Nation
NNPC Moves To Buy 20% Stake In Dangote Refinery With Bank Loans
The Nigerian National Petroleum Corporation (NNPC) has concluded plans to raise bank loans for the acquisition of 20 per cent shares in the $12billion Dangote Refinery.
Contrary to speculation that the shares would be acquired through the Federation Account, the Group Managing Director, NNPC, Mallam Mele Kyari, said negotiations were ongoing with the selected banks.
In an interview with Channels Television, yesterday, Kyari, said the bank loans would be backed by cash flows from the project.
He said the stake which might be worth as much as N19billion is still under valuation, while assuring that the investment would be viable, thus ensuring petrol products security for the country.
Specifically, he said, “The investment is sustainable and that is why the banks have come forward to lend to us, so that we can take equity in this. We are not putting anything at stake.
“The information in the public domain alluding that the investment is inappropriate is not correct. We are very proud that we did.
“This is good for our shareholders, which include 200million Nigerians, who would have also happily bought shares from this refinery.
“But have done so on their behalf. Ultimately, the value will come to the country.
“There’s no way you can watch a business of this magnitude, of this sensitive to run without an embodiment of the national oil company. No country does that.”
According to him, when the Refinery becomes operational with the NNPC owned refineries, the country will become a net exporter of petroleum products across the West African sub-region.
He also disclosed that having successfully awarded the complete rehabilitation of the Port Harcourt Refinery, the contracts for the Warri and Kaduna refineries would be awarded before the end of July, 2021.
Kyari, who acknowledged that the corporation has not managed the refineries well in the past, said when fully rehabilitated, the refineries would be managed by others in line with the agreement reached with banks funding the projects.
“We are not going to take any government money to overhaul these refineries. We are borrowing also on the back of the cash flows of these refineries.
“It means they can deliver commercially. Part of the requirements of the lenders is that we should not operate these refineries.
“We must have operations and maintenance contracts. Practically, these refineries will be run by the lenders”.
Already, the Dangote Fertilizer Limited, which is part of the project, has commenced commercial production of Urea.
Speaking at the commencement of production, June 5, 2021, President of the Dangote Group, Aliko Dangote, had told visitors that the plant, with a capacity to churn out three million metric tonnes per annum of urea, has been classified as the biggest project in the entire fertiliser industry in the world.
Specifically, he had informed the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, and other bankers that, “this Phase 1 of the project, which is estimated to cost $2.5billion, is to manufacture 3mmtpa of urea per annum.
“This capacity will later be expanded to produce multi grades of fertilisers to meet soil, crop, and climate-specific requirements for the African continent.”
According to Dangote, the fertiliser plant would make Nigeria the biggest urea exporting country in sub-Saharan Africa and the biggest producer of polypropylene and polyethylene.
Responding, Emefiele, had also, said, “Nigeria needs between 1million metric to 1.5million metric tonnes of Urea to meet the local demand.
“So, we have the potentials to export at least three to 4million metrics tonnes of Urea to different parts of the world.
“With this latest development, Nigeria has become one of the major producers of Urea in the world. This for me is a story, which no one would have believed would happen in Nigeria.
“Nigeria now ranks amongst the leading countries in the production of Urea in the world. This, for me, is a story that no one would have believed will happen in Nigeria.
“Dangote has committed that mechanical completion will be achieved by the end of this year and we are expecting that the refinery will be completed by the first quarter of next year.”
The Arewa /Northern Community in Rivers state has appointed Alhaji Shuaibu Wada Madawakin Tilda as the Acting Dan Buran Rivers State.
The appointment is subject to confirmation by the Cabinet Council.
The appointment follows the dethronement of the former occupant,
Alhaji Musa Saeedu.
A statement from the Palace of the Sarkin Arewa/Northern Community (Sarkin Hausawan) in Rivers State and signed by His Royal Highness, Alhaji Hussaini Isah said the dethronement is with immediate effect.
The statement further disclosed that the decision follows an allegation of acts of insubordination and conduct considered contrary to the values, discipline, and traditions of the Northern community perpetuated by the Fmr Dan Buran.
The statement advised the public to discontinue to recognising and addressing Alhaji Musa Saeedu as the Dan Buran of the State, adding that he no longer holds the title and remained suspended.
Responding via telephone interview, Alhaji Musa Saeedu said he will not make any comment regarding the matter.
The Alliance Française of Port Harcourt opened its doors to more than sixty French language teachers from Port Harcourt and across Rivers State at the weekend for an afternoon dedicated to celebration, creativity, and community spirit.
The event which was Supported by the Embassy of France in Nigeria, forms part of the global celebrations marking the Journée Internationale du Professeur de Français (French Teachers Day) a day officially set aside to observe worldwide every 20 November.
