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Dangote’s Billion-Dollar Nightmare: Nigeria’s Richest Man on the Brink of Default Amid Naira Meltdown

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REVEALED: Vessels linked to Dangote’s brother to deliver imported fuel from Malta amid billionaire’s row with NNPC

Dangote’s Billion-Dollar Nightmare: Nigeria’s Richest Man on the Brink of Default Amid Naira Meltdown

 

According to a report, Nigeria’s business titan and Africa’s wealthiest individual, Aliko Dangote, is allegedly confronting a billion-dollar nightmare as he stands perilously close to defaulting on his staggering debts amidst a tumultuous Naira meltdown.

 

 

With an overdue biannual payment of $384 million, accumulating over six months until June 30, 2023, Dangote’s financial empire hangs in the balance, raising fears of a cataclysmic default.

 

 

Compounding Dangote’s woes is the freefall of the Nigerian Naira’s exchange rate, plunging to 770 Naira/1 USD under the newly implemented FX regime.

 

 

This has transformed the half-year loan repayment, amounting to nearly 295 billion Naira at the prevailing market rates, into an insurmountable mountain.

 

Despite seeking leniency through appeals to the Central Bank of Nigeria (CBN) for special rates, Dangote has been met with indifference and directed to navigate the open market in line with the new FX policy.

The dire situation is further aggravated by the ongoing incarceration of the CBN governor by the Department of State Services (DSS) due to a clandestine $1 billion loan from the Afrexim Bank.

 

Panic has begun to grip Nigerian banks as Dangote’s imminent default looms large. The gravity of the circumstances is compounded by the hasty commissioning of the incomplete Dangote Refinery in May 2023.

While Dangote’s company has claimed that the refinery would be fully operational by July, industry experts and the Nigerian National Petroleum Corporation (NNPC) have yet to substantiate these assertions.

Nevertheless, the NNPC granted the refinery a substantial crude oil allocation of 300,000 barrels per day, based on their 2021 cash plus crude investment agreement.

Concerns deepen as it remains uncertain whether the Dangote Refinery has truly commenced receiving crude oil since its purported initiation in June.

The predicament has placed the NNPC in a difficult position, with the possibility of 30% of Nigeria’s modest one million barrels per day crude oil production being channeled into a non-operational refinery.

Doubts regarding the status of the refinery were amplified by a recent leaked viral video, posted by refinery construction workers, revealing that the facility is far from completion.

At the helm of the nation’s leadership, President Bola Tinubu confronts the task of determining the fate of this precarious arrangement.

As tension escalates and uncertainty proliferates, the world watches with rapt attention as Dangote’s colossal financial empire teeters on the precipice, poised to reshape Nigeria’s economic landscape in the process.

@okay.ng

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Renewed Hope Agenda and Impacts in Aviation* By Mary Odoma

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Renewed Hope Agenda and Impacts in Aviation* By Mary Odoma

*Renewed Hope Agenda and Impacts in Aviation*

By Mary Odoma

 

President Bola Tinubu’s knack for selecting top talent is unparalleled. In his quest to build a prosperous Nigeria, he’s assembled an exceptional team. By leveraging their expertise, experience, and strategic insight, he’s fostering national stability, economic growth, and a sustainable future.

His latest win is in Aviation and Aerospace Development, where he’s appointed a fearless and straightforward leader, Festus Keyamo, SAN. Keyamo’s commitment to excellence makes him an ideal fit. President Tinubu’s vision for Nigeria is taking shape, and his leadership choices are truly commendable.

A dedicated, charismatic and impactful lawyer, the dynamic and astute developer is a terror to mischief makers and enemies of progress. A tough and forceful personality who is determined with an ultimate goal to change Nigeria.

Appointed on 21st August 2023 as the helmsman of the Ministry, Keyamo has been unwavering in his drive for positive transformation, reforming the sector and bringing about enduring positive impact in a transparent manner.

Renewed Hope Agenda and Impacts in Aviation*
By Mary Odoma

His Ministry has the core mandate of regulating air travel and aviation services in the country. It is also responsible for overseeing air transportation, air development, maintenance, provision of aviation infrastructural services and other needs.

A very patriotic Nigerian, Chief Festus has several achievements, in line with the Renewed Hope Aviation Roadmap approved by President Tinubu to his credit.

