Business
THE INAUGURATION OF THE DANGOTE REFINERY AS THE BEST DEVELOPMENT FOR REAL ESTATE INVESTORS BY DENNIS ISONG
THE INAUGURATION OF THE DANGOTE REFINERY AS THE BEST DEVELOPMENT FOR REAL ESTATE INVESTORS BY DENNIS ISONG
Sahara Weekly Reports That The highly anticipated Dangote Refinery, a monumental project, was inaugurated with great fanfare on May 22nd, 2023, by President Buhari in Lagos, Nigeria’s bustling economic hub. This marked a significant milestone in the nation’s pursuit of energy self-sufficiency and economic development.
The Dangote Refinery stands tall as a testament to engineering marvels and cutting-edge technology. Boasting an impressive capacity of 650,000 barrels per day, it proudly holds the distinction of being the largest single-train refinery globally. Its state-of-the-art infrastructure and advanced processing capabilities position Nigeria as a prominent player in the global petroleum industry.
With its colossal capacity, the Dangote Refinery is poised to address Nigeria’s long-standing challenge of meeting its domestic demand for refined petroleum products. As the refinery ramps up operations, it aims to achieve an ambitious target: satisfying 100% of Nigeria’s ever-growing appetite for these essential commodities. This achievement would significantly reduce the country’s dependence on imports and enhance energy security for its citizens.
While primarily designed to cater to domestic needs, the Dangote Refinery also has strategic plans to contribute to Nigeria’s foreign exchange earnings through exports. Approximately 40% of its refined products will be allocated for international markets, bolstering the country’s economic position on the global stage. By capitalizing on its abundant resources and efficient production, Nigeria can diversify its revenue streams and strengthen its economic resilience.
Nigeria’s heavy reliance on imported petroleum products has long been a financial burden. In the year 2022 alone, the nation incurred a staggering expenditure of N10.1 trillion or $23 billion on importing these essential fuels.
However, with the commissioning of the Dangote Refinery, the trajectory is set to change. The refinery’s robust capacity and local production capabilities will substantially reduce Nigeria’s reliance on expensive imports, fostering economic growth and stability.
Nigeria’s external reserves, a crucial indicator of its economic health, presently stand at an impressive $35 billion. While this figure may seem substantial, it is important to note that it represents only six months’ worth of imports.
Recognizing the significance of maintaining adequate reserves for economic stability, Nigeria must continue its efforts to bolster and diversify its revenue streams.
The successful operation of the Dangote Refinery plays a vital role in this pursuit by generating foreign exchange earnings and reducing the drain on the country’s external reserves.
The Dangote Refinery in Lagos holds immense potential for Nigerians considering property investments in the area.By analyzing several key factors, we can better understand the capacity, impact, and economic context surrounding the refinery, highlighting the compelling reasons for individuals to seize this opportunity.
1.Job Creation and Economic Growth:
The establishment of the Dangote Refinery is set to generate a significant number of direct and indirect employment opportunities.
This influx of jobs will attract individuals from various regions, leading to a surge in demand for housing in Lagos.
Investing in properties located near the refinery presents an enticing prospect, as it can provide rental income or the potential for substantial resale value, considering the increasing workforce’s accommodation needs.
2. Population Growth:
As the refinery commences operations and draws a substantial workforce, the population in Lagos is anticipated to experience notable growth.
This population surge necessitates a corresponding increase in residential properties to meet the rising demand. Purchasing properties in close proximity to the refinery enables investors to benefit from the escalating need for housing and potential appreciation in property values.
3. Infrastructure Development:
The establishment of the Dangote Refinery will act as a catalyst for comprehensive infrastructure development in Lagos. To support the refinery and accommodate the growing population, enhanced transportation networks, roads, utilities, and social amenities will become imperative. Investing in properties situated near these infrastructure development projects can result in improved accessibility, convenience, and increased property values over time.
4. Foreign Investments:
The presence of the Dangote Refinery is expected to attract foreign investments, thereby enhancing Lagos’s overall economic outlook. Foreign investors seeking real estate opportunities are likely to concentrate on areas surrounding the refinery due to the projected growth and potential returns. Acquiring properties in close proximity to the refinery aligns investors with the influx of foreign capital, increasing the potential for long-term value appreciation.
