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Buhari Headlines Commissioning of Dangote’s 650,000bpd Refinery on May 22

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President Muhammadu Buhari is expected to be in Lagos on May 22 to commission the Dangote Refinery.

Bashir Ahmad, special assistant to the president on digital communications, announced the development in a tweet on Sunday.

“Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22nd, 2023, by President Muhammadu Buhari,” the tweet reads.

The Dangote Refinery is a 650,000 barrels per day (BPD) integrated refinery project located in the Lekki free trade zone area of Lagos state.

The project, which cost an estimated $19 billion to build, is Africa’s biggest oil refinery and the world’s biggest single-train facility.

The integrated refinery and petrochemical project is expected to generate 9,500 direct and 25,000 indirect jobs.

Its output is expected to be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

Last year, Aliko Dangote, chairman of Dangote Group and Africa’s richest person, said his oil refinery would be commissioned before the end of Buhari’s tenure.

In June 2021, Mele Kyari, group managing director, NNPC, confirmed that the federal government would acquire a 20 percent equity stake in the Dangote Refinery.

Two months later, the federal executive council (FEC) approved the sum of $2.76 billion for the acquisition of a 20 percent minority equity stake in the refinery.

TheCable

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Rotary Should Continue to Inspire Women for Economic Growth- Alaba Lawson

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Mrs Geetika Tandon, Rtn Gabriel Otsu, Chairman, organising Committee, Iyalode Alaba Lawson, Keynote Speaker, District Governor, Rotary District 9110, Rtn Omotunde Lawson & Rtn Francis Lawson
A call has gone to Rotary International District 9110 and indeed organisations around the country to  consistently inspire and promote women for economic and national growth
The appeal was made by former President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief Alaba Lawson while presenting the keynote address at the first Rotary District 9110 Women in Rotary Conference held at the Nigeria Law School Auditorium, Victoria Island, Lagos.

Rtn Francis Lawson, District Governor, Rtn Omotunde Lawson, Mrs Angela Emewa, Chairman, Punch and award recipient & Rtn Gabriel Otsu, Chairman, Organising Committee

Speaking on the topic “ The Transformational Woman: Diversity, Equity & Inclusion For Socio-Economic Change”, Chief Lawson stated that Rotary as an organization has made giant strides in the area of women empowerment and advised that the body should do more as it will ultimately lead to the nation’s growth.

Rtn Gabriel Otsu, Rtn Francis Lawson, District Governor, Rtn Omotunde Lawson, Chief (Mrs) Alaba Lawson & guest speaker

She noted that women are the key to Nigeria’s economic and political advancement, and the more women involved at the top echelon and decision-making process, the better.
 According to her“When more women work, economies grow. Women’s economic empowerment boosts productivity, increases economic diversification and income equality in addition to other positive development outcomes”.
Describing women as the future, she stated that studies have shown that companies with more women on their boards outperform those without them by a significant margin, and organisations with greater gender diversity globally grew to 32% in 2022.
According to her, women often excel at soft skills required for business leadership and they represent a significant economic force and provide valuable consumer insight that any nation needs to thrive.
She further highlighted the fact that Nigeria needs traits such as ability to connect, collaborate, empathize, communicate and be prudent which are inherent in women to make progress in key sectors including economy, politics and more.
She, however, lamented that despite the fact that women are in the majority in terms of population, the opportunities for them to show their skills and contribute meaningfully have been hampered by systemic bottlenecks.
She therefore advised that to fuel its fire of progress and revolutionize its economic, political and social structure, women must be given adequate representation in government and key sectors of the economy.
Also speaking, Tax expert and  management consultant, Mr Gbenga Badejo who spoke on “10 Top Financial Challenges for Micro, Small and Medium Enterprises” noted that if women can overcome these challenges, they would be able build formidable businesses and play in the big league.
He gave the challenges as: limited or inconsistent cashflow, not using budgetary control mechanism, no preparation for unforeseen expenses, not raising enough capital, too much debt, neglecting necessary financial reporting and book keeping, , poor regulatory compliance, mixing business and personal finances, poor marketing tactics and poor managing of receivables and payables.
Earlier in her welcome address, Rotarian Omotunde Lawson, District Governor, Rotary International District 9110 noted that the conference, the first in the 41 -year history of the District, which covers Rotary Clubs in Lagos and Ogun States, was aimed at equipping women with the right support for personal and financial growth.
The conference was rounded off with a dinner and awards ceremony at the same venue where eminent women were honoured for their contributions to national development.

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Glo Rewards Dealers, Partners with Houses, Cars, Other Gifts

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It was a moment of Joy and excitement for Business Partners of Nigeria’s total telecommunications solutions provider, Globacom, on Monday night as they got to reap the reward of their partnership.

