Connect with us

News

Dangote’s fuel supply will aid economic revival, says Abiodun

Dapo Abiodun (left) says the Dangote refinery will boost Nigeria’s economy

Governor Dapo Abiodun of Ogun State has said the beginning of fuel production by the Dangote refinery will strengthen Nigeria’s economy by eliminating constant shortages and conserving foreign exchange.

This is contained in a statement in Abeokuta by Abiodun’s Chief Press Secretary, Lekan Adeniran.

“With the refinery coming on stream, one of the most significant challenges faced by Nigeria for more than three decades—reliance on fuel importation would be solved,” Abiodun said.

”Petrol produced from the 650,000 barrels per day Dangote refinery is expected to hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited have been formalised.”

The governor noted that with the Warri and Port Harcourt refineries also being prepared to begin production, Nigerians would heave a sigh of relief from constant fuel shortages, while the economy would also receive a boost.

Abiodun praised Alhaji Aliko Dangote for his determination in seeing through the multi-billion dollar projects against all odds.

The governor also commended President Bola Tinubu for his intervention in ensuring that the refinery comes on stream during his administration.

He praised the president’s commitment to the revitalisation of other refineries in the country, which, he said, would drastically reduce fuel prices when all of them started production.

”This significant achievement marks a transformative milestone not only for you as an entrepreneur but also for Nigeria and the broader African continent.

“The establishment of this refinery represents a pivotal shift in the energy landscape of the region, showcasing the power of vision, resilience, and unwavering commitment to economic development.

“The Dangote refinery is poised to be a game-changer in the production of petrol, addressing one of the most pressing challenges faced by Nigeria: reliance on imported fuel.

” This dependency has not only strained our foreign exchange reserves but has also hindered our potential for self-sufficiency.

“By producing petrol locally, the refinery will drastically reduce the outflow of foreign currency, thereby strengthening our economy.

“This move aligns perfectly with the President Bola Tinubu-led administration’s efforts to achieve economic diversification and reduce reliance on oil exports alone.

“Moreover, the economic impact of the refinery extends beyond just fuel production. It is expected to generate thousands of jobs, both directly and indirectly, thus contributing to the reduction of unemployment rates.

NAN reports that businessman, Aliko Dangote, revealed that petrol produced from his 650,000 barrels per day refining facility will hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited had been formalised.Dangote said this on Tuesday while addressing newsmen announcing the formal production of petrol at the refinery.

“Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours depending on NNPCL,” he said.

Asked to speak on the pricing of the product from his refinery, Dangote said, “It is an arrangement which is designed and approved by the Federal Executive Council led by President Tinubu.

”As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”

In December 2023, Dangote, began operations at his 20billion-dollar facility sited in Lagos with 350,000 barrels a day.

The refinery, which was initially troubled by regulatory battles, hopes to achieve its full capacity of 650,000 barrels per day by the end of the year.

The refinery has begun the supply of diesel and aviation fuel to marketers in the country and now petrol.

Dangote also added that the introduction of naira for crude will reduce the demand for foreign exchange by 40 per cent.

“I want to thank President Tinubu for creating this idea of Naira for crude and Naira for the product. Doing that will give a lot of stability to the Naira and remove 40 per cent of the demand for dollars. That’s not just it, there is a lot of round tripping,” he stated.

He added that it would become possible to track loaded trucks, hence making it easier to compute the national consumption.

News

Tragic Blaze at Spanish Retirement Home Claims 10 Lives

"Tragic Blaze at Spanish Retirement Home Claims 10 Lives"

A deadly fire that broke out overnight at a retirement home in Villafranca de Ebro, located in northeastern Spain, claimed the lives of at least 10 individuals, according to the local emergency service on Friday.

The emergency services in the Aragon region shared limited information in their X post, though Spanish media reported that 82 people were present at the facility when the fire started around 5:00 am (0400 GMT), with the cause still unknown.

More details later…

AFP

Continue Reading

News

Customs Chief Honors Late COAS Lagbaja’s Legacy in Strengthening Nigeria’s Security

Customs Chief Honors Late COAS Lagbaja's Legacy in Strengthening Nigeria's Security

The Comptroller-General of Customs, Bashir Adeniyi, praised the late Chief of Army Staff, Taoreed Lagbaja, for his invaluable contributions to national security, describing him as a leader known for his unwavering commitment and selflessness.

Customs Chief Honors Late COAS Lagbaja's Legacy in Strengthening Nigeria's Security
The Comptroller General of Customs Bashir Adeniyi

Adeniyi shared these remarks in a statement released on Thursday by NCS spokesperson, Abdullahi Maiwada.

He expressed that Lagbaja’s passing is a tremendous loss not only for his family, the military, and the government but for the entire Nigerian people.

Adeniyi extended his condolences to Lagbaja’s family, his colleagues, and the Nigerian Armed Forces.

He announced that the NCS had rescheduled its Gala and Award Night, originally planned for Friday in Abuja as part of the Comptroller-General of Customs conference, to pay tribute to the military leader.

“This decision is taken to allow NCS to identify with the mood of the nation in mourning Lagbaja.