The Tide Entertainment reports that every year, French teachers around the globe are honoured for the passion and dedication they bring into their classrooms.In 2025, the theme chosen “Chanter, jouer, enseigner: la francophonie en musique” (Sing, Play, Teach: Francophonie in Music) invited the entire community to explore the joy of teaching through song, performance, and artistic expression.
A Day that brings teachers together for the French teaching community in Port Harcourt, this celebration is much more than a ceremony, it is a rare moment to step away from the classroom and reconnect with the simple joy of sharing, learning, and creating together.
The Alliance Française transformed the occasion into a space buzzing with music and entertainment. Teachers from primary schools, secondary schools, universities, and adult learning centers gathered to exchange ideas, reconnected with colleagues, and discover each other’s talents in an atmosphere filled with warmth and friendship.
Honouring Creativity with the theme “Our Teachers Have Talent!”This year, the Embassy of France launched a national contest titled “Nos profs ont du talent!” (“Our Teachers Have Talent !”), participants were invited to either interpret or create a Francophone song.For a month, from 13 October to 13 November 2025, teachers from across the country submitted their performances online, filling the digital space with francophone music.While winners of this nationwide competition were announced.
According to the the Director, Mrs Marina Lacal, Alliance Française Port Harcourt, excitement and anticipation were added to the celebrations, saying that in Port Harcourt, the festivities went even further. Port Harcourt experienced a Unique Celebration that went beyond the online competition, Alliance Française Port Harcourt created something special, an event where teachers met physically, shared moment of joy, and present their musical talents live.On stage, teachers sang the songs they love and those they have created, showcasing the creativity that animates their classrooms every day.
She explained that that off stage, they( participants )shared stories, network with colleagues, laughed together, and celebrated their unique contribution to the promotion of the French language in Rivers State.This gathering is also a moment of recognition. Every day, French teachers open doors for thousands of learners, children discovering their first French words, teenagers preparing for exams, university students shaping their future careers, and adults embracing new opportunities.
“Today, the spotlight shines on them. More Than an Event, A Tribute to Their Dedication The 2025 celebration in Port Harcourt was a heartfelt tribute to the teachers who make French come alive, those who inspire, guide, and encourage learners with unwavering commitment,” Mrs. Lacal said
The Director explained that It recognises their resilience, their creativity, and their essential role in building bridges between cultures.By offering them a moment of relaxation, fun, artistic expression, and professional networking, Alliance Française Port Harcourt reaffirms its mission to support educators, strengthen the teaching community, and celebrate the vibrant energy of the Francophonie in Nigeria.
Climax of the exciting event was the presentation of prizes to winners of the competition.
The Chairman Advisory Committee on Entertainment and Performing Arts, Khana Local Government Area, Hon. Lexy M. Mueka has expressed gratitude to the Chairman of Khana Local Government Area Dr. Thomas Bariere for his support and vision in promoting entertainment as a tool for peacebuilding and youth engagement.
Hon Mueka made this known to the Tide Entertainment during a recently concluded concert tagged “OGONI ARISE CONCERT” held at the No. 6 Field, Old Port Harcourt Township.
According to him, the concert was not just an event but a movement aimed at reawakening the cultural consciousness of the Ogoni people and inspiring the younger generation to use their talents positively.
The Tide Entertainment reports that the event, organized by Triple 3 Entertainment under the auspices of the office of the Chairman Advisory committee on Entertainment and Performing Arts to the Chairman of Khana Local Government Area, was a vibrant celebration of peace, unity, and cultural renaissance among the Ogoni people.
“Conceptualized as a platform to promote social harmony, empower young creatives, and showcase the rich artistic heritage of Ogoniland, the Ogoni Arise Concert succeeded in bringing together community leaders, entertainers, and the general public in a rare show of solidarity. The event featured electrifying performances by indigenous and regional artistes, dance troupes, comedians, and cultural ambassadors, all united under one message — Ogoni is rising again,” Hon. Mueka said.
“The Ogoni Arise Concert was designed to remind us of who we are — a people of strength, creativity, and unity. We wanted to show that entertainment can be a bridge for peace, a voice for our youth, and a celebration of our identity,” he added.
The event also featured a special Award Presentation Ceremony recognizing distinguished Ogoni sons and daughters who have made remarkable contributions in areas such as leadership, humanitarian service, creative excellence, and cultural promotion. The awards added a touch of prestige and purpose, reinforcing the concert’s theme of celebrating excellence while inspiring future generations.
Security at the event venue was top-notch, turnout of attendance impressive, and the atmosphere electric throughout the night.
Meanwhile, guests and participants had described the event as “historic, well-organized, and truly uplifting.”