The company celebrated the dealers across the country, rewarding them with mouth-watering gifts including houses, brand-new cars, and household appliances. They received the prizes at the 2022 Dealers’ Award events held simultaneously in Lagos, Abuja, Port Harcourt, Jos, and Kaduna for dealers in the territories.

A total of 70 dealers across the five cities received different prizes in various categories. 14 Category 1 dealers received keys to houses, while 37 Categories 2, 3, and 4 dealers were presented with a variety of brand-new cars. The final set of dealers in Category 5, who were 19 in number, received assorted valuable household items.

The excited dealers praised Globacom and its Chairman, Dr. Mike Adenuga, Jr., for being true to their words. Speaking at the Lagos event, a frontline dealer, Alhaji Mobolaji Abdulrasaq, Managing Director of Yarab Integrated Limited, commended Globacom for what he called “appreciative gesture”, which according to him will definitely spur the dealers to do much more.

In Abuja, the Managing Director of Zeph Associates, Mr. Tochukwu Nwosu, whose company won two brand new bungalow houses alongside other Category 1 dealers said, “Globacom has delighted its trade partners tonight, and on behalf of my fellow dealers, we say thank you”.

Also in Port Harcourt, Mr. Nonso Osinike, CEO of Lustre Communication, whose company won a bungalow,  lauded Globacom for keeping up with the promise of rewarding its Business Partners. “They (Globacom) have been wonderful and every one of us will always be proud to do business with them. It is a mutual benefit between us. The support they have given us over the years has culminated in our standing with them too, he noted.

Chief Jideofor Agudosi of Emy-V Global and Lady Blessing Agbara of Allasimal Exault who both won cars in Jos said the awards signified the premium Globacom placed on its dealers, just as Mr. Olalekan Abdulrasaq of Luktec Resources Concept Limited, a winner in Kaduna, said he was proud to be a Glo dealer as it is a company that seeks the profitability of its partners.

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Dangote Sugar Pays N18.22bn Dividend, to Produce 170,000 Tonnes Next Season

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Despite the economic headwinds that characterised 2022, Dangote Sugar Refinery Plc (DSR) will pay N18.22 billion as dividends to shareholders for the year ended December 31, 2022, while also targeting the production of over 170,000 tonnes of sugar next season. The dividend payout will translate to N1.50 kobo per share held by shareholders.

Chairman of the Company, Aliko Dangote said: “The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally.”

The company recorded an impressive turnover of N403 billion, a 46 per cent increase over N276 billion recorded during the same period in the year before, and posted a Profit before Tax (PBT) of N82 billion.

Dangote attributed the company’s remarkable performance to the pragmatic approach the management deployed by focusing on continued cost and process optimisation, improved efficiencies in every area of operations, and service delivery to our customers.

He pledged that the management would continue to implement strategic actions to sustain the performance with the support of all stakeholders with complete adherence to the tenets of the Federal Government’s Sugar Master Plan.

Dangote said part of the success recorded by Dangote Sugar was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan with the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.

He said: “Concerted efforts were made during the year to rise above the various challenges that came about due to the COVID–19 lockdown which affected project timelines considerably and continued to generally impact economic activities due to its spill-over effect, which also led to the lack of forex to finance most of the project deliverables.

“We however continued to surge ahead supported by the various stakeholders in the industry and government parastatals, with the resolve to ensure that the goals of the Nigeria Sugar Development Master Plan are achieved.”

The Company Chairman noted that during the year under review, the first phase of the Sugar Master Plan implementation period came to an end and that the Federal Government approved the second phase over the next 10 years.

“This extension came on the back of the review of the first phase by the National Sugar Development Council and other government parastatals with cognisance of the challenges and several circumstances that were unforeseen which riddled the first phase of the programme,” he added.

Dangote stated that the board and management were, however, focused on the achievement of the goals of the strategic initiative, and thus considerable progress was recorded in the project development, despite the numerous challenges faced.

Not minding the obstacles ahead, Dangote promised that the management would continue to create sustainable value for all stakeholders through an inclusive approach to growth and development, with continuous engagement with all parties, to enable the company make a positive impact, support poverty eradication and food security, infrastructure development, empowerment for members of the immediate communities, and the society at large.

In her remarks, the Coordinator of the Pragmatic Shareholders Association, Mrs. Adebisi Bakare expressed the satisfaction of shareholders with the performance of the company, noting that despite all the encumbrances in the sugar sub-sector of the economy, the company still performed far and above the previous year.

She urged the board and the management to continue in the direction they have taken to get the company to the current winning, assuring that the management has the support of the shareholders to post even better performance in the coming years.

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