Connect with us
nairametrics

Business News

Dangote Refinery begins installation of a major refinery equipment

The Fluid Catalytic Cracking equipment for Dangote Oil Refinery Company Limited has arrived Lagos and ready for installation. 

Published

on

Dangote Refinery

The Fluid Catalytic Cracking equipment for Dangote Oil Refinery Company Limited has arrived Lagos, even as the company now prepares to install the monstrous-looking, but a very important device.

The company’s management officially confirmed this via a statement, saying that the equipment will serve the refinery which is expected to produce some 650,000 barrels of crude per day upon completion.

As expected, Alhaji Aliko Dangote was present to receive the equipment, alongside Zenith Bank’s Chairman, Mr Jim Ovia, the Chairman of Execujet Services Limited, Mr Sam Iwuajoku, and the CEO of Dangote Oil Refinery Company, Mr Giuseppe Surace.

Note that this confirmation is coming after a video emerged late last week showing the equipment being delivered at the Dangote Jetty in Lekki, Lagos.

View this post on Instagram

Seeing as it's #Friday and you might be heading to the #movies tonight, you would be forgiven for thinking this is from the massive set of a #blockbuster #Hollywood #film – This is actually for #OilAndGas and belongs to the richest man in Africa, Aliko #Dangote for his upcoming #petroleum #refinery – It is called an FCC Reactor where FCC stands for Fluid Catalytic Cracking. FCC is an important process that involves converting #crudeoil to other products like gasoline. The sheer size of this reactor puts into perspective the billions of dollars that have been invested into this refinery. Here's hoping it launches in 2022. #PMS #Downstream #FCCReactor #OilRefinery #TGIF #YUGE #WOW

A post shared by NM || FINANCIAL LITERACY (@nairametrics) on

GTBank 728 x 90

According to the statement, the Dangote Refinery is being constructed in such a way that it can effectively refine different grades of local and internationally-sourced crude into PMS and other petroleum products like kerosene, diesel, and even aviation fuel.

Besides the single-train residual fluid catalytic cracking unit, the refinery will also have a crude distillation unit, a diesel hydrotreating unit, a continuous catalyst regeneration unit, a polypropylene unit, and an alkylation unit.

To ready the refinery ahead of its 2022 launch date, the company has continued to silently ship in heavy-duty equipment, all thanks to the specially-designed Dangote Jetty which is situated at the Lekki FTZ.

Deal book 300 x 250
GTBank 728 x 90

Last year, a 132 metres long general cargo ship arrived at the Dangote Jetty, carrying numerous equipment needed for the refinery.

Note that the Fluid catalytic cracking equipment serves the purpose of converting the high-boiling, high-molecular-weight, hydrocarbon fractions of petroleum crude oils into more valuable gasoline gases and other products.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

HealthPlus: More facts emerge as Bukky George reveals she owns 48.9%

HealthPlus insists its founder, Bukky George owns a majority share of HealthPlus Africa Holdings.

Published

on

HealthPlus says that its founder and former CEO, Mrs. Bukky George, owns 48.9% of HealthPlus Africa Holdings and that she is the only Nigerian registered Pharmacist shareholder and director in the company.

This was revealed in a statement by HealthPlus on Tuesday, in a bid to educate the public on the squabbles going on between it and Alta Semper Capital over the removal of George as CEO, and the appointment of Chidi Okoro as Chief Transformation Officer.

Nairametrics had reported last week that HealthPlus Limited appointed Okoro as Chief Transformation Officer. According to the statement earlier released by the company, Okoro’s mission is to optimize day-to-day management and elevate the business to novel scale and profitability, while the founder of the Company, George continues to be a director and a shareholder.

George however, issued a counter press release, denying that she had been removed as MD/CEO. According to her, the press release was not authorized by the company and was therefore false.

Alta Semper, in a follow-up press release, alleged that the decision to remove Mrs. Bukky George “was made in full compliance with Nigerian laws, and follows a long and drawn-out process of engagement,” through which the Board sought to address multiple issues concerning the way the company was being managed.

GTBank 728 x 90

Health Plus also reported Alta Semper directors to the police last week, as observed in a document seen by Nairametrics.

In today’s statement, HealthPlus said that it had partnered with Alta Semper Capital LLC UK in 2018 to inject fresh capital to grow the business.

“The investment in HealthPlus was to enable the company to capture the pent up demand for high quality yet affordable medicines … expand the company’s footprint across Nigeria, establish a distribution centre, develop B2B channels and e-commerce.

GTBank 728 x 90

“Alta Semper undertook to commit $18 million into HealthPlus whilst retaining Mrs. Bukky Geroge as CEO,” the statement partly read.

HealthPlus says that Mrs. George, at the time of the investment, transferred 95% ownership of the business to a new entity called HealthPlus Africa Holdings Limited, incorporated in Mauritius, whilst retaining 5% equity to her name.

“HealthPlus Africa Holdings is owned by Mrs. Bukky George (46.2%) and Idi Holdings ( 53.8%), Idi Holdings is Alta Semper’s investment vehicle”

“In essence, Mrs. Bukky George owns (directly and indirectly) 48.9% of HealthPlus and is the only Nigerian registered Pharmacist shareholder and director in the company.”

