News
$14bn Refinery: CBN Assures Dangote Of Support
Following its proposal to build a refinery worth $14 billion, the Central Bank of Nigeria (CBN) has said that it would assist the Dangote Group to access foreign exchange to facilitate the project.
This was disclosed by the Central Bank, CBN Governor, Mr. Godwin Emefiele during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.
Speaking during the tour of the facility at its location within the Lekki Free Trade Zone in Lagos, the CBN governor said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality.
Your ongoing 14 billion dollar refinery investment will enjoy our support, no doubt.
We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead,’’ Emefiele said.
According to him, the tour is necessary to lend our support to this laudable project that will transform Nigeria’s downstream oil sector.
The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrol-chemicals, fertiliser and fuel will be produced, about three years ago.
Today, the three projects, which are valued at 14 billion dollars (N2.8 trillion), are on course and this is highly commendable, ‘’ he said.
Emefiele said the CBN would continue to support tremendous and impactful projects that would improve the socio-economic profile of the country through such investments.
He said the diversification of the Dangote Group was worthy of emulation by other industrialists.
By the time this refinery is completed, it will not only service the needs of our domestic economy but shore up our international oil investments.
“Projects like this and our support will encourage more Nigerians to begin to think like the Dangote Group,’’ the CBN boss added.
Alhaji Aliko Dangote, Chairman, Dangote Group, said that the refinery would commence commercial operations at the early period of 2018.
We are set to unveil the world’s largest refinery which will make Nigeria self-sufficient in petroleum products refining and also become a major exporter of oil.
This project will mark a turning point in Nigeria’s search for local refining of crude oil.
We will ensure the value chain in crude oil production is uplifted and other facilitators properly integrated into our scheme,’’ he said.
The chairman said that the fertiliser production aspect of the refinery would be completed by 2017.
Dangote said: “This project is generally about saving foreign exchange and earning more for our nation through the diversification of the economy.
We started with local production of cement and today we export more than 12 tons of it.
We don’t need dollars now to continue to produce Dangote Cement and that is the same thing we will do with this refinery.
This refinery will have the capacity to serve this country optimally and it is part of our contribution in the vanguard to diversify our economy”, he added.
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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