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Dangote Refinery will generate $21billion, to employ over 100,000 youths

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Dangote Refinery will generate $21billion, to employ over 100,000 youths

 

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Amid encomium from eminent personalities, which included President Mohammadu Buhari and five other African heads of state, President of the pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote disclosed yesterday that the newly commissioned 650,000pbd refinery would employ over 100,000 Nigerians youths as well as generate over $21 billion, therefore saving the country huge forex, that would have been used for fuel importation. The company, according to him, now has over 33,000 employees.

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Dangote Refinery will generate $21billion, to employ over 100,000 youths

 

 

 

Much to the excitement of Nigerians, Dangote said the commissioning has marked the beginning of the new journey of self-sufficiency in refined petroleum products and exportation of the same just as has been achieved in Cement and lately fertiliser.

 

 

 

 

Dangote lamented that the current fuel crisis has had a negative impact on the nation’s economy and that informed his decision to build a world class refinery that would change the trend  and that though faced challenges but decided to trudge on.

 

 

 

 

 

He highlighted events leading to his firm deciding to build its own refinery after his attempt to acquire one of the existing moribund did not materialize noting that he decided to change marketing strategy and settle for gigantic project ever undertaken by an individual world over.

 

 

 

According to him, the refinery plant would be run at the highest effective and efficient level for maximum benefits to all Nigerians noting “we will replicate what we achieved in cement and fertilizer by attaining self-sufficiency and becoming net exporter.

 

 

 

 

 

Dangote assured Nigerians that 40 per cent of the production capacity will be available for export with the coming on stream of the plant guaranteeing raw materials for plastic, and pharmaceutical industries.

 

 

 

 

In his remark, President Buhari congratulated Dangote Group, saying “the 650,000 barrels a day of crude which will enable our country to achieve self-sufficiency in refined products and even have some supplies for export saying the government and people of Nigeria are proud of the doggedness and tenacity of Dangote as entrepreneur.

Said he; “This feat at this time of the nation’s economic development clearly made this event a notable milestone for our economy and the game changer for the downstream petroleum products not only for Nigeria but the entire African continent. Dangote Group has helped transform our economy from heavy import dependence to a net exporter in some critical industries, including cement and Fertiliser.”

 

 

 

 

He noted that the economy which has been stressed for many decades by huge deficits in economic infrastructure and over a decade of insurgency has also been severely impacted by several external crises, including the global financial crisis, the collapse of world crisis the Coronavirus pandemic and the Russia Ukraine war.

 

 

 

 

“The consequences of these challenges constitute a severe strain on our economy and limiting government’s ability to provide basic infrastructure without resorting to borrowing. Government therefore decide to focus attention on creating an enabling environment for the private sector to thrive and fill the enormous gap in investments not only in infrastructure, but also in all critical sectors.

 

 

 

 

“We recognize that without active participation of the private sector and a strong commitment to public-private partnership, the economy will not be able to continue to meet the challenge and economic growth”, while expressing the hope that the coming administration will continue to apply such innovative schemes to accelerate the fruition of critical infrastructure, in particular roads and gas pipelines.

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele while commending Mr. Dangote for the successful completion of the refinery project said it would not only aid that nation’s domestic petrol needs, but also help in generating export revenues for our country.

Emefiele recalled; “In September 2013, when Alhaji Aliko Dangote announced his plans for the refinery, it was estimated to cost about US$9 billion, of which US$3 billion was projected as equity investment by the Dangote Group and the balance financed through commercial loans. Due to an array of factors, the project was eventually completed with a total of US$18.5 billion with funding distributed into 50 percent equity investment and 50 percent debt finance. I am proud to state that the commercial loan component of the project was financed majorly by our domestic banks with the balance sourced from foreign banks. The Central Bank of Nigeria also partnered, as always, with the Dangote Group in ensuring the successful completion of the project by providing about N125 billion, to cover domestic currency requirements for the venture.

“What you may not be fully aware of, Your Excellencies, is that the Dangote Group has started repaying some of the commercial loans even before the commissioning of this facility. This reflects the commercial capability of the Group and its Chairman. I am pleased to inform everyone today that, following extensive repayments, outstanding debt has dropped appreciably from over US$9 billion to US$3 billion.”

The CBN Governor commended Nigerian banks saying they did not only partnered with the project through effective financing but were keenly aware of the importance of the project for our nation. “They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due.”

He described the successful completion of the refinery to President Buhari’s astute vision to ensure that Nigeria produces what Nigerians consume and that we consume what we produce. “The refinery and petrochemical project by the Dangote Group is a testament to your vision for Nigeria. It shows that, regardless of what the world thinks, Nigeria can be self-sufficient in all products that we consume and at the same time export our excess output to the rest of the world.”

