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Dangote says Company’s projected $30bn revenue will boost the Naira value
Dangote says Company’s projected $30bn revenue will boost the Naira value
President of Dangote Group, Aliko Dangote, on Sunday stated that his company’s aim is to become the leading supplier of foreign exchange in the FX market soon, as it targets $30 billion in revenues by the year 2025.
During a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited with media executives at the weekend, he said the plan is to attain independence from the Central Bank of Nigeria (CBN) in forex sourcing, highlighting a strategic shift in revenue composition within the cement business from the current 75 percent to 15 percent in the future.
The expected significant inflow of forex into Nigeria through his businesses, will automatically boosts the value of our local currency and make Naira regain its value in the comity of international currencies all over the world.
According to Dangote, the refinery began full operations in 2024, initially focusing on refining intermediate products such as polypropylene, naphtha, RCO, gasoline, diesel, and jet fuel.
He explained that the refinery entered its steady-state production phase in March 2024. Additionally, he anticipates production ramping up to 500,000 barrels per day (bpd) with 15 crude cargoes per month by August, increasing to 550,000 bpd by the end of the year, and aiming for 650,000 bpd by the first quarter of 2025.
“Petrol production is to commence in July with sales from August,” assured Dangote.
Dangote also hinted that the group intends to list both Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited on the Nigerian Exchange Group in the first quarter of 2025. He said that this initiative would enable Nigerians to participate in the ownership of these companies.
“Due to the nature of our business with both the refinery and the fertilizer, we are aiming to list them by the end of this year. However, depending on circumstances, worst-case scenario, we anticipate listing them before the end of the first quarter of next year. This will allow us to offer shares for sale and enable Nigerians to participate as shareholders,” Dangote stated.
The Dangote Refinery, which will process 650,000 barrels per day (BPD) at full capacity, stands as Africa’s largest oil refinery and the world’s largest single-train facility, while the Dangote Fertiliser Limited operates Africa’s largest Granulated Urea Fertiliser complex. Presently, Dangote Cement is Nigeria’s most capitalised company.
While noting that the total storage capacity of the refinery is 4.5 billion litres, sufficient to cover 20 days of Nigeria’s crude requirement and store products equivalent to 15 days of Nigeria’s petrol consumption, he stressed that the refinery would produce 53 million litres of petrol per day and 1.1 million tonnes per day.
He added that the refinery is equipped with dedicated loading gantries featuring 86 loading bays, alongside specialized marine facilities for the offloading of crude and the loading of petroleum products. Additionally, the facility, he said, includes a 900-kilotonne per annum polypropylene plant, with production capacities of 36,000 tonnes per annum for sulphur and 585,000 tonnes per annum for carbon black.
Dangote said that over the past four decades, the operations of Dangote Group have evolved significantly from a commodity trading company to a diversified conglomerate. He emphasised that this transformation was driven by the overarching goal of achieving self-sufficiency in key sectors and bolstering Nigeria’s economy.
He noted that the group, which began as a trading company in 1978, has expanded into a diversified conglomerate with investments spanning cement, agriculture, fertilizer, petrochemicals, oil & gas, auto assembly, infrastructure, and other sectors.
He said the group is driven by the idea that Africa’s future prosperity hinges on its ability to harness its own resources and capabilities. Dangote stressed that the continent inadvertently imports poverty and exports jobs by exporting raw materials and importing finished goods.
The Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, reiterated the commitment of the company in enhancing local capacity in critical sectors of the economy.
He said Dangote Industries Limited has empowered young Nigerians to assume key roles across its operations, with many even becoming expatriates in other nations.
Edwin stressed the refinery’s status as the world’s largest single train complex constructed entirely by a Nigerian company, highlighting a significant achievement in local engineering and construction capabilities.
Noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company, acting directly as Engineering, Procurement, and Construction (EPC) contractor, designed and built the world’s largest single train refinery complex. He said this has enhanced the capacity of many Nigerians involved in the process and that a Nigerian company can build a refinery anywhere in the world.
“It is a thing of pride that the largest single train refinery in the world is 100% designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.
While expressing gratitude to the media executives, Group Executive Director of Commercial Operations at Dangote Industries Limited, Fatima Dangote, reiterated the company’s dedication to creating a positive impact on the economy. She commended Aliko Dangote’s steadfast commitment to advancing the continent’s development.
