Politics
Dangote Targets $30bn Revenue To Strengthen Naira
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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.
Politics
Lagos Assembly Commotion: Lawmakers Reject Obasa’s Return, Pass Confidence Vote On Meranda
Members of the Lagos State House of Assembly, on Monday, passed a vote of confidence in Mojisola Meranda as the Speaker of the Assembly.
The lawmakers expressed their confidence in her leadership at the plenary, which Rt Hon. Meranda presided over amidst tight security.
The Tide’s source reports that there was a growing tension at the assembly as legislative workers protested against the alleged plans to remove Rt Hon. Meranda as the Speaker of the Assembly.
The legislative workers also clashed with the operatives of the Department of State Security (DSS) who, in the early hours of Monday, stormed the assembly and sealed Rt Hon. Meranda’s office alongside that of her Deputy and the Clerk.
Our source had reported how armed security personnel took over the complex at Alausa, Ikeja, leading to palpable tension among the lawmakers and workers of the assembly.
There are indications that the ongoing imbroglio at the assembly following the removal of Mudashiru Obasa as Speaker on January 13 has not abated.
The Monday’s drama came a few days after Mr Obasa, who was removed for alleged abuse of office and corruption, dragged the state lawmakers to court, challenging his removal as the Speaker of the Assembly.
There are alleged plans to return Mr Obasa as the Speaker, a development which has further heightened tension at the assembly.
The Tide’s source reports that when Meranda arrived the assembly complex amidst tight security around 11:15 am on Monday, many legislative workers showed solidarity with the first female Speaker over alleged plans to remove her.
“Meranda we want”, “Meranda We want”, the workers were chanting in a short video clip.
Rt Hon. Meranda visibly overwhelmed by emotion was surrounded by her security details amid the chaotic atmosphere.
Inside the chamber, officials of the DSS clashed with the legislative workers, leading to commotion.
The DSS officials, dressed in black jackets and helmets and armed with weapons, struggled with the workers at the door.
The Tide’s source gathered that, with support from the legislative workers, lawmakers had earlier forced their way into the chamber around 12:30 pm.
It was further gathered that Rt Hon Meranda and about 32 members were present at the plenary.
A short video clip of the plenary showed that all the lawmakers in attendance had passed a vote of confidence on Rt Hon Meranda.
“Madam Speaker, all members standing before you, I move a motion to say that we do pass the vote of confidence on Rt Hon Mojisola Lasbat Meranda”, a lawmaker said.
The motion was supported by all members in attendance.
Politics
PDP, APC Trade Blame Over Killings In Osun Local Councils’ Crisis
The Peoples Democratic Party (PDP) and the All Progressives Congress (APC) in Osun State, on Monday, traded words over the alleged killing of three persons.
Members of both parties were locked in battle for the control of some local government secretariats. While two persons were killed in Iragbiji in Boripe Local Government Area, another was killed in Irewole Local Government Area.
There had been tension across the state over the Court of Appeal judgment in respect of the sacked APC council chairmen and councillors.
While the PDP claimed that the Feb. 10 judgment of the Court of Appeal, Akure, did not reinstate the sacked APC chairmen and councillors elected in 2022, APC insisted on their return.
Speaking with journalists in Iragbiji, Korede Ajeigbe, the commissioner for government affairs and protocol, claimed that two PDP members were killed while trying to prevent APC members from taking over a secretariat.
Mr Ajeigbe also said that six PDP members were seriously injured and were currently receiving treatment in the hospital.
APC, however, alleged that PDP members attacked its members while trying to enforce the Court of Appeal judgment.
Addressing a news conference in Osogbo, Bayo Adeleke, a chieftain of the APC, claimed that one of the party’s prominent members was killed during the crisis.
He also alleged that another member of the party, Remi Omowaye, escaped an assassination attempt in Ilesa.
Mr Adeleke, a former commissioner for local government and chieftaincy affairs, urged the state government to allow peace to reign by allowing the APC chairmen and councillors to return to office.
Another chieftain of the party, Jamiu Olawumi, claimed that APC chairmen had resumed in 15 local governments of the state.
This claim, however, could not be immediately verified.
When contacted, the police spokesperson in the state, CSP Yemisi Opalola, said she was yet to be briefed on the alleged killings.
Ms Opalola, however, said police officers had been deployed to all the local government secretariats in the state to prevent breakdown of law and order.
Meanwhile, Gov. Ademola Adeleke has directed workers as well as politicians to stay away from local government secretariats to avoid further bloodshed.
Mr Adeleke, in a statement by his spokesperson, Olawale Rasheed, said only security agents would be allowed to keep watch at the secretariats.
He condoled with families of victims of the crisis.
Politics
100 Days In Office: Lawmaker Passes Confidence Vote On Council Boss
Leader of the 8th Opobo/Nkoro Legislative Assembly, Barrister Samuel Nengia, has passed a vote of confidence on the Chairman of the LGA, Dr. Enyiada Cookey-Gam, as he marked his first one hundred days in his second term in office.
Speaking with newsmen recently in Port-Harcourt on Dr Cookey-Gam and the celebration of his first one hundred days in office, among other people-oriented development projects and programmes, Nengia argued that the Chairman and his team have recorded unprecedented developmental strides, which includes infrastructure transformation, empowerment, security, human capital development, payment of the approved N85,000. 00 minimum wage to Opobo/Nkoro workers’, among others.
He pointed out that his commendation was apt as the activities of the Chairman had been monitored and discovered to reflect the expectations and yearnings of the people, especially, the promotion of council staff, the refurbishment of the Assembly Complex to standard, the construction of Corpers’ Lodge, the provision of effective transportation system for the well-being of the people in the area.
Hon. Nengia, representing Opobo/Nkoro Ward 6, averred that the people of the LGA could now sleep with their eyes closed owing to Dr Cookey-Gam’s achievements in in the security sector.
He added that the vote of confidence the Council’s number one citizen would strengthen him to deliver more democratic dividends to Opobo/Nkoro people.
He admonished Opobo/Nkoro people to rally support for the Chairman to perform creditably well for the well-being of the electorate in the area.
Meanwhile, Barr. Samuel Nengia, has thanked Governor Siminalayi Fubara for appointing three illustrious sons of Opobo/Nkoro Local Government Area into positions of trust vis former Commissioner for Education, Dr. Tamunosisi Gogo Jaja, as Chairman, Rivers State House of Assembly Service Commission; former Secretary of Opobo/Nkoro Local Government Area, Engr. Edward Namiesimagha, as Chairman, Rivers State Waste Management Agency (RIWAMA) and Surveyor Peter Ogolo, as Surveyor-, General of the state.
Hon. Nengia, who described the appointments as well deserved, however, enjoined the appointees to bring their leadership wealth of experience to bear in the herculean tasks of reviving their various areas of jurisdiction.
Bethel Toby
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