Politics
Dangote Targets $30bn Revenue To Strengthen Naira
President of Dangote Group, Aliko Dangote, has said his businesses’ $30bn revenue target by the end of 2025 will boost the naira.
Dangote stated this on Sunday during a tour of Dangote Petroleum Refinery & Petrochemicals, and Dangote Fertiliser Limited by media executives, indicating a plan to attain independence from the Central Bank of Nigeria in foreign exchange sourcing.
He said the expected significant inflow of forex into Nigeria through his businesses will automatically boost the value of our local currency and make the naira regain its value in the comity of international currencies worldwide.
The refinery began full operations in 2024, initially focusing on refining intermediate products, such as polypropylene, naphtha, RCO, petrol, diesel, and jet fuel.
He explained that the refinery entered its steady-state production phase in March 2024.
He anticipated production ramping up to 500,000 barrels per day with 15 crude cargoes per month by August, increasing to 550,000 bpd by the end of the year, and aiming for 650,000 bpd by the first quarter of 2025.
“Petrol production will commence in July with sales from August”, he assured.
He also revealed that the group intends to list Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited on the Nigerian Exchange Group in the first quarter of 2025.
He added that this initiative would enable Nigerians to participate in the ownership of these companies.
“Due to the nature of our business with both the refinery and the fertiliser, we are aiming to list them by the end of this year.
“However, depending on circumstances, worst-case scenario, we anticipate listing them before the end of the first quarter of next year.
“This will allow us to offer shares for sale and enable Nigerians to participate as shareholders”, Dangote stated.
The Dangote Refinery, which will process 650,000 barrels per day at full capacity, stands as Africa’s largest oil refinery and the world’s largest single-train facility.
Also, Dangote Fertiliser Limited operates Africa’s largest granulated urea fertiliser complex.
Currently, Dangote Cement is Nigeria’s most capitalised company.
While noting that the total storage capacity of the refinery is 4.5 billion litres, sufficient to cover 20 days of Nigeria’s crude requirement and store products equivalent to 15 days of Nigeria’s petrol consumption, he stressed that the refinery would produce 53 million litres of petrol per day and 1.1 million tonnes per day.
He added that the refinery was equipped with dedicated loading gantries featuring 86 loading bays, along with specialised marine facilities for the offloading of crude and the loading of petroleum products.
The facility, he said, included a 900-kilotonne per annum polypropylene plant, with production capacities of 36,000 tonnes per annum for sulphur and 585,000 tonnes per annum for carbon black.
The Vice President of Oil and Gas, Dangote Industries Limited, Devakumar Edwin, reiterated the commitment of the company to enhance local capacity in critical sectors of the economy.
He said Dangote Industries Limited had empowered young Nigerians to assume key roles across its operations, with many even becoming expatriates in other nations.
Edwin stressed the refinery’s status as the world’s largest single-train complex constructed entirely by a Nigerian company, highlighting a significant achievement in local engineering and construction capabilities.
The Special Adviser on Political Affairs to the Rivers State Governor, Dr. Darlington Oji, has disclosed that about 15 Special Advisers to the governor were duly approved by the Rivers State House of Assembly before the current political crisis in the State.
Oji made the disclosure in a Television programme in Port Harcourt, recently, while reacting to issues surrounding appointments, the impeachment moves against the governor and his deputy, and allegations of financial mismanagement.
He clarified that the appointment of Special Advisers was carried out in strict compliance with constitutional provisions, and received the approval of the Rivers State House of Assembly under the leadership of the Speaker, Martins Amaewhule, before the crisis began.
According to the Special Adviser, the appointments did not require any further screening, countering claims that the governor violated due process in constituting his advisory team.
On the impeachment proceedings against Governor Siminalayi Fubara, and his deputy, Professor Ngozi Odu, Oji described the process as unfounded and lacking constitutional backing.
He said that several lawmakers who initially supported the impeachment move were now reconsidering their stance after discovering that the process had no legal basis.
Oji also attributed the impeachment plot to personal and political ambitions, saying it is not motivated by the interest or welfare of the people of Rivers State.
Speaking on the financial position of the State after the Emergency Rule, the Special Adviser disclosed that the governor met about ?600 billion in the state’s coffers upon assumption of office.
He explained that the availability of funds enabled the administration to continue governance smoothly without the need for a supplementary budget.
The governor’s aide also refuted allegations of financial mismanagement against the governor, and stressed that all allocations to lawmakers and constituency projects were transparently handled.
He maintained that the Fubara administration remained focused on development, stability, and good governance despite the political distractions in the State.
Oji expressed confidence that the impeachment moves would eventually be abandoned as legislators and the public become more informed, adding that the governor’s leadership has continued to reassure citizens and sustain political stability in the State.
King Onunwor
Accordingg to the statement, the Board and National Executive Committee of PANDEF, noted with very grave concern the recent spate of political developments in Rivers State.
“Regrettably, these developments have now degenerated into the decision of the Rivers State House of Assembly to commence impeachment proceedings against the governor and deputy governor.
“This is a deeply disturbing situation that demands urgent attention in order to forestall further escalation and breakdown of law and order.
“This concern is heightened by the critical importance and strategic centrality of Rivers to the Niger Delta region and to the broader socio-political stability and economic wellbeing of Nigeria as a whole”, the statement said.
The Forum called on all parties involved in the resurgent political imbroglio to sheathe their swords and embrace peace.
“This should be guided by the principles of give-and-take, dialogue, tolerance, and political equanimity.
“All stakeholders must place paramount importance on peace, development and the welfare of the people of Rivers.
“We must now focus squarely on good governance and development of the state,” the Forum said.
PANDEF commended President Bola Tinubu, the leadership of the All Progressives Congress (APC), respected elders of Rivers State, and other well-meaning Nigerians for their previous and ongoing efforts aimed at restoring peace and stability in the state.
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