Connect with us

Business

Dangote has shamed many people by completing refinery – Akpabio

Published

on

 

Senate President Godswill Akpabio says Aliko Dangote, chairman of Dangote Group, shamed many people by completing the 650,000 barrels per day (bpd) petroleum refinery.

 

Akpabio, who spoke on Saturday during a tour of the facility, described the refiner as the ninth wonder of the world.

 

The senate president said the refinery is highly commendable, adding that Dangote deserved all the accolades for the feat.

 

Akpabio condemned those who were sceptical of the completion of the refinery, describing them as “dream killers”.

 

He said detractors of the refinery had all been silenced and previous governments had been put to shame with the completion of the project.

 

“They told us in Abuja that Dangote refinery is a farce, but we have come here and see for ourselves that the refinery is alive and running,” he said.

 

“Dangote has put to shame a lot of people. They are wondering how it will be possible for a single individual to accomplish what a whole nation could not accomplish; what 240 million people could not maintain; what a continent could not do and then one person build a 650,000bpd project.

 

“They keep wondering how one person can succeed where nations have failed; where the continent failed. But Dangote has done it. It is highly commendable.

READ  Dangote, Adenuga make 2024 Forbes billionaires list

 

“We came to see the refinery because we in the current Senate believe in the Nigerian dream.

 

“We didn’t come as a doubting Thomas, but we came because we believe in the project; we came to rekindle the hope of Nigerians and the Nigerians’ can-do spirit.”

 

Akpabio also said the federal government could not make refineries in Kaduna, Port Harcourt, and Warri function but the billionaire and his team proved it is possible to build a functioning refiner in Nigeria.

 

“The inability of the nation to refine its oil has brought untold hardship on Nigerians so much so that the Belgian government recently banned the exportation of dirty and condemned fuel to West African countries just because we can’t refine our own products,” he added.

 

‘WE’LL PUT A STOP TO FERTILISER IMPORT SOON’

Akpabio also said the senate and the entire national assembly would come up with robust legislation that would protect the project and others like it.

 

“Now that we have seen for ourselves, we are here to announce our own endorsement of this major project. It is also shocking to see that we produce sufficient fertilisers for Nigeria and enough to be exported,” he said.

READ  BREAKING: Tinubu meets Akpabio after senate's rowdy session

 

“As I said, we will do our report, and we will speak to Mr. President to put a stop to fertiliser import to Nigeria. You will hear from us soon.”

 

‘WE HAVE PLANS TO CONTRIBUTE TO $1TRN GDP’

In his remarks, Dangote said the goal is to contribute to President Bola Tinubu’s goal of achieving a $1 trillion gross domestic product (GDP).

 

“The refinery will help boost Nigeria’s economic growth, with the creation of thousands of direct and indirect jobs. During the construction stage, it supported over 150,000 jobs, made up of mostly Nigerians,” he said.

 

“These Nigerians in the process acquired various skills that are still useful in other construction projects.

 

“The capacity of the refinery is enough to satisfy domestic demands for refined products. The refinery will export about 50 percent of its production, thereby generating foreign exchange for the country.

 

“It will lead to growth in adjacent sectors such as logistics, shipping, engineering, and servicing.

READ  Dangote refinery begins production

 

“The refinery has the requisite capacity to provide energy security both by providing a ready home for our crude and in ensuring steady availability of petroleum products for all.

 

“We are thus making an important contribution to this administration’s plan to grow our GDP to $1 trillion.

 

“Our group is at the vanguard of job creation and employment generation in Nigeria. We are the biggest employer of labour after the federal government.

 

“Dangote Cement sustains about 70,000 direct and indirect jobs across Africa, while the refinery, petroleum chemical complex, and fertiliser will be able to create over 150,000 direct and indirect jobs.

 

“We envision in Nigeria the equivalent of Jamnagar in India where crude oil refining is the backbone of specialised industrial zones, transportation networks, and ancillary industries, contributing to the overall industrialisation of the region. Or Saudi Arabia’s Jubail Industrial City, which is also undergirded by large-scale petrochemical complexes.”

 

Aliko said the legislature has a great role to play in achieving all the set targets and supporting the refinery in securing the benefits.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Otedola buys N18.9bn shares to regain position as biggest shareholder in FBN Holdings

Published

on

By

 

Femi Otedola, billionaire businessman and chairman of FBN Holdings, has regained his position as the majority shareholder of First Bank.

 

According to corporate filings on the Nigerian Exchange Group (NGX) on Thursday, Otedola now owns 9.41 percent shares in the bank.

 

This became possible after he purchased the group’s shares valued at N18.9 billion.

 

According to the corporate filings, the billionaire paid N21.91 per share or N6.935 billion for 316,506,776 shares.

 

He then bought an additional 546,674,034 shares through Calvados Global Services Limited, his holding company, for N21.97 per share — totalling N12.01 billion.

 

With this, the number of shares recently acquired totalled 863,180,810.

 

The fresh acquisition has increased Otedola’s shares (direct and indirect) in FBN Holdings to 3,380,462,950 — from 2,517,282,140 shares.

 

This means the businessman is now the highest shareholder in the company, overtaking Barbican Capital Limited, owned by Oba Otudeko, which has 3,110,400,619 direct shares.

