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PMB, Five Other African Presidents Commission Dangote Petroleum Refinery

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FULL TEXT: President Buhari Delivers Last New Year Message To Nigerians

“Dangote’s petroleum refinery is expected to meet the needs of Nigerian consumers and those in neighbouring countries, while allowing for exports beyond the African continent.”

It is an era defining moment for the energy sector in Nigeria and Africa with all in place for the commissioning of the Dangote Petroleum Refinery & Petrochemicals (DPRP) in Lagos.

An electronically transmitted statement to Biztellers from the Dangote Group has it that presidents of five other African countries would join President Muhammadu Buhari on Monday to commission, “the world’s largest single train refinery in Ibeju-Lekki, Lagos”.

It listed the other presidents as that of Ghana, Togo, Senegal, Niger, and Chad. Nigeria’s president-elect, Bola Ahmed Tinubu would also grace the occasion.

The statement read, “Promoted by Africa’s richest man, Aliko Dangote, the petroleum refinery with a capacity to process 650,000 barrels per day (bpd) is sitting on 2,635 hectares of land located in Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will provide employment to over 100,000 persons.

“The coming onstream of the gigantic project is expected to mark Nigeria’s exit from the league of oil-rich nations that are heavy importers of petroleum products.

“Expected at the historic event apart from international dignitaries are the Presidents of Togo, Gnassingbé Eyadéma; Ghana’s Nana Akufo-Addo; President of Senegal, Macky Sall; President of Niger Republic, Mohamed Bazoum, President of Chad, Mahamat Déby and a host of ambassadors

“President Paul Kagame of Rwanda, who will not be physically present, will present his goodwill message virtually.”

The statement added that all 36 state governors, in addition to most governors-elect as well as national assembly members and captains of industry had also confirmed attendance.

“All the 36 state governors and most of the governors-elect, ministers, senators, and captains of industries in Nigeria and others from outside the country, global oil traders, top international bankers, international multilateral agencies have indicated their readiness to grace the ceremony.

“Nigeria’s President-Elect, Bola Ahmed Tinubu whose administration as the governor of Lagos in 2002 floated the Free Trade Zone in Ibeju-Lekki where the Refinery is located, is expected to be at the event.

“The commissioning of Dangote Petroleum Refinery is significant given that it is the first time that a refinery of such magnitude built by an individual is being commissioned.

“Dangote’s petroleum refinery is expected to meet the needs of Nigerian consumers and those in neighbouring countries, while allowing for exports beyond the African continent. The refinery will drive the promotion of the African Continental Free Trade Area (AfCFTA) as over 50 countries in the trade bloc depend on imported refined petroleum products,” it added.

According to the Facts Sheet on Dangote Petroleum Refinery, the new Refinery can meet 100% of the Nigerian requirement of all refined products (Gasoline, 53 million litres per day; Diesel, 34 million litres per day; Kerosene, 10 million litres per day, and Aviation Jet, 2 million litres per day) and also have surplus of each of these products for export.

“The refinery is designed for 100% Nigerian Crude with flexibility to process other crudes. It has self-sufficient marine facility with ability for freight optimisation, and the largest single order of 5 SPMs anywhere in the world. Diesel and Gasoline Products from the refinery will conform to Euro V specifications.

“The refinery design complies with World Bank, US EPA, European emission norms and Department of Petroleum Resources (DPR) emission/effluent norms, state-of-the-art technology. It is designed to process large variety of crudes including many of the African Crudes, some of the Middle Eastern Crudes and the US Light Tight Oil,” the Facts sheet added.

On the future positioning and safety precaution against the vagaries of nature, the facts sheet stated, “65 Million Cubic Metres of sand dredged costing approximately Euros 300 million, using the world’s largest, the second largest and the tenth largest dredgers to elevate the height by 1.5 metres, to insure against any potential impact of increase in mean sea level due to global warming. Bought over 1,209 units of various equipment to enhance the local capacity for site works.

“332 cranes to build up equipment installation capacity. Built the world’s largest granite quarry to supply coarse aggregate, stone column material, stone base, stone dust & material for break water. (10 million tonnes per year production capacity).

“Developed a port and constructed two quays with a load bearing capacity of 25 tonnes/ sq metres to bring Over Dimensional Cargoes close to the site directly. The company also constructed two more quays in the port with a capacity to handle up to Panamax vessels to export fertiliser and petrochemicals and two quays to handle liquid cargoes. The port will thus have 6 quays, including a Roll-on/Roll-off quay”, the sheet added.

NEWS

N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden

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Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.

In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.

READ ALSO: CSR: Dangote Cement Fuels Education With Support Projects At Lagos Schools

He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.

The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.

“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.

He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.

Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.

“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said

He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.

“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”

Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.

He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.

“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.

Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.

“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.

He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.

 

 

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International News

ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others

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The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.

In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”

READ MORE: Osun Govt Decries Attempted Murder Of Park Mgt  Chairman By Police

The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.

Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.

The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.

With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.

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NEWS

Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles

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Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.

The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.

READ ALSO: Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations

Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.

He urged the committee to carry out its assignment thoroughly and within the bounds of the law.

In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.

“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.

“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”

The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.

“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”

He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.

“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.

The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.

 

 

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