Dangote Refinery: Where National Interest Supercedes Personal Gain

By Best Agbese

The Dangote Refinery and Petrochemical Company, located in Lekki, a suburb of Lagos, is seven times the size of Victoria Island, another high-end area in Lagos State. The refinery boasts of more than 350 concrete bridges, a port for oil vessels, and approximately 5,000 neatly built apartments for its staff. The refinery also incorporates the largest granulated urea fertilizer complex in Africa and sits on 500 hectares of land.

Considering the gigantic scale of the newest refinery in the world, it would be apt to submit that Alhaji Aliko Dangote, the founder and CEO of the Dangote Group, is the epitome of courage, resilience, and patriotism. His readiness to contribute to the overall development and growth of the nation’s economy is evident in his numerous impactful interventions at critical moments in our nationhood.

Sincerely speaking, it takes great courage for an individual to envision a world-class gigantic project like the Dangote Refinery. In his case, Aliko Dangote not only visualized the possibility of constructing one of the world’s largest refinery plants but also saw it through to realization. For a businessman and entrepreneur to venture into such a capital-intensive project in an unpredictable business environment marked by policy flip-flops and unhealthy politicization is quite remarkable.

Only a patriotic investor who is deeply committed to the unity and economic growth of his country can attempt such a bold step. With this historic move in the oil sector, Aliko Dangote stands alone in the pantheon of patriotic business leaders in Nigeria.

One very notable fact is that the rising price of petroleum products in Nigeria has resulted in significant hardship, particularly for the average Nigerian. While the current hardship caused by the fuel subsidy removal, intended to address long-term economic challenges, has had a detrimental impact on many, the immediate effect of the subsidy removal policy has further exacerbated the wealth gap between the rich and the poor.

In the context of this harsh reality, one can conclude that the Dangote Refinery and Petrochemical Company represents a glimmer of hope for Nigerians. As one of the largest refineries in the world, located in Nigeria, the refinery has the potential to refine petroleum products locally, eliminating the need for costly imports that have reduced Nigeria to a “beggar nation” over the past decades.

Local production of Premium Motor Spirit (PMS) could reduce pricing, as there would be no need to factor in high landing costs associated with fuel importation. The Dangote Refinery, at full capacity, will process 650,000 barrels of crude oil daily, making it competitive with the United States’ largest refinery and over 50% bigger than the largest refinery in Europe.

Although the refinery is intended to refine domestically produced crude to bolster the heavily oil-dependent local economy, which has been marked by crises in recent times, it also can refine foreign crude. While the exit of Shell Exploration Company and other major international oil companies from the domestic market may pose challenges for the Dangote Refinery in terms of crude oil supplies and achieving its goal of changing the narrative in the nation’s oil sector, it is also important to acknowledge that the sheer scale of the Dangote Refinery will nonetheless turn Nigeria into an “oil market juggernaut”.

According to a recent New York Times report, although the refinery has yet to debut in the domestic and international market space, the Dangote Refinery is already making waves in the global market and has affected major market indicators and determinants. Aliko Dangote, the billionaire Nigerian businessman who spearheaded the refinery’s construction and development, is well aware of the challenges facing the nation’s oil and gas sector.

He has repeatedly reiterated his commitment to driving the troubled sector towards efficiency and reliability. His mission is to make a positive impact on the capacity and fortunes of local refineries across the country. To many, including cynics who doubted that an individual could successfully build one of the world’s largest refineries, the knowledge of the refinery’s impact on the global energy index must have generated a highly positive response.

It is noteworthy that the Nigerian economy, which has experienced slow growth over the last 20 years, is set to witness a dramatic turnaround in the coming months. The positive impact of the Dangote Refinery on the nation’s economy will translate to a better standard of living for every Nigerian. It will reflect directly on Nigeria’s foreign reserve, reducing pressure on the Naira and stabilizing commodity and fuel prices.

Certainly, the Dangote Refinery and Petrochemical Company is a game-changer for Nigeria, meeting domestic needs and producing a surplus for export. Already, the refinery has resumed production of high-quality Premium Motor Spirit (PMS), which is set to enter the domestic market. Aviation fuel and other products are expected to be rolled out into both domestic and international markets within September.

Candidly, Aliko Dangote has put many naysayers to shame. They were wondering how possible it would be for an individual to accomplish what a country or a continent could not achieve. In a nutshell, the Dangote Refinery and Petrochemical Company symbolizes not only the strength and potential of Nigeria’s industry but also the dedication, patriotism, and vision of one of Nigeria’s most esteemed business leaders, Alhaji Dr. Aliko Dangote.

