Editorial
Dangote: Another Commendable Landmark
The Dangote Industries Limited made history last Wednesday in Abuja when its Chairman, Alhaji Aliko Dangote signed a $3.3 billion (N512 billion) loan agreement with representatives of a consortium of 12 banks led by GT Bank and Standard Chartered Bank for the establishment of a proposed Africa’s biggest private refinery complex.
The loan is said to be part of a $9 billion (N1.4 trillion) capital mix required by the Dangote Group to execute a 400,000 barrels-per-day refinery, petrochemical and fertiliser project at the Olokola Liquefied Natural Gas (OKLNG) Free Trade Zone, located between Ogun and Ondo States in Nigeria’s South West.
Even as crude is being discovered in more African countries, Nigeria remains the largest producer of the resource in the continent and must find very practical and profitable ways of utilising this resource that has continued to account for 70 percent of the budget and about 90 percent of Nigeria’s foreign earnings.
This enviable profile of the sector has hardly improved the living standard of the average Nigerian. Most worrisome is the inability of the state-owned Nigerian National Petroleum Corporation (NNPC) operated four refineries to as little as satisfy local market, with the 445,000 barrels of crude oil allocated to them daily.
Even the widely hailed promise of getting the original builders of these refineries to undertake a Turn-Around Maintenance (TAM) that would restore the ailing plants back to 90 per cent operational capacity has now become a mere ministerial refrain at every major oil and gas conference.
Equally disturbing is the report that the Federal Government spends about N1.3 trillion annually (an equivalent of 22 per cent of its budget) to subsidise the cost of importing refined petroleum products into the country, at a time when neighbouring Niger Republic is said to have built a world-class oil refinery near the Nigerian border ostensibly to take advantage of developments in Nigeria.
According to Dangote, the proposed mega refinery is designed to produce high grade petrol, diesel, aviation fuel, household kerosene and slurry – a raw material for producing carbon black. He hopes to reduce Nigeria’s importation of petroleum products by 50 per cent in 2016 when the plant will have commenced full operation.
The resolve of Dangote to undertake the building of a refinery, a venture which many investors had avoided, and for good reason, calls for commendation. To have come up with an integrated system to make the sector viable in spite of some seemingly impossible local conditions clearly shows why Dangote is considered to be the richest African.
We are grateful that Dangote is using his wealth, business experience and courage to open up the Nigerian economy in ways never thought possible. Until now, a lot of local investors were not able to utilise their licences to build and operate refineries because of the refusal of Nigerians to allow for the complete removal of subsidy on petroleum products.
Clearly, the same reason would have sufficed to deter Dangote but his ability to come up with the petrochemical and fertiliser plants to make up for the deficiency in the refinery component is very ingenious and worthy of emulation.
Dangote has made an unprecedented input in the economic development of Nigeria for which the award of the highest honour of this country stands justified. His landmark breakthroughs in the manufacturing of cement, sugar, flour, fruit juice and other household goods, in addition to the generation of employment for Nigerians, are unrivalled.
Dangote had, over the years, demonstrated the knack for identifying business opportunities at the very same places where many other Nigerian and foreign investors see only the inhibitions provided by lack of basic infrastructure, inadequate public power supply, security challenges, high cost of borrowing and the misapplication of subsidy.
As Dangote kick-starts the refinery project, The Tide hopes that the Nigerian government will give him all the support he would need to make it a success. Even so, we expect that as Dangote plans to curb fuel import by half in 2016, other operators in the sector should join forces and replicate the Dangote model in the Niger Delta area and help put an end to fuel importation and massive unemployment.
Editorial
Israel-Gaza War: Sustaining The Ceasefire
Editorial
No To Hike In Telecom Tariffs
Nigerians are outraged by the Federal Government’s approval of a 50 per cent increase in telecommunications tariffs, with organised labour threatening to mobilise workers to boycott telecom services. The Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) have described the upcoming tariff as outrageous, lamenting that it will worsen the already harsh living conditions of workers and the masses.
