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Why Dangote petrol will not be sold at FG’s regulated price

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Organisation of Petroleum Exporting Countries, OPEC, Dangote Refinery, Ghana, Crude oil, oil and gas, forex, Africa, Nana Akufo-Addo, Global Data, China, Global refining

When the multi-billion dollars Dangote Refinery eventually begins to refine and sell Premium Motor Spirit (PMS), the product will not be sold in line with the Federal Government’s regulated price.

Instead, Aliko Dangote plans to sell his petrol at export rate, even though focus will not be entirely on exportation.

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Africa’s richest man and founder of the Dangote Group, Alhaji Aliko Dangote, made this disclosure himself when he recently gave the CBN Governor, Mr Godwin Emefiele, a tour of refinery facility.

He noted that it is the Government’s job to regulate the price of petrol, although he doubted if the Federal Government’s fuel subsidy will continue.

 “We are not here to concentrate on export but pricing of products depends entirely on the government. If there will be subsidy, which I doubt very much, that is the job of government not the job of Dangote to determine what the price will be. But price of our export is what we sell, which will depend on what the market is internationally, and locally if there will subsidy, the government will carry that responsibility and not us. Government has to engage us and see how they can find a mid-ground on that.” – Aliko Dangote

A multi-billion dollars refinery

Dangote Refinery, which so far has cost quite a lot of money, is expected to become one of the world’s biggest refineries upon completion.

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As Nairametrics reported, the billionaire owner of the project, Alhaji Aliko Dangote, mobilised over $4.5 billion for the project last year. And with that much money invested in a single project, it is not surprising that the refinery is expected to generate as much as $11 billion per annum.

In the meantime, there are currently as much as 26,000 people working on the project, Dangote said. Just last month, installation for the Fluid Catalytic Equipment commenced.

When it is completed in just a couple of years, the project is expected to generate jobs, generate foreign exchange, and revitalise the Nigerian oil and gas industry.

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Patricia

Emmanuel covers the financial services sector for Nairametrics. Do you have a scoop for him? Well then, contact him via his email- [email protected]

3 Comments

3 Comments

  1. Oludele O

    February 4, 2019 at 9:11 pm

    This man is not nice at all. What I expect him to say is that he is coming into the market to help the Nigerian people. He will make money anyhow so why not make the common man live easy. Oshisco

  2. Truth

    February 5, 2019 at 4:50 pm

    The grandfather of oligarchs has spoken. He is going for the kill. This is a man that built his wealth on concession from federal and state government to access the Commonwealth of the Nigerian people blatantly showing no sympathy for the people nor gratitude for what is bequeathed him.

    Not surprising at all. He has done same with cement and other commodity he controls! Very greedy fellow. Just know you can’t take all the money to heaven when you die!!!

  3. Ighodaro Ogiemwanye

    February 8, 2019 at 1:39 pm

    Leave him alone. Why whona papa nor build? U should be happy dat someone from here did it..

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Energy

FG approves new board for NLNG, BGT

The change was necessary because the current board members had been in office since 2005.

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Federal Government has approved the newly reconstituted boards of Nigeria Liquified Natural Gas(NLNG) and Bonny Gas Transport Limited (BGT).

This was disclosed in a statement issued by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Monday.

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According to him, the new board, which was approved by President Muhammadu Buhari, was necessary because the current board members had been in office since 2005.

He disclosed that the new board members for the NLNG include Dr Edmund Daukoru as Chaiman, Mr Henry lkem-Obih as a Member and Dr Rabiu Sulaiman as a Member.

Other Members include the Group Managing Director of the Nigerian National Corporation (NNPC), Malam Mele Kyari and the Permanent Secretary, Ministry of Petroleum Resources, Mr Bitrus Nabasu.

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He also said that Daukoru was also approved as the President of the Board of BGT while Doyin Akinyanju and Abdul Abba are members.

The minister noted that Kyari and Nabasu were also members of the board.

“I will like to use this opportunity to thank the chairman and other outgoing board members of NLNG for steering the companies to record successes, particularly the Train 7 FID.

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“l wish the exiting members good health and more successes in their future endeavors.

“To the incoming members of the board, I congratulate you on this appointment; your selection is based on your experience, integrity and expertise.

“I, therefore,urge you to bring all these to bear in the discharge of your responsibilities in line with the progressive agenda of Mr President,” he said.

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The News Agency of Nigeria(NAN) reports that some of the new board members had worked in the industry in the past.

Daukoru was a former Minister of State for Energy and also Secretary General of the Organisation of the Petroleum Exporting Countries in 2006.

He became the Amayanabo, or traditional ruler, of Nembe Kingdom in 2008.

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Also, Ikem-Obih was a former Chief Operating Officer, Downstream of the NNPC and Rabiu a former Group Executive Director at the corporation.

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Hospitality & Travel

Passengers can now arrive 90 minutes before departure for domestic flights – FG

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international passengers, Coronavirus: FG enforces immediate screening of travellers at airports with new directive

The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.

This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.

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The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.

In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’

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It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.

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Economy & Politics

Seyi Makinde Proposes N3 billion investment plan for water supply

The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG. 

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Seyi Makinde Proposes N3 Billion plan for water supply

The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.

Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.

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All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.

The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.

Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.

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Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.

 

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