society

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

Published

1 year ago

May 22, 2023

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

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.

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.

Related Topics:Dangote refinery Featured

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Business

ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

Published

9 hours ago

July 26, 2024

Sahara Weekly

ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa), the philanthropic initiative of the Chairman of BUA Group, Abdul Samad Rabiu (CFR, CON), has flagged off the construction of a N280 million Abdul Samad Rabiu Integrated Publishing House for Babcock University, Ilishan-Remo, Ogun State. This project will enhance the capacity of the University from basic press status to a modern, integrated publishing house to encompass publishing, print production, and other related diversified services. The one-storey building facility will serve as a laboratory and studio for training students of communications, media studies, and allied disciplines as well as other disciplines.

At the groundbreaking event, the Vice Chancellor of the University, Prof. Ademola S. Tayo, expressed satisfaction at the nomination by ASR Africa, under its Tertiary Education Grant Scheme. He added that the choice of the project was a response to the vision to take the Mass Communications Department of the University to a whole new level. According to him, the university’s vision is to produce young men and women capable of critical thinking, and problem-solvers capable of proffering innovative solutions to problems of everyday life, be it social, political, and cultural.

In his response, Dr. Ubon Udoh, the Managing Director of ASR Africa, expressed his delight at the University’s choice of establishing an Integrated Publishing House. He added that when information is appropriately applied, human society is empowered to liberate itself from limitations and attain its full potential. Dr Udoh reiterated the commitment of the Chairman of ASR Africa, Abdul Samad Rabiu to supporting quality education within the tertiary education system in Nigeria and urged the institution to focus on the sustainability of this noble project. He also reiterated the importance of cooperation and collaboration between the university and the contractor for the timely delivery of the publishing house.

About ASR Africa

ASR Africa is the brainchild of African Industrialist, Philanthropist, and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

society

President Bola Ahmed Tinubu GCFR, PLEASE, ACT FAST!

Published

12 hours ago

July 26, 2024

Sahara Weekly

President Bola Ahmed Tinubu GCFR, PLEASE, ACT FAST!

by Comrade Oladimeji Odeyemi.

It’s no longer story that the preparation for the EndSars carnage went on for a while before its actual implementation.

But lack of proactive approach on the part of some people in the government of the day became a recipe for the actualisation of the dastardly act. History is about to be repeated, but I do not expect this to happen under the watch of President Bola Tinubu.

I do not say that people should not be allowed to protest if they have any reason to do so. But given the fact that the country does not have the capacity to separate genuine protesters from hoodlums, unnecessary protest should be curtailed.

Some people may be surprised that I call it unnecessary protest.

Yes, it’s unnecessary because this government has never displayed any act of rigidity since it took the mantle of leadership. It responds even to mere comments on social media expressly within. It is clear to every discerning and positive citizen that this government has become one of the most engaging one since 1999.

It has engaged with the organised labour on the minimum wage and it’s being passed to law. It has won autonomy for local government councils. It is on course for disbursements of students’ loans. It has given tax waiver for certain commodities and goods. You only protest against a government that is either passive, incorrigible or rigid. How can a government that is barely a year in office be protested against even when it has surpassed many of the past ones within one year? That cannot be called a protest but a mischief.

President Bola Tinubu should not be deceived by those who harp on funny fundamental human rights to cause mayhem. America is the country they use as a reference point. But American government does not take untoward attitude from anyone. If you want some you will be given some. There is no way for avoidable discomfort.

Kenyans are licking their wounds at the moment. We must not allow our own case to get to that point. I believe that many of those who are planning for the protest are children who do not know the implications of such a protest. Those who are old among them are those who would gladly set their universities’ libraries on fire in the name of students’ demonstration just because water tap didn’t run at the expected time.

Please, begin to show us that we have someone in charge of our affairs. Be more presidential Your Excellency. We know that it’s those who lost elections in 2023 and those they have recruited among those who think you have not compensated them among your conditional supporters that are behind the protest.

Please, refuse to be blackmailed. No matter what you do, there is but one mind in those people and it is turned against you. Please do everything humanly possible for PH REFINERY to work. Support Dangote Refinery to get crude oil locally.

We must not be importing fuel forever. Therefore, you should beware of the sinister motive of the August 1 planned protest, Your Excellency. May you continue to succeed and may all patriotic Nigerians continue to progress in all spheres of life in the mighty name of God.

Comrade Oladimeji Odeyemi is an entrepreneur, opinion leader and a security analyst.

society

Law Enforcement Training Institute ( LETI ) Commences Annual Mandatory Training

Published

18 hours ago

July 26, 2024

Sahara Weekly

Law Enforcement Training Institute ( LETI ) Commences Annual Mandatory Training.

The Lagos State Law Enforcement Training Institute ( LETI ) begins her Annual Mandatory Training Exercise for the year 2024 for Law Officers across the state.

The exercise, which will run for a duration of six weeks brings together officers from the Lagos State Traffic Management Authority ( Lastma ), the Lagos State Environmental Sanitation Corps ( Kai ), the Vehicle Inspection Service ( Vis ), the Lagos Neighbourhood Safety Corps ( Lnsc ) and the Central Business District ( Cbd ) law Officers.

In her opening remarks, the CEO / Head of Leti Mrs Abiola Adeyinka emphasised on the importance of continual training for Law Officers to ” be at their best” and to ” embrace the opportunity to enhance their skills and knowledge.” she stressed the need for professionalism, integrity, and respect for the Rule of Law in the discharge of their duties as respectable officers of the state of excellence. The training program will cover a wide range of topics to include:
* Traffic management and Enforcement.
* Public safety and security.
* Human right and law enforcement.
* Conflict resolution etc.
* Interpersonal relations to mention but few.

Mrs Adeyinka reteirated the State government commitment to ensuring that Leti delivers on its mandate of providing high quality training to Law enforcement Officers in the state.

According to the Ceo, “The Governor of Lagos State has pledged the full support of his administration to Leti in its efforts to enhance the professionalism and effectiveness of Law enforcement in Lagos State. The annual mandatory training exercise is a testament to the Lagos State government commitment to ensuring a safe, secure and well- managed environment for all residents.