Similarly, the Coalition of Northern Groups (CNG) rejected the hike, stating that it was ill-timed and did not take into consideration the struggles of Nigerians. The Human Rights Writers Association of Nigeria (HURIWA) also criticised the review, calling it an illegal, unconstitutional, and oppressive policy that undermines the fundamental rights and freedoms of Nigerians. It is a difficult moment for the industry.
Recall that the Nigerian Communications Commission (NCC) approved a 50 per cent increase in tariffs for telecom operators last Monday, instead of the 100 per cent raise that operators had requested. This decision quickly angered the consumers’ association, which criticised the government’s approval as not only punitive but also insensitive.
We wholeheartedly agree with the stance of labour and other groups on this very sensitive matter. We unequivocally condemn the 50 per cent increase in telecom tariffs. Though telecom operators cite higher operational costs and inflation as reasons for the hike, the timing and impact raise serious concerns in the current economic situation. It is a blatant attack on the well-being of the Nigerian worker and a betrayal of the people to corporate interests.
Telecommunication services are essential for daily communication, work, and access to information. However, the average Nigerian worker already spends approximately 10 per cent of their wages on telecom charges. For a worker earning the current minimum wage of N70,000, this means an increase from N7,000 to a staggering N10,500 per month or 15 per cent of their salary, a cost that is unsustainable.
This hike exemplifies the government’s apparent ease in prioritising corporate profits over citizens’ welfare. It is shocking that the government approved a 50 per cent tariff increase for telecom companies within a month, yet took nearly a year to approve the recent minimum wage for workers, despite the rising cost of living and inflation eroding purchasing power.
The questions are: When will the government stand up for the citizens it swore to protect? When will the National Assembly rise to its responsibility and hold the Executive accountable for policies that blatantly undermine the welfare of the majority? When will the common man finally heave a sigh of relief in Nigeria? We urge the government, the NCC, and the National Assembly to review the implementation of this ill-advised increase.
It is difficult to understand the state of mind of the managers of the nation’s economy. Sadly, these managers have alienated themselves from the reality of today. How can a government approve a 50 per cent hike in the tariff of telecom services when even the N70,000 minimum wage has been eroded by inflation, electricity tariff hikes, exorbitant fuel costs, transportation, and other social services?
Even if there is a need for an increase, why does it have to be 50 per cent? If, after dialogue, it is agreed that a raise is necessary, we should all consider a more reasonable increase rather than the 50 per cent hike. Fifty per cent is excessive and will only worsen the already harsh living conditions of workers, placing a heavier burden and more suffering on them and the general population.
The recognition of telecommunication services as essential components of modern society cannot be overstated. In an era characterised by rapid digital transformation, these services are fundamental not only for personal communication but also for facilitating broader socio-economic engagement. The proposed tariffs increase in the telecom sector raises critical concerns regarding equitable access to vital services that support communication, education, healthcare, and commerce.
In a democracy, the people should be the central focus of all government actions and policies. Every decision should aim to improve their quality of life. This plan must be carefully scrutinised with the welfare of citizens in mind. An increase in telecom tariffs will negatively impact many Nigerians, as the internet has become an essential tool for business, communication, and daily activities.
The Tide calls for the immediate suspension of the 50 per cent hike in tariffs. Instead, we recommend a more reasonable adjustment of a maximum of 10 per cent, which balances industry sustainability with the current economic realities in the country. We also demand that the NCC engages in genuine, inclusive consultations with consumer advocacy groups, civil society organisations, and other grassroots stakeholders before implementing any tariff adjustments.
Editorial
Hurray, Siminalayi Fubara Is 50!
Born on January 28, 1975, in Opobo Town, Mr. and Mrs. Joseph and Love Fubara welcomed their second of five children and first son. His father, a former soldier who completed an overseas training tour of duty, instilled in him a strong sense of discipline and dedication. His mother, a civil servant, taught him the importance of hard work and perseverance.
He received his primary education at Opobo Primary School and continued his studies at Comprehensive Secondary School in Opobo. His passion for numbers led him to pursue a degree in Accountancy at the then Rivers State University of Science and Technology, now known as Rivers State University.
