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Dangote: Why I Chose To Setup A Petroleum Refinery In Nigeria

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Dangote: Why I Chose To Setup A Petroleum Refinery In Nigeria

Business magnate Aliko Dangote has revealed that he chose to set up a refinery in Nigeria because of the unsustainable system of importing petroleum products.

Speaking in a documentary that premiered on Arise TV on Tuesday, August 31, 2021, the African richest man explained that the country has been dealing with a petroleum deficit since its inception, which according to him, was not sustainable considering the growing population of the Nigerian citizenry.

“Where we have a country with over 200 million and we are importing 100% of what we consume, it is not sustainable. If you go to a lot of areas, maybe your village and my village, you will see that most of the petrol stations there are not working. So, we now realised that why this is so is because the petroleum products we are having is hand to mouth, which means what we consume is what we have. This pushed me to say, this is a big challenge, and someone has to address it and we will take the charge of addressing it,” he stated.

Dangote: Why I Chose To Setup A Petroleum Refinery In Nigeria

Aliko Dangote

In the course of the interview, Dangote admitted that he’s not only a pan-African but a grateful Nigerian.

According to him, what motivates him most of the time is the aspiration to do things that will address national challenges.

He continued: “I am a Nigerian and I’ve benefitted quite a lot from this country. And if there are issues to be sorted out, I should be one of those who would bring solutions to our national problems. Interestingly, this has been my drive all along -to do things that solve our problems. So, I took it upon myself that while I’m alive, I will work together with other nationalists to try and address some of the issues our country is faced with, one of which is the petrol importation.”

Dangote exemplified his point, as he cited that situation in India.

“What also inspired me was what happened in countries like India, where entrepreneurs and the government joined hands together to create 5 million barrels of oil per day. When you look at situations like this, you would realise that we can achieve a lot in Nigeria as well. India is a country that doesn’t have oil at all. And we are here sitting on over 2.4 million barrels at a point and we don’t refine any of this oil,” he stressed.

The business tycoon further expressed his optimism that the Dangote Refinery project would not only positively impact Nigeria’s oil sector, but other sectors in the country and Africa at large.

“This refinery that we have is very big and it’s going to transform not only the oil sector but the entire economy of Nigeria. It will put millions of people directly and indirectly to work. It is going to massively transform the economy. The government will have more money in terms of education, infrastructure. It’s going to be massive transformational stuff,” he stated.

In view of the economic potentials of the refinery project, Dangote, therefore, urged members of the public to be supportive in addressing the country’s challenges.

His words: “When you look at what we are doing with the refinery project, you would realise that we are not only trying to change the business landscape in Nigeria. All sub-Saharan African countries are importing petroleum products. Is that what we are supposed to be doing? Who’s going to address it? Is it the government’s responsibility alone? No. Like they would say, you can’t clap with one hand.”

Meanwhile, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, heaped praises on Dangote for taking up the mantle of helping the country.

“Setting up a 650,00 barrels per day company is usually a project set up by the government, not individual, no matter how big you are. So, it is commendable,” Emefiele stated.

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Why Emirates Airlines Suspended Its Operations In Nigeria

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Why Emirates Airlines Suspended Its Operations In Nigeria

Emirates Airlines, on Thursday, August 18, 2022, disclosed the suspension of all of its flights in Nigeria.

In a statement in which the airline made this announcement, Emirates said the flight suspension would take effect from Thursday, September 1.

It was gathered that at last count, Emirates had at least $85 million trapped in Nigeria in spite of its efforts to repatriate the funds.

The statement read: “Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria, and we have made considerable efforts to initiate dialogue with the relevant authorities for their urgent intervention to help find a viable solution.

Regrettably, there has been no progress. Therefore, Emirates has taken the difficult decision to suspend all flights to and from Nigeria, effective September 1 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market.

”We sincerely regret the inconvenience caused to our customers, however the circumstances are beyond our control at this stage.

We will be working to help impacted customers make alternative travel arrangements wherever possible.

Should there be any positive developments in the coming days regarding Emirates’ blocked funds in Nigeria, we will of course re-evaluate our decision.

We remain keen to serve Nigeria, and our operations provide much-needed connectivity for Nigerian travellers, providing access to trade and tourism opportunities to Dubai and to our broader network of over 130 destinations.”

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GTCO Autism Conference Holds on August 29th and 30th at MUSON Centre, Onikan, Lagos

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The 12th edition of the annual GTCO Autism Conference themed “Creating a Community of Awe-Tism Advocates” will hold on Monday and Tuesday, August 29th and 30th, 2022, at MUSON Center, Onikan, Lagos. 

The annual Autism Conference is a pivotal component of GTCO’s Orange Ribbon initiative and serves as a key advocacy platform for people living with autism and other developmental disorders. In recent years, the GTCO Autism Conference has gained wider acclaim for bringing together some of the world’s leading experts in Autism, especially with the successful coordination of a fully virtual autism conference in 2020 at the height of the Covid-19 pandemic. For this year, the GTCO Autism Conference will feature keynote addresses and panel discussions by experienced specialists from renowned institutions in Nigeria and abroad in a hybrid set-up to allow for both in-person and virtual participation. Some of the partnering organisations include Federal Neuropsychiatric Hospital, Enugu, Autism Compassion Africa, Ghana, The Color of Autism Foundation, USA, Meharry Medical College, USA, and Behaviorprise Consulting Inc., Canada.  

One-on-one consultations and Q&A sessions during the conference will provide opportunities for parents and other stakeholders to further engage on best practices for proper diagnosis and treatment of persons on the autism spectrum with the experts. As a special feature and to ensure more persons with developmental disorders can benefit from professional help, provision has been made to offer specialist care to autistic children in the areas of speech and behaviour therapy, child psychology and psychiatry, as well as occupational development for adults living with autism via in-person consultations at the Chapel of Light, Alausa, Ikeja, starting from Tuesday, August 23rd to Saturday, August 27th between the hours of 10am and 5pm. 

Commenting on the 2022 Autism Conference, Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc said, “While much has been done over the years to increase the social consciousness around Autism and to improve the available support systems for managing developmental disorders, we strongly believe that we can do more individually and collectively to create and uphold a culture of inclusion towards people with ASD to enable them reach their full potential.” 

Mr Agbaje further stated; “The Orange Ribbon initiative was created to support children and adults with developmental disabilities with a focus on those with autism spectrum disorders. Now in its 2nd decade, the annual Autism Conference has over the years created a community of people with a shared commitment to create better outcomes for those who find themselves in the margins of society simply because they are different from the rest.” 

Guaranty Trust Holding Company Plc (GTCO) is a leading financial services company providing banking and non-banking services across eleven countries spanning West Africa, East Africa, and the United Kingdom. The Group operates a diversified, proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement which has endeared the brand to millions of people across Africa and beyond.  

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Dangote Major Driver of Real Estate Development – Builders

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Dangote

The Nigerian Institute of Building (NIOB) and other stakeholders in the housing industry have described the Dangote Group as the main driver of real estate development in the country.

According to a statement from the Dangote Group, President of the Nigerian Institute of Building (NIOB), Prof. Yohana Izam, disclosed this at a recent African International Housing Show in Abuja. Coordinator of the AIHS, Barr. Festus Adebayo told newsmen that the housing deficit in the country can be mitigated through Public Private Partnership (PPP). Adebayo said he was optimistic that the partnership with the Dangote Group would yield a fruitful result. The Group Head, Sales and Marketing, Dangote Cement Plc, Mr. Rabiu Umar said Dangote was not resting on its oars, as it has already been investing hugely in the development of infrastructure through the tax credit scheme and its numerous social programmes.

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