In a steadfast commitment towards revitalizing the nation’s aviation sector, Mr Keyamo was able to ensure the approval of the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja and Mallam Aminu Kano International Airport (MAKIA), Kano Airports. This is in line with the initiation of the Nigerian Airport Concession Strategy.

Also, in line with the Federal Ministry of Aviation Roadmap, Chief Keyamo initiated the signing of an MoU with the Nile University for the take-off of African Aviation and Aerospace University (AU). This milestone achievement of the Minister aims to integrate and create an avenue for the training, research and development of ready middle-class manpower for the sector.

Equally, under his watch, the pragmatic leader led the Ministry into partnership with the ICRC and also a collaboration with the IFC on infrastructural development. This partnership is to both develop and implement a comprehensive and durable framework that will meet the infrastructural needs of the sector over a long period.

Through Keyamo’s congruence and dynamism, the BASA arrangement is another revolutionary innovation aimed at ensuring the operationalization of direct flights between Nigeria and Brazil.

Keyamo’s motivation and altruistic devotion to having a functional aviation and aerospace sector also moved him to upgrade the Muhammadu Buhari, Airport, Maiduguri to the standard of an international airport. This airport is ready to commence full operation on January 1, 2025

In the area of staff motivation, retirees of the Ministry now have no cause for alarm as their interest is covered. Recently, the Ministry honoured 24 retirees drawn from the lowest rung to the highest. It is in a bid to acknowledge those who have contributed immensely to the growth and development of the sector as Nation-builders.

His prompt response to issues including distress reveals an empathetic personality and someone who is very much alive to his responsibilities. Recently, while reacting to the accident involving a helicopter on the 24th October 2024, Mr Keyamo, immediately upon receiving the distress call, activated protocols aimed at search and rescue operations, mandating all relevant bodies to do everything humanly possible to ensure the safety of the passengers on board the ill-fated vehicle.

The Minister was also actively involved with all the relevant agencies towards ensuring a coordinated response. His active and physical involvement led to the minimization of casualties.

In a show of collaboration and solidarity, the Hon. Minister travelled to far away Marrakesh, Morrocco, to give support to the 2024 International Transport Workers’ Federation (ITF) congress. His presence was to underpin the importance the federal government attaches to the role of the transport workers in stabilizing the aviation sector.

Festus Keyamo as the Honourable Minister of Aviation and Aerospace Development is certainly the best thing that has happened to the industry. He has exhibited passion, dedication and selfless forthrightness in the discharge of his duties and a total comprehension of what it takes to carry out his roles. He is well-groomed for the job and his background has helped him greatly towards shaping the positive impact he is making on society.

Today, Festus has proved that a faithful, disciplined, and dedicated Nigerian can stand out of the crowd because he symbolizes what governance is all about. These feats can only be achieved by a man with the right comportment and conduct in the service of humanity and the fatherland.

Deserving of note is that Chief Keyamo, through the foresight of President Tinubu has well-prepared team leaders appointed as heads of the agencies of the Ministry.

The supportive and collaborative roles of the Nigeria College of Aviation Technology, Nigeria Metrological Agency, Nigeria Civil Aviation Authority, Nigeria Airspace Management, the Federal Airports Authority of Nigeria, and the Nigeria Safety Investigation Bureau (NSIB), have brought about those tangible and noticeable volte-face experienced today in the Aviation sector.

With Keyamo at the helm, Nigeria’s aviation sector is experiencing a transformative shift, thanks to President Tinubu’s foresight in appointing well-prepared team leaders. The Nigeria College of Aviation Technology, Nigeria Metrological Agency, and others are working together to bring about tangible change. Keyamo’s dedication, discipline, and commitment to service have improved Nigeria’s image and reformed the aviation and aerospace sectors.

Odoma is the President of New Nigeria Network [NNN[ writing from Abuja.

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SEAMLESSVISA: TRANSFORMING THE U.S. VISA APPLICATION PROCESS By Chinedu Nsofor

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SEAMLESSVISA: TRANSFORMING THE U.S. VISA APPLICATION PROCESS
By Chinedu Nsofor

 

Navigating U.S. visa applications has been a daunting challenge for millions of hopefuls, especially in Sub-Saharan Africa, where nearly 70% of U.S. visa applicants are denied due to several factors including incomplete applications and poor interview preparation.

