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.”
Nation
RSU, Otonti Nduka Foundation Holds Centenary Conference, Unveil Book on Values in Nigeria
Rivers State University and the Otonti Nduka Foundation for Values Education jointly hosted a two-day National Conference on 8 and 9 May 2026 to examine the state of values in Nigeria.
The two days conference held at Rivers State University convocation arena brought together academics, policymakers, legal experts and education leaders under the theme _“Trends and Challenges in Upholding Values in Nigeria.”_
The gathering focused on policy gaps, curriculum reform, and the role of ethics in public service and education.
The event opened on Friday with remarks from Vice Chancellor Prof. Chief Isaac Zeb-Obipi, who stressed the need to address declining moral and civic values across Nigeria’s education and public sectors. A book of abstracts for the plenary sessions was also presented to participants.
Key speakers included former Attorney General Chief Dr Kanu Agabi, SAN; NERDC Executive Secretary Prof. Shehu Salisu; Prof. Hauwa Imam, FNAE, of the University of Abuja; former Rivers SUBEB Chairman Ven Dr Fyneface Akah, ; former NIMASA DG Dr Hon. Dakuku Adol-Peterside; and RSU Director of ICT Prof. Sunny Orike.
Discussions centered on integrating values education into schools, tertiary institutions and public institutions, alongside the impact of technology on moral development among young Nigerians. Panel and plenary sessions produced practical recommendations for curriculum and policy reform.
On Saturday, the foundation marked its centenary with the unveiling of the book _Otonti Nduka in History_, launched by Chief Engr. Grant Offor, FNSE. The Nigerian Academy of Education held a ceremonial procession led by its President Prof. Olu Jegede and the Ikwerre Professors Forum.
In a communiqué, participants called for stronger collaboration between government, civil society and academia to mainstream values education nationwide. They recommended reviewing teacher training curricula and expanding digital platforms to promote ethical civic engagement, with the foundation pledging to share the outcomes with education authorities for implementation.
Dignitaries present included Ogbakor Ikwerre Worldwide as Chief Host, Prof. Emeritus Chief T. Uzodimma Nwala, the Ikenga 1 of Mbaise and first philosophy student of Prof. Otonti Nduka, alongside scholars and community leaders.
Amadi Akujobi
Nation
Shell, MAN Back Rivers’ Drive for Expanded Gas Supply to Industries
The Shell Nigeria Gas Limited, in partnership with the Manufacturers Association of Nigeria, has reaffirmed support for efforts to expand gas distribution infrastructure in Rivers State as part of initiatives aimed at improving access to affordable, cleaner and more reliable energy for industries across the South-South region.
The commitment was highlighted during the SNG–MAN Business Forum held in Port Harcourt, where stakeholders from the industrial and public sectors examined the role of natural gas in driving industrialisation, boosting local production and strengthening energy security.
Speaking at the forum on behalf of the Managing Director of Shell Nigeria Gas Limited, the company’s Head of Gas Distribution, Mr. Chukwuka Amos Ejesi, described natural gas as a critical component of Nigeria’s energy mix and a key driver of sustainable industrial growth.
According to him, Nigeria’s gas development agenda has reached a stage where policy direction must be matched with practical implementation capable of addressing the energy challenges confronting manufacturers.
He noted that pipeline gas offers industries a cleaner, more dependable and cost-effective energy alternative capable of supporting uninterrupted operations, reducing emissions and improving production efficiency.
“Gas is the backbone of manufacturing, and we are encouraged by the growing recognition among stakeholders of the need for cleaner and more reliable energy solutions,” he said.
Ejesi stressed the need for sustained collaboration among energy providers, government institutions and industrial stakeholders to maximise the country’s gas resources for economic development.
He added that improved gas infrastructure would strengthen manufacturing value chains, enhance productivity and promote more competitive industrial operations across Rivers State and the wider South-South region.
Participants at the forum also emphasised the importance of expanding energy infrastructure as a pathway to unlocking industrial capacity, reducing operating costs and promoting sustainable industrial development.
Representing Governor Siminalayi Fubara, the Director-General of the Rivers State Investment Promotion Agency, Dr. Chamberlain Peterside, reaffirmed the state government’s commitment to partnering with private sector investors to revitalise industrial activities in the state.
He identified key projects targeted under the initiative to include the revival of the Ahoada Industrial Park, the New Port City project and the proposed Bonny Industrial Park, all aimed at stimulating economic growth and expanding industrial opportunities along the Bonny corridor.
According to the governor, the long-term vision is to position Rivers State as a leading manufacturing hub in Southern Nigeria through strategic public-private partnerships.
Governor Fubara also commended Shell Nigeria Gas and MAN for sustaining engagements geared towards improving industrial energy access, noting that gas infrastructure development remains central to the state’s economic recovery plans.
He further observed that the gas sector presents enormous opportunities for economic growth, especially as global energy systems continue to shift towards cleaner energy sources.
The governor called on stakeholders to work collectively towards developing a practical and sustainable gas framework capable of supporting the state’s industrial and energy development objectives.
Chairman of MAN, Rivers and Bayelsa Branch, Elder Vincent Okuku, described gas as indispensable to industrial operations, noting that many manufacturers continue to struggle with the high cost of alternative energy sources.
Similarly, President of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture, Dr. Chinyere Ngozi Nwoga, said the transition to natural gas had become increasingly necessary for businesses seeking stable and cost-efficient operations.
“Pipeline natural gas provides a more cost-effective and reliable source of energy for industries,” she stated.
Also speaking, former Chairman of MAN in Rivers and Bayelsa States, Mrs. Emilia Akpan, stressed the need to align energy infrastructure development with investment in human capacity.
She maintained that rebuilding the state’s economy would require not only reliable energy supply but also the development of technical skills needed to support long-term industrial growth.
By Kevin Nengia
Nation
City Boy Movement Hails Onyesoh’s APC Primary Win
The City Boy Movement in Etche Local Government Area of Rivers state has commended Senator Allwell Onyesoh on his victory in the APC primary election for Rivers East Senatorial District.
Chairman of the group in Etche, Dr. Fortune Uchenna Obi, spoke to journalists in Okehi Ward after participating in Monday’s direct primary. He described Onyesoh’s emergence as the party’s candidate for the 2027 senatorial election as a reflection of the people’s will.
Dr. Obi said the senator has performed well during his first term and deserves re-election. He also thanked FCT Minister Nyesom Wike, leader of the Renewed Hope Agenda and Rainbow Coalition in Rivers State, for supporting Onyesoh’s candidacy. According to him, Wike’s backing was instrumental to the senator’s nomination, clearance, and victory at the primary.
He further praised voters in Etche and across Rivers East for turning out in large numbers at ward centers and urged them to sustain the support to ensure Onyesoh’s success in the January 2027 general election.
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