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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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Prudential Announces Africa Cup of Nations 2021 Sponsorship

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Prudential Africa

Prudential Africa has signed a sponsorship agreement with the Confederation of African Football (CAF) to become the official insurance partner of the ongoing 33rd edition of Africa Cup of Nations (AFCON) 2021.

At a press conference to announce the sponsorship, Eric Mboma, Chief Representative Officer, Prudential Northern Africa Region noted that the sponsorship underscores Prudential’s commitment to the African continent.

“As we grow our business in Africa, we also want to support the passion and talent of its people. Africans share a common love for football and we are honored to be part of a tournament that unites the continent and brings together the brightest talents of African football”, he said.

Mr. Mboma added, “Through sports, Prudential wants to encourage people to stay active and lead more healthy lifestyles. As a life insurer, we believe that health and wellness are important for people to live fulfilling lives.”

Commenting on the partnership, Confederation of African Football (CAF) General Secretary Mr. Véron Mosengo-Omba said, “We are excited and pleased to have on board Prudential as a partner. We share a common purpose in our commitment to developing local talent as well as driving prosperity for the people of Africa.”

AFCON 2021 started on January 9 and will run till February 6, 2022 with Cameroon as the host nation.

Prudential is a global financial services group providing life insurance, pensions and asset management products and services to approximately 20 million customers in Asia and Africa. Prudential has life insurance operations in eight countries across Africa: Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo, Uganda, Zambia and Nigeria. For nearly a decade, the life insurer has been providing affordable insurance and health solutions. Today, it serves more than 1.7 million customers through a distribution network of more than 13,000 agents and 600 branches.

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NDLEA Probes Obi Cubana For Drug Dealings

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NDLEA Probes Obi Cubana For Drug Dealings

The National Drug Law Enforcement Agency (NDLEA) is currently investigating popular socialite, Obi Cubana, for his alleged dealings with drug dealers in Nigeria, Malaysia, and India.

The Chairman of the Cubana group of companies, according to sources, was questioned for about five hours at the Abuja headquarters of the NDLEA before he was granted bail and asked to return at a future date.

Obi Cubana was said to have made suspicious payments to the drug dealers.

Obi Cubana arrived at the NDLEA office around 9:00 am and responded to questions for some hours before he was granted bail at 2:00 pm. There are suspicions that he may be a drug kingpin. Some convicted drug dealers paid funds into his account.

We have been able to establish three of such payments. One of the persons that paid money into his account was convicted in Kuala Lumpur, Malaysia; another one that was convicted in New Delhi, India; also paid money into his account while a third person was arrested at the Murtala Muhammed International Airport, Lagos, and convicted in 2017, also paid money into Cubana’s account,” a source was quoted as saying.

Obi Cubana who has been in the nightclub business since 2006, grabbed international headlines last July when he organised a lavish funeral for his mother, Ezinne Iyiegbu, in Oba, Idemili South local government area of Anambra State.

The event attracted several entertainers and renowned politicians from across the country including embattled Nigerian super cop, Abba Kyari. Other entertainers that graced the event include- Davido, D’banj, Kcee, Poco Lee, and Ubi Franklin.

The guest list also had Nollywood stars and early callers like Kanayo O. Kanayo, Alex Ekubo, and Williams Uchemba.

But the highlight of the event was the ostentatious display of wealth as evidenced by the donation of about 400 cows to Cubana as well as the ‘naira rain’.

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Dollar To Naira Exchange Rate Today (Friday, Jan. 13, 2022)

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Dollar To Naira Exchange Rate Today (Friday, Jan. 13, 2022)

Dollar to naira, on Friday, January 14, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose against the United States dollar, as foreign exchange (forex) trading closed at ₦414.29 per $1 on Thursday, January 13.

How much is dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira was bought for N567 and sold for N570 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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