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.
Politics
Rivers Political Crisis: PANDEF Urges Restraint, Mutual Forbearance
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.
Politics
Wike’s LGAs Tour Violates Electoral Laws — Sara-Igbe
Speaking in an interview on Saturday, January 10, Chief Sara-Igbe alleged that the minister had flouted regulations governing the commencement of electioneering campaigns by moving from one local government area to another to galvanise political support.
According to him, the action amounted to a clear breach of electoral guidelines being carried out with a troubling sense of impunity that could undermine the rule of law.
“Wike has violated the electoral laws of campaigning by going from local government to local government to talk to the people. He travelled from one local government to another. As a result of his visits to local government areas, he has broken election regulations and continues to do all these things without fear of repercussions”, Chief Sara-Igbe said.
The remarks came as Chief Wike was set to round off a state-wide “thank-you” tour that covered all 23 local government areas of Rivers State.
Although the minister had described the tour as an appreciation visit following support for President Bola Tinubu in the 2023 general elections, critics say the engagements have assumed an overtly political character.
Observers note that during several stops, including recent visits to Andoni and Bonny local government areas, the minister rallied supporters across party lines under what he termed a “Rainbow Coalition,” a move widely interpreted as part of a broader political strategy.
During these engagements, Chief Wike was also reported to have made remarks perceived as a veiled challenge to the authority of Governor Siminalayi Fubara, while repeatedly referencing the 2027 elections and urging supporters to prepare to “correct the mistake” of 2023.
Chief Sara-Igbe warned that allowing such activities to continue unchecked could erode public confidence in Nigeria’s electoral process and called on relevant authorities to enforce existing laws without fear or favour.
Politics
EFCC Alleges Blackmail Plot By Opposition Politicians
The Commission, in a statement on Wednesday, claimed that there were plans by the same group to escalate a smear campaign against its Chairman, Ola Olukoyede, to frustrate ongoing investigations and prosecutions involving prominent individuals.
The statement endorsed by the agency’s spokesman, Mr Dele Oyewale, claimed that the action was intended to distract the Commission through unfounded allegations of political bias in the discharge of its duties.
The EFCC warned that it would not stand by and watch “those recruited into this ignoble enterprise” or allow any attempt to derail it from “the patriotic task of improving public accountability in Nigeria.”
The Commission made it clear that those recruited into this venture were under close watch, adding that it would not tolerate any attempt to distract it from the patriotic task of improving public accountability in Nigeria.
“The EFCC reiterates its non-political stance in all its activities. Facts on the ground clearly show that any political actor belonging to the ruling party or opposition party, with corruption baggage, has no hiding place from the operational radar and dynamics of the Commission.
“As a matter of fact, several strong members of the ruling and opposition parties are either facing trial before the courts or being investigated by the Commission.
“It is needful that Nigerians appreciate the fact that the Commission is keeping faith with its Establishment Act in all its operations.
“Therefore, the Commission reiterates its commitment to justice, without fear or favour, in the fulfilment of its mandate,” the statement pointed out.
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