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NNPC Moves To Buy 20% Stake In Dangote Refinery With Bank Loans

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The Nigerian National Petroleum Corporation (NNPC) has concluded plans to raise bank loans for the acquisition of 20 per cent shares in the $12billion Dangote Refinery.

Contrary to speculation that the shares would be acquired through the Federation Account, the Group Managing Director, NNPC, Mallam Mele Kyari, said negotiations were ongoing with the selected banks.

In an interview with Channels Television, yesterday, Kyari, said the bank loans would be backed by cash flows from the project.

He said the stake which might be worth as much as N19billion is still under valuation, while assuring that the investment would be viable, thus ensuring petrol products security for the country.

Specifically, he said, “The investment is sustainable and that is why the banks have come forward to lend to us, so that we can take equity in this. We are not putting anything at stake.

“The information in the public domain alluding that the investment is inappropriate is not correct. We are very proud that we did.

“This is good for our shareholders, which include 200million Nigerians, who would have also happily bought shares from this refinery.

“But have done so on their behalf. Ultimately, the value will come to the country.

“There’s no way you can watch a business of this magnitude, of this sensitive to run without an embodiment of the national oil company. No country does that.”

According to him, when the Refinery becomes operational with the NNPC owned refineries, the country will become a net exporter of petroleum products across the West African sub-region.

He also disclosed that having successfully awarded the complete rehabilitation of the Port Harcourt Refinery, the contracts for the Warri and Kaduna refineries would be awarded before the end of July, 2021.

Kyari, who acknowledged that the corporation has not managed the refineries well in the past, said when fully rehabilitated, the refineries would be managed by others in line with the agreement reached with banks funding the projects.

“We are not going to take any government money to overhaul these refineries. We are borrowing also on the back of the cash flows of these refineries.

“It means they can deliver commercially. Part of the requirements of the lenders is that we should not operate these refineries.

“We must have operations and maintenance contracts. Practically, these refineries will be run by the lenders”.

Already, the Dangote Fertilizer Limited, which is part of the project, has commenced commercial production of Urea.

Speaking at the commencement of production, June 5, 2021, President of the Dangote Group, Aliko Dangote, had told visitors that the plant, with a capacity to churn out three million metric tonnes per annum of urea, has been classified as the biggest project in the entire fertiliser industry in the world.

Specifically, he had informed the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, and other bankers that, “this Phase 1 of the project, which is estimated to cost $2.5billion, is to manufacture 3mmtpa of urea per annum.

“This capacity will later be expanded to produce multi grades of fertilisers to meet soil, crop, and climate-specific requirements for the African continent.”

According to Dangote, the fertiliser plant would make Nigeria the biggest urea exporting country in sub-Saharan Africa and the biggest producer of polypropylene and polyethylene.

Responding, Emefiele, had also, said, “Nigeria needs between 1million metric to 1.5million metric tonnes of Urea to meet the local demand.

“So, we have the potentials to export at least three to 4million metrics tonnes of Urea to different parts of the world.

“With this latest development, Nigeria has become one of the major producers of Urea in the world. This for me is a story, which no one would have believed would happen in Nigeria.

“Nigeria now ranks amongst the leading countries in the production of Urea in the world. This, for me, is a story that no one would have believed will happen in Nigeria.

“Dangote has committed that mechanical completion will be achieved by the end of this year and we are expecting that the refinery will be completed by the first quarter of next year.”

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Rivers Judiciary Denise Media Reports On Issuing Judgement Sacking SOLAD

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The Rivers State Judiciary has denied claims of media reports circulating online that a judge of its High Court issued a ruling in favour of Governor Siminalayi Fubara against former Governor Nyesom Wike and President Bola Tinubu, there by sacking the sole Administrator of the state, vice Admiral Ibok-Ete Ibas (rtd).

A statement signed by the Chief Registrar of the State High Court, David Ihua-Maduenyi yesterday in Port Harcourt, described the purported report as false and misleading, particularly for linking a judge of the State High Court, Justice Boma Diepirii, to a ruling that reportedly came from a Federal High Court.

According to the statement, Justice Boma Diepirii is a Judge of the Rivers State High Court and not of the Federal High Court and currently on Easter Vacation, which commenced on Monday, 14th April.

The Chief Registrar further clarified that the Federal High Court and the State High Court are separate entities, stressing that “the inclusion of Justice Diepiri’s name in the fabricated report underscores the crass ignorance of the author.”

