa’s administration placed high premium on agriculture, saying that agriculture remains the mainstay of the state economy.

    He lauded the management of Norsworthy Investment for its interest in developing the state, assuring the firm that the state government would provide every necessary support to make the project a success.

    “In my opinion, I think this is most strategic MoU we have signed with a private firm so far.

    “I want to say here that it is a laudable move that will not only create jobs, but also bring development to the area.”

    Agas called on other investors both local and foreign to emulate Norsworthy and take advantage of the enabling investment environment in the state to help grow the state economy.

    Also, the Commissioner for Economic Planning, Mr Kingsley Emu, said the signing of the agreement marked the highpoint of a business plan hatched over eight months ago by both parties.

    According to him, what we are witnessing today is the highpoint of a meeting held about eight months ago between the state government and Norsworthy Limited.

    “Sometime ago, the company approached the Delta state government requesting for three thousand acres of land to enable them grow oil palm plantation for agricultural value chain development.

    Emu said following the request, the state government approached the people of Akwukwu-Igbo community and the community volunteered to provide the needed land.

    According to Emu, the people of Akwukwu-Igbo, led by their monarch, Chief Obi David Azuka,  have provided the three thousand acres of land, which have been inspected and ready for the take of the project.

    The commissioner said that the land provided was highly productive considering its richness in agricultural production, and expressed the hope that the investment would be of mutual benefit to the state and the company.

    “It is our believe that this strategic move by Norsworthy will open up the area and create jobs for our people,” Emu said.

    Earlier, the Chairman of Norsworthy Investment Limited, Dr Gabriel Ogbechie, expressed the determination of the company to contribute its quota in the development of Delta.

    Ogbechie said: “We are very passionate when it comes to investment, not only in Delta but elsewhere because investment brings development to the people and grows the economy of its area of operation.

    “I want to commend Gov. Ifeanyi Okowa for his vision and commitment to bring development to the state, and we are ready to bring our own contribution to growing the Delta economy.”

    Ogbechie, who is also the chairman of Rainoil Nigeria Limited, a leading player in the nation’s petroleum industry, said Nigeria was blessed with veritable agricultural land that should be utilised to improve the fortunes of the nation.

    He said with the signing of the MoU, the company would be moving to site as early as possible to commence clearing work so that the project could start in the shortest possible time.

    “As a company, we are going to inject an initial 20 million dollars into the project to take off, and as we move on, more funds will be inject to expand and grow the investment.

    “Also, I see this project creating over five thousand jobs for our people. I can assure the people of this state that this project is going to improve the economy of Delta state,” Ogbechie said.

    NAN reports that the occasion was attended by some members of the Delta Executive Council, management team of Norsworthy Investment Limited and a representative of Akwukwu-Igbo community, Dr Ben Iwezu.

  • All set for Gabriel Ogbechie’s 50th birthday

    It is widely believed that by the time one hits age 50, one would have learnt one’s hardest lessons. He or she would have found that only a few things are really important. This is because one of the ironies of humanity is that we have learnt to take life seriously but never ourselves.

    Gabriel Ogbechie has waltzed into the golden age and must have realised that 50 is the youth of old age. Realising the significance of his new age, he is gearing up for a lavish celebration. Stylish, exquisite and unassuming, the billionaire oil magnate and owner of Rain Oil will celebrate his golden jubilee in grand style later today at one the hippest event centres in Lagos.

    Known for his love of the good life, Gabriel will spare no expense to celebrate this milestone. The quiet man that he is, one would have to get very close to him to know that he never dithers when it comes to acquiring the finest luxury money can buy. He has choice cars and scenic houses scattered around the nation, to mention a few of his enviable acquisitions.

    The CEO of Rainoil Ltd’s name may not ring a bell in the ears of many, but his filling stations are quite popular especially in Asaba, Sapele, Oshodi, Okota, Ikom, Abuja and other places.

    Ogbechie is a native of Idumuje Ugboko in Aniocha North Local Government Area of Delta State.  He is from an average home and the fifth of six children. His father was a policeman, so it was only natural that he grew up in the barracks.

  • Gabriel Ogbechie joins golden club

    It is widely believed that by the time one hits age 50, he or she would have learnt their hardest lessons. They would have found that only a few things are really important. One of the ironies of humanity is that we have learnt to take life seriously but never ourselves.

    Gabriel Ogbechie has waltzed into the golden age and must have realised that 50 is the youth of old age. Realising the significance of his new age, Ogbechie is gearing up for a lavish celebration. Stylish, exquisite and unassuming, the billionaire oil magnate and owner of Rain Oil will celebrate his golden jubilee in grand style in May. Known for his love of the good life, Gabriel will spare no expense to celebrate this milestone.

    The quiet man that he is, one would have to get very close to him to know that he never dithers when it comes to acquiring the finest luxury money can buy. He has choice cars and scenic houses scattered around the nation, to mention a few of his enviable acquisitions.

    It will be recalled that Gabriel organised a luxurious birthday party for his wife, Godfrey Ogbechie, when she turned 50 in October last year.

  • Lagos Country Club agog, as Rainoil Tennis tourney serves off

    Lagos Country Club agog, as Rainoil Tennis tourney serves off

    If you are a tennis buff, then the Lagos Country Club, Ikeja, is the place to be right now. Reason: Tennis aficionados, as well as educated enthusiasts have all gathered at the club to savour the best of the game at club level with a Lagos-based company, Rainoil Nigeria Limited picking the bills.

    Tagged “Sixth Rainoil Tennis Championship,” the competition, which has pitched members of the club in a battle to ascertain the real kings of the game, served off on Monday in three categories, men’s singles, men’s doubles and the veteran category.

    Speaking on the tournament, Managing Director of Rainoil, Gabriel Ogbechie, whose company is sponsoring the competition, said they are sponsoring the tourney as their way of encouraging tennis development in Nigeria.

    According to Ogbechie, the competition brings members together to compete in a convivial atmosphere and gives them the opportunity to gain bragging rights and improve on their rankings.

    “It is a two-week competition played on the only clay court available in Lagos.’’

    Chairman of the Tennis Section of the Lagos Country Club, Ayo Olanrewaju, who does not hide his excitement on the large turn out of participants at the tournament, described the Rainoil tourney as the grand slam tournament, saying, “we have only four grand slam events in the ATP calendar, all others are mere championships.

    “ The Rainoil tournament is our grand slam event. It is special and that is why people are excited. The stakes are high and the prizes are commensurate with the efforts of the players. We have adopted the ATP format, the only difference being that we have only three categories, namely men’s singles, men’s doubles and the veteran category.

    “The players are assured of high grade quality prizes apart from the trophies at stake. We are always pampered by Rainoil.”

    Describing the Rainoil Tournament as a tennis festival, Olanrewaju said the action on the courts are just part of the activities, adding “it has provided an avenue for members of the club to unwind and enjoy themselves.

    The captain of the tennis Section of the club, John Nwosu, who has been coordinating the on-court and other activities with other officials of the section, said players who get to the quarter-finals, semifinals and the final are assured of quality prizes provided by the sponsors.

    “Aside the material prizes, this championship gives every member of this club the opportunity to relax and bond with his friends while waiting for the opportunity to exhibit his skills.”