Business
Nigerians Lambast Emefiele on Shift of Old Naira Notes Deadline
There has been much controversy surrounding the redesigning of certain denominations of the naira, Nigeria’s national legal tender.
The Central Bank of Nigeria (CBN) had unveiled a policy for the redesign of the N200, N500 and N1000 currency notes in Q4, 2022 and set a January 31, 2023 deadline for the old currencies to be cut-off the legal tender list in Nigeria.
The policy had attracted the attention of various segments of the society, with attendant media blitz and theatricals, with notable political actors – serving and aspiring inclusive, taking turns to have their say.
While that raged, the CBN, through its governor, Godwin Emefiele, maintained that it’s actions were thoroughly thought out, and backed by the highest authority in the land, so the January 31 date would not be shifted.
The apex went ahead to engage the public through Short Message Services (SMS) and market-storms across the federation to warn the public sternly that it was dead serious.
Well-meaning Nigerians took sides with apex bank, because it canvassed that it was targeted at curbing ‘oppression’, instilling sanity and sanitizing cash within the Nigerian economy.
While elected state governors sought the attention of and met with the apex bank on this to no avail, the National Assembly weighed-in with resolutions, after summons to Emefiele went unheeded.
The Senate in resolution, passed in panic resolved that the deadline for the old notes to stop being legal tender be shifted to June 31, 2023. (The month of June has only 30 days!).
The Senate in a video that has gone viral on social media was seen debating the need for a shift of the January 31 date to the middle of the year on the grounds that rural Nigeria lacked necessary infrastructure to meet the set deadline.
Senate President Ahmed Lawan ruled in favour of the “ayes” at the end of the debate and voting to uphold the Upper Chamber’s position that the January 31 date be shifted.
The House of Representatives on its part, summoned Emefiele, who shunned the summon, for what many thought was a desire to keep to the set dates, with Speaker, House of Representatives, Femi Gbajamiala threating to issue a warrant of arrest against Emefiele.
In an interesting scenario, Emefiele, took refuge under President Muhammadu Buhari, running to the Presidential Villa on regular basis to seek validation or endorsement for the policy, as the drama was unfolding.
So well did Emefiele act his script that the public was taken-in that he was acting President Buhari’s script. This make-believe played out, even on Sunday, when the governor announced that President Buhari had approved, a 10-day extension and a 7-day grace period, which terminate on February 10, and February 17 respectively.
The first cut-off date, of February 10 applies to the commercial banks and other agents mandated by the CBN to facilitate the collection of the old notes in exchange for the new currency notes. However, the grace period is in compliance with legal provision for the apex bank to mop-up what would have been left after the others would have delivered on the policy as spelt out.
It appears that members of the public could not hide their disappointment at the apex bank for succumbing to cheap blackmail from the political class, despite the banks, having been perceived to have sold out by ‘trading-off’ the new notes, which occasioned its scarcity in the economy.
In a series of tweets and Facebook posts, Nigerian’s expressed dismay that the date had to be shifted after a lot had been invested into the making the policy work.
Kayode Ogunwale, would not buy into the shift in day, because to him, it would not solve any problem.
He wrote, “what we need is availability of new naira notes. Extension cannot solve the problem.”
In what points to connivance by commercial banks against the apex bank and the populace, by ‘trading off’ printed new currency notes to people of means and political actors, Media Personality, Uzo Maxim Nwatu, decried that the new notes were being re-routed.
He stated, “The new Naira of the CBN is missing road and entering ‘fiam’ into Big Men’s homes.”
On his part, Jide Ojo, decried the torture of the old notes being rejected by even reputable businesses well before the cut-off date, because they believed Emefiele and his CBN were a serious bunch.
Ojo lamented, “Walahi! It’s no longer funny! This morning I took my old Naira notes received from POS yesterday to make a purchase at a big supermarket in my area, only to be told that they no longer take the old Naira notes.”
With the postponement, said to be with President Buhari’s approval, people like Ojo can heave a sigh of relief, hoping that the 10-day extension would be enough for those in charge to discharge on the policy professionally.
The national oil company of the Republic of Congo, the Société Nationale des Pétroles du Congo (SNPC) and Dangote Petroleum Refinery & Petrochemicals (DPRP) are discussing a strategic partnership aimed at strengthening the Republic of the Congo’s supply of refined petroleum products.
The parties also have on the agenda, advancing regional energy cooperation and industrial integration across Africa, Biztellers can report.
SNPC Managing Director, Maixent Raoul Ominga, who led a delegation from his country on a visit to the DPRP, described the facility as a strategic asset for Africa and expressed the national oil company’s interest in developing a long-term partnership with Dangote.
“We have visited this remarkable refinery, which represents a major industrial achievement for Africa. The Republic of the Congo has refining capacity and we are keen to explore strategic cooperation that will help strengthen the supply of refined petroleum products while creating value for both organisations,” Ominga said.
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Discussions between both organisations, he said, focused on opportunities for collaboration in refining, petroleum products supply, energy security, industrial development, and knowledge sharing.
He praised the Dangote Group for demonstrating that Africa can successfully finance, build and operate world class industrial infrastructure, describing the refinery as an important milestone in the continent’s industrial transformation.
Ominga also commended the Group’s investments in the Republic of the Congo, particularly in the cement sector, noting that they have strengthened local industrial capacity, expanded production and improved access to construction materials.
On his part, President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, reaffirmed the Group’s commitment to Africa’s industrialisation through value addition, regional partnerships and investment across the continent.