Therefore, it is succinctly true to admit with all sense of patriotism that although Aliko Dangote is not a saint, he has given Nigerians something to be proud of as a country. The Dangote Refinery and Petrochemical Company may become what Toyota is to Japan and what Citroen is to France – a brand and a source of pride.

Agbese is an oil and gas expert based in Dundee, United Kingdom.

Unity Bank Projects N27B in Q4 Earnings, Targets N4B Profit

Lagos.09.09.2024. Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax of N4 billion in Q4, 2024, in its latest earnings forecast released to the Nigerian Exchange Group.

Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion.

An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected to rise marginally by 1.0% to N7.2 billion within the quarter compared to N6.5 billion in Q3, 2024.

Net operating income is projected at N12 billion, while cash flow from financing activities is projected to rise to N481.4 billion from N353.6 billion, a 1.3% projected increase on a quarter-on-quarter basis. This projected growth in cash flow from financing activities continues to reflect the lender’s growing liquidity position which is essential for sustained business operations.

The lender said it expects to cover the milestones with a consistent optimistic outlook in its projection, barring any significant changes in the operating environment, under which the assumptions were made. The lender noted that it will continue to deliver top-notch customer-centric products and services, especially in the digital lending space following the roll-out of enhanced platforms and channels for superlative customer experiences.

Analysts are of the view that the Q4 forecast reflects a steady growth trajectory on the back of key performance indicators and strategic repositioning to hedge the challenging market conditions.

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DNA: Medical errors, inaccuracies in genetic testing, and baby exchange, among others responsible For Paternity Errors

Following recent DNA reports about paternity discrepancies, psychologists have linked  paternity fraud, where children do not belong to their supposed fathers to medical errors, inaccuracies in genetic testing, and baby exchange, among others

The mental health experts noted that several variables could lead to a situation where a child’s paternity was questioned, beyond the common blame on infidelity.

According to them, factors such as negligence, ignorance, and genetic testing errors could also contribute to this phenomenon.

They spoke exclusively with PUNCH Healthwise amid growing concern about paternity fraud, with increasing reports revealing that many children have been falsely attributed to men who are not their biological fathers.

In recent years, Nigeria has witnessed a disturbing trend of paternity fraud, where children are discovered not to belong to their supposed fathers.

This phenomenon has left many families in shock, with some marriages ending in divorce due to the discovery.

While infidelity is often linked to the primary cause of paternity fraud, psychologists, however, said there could be other factors at play.

Speaking with our correspondent, the experts said there was a need for couples to explore all options available before jumping to conclusions that the women cheated in the relationship.

While identifying the lack of pre-marital genetic testing as one of the factors that could be responsible, the mental health experts noted that prospective parents overlook the importance of comprehensive genetic screening, which could reveal potential issues before marriage.

They stressed that ignorance or negligence in this area might contribute to unexpected outcomes later in life.

A clinical psychologist at Lagos University Teaching Hospital, Dr Juliet Ottoh stressed the importance of exploring multiple factors before jumping to conclusions about infidelity.

Ottoh noted that while infidelity is often presumed to be the primary cause of paternal discrepancies, other significant factors could play a role.

She said these include the negligence of medical staff, inaccuracies in genetic testing, and even hospital errors such as baby exchanges.

Ottoh emphasised the necessity of thorough investigation, including verifying the results of genetic tests through reputable labs before making any assumptions about paternal identity.

“It is not always entirely the couple’s fault. Sometimes, it might just be a result of test errors, ignorance, or negligence. We’ve heard stories of babies being exchanged in hospitals due to negligence, leading to paternity issues,” she stated.

She further said, “There are a lot of factors that may be responsible for this. And that is why you must explore extensively to look at out for what are some of these factors.

“Sometimes, it is not entirely the couple’s fault, it might just be as a result of test, ignorance. In recent times, how many people still go to do genetic tests before marriage? Also, some of these genetic tests are queried.

“So, it is not entirely to say that one person is responsible for all these. Sometimes it is negligence. We have heard stories of where a lot of babies were born in the same hospitals and out of negligence, some of the babies were exchanged and they became a problem for their parents.

“We cannot entirely say it is infidelity that is the cause of all these paternal fraud cases. Before you label a situation, you must take a lot of detailed history to understand where the problem is coming from.

“For me, I will say you just ensure you go to the right lab. As it is, you can even try to get a second opinion from another good lab to ascertain your genotype before you venture into marriage.  If you have all of those sorted, then we can begin to query the other options. The most important thing you just get tested and confirm your genotype from a reputable lab.

“There are a lot of implications in marriages when these things come out. Partners need to be patient and understand what the problems truly are. If they understand that, they would be able to amend amicably.”