HealthPlus also said that Alta Semper’s initial $10 million investment achieved several initiatives in its business plan.

Jaiz bank ads

“However, it soon appeared that they (Alta Semper) were unable to come up with the balance of the equity investment.”

Fidelity ads

It argued that in May 2020, after 15 months of delayed funding, unmet expectations and dwindling inventory, “Mrs Bukky George instituted legal action at the Lagos Division of the Federal high Court [in suit No: FHC/L/CS/609/2020] seeking relief aimed at stopping Alta Semper from running and managing the company.”

HealthPlus says after Alta Semper was served the court process, they did not file any defense but appealed for dispute mediation.

It was added in the statement that the mediation was truncated after 3 meetings within a period of 3 months, “Their intransigence frustrated Mrs. George’s other nominee for director and Chairman into resigning from the board”

HealthPlus’ statement cited that the board, now with just 3 directors, had not met in six months and that the last time Mrs. George heard from Alta Semper was when they wrote last week stating her termination as CEO, “which in fact they had no authority or power to do so.”

HealthPlus says Mrs. Bukky George remains the founder and CEO, and continues to run the company.

Continue Reading

Business

CBN launches framework for advancing women’s financial inclusion in Nigeria

The CBN in collaboration with EFInA has launched a framework to advance women’s financial inclusion.

Published

on

CBN, Aishah Ahmad,

The Central Bank of Nigeria on September 29, 2020, virtually launched the framework of advancing women’s financial inclusion. This was disclosed in an online event tagged “Access to Finance Framework for Women” and anchored by Dr Paul Olukpe.

The framework was conceptualized by the Financial Inclusion Special Intervention Working group and developed by the CBN in collaboration with EFInA and Women’s World Banking with input from over 50 stakeholder institutions.

The overarching vision of the framework is for Nigeria to be globally recognized, with an inclusive financial sector that has closed the gender gap by 2024. The framework further itemizes 8 strategic imperatives for driving improved access to finance for women in Nigeria.

In the online event monitored by Nairametrics, the Deputy Governor, Financial System Stability of the Central Bank of Nigeria, Mrs. Aisha Ahmad justified the new initiative by citing EFInA’s last report on financial inclusion in 2018 as a yardstick.

(READ MORE: Banks’ loans to private sector increase by N3.50 trillion in one year – CBN)

GTBank 728 x 90

Recall that EFInA 2018 Financial Inclusion report indicated gender imbalance and a clear need to attend to the issue of growing female financial exclusion. For example, the report stated that 40.9% of females were financially excluded as against 32.5% of males. Mrs. Ahmad remarked that perhaps, the figures might even be wider if unattended to especially in this period of crisis.

Mrs. Ahmad urged financial institutions to address structural issues limiting women’s access to finance by understanding and developing products that are specifically tailored to address such issues.

Why this matters

GTBank 728 x 90

Empirical studies have shown that supporting a stronger role or empowering women is a key enabler in reducing poverty, stimulating economic growth and ensuring sustainable development. Citing ‘’The Power Parity Report by McKinsey’’, the Director of development finance department of CBN, Mr Yusuf Philip Yila, stated that the economic consequences of pursuing gender equality include a potential addition of $28trillion to global annual GDP by 2025.

This framework is a big boost to achieving SDG’s goal of gender equality and Nigeria’s financial inclusion targets simultaneously.

Continue Reading

Business

HealthPlus crisis: Alta Semper directors reported to Police for trespassing

HealthPlus has made a formal complaint to the Police following its ensuing battle with Alta Semper.

Published

on

HealthPlus crisis: Alta Semper directors reported to Police for trespassing

Nigerian Pharmacy Chain, HealthPlus Ltd which is in a battle for control with private equity firm Alta Semper Capital took a new twist as Health plus reported Alta Semper directors to the police last week, as observed in a document seen by Nairametrics.

In a letter sent to the Assistant Inspector General of Police on the 25th of September, HealthPlus stated, “We had the presence of unknown persons around our head office locations.”

READ: FG apologizes, says Self-Certification directive is not for everyone

The locations stated were 4 HealthPlus branches in Lekki, Lagos.

HealthPlus stated further, “We are aware that there are unauthorized and illegal plans by certain persons to take over our company premises to steal sensitive company property and assets, and ultimately take over operations of the company”

GTBank 728 x 90

The 4 persons mentioned by HealthPlus are; Zachary Fond and Ivan Genadiev (both Alta Semper Directors), Ernest Eguasa, CFO of company and an unidentified middle-aged white man.

Explore the Nairametrics Research Website for Economic and Financial Data 

Niarametrics reported last week that HealthPlus Limited appointed Chidi Okoro as Chief Transformation Officer.

GTBank 728 x 90

However, the announcement set off a chain of allegations and counter-accusations, including online media mudslinging with both sides trying to court public sympathy for who is in control of the company.

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
deals book
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement