Connect with us
Advertisment

Business

DANGOTE REFINERY, A BUSINESS INSPIRATION TO PRIVATE SECTOR OPERATORS-TINUBU  

Published

on

Dangote ‘no longer’ richest investor on NGX, as Abdul Samad Rabiu leads in the latest ranking

DANGOTE REFINERY, A BUSINESS INSPIRATION TO PRIVATE SECTOR OPERATORS-TINUBU

 

 

Advertisment

 

As efforts are being intensified for the imminent completion of the multi-billion dollars 650,000bpd Dangote Refinery in Lagos, the project has been described as an inspiration to private sector operators in the country.

Advertisment

 

 

 

Advertisement

 

 

 

Excited at the share humongous size of the refinery, Mr. Wale Tinubu, Chief Executive Officer of Oando Plc, leading oil and gas downstream sector operators who was on a guided tour of the project alongside members of the company’s senior management said “with what I have seen, this Dangote Refinery is for Nigeria and Africa.”

 

He stated that the President of Dangote Group, Aliko Dangote deserved all the commendations in the world for the courage to build the world’s largest single train refinery in one of the most challenging business environment in the world even as the risk premium being at the highest.

 

Mr. Tinubu noted that he harboured no doubt within him that the refinery, upon completion, will meet the yearnings of Nigerian for product availability and ultimately de-risk the petroleum sector.

 

The Oando Plc CEO, said he felt a sense of pride for being able to witness this feat in the history of Nigeria, noting “It is more than just a refinery, it is a revolution, it is about what is possible in Africa by an African, we are talking about a world class project being done a scale that the world is not used to.

 

“This is happening in an extremely challenging environment in which all of the infrastructure had to be built from the scratch with the attendant huge additional cost, the cost of capital being high, and the risk premium being highest and done with such spectacular precision. I think the world is not going to see many of these sort of projects. I call it the eighth wonder of my own time.

 

“It is inspirational and Alhaji Dangote deserves all the accolades. This project is of strategic importance to the nation and the continent. Nigeria has no functional refinery, and it has 200million people that consume 40million litres a day.

“There is nowhere in the world where you have raw material for something and you do not beneficiate the product to a point where you can consume it in your country.  We have been a complete and utter failure when it comes to that and it is taking a private individual to reverse that trend.

 

“It is an epoch for the country. I think what we should do is to encourage him to complete it. Success for him is a success for the country.”

In his remark, Aliko Dangote stated that the refinery is not only a project for Dangote, but also a project for Nigeria.

 

He said: “Nigeria should be a leader in building facilities like these, as a business initiative. This project will definitely put Nigeria on the map, and surely change the fortunes of Africa.”

He further disclosed that Dangote apart from building world class projects is also dedicated to building capacity by resuscitating failing industries such as it did in the cement industry, adding that this has set the precedence in Nigeria.

 

The Dangote Refinery upon completion, will refine 650,000 barrels of crude per day, making it the single largest train in the world. This in turn will enable the nation to generate and save foreign exchange, which has been blamed for the country’s current economic woes. The project will also provide 90 megawatts of electricity through its multi-million-dollar sub-sea pipeline project.

 

It will be recalled that Dangote Oil refinery recently emerged as most impactful local content company of the year for its strict adherence to the local content policy of the federal government.

 

The award was presented to the company virtually at the 2021 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) with the theme: “Leveraging Opportunities & Synergies for Post Pandemic Recovery of The Nigerian Oil & Gas Industry,” held in Yenagoa, Bayelsa State recently.

The NOGOF award is a confirmation of the efforts of Dangote Oil Refinery in local capacity development in the oil and gas industry.

 

According to the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, the 2021 NOGOF award is Local Content driven looking at how projects to date by related organizations, using the criteria per each award category to gauge contributions to the success of Local Content Development within the oil and gas sector being monitored by NCDMB as mandated by the Local Content Act of Nigeria, 2010.

 

Advertisment

Bank

Wema records 196 percent profit before tax in 2023 financial report

Published

on

HACKAHOLICS DIGITAL SUMMIT 2023: WEMA BANK LAUNCHES AFRICA’S LARGEST GATHERING OF INNOVATORS, DISRUPTORS, REGULATORS, POLICYMAKERS, INVESTORS & CUSTOMERS IN THE DIGITAL SPACE

Wema records 196 percent profit before tax in 2023 financial report

Wema Bank has announced its full Year 2023 Audited financial statement, recording profit before tax growth of 196 per cent from ₦14.75bn to N43.59 billion.

Advertisment

The bank also proposed a dividend per share of 50kobo; up from 30 kobo in 2022 and deposit growth of 60 per cent to ₦1,860.57bn from ₦1,165.93bn reported in FY 2022.

“Return on Equity (ROAE) of 39.28%, NPL of 4.31% and N40billion 1st tranche of Capital raise awaiting final regulatory approvals,” a statement from the bank said.

Advertisment

Commenting on the results, the MD/CEO, Mr. Moruf Oseni said, “2023 showcased a revitalised Wema Bank as evidenced by the considerable improvements in our numbers. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 196%.”

He noted that the growth of Gross Earnings by 72%, Total Assets by 56% and earnings per share at 279.5 kobo shows the core improvements to the bank’s balance sheet.

“In addition, our cost to income ratio at 64.37% has witnessed significant improvement from the previous period.

Advertisement

“We also completed our N40bn Capital raise exercise (results awaiting final verification by regulators). This exercise actively positioned us for the new capital licensing requirements of the Central Bank of Nigeria. Wema Bank will accelerate its capital management plans and ensure we embark on the journey to raise the required capital as quickly as possible.

“The Bank will be proposing a dividend per share of 50 kobo to its shareholders at the next Annual General Meeting; this is in line with the Bank’s capital conservation strategy and to ensure that it continues to provide returns to its shareholders in anticipation of additional capital raises scheduled for later this year.

“We are satisfied with the bank’s performance in the first year of the new leadership team, as we move in a strong growth trajectory. Our target remains clear, we want to become a Top-Tier Bank in the industry powered by Digital excellence, we have carved a niche for ourselves with ALAT as a Retail platform, but we are now positioning the enterprise as the Intelligent platform for all financial services.

“We have partnered with the Federal Government on upskilling Two Million MSMEs, provided engagement platforms for all NYSC members and are now implementing partnerships in Health, Education, Women empowerment and in the green economy.

“In the months ahead, we would be developing platforms and supporting initiatives that prioritise the needs of our customers, leveraging technology in solving problems across all sectors.”

Advertisment
Continue Reading

Business

All Is Set For HiCESRA 2024!… As HCS Magazine Launches @5

Published

on

All Is Set For HiCESRA 2024!... As HCS Magazine Launches @5

 

Advertisment

All Is Set For HiCESRA 2024!… As HCS Magazine Launches @5

 

The magnificent R&A City Hotel situated in Ikeja, Lagos will welcome a mammoth crowd of celebrities, dignitaries, boardroom marshals, traditional rulers, religious leaders, political icons and great actors from other sectors of the Nigerian economy to felicitate with High Celebrity Squard International Magazine as it clocks 5 years in the Nigerian media space.

Advertisment

 

 

All Is Set For HiCESRA 2024!... As HCS Magazine Launches @5

Advertisement

The event, scheduled to take place on Sunday the 21st of April, 2024 by 2pm will also witness the decoration of selected Nigerian dignitaries who will be inducted into the HiCESRA Hall of Fame as well as outstandingly industrious individuals led by the indefatigable Executive Governor of Lagos State, His Excellency Mr. Babajide Olusola Sanwo-Olu and corporate organizations that have been lined up to win several noble awards.

Top on the list of inductees into HiCESRA Hall of Fame include the Alayeluwa His Imperial Majesty Adeyeye Enitan Ogunwusi, the Ooni of Ife, effervescent business tycoon Dr. Taiwo Afolabi of Sifax Group, Industrial giant Aare Rasaq Akanni Okoya and his beloved wife Dr. Mrs. Shade Okoya, the gallant Comptroller General of the Nigerian Customs Services Adewale Adeniyi, Primate Elijah Ayodele of INRI Evangelical Church, Prince Kayode Kolade the Controller NCS Zone C, Owerri and his lovely wife Princess Dr. Toyin Kolade the Iyalaje Oodua Worldwide, the Aare Onikoyi of Yorubaland Chief Tomori Williams, Aare Basheer Fakorede the Aare Bobajoko of Image land, Chief Mrs. Quincy Ayodele global Queen of herbal product, Fuji Czar Wasiu Ayinde Anifowoshe etc.