SEAMLESSVISA: TRANSFORMING THE U.S. VISA APPLICATION PROCESS
By Chinedu Nsofor

 

In response to this critical issue, SeamlessVisa, co-founded by visionary entrepreneur Jeremiah Haruna, is pioneering a technology-driven solution to simplify the process and drastically improve success rates.
Empowering Immigrants with Cutting-Edge Technology.

 

SeamlessVisa’s web application empowers both individuals and businesses to handle U.S. visa applications with efficiency and confidence. The software offers a comprehensive suite of tools designed to simplify the entire process. Key features include automated error checking, a risk evaluation tool that assesses visa approval chances, and an AI-powered simulated interview trainer that prepares applicants for the high-pressure consular interviews.
Haruna, an immigrant himself, intimately understands the emotional and financial toll of visa denials. “Having experienced the frustration of visa rejections, I know how devastating it can be, not just financially but emotionally,” says Haruna. “That’s why SeamlessVisa is dedicated to making this journey smoother, more affordable, and ultimately successful for those seeking better opportunities in the U.S.”

 

A Personal Solution for a Global Problem
SeamlessVisa’s platform is not just another visa service—it’s a product of personal experience and deep empathy. Haruna, along with his co-founders—two of them lawyers and one software engineer—are using their expertise to create a better and affordable solution for businesses managing U.S. student visa applications.

 

This innovative approach has already caught the attention of EdTech companies and visa agents across Sub-Saharan Africa, who are partnering with SeamlessVisa to help hundreds of U.S. student visa applicants submit stronger, error-free applications. The company’s FiBi AI interview trainer is a game-changer for those nervous about the visa interview stage. FiBi AI offers tailored, practice interview sessions and expert tips, helping applicants build confidence and improve their performance during the actual consular interview—a stage where many hopefuls falter.

 

The platform’s affordability and ease of use make it accessible to a wider audience, from individual applicants to large visa processing businesses.

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LG Election: Abeokuta North Chairmanship candidate promises to facilitate international projects

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LG Election: Abeokuta North Chairmanship candidate promises to facilitate international projects

LG Election: Abeokuta North Chairmanship candidate promises to facilitate international projects

The All Progressives Congress APC, Chairmanship candidate of Abeokuta North Local Government in the coming November 16th L G polls in Ogun state, Hon . Olanrewanju Oyegbola Sodipo has said his administration would synergize with international organizations so as to enhance further development and growth of the Local Government.
Hon. Oyegbola Sodipo stated during an interview with journalists in Abeokuta, ogun State Capital.

LG Election: Abeokuta North Chairmanship candidate promises to facilitate international projects

He stated that as part of his programmes, if elected as the Chairman of the council, developing partners such as United Nations’ programmes would be facilitated to the LG.
The Chairmanship candidate also hinted that his administration would beckon on prominent personalities from the local Government,wherever they are in Nigeria and overseas for them to contribute meaningful to the programmes and developmental projects so as to provide sustainable dividend of democracy to the people.
He added that the need to contribute positively to the welfare of the people , progress and turn around of Abeokuta North Local Government,among others prompted him to vie for the Chairmanship seat .
He added that the elderly, aged and Pensioners’of the LG Healthy living would be his administration’s priority as qualitative Health schemes are part of the blueprints to be enjoyed by the group.
He also stated that maternal schemes for pregnant women would be taken care of, empowerment and series of financial programmes to boost small business owners ,artisans,Skills acquisition initiatives and youths empowerment are also part of the programmes .
” Our Local Government is an agragarian place, our LG is quite different for other LGs . There are arable lands here, we will engage our Youths in meaningful agricultural projects that will yield bountiful harvest for the LG, and we will be able to feed ourselves and the state as well”.
“We are also prepared to key into the ISEYA mantra of our indefatigable Governor, Prince Dapo Abiodun in all it entirety”
On fulfilment of campaign promises, Oyegbola Sodipo said that the Local Government Autonomy initiated by President Bola Ahmed Tinubu’s administration and passed into law by the Supreme court , which the State Governor has been one of its prime mover will be of greater help for the LGs to be able to perform optimal.
He , therefore, assured the people of the local government that by the grace of God, and the support of the prince Abiodun Led administration, his administration would perform wonders within 100 days in office.

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