5. Improved Standard of Living:
The economic benefits arising from the Dangote Refinery, such as job creation and increased foreign investments, will contribute to an improved standard of living in Lagos.
Investing in properties near the refinery allows individuals to reap the advantages of the refinery’s positive impact on the local economy and enjoy the amenities and infrastructure developments that follow. This, in turn, can lead to an enhanced quality of life for residents and potential appreciation in property values.
6. Reduction in Fuel Imports:
The primary objective of the Dangote Refinery is to fulfill Nigeria’s demand for refined petroleum products and reduce the nation’s reliance on fuel imports.
This shift will have a positive impact on the country’s trade balance and foreign exchange reserves, leading to a stronger economy. A more stable currency resulting from improved trade balance can make property investments in the area an attractive option for Nigerians seeking to preserve and grow their wealth.
Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041
Business
BUA Crashes The Price Of Cement To 3,500 Per Bag, Promises Further Reduction {see full text}
BUA Crashes The Price Of Cement To 3,500 Per Bag, Promises Further Reduction {see full text}
BUA Group has proven itself as an organization that promises and delivers. This is not unconnected to the fact that BUA Cement has decided to bring down the price of Cement effective October 2, 2023.
According to a statement from the Cement manufacturer, the organization decided to bring the price reduction forward rather than waiting till when its new production lines were completed as it had earlier promised.
Based on the latest development, the ex-factory price has now been fixed at 3,500 NAIRA per bag, ‘so that Nigerians can begin to enjoy the benefits of the price reduction even before the completion of the new plants’.
The statement further revealed that upon completion of the new plants which will increase BUA production volume to 17million Metric tons per annum, the company intends to further review downwards the price of cement by first Quarter of 2024 in line with earlier promise.
See full text of the statement below:
Business
“I am Sorry; I don’t Know What Came over me – Chioma Egodi Jnr Tenders Apology to Erisco Foods Over Misleading Facebook post
*“I am Sorry; I don’t Know What Came over me – Chioma Egodi Jnr Tenders Apology to Erisco Foods Over Misleading Facebook post*
Facebook user, Chioma Egodi Jnr, has again come out to tender her apology to ERISCO Foods for her distorted claim against the leading indigenous food processing company.
“I apologise for any discomfort or inconveniences my actions may have caused by its release on the social media loop,” Egodi stated.
But her apology has elicited mixed reactions: while some condemned her for misleading Nigerians, others believe she may have been paid to bosh the image of the leading indigenous food processing company.
It will be recalled, on September 17, Egodi had alleged on her Facebook page, highlighting the high sugar content in the tomato paste and inviting her followers who might have used the same product to share their opinions.
In her apology letter, Chioma Egodi said she realized that she made a weighty mistake by lying about the product. She said she was deeply sorry for the harm she caused to the company, its customers and the public. She also said she would retract all her earlier posts on the matter immediately and do anything within her power to rectify all the things she did wrong.
In her words;
_“I sincerely wish to apologize to Erisco Foods Limited for the post I made on Facebook about their product Nagiko Tomatoe mix._
_“I am truly sorry Sir. I am sorry for the lies concerning the product. I am truly sorry Sir._
_“I regret my actions and wish to be forgiven._
_“I pledge that this type of bad behaviour will never happen again._
_“I undertake to retract all my earlier posts on this matter immediately, this is without compulsion._
_“I will do anything within my power to rectify all the things I did wrong concerning this matter._
_“Once again I’m very sorry for the damage done to the company, its customers and the general public._
_“Thank you Sir.’_
It is important to know, that the apology letter was duly signed by Chioma Egodi as the one who perpetrated the false claim and also signed by the husband as witness.
Media had earlier reported that the CEO of Erisco Foods Limited, Mr. Eric Umeofia vowed to sue Mrs Egodi for N5billion over the false review. He said the company suspected that Chioma Egodi was not a genuine customer and could not provide any proof to support her claim.
However, Mr. Eric Umeofia, has said that he has accepted Mrs Egodi’s apology and that he may withdraw the lawsuit against her provided if she will go ahead to post the hand written apology letter to the company on her Facebook page as agreed but if she failed to post it, the company would have no choice than to proceed with the N5billion lawsuit.