An impressive list of awardees will also make HiCESRA 2024 an outstanding event. The convener of this tremendous project, Quadri Alabi Olowolagba affirmed that this is the time to celebrate the 5th anniversary of High Celebrity Squard International Magazine and at the same time, formally launch the magazine that has been portraying the good images of great personalities, corporate organizations, traditional leaders, religious bodies, governments and other vital contributors to the country’s economy.

We developed HiCESRA 2024 to appreciate the efforts of these individuals and entities. In addition to this, we are also inducting some distinguished dignitaries into HiCESRA Hall of Fame. We urge a our invited guests, partners, clients and well wishers of High Celebrity Squard International Magazine to be at R&A City Hotel in Ikeja on the 21st of April and witness the mother of all awards celebration.

However, a national topical issue themed “Strategizing solutions to Nigeria’s devastating economy, incessant insecurity threats: Roles of the media” will be discussed at HiCESRA 2024 by renowned media practitioners and social commentators. Watch out for the bumper maiden edition of HiCESRA. It promises to be a classic.

Advertisment
Continue Reading

brands/telecom

New Cryptocurrency “Chambs” Launches with Innovative Mining Model

Published

on

New Cryptocurrency “Chambs” Launches with Innovative Mining Model

 

Advertisment

A new cryptocurrency, Chambs, has entered the digital market with promises of revolutionizing utility tokens. Offering a plethora of features and benefits, including payments, staking, and a cutting-edge web3 social media platform, Chambs has quickly caught the attention of crypto enthusiasts worldwide. Powered by the Solana blockchain, Chambs boasts a seamless and efficient network, ensuring fast transactions and low fees.

New Cryptocurrency "Chambs" Launches with Innovative Mining Model

Advertisment

 

What sets Chambs apart is its unique mining model, which allows users to mine Chambs tokens for free on a daily basis. With the potential to claim up to 8,300 Chambs daily, equivalent to $4.7 USDT worth, users have the opportunity to accumulate tokens effortlessly. These mined Chambs can then be easily swapped to USDT after the mining period, providing users with tangible value.

Chambs serves as the native coin of Chambit Exchange, a pioneering peer-to-peer exchange solution poised to make waves in the crypto space.

Advertisement

Backed by a diverse team of experts and a robust funding team, Chambs aims to deliver real-world utility while promoting financial inclusion and social impact. Its well-defined roadmap outlines ambitious plans for growth and development, setting the stage for Chambs to emerge as a major player in the cryptocurrency ecosystem.

To capitalize on this groundbreaking opportunity, users are encouraged to start mining Chambs today. By signing up through the provided link, users gain access to the Chambs mining platform, where they can begin accumulating tokens immediately. Additionally, Chambs offers a dedicated mobile app available for download on the Google Play Store, ensuring seamless access to the platform’s features and updates.
Stay updated with the latest developments and announcements from Chambs by following their official social media channels. Join the Chambs community on Facebook, Twitter, and Telegram to engage with like-minded individuals and stay informed about upcoming events and promotions.

With its innovative approach to mining and commitment to real-world utility, Chambs is poised to disrupt the cryptocurrency space and make a lasting impact on the world. Don’t miss out on this opportunity to be part of the future of finance. Start mining Chambs today and join the revolution.

“Chambs is a multi chain utility token that offers a range of features and benefits to users, including payments, and staking and a web3 social media platform that promotes user engagement and interaction Powered by the Solana block chain,

Chambs is a native coin of Chambit Exchange. A unique peer-to-peer exchange solution set to make impact in the crypto space.

Champz aims to provide real-world utility, while also promoting financial inclusion and social impact. With the backing of a diverse team of experts and a strong funding team, Champz has the potential to become a major player in the cryptocurrency space and make a positive impact on the world.”

You can mine champz for free on daily basis 100% free
As they have a well defined roadmap

You could claim upto 8,300 Chambs daily($4.7 Usdt worth) and swap it to usdt after mining period.

Don’t miss this one!! Start mining now

Signup 👇👇👇
👇👇https://app.champz.net/signup?referralCode=41207SWKC4e

Download app on playstore
👇👇👇👇👇
https://play.google.com/store/apps/details?id=com.exchange.champz&pcampaignid=web_share

Get daily updates

Facebook
👇👇👇👇
https://www.facebook.com/chambitofficial

Twitter
👇👇👇👇👇
https://x.com/chambitofficial

Telegram
https://t.me/chambitpage

Advertisment
Continue Reading

Cover Of The Week

Trending