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Governor Peter Mbah’s plan to end the sit-at-home policy is praised by Prof. Nwaokobia

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Governor Peter Mbah’s plan to end the sit-at-home policy is praised by Prof. Nwaokobia

 

The Convener CountryFirst Movement, Prof Chris Mustapher Nwaokobia Jnr., has called on southeast governors to join hands with the governor of Enugu state in his new approach to finding a lasting solution to the sit-at-home order by IPOB.

 

NaijaNews reports that Nwaokobia in a press statement titled ” Disrupting The Sit-At-Home Regime, Ndigbo, Peter Mbah And The Rest Of Us”, said the continued Sit-At-Home Regime has done incalculable damage to business in the South East, hurting the region more than anything else since the Civil War, and cannot continue.

 

Nwaokobia said Peter Mbah the new Governor of Enugu State is not daring or spoiling for war with IPOB by declaring an end to Sit-At-Home in Enugu State, but that the governor is only calling out Ndigbo to entirely new thinking, to devise a new strategy for the development of the South East, and for a new approach to the call for justice for Ndigbo, and for freedom for Nnamdi Kanu.

 

Part of the statement reads;

“I have followed the politics of the South East with unhindered interest since I was a Law Undergraduate student at the University of Nigeria, Enugu Campus UNEC, some 30 years ago.”

 

“I saw a sizable part of my Teenage years in the land of Hills and Valleys, Enugu. I am an adopted son of the Asogwas and the Ugwuada-Ezirigwes of the Nsukka axis of Enugu State, and I love the State of my Youth, interestingly it was during my days in the University of Nigeria Enugu Campus that I met a beautiful Student and classmate who became my wife and the mother of my kids. So Enugu is dear to my heart.”

 

“A few days ago a new helmsman took charge at the Lion Building in Enugu as Governor, his name is Barrister Peter Ndubuisi Mbah, a Lawyer and an accomplished Businessman. What strikes a huge cord in me about the new watchman is not just his sense of urgency and humility BUT his readiness to disrupt old values, biases and myths, and like a man possessed with a deep sense of responsibility and purpose he has called out Ndigbo to think differently and to do things differently.”

 

“In June 2021 the Indigenous People Of Biafra IPOB announced a Monday Sit-At-Home Regime that was to commence across the South East in August of that year until Nnamdi Kanu’s release from custody. Almost two years after, Nnamdi Kanu is still in custody and the South East suffers the loss of her Mondays, businesses atrophy, man hours lost, schools and markets are closed and fear pervades the entire region. To whose gain, you may wonder.”

 

“The Sit-At-Home Regime has done incalculable damage to business in the South East, it has hurt the region more than anything else since the Civil War, and we cannot continue to cut our nose to spite our faces. We must do things differently, that’s what Barrister Peter Mbah the new Governor of Enugu State is saying. He is not daring IPOB or spoiling for war with IPOB by declaring an end to Sit-At-Home in Enugu State, he is only calling out Ndigbo to an entirely new thinking, to devise a new strategy for the development of the South East, and for a new approach to the call for justice for Ndigbo, and for freedom for Nnamdi Kanu.”

 

“Peter Mbah is simply calling out for an end to months of fear and apprehension, and pushing for a new era of faith and progress in Igboland. He is saying to the other Governors of the South East States of Imo, Anambra, Abia and Ebonyi, now is the time to do things differently, now is the time to reach out to all interests in the region, and now is the time to return the region to full activity starting with the capital of the old Eastern Region, Enugu. He says that Ndigbo as entrepreneurs and reputable owners of business cannot afford further lockdowns, and that our Mondays are too expensive to be shut down.”

 

“He is calling out Ndigbo to re-strategize and reappraise the cost of the actions we have taken thus far ditto our quest for justice, equity and fairness. He is asking ‘onye aju ona aju onwe’ya’? He is challenging the entire South East to resume work on Mondays, and he is calling out Ndigbo to massively concentrate on the development of the region. He is saying that an organized approach to the call for justice by Ndigbo is of greater profit than shutting down the entrepreneurial space. And he has volunteered to lead by example.”

 

“The age of fear and unreason must therefore be replaced by faith and reason. We must organize rather than agonize. And we must support the new helmsman in the Lion Building, in Enugu on the pathway to sustainable growth, peace and prosperity in the South East, such is the way to go.”

 

“I wish Ndigbo well, I wish Ndi’Enugu well, and I wish the ebullient Governor of Enugu State the best as he navigates the waters of Igbo solidarity for progress and greatness.”

