Business News
Dangote’s multi billion-dollar refinery is 75% complete, Otedola says
Femi Otedola, recently visited the Aliko Dangote’s multi-billion-dollar refinery and fertilizer projects in the Lekki Free Trade Zone, has disclosed that the refinery is 75% complete.
Nigeria’s business tycoon and philanthropist, Femi Otedola, who recently visited the Aliko Dangote’s multi-billion-dollar refinery and fertilizer projects in the Lekki Free Trade Zone has disclosed that the refinery is 75% near completion.
Otedola disclosed yesterday on his Instagram page that a test run of the fertilizer plant was done as he praised the plant described it as the “8th wonder of the world”.
“Yesterday, the Dangote Refinery and Petrochemicals Limited did a test run of its Fertilizer plant which is the second-largest in the world after that of Qatar. Surely his dream of local refining is materializing as the 8th wonder of the world gradually evolves. Kudos to the entire Dangote Industries Limited team!” Otedola stated.
The billionaire went on to commend the Dangote Industries Limited’s team for a job well done stating that he is sure Aliko Dangote’s dream of local refining would come to pass very soon.
(READ MORE: Dangote Group emerges first African business firm to become PMI member )
On the current state of the projects, having said that the refinery is 75% complete, Otedola said that the petrochemical unit is also 60% complete.
Recall that the facility was initially projected to be ready by 2020. However, the completion date was shifted to H1 2021, as Nairametrics had reported.
What you should know: When the Dangote Refinery eventually becomes operational, Dangote Refinery is expected to be the biggest in the world. The refinery will be able to process 650,000 barrels of crude oil per day into refined petroleum products. This will help Nigeria become an oil refining country and oil exporter as the country’s refineries are in a dilapidated state. The capacity of the Dangote Refinery would eliminate fuel import from other regions into Nigeria.
The Dangote refinery and petrochemicals plant which is located at the Lekki Free Trade Zone is the second-largest fertilizer plant in West Africa with the capacity to produce 3.0 Million Tonnes of Urea per year.
Economy & Politics
BREAKING: Buhari sacks Service Chiefs, appoints new
President Buhari has appointed new Service Chiefs to replace the former with immediate effect.
President Muhammadu Buhari has appointed new Military Service Chiefs, and congratulates the outgoing Service Chiefs for efforts of “enduring peace to the country.”
This was disclosed by Presidential media aide, Femi Adesina in a social media post on Tuesday. President Buhari has been urged by the National Assembly to sack Service Chiefs over rising insecurity in the county.
Adesina said: “PMB appoints new Service Chiefs. Maj Gen LEO Irabor, CDS, Maj Gen I Attahiru, Army, Rear Adm AZ Gambo, Navy, AVM IO Amao, Air Force. He congratulates outgoing Service Chiefs on efforts to bring enduring peace to the country.”
“I have accepted the immediate resignation of the Service Chiefs, and their retirement from service. I thank them all for their overwhelming achievements in our efforts at bringing enduring peace to Nigeria, and wish them well in their future endeavours,” Buhari disclosed in a separate statement.
I have also appointed new Service Chiefs, to replace the retired officers:
Major-General Leo Irabor, Chief of Defence Staff
Major-General I. Attahiru, Chief of Army Staff
Rear Admiral A.Z Gambo, Chief of Naval Staff
Air-Vice Marshal I.O Amao, Chief of Air Staff.
— Muhammadu Buhari (@MBuhari) January 26, 2021
What you should know: President Buhari had come under heavy criticism in the last couple of years over his failure to sack the Service Chiefs for failing to tackle insecurity in the country.
Macro-Economic News
BREAKING: CBN retains MPR at 11.5%, holds other parameters constant
The CBN voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5% and other parameters constant.
The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%
This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 26th January 2021.
Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.
Highlights of the Committee’s decision
- MPR retained at 11.50%
- The asymmetric corridor of +100/-700 basis points around the MPR
- CRR was retained at 27.5%
- While Liquidity Ratio was also kept at 30%
More details shortly…
Coronavirus
FG says N10 billion disbursed funds not only for Covid-19 vaccines
FG has clarified that the N10 billion it earlier disbursed was not only for the development of Covid-19 vaccines.
The Ministry of Finance, Budget and National Planning has said that the N10 billion it released for vaccine development is not only for the production of Covid-19 vaccines.
This was disclosed by the Director-General of the Budget Office, Mr. Ben Akabueze, representing the Finance Minister during a meeting with the National Assembly Joint Committee on Health on Monday, reported by NTA.
Following the announcement of the disbursement of the sum of N10 billion to the Ministry of Health for the development of Covid-19 vaccine, the Joint Committee scheduled a meeting with the Ministers of Finance and Health for clarifications on the funds.
“The joint committee is invited to note that N10 billion has been released, to the Federal Ministry of Health under the budgetary vote referenced in above,” Akabueze said.
Ibrahim Oloriegbe, Chairman, Senate Committee on health, said the Committee wanted to know what the use of the funds was for and urged against the implementation of a lockdown.
“We got to see that what was released was in line with what was already there, for preparing the country for all other vaccines arrangements
“So our economy, we only need to live with covid, we cannot with due respect, contaminate Nigeria with a lockdown, it will badly affect our economy,” Oloriegbe said.
The committee also said the total aim is to see how Nigeria can develop its capacity towards the development of vaccines,
The Joint Committee, therefore, resolved that the Minister of Health who was absent at the meeting should appear before it on Tuesday for a breakdown on the proposed use of the funds.
What you should know: Nairametrics reported last week that the Federal Government, through the Ministry of Finance, announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.
Elizabeth
February 25, 2020 at 11:15 am
I am so happy that his refinery will soon be completed. But with all the technologies taken place in the western world, I think the petrol will be used by Nigerian’s and others Africa countries. Because in the next 10 or 15 years to come electric car is the future in Europe. Dangote is just aquiring not for interest of Nigerian’s but for his own selfish interest. Better thing could still be done. Not only building here and there. His logistics carrier are number one killer on Nigeria road with careless untrained driver couple with trailers that are off-road with mechanical problems. He should sees into the roads in Nigeria because most of his trailer are the biggest user of the road and stop claiming people’s life with the bad trailers and careless driver’s.
Anodebenze
February 27, 2020 at 3:54 pm
What a woman and her comment building refinery for “his selfish interest and untrained driver with trailer that are off-road with mechanical problem.life it’self can be a mirror of which you can judge yourself.accusing Mr Dangote of being selfish are you yourself being selfish yourself.this refinery can create at least 2000 jobs directly and indirectly,electric car as the future in Europe will not be automatic atleast for the next 30 yrs
Aliyu Usman
February 28, 2020 at 8:35 pm
A welcome delopment.. gives me warm feelings inside