Politics
Dangote Targets $30bn Revenue To Strengthen Naira
President of Dangote Group, Aliko Dangote, has said his businesses’ $30bn revenue target by the end of 2025 will boost the naira.
Dangote stated this on Sunday during a tour of Dangote Petroleum Refinery & Petrochemicals, and Dangote Fertiliser Limited by media executives, indicating a plan to attain independence from the Central Bank of Nigeria in foreign exchange sourcing.
He said the expected significant inflow of forex into Nigeria through his businesses will automatically boost the value of our local currency and make the naira regain its value in the comity of international currencies worldwide.
The refinery began full operations in 2024, initially focusing on refining intermediate products, such as polypropylene, naphtha, RCO, petrol, diesel, and jet fuel.
He explained that the refinery entered its steady-state production phase in March 2024.
He anticipated production ramping up to 500,000 barrels per day with 15 crude cargoes per month by August, increasing to 550,000 bpd by the end of the year, and aiming for 650,000 bpd by the first quarter of 2025.
“Petrol production will commence in July with sales from August”, he assured.
He also revealed that the group intends to list Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited on the Nigerian Exchange Group in the first quarter of 2025.
He added that this initiative would enable Nigerians to participate in the ownership of these companies.
“Due to the nature of our business with both the refinery and the fertiliser, we are aiming to list them by the end of this year.
“However, depending on circumstances, worst-case scenario, we anticipate listing them before the end of the first quarter of next year.
“This will allow us to offer shares for sale and enable Nigerians to participate as shareholders”, Dangote stated.
The Dangote Refinery, which will process 650,000 barrels per day at full capacity, stands as Africa’s largest oil refinery and the world’s largest single-train facility.
Also, Dangote Fertiliser Limited operates Africa’s largest granulated urea fertiliser complex.
Currently, Dangote Cement is Nigeria’s most capitalised company.
While noting that the total storage capacity of the refinery is 4.5 billion litres, sufficient to cover 20 days of Nigeria’s crude requirement and store products equivalent to 15 days of Nigeria’s petrol consumption, he stressed that the refinery would produce 53 million litres of petrol per day and 1.1 million tonnes per day.
He added that the refinery was equipped with dedicated loading gantries featuring 86 loading bays, along with specialised marine facilities for the offloading of crude and the loading of petroleum products.
The facility, he said, included a 900-kilotonne per annum polypropylene plant, with production capacities of 36,000 tonnes per annum for sulphur and 585,000 tonnes per annum for carbon black.
The Vice President of Oil and Gas, Dangote Industries Limited, Devakumar Edwin, reiterated the commitment of the company to enhance local capacity in critical sectors of the economy.
He said Dangote Industries Limited had empowered young Nigerians to assume key roles across its operations, with many even becoming expatriates in other nations.
Edwin stressed the refinery’s status as the world’s largest single-train complex constructed entirely by a Nigerian company, highlighting a significant achievement in local engineering and construction capabilities.
A chieftain of the Simplified Movement, Oyigbo Chapter and Prime Minister of Okoloma-Ndoki Council of Traditional Rulers’, Chief Sampson Akaya, has said that Governor Siminalayi Fubara’s policies and people- oriented development projects and programmes will guarantee him a second term ticket in the 2027 governorship polls in Rivers State.
Chief Akaya stated this while exchanging views with newsmen recently in Afam Okoloma -Ndoki, headquarters of Oyigbo Local Government Area, on the most remarkable strides in policies and programmes of the Fubara-led administration in the state for the past one year.
“For the first time, after the first indigenous Military Governor of old Rivers State and Amanyanabo of Twon-Brass, His Majesty, King Alfred Diete-Spiff, we are having a government that is transforming all the nooks and crannies of the state simultaneously. Go to the 23 Local Government Areas of the state, the story of quality service delivery is the same. So, why won’t such a Governor get a second term.
“What Rivers people should rather be praying for, is for the Governor to keep doing the right thing, despite the avalanche of distractions by those who never wished the state and her people well, when he returns.
“His rescue mission mantra must continue unabated. Rivers people can’t afford to return to the land of Egypt, when we are on the march to the promised land, where milk and honey flows”, Chief Akaya declared.
The royal father used the opportunity to thank Governor Fubara for the appointment of Engr Gogo Philip as Chairman, Caretaker Committee of Oyigbo LGA.
“I am indeed happy that the Governor deemed him fit to serve the LGA in that capacity. Primarily, his vision is to take the LGA to the next level. What he touches becomes gold and this is courtesy of God’s grace; and now that he is involved in the development of Oyigbo LGA, he will do his very best to ensure that Oyigbo becomes one of the finest in Nigeria.
“He knows quite well that with Governor Siminalayi Fubara in the saddle of governance in the state, every sectors of the economy, especially those of them in the LGAs, would enjoy unquenchable transformation fire, where better future will thrive.”
On his fitness to govern Rivers State, Chief Akaya said that the Governor has the wherewithal to rule the state beyond 2027 in order to attract more democracy dividends to the people.
He, however, urged the Governor not to be deterred, going by the political crisis rocking the state, adding that “No amount of distractions can change the narratives of the Governor’s commitment to quality service delivery, as to take the state and her people to a better development pedestal”.
Bethel Toby
He said if lack of funds for tuition had hindered them from going to school, they could now grab the Tinubu administration‘s students loan to go to school.
“The loan scheme is a beacon of hope for those interested in going to school, for they have no reason not to go to school any longer,” he said.
Senator Jibrin spoke at Amani Events Centre, Kano, during the distribution of admission letters to beneficiaries of his postgraduate foreign scholarship programme.
Barau Jibrin Foundation has sponsored 70 graduates from Kano to do Master’s in Canada, United States, India and others in Artificial Intelligence and Machine Learning, Information Security and Cyber Forensic as well as Robotics Science.
He noted that the Foreign Scholarship Programme was a Special Purpose Vehicle (SPV) identifying and supporting gifted and talented youths in Kano State to acquire postgraduate degrees in selected fields to give them competitive advantage to contribute to development of Nigeria.
Five of the beneficiaries are women, it was learnt.
“In this first edition, we are sponsoring 70 candidates from our three senatorial districts to pursue higher degrees abroad. This is to expose them to best global educational standards in their fields.
“The scholarship is designed to showcase our commitment to educational development of our youths, who we considered as pillars of societal development.
“At Jibrin Foundation, we give pride to development of the youth, who reshape and energise our society. What we are doing is a demonstration of the hallmark of our political ideology to build and empower the youth to secure our future and society,” he said.
He noted that beneficiaries were picked on merit, not because of political party or geographical affiliation.
Senator Jibrin called on the private sector and individuals to support the Tinubu administration’s efforts in revolutionising the education sector, as government, he said, could not do it alone.
The resignation letters, dated September 4 and September 6, 2024, were addressed to their party’s respective local government and ward chairmen.
The resigning aides are Osayande Emenya (Ward 6, Oredo Local Government), Henry Osaheni Ukato (Ward 6, Oredo Local Government), Efosa Edo-Osagie (Ward 6, Oredo Local Government), and Timothy Edokpolor (Ward 8, Ikpoba Okha Local Government).
The aides cited non-payment of salaries since their appointments as their primary reason for resigning. They also complained about the alleged marginalisation of original party members, stating: “We are resigning from the party based on the principles of equity, fairness, and justice, which are no longer upheld at the ward levels, coupled with the marginalisation of the original PDP members who have sustained the party.”
However, the aides did not disclose their future political destination.
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