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VIDEO: Otedola extols Dangote’s multi-billion dollar refinery project

Business magnate, @realFemiOtedola must have been very impressed after witnessing the ongoing Dangote Refinery’s facilities. Here is why.

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billionaires, holiday, Otedola extols Dangote’s multi-billion dollars refinery project

Business magnate, Femi Otedola must have been very impressed after seeing Dangote Refinery. In an Instagram post on his handle, Otedola tagged the facility a wonderland. 

Witnessing the arrival of the Heat Recovery Steam Generator (HRSG) for the refinery, Otedola posted that the multi-billion dollars refinery project is inspiring.

The latest arrival: Going by Otedola’s post, it seems the latest arrival at the site of Dangote Refinery is the HRSG.

[READ MORE: FG sets target for revamping of ailing refineries]

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On the off chance that one does not know the functionality of the HRSG, it is important to note that it provides the thermodynamic link between the gas turbines and steam turbines in a combined-cycle power plant. Each HRSG solution is custom-engineered to meet your desired operating flexibility and performance requirements.

Prior to this development, Chinese oil and gas enterprise, China Petroleum & Chemical Corporation, had disclosed that it had shipped a piece of vital equipment which would be installed at the Dangote Refinery. The equipment, ‘atmospheric tower’, is the world’s largest and it set sail on Monday, July 29, 2019.

The Dangote Refinery, when completed, will be the largest in Africa. It is expected to average 650,000 barrels per day. According to Aliko Dangote, the founder of Dangote Group, the refinery which would cost between $12-$14 billion would be completed in 2019, with the commencement of production planned for 2020.

[READ ALSO: Nigerian billionaires, Aliko Dangote and Femi Otedola make Anthony Joshua feel at home]

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Meanwhile, there has been uncertainty regarding the commencement date of the refinery’s operations. This is according to Devakumar Edwin, the Group Executive Director of the refinery.

Nairametrics understands that the refinery had earlier been projected to fully commence its operations by the first quarter of 2020. That, however, may no longer be feasible as Edwin disclosed that there are challenges that may see the 650,000 barrels per day (bpd) refinery commence its operations not earlier than the end of next year (2020).

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

2 Comments

2 Comments

  1. chibuike dunstan

    August 23, 2019 at 8:12 pm

    well done, if only wishes were horses i would have rode on it that other nigerians that have wealth looted or earned invested their monies in huge projects like this in nigeria

  2. Ndukwe

    August 24, 2019 at 5:00 pm

    Will Dangote Group offer stock issue on their petroleum?

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Billionaire Watch

Elon Musk’s wealth jumps in 2021, more than top 5 billionaires combined

Elon Musk has made more gains in 2021 than Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg, and Warren Buffet combined.

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Elon Musk needs $20 billion wealth gain to clinch world's richest man title

Stock holdings of Tesla recorded impressive gains on the NASDAQ and it is looking good for Tesla Founder and Chief Executive Officer, Elon Musk, whose fortune has gained $31.6 billion in 2021 alone.

What you should know

Elon Musk, now worth $201 billion, has made more gains in 2021 than Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg, and Warren Buffet combined.

READ: Nigeria’s GDP growth to rebound between 1.7% and 2.0% in 2021 – United Capital report

  • This takes to account that Jeff Bezos is down by $6.86 billion, Bill Gates’s wealth has grown by only about $712 million,  and Bernard Arnault – a french-born billionaire’s wealth is down by $2.25 billion in 2021.
  • Facebook’s Founder, Mark Zuckerberg has lost about $10 billion in value this year alone, as investors have reduced their stake in Facebook on privacy concerns and Warren Buffet printed a wealth gain of $1.25 billion.
  • Elon Musk, who a few weeks ago, surpassed Jeff Bezos to become the world’s richest person, is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.

READ: Why You Should Not Invest Like Warren Buffet

Specifically, the world’s celebrated engineer and philanthropist had led the revolution of electric cars which is showing great potential to replace fossil-based combustion engine-driven vehicles.

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  • Electric-car maker, Tesla Inc’s share settled at $845 after the close of its most recent trading session.
  • Now worth $801 billion, Tesla has increased the concentration of heavyweight companies within the S&P 500.

READ:  Tips that will help you win in business – Amazon Founder 

Today, Tesla builds not only all-electric vehicles, but also infinitely scalable clean energy generation and storage products. Tesla believes that the faster the world stops relying on fossil fuels and moves towards a zero-emission future, the better.

Musk’s wealth gain is largely attributed to Tesla, the electric car automaker, which has gained about 700% in 2020 and has become by far the world’s most valuable automaker in the world, despite producing far less than Volkswagen, Toyota, or General Motors.

