 Welcome back it's time for our second hard topic and now I want to take a look at the end of NMPCL's monopoly as a marketers field vessel brought in 27 million liters of petrol. And my guest is Kayo de Ikundayo publisher of Energy Times. Good morning to you Mr. Ikundayo. Good morning. Okay so are you excited about this new development or not? I'm not excited. Tell us why. The reason is that we need, if it has come from my general refinery that will be an applause for the country. But coming from abroad reporting from Russia is not a plus for the country. So I personally as energy journalist am disappointed and I'm not happy. As energy journalist tell us from all your reportage over the years why you think the NMPC and indeed Nigeria has been unable to make her refineries work. I will tell you that NMPC has failed Nigeria, hopefully. And because of corruption that is going on, Nigeria refinery can never work. Nigeria has spent 2.7 billion dollars to repair, not to build refineries, to repair the for refineries. None is functioning as it is today. So NMPC is a failure, it's total failure for this country. And we are being on this road of corruption, on this road of spending endlessly on Nigeria refinery for the past five years. And the turning will continue if this current government doesn't take any action to out it. We will continue to have this big moral issue for the next, I can say. Can you imagine a country spending huge amount of money on repair of refineries and none is functioning. And we still have people who are still, who collected those money, who awarded those contracts, they are still on their seats. I remember under my bandit that I was a young journalist. Any time there was any square scarcity, the end of NMPC will normally go on. But in Nigeria for the last 10, 20 years, we have never experienced a situation where the estimate of NMPC is set. Of course I think issues that, I mean we have seen the last, as I said the last 10 years, everything goes and nobody cares. And that is where we are, I mean we are here today. You can deregulate a sector without any backup. Why do you put people, your citizens in jeopardy to suffer for nothing? You want to deregulate without any function and nothing for refineries. They don't go to, they put their own home. It's not coming up. And if you come up, anything we see coming from that go to the refineries, they are all clear. Because the refineries is not yet completed. But unfortunately, we are all on the spot now. And I can tell you, the situation will worsen more than this within the next six months. For a price, we go up to 1,000 naira if care is not taken. And we are analyzing for you. Saudi Arabia by next month, they will cut their kudo export by 1 million. Russia will do the same. Iraq will do the same. Nigeria is not meeting its targets. Now, we pray there is no crisis in any of this kudo air pollution nation. The kudo air price will go up. Our agenda rates will go up. And how do we do it? Who will bear the cost? Who will bear the, I mean the challenge? We are saying we want to deregulate because we must already reach at the one enjoying subsidy. Is it the only reach suffering now? When we were calling for deregulation, it's not this type of deregulation we call for. We say that for you to deregulate, you must have a functionary banal. You must, there is no backup. We now put on our own, on the important square. And I want to add the NNPCF, the group, the group of people I was saying, they call it STD. That if the local refineries are produced, the price will not change. That is a lie. It will have a lot of impact on local consumption. The transportation from Russia to Nigeria. Mr. Kaede Kundayo, I don't know if you can still hear me. I'm back, I'm back. The transportation from Russia, Saudi Arabia, Canada to Nigeria. Why do you put it? Will you compare it to Porta Port? Will you compare it to Walry? The cost of bringing fuel from all these countries is high. So by the time you have a local refineries producing, you mix it together. I'm not saying that it's really Porta Port. You mix it together. And we rely so much on the imported. And the imported, I mean, it's basically based on foreign exchange. As of yesterday, our Nigerian foreign exchange to Naira was almost Naira Naira to $1. So if we are bringing a product, we want to have a product about as much as possible, at the rate of $7 per dollar. That's at Naira Naira to $1. By the time we are pumping it out, it will rise. And that's exactly what we have for here. So I cannot applause because a private company brought in a product. Nigeria should be jubilated for what? It's quite saddening. Indeed, it is quite saddening and very unfortunate because even the CEO of the company that brought in this fuel, Adeba Wole Olujimi, has lamented the high costs of importing this. In fact, it took six banks to bankroll the importation of this 27 million litres that was imported into the country. And so they are calling for the resuscitating of local refining, which appears to be the only way out. That is the only way out. It brought in at the $70 million. You understand? It brought in at the $70 million. How many companies locally, independently, can bring in that kind of a thing? No, because of support of the banks. Six banks? Yes. The major, the major, the all major, that total and all those things, they are not even brought in, they are products. Because that is not done, even the dollar we are talking about is even available. Assuming we have a food site, just more even than you. We have to import. If any of them is producing, it will supplement what they are bringing in. But it will add it together. It will reduce the price. There is no way to reduce the price. This one that has been brought in now, so exorbitantly, is there a way it will bring down the fair price from $620 that we saw in the last few days? It can never happen. It can never happen. Because whoever brings this product, we want to make profit. We are in for it. We are in for trouble. Trouble, we cannot quantify trouble. And not if you say it will end in social time. And I can tell you the price will never come down at this period. In fact, I can tell you, even if it has to be at the price it comes down, it can never come down. How does it come down? I'm telling you that we pray that there is no crisis in any of these product-producing states. If anyone has a problem today, if any one of them has a crisis today, Nigeria is here for it. We will be buying at $120,000 per liter. And nothing anybody can do about it. I just pray that this regulation will not be a major problem for the new government. Apparently. Because I don't think that the government will change this crisis. Because it's not a little crisis. It's very difficult for the government to manage at this point. When deregulation of the downstream sector was announced, many people were excited because just like you, they thought that things would take a different turn and not what we're seeing today. What is your advice to this administration? COP, the Coalition of Political Parties has called for the SAC and the investigation of Mele Keari of the NNPCL. What would you advise the President Tunibu to do right now? See, SAC is talking of Mele Keari. It's not the solution to this question. Though, I don't know what government is thinking about me. But what I'm saying is that deregulation should not have been the very first step before I mean Tunibu government should have taken. It didn't understand what is going on in the system before it made that announcement. Deregulation is a fact. Petro, petro consumption, petro issue anything around petro. It's a fuller type issue in any government. Look around the works, man. Look around the work. If we can, we have about two, three refinery functions. They are deregulated. They are supplementing what they are bringing abroad with it. There is no where in the world we are producing where we are producing states. And we rely so much, the total consumption rely, this is the first country I've ever seen it, I've ever read, upon all my 12 years as a tunnelist, as an energy reporter. This is the first country I've ever seen. There is no where in the world where a good one producing states is importing all the refinery products that is consuming abroad. It's not done. It's not done. Assume we are not producing states. Yes, we can say yes, it's true. We can, yeah, we rely on what I mean we are bleeding in, but we are producing daily where I spotting to die. And unfortunately, we cannot even define a single the modular refinery, some of them are working, they cannot even consumed by within the local government. It's not enough to consume within the local government in Nigeria. So where are we going from? But my only advice is that even the palliative we are talking about is not even enough to push on the facts of what we are having. It's not, I don't even know if we are going with you. Because without refinery there is no palliative that can solve the problem. No palliative. I don't want to be giving me 8,000 Naira every month. If 8,000 Naira can use to buy gas it's not even enough to fill 5 liters. How much is 6 or 7? How many liters without buying at the police station that you are saying you are getting a palliative? But the government is to work on the refinery. Not the refinery work. Buahari government spent 2.7 billion dollars on the repair of the refinery. Up to this moment not as possible. So this government will continue like that because in the last year budget Saturday morning we were budgeted for repair. So when you calculate the 2.7 billion dollars already spent on repair under Buahari alone we have not calculated how much they pay on the staff who are doing nothing in the refinery. So you can see that Nigerian is in total mess. It's in total mess. We are quite unfortunate that we found ourselves in this level. And we will continue to rig my role on this issue until we have the functionary refinery. Maybe when I am going to come up, I mean come up with this old refinery, I mean to distribute food across the country. But I don't see any of the country refinery functioning within the next 2 years. Mr. Kundayo thank you for your time Thank you for your time on the breakfast this morning. Thank you so much. All right, that was Mr. Kundayo joining us to take a look at the end of NMPCL's monopoly. We'll be back in a moment with sports to stay with us.