“He (Dangote) is committed to ensuring the success of Nigeria and Africa as a nation and a continent. Our focus extends beyond profit to solving problems and achieving self-sufficiency across all sectors in Africa. By meeting global standards, we have positioned ourselves to export our products to every continent in the world,” she said.
Fatima pointed out that the group is not only the largest private employer of labour but also consistently ranks as one of the top taxpayers in the country each year, adhering to all relevant tax laws and regulations.
“We are known as one of the largest employers of labour. However, we are also conscious of ensuring our workers enjoy a good living standard. This is reflected in our inclusion in the list of top paying firms in the country. Our impact on employment generation extends to creating thousands of indirect jobs in the various communities that we operate in,” she added.
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Celebrating The Women Behind The Music : The Members Of Elite Women Musicians Club Of Lagos
Celebrating The Women Behind The Music : The Members Of Elite Women Musicians Club Of Lagos
In the pulsating heart of Lagos, the Elite Women Musicians Club of Lagos
stands as a beacon of unity and empowerment for female artists. This dynamic association, renowned for its diversity in musical genres, prides itself on bringing together talented women from all walks of musical life. Today, we celebrate its esteemed members, who number twenty-nine strong, each contributing uniquely to the vibrant tapestry of the Club.
Leading The Charge :
At the forefront of the Elite Women Musicians Club of Lagos Club is Alhaja Queen Isimot Abake Abiola PQ1st (Omo Opeki), the President. Her leadership is a source of inspiration for many, guiding the Club with a vision of inclusivity and excellence. Supporting her is Alhaja Queen Halimot Ayinla Omowura, the Vice President, whose dedication ensures the smooth operation and growth of the association.
Alhaja Badirat Adunni Olaniyan (Just Like That) serves as the Treasurer, managing the financial health of the Club with precision. The Social Secretary, Alhaja Aminat Babalola Balogun (Omotayebi, Iya Kekere Eko), brings vibrancy and connectivity, fostering a sense of community among the members. Asiwaju Yeye Tosin Eniba (Fuji Queen), the Secretary, ensures that the administrative duties are handled efficiently, supporting the organizational backbone of the Club.
Valued Members :
The Club’s strength lies in its diverse membership, each woman a luminary in her own right. The following are the distinguished members of the Elite Women Musicians Club of Lagos :
– Afonja Gbajoba
– Bisi Ewa Ogo Jesu
– Alhaja Jelilat Dupytie
– Ejire Akewi Oba
– Alhaja Aminat Itojuobi
– Alh. Fatimo Oseni Salawa Onigbongbo
– Alh. Tawakalitu Alagbada Tokotaya to nko Fuji
– Aishat Irepo Obi
– Olaleye Rahemot Arike (Akomolesin Agbaye)
– Alh. Dasola Abeke
– Ewebiyi Iya Oriki
– Ameerat Oninure
– Alh. Azeezat Otibiya
– Alh. Rukayat Bashirimi
– Alh. Mujidat Damilola
– Alh. Fatima Aljafaria, an Elder whose wisdom and experience enrich the Club.
– Alh. Taibat Omo Tayenfe
– Queen Muheenat Ijaodola
– Sakirat Yeye Oge
– Alh. Mariam Akiki Akanbi
– Queen Abebi Ayala
– Aweni Adepeju (Aweni Fuji)
– Fatimo Ajoke Cinderella
– Alh. Hafsat Sideeq, another Elder whose guidance is deeply valued.
A Legacy of Excellence :
The Elite Women Musicians Club of Lagos is more than just an association; it is a legacy of excellence, a network of powerful voices that harmonize to uplift and inspire. Each member, from the executives to the distinguished members, plays a crucial role in shaping the cultural and musical landscape of Lagos and beyond. Their combined efforts create a symphony of collaboration and mutual support, ensuring that the future of female musicians in Nigeria remains bright and promising.
As we celebrate these remarkable women, we also look forward to the new heights the Club will achieve under their leadership and unity. Their commitment to their craft and each other stands as a testament to the incredible power of music and the unwavering strength of women.
Sustain Tempo of High Revenue With Compliance, CGC Tells Comptroller Olomu
… As Apapa Command Honours Outstanding Stakeholders
By Ifeoma Ikem
Comptroller General of Customs, Bashir Adewale Adeniyi, MFR has commended the Area Controller of Apapa Port Command, Comptroller Babatunde Olomu, fsi for the command’s outstanding revenue collection of over N2.2tr and urged him to sustain the tempo.
