Connect with us

News

Alaba Traders and Stakeholders Assured Justice – Committee

Published

on

Alaba Traders and Stakeholders Assured Justice – Committee

Demolition exercises are done to save lives, says LASG.

The seven-man technical committee on Alaba International Market demolition, which was set up by Governor Babajide Sanwo-Olu of Lagos State, has assured traders and stakeholders of justice.

The General Manager, of Lagos State Building Control Agency (LASBCA), Gbolahan Oki, who led the committee members on an assessment of the Alaba Market demolition site, disclosed this amidst protests by some affected traders.

He said the recent demolition of distressed buildings in the market located in Ojo Local Council was neither a witch hunt nor intended to acquire the land but to protect lives.

Oki, who visited the market amid a heavy downpour alongside his counterpart in the Lagos State Physical Planning Permit Authority (LASPPPA), Kehinde Osinaike, explained that the demolition was simply to enforce building regulations and laws and to prevent building collapse.

They were led on the trip by the Permanent Secretary of their parent parastatal, the Lagos State Ministry of Physical Planning and Urban Development, Oluwole Sotire.

Recall that southeast leaders in the market, led by Imo Governor, Hope Uzodimma, met with Sanwo-Olu to put to rest allegations of tribal bias behind the demolition exercise.

According to him, most of the demolished buildings were without permits, and the necessary documentation demanded by the state government was also not provided.

“All we are after is that the lives of traders and other Nigerians are extremely important to the Lagos State Government.

“I have seen people painting buildings that are dilapidated and that are not good; it is not painting that makes a building new. Our lives are more important,” he said.

Oki urged owners of distressed buildings marked for demolition to remove them within two weeks to prevent disaster, or else the government would move in to take action.

“My mandate is to remove anything that is dilapidated and harmful to the people that even own it,” he said.

The General Manager said Sanwo-Olu has set up a committee to look into the demolition without causing disaffection among the traders at Alaba International Market.

He said LASBCA officials were usually prevented from enforcing laws by people who failed to get building plan approvals or those who did illegal conversions of their properties.

He assured protesters carrying placards that the government had their interests covered with the appointment of an additional 17-man sub-committee, compromising their market leadership, for quicker resolution of issues.

Oki explained why distressed buildings were being demolished and the need for some of the traders to regularise.

He said this was because of issues with land grabbers selling one land to several people as well as the need to correct haphazard development.

Earlier, the general manager and his team had a meeting with the leadership of the Alaba International Market traders at the LASBCA head office in Ikeja before they all embarked on the trip to the market.

During the meeting, the market leaders who are members of the seven-man technical committee set up to look into the issues of demolition in Alaba International Market discussed the way forward.

The LASBCA boss explained processes and procedures guiding laws on physical developments and what must be done to comply with the regulations.

He said that there was no ethnic coloration to the decisions of the government, whose only motive was to prevent building collapse and ensure the safety of the lives of the traders and other Nigerians.

Secretary to the seven-man Technical Committee, Chris Maduka, commended the government’s action to sanitize the market.

Maduka said it had brought them closer and was in the best interest of everybody to save traders from touts extorting them with various conflicting taxes and illegal levies.

During the on-the-spot assessment of the market, Maduka appealed for the cooperation and understanding of the traders affected by the demolition exercise.

He said that using protest or violence would defeat the purpose for which Sanwo-Olu set up the Committee.

Some of the affected traders carrying placards with various inscriptions at the market pleaded with Sanwo-Olu to fast-track the assignment of the committee to restore their means of livelihood.

Continue Reading

News

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

Published

on

By

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.

Continue Reading

News

Dangote Refinery Mulls Lagos, London Stock Exchange Listings

Published

on

By

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.

Continue Reading

News

Tinubu approves $100m investment in African Energy Bank

Published

on

By

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.

Continue Reading

Trending