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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. 

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Otedola again explores his philanthropic prowess, Nigerians are freaked out as Femi Otedola donates N5 billion to charity , Dangote’s multi billion-dollar refinery is 75% complete, Otedola says. , COVID-19: Otedola pledges N1 billion donation for Nigeria to combat disease

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”.

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“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.

Dangote’s multi billion-dollar refinery is 75% complete, Otedola says. 

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.

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(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.

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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.

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Patricia

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

3 Comments

3 Comments

  1. 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.

  2. 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

  3. Aliyu Usman

    February 28, 2020 at 8:35 pm

    A welcome delopment.. gives me warm feelings inside

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Coronavirus

Former Liberian President to sit on WHO review panel of COVID-19 response effort

Ellen Sirleaf has been picked alongside Helen Clark, to serve as co-chairs of the independent panel.

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Former Liberian President to sit on WHO review panel of Covid-19 response effort

Following stern criticism by US President, Donald Trump, over their handling of the COVID-19 response efforts, the World Health Organization (WHO) has announced it will implement an independent panel to review said response efforts to the pandemic.

To this end, Liberia’s former President and West Africa’s first female President, Ellen Johnson Sirleaf, has been picked alongside former Prime Minister of New Zealand, Helen Clark, to serve as co-chairs of the independent panel. They will be responsible for selecting the other members of the panel, according to the WHO.

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WHO’s Director-General, Tedros Adhanom, announced the panel will produce an interim report in a November meeting of global health ministers. Meanwhile, the substantive report would be produced by May 2021.

Tedros also said that the size of the pandemic calls for the need for a “commensurate evaluation, an honest evaluation”, adding that the WHO would be very serious with the preparation of the report.

READ MORE:COVID-19: WHO warns worst is yet to come as firm charges $2,340 for virus treatment

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The WHO members in May agreed to an independent review of the organization’s response to the pandemic. Ellen Johnson Sirleaf said the review of the body’s response would be challenging but looks forward to her role in doing what she can contribute to the response of the pandemic’s challenges.

The panel will also report monthly updates on the body’s response and will not only review the WHO’s response but also the International community’s response. Tedros added that it’s time for an honest reflection on the global response, saying a response will help with lessons on the pandemic.

 

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Economy & Politics

Presidency dismisses allegation of Osinbajo receiving N4 billion from recovered loots

The accusation was described to be an obvious campaign of lies and calumny.

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Twitter deactivate Yemi Osinbajo's Twitter account, How Nigeria's LPG sector can create 2 million jobs -Osinbajo, budget support, NEC okays $250 million investment in NSIA , MSMEClinic gets 200,000 capacity yam storage facility in Benue, Accusations of Yemi Osinbajo receiving N4 Billion from recovered loots are baseless- Presidency

The office of the Vice President has reacted to a series of tweets accusing Professor Yemi Osinbajo of instructing the embattled acting Chairman of the EFCC, Ibrahim Magu, to release the sum of N4 billion out of N39 billion that was recovered from alleged looters. 

These allegations have been described as “false and baseless”. 

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READ ALSO: UPDATE: President Buhari appoints Prof. Gambari as new Chief of Staff

A statement that was signed by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, said, with all emphasis at our disposal, let it be firmly stated that these are totally false and baseless fabrications purposing to reflect goings-on at the probe panel investigating Mr Ibrahim Magu”. 

Ibrahim Magu was relieved of his duties this week, after a probe was conducted on his activities as Acting Chairman of the nation’s anti-graft agency. He has since been replaced with Mohammed Umar. 

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READ MORE: Just In: DSS invites EFCC’s Acting Chairman, Ibrahim Magu for questioning)

Meanwhile, the statement by the Presidency also complained about the recent rise in people being paid to “peddle blatant falsehoods” against the Vice President and says Mr Osinbajo “will not be distracted by these obvious campaigns of lies and calumny”. 

The statement added that the online publications “being criminally defamatory in nature”  have been referred to law enforcement agencies for investigation. 

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Explore economic research data from Nairametrics on Nairalytics

 

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Financial Services

Stanbic IBTC observes closed period, as directors set to consider H1 results

The directors will also consider a proposal to pay an interim dividend to shareholders.

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Stanbic IBTC

Stanbic IBTC Holdings Plc announced earlier today that its board of directors will meet on Wednesday, July 29, as part of preparations towards the release of the company’s consolidated and separate audited financial statements for half-year 2020. The directors will also consider a proposal to pay the company’s shareholders an interim dividend.

A statement issued by the Stanbic IBTC to the Nigerian Stock Exchange (NSE) noted that the scheduled board meeting is in tandem with guidelines contained in section 1.2 of the NSE’s rules book.

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In the meantime, the bank Hold-Co has already commenced observing its closed period ahead of the release of the half-year financial statements. Specifically, Stanbic IBTC began observing its closed period on June 1st, 2020, the implication being that all insiders and their relatives have been prohibited from trading the company’s shares for more than one month now.

Explore economic research data from Nairametrics on Nairalytics

Note that the Stanbic IBTC’s closed period will continue until the half-year financial statements are released. Part of the statement which was signed by Chidi Okezie (Company Secretary), said:

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“In accordance with the provisions of Section 1.2 of the Rules of The Nigerian Stock Exchange (The NSE) relating to Board Meetings and General Meetings of Issuers, we would like to notify The NSE and our Shareholders, that a meeting of the Board of Directors of Stanbic IBTC Holdings PLC (the Company) is scheduled to hold on Wednesday 29 July 2020 at 1:00 pm. The meeting will discuss amongst other items, the Company’s Consolidated and Separate Audited Financial Statements for the Half-year ended 30 June 2020 as well as a proposed interim dividend.

READ ALSO: COVID-19: NSE extends time for submission of audited financial statements

“In view of the above, the closed period for the release of half-year results, which commenced on Monday, 01 June 2020 will continue to be in effect until the release of the Company’s Half-year audited financial statements.”

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Recall that the last earnings report that was released by Stanbic IBTC Holdings Plc was for Q1 2020. The unaudited report showed that gross earnings stood at N61.4 billion as against N58.7 billion in Q1 2019, even though interest income for the period declined by 12% year on year to N27.5 billion. Meanwhile, profit for the period stood at N20.6 billion, an increase when compared to N19.2 billion in Q1 2019.

Stanbic IBTC Holdings’ share price closed at N30.25 at the end of today’s trading session on the Nigerian Stock Exchange. Year to date, the stock has declined by nearly -20%.

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