• signs epochal Development Agreement with Okpella Communities

Management of Dangote Cement, Okpella has signed a development and social support agreement with its Okpella Edo state host communities in demonstration of its commitment to the development and overall well-being of host communities and their people, as a responsible corporate entity.

The signing of the Community Development Agreement (CDA) came just as the Edo state and the federal government commended the company for its proactiveness in planning for the growth of its host communities as a sure means of promoting peaceful co-habitation.

The Okpella Plant Director, Dangote Cement Plc, Mr. Mohammed Ismaeel, at the CDA signing ceremony said the cement company has fully complied with the provisions of the Minerals and Mining Act, 2007 and that of the Minerals and Mining Regulation 2011 of the federal republic of Nigeria.

Signing the agreement on behalf of the company at Okpella, Mr. Ismaeel said the ceremony was very significant in that it aimed at promoting harmonious and mutual benefits between the cement company and its host communities.

“Today’s occasion is not only a demonstration of our compliance to these regulatory provisions as a responsible corporate organization but it also a demonstration of our commitment to the development and overall wellbeing of our host communities.

“For us as a company, we believe in the mantra, good neighbourliness is good business, hence we are doing everything possible to maintain harmonious relationship with all the communities where we operate”, Ismaeel added.

He added that the occasion marks the beginning of concrete infrastructural development and social supports in the areas of education, improved access to health care, economic empowerment programmes targeted at the youths, women and the farming population, improved access to potable water, support to improve electrification and power supply among other things.

The Plant Director pointed out that the CDA also provides for scholarship grants for students in secondary and tertiary institutions to promote excellence in educational pursuits of indigent students from Dangote Cement, Okpella host communities.

He added that the CDA document clearly states the consultative framework for engagements, grievance management and obligations of both the Plant and the host communities for mutual growth and development stressing that, it is clearly a path to define relationships, commitments, obligations and expectations with potential to address immediate concerns and future social issues that may arise in the course of the relationship between the company and its host communities.

Ishmaeel then requested the host communities to keep their end of the bargain by supporting and collaborating with the company so as to foster all round development. “Be assured that we are always ready to listen, dialogue and resolve all concerns”, he noted.

Speaking on the occasion, the Edo State Commissioner for Mines and Energy, Hon. Donatus Ojiefoh, who represented the State Governor, Godwin Obaseki, praised the company’s management for taking the path of peace with its host communities pledging by so doing, that the state governor will always support any investors who wants to invest in the state.

He assured the people of the communities that more investors are willing to come and invest in the state but that the people most be willing to cooperate and provide the enabling environment for them to operate.

Ojiefoh admitted that it is imperative for students to study the mineral resources that are abound in their communities in order to be able to appreciate them.

In her own remark, the host Etsako East Local Government Chairman, Mrs. Benedicta Atu, commended the company for signing the agreement despite the odds and the delay occasioned by some factors saying it was good that the signing took place at the time.

She called on the companies operating within the local government to urgently help with the payment of the monumentization of the boundary between Okpella and Kogi State.

Speaking for the host communities, High Chief Afiabor Peter, Secretary, Ukhomunyio Council of Village Heads, Afokpella thanked the Dangote’s Cement for the signing of the CDA, saying that it was a welcome development as it will benefit all the parties involved.

He expressed confidence that all that are contained in the agreement were thorough reflections of the wish and aspirations of the host communities and promised that the host communities would be up and doing to fulfil their own side of the bargain.

• As Dangote reassures on the commencement of petrol production this July

International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.

S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.

S&P noted that the largest single-train refinery complex in the world would bolster Nigeria’s oil sector and, more importantly, also have a positive impact on its growing economy.

Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products. He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.

“It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” Bhatia said after an over four-hour tour of the facility.

Also, in a chat with the media, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, who led the team during the tour of the facility, reiterated that by harnessing Africa’s abundant crude oil resources to produce refined products locally, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity. He also revealed that, as earlier promised, the company will start the production of premium motor spirit (PMS), this month (July).

Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.

The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit ensuring smooth automation of operations.

Other members of the team of the international rating agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.

Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.

He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.

While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels.

“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.

