Aliko Dangote, President of Dangote Group and owner of the 650,000 bpd Lagos refinery, has criticised the Nigerian National Petroleum Company Limited (NNPCL) for reducing its stake in his refinery from 20% to 7.2%.

During an interview with Bloomberg Television, Dangote stressed that the NNPC’s decision was a mistake, explaining the favourable deal that was originally offered to the company.

“We gave them (NNPC) a good deal. We said, okay, fine, we structured an agreement. The first agreement was that they were going to pay us a billion dollars. The deal was about $2.79 billion. And then the balance of the money, $1 billion, which they paid us over a year and a half ago, and then the balance of the money was split into two.

“One position was that every crude they supply to us, 300,000 barrels per day, we’ll deduct $2 and then up to the time they finish paying that, one third. The other one third will come out of their own profit. So, why NNPC opted out is a little bit confusing.

“They wanted this agreement to be changed where they wanted to pay cash, not in any other way. So, we said, okay, fine. We signed another agreement, you know, cancelling the other one. The new agreement that we signed was for them to pay us after one year, no interest, after one year, they’ll pay us the balance of $1.8 billion.

“The month for them to pay was June. And by June they came back to us and said, no, they’ve changed their minds and they want to remain at 7.2 per cent. So, okay, fine. So, we left it and we now own the rest of the shares, they own 7.2 per cent. And that’s what it is. But I think they made a big mistake.

“But no, there’s no negotiation. The agreement is finished, dead, completed. It’s 7.2 per cent,” he stated.

Despite the reduction in the NNPC’s stake, Dangote revealed that his refinery would still receive 390,000 barrels per day of crude from the NNPC in October.

He noted that selling crude and fuel in naira would reduce pressure on the Nigerian currency by 40%.

On the upstream sector, Dangote disclosed ownership of two oil blocks set for production next month but added that he would not heavily invest in that segment.

Dangote also addressed fuel prices, stating that his refinery’s product is 15-20% cheaper than imported gasoline. He expressed confidence that the refinery’s output would stabilise the naira and provide clarity on Nigeria’s actual fuel consumption.

Additionally, Dangote reflected on his earlier ambitions to purchase Arsenal Football Club, admitting that the timing and financial commitment required for the $20 billion refinery project made the acquisition impossible.

Nigeria is set to become the first West African manufacturing hub for insecticide-treated nets (ITNs) following a Memorandum of Understanding (MoU) signed between the Nigerian government and Vestergaard Sàrl.

The MoU, announced on Tuesday and facilitated through the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), aims to establish a facility that will produce 10 million insecticidal nets annually, creating 600 jobs in the process.

Africa accounts for 95% of global malaria cases, with Nigeria bearing one-quarter of that burden. The new facility will also be the first on the continent to produce dual active-ingredient nets, addressing insecticide resistance in the ongoing battle against malaria.

The partnership will establish a joint venture between Vestergaard and a local Nigerian manufacturing partner, with support from MedAccess, a social investor backed by British International Investment. Vestergaard is also discussing financing opportunities with the U.S. International Development Finance Corporation (DFC). Once operational, the facility will supply both domestic and international markets.

“If successful, the joint venture will result in a state-of-the-art manufacturing facility that is expected to function as a flagship on ITN quality and bioefficacy performance, as well as industrial health, safety and sustainability practices,” a statement by Sarah-Jane Loveday, Vestergaard’s Director of Communication & Marketing, said on Tuesday.

“At scale, the planned facility would produce 10 million PermaNet® Dual long-lasting insecticidal nets every year, for both domestic use in Nigeria and international export. It would create around 600 jobs in Nigeria.”

We cannot afford to underestimate the power of prevention in our fight against malaria
Dr Muhammad Ali Pate, Hon. Minister of Health for Nigeria, said: “Increasing access to long-lasting insecticide-treated nets is crucial. We cannot afford to underestimate the power of prevention in our fight against malaria. Collaborative efforts, such as this, are essential to mobilising the resources and expertise needed to combat malaria effectively.”

Dr Abdu Mukhtar, National Coordinator of PVAC, said: “High standards in local production are non-negotiable. By investing in local bed net production, we are not only improving health outcomes but also paving the way for a self-sufficient healthcare system that can withstand global challenges. This partnership with Vestergaard is a significant step towards attaining this for Nigerians and the broader West African population. ”

Michael Anderson, CEO of MedAccess, said: “Next generation mosquito nets are powerful tools to save lives and prevent debilitating disease. Regional manufacturing is in turn a critical tool to ensure that the nets are available quickly, reliably, and sustainably. This agreement between the Government of Nigeria and Vestergaard underlines an important commitment to protecting people from malaria while strengthening supply chain resilience in the region. MedAccess is looking forward to working in partnership to explore how innovative finance can support this initiative.”

Jim Polan, Vice President, Office of Health & Agribusiness at the U.S. International Development Finance Corporation (DFC), said: “DFC’s investments in regional manufacturing, particularly in Africa, aim to strengthen health system resilience and diversify supply chains. We are exploring a variety of opportunities to expand access to critical health products, including bed nets, to ensure the region is better prepared to respond to malaria and other vector-borne transmission due to changing climate patterns.”