“Aside from enumerating our strategic efforts in the agriculture and other critical sectors, a sterling project that we highlighted was the gigantic Dangote Refinery and Petrochemical project. The world doubted our willpower to succeed with this project. In hindsight, I could appreciate their scepticism because they do not understand how a single individual could build a refinery capable of serving an entire nation. To them, projects of this magnitude are usually only undertaken by sovereigns, not individuals.”

Group Managing Director of the Nigerian National Petroleum Company Ltd (NNPC), Mele Kolo Kyari said the NNPC was happy to partner Dangote Refinery because the project has potentials for smooth supply of petroleum and it would guarantee healthy competition for the benefits of the nation’s economy.

He said the NNPC Ltd. was committed to value addition to the potentials of the project noting that the new Petroleum Industry Act will provide security of supply of refined products and protect the plant. The NNPC boss added that his was happy the refinery is coming on board at a time the subsidy on imported products has become unbearable for the government.

In their respective goodwill messages, Presidents of Ghana, Senegal, Niger, Benin Republic and Chad expressed satisfaction that the Dangote Refinery will serve the West African region and that their countries would be beneficiaries saying the Dangote Refiner is an African company for Africa by an African entrepreneur.

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Eko Cares: Group Commends Sanwo-Olu’s Compassionate Leadership On Social Interventions

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Eko Cares: Group Commends Sanwo-Olu’s Compassionate Leadership On Social Interventions

 

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Governor Babajide Sanwo-Olu of Lagos State has garnered praise from The Mandate Movement for his decisive actions in the face of economic challenges with the launch of the ‘Eko Cares’ initiative. The initiative, aimed at alleviating the hardships faced by residents, particularly the economically vulnerable, has been lauded as a significant step towards improving livelihoods in the state.

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The Chairman of The Mandate Movement, Abdullahi Ayinde Enilolobo, conveyed his gratitude to Governor Sanwo-Olu through a member of the group’s Central Working Committee (CWC), Prince Adewale Arogundade, for spearheading various interventions aimed at mitigating the adverse effects of inflationary trends. A total of 300,000 households are expected to benefit from the inaugural program.

According to Enilolobo, “This holistic approach shows Governor Sanwo-Olu’s commitment to addressing the multifaceted challenges facing Lagosians and ensuring that no one is left behind in the pursuit of progress. Additionally, measures such as free ante-natal care, reduced transportation fares, and support for small businesses underscore the government’s dedication to improving the quality of life for all residents.

“We at The Mandate Movement commend Governor Sanwo-Olu for this initiative put together for the residents of Lagos, which also collorates with the wonders of the Asiwaju Bola Ahmed Tinubu-led administration. This clearly shows that the All Progressive Congress (APC) remains a beacon of hope for Lagosians, and Nigerians at large.”

Residents across Lagos have begun to laud the ‘Eko Cares’ initiative, stating that the government has shown determination to prioritize the well-being of its citizens, embodying the principles of empathy, inclusivity, and resilience in the face of adversity.

 

Eko Cares: Group Commends Sanwo-Olu's Compassionate Leadership On Social Interventions

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An Icon of Service: NATCOM boss, Otunba Adejare Adegbenro’s Leadership Legacy

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An Icon of Service: NATCOM boss, Otunba Adejare Adegbenro's Leadership Legacy

An Icon of Service: NATCOM boss, Otunba Adejare Adegbenro’s Leadership Legacy

 

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In the intricate mosaic of Nigeria’s societal fabric, Otunba Adejare Adegbenro stands as a beacon of commitment, resilience, and service.

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Born on March 6th, 1973, in Lagos, he draws from a lineage steeped in political legacy, being the grandson of the late Premier of Western Region, Alhaji Daudu Sooroye Adegbenro. Raised in a family that values service to the community, Otunba Adegbenro has carved his path as a distinguished figure in Nigerian society.

The culmination of his familial heritage and dedication to community service was marked by his installation as the first Otunba Laje of Owu Kingdom in Ogun State, Southwest Nigeria.

This historic event, which took place on January 20th, 2018, under the auspices of His Royal Majesty Oba Olusanya Dosunmu II, traditional ruler of Owu kingdom, reinforced Otunba Adegbenro’s deep-rooted ties to his cultural heritage and commitment to uplifting his people.

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Beyond his traditional titles, his influence extends globally, with his appointment as High Commissioner by the International Human Rights Commission (IHRC), where he spearheads foreign special missions aimed at preventing illegal migration and human trafficking. This appointment is a testament of his reputation as a renowned security expert and industrialist, whose expertise transcends national borders.

In his role as the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons, and Pipeline Vandalism (NATCOM), Otunba Adegbenro has demonstrated a steadfast commitment to combating threats to national security. His vast experience in security consultancy and supply of security gadgets has positioned him as a pivotal figure in Nigeria’s security landscape.

