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Otedola Acquires ‘Significant’ Shares in Dangote Cement

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Billionaire business man, who is also a distinguished entrepreneur and investor, Femi Otedola, has announced a significant acquisition of shares in Dangote Cement, the only cement company in Nigeria with two export terminals, with a combined export capacity of eight million tons per annum.

This strategic investment underscores Mr Otedola’s confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience.

Though the businessman did not however, disclose the volume of shares he acquired, Premium Times had exclusively reported that he bought N6 billion worth of stocks in the company.

As Sub-Saharan Africa’s largest cement producer, Dangote Cement boasts an annual production capacity of 51.6 million tons across ten countries. This extensive footprint not only highlights the company’s dominance in the cement industry but also its crucial role in driving economic growth across the region.

Dangote Cement’s export capabilities and extensive operations across Sub-Saharan Africa are essential for regional economic integration and growth,” Mr Otedola said. “My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development.”

Mr Otedola’s investment aligns with his vision of long-term wealth preservation and the belief that shareholders should be the primary beneficiaries of a company’s success.

“Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal investment choice,” the businessman said.

“Dangote Cement’s track record of dividend payments, exceeding N2.1 trillion in recent years, and its commitment to sustainable business practices resonate with these principles. Mr Otedola’s investment strategy prioritises companies that are well-managed, have strong governance, and operate under the principle that no individual should be larger than the company.

“In my investment decisions, I focus on long-term wealth preservation and ensuring shareholders are the ultimate beneficiaries of a company’s success,” Mr Otedola said.

“Companies like Dangote Cement, which consistently deliver value to their shareholders, are fundamental for sustainable economic growth. My investment reflects my belief in its capacity to continue providing significant returns and my commitment to businesses that prioritize their shareholders.”

The evolving regulatory landscape in Nigeria, emphasising Environmental, Social, and Governance (ESG) compliance, complements Mr Otedola’s investment criteria.

Premium Times

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NNPCL’s Claim of Buying PMS at N898 Misleading, Not True, Says Dangote Refinery

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The rivalry between the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery, took a dramatic turn Sunday when Refinery refuted claims made by the spokesperson of the NNPCL, Olufemi Soneye, that the refinery sold Premium Motor Spirit (PMS) to the company at N898 per litre.

Recall that on Sunday, the NNPCL as the sole buyer, commenced lifting of PMS, also known as petrol, from the 650,000 barrels per day refinery at Ibeju Lekki, Lagos State.

However, the Dangote Refinery, in a statement issued Sunday night by the Group Chief Branding and Communications Officer of Dangote Industries Limited (DIL), Mr.  Anthony Chiejina, described the claim as misleading and an attempt to undermine the significant progress made in addressing Nigeria’s long-standing energy challenges.

Chiejina emphasised that the refinery’s current stock of crude was procured in dollars, adding that sales to the NNPCL were conducted in dollars, resulting in considerable savings compared to the prices of imported fuel.

He also reassured Nigerians that there will soon be adequate petrol supply across the country, reaching the most remote local government areas.

The refinery urged Nigerians to disregard the claims made by NNPCL spokesperson, Mr Olufemi Soneye and await the formal pricing announcement from the Technical Sub-Committee on Naira-based crude sales, appointed by President Bola Ahmed Tinubu.

The refinery reiterated its commitment to ensuring the availability of quality petroleum products and ending fuel scarcity in Nigeria.

The statement reads, ”Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL.

”This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedevilled the economy in the past 50 years.

”We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.

”It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.

”We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”

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First Million Naira Winner Emerges in Glo Jolly Win Promo

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Olieh Somtochukwu, an employee of a real estate firm in Anambra State, has become the first person to win N1 million in the Glo Jolly Win promotion. The promotion is being run in partnership with Tetragrammaton, NCC-licensed Nitroswitch, an aggregator company, and Tetragrammaton, a value-added service provider.