Amar Ali, CEO of Vestergaard, said: “This partnership exemplifies the leadership and commitment of the Nigerian government in the fight against malaria. We are very grateful for their engagement and support as we work together with partners to create a cutting-edge facility that will set a global benchmark in the manufacturing of dual-insecticide nets.”

 The UN Subcommittee on Prevention of Torture (SPT) visited Nigeria for the second time from 8 to 19 September 2024 to assess the treatment of individuals in detention, and whether the country had strengthened its capacity to protect the human rights of people deprived of liberty, including through the proper functioning of a National Preventive Mechanism (NPM).

“The delegation regrets the lack of cooperation from Nigerian authorities, during and prior to the visit. We were confronted with a climate of hostility and faced access issues in several places of detention. Receiving the SPT’s visit and allowing it to exercise its mandate without obstruction is an international obligation under the Optional Protocol to the Convention against Torture (OPCAT) which Nigeria ratified in 2009,” said Shujune Muhammad, the head of the delegation.

The SPT delegation visited numerous places of deprivation of liberty, including detention facilities for men, women and children, police stations, criminal investigation departments, as well as facilities run by agencies combating drug and people trafficking, among others.

“The situation in most places of detention is abysmal. Nigeria must urgently take measures to prevent torture and ill-treatment, and to improve conditions of detention, especially in police stations and other similar facilities. Legal safeguards must be immediately implemented, and the current impunity of perpetrators for acts of torture must end,” she said.

The delegation also met with the Minister of Justice, parliamentarians, judges, prosecutors, and other relevant authorities, the Bar association, civil society organizations, and UN agencies.

“It has been 10 years since the first SPT visit, and Nigeria is yet to establish a functional national preventive mechanism. This unfortunately shows that the prevention of torture and ill-treatment is not taken seriously by the State party, and the horrific situation we have documented speaks to this. We urge authorities to urgently finalize the establishment of an independent functional preventive mechanism,” said Muhammad.

At the end of the visit, the delegation presented its confidential preliminary observations to the Government of Nigeria, highlighting its serious concern about the lack of commitment from authorities in preventing widespread torture, ill-treatment and in improving conditions of detention.

Following its visit, the Subcommittee will send Nigeria a confidential report containing its observations and recommendations and encourages the State party to make it public, to facilitate implementation.

The SPT delegation included Aisha Shujune MUHAMMAD (Maldives) Head of the delegation, Satyabhooshun Gupt DOMAH (Mauritius), Andrew Christoffel NISSEN (South Africa), and Victor ZAHARIA (Moldova), accompanied by two Human Rights Officers from the Office of the High Commissioner for Human Rights.

Dr Jobson Ewalefoh, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC) has said that the construction of the 3.5 billion dollar Bakassi Deep Seaport would soon commence.

This is contained in a statement issued by Ifeanyi Nwoko, ICRC’s Acting Head of Media and Publicity in Abuja on Monday.

Ewalefoh made this known at a High-level Stakeholders’ meeting where a statement of endorsement for the port project was signed.

The ICRC D-G who said the construction would commence under the administration of Gov. Bassey Otu of Cross River State, assured that the project would be completed in record time.

He said that his assurance was premised on four things which include the fact that the government of the state had demonstrated great commitment and zeal required for the project.

Others he said were the newly streamlined ICRC Public Private Partnership(PPP) processes; the securing of a financier for the project; and the support of all other stakeholders present.

Ewalefoh said the 3.5 billion dollar project whose funding has been secured from the African Import-Export Bank(Afreximbank), is to be executed as a PPP project.

He said that the ICRC had streamlined its PPP processes to ensure they were faster than before.

According to Ewalefoh, we are not compromising standards, we are only making the process more efficient which I have commenced as the D-G of ICRC.

He assured the Governor of Cross River that the project would be completed under his tenure with the support of the Ministry of Marine and Blue Economy, the Shippers Council and all the stakeholders.

“You have demonstrated that you have what it takes to do it, just like President Tinubu has given confidence to investors to bring their funds to Nigeria.

“This is not a project that you started, the baton was only handed over to you, but like the man on the last lap, you are running the fastest and you will cut the tape.

“With the team you have assembled and the activities that are going on, you will arrive at the destination of the Bakassi Deep Seaport.

“I am convinced that in your tenure, with your team, Bakassi Deep Seaport will be a reality to the people of Cross River state and Nigerians,” he said.

The D-G said that the port was very important as it would diversify the traffic from the Western Port and serve as a succour to the Eastern parts of Nigeria.

He added that the Bakassi Deep Seaport is an Agro-Value-Chain port that will explore the potential in the nation’s agricultural sector in the South-South part of Nigeria, the North as well as all of Africa.

Ewalefoh thanked Afreximbank for believing in the state and Nigeria as he reassured investors that Nigeria was a choice destination for investment opportunities.

The statement said a high point of the meeting was the signing of the statement of endorsement by all critical stakeholders to the projects including the ICRC and the Cross River State Government.