“The attention of the Rivers State Judiciary has been drawn to a fake news report alleging that His Lordship, Hon. Justice Boma Diepiri, delivered a judgment sacking the Sole Administrator of Rivers State. This is false in its entirety,” the statement read.

“Justice Diepiri is a judge of the High Court of Rivers State, not of the Federal High Court as was falsely reported”.

” Additionally, His Lordship is currently on Easter vacation which began on Monday, April 14, 2025, Ihua-Maduenyi stated.

The statement however advised the general public and members of the media to always cross checked information concerning the judiciary before publishing and as well disregard the said report in its entirety as its an embodiment of falsehood and fabricated story.

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Senate Passes Bill For Establishment Of University In Abia

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The Senate yesterday approved the bills for the establishment of Federal University of Medical  and Health Sciences and College of Education, Bende at its plenary session.
The two bills sponsored by the Deputy Speaker of the House of Representatives, Hon . Benjamin Kalu came to the Senate for concurrence after the approvals from the House of Representatives.
The Deputy Leader of the Senate, Sen. Lola Ashiru in the absence of the Majority Leader presented the recommendations of the Lower Chamber for consideration and Concurrence .
The Bill for an Act to establish Federal College of Education, Bende in Abia State seeks to provide full-time courses, training in technology, applied sciences, commerce, social sciences, arts and humanities among others.
Kalu had in his lead debate stated that Bende has remained undivided since its creation in 1976, even though with the size of four local government areas as found in comparative federal constituencies.
“Despite its strategic location in Abia and sharing a border with Akwa Ibom, with a growing population and landmass, there is no tertiary institution in the Federal Constituency operated either by Federal or State Government. Bende deserves to have the presence of a tertiary institution to serve the education need of the teeming youthful population, especially now that the need for well-trained educationists has risen. This is accompanied by the need to fill the gaps created by both the consequences of brain drain and the lack of qualified educationists to provide quality training at all levels of education,” he said.
For the bill seeking the establishment of Federal University of Medical and Health Sciences, Bende, Abia State, he said when it becomes law, the university will be charged with the responsibility to, among other things, offer full-time training leading to the award of degrees in medical and health sciences.

Nneka Amaechi-Nnadi

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South East Caucus Kicks As  Senate Rejects  Nwosu’s Immortalisation

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South East Caucus of the Senate has  appealed to President   Bola Ahmed Tinubu  to immorttalise late Professor Humphrey Nwosu  considering his commitment  to achieving a  practical democracy for Nigerian.
The Senators visibly  angered by the  Senate’s  rejection of the  need to immortalise the late National Electoral umpire who stood for democracy through the turbulent  1993 elections  stormed out of the Senate Chambers   and spoke to the press .
The Chairman of the South East Caucus, Senator Enyinnaya Abaribe ( Abia South),  as he did in plenary on Wednesday, presented a motion for immortalisation of Humphrey Nwosu by naming the national headquarters of the Independent National Electoral Commission ( INEC) , after him , for laying the foundation in 1993 and conducting the freest and fairest Presidential election in the country .
The late Professor Nwosu was the National Chairman of the National Electoral Commission ( NEC) , now known as Independent National Electoral Commission ( INEC) , who through option A4, conducted the June 12, 19993 presidential election , adjudged to be the freest and fairest in the country.
Abaribe in the motion co – sponsored by 15 other Senators , said  late Humphrey Nwosu deserved to be immortalised like other heroes of the June 12 , 1993 presidential election .
He also urged the Federal Government to honour the late former electoral umpire with post humous  national honours .
But Abaribe’s request , seconded by Senator Victor Umeh (Anambra Central) and supported by Senators from the South East including forner Senate Leader, Yahaya Abdullahi ( Kebbi North) , was roundly rejected by other Senators who said the deceased deserved no immortalization .
Specifically , Senator Adams Oshiomhole ( Edo North) , in his contribution to the debate said the motion to him, was nothing but an attempt to manipulate and rewrite  history.
“ Professor Humphrey Nwosu as NEC Chairman in 1993, failed to deliver on the June 12 , 1993 Presidential Election for lack of Courage
“ He who is not ready to die for something , will die for nothing
“ If he was afraid of the gun from announcing the election results and winner in 1993 , he cannot be rewarded now , more so, when many Nigerians died for what he inadvertently created “, he said .

Nneka Amaechi -Nnadi

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