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Dangote Refinery to set up terminal in the Caribbean for export of petroleum products

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Dangote Refinery to set up terminal in the Caribbean for export of petroleum products

Dangote Refinery to set up terminal in the Caribbean for export of petroleum products

Dangote Refinery is planning to set up a terminal in the Caribbean to export petroleum products to countries in the North American region.

Aliko Dangote, the president and CEO of the refinery, made this disclosure on Wednesday at Afreximbank’s Trade and Investment Forum in The Bahamas.

The business mogul said the company can easily supply petroleum products to the region within 18 to 20 days.

According to Africa’s richest man, the company will sign a bilateral agreement with the region to construct the terminal for the exportation of its petroleum products.

“I know the price in the Caribbean in terms of petroleum products is very high. We produce it cheaply. We can always bring it here. We can set up a terminal and we’ll be able to fix their needs.

“We will have a bilateral agreement with them and also bringing in stuff from there is not more than 18 to 20 days maximum. And then we need to set up a terminal.

“Once we set up a terminal, they will have a very cheap oil. They will have cheap energy. And by having cheap energy, their own economy will grow faster,” Dangote said.

Dangote to also export Cement to the Region
In addition, the CEO of the $20 billion refinery mentioned that the conglomerate is not only seeking to invest in petroleum products in the region but also in cement.

Dangote stated that the company’s cement production capacity is nearly 52 million tons and will increase to about 62 million tons by the end of next year.

He added that the firm can meet the demand of the Caribbean market, creating a win-win situation for both parties.

“It’s not only about the oil. We now have a capacity of almost 52 million cement capacity. By the end of next year, we will be at 62 million of cement capacity. We are not only saying that we can bring in from Nigeria or from Africa.

“If they have limestones, we can also produce what can satisfy them. We’ve done that before in Africa and we should be able to free them up from the shackles of other people.

“If we the ingredients like the limestones etc, it’s a 28 months maximum. They can all be self-sufficient. It will be a win-win between us and them,” Dangote said.

What you should know
The Dangote refinery with a 650,000 barrel refining capacity has been described as the “game changer” of the oil and gas sector.
The refinery will be the largest in Africa and Europe once it begins full operation later next year.
According to reports, the $20 billion petroleum facility is expected to disrupt the $17 billion Africa-European market and reduce the continent’s dependence on imported petroleum products from Europe.
In addition, Dangote stated that the company is also eyeing the Brazilian market and other North American countries to supply refined products from the refinery.
“Our capacity is too big for Nigeria. It will be able to supply West Africa, Central Africa and also Southern Africa,” Dangote said in a panel discussion in Rwanda a few weeks ago.

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Dangote Refinery Mulls Lagos, London Stock Exchange Listings

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Dangote Refinery to set up terminal in the Caribbean for export of petroleum products

Dangote Refinery Mulls Lagos, London Stock Exchange Listings

The Dangote refinery is aiming for a dual listing on the London and Lagos bourses, a senior executive at the firm, Devakumar Edwin, has told Reuters.

Africa’s richest man and Chairman of the group, Aliko Dangote was earlier on Tuesday, quoted as saying he could try to list the company in Nigeria by the end of the year.

It is coming about six months after Dangote, also told the Financial Times of his intentions to publicly list the subsidiary of the Group, Dangote Petroleum Refinery on the Nigerian Exchange Limited.

At the time, Dangote stated that the company had resolved challenges about crude oil supply and was prepared for the listing.

The billionaire businessman already has some companies listed on the NGX, including Dangote Cement, Dangote Sugar Refinery and Nascon Allied Industries.

The refinery managers said there was need to approach the London Exchange because the Nigerian bourse may not have the capacity to handle it exclusively.

Asked to comment on Dangote’s statement to local media, Edwin told Reuters: “We have listed all our businesses. The NSE (Nigerian Stock Exchange) will not have adequate depth to handle exclusively the petroleum refinery. We would have to take it to LSE (London Stock Exchange) but also list in NSE.”

The refinery, Africa’s largest, built on a peninsula on the outskirts of the commercial capital Lagos at a cost of $20 billion, was completed after several years of delay.

It can refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity this year or next.

Dangote has been trying to secure crude supplies for his refinery. He has interests in Dangote Cement, Dangote Flour Mills and Dangote Sugar, all listed on the Nigerian bourse.

In May, the company reached its first supply deal with TotalEnergies, after it put out a tender for 2 million barrels of West Texas Intermediate (WTI) Midland crude every month for a year starting in July, according to tender documents.

The company since earlier in the year, has been refining diesel, jet fuel and other petroleum products and is expected to begin the production of petrol in June.

Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) has said it recorded 310 cases of crude oil theft in the past week.