However, Otunba Laje of Owu Kingdom’s contributions extend beyond the realm of security.

Through his foundation, the Otunba Adejare Adegbenro Foundation (OAAF), he channels his resources towards uplifting the less privileged in society. With initiatives ranging from the provision of boreholes to communities lacking access to clean water, to scholarships for deserving students, he exemplifies the spirit of philanthropy and communal solidarity.

Reflecting on his journey, Otunba Adegbenro once acknowledged the challenges he has faced, from navigating the complexities of entrepreneurship to confronting societal stereotypes.

Yet, through it all, he remains resolute in his commitment to service and upliftment. His philosophy, rooted in faith and compassion, drives him to make a tangible difference in the lives of others, regardless of obstacles encountered along the way.

Otunba Adejare Adegbenro stands as a testament to the power of leadership, resilience, and unwavering dedication to the common good. In him, Nigerians find not only a visionary leader but a compassionate steward of progress, whose impact reverberates far beyond the shores of his homeland.

 

An Icon of Service: NATCOM boss, Otunba Adejare Adegbenro's Leadership Legacy

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Bullying: Victim may sue As Abuja School Shut

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Bullying: Victim may sue As Abuja School Shut

Bullying: Victim may sue As Abuja School Shut

 

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Lead British International School Abuja, which has been in the eye of the storm over viral videos of bullying involving some of its students, has been shut for three days.

The shutdown order was issued on Tuesday by the Minister of Women Affairs, Uju Kennedy-Ohaneye.

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The Public Relations Officer of the FCT Education Secretariat, Kabiru Musa,  confirmed that the school had been shut down by the minister.

“Yes, it was shut down by the honourable Minister of Women  Affairs for 3 days,” Musa in response to a Whatsapp message by one of our correspondents.

 

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staff member of the school, whose name could not be ascertained as of press time, had earlier announced the shutdown of the school by the minister.

The PUNCH reports that an X user, @moooyeeeee, had on Monday night posted two videos of a female student of the school being repeatedly slapped by another female classmate.

The user called for justice for the victim. Since they were posted, the videos have drawn the wrath of many users of the microblogging platform, who condemned the incident and called for the school authorities to investigate and punish the culprits.

 

A third video depicting a separate case of bullying at the Lead British International School, Abuja emerged on Tuesday.

In the new video posted on Tuesday, some male students in the school’s uniform are seen surrounding another boy who appears to be in casual attire.

A student slapped the boy, who was on his knees, and then some of the other boys who were gathered appealed to stop the ‘bully’ from further harming the boy, who was later whisked away in the nine-second video.

An X user, @PopoolaJoke4, who posted the video wrote, “No be the same school?”, in response to the first viral video of bullying in the same school that was released earlier.

In one of the videos of the minister’s visit, the  representative of the school was heard saying, “By the request of the Minister of Women Affairs, we are Nigerians who respect rules and regulations and we are under the law because our school is actually recognised and our school is under the Federal Capital Territory, and we are registered and based on that, Lead British International School, Abuja is hereby shut  for three days.”

As of the time of filing this report, our correspondent could not ascertain whether the FCTA would use the occasion to investigate other private schools in which alleged cases of bullying take place in the FCT.

Victim threatens lawsuit

 

Namtira Bwala, the student assaulted by her fellow students at Lead British International School, has written the school management, demanding a thorough investigation and heavy sanctions for the 11 students who bullied her.

Two of the bullies were identified tobe Maryam Hassan and a certain Faliya.

Bwala, in a letter addressed to the management of her school through her lawyers at the Deji Adeyanju and Partners Law Firm, gave the school an ultimatum of 48 hours after which she will seek legal redress.

 

A copy of the letter obtained by The PUNCH read, “Our client and several other parents in Lead British International School have informed us and we verily believe them that this act of bullying is a reoccurring issue in the school, and despite several attempts to draw the school’s attention to it, the issue has persisted, leaving our client traumatised from the emotional and physical effect of the oppressive acts by these daredevil bullies.

“Our client completely dissociates herself from the statement issued by the school on April 22, 2024, wherein a case of battery was unconscionably referred to as an ‘incident between minors’.

“Sequel to the foregoing, we have our client’s instruction to demand an immediate investigation and the pronouncement of the stiffest possible sanctions in the student’s rule book on Ms. Maryam Hassan, Miss Faliya and nine other students who have formed a cult of bullies in Lead British International School, Gwarimpa, Abuja.

“Please note that if the school fails to sanction the student bullies within 48 hours of the receipt of this letter, we have our client’s further instruction to seek an immediate and severe legal redress against Lead British International School, Gwarimpa, without further recourse to you.”

 

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