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LABOUR PARTY SETS TO IMPLODE

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Labour Party crises take new turn

 

Fear and mistrust is about tearing Labour Party apart as politicians who never knew how the party was formed or the principles by which it operates have taken charge and want to reap where they did not sow.

 

This is the general expression of most Labour Party members who devoted their time, resources, and energy to ensure the party gained prominence and national credibility, adding that if care is not taken and this negative modus operandi of the party is not checked before situation literally degenerates to an unimaginable, unprecedented, unmanageable level, it might make Labour Party worse than PDP and APC combined.

 

Speaking In an aggrieved mood, a party stalwart, Comrade Akugbe Ighile from Orhionmwon LGA, opined that anyone that wishes to come to equity must do so with clean hands, and wonders why “some so-called party leaders are massively registering persons who have no bearings with Labour Party or understand the principles by which the party operates or even know the secretariat of the party, are being enlisted to become delegates or aspirants. Who does that?” he queried.

 

Rhetorically he asked, where are the trustees of the party? The Party is sadly heading for disaster if it continues with this Emperor-like manner. One would have expected a congress to be held before the primaries in February. I must confess that the leaders of the Party are docile, he quipped.

 

Naijanewsngr reports that the primaries are closer than expected and party leaders are divided along the lines of principles on the one side, and going for the highest bidder, on the other. This therefore gives room for the LP gubernatorial aspirants to begin to ask rhetorical questions about the role of the party and its leaders in ensuring credible and popular candidate to represent the party.

 

Labour Party, according to Comrade Akugbe, has quality and credible card carrying members with up to date dues and wonders why “the present merchants parading themselves as party leaders are hiring mercenaries in the name of would-be delegates for the forthcoming Labour Party primaries”.

 

He said further, if Labour Party must remain a united family to be able to win the hearts of the masses and the Obidient movement towards victory at the polls, the party need to stick to the tenets of the principles that binds the party members together.

 

Labour Party, in the forthcoming election in Edo State must not be allowed to go the way of Bayelsa, Imo, Kogi, Enugu, Lagos, and a few other States where the interest of the Party was sacrificed on the altar of personal gains.

 

He admonished the Party leadership, “equity, justice, fairness, and inclusiveness, should guide them in electing a strong, vibrant, marketable, competent candidate to fly the party’s flag at the Edo 2024 election.

 

 

 

 

 

 

 

 

 

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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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