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Business News

CBN Governor says Dangote refinery will sell refined products to FG in Naira

The CBN Governor has revealed that Dangote Refinery will sell refined crude to Nigeria in naira when it commences production.

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Dangote Refinery

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has revealed that arrangement is being made to enable the Dangote Refinery to sell refined crude to Nigeria in naira when it commences production.

The take-off of the much anticipated $15 billion refinery is expected to help Nigeria save about 41% of its foreign exchange that is being expended on the importation of refined petroleum products.

According to a report by the News Agency of Nigeria (NAN), this disclosure was made by Emefiele during an inspection tour of the sites of Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline project at Ibeju Lekki, Lagos.

Emefiele also said that the first shipment of Urea from the Dangote Fertiliser Plant would begin in March to help boost agriculture in the country.

What the CBN Governor is saying

Emefiele said, ”Based on agreement and discussions with the Nigerian National Petroleum Corporation and the oil companies, the Dangote Refinery can buy its crude in naira, refine it, and produce it for Nigerians’ use in naira.

“That is the element where foreign exchange is saved for the country becomes very clear. We are also very optimistic that by refining this product here in Nigeria, all those costs associated with either demurrage from import, costs associated with the freight will be totally eliminated.

“This will make the price of our petroleum products cheaper in naira. If we are lucky that what the refinery produces is more than we need locally you will see Nigerian businessmen buying small vessels to take them to our West African neighbours to sell to them in naira.

“This will increase our volume in naira and help to push it into the Economic Community of West African States as a currency.”

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Emefiele was confident that the refinery would be completed by the first quarter of 2022, adding that this would put an end to the issue of petrol subsidy in the country.

He said, “I am saying that by this time next year, our cost of import of petroleum products for petrochemicals or fertiliser will be able to save that which will save Nigeria’s reserve. It will help us so that we can begin to focus on more important items that we cannot produce in Nigeria today.’’

While pointing out that the CBN had given an N100 billion intervention to the projects, Emefiele added that the apex bank was ready to support Nigerian businesses set up to uplift the country economically.

Speaking during the occasion, Alhaji Aliko Dangote said that the fertiliser and petrochemicals plants were capable of generating $2.5 billion annually while the refinery would serve Nigeria and other countries across the world.

While expressing his gratitude to President Muhammadu Buhari and the CBN Governor for their support towards the completion of the projects, Dangote said the projects would create jobs for Nigerians and build their capacity in critical areas of the oil and gas industry.

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What you should know

  • Dangote refinery is a 650,000 barrels per day (BPD) integrated refinery and petrochemical project under construction in the Lekki Free Zone near Lagos, Nigeria. It is owned by the Dangote Group and is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility, upon completion.
  • The integrated refinery and petrochemical project which will meet 100% of Nigeria’s refined petroleum product requirement and even have a surplus for export when completed is expected to be completed in 2021 after some delays and will generate 9,500 direct and 25,000 indirect jobs

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Billionaire Watch

    Here is the exciting 2021 list of the richest football clubs in the world  

    Here’s Forbes 2021 list of the most valuable clubs in the world. 

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    Here Is The Exciting 2021 List Of The Richest Football Clubs In The World 

    Billionaires are fond of investing in sports franchises. This is because there is a lot of money in it and the income stream is pretty consistent. Authoritative wealth watch magazine, Forbes yesterday released its official list of the most valuable clubs in the world.

    It also gave a summary of the business side of the football world which we found quite interesting.

    Nairametrics did a thorough review of the list and highlighted the parts which we believe will resonate well with our readers. Let’s get to it!

    Top 10 richest clubs in 2021 by value 


    Tottenham (2.3bn)

    Tottenham hotspur comes in at the 10th position with a valuation of $2.3bn. The English club is owned by Joseph Lewis and Daniel Levy. They generated $494m last year.


    PSG (2.5bn)

    Paris St Germaine comes in at 9th position with a valuation of $2.5bn. The French league 1 giants generated more money than arsenal last year. They generated $599m. PSG is owned by an investment group, Qatar Sports Investments.


    Arsenal (2.8bn) 

    Arsenal football club, another London side club comes in at 8th position with a valuation of $2.8bn. The club is solely owned by Stan Kroenke, an American Businessman who invests in sports and media. Arsenal generated $430m in 2020 making it the 8th most valuable club.


    Chelsea (3.2bn)

    Chelsea football club comes in 7th on the list with a valuation of $3.2bn. The London side club has retained its longstanding owner Roman Abramovich, a Russian Oligarch. Chelsea generated $520m last year.


    Manchester City (4bn) 

    Manchester City, an English club with a long history of billionaire owners comes in at 6th position. The very successful English club generated total revenue of $609m last year. The club is valued at $4bn and is owned by Sheikh Mansour bin Zayed Al Nahyan.

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    Liverpool (4.1bn) 

    Liverpool comes in 5th at a $4.1bn valuation. The English club is the second wealthiest in England with a generated revenue of $619m. The club is owned by a joint partnership between Billionaire, John Henry and Tom Werner.


    Manchester United (4.2bn)

    Manchester United is the wealthiest English club on the list. The club is valued at $4.2bn, taking up the 4th position on the list. The club has been owned by a Jewish business family, the Glaziers for years. They are the largest shareholders and practically own the club. They generated $643m last year.


    Bayern Munchen (4.215bn)

    Bayern Munchen comes in at the third position with a value of $4.215bn. The German giants have bossed the German league for years. They generated $703m last year, coming in at the 3rd position.


    Real Madrid (4.75bn)

    Real Madrid Fc comes in at the second position. The football club which had previously dominated this list was edged out by bitter rivals, Barcelona. Real Madrid is valued at $4.75bn and the club is also owned by the club members. Real Madrid generated $729m, the same amount of revenue as Barcelona last year.


    FC Barcelona (4.76bn)

    Fc Barcelona is the most valuable football club in 2021 with a market value of $4.7bn. The club sits gallantly in the first position.

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    The Spanish giants generated a massive $792m in revenue last year and succeeded in holding on to their key player Lionel Messi. They also edged out Real Madrid and Man Utd who have dominated this list for 16 years. FC Barcelona is owned by the club supporters. It has no major shareholder or billionaire financier. The club has over 160,000 members forming its governing body.


     

    What you should know 

    • 6 of the 10 richest clubs in the world are owned by billionaires; the rest are owned by club members and an investment group.
    • In the last 16 years, the world’s richest football clubs list has been topped by only two clubs – Real Madrid and Manchester United.
    • Football clubs generate revenues through advertisements, sponsorship deals, jersey deals and ticket sales. These are the 4 major revenue streams of a football club.
    • The top 3 teams on the list – Fc Barcelona, Real Madrid and Bayern Munchen generated a combined revenue of $2.3bn in 2020.

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    Corporate Press Releases

    UBA Business Series to equip SMEs with Performance Management Strategies for Organisational Growth

    UBA has been assisting with essential tips to help businesses ensure that they stay afloat and remain thriving.

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    As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.

    The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity-building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.

    Through this initiative, UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving.

    The topic for the next edition of the series is ‘ Managing Performance for Business Growth,’ and it will be held on Wednesday, April 14, 2021, via Microsoft Teams. At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.

    Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high-security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.

    The capacity-building event is a virtual session which is open to all – including business owners and leaders – and will be held on Wednesday, April 14th, 2021, at 2pm WAT. Interested participants can register via http://bit.ly/UBASMEWorkshopMarch2021

    UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe, ‘with her vast experience garnered over the years from various sectors, she will help business owners understand how performance management strategies can be effectively implemented to ensure business growth’.

    He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding, “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2% of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”

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