Nigeria, one of the world’s leading oil-producing countries, exports all its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. It is estimated that Nigeria imports at least 50 million litres of petrol per day to meet domestic demand.

According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately N12 trillion on the importation of petroleum products in 2023, including premium motor spirit (PMS), commonly known as petrol. This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.

• Reiterates Commitment to Empowering Cooperative Societies for Optimal Productivity through CoopHub.

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank ALAT, has reiterated its commitment to empowering cooperative societies for optimal productivity through its digital solution for cooperatives, CoopHub, at the Lagos State Government Ministry of Commerce, Cooperatives, Trade and Investment International Day of Cooperatives 2024 Event held on Saturday, 6th July 2024.

International Day of Cooperatives is a global celebration commemorated annually on the first Saturday of July, to recognise the significant impact of cooperative societies in promoting sustainable economic growth and their role in building a more sustainable future. Themed “Cooperatives: Building a Better Future For All”, the 2024 International Day of Cooperatives commemorated by the Lagos State Government in collaboration with Wema Bank, convened key players in the cooperative ecosystem towards proffering solutions to prevalent challenges faced by cooperatives in Nigeria and creating a more sustainable future for all, through the cooperative industry. CoopHub, Wema Bank’s digital solution for cooperative societies stood out as a key solution to not only overcoming the challenges impeding the growth of cooperative societies but also boosting economic growth and creating a better future for all.

CoopHub is a digital solution launched by Wema Bank to empower cooperative societies with the resources, opportunities and support they need to operate seamlessly, achieve maximum productivity and meet the needs of members in the most efficient way. Simultaneously eradicating the struggles of manual recordkeeping, poor access to loans, inefficient communication and planning, tedious processes and insecurity of funds and data, CoopHub refines the cooperative experience by facilitating secure financial transactions, 100% transparency within cooperative societies, easily accessible and trackable records for both members and leaders, efficient member management for leaders and real-time reporting for informed decision making, all from the comfort of their phones and gadgets, ensuring that cooperative societies can achieve their goals easily and remain productive. This revolutionary solution has proven itself a gamechanger for the Nigerian Cooperative Industry and potentially, will serve as the launchpad of the industry on the global scale.

Recapitulating the role of cooperative societies as an essential avenue for economic growth, Wema Bank’s Divisional Head of Retail and SME, Ayodele Olojede, emphasised the need for intentional, impactful and sustainable efforts towards the advancement of the Nigerian Cooperative Industry. “Cooperative Societies represent a very significant platform for socio-economic development and for us at Wema Bank, we stand proudly as the cooperative-centric bank that is committed to providing the resources and tailored solutions that these cooperatives need to thrive and remain successful. CoopHub is the perfect embodiment of this commitment, and we are thrilled that more cooperatives are discovering this solution and coming on board to optimise their operations and maximise the opportunities provided for their growth. The achievement of a sustainable and ideal future for cooperative societies not only requires that we adapt to the increasingly digital world we exist in, but also drive more inclusivity for the youth to also key in. CoopHub succinctly unites both pillars in one and as the digital solution pioneered by Nigeria’s most resilient and innovative bank, you can trust that the future we are enabling for cooperative societies is one that is built to last”.

“As the Bank that is committed to creating and promoting viable opportunities for women, in celebration of International Day of Cooperatives, we are supporting every woman present here at the Lagos State Government Ministry of Commerce, Cooperatives, Trade and Investment International Day of Cooperatives 2024 Event, with a free healthcare plan through our women-focused proposition, SARA by Wema. We remain unwavering in our lifelong mission of empowering lives through innovation and are committed to proliferating our positive impact across every key vertical that is instrumental to the success of the people and the growth of the Nigerian economy. We take this unique celebration as an opportunity to further reiterate our commitment to empowering cooperative societies for optimal productivity through CoopHub. She concluded.

Since its launch in May 2024, CoopHub, the first of its kind in the Nigerian financial services industry, has onboarded over 1,000 cooperative societies, helping them optimise their operations and secure the resources and support they need to thrive with maximum efficiency. With its unique, simplified and tailored configuration, CoopHub stands as the future of Nigerian cooperative societies.

Cooperative Societies that are interested in getting started on CoopHub, are encouraged to visit https://coophub.alat.ng and get onboarded in minutes.