Upon completion of his Bachelor’s degree, he pursued further education and obtained a Master of Business Administration (MBA) and a Master of Science (MSc) from the prestigious University of Port Harcourt in 2013 and 2016, respectively. Fubara’s dedication to his studies and his commitment to personal growth have shaped him into the accomplished individual he is today.
Sim, fondly called by his colleagues, started his career in 2003 as a principal accountant at the Rivers State Senior Secondary Schools Board. His dedication led to his promotion to Director of Finance and Accounts at the Government House in 2015. In March 2020, he was appointed Permanent Secretary and then became the Accountant-General of Rivers State on December 23, 2020.
His achievements are numerous, as he is a Knight of the St. Christopher (KSC) Order of the Church of Nigeria Anglican Communion. Additionally, he holds the prestigious traditional chieftaincy title of Amaopusenibo of Opobo Kingdom. The Governor’s commitment to family is evident through his marriage to Valerie Ibiere Fubara, with whom he shares three beautiful children.
Among Siminalayi’s other significant qualifications and accomplishments are his fellowship with the Nigerian Institute of Management and his fellowship with the Association of National Accountants of Nigeria (ANAN). He holds membership in the Chartered Institute of Forensic and Investigative Auditors. His impressive background has gained him the trust and support of the Peoples Democratic Party (PDP), leading to his victory in the party’s governorship primaries for the 2023 general elections.
Fubara embodies a leadership style defined by simplicity and compassion. He exhibits patience, confidence, and empathy in his interactions with those he serves. His humility and faith in God make him trustworthy. Representing the younger generation, Sim leads with the slogan “Consolidating and Continuing the New Rivers Vision,” focusing on developing infrastructure, healthcare, education, security, agriculture, and investment opportunities for Rivers State.
The bravery exhibited by His Excellency in resisting godfatherism has attracted respect from a wide array of Nigerians, Africans, and supporters of democracy around the world. He emphasises serving the interests of the people of Rivers over any godfather. His actions unify diverse groups in the state, promoting a sense of belonging among various ethnicities.
Our affable Governor exemplifies robust moral leadership rooted in his Christian beliefs. As a devoted Knight, he shows compassion and selflessness in his governance. He fosters an environment where all religions can peacefully coexist. Fubara sponsored Muslim pilgrims for the 2024 Hajj and personally wished them well, encouraging them to pray for the state and Nigeria. His religious tolerance has earned him respect among Nigerians who value coexistence.
Moreover, the Governor’s appealing physique and charming smile have garnered admiration from many Nigerians, who view physical beauty as a reflection of inner qualities. His tall stature has solidified his status as a revered figure, commanding respect across the nation. Fubara has shown dedication to women’s issues by initiating several programmes in collaboration with the Women Affairs Ministry and the Office of the First Lady, highlighting his strong commitment to women’s empowerment and gender equality.
Sir Fubara has focused on actively involving young people in his governance by launching entrepreneurship and training schemes, notably the Rivers State Youth Empowerment Scheme. His efforts to support youth have earned him the backing of many young Nigerians. Additionally, he provides scholarships and makes donations to orphanages, demonstrating his commitment to investing in education for the benefit of children in the state.
Known for his strong commitment to national unity, this Governor reaches out to Nigerians from various backgrounds. As a state Governor, he demonstrates great nationalism by supporting citizens from other states, especially in Rivers. He respects the rule of law and democratic values, which has enabled past local government chairmen to complete their terms without issues. His effective management of Rivers State’s resources promotes transparency and accountability.
Despite facing numerous distractions, the Rivers Chief Executive has made remarkable strides in steering the state’s affairs, reflecting his unwavering focus and commitment to delivering results. He has encountered challenges but remains dedicated to his vision for a better state. His peaceful and caring leadership style has made him popular, inspiring new leaders to emulate similar qualities. By being strong yet compassionate, he has redefined the concept of leadership. Fubara’s selfless nature prioritises the state’s needs above his own. This has earned him widespread support.
As he commemorates his Golden Jubilee birthday today, even the most ardent critics, adversaries, and accusers cannot overlook that he embodies a worthy precursor in every sense.
Happy Birthday, His Excellency!
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