Others include the Nigerian Ports Authority (NPA) and Nigerian Shippers Council, among others.

 The European Union (EU) has said that it supported Nigeria and five other Sahel countries affected by the flood with 5.4 million Euros.

In a statement issued by the bloc and made available to newsmen in Abuja on Monday, the other countries that benefitted are Chad, Niger, Cameroon, Mali and Burkina Faso

The bloc noted that the fund was meant to assist the more than 4.4 million people estimated to be affected by floods in the countries.

“Floods have led to the destruction of houses, public health facilities, water systems, schools and sanitation facilities as well as roads, infrastructures, and agricultural areas.

“Moreover, the lack of access to water, hygiene, and sanitation services is increasing the risk of spreading of waterborne diseases.

“This funding will help our humanitarian partners on the ground, to provide immediate aid and respond to the most urgent needs concerning food, shelter, access to clean water and sanitation and other essential services in the hardest-hit areas.

“The amount will be distributed as follows: Chad one million Euro; Niger 1.350 million Euro; Nigeria 1.1 million Euro; Mali one million Euro and Cameroon 650,000 Euro and Burkina Faso 300,000 Euro.

“The funding comes in addition to 232 million Euro in humanitarian assistance already allocated to these countries so far this year.

“The EU and its partners had already responded to the immediate consequences of floods in Liberia, Guinea, Chad, Nigeria, Niger, Cameroon and Mali,’’ the bloc said.

In the statement, Mr Janez Lenarčič, the Commissioner for Crisis Management was quoted to have said: “Excessive rainfalls had lashed the Sahel and Lake Chad regions with unprecedented impact, displacing millions and causing widespread suffering and damage.

“We are mobilising all means at our disposal to help the most vulnerable in the flood-stricken countries, so they can receive much needed relief’’.

The Federal Executive Council (FEC) approved the construction of 14 roads and bridges, which were badly affected by floods, in Ekiti State, Adamawa, Kebbi and Enugu States.

Works Minister David Unahi said this while addressing State House correspondents after the FEC meeting.

He said the others are in Cross River State, Ondo State, Osun State, Ebonyi, Abia and Imo states.

He said the roads were awarded, in addition to a contract for the repair and rehabilitation of Gamboru Bridge along Gambor-Ngala/Kala-Balge Road in Bornu.

The minister said FEC also approved a new contract for the rehabilitation of Maraban-Kankara/Funtua Road in Katsina State and the construction of 258-kilometer three-lane carriageway, a component of the 1,000 Sokoto/Badagry Super-highway, Section 2, Phase 2A.

Likewise, he said FEC approved the contract for the construction and dualisation of Afikpo-Uturu-Okigwe Road in Ebonyi, Abia and Imo States (Section 2).

He said FEC similarly approved the contract for Bodo-Bonny Road in Rivers, to be executed by Julius Berger.

“FEC approved an additional N80 billion to complete that project, bringing the total cost to N280 billion.

“The next is the Third Mainland Bridge, which was executed under emergency work,” he said.

He said at the time the present government assumed office, the Third Mainland Bridge was a nightmare.

“The deck had pavement differential of over one foot; that was causing a lot of accidents and hold up, and constituting dead load to the Third Mainland Bridge.

“So, that has been done and it also extended to Falamo and Queens Drive. It came with solar light, CCTV cameras and relief stations, to eliminate road blockage,” he said.

He explained that when he came on board, Julius Berger sought to review the entire projects.

“Don’t forget that the initial cost of the projects was N155 billion and the past administration reviewed it to N797 billion.

“Berger insisted that the reviewed contract sum should to N1.5 trillion. We didn’t have that money and the Coordinating Minister for the economy and myself went through the road and had strategic meeting with Berger,” said Umahi.

He said he eventually sought the approval of the President to break the projects into three so that two sections could be done on tax credit and Julius Berger could do one.

“So, the first section is 38 kilometer, it has not been brought to Council. It’s to be done with on concrete.

“The second section is to be done by Berger and that is 82 kilometers by two, and it’s to be done with asphalt that they have been working with and the third section is, which is just 17 kilometers is to be done on concrete,” he said.

He said FEC approved that of Julius Berger for a total contract sum of N740 billion. However, he said the other two were not presented for approval.

“If you remove approximately N400 billion paid by the last administration, then what is left is about N340 billion. That is what the contract sum for the 164 kilometer will be and that’s what FEC approved today,” Umahi said.

The minister said the service lane on Lekki Deep Seaport road was approved for construction by FEC.

Lastly, he said he discovered that over 3,000 of fuel trucks queuing to the lift fuel at Dangote Refinery were all parked on the newly constructed Lekki-Calabar coastal highway.

“Technically and by design, the roads were never built for static loads, and so it has a lot of effects,” he said.

He said FEC approved that the Federal Government land in the area should be concessioned , so that concessioners could build a park.

“It’s a park that will be tolled, so that all the trucks can safely parked over there and the pavement of such a park is quite different from the pavement of the road,” said Umahi.