CGC said this in Apapa on Friday at the command’s end of the year party and award ceremony also harped on the need for compliance and synergies as necessary strategies to greater productivity at the port. According to him, compliance is a competitive advantage.
He was represented by Deputy Comptroller General Caroline Niagwan, DCG Tariff and Trade, Adeniyi congratulated the Customs Area Controller and all the officers and men of Apapa Area Command for the milestone achieved in revenue collection to the tune of N2.2tr and still counting which has earned the command multiple accolades
“It is with immense pleasure that I stand before you today to celebrate a shared commitment to compliance and excellence in trade. This award ceremony is a testament to your dedication to ethical business practices, adherence to regulations, and unwavering support for the principles that drive Nigeria’s economic growth.
“Compliance is not merely a requirement; it is a competitive advantage. It fosters transparency, reduces operational risks, and strengthens the trust between businesses and regulatory authorities. It also positions compliant stakeholders to enjoy streamlined processes, faster clearance times, and access to the numerous benefits that come with being recognized as trusted trade partners.
“As a Service, we understand that sustaining compliance can sometimes require capacity building, especially as global trade evolves.
To this end, the Service is committed to providing the necessary training, technical assistance, and partnerships that will empower you with the knowledge and tools to maintain this high standard.
“Our goal is to ensure that every stakeholder remains competitive,vinnovative, and aligned with global best practices.
By working together, we can unlock even greater opportunities for growth. Compliant stakeholders not only contribute to national revenue but also drive economic development, attract foreign investments, and enhance Nigeria’s position in international trade” Adeniyi said
In his welcome speech, Comptroller Olomu expressed appreciation to the CGC and the customs management team for always providing the direction and inspiration to the command in it’s drive to meet government’s expectations .
He described the end of year party as many things rolled up in one as it strengthens the stakeholders bond as a community of government and private sector collaborators working together for the betterment of Nigeria;
it’s also to celebrate together as the year 2024 ends and honour those whose outstanding performances contributed in shaping the command’s achievements in 2024.
Comptroller Olomu said despite the challenges of low trade volume, the command is able to achieve it’s target which is a reflection of officers commitment and dedication to duty
He added that in line with the policy thrust of the CGC, the command utilised it’s relationship with stakeholders to achieve it’s goal this year.
According to him improving on stakeholder engagement has become an operational template the Comptroller General of Customs has impressed on the officers and expressed joy to announce that it has proven to be a masterstroke towards enhanced compliance.
Comptroller Olomu said “Compliance is no doubt the bedrock of all customs achievements in areas of revenue collection, anti smuggling and legitimate trade facilitation. Our approach to regurlarly engage our sister government agencies has raised our degree of intelligence sharing towards a common national interest.
“Let me use this period to thank the NPA, DSS, NDLEA, NAQS,Port Health, Police, Immigration and other sister government agencies for their consistent collaboration in 2024. They are indeed an integral part of the command’s success story in 2024. I urge them to stay on board let’s do it again in 2025.
“With our port users, we maintained regularly enlightenment meetings, faster trade dispute resolution mechanism and consistent appraisal of feedbacks to keep improving on our responsibilities.
“There have been positive fallouts of our regular interface with our stakeholders. This is evident in our collection of N2..2tr revenue and still counting, zeroing in on the minority that attempt smuggling by curbing their activities with seizures. We are fostering inclusivity and this will continue in 2025
“We have ensured no container , import or export consignment goes through our control without due diligence of proper examination. This has been the foundation of our impeccable enforcement drive.
“We are honouring some of our officers and stakeholders for their outstanding performances in the year 2024 . I want to urge the awardees to see this as a call for more commitment to surpass their best outputs. There is no end to improvement
“This should also be a challenge to those who didn’t make the award list this time, I urge them to keep improving with a promise that their inputs shall not go unnoticed for due recognition” he concluded
Among those recognised with various awards are APM Terminals, Sifax Group, ENL Consortium, Dangote, Talod Ocean Airfreight and Princess Chi Ezeh the CEO of Munah Sylva Nigeria Limited
The command also recognised serving and retired officers for their contributions to it’s overall successes in 2024.
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