Somtochukwu staked just N100 to participate in the promo, and he won the first million Naira prize money in a promo draw conducted in accordance with the protocols of the National Lottery Regulatory Commission (NLRC).

He was presented with the money at a brief ceremony on Wednesday in Lagos. Before the event was concluded, Somtochukwu, who had travelled from Onitsha, Anambra State, all the way to Lagos to collect his reward, received a credit alert of N1 million on his phone. He was ecstatic and could not contain his joy. He revealed that he forgot about the lotto game after playing it and was surprised to receive a call informing him that he had won N1 million. He was skeptical of the information at first, believing it only after arriving at Globacom’s office and realizing he was the centre of attention.

Said Somtochukwu: “I was very much surprised. Even up to now, I’m still shocked. I am short of words to express how I feel today. I thought it was a scam when I was called, I thought it was one of those random calls you get, but on coming here, I can say I am happy with what has happened here. I’ve received the alert for the N1 million”. Somtochukwu affirmed that the money came in at a time that he needed help to take care of challenges with his health.

According to Mojeed Aluko of Globacom’s Value Added Services Department, “the Glo Jolly Win is a lottery service where subscribers can win loads of airtime and cash prizes for as low as N100 daily, with no need for downloads or any storage usage on phones. Users can answer trivia questions or spin a wheel to win.” With the chance to become millionaires like Somtochukwu, subscribers can choose their favorite services from Jolly Trivia, Wheel, Win & Life, and enjoy the thrill and excitement of playing the lotto.

Customers have the choice of setting it up for auto renewal or for a one-time daily bundle. In addition, customers can choose between a one-time weekly subscription and an auto renewal package, as well as a one-time monthly package with auto renewal feature. To play the lottery, users can dial *20152#. They can also text JWD, JWW, or JWM to 20152, depending on their preference.

The CEO of Nitroswitch, Mr. Chidi Nnadozie, expressed his company’s pride in collaborating with the Glo network to offer thrills and great rewards to Glo subscribers through the lottery. He assured Glo customers that taking advantage of the different lottery deals on the Glo network would bring them even more enjoyment and incredible rewards.

Nitroswitch holds a license to incorporate content providers’ video, animation, gaming, infotainment, and lottery services to Nigerian mobile network operators.

Tetragrammaton, another Value-Added Service provider approved by the NCC, provides lottery, entertainment, video, and gaming services to mobile customers. Along with other fascinating value-added services on the Globacom network, the company owns the lottery services known as Jolly Suite.

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Reps Caucus Condemns Increase in Petrol Price, Demands Reversal

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The Minority Caucus of the House of Representatives has condemned the recent increase in the price of petrol by the Nigerian National Petroleum Corporation (NNPC).

The leader of the minority caucus in the House, Hon. Kingsley Chinda, conveyed the condemnation through a statement on Thursday in Abuja.

He argued that the development is not only ill-timed but also grossly insensitive to the harsh economic conditions currently being experienced by Nigerians across the country.

Chinda said that the hike is coming at a time when the nation is grappling with unprecedented economic challenges.

He added that a further increase in the price of gasoline would not only exacerbate the suffering of the average Nigerian.

The lawmaker said that the ripple effects of such an increase were far-reaching, impacting the cost of transportation, food, and other essential goods and services.

He said that this would ultimately erode the already fragile purchasing power of millions of citizens, pushing more families into poverty.

According to him, the Minority caucus is deeply concerned that this decision by the NNPC appears to have been made without adequate consultation with relevant stakeholders.

This, he said, includes the National Assembly, which represents the interests of the people.

He argued that the unilateral action disregarded the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry.

“We, therefore, call on the Federal government to urgently intervene and reverse this unwarranted increase in petrol prices.

“We also urge the government to explore and implement more sustainable measures to stabilise the economy without placing an additional burden on the people.

This, according to him, includes prioritising the rehabilitation and upgrading of our local refineries and curbing corruption within the petroleum sector.

He urged the Federal government to ensure that subsidies genuinely benefitted the masses rather than a few privileged individuals.

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