READ: Tesla’s market value bigger than any African country

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What to expect

Stock experts anticipate that a Democratic-controlled U.S Senate is bullish for Tesla, on the bias that there would be more pro-renewable investments, at least for the next few years.

Tesla has gained more than 23,900% since its 2010 initial public offering, including a 5-for-1 stock split in 2020.

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Billionaire Watch

Aliko Dangote’s net worth falls by $840 million

The net worth of Africa’s richest man declined by $840 million as the share price of his flagship company, Dangote Cement Plc drops.

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Dangote finally addresses how he amassed his wealth without father’s money, Dangote concludes plan to secure 10,000 trucks from Indonesia ,Dangote and other Nigerians hold form as Forbes releases the richest African billionaires list , Dangote injects N63 billion to revive moribund ANAMMCO in Southeast, Dangote subsea pipeline to handle three billion gas supply, link Niger Delta to Lekki, Dangote Fertilizer Contractor Staff tests Negative to COVID-19, Dangote: Report illegal haulage

Aliko Dangote, Africa’s richest man and the founder of Africa’s manufacturing conglomerate, Dangote Group Plc, saw his net worth fall by $840 million to $17.5billion between January 7 and 8.

This is according to the information obtained by Nairametrics from Bloomberg’s billionaire tracker.

READ: Facebook founder, Mark Zuckerberg, worth $104 billion keeps $2.3 billion in cash

The decline in Dangote’s net worth can be attributed to decline in the share price of his flagship company, Dangote Cement Plc (DCP), as the market capitalization of the company lost N339 billion on the Nigerian Stock Exchange (NSE), following the completion of the first tranche of the Cement behemoth’s share buyback programme.

READ: World richest man, Jeff Bezos holds 5% of his wealth in cash

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It is important to know that majority of Dangote’s fortune is derived from his 86% stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries.

READ: Elon Musk posts best annual wealth gain ever, makes $140 billion in 2020

What you should know

  • Nairametrics reported on Friday, 8th January 2021, that the Shares of Dangote Cement Plc lost N339 billion, following the completion of the first tranche of the Cement behemoth’s share buyback programme.
  • The report revealed that the market capitalization of the company, in just a week, declined from N4,173,220,263,484.50 at the open of trade on Monday 4th of January to N3,834,114,166,125.00 at the close of trade today the 8th of January 2021.
  • This development comes a week after the company successfully completed the first tranche under the Share Buy-Back Programme, as the company bought back 40,200,000 DCP shares in the open market between 30th and 31st December. The unit bought represents 0.24% of the entire current issued shares of 17,040,507,404 ordinary shares.

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Billionaire Watch

Elon Musk, first billionaire ever to be worth over $200 billion

Elon Musk is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.

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Elon Musk needs $20 billion wealth gain to clinch world's richest man title

Elon Musk, who some days ago surpassed Jeff Bezos to become the world’s richest person is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.

What you should know: Data retrieved from Bloomberg Billionaire Index affirmed Elon Musk is now worth $209 Billion.

READ: Billionaires worth over $100 billion made $270 billion in 2020

  • It’s crucial to note that the fastest rising billionaire keeps 8.9% of his wealth ($18.7 billion) in private assets and most of his wealth comes from Tesla, the most valuable car company he founded over a decade ago.
  • Elon Musk’s Tesla holdings are presently worth $15o billion.
  • Elon Musk’s present net worth of $209 billion can buy 113 million troy ounces of gold or 3.74 billion barrels of crude oil.

READ: Tesla hit a lifetime high, market value now $659 billion

That said, Elon Musk is passionate about contributing as much of his wealth into colonizing Mars, and he’s selling most of his material possessions to attain such a goal.

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In fact, I’ll have basically almost no possessions with a monetary value, apart from the stock in the companies,” Elon Musk told Business Insider in an interview with Axel Springer CEO Mathias, many months ago. “If things are intense at work, I like just sleeping in the factory or the office. And I obviously need a place if my kids are there. So, I’ll just rent a place or something.

READ: Nigeria, other African oil-producing countries will lose $1tn oil revenue in 20 years – PWC

Also, Elon Musk’s wealth gain in 2020 marks the fastest surge to the top of the rich list in modern history— and marks a dramatic turn around from a business riddled with debt less than two years ago as Tesla’s rapidly burnt cash to stay in operation.

READ: How to climb the Wealth Pyramid with speed

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  • Stock experts anticipate a Democratic-controlled U.S Senate is bullish for Tesla, on the bias that there would be more pro-renewable investments at least for the next few years.
  • Tesla has gained more than 23,900% since its 2010 initial public offering, including a 5-for-1 stock split in 2020.

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