READ  Buhari lands in Nasarawa for project unveiling, APC rally

 

In January, FBN Holdings appointed Otedola as the chairman of its board of directors.

 

The appointment came two years after the investor became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 percent.

 

A month after the appointment, FBN Holdings named Barbican Capital Limited as its majority shareholder — making Otedola the second major shareholder at the time.

Continue Reading

Business

Price of 12.5kg cooking gas increased by 63% in one year, says NBS

Published

on

By

 

The National Bureau of Statistics (NBS) says the price of 12.5 kilograms (kg) of liquefied petroleum gas (LPG), better known as cooking gas, has increased by 63.85 percent in one year.

 

This is contained in the agency’s report on LPG (cooking gas) price watch for May 2024 on June 20.

 

NBS said the average price for refilling a 12.5kg cylinder of cooking gas in May increased to N15,627.40, compared to N9,537.89 in May 2023.

 

On a month-on-month basis, the bureau said the average retail price for refilling a 12.5kg cylinder of LPG dropped by 0.07 percent in a month — from N15,637.74 in April 2024 to N15,627.40 in May 2024.

 

“The average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) declined by 0.07% on a month-on-month basis from N15,637.74 in April 2024 to N15,627.40 in May 2024,” NBS said.

 

“On a year-on-year basis, this rose by 63.85% from N9,537.89 in May 2023.”

READ  I need 35 visas to travel within Africa but French investors don’t - Dangote

 

Based on state analysis, Zamfara recorded the highest average retail price for refilling a 12.5kg cooking gas with N18,369.33, followed by Bayelsa with N17,772.21 and Abia with N17,538.02.

 

“Conversely, the lowest average price was recorded in Bauchi with N13,076.43, followed by Ebonyi and Taraba with N13,788.09 and N13,860.31 respectively,” the bureau added.

 

“Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N16,310.02, followed by the North-West with N15,991.13 while the North-East recorded the lowest price with N15,010.62.”

 

‘AVERAGE PRICE OF 5KG LPG INCREASED BY 13% IN MAY’

NBS said the average retail price for refilling a 5kg cylinder of LPG rose by 13.75 percent on a month-on-month basis — from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024.

 

“On a year-on-year basis, this increased by 70.12% from N4,360.69 in May 2023,” NBS said.

READ  'Atiku, Obi sore losers' – Presidency dismisses planned alliance

 

“On state profile analysis, Benue recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N8,012.03, followed by Enugu with N7,926.21, and Ondo with N7,857.53.

 

“On the other hand, Yobe recorded the lowest price with N5,842.31, followed by Jigawa and Katsina with N6,521.81 and N6,567.95 respectively.

 

“In addition, analysis by zone showed that the South-East recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N7,680.87, followed by the South-West with N6,593.93.”

 

NBS also said the north-east recorded the lowest price for May with N7,071.84.

Continue Reading

Business

Why tomato, pepper are expensive – Mile 12 market chair

Published

on

By

 

The Chairman of the Mile 12 International Market in Lagos State Shehu Usman Jubrin has pinned the recent high cost of tomato, pepper, and other perishable items on insecurity and other factors.

 

A small basket of tomatoes goes for about N35,000 at the market while the price of pepper has also jumped, raising concerns among Nigerians.

 

But Usman says the insecurity in the north is a major factor for the hike in the cost of the items.

 

“The bone of contention, the real fact is just insecurity. Let me tell you, that’s the truth. And there’s absolutely nothing the country will do. This price hike will continue. They are still buying tomato, at the rate of N1,000 for three pieces,” he said on Monday’s edition of Channels Television’s The Morning Brief.

 

“Ninety-nine per cent of the people in IDP camps are farmers. They don’t know anything apart from farming – both male and female. The people who are on the farm and are farming with one eye closed are just about 1,500 out of like 5,000 farmers we have across the whole country.”

READ  Provide details of N1.1trn given to governors to alleviate economic hardship, Obi tells FG

According to him, some of the farmers negotiate with and pay bandits before they can go to their farms to harvest the products.

 

“In those places where you are getting all these items, there are negotiations between them and the bandits who ask them, ‘How much are you going to pay me to harvest and bring to the market?’” the Mile 12 International Market leader said.

 

“So, for as long as those people are in IDP camps, the country will continue to be in trouble in terms of food items.”

 

He also linked it to other factors including supply shortage from the northern part of Nigeria to the south.

 

“Let me just talk about tomatoes first. From November, December, January, February, March, and April, up to May, you have tomatoes from the North.

 

“You have danja, danjumi, kadawa, Kano and then Katsina states. This is the off-season now, so we expect tomatoes from Ilaro, Ogbomosho, Abeokuta, and Osun to come to Lagos, you know, and also part of Cameroon. That is a kind of substitute for the northern one.

READ  Major News Headlines In The Papers Today: ASUU warns of fresh crisis in varsities over withheld salary

 

“But unfortunately, it’s late: the one from Cameroon, the one from Abeokuta and Ogbomosho. And as we approach the festive period, tomatoes will be expensive. The northern tomatoes are finished and we don’t have substitutes from the south.”

 

He also blamed the situation on pests, saying the diseases have led to low yields.

Continue Reading

Trending News