Defending the quality of Nagiko Tomato Mix, the National Agency for Food and Drug Administration and Control (NAFDAC) has released a statement saying, “the presence of sugar in Erisco’s Nagiko tomato mix is safe for consumption and is duly approved by the agency.
NAFDAC said, the product in question – Nagiko Tomato Mix by Erisco Foods Limited with NAFDAC Registration Number A8-7430 is duly registered.
“Sugar is added to these products for a number of reasons, including but not limited to masking bitterness, enhancing colour and flavour, improving texture and taste consistency, and as a preservative.
The safety limits of sugar in food products are determined by NAFDAC, and only sugar-containing products within these safety limits are approved by NAFDAC,” the statement read.
Osahon Okunbo: A philanthropist Nigerian international business man taken his rightful position in the league of achiever
Sahara Weekly Reports That Osahon Okunbo, a prominent figure in Nigerian international business, continues to ascend the ranks of high society, which recently seen him receiving recognition in New York, USA, during an official tour that included a meeting with President Bola Ahmed Tinubu, organized by Senator Asuquo Ekpenyong is no more news but how this visionary leader unwavering commitments to fostering a positive change within his community and beyond is what many people are marvel at His vision, leadership, and dedication, take him to the pinnacles of someone who cares deeply about making a positive impact on the society and the environment, and this he has seen him initiated many projects and programs that reflect his good intentions to people who surrounded him.
Despite his tight schedule, this young man still has time for his staffs, a very meticulous who pays great attention to detail. He always reviews every document, presentation, and report before approving or sending them. Though he also expects the same level of quality and accuracy from his staff and colleagues, and with his loads of success and achievement so far it could be stated that this international man has not disappointed in delivery of good things.
A very passionate man who adores charity work, especially in the areas of education, health, and environmental sustainability. He has donated generously to various causes and organizations, and he also participates actively in fundraising events and campaigns. He often visits the beneficiaries of his charity work and listens to their stories and feedback.
Though he faces some challenges in managing his time and workload, but the ambitious in him often makes him to work long hours and takes on multiple responsibilities, which sometimes affects his health and well-being, but he is still not relent in making sure he got to the zenith of a success. He also struggles to balance his work and personal life, as he has a large family that he loves and cares for.
While his passion for making a difference is unquestionable, he still believed there is room for Improvement. “I always feel flattered whenever people eulogizing my philanthropist way of life or praise me, but to me have not done anything, like I always tell people it is always my joy and happiness see people happy too”.
Okunbo has established a clear vision and direction for his organization. And so, the staff and colleagues are committed to delivering high-quality results. His passion for making a difference and creating value, is been driven by a sense of purpose and mission to contribute positively to the society and the environment.
“ His curiosity for learning and exploring new possibilities. He is always eager to acquire new knowledge, skills, or insights that could help him improve himself or his organization… His pride for excellence and achievement. He is always striving to deliver the best results, meet, the highest standards, or surpass the expectations.” Chorused his staffs when they were asked to comment on their indefatigable chairman
They continued
“He emphasizes the importance of maintaining a balance to ensure sustained effectiveness. By implementing effective time management techniques and setting clear priorities, he can strike a better balance between his professional and personal life, ultimately increasing his efficiency and well-being. What excites us about working alongside our chairman is the opportunity to witness the direct impact of our efforts on the community. His passion is contagious, and the potential for positive change is limitless. Also, the dynamic nature of our industry is truly exhilarating. We are excited about the constant innovation and opportunities for positive change. It’s a field where we can make a tangible impact on people’s lives.”
They concluded
Obviously, his expectations are lofty, and he aspires to attain exceptional results, with the aim of establishing himself as a leading thought leader of this generation. But his only fear, it seems, is not being able to maximize his potential impact. Overall, he embodies Definitely Okunbo is a passionate and driven leader committed to making a difference in the industry through his business.
Mr. Okunbo, is a Nigerian native, a seasoned businessman and entrepreneur with over 15 years’ board and management experience in Nigeria across various industries, including oil and gas services and facilities engineering, procurement, construction (EPC) and project management. In addition to oil and gas he holds various leadership positions across various non-oil sector industries such as hospitality, agriculture and aviation. Mr Okunbo sits as an executive and non-executive director of various companies, which employ directly and indirectly over 6,000 Nigerians.
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