Connect with us

Nation

Our Refinery Was Built Without Government Incentives-Dangote

Published

on

The President of Dangote Group, Alhaji Aliko Dangote, yesterday, said that the Dangote Refinery was constructed without any government incentives.
Dangote made this known during his keynote address at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos.
The Summit has the theme,”Making Nigeria a Net Exporter of Petroleum Products.”.
Dangote, who was represented by Mr Ahmed Mansur, Dangote Group, said that there was need for investor incentives to realise country’s vision of becoming a refining hub.
He stressed the importance of ensuring sufficient feedstock availability, while calling for an end to mortgaging crude oil.
“It is unfortunate that while countries like Norway are investing oil proceeds into a future fund, we in Africa are spending our future earnings,” Dangote said.
He also called for prioritising the implementation of domestic crude supply obligations and expanding crude oil production capacity to meet the demands of new refining facilities.
Dangote commended the efforts of President Bola Ahmed Tinubu, highlighting the government’s active steps to accelerate International Oil Companies (IOC) divestments and other initiatives.
Despite being Africa’s largest crude oil producer, Dangote said that Nigeria had long relied on imports to meet its refined petroleum product needs.
He said, “Nigeria is poised to transition from a “net importer” to a “net exporter” of refined products, positioning itself as a significant player in global downstream trade.
“This impending transformation is indicative of our progress as an industry and as a nation. We owe a debt of gratitude to President Tinubu for his unwavering support throughout this journey.”
Dangote also addressed the opportunities in Africa, noting that the continent imports about three million barrels of petroleum products daily, with half of that coming from coastal countries.
He highlighted that these countries produce over 3.4 million barrels of crude oil daily, with imports primarily sourced from Europe, Russia and other regions.
“In 2023 alone, this trade was estimated at approximately 17 billion dollars.
“However, these markets will be better served from Nigeria, reducing logistics costs and allowing countries to purchase their petroleum product requirements just-in-time,” he explained.
He asserted that Nigeria and Africa could achieve self-sufficiency in petroleum products, retaining all economic value locally.
“We have succeeded in cement production, and we can certainly replicate that success in petroleum refining.
Dangote highlighted that the Dangote Refinery already produces sufficient diesel and jet fuel to meet Nigeria’s needs and is ramping up production of PMS to meet domestic demand.
“The refinery has also begun exporting products to markets in Europe, Brazil, the UK, the USA, Singapore, and South Korea.
He acknowledged that global developments in the petroleum sector, particularly in Europe, are likely to disrupt traditional trade flows for refined products in Africa.
“Nigeria is uniquely positioned to capitalize on these opportunities and become a formidable player in the global oil industry.
“As a vibrant exporter of refined products, Nigeria stands to improve its trade balance and generate much-needed foreign currency.
“There is no doubt about Nigeria’s potential as a refining hub; let’s work together to make it a reality,” he added.
In his address, Gov. Babajide Sanwo-Olu of Lagos State urged oil and gas stakeholders to leverage the sector’s immense potential to become a global supplier of refined petroleum products.
The governor was represented by Mr Biodun Ogunleye, Commissioner for Energy and Mineral Resources.
He affirmed the state’s commitment to supporting the vision through initiatives that enhance infrastructure, logistics and regulatory frameworks necessary for investment in energy and refining sectors.
He noted that the Dangote Refinery, located in Lagos, exemplifies the potential that exists when vision meets conducive conditions for success.
“We are at a pivotal moment in Nigeria’s economic journey, where increasing refining capacity is essential for reducing reliance on imports and positioning Nigeria as a significant player in the global energy market.
“This focus on refining will stimulate job creation, enhance foreign exchange earnings and contribute to economic diversification.
“Lagos State is the economic powerhouse of Nigeria, and I recognise the central role it plays in driving the nation’s industrial and energy sectors,” he said.

Continue Reading

Nation

Rivers Judiciary Denise Media Reports On Issuing Judgement Sacking SOLAD

Published

on

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.

Continue Reading

Nation

Senate Passes Bill For Establishment Of University In Abia

Published

on

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

Continue Reading

Nation

South East Caucus Kicks As  Senate Rejects  Nwosu’s Immortalisation

Published

on

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

Continue Reading

Trending