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BUSINESS: Dangote Reassures On Commencement Of Petrol Production July

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Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited (DIL), has confirmed that the Dangote Oil Refinery and Petrochemicals company will begin producing petrol this month, as previously pledged.

During a site visit by S&P Global, Edwin reiterated that the refinery, located in Ibeju-Lekki, Lagos, will start production in July, leveraging Africa’s rich crude oil resources to produce refined products locally.

This initiative aims to stimulate industrial growth, create jobs, and foster economic prosperity, marking a significant milestone in the company’s mission to drive economic development.

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

On its part, International financial analytics corporation, S&P Global, described the 650,000 barrels per day refinery 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.

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.

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 ₦12tn on the importation of petroleum products in 2023, including petrol. This figure marks an 18.68 per cent increase compared to the ₦10tn spent on fuel imports in 2022.

BIG STORY

Police Eliminate Four ‘Kidnappers’, Recover N3m Ransom In Kebbi

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The Kebbi police command has reported that its operatives killed four suspected kidnappers and rescued a victim in Suru LGA of the state.

According to a statement issued on Saturday, Nafi’u Abubakar, the command spokesperson, confirmed that the police also seized N3 million in ransom.

“On Feb. 14, at about 1:45pm; armed men suspected to be kidnappers invaded Gobiraje Village in Suru Local Government Area of Kebbi and kidnapped one Umaru Bawa, 60,” the statement reads.

“Upon receiving the report, the Divisional Police Officer, Suru, swiftly mobilized a team of policemen and vigilantes to the scene, traced the suspects to Tundafari forest in Dakingari axis, and engaged them in a gun battle.

“Consequently, four of the kidnappers were neutralised, one arrested with fatal injuries, while others escaped into the forest with gunshot wounds.”

The spokesperson also mentioned that Bello Sani, the Kebbi police commissioner, praised the officers’ determination and professionalism in Suru, assuring that the fight against state crimes would continue.

The police commissioner urged residents to stay vigilant and report any suspicious activities to the nearest police station without delay.

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BIG STORY

Jay-Z, Diddy’s Accuser Drops Sexual Assault Lawsuit

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A woman who had accused hip-hop icons Sean “Diddy” Combs and Jay-Z of sexually assaulting her when she was 13 decided to drop her civil lawsuit on Friday, according to court records.

In December, Jay-Z — whose real name is Shawn Carter — was accused of raping the girl along with Combs at a party after the MTV Video Music Awards in September 2000.

A document filed with the US District Court for the Southern District of New York stated that the accuser “hereby gives notice that the above-captioned action is voluntarily dismissed, with prejudice” — indicating that the lawsuit cannot be refiled.

It was not immediately clear if the stars had reached a settlement with the woman, who has not been identified.

But 55-year-old billionaire Jay-Z welcomed the closure of the case, which he slammed as “frivolous, fictitious and appalling.”

“This civil suit was without merit and never going anywhere. The fictional tale they created was laughable, if not for the seriousness of the claims,” he said in a statement.

“I would not wish this experience on anyone. The trauma that my wife, my children, loved ones and I have endured can never be dismissed.”

The complaint said Combs and Carter — who is married to pop superstar Beyonce — took turns assaulting the plaintiff as another celebrity stood by and watched.

“Many others were present at the after party, but did nothing to stop the assault,” it went on.

“Carter has been with Combs during many such instances described herein. Both perpetrators must face justice.”

Combs, also 55, has separately been charged with sex trafficking and racketeering.

“Federal prosecutors allege that he sexually abused women and coerced them into drug-fueled sex parties using threats and violence.

He has denied all charges, and his criminal trial is currently slated to begin on May 5.

 

Credit: AFP

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First Lady Oluremi Tinubu Calls For Innovative Health Financing In Africa, Says “Foreign Aid Unsustainable”

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Oluremi Tinubu, the First Lady, has stated that Africa needs to develop creative financing strategies tailored to its distinct challenges in order to build a strong healthcare system.

A statement released on Friday by Busola Kukoyi, the Senior Special Assistant on Media to the First Lady, revealed that Oluremi made these comments during a high-level meeting on domestic health financing, organized by President Paul Kagame of Rwanda at the 38th African Union (AU) summit in Addis Ababa, Ethiopia.

Oluremi emphasized that without guaranteed access to essential healthcare for Africans, the continent’s efforts to achieve economic growth will remain unfulfilled.

“Africa cannot continue to rely solely on donor funding and foreign aid, which, although helpful, are often unpredictable and unsustainable,” the statement reads.

Instead, we must develop innovative financing strategies tailored to our unique challenges and circumstances.

“Given the increasing funding gap for health on the continent, I urge us all to come together and commit to advocating for increased national health budgets.”

The First Lady noted that, in light of recent policy changes in the US, Africa must seek local and sustainable solutions to fill its funding gap.

On January 20, US President Donald Trump signed an executive order withdrawing the US from the World Health Organisation (WHO).

Trump also froze funding from the United States Agency for International Development (USAID), which supports most health institutions in Africa.

With this freeze, the World Health Organisation (WHO) projects a significant rise in health crises across the continent.

However, the President’s wife stressed the need for effective resource mobilization and use to ensure short, medium, and long-term impacts, stating that the health of the people is key to the continent’s prosperity.

“In line with the Abuja Declaration, our governments should allocate at least 15% of their budgetary allocations to health,” Oluremi said.

“We must also support innovative financing mechanisms and explore sustainable models, such as expanding health insurance coverage, health endowment funds, and investments from the African diaspora.

“Accountability and transparency must be ensured, as funds allocated to health must be used efficiently and effectively.”

The event saw the participation of presidents and heads of state from several African countries, including Rwanda, Ethiopia, Botswana, Kenya, Senegal, Zimbabwe, and Barbados, as well as donor agencies and funding partners, discussing global and regional approaches to domestic health financing in Africa.

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