In its weekly update on the activities of the national oil company, the NNPC said that the cases were discovered between May 18 and May 24.

“Between May 18 and 24, 310 cases were recorded across the Niger Delta region by several incidence sources,” the NNPC stated.

In Grey Creek, Akwa Ibom state, it said a fuel station selling illegally refined fuels into cans and drums was uncovered in the past week, revealing that 122 illegal refineries were also uncovered in Bayelsa and Rivers states

According to the company, they were spotted in Tombia II, III, IV, and Umuajuloke, in Rivers state; Iduwini, Biogbolo, and Ajatiton, in Bayelsa state, while 65 illegal connections were discovered across several locations in Akuwa Odoka, Umuajuloke, and Watson Point, also in Rivers state as well as along Soku Sand Barth pipeline in the state.

It added that vandalised wellheads were discovered in Tombia IIII in Rivers state and Egbema in Imo state, where a pit filled with crude oil from a vandalised wellhead was discovered.

In Ndoni, Rivers state, NNPC said it uncovered a vandalised pipeline channelled to a nearby oil pit, while five illegal storage sites were spotted in sacks, pits, cans, and in a fuel station.

The NNPC stated that 20 vehicle arrests were made in Delta and Imo states while 48 infractions were reported at sea. Also, 39 wooden boats conveying stolen crude or illegally refined products were seized and confiscated across several creeks in Bayelsa and Delta states, it said.

NNPC said 48 of the incidents occurred in the deep blue water, 40 in the western region, 134 in the central region, and 88 in the eastern region.

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Tinubu approves $100m investment in African Energy Bank

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Tinubu approves $100m investment in African Energy Bank

Tinubu approves $100m investment in African Energy Bank

President Bola Tinubu has approved a $100m investment by Nigeria for class A shares in the proposed African Energy Bank, the Federal Ministry of Petroleum Resources announced on Friday.

It said the approval now positions Nigeria favorably to win the bid to host the multilateral $5bn Africa Energy Bank, which will finance Africa’s hydrocarbon deposits of oil, gas, and condensates and support energy transition and net zero 2060 commitments.

Announcing this in a statement signed by the Permanent Secretary, FMPR, Nicholas Ella, the ministry said, “President Bola Tinubu has approved a $100m investment from four agencies of the Ministry of Petroleum Resources, exceeding the minimum equity requirement of $83.33m for class A shares.

“This decision positions Nigeria favorably to win the bid, potentially reshaping the country’s oil and gas ecosystem.”

The ministry further stated that on Friday, the technical inspection team from the African Petroleum Producers Organisation, and Afrexim Bank – the joint promoters for the establishment of the African Energy Bank, completed their mission to validate Nigeria’s readiness to host the headquarters of the bank, set to be established in July 2024.

Following the first bidding round in early 2024, Nigeria, Ghana, Benin, and Algeria were pre-qualified to proceed to the final round of bidding.

These countries will compete for the right to host the supranational multilateral $5bn Africa Energy Bank.

“In our preparation for the bid, the Ministry of Petroleum Resources sought and obtained expert opinions from the Federal Ministry of Justice and consultants in January 2024,” the FMPR stated.

It added, “They reviewed and approved the bank’s proposed Charter, Establishment Agreement, ‘The Treaty,’ and Headquarters Host Agreement. This approval provided the impetus to proceed, and the Federal Executive Council and National Assembly are currently finalising the ratification process. This will ensure that the AEB receives the necessary privileges and immunities to operate in line with its global vision.

“To demonstrate the country’s commitment, Nigeria has identified a prestigious building in Abuja for the temporary headquarters and opened a secured data room for the technical team’s review. The application form for land for the permanent headquarters in the Central Business District of Abuja has been submitted for approval.”

The ministry also confirmed that the Federal Government was working diligently with Nigerian National Petroleum Company Limited, and the Nigerian Content Development Monitoring Board, to meet all eligibility criteria.

“Thus, the $5bn Africa Energy Bank, when headquartered in Nigeria, shall be the largest single foreign direct investment inflow into Nigeria in over two decades with its benefits including:

“The Africa Energy Bank ecosystem shall rank as the third largest bank in Africa and shall be the most prominent bank in Nigeria in terms of shareholders’ funds. It will significantly boost Nigeria’s Gross Domestic Product, employment, financial architecture, inclusion, and propel our economic diversification while supporting foreign exchange management strategies,” the ministry stated.

It said the bank would pivot the development exploration and investment initiatives by independent petroleum producers, commercial service providers, legal and local content drivers, and technology and skills development that would leverage the bank’s proximity to the market and scale up production and capacity.

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