“We are for Africa, not just Nigeria. Tell us what you need, and we will see how we can work together,” Dangote said.
He noted that the refinery has established a new benchmark for fuel quality in Africa by producing petroleum products that meet the highest international specifications, while improving access to cleaner fuels and reducing the continent’s dependence on imported refined products.
In the same vein, the Vice President, Oil and Gas, DIL, Devakumar Edwin, outlined the Group’s long term expansion strategy, which will increase its total refining capacity to 2.1 million barrels per day, comprising 1.4 million barrels per day in Nigeria and a planned 700,000 barrels per day refining complex in Kenya to serve East African markets.
He also disclosed plans by the Group to invest an additional US$46 billion between 2026 and 2028 across its refining, cement and fertiliser businesses as part of its drive to accelerate industrialisation across Africa.
The engagement underscores the shared commitment of SNPC and the DPRP to deepen African energy cooperation, strengthen regional value chains and promote greater self sufficiency in refined petroleum products as the continent advances towards enhanced energy security and increased intra African trade.
Also present at the meeting were Group Executive Director, Commercial, Oil and Gas, DIL, Fatima Aliko Dangote; Adviser to the President of the Republic of the Congo, Peggy Ndongo and advisers to the SNPC Managing Director, Aymar Ebiou and Norbert Mabiala.
As part of efforts to protect Nigeria’s oil revenues and energy infrastructure, the Nigerian Navy recently recovered approximately 22,870 litres of suspected illegally refined Automotive Gas Oil (AGO) in Rivers State.
It was gathered that the value of the seized petroleum product is put at about N39 Million.
The seizure, carried out under Operation Delta Sentinel, is part of an ongoing security intervention designed to disrupt illicit petroleum supply chains which the Navy says continue to undermine government earnings and legitimate operators in the oil and gas sector.
According to the Navy, personnel of Nigerian Navy Ship (NNS) SOROH acted on intelligence reports and intercepted a wooden boat transporting 36 sacks of suspected illegally refined diesel in the Orashi Forest area of Okolomade Community, Abua/Odual Local Government Area of Rivers State.
In a media statement, Director of Information, Nigerian Navy, Captain Abiodun Folorunsho, revealed that further aerial surveillance and ground searches uncovered an additional 45 sacks of the product concealed under vegetation and inside ponds, bringing the total recovery to 81 sacks containing about 22,870 litres of AGO.
Navy Captain Forunsho stated that the operation highlights the growing use of intelligence and surveillance technology by security agencies to tackle crude oil theft and illegal refining activities, which industry stakeholders say contribute significantly to production losses, environmental degradation and reduced government revenue.
According to him, disrupting the logistics networks supporting illegal refining operations is critical to improving transparency in the petroleum value chain and safeguarding investments in Nigeria’s oil-producing region.
“The recovered products and the wooden boat used for transportation were handled in line with established anti-crude oil theft procedures.
Meanwhile, the Chief of Naval Staff, Vice Admiral Idi Abbas, reaffirmed the commitment of the service to sustain intelligence-driven operations aimed at dismantling criminal networks involved in oil theft and protecting the nation’s strategic economic assets.
Business
Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments in Infrastructure, Energy, Fertiliser
President Samia Suluhu Hassan of Tanzania has held high level talks with President and Chief Executive of Dangote Industries Limited, Aliko Dangote, on a major expansion of the Group’s investments in Tanzania.
Biztellers reports that the discussions focused on transport infrastructure, fertiliser production, power generation, ports and regional trade.
The meeting, held at the State House in Dar es Salaam, reaffirmed the long-standing partnership between Tanzania and the Dangote Group while opening discussions on a new phase of investments aligned with the country’s industrialisation and economic transformation agenda.
Speaking after the meeting, Dangote said Tanzania remains one of Africa’s most attractive investment destinations, noting that the Group had identified several strategic sectors capable of delivering significant economic value.
“We have identified areas that can deliver significant value for Tanzania, and we are ready to work together to develop them for our mutual benefit,” he said.
The discussions covered a broad range of projects, including port development, the construction of a 40-kilometre concrete access road to support port operations, development of a special trade zone, a proposed 2,000-megawatt coal fired power plant, a urea fertiliser plant and transport infrastructure linking Mtwara with Mbamba Bay in southern Tanzania.
Dangote also explained the commercial and technical considerations behind the Group’s decision to locate its planned East African refinery in Lamu, Kenya, while extending an invitation to the Government of Tanzania to participate in the investment.
President Samia welcomed the Dangote Group’s continued confidence in Tanzania and directed relevant ministries and government agencies to commence detailed technical discussions on the proposed investments in line with the country’s legal, policy and development priorities.
She also appointed the Minister of Planning and Investment to coordinate the strategic partnership with Dangote Industries Limited, with both sides expected to begin formal negotiations in the coming days.
A Tanzanian government delegation led by the Minister is expected to visit Nigeria to advance discussions and develop implementation frameworks for the proposed projects.
According to a statement from the Directorate of Presidential Communications, the Government remains committed to strengthening partnerships with the private sector as part of efforts to mobilise productive investment, accelerate industrialisation, promote technology transfer, and create sustainable employment opportunities.
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Dangote Industries already operates one of Tanzania’s largest industrial investments through its US$500 million cement plant in Mtwara, which has an annual production capacity of three million tonnes and supplies both the domestic market and neighbouring countries.
The latest engagement deepens the partnership between Tanzania and the Dangote Group and reinforces the company’s position as one of Africa’s leading private sector investors driving regional industrialisation, infrastructure development, and economic integration.
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