Aliko Dangote, Founder of Dangote Petroleum Refinery, has said that the right time has come for the Federal Government to stop petrol subsidy.

Dangote spoke during an interview with Bloomberg TV on Monday.

“I think it is the right time to (take away subsidy) because all countries have gotten rid of subsidy,” he said.

He said subsidy is a sensitive issue, adding that once a country subsidises the product, people would increase the price.

Dangote said it would lead to the government “paying what they are not supposed to be paying”.

Dangote added that the petrol sold locally by his refinery will be tracked to ensure the consumption rate is accounted for.

“But this refinery will bring quite a lot of issues out there. It would show the real consumption of Nigeria because nobody can tell. Some people say it is 60 million litres per day, some say it is less,” the billionaire said.

“But right now, by us producing, everything can be counted and accounted for. Most of the trucks or ships that will load from us, we will put a tracker on them to be sure they are going to take the oil within Nigeria and that can help the government to save a lot of money.

“For example, Saudis, the citizens believe that oil is our god-given gift and should not charge us for it. Government was selling it at a very low price. But today, as we speak, gasoline is about 40 percent cheaper in Nigeria than in Saudi Arabia, which I think does not make sense.”

‘FG CAN’T AFFORD SUBSIDY’

Noting that petrol subsidy is not sustainable, Dangote informed that government cannot afford to keep subsidising.

“Our price of gasoline is about 60 percent the price of our neighbouring countrries and we have porous borders, so it is not sustainable. Government cannot afford the amount of subsidies we are paying,” he said.

Speaking further on the viability of petrol subsidy, Dangote said it is the government’s decision to either continue with or halt the payments.

“We have a choice of exporting when we produce and we sell locally. We are a private company and it is true we have to make a profit,” he said.

“We built something worth $20 billion, and definitely we have to make money.

“The removal of subsidy is totally dependent on the government, not on us.

“We cannot change the price but I think the government would have to give up something for something.”

Dangote said eventually, the subsidy would have to go.

Eecall that on May 29, 2023, President Bola Tinubu said the petrol subsidy regime was over as part of his inauguration speech. However, recent events have continued to prove that the subsidy regime is still very much in vogue.

NOVA Bank has announced the appointment of David Isiavwe as Executive Director, Operations and Information Technology, and Chinwe Iloghalu as Executive Director, Institutional and Commercial Banking.

These appointments are part of NOVA Bank’s plan to strengthen its leadership team as the Bank continues its innovative journey, following its recent transition to a national commercial bank.

Dr. Isiavwe has over 30 years of banking experience in domestic and international banks. With a Ph.D. in Accounting, Dr. Isiavwe is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Fellow Compliance Institute of Nigeria (FCIN) in addition to other professional certifications such as Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), Certified Governance of Enterprise IT (CGEIT), Certified Information System Auditor (CISA), Certified Data Privacy Solutions Engineer (CDPSE) amongst others. David has attended leadership programs in some major global institutions such as Harvard Business School, MIT and Oxford University. He currently serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), and holds a position on the Governing Council of the Fintech Association of Nigeria. Additionally, he chairs the Statutory Audit Committee of Nigeria Inter-Bank Settlement System Plc (NIBSS). His appointment underscores NOVA’s focus on digital transformation, with his vast experience playing a crucial role in advancing the Bank’s technology-driven phygital model.

Mrs. Chinwe Iloghalu, with close to 30 years of experience in the banking industry, joins as Executive Director for Corporate and Commercial Banking, the key business and relationship management engine of the bank. Throughout her distinguished career, she has made significant contributions in business and corporate banking, with expertise spanning sectors such as energy, corporate, commercial and digital banking, where she has consistently created sustainable value and returns for key stakeholders. Holding an MSc in Media and Communications, along with an MBA, Chinwe is a Fellow of the Institute of Credit Administration (FICA). She has attended leadership and executive programs in key institutions such as Said Business School Oxford, Harvard Business School, Wharton amongst others. Her role will be central to enhancing NOVA’s commercial banking rollout across all key business development segments.

Phillips Oduoza, Chairman of NOVA Bank, commented on the appointments: “The addition of Dr. Isiavwe and Mrs. Iloghalu marks a critical point in constituting the management team that will lead NOVA into its next phase of growth. David’s expertise in technology will be key in enhancing our phygital model, while Chinwe’s strong business drive and relationship management coupled with the retail and product engine of the bank will be instrumental in driving the Bank’s strategic intent to become a formidable player in the banking industry. Their deep understanding of digital and electronic banking will significantly contribute to our trademarked phygital experience, which seamlessly combines the best of in-person service and bespoke digital solutions to serve our customers. Both leaders bring valuable experience that aligns perfectly with NOVA’s vision to be Africa’s preferred financial solutions provider.”

These two appointments will further diversify the board and bring about inclusiveness, noted Mr. Oduoza.

As NOVA Bank continues its expansion and transformation into a national commercial bank, these leadership appointments highlight its commitment to delivering innovative financial services. The Bank’s phygital model, combining cutting-edge technology with a physical presence, is redefining customer experiences and setting the stage for future advancements in the Nigerian banking landscape.