“The NCS acknowledges the weight of this moment; we join all to mourn the passing of a steadfast leader,” he said.

According to the News Agency of Nigeria, Lagbaja’s body was brought to Abuja on Thursday ahead of his burial set for Friday.

Lagbaja passed away on November 5 in Lagos following a short illness.

Continue Reading

News

Stephen Akintayo dreams Trump’s appointment as US International Secretary

Nigerian entrepreneur, Stephen Akintayo is dreaming of President Donald Trump's appointment as the US International Secretary for Housing and Land Banking

Nigerian inspirational speaker and serial entrepreneur, Stephen Akintayo is dreaming of landing an appointment from President Donald Trump as the United States (US) International Secretary for Housing and Land Banking.

Akintayo revealed his dream on Friday morning in a post he shared on his official X account.

“BREAKING NEWS! Wow! Who would have thought that one day, I’d be part of a story where Donald Trump and Stephen Akintayo are mentioned in the same breath?,” he wrote.

“Looks like all my posts supporting Trump’s policy direction on housing and land banking over the years have finally come full circle.”

Akintayo who is currently the Chief Executive Officer (CEO) of Stephen Akintayo Consulting International, Gtext Group and Investment Limited, however, added jokingly: “This news just had me cracking up, now if only this were true.

“From my posts about his business sense to my cheers for his election strategies, it is clear I have seen a lot of values in Trump’s approach to leadership, love him or not.

“And here is the thing: if Trump did offer me this position, I would bring some African flair to it. Imagine mixing our culture’s resilience with American land strategies!

“We would make property investment great again in ways no one has ever seen before! So, what do you all think? If this was real, should I take the role?”

Akintayo is a graduate of Microbiology from the Olabisi Onabanjo University (OOU), Ogun State, Nigeria.

While in his fifth year in the university, the 38-year-old entrepreneur started a Student Trade Fair on his campus.

He thereafter studied Digital Marketing Consultancy at the Digital Marketing Institute and Harvard University in the US.

Continue Reading

National

Lagos State Demolishes 138 Illegal Shanties Charging N100,000 Annual Rent

Lagos State Demolishes 138 Illegal Shanties Charging N100,000 Annual Rent

The Lagos State Government has torn down several makeshift structures along the Ajao Estate Canal bank, where tenants pay an annual rent of N100,000.

This information was revealed in a statement from Tokunbo Wahab, the State Commissioner for Environment and Water Resources, shared on X.com on Friday.

Wahab wrote, “In continuation of concerted measures to reduce the scourge of environmental infractions and illegal encampment in public spaces, the Lagos Environmental Sanitation Corps (LAGESC) popularly known as KAI on Thursday demolished 138 shanties around the canal bank in Ajao Estate Canal where illegal occupants pays between N60,000 to N100,000 rent.”

Continue Reading

News

How God stopped naira from falling to ₦10,000 per dollar- Adeboye

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, has said that without divine intervention, the exchange rate could have skyrocketed to ₦10,000 for $1.

Speaking at the Special Holy Ghost Congress in Abuja, Adeboye explained that Nigeria’s financial difficulties are largely linked to its reliance on fuel imports, despite the country having significant oil resources.

He noted that billions have been spent on refineries, many of which remain non-functional, resulting in a continued dependence on imported petrol.

Adeboye also addressed the controversy surrounding the government’s decision to eliminate costly fuel subsidies, a move that angered those who profited from the previous system and contributed to further economic challenges.

“We need help, and it’s not human help; it’s divine help,” he stated.

“Before our current president took office, we were aware that the root of our financial issues lay in the importation of petrol. Despite having oil, we continued to import petrol and waste billions on refineries that did not operate effectively.

“When the president cancelled the subsidy on petrol imports, those who benefited from it became upset and created more problems.”

As the naira continued to decline rapidly, Adeboye said that he prayed and was grateful that others joined him in prayer.

“If God hadn’t intervened, $1 could have been worth N10,000 by now. This illustrates how much we need prayers,” he said.

Continue Reading

News

Ondo Election: LP Dismisses Claims of Candidate Disqualification

As the Ondo State governorship election approaches, the Labour Party (LP) has refuted claims that its candidate, Olusola Ebiseni, has been disqualified.

The party has called on Nigerians, especially voters in the state, to disregard reports suggesting that Ebiseni is no longer in the race.

The controversy stems from a judgment by the Abuja Division of the Court of Appeal, which reportedly disqualified Ebiseni.

The three-member panel of justices, led by Justice Hamma Barka and with the ruling delivered by Justice Adebukola Banjoko, allegedly ruled in favor of an appeal against Ebiseni’s candidacy.

However, the LP insists that the matter had already been resolved internally before the court’s judgment. Ondo State LP Chairperson, Mrs. Remilekun Ojo, dismissed the reports as false, accusing opposition parties of spreading misinformation to destabilize the party.

“These reports are all lies,” Ojo said in a statement to Newsmen on Thursday.

“The issue was settled internally, and our candidate remains in the race.

This is an attempt by politicians from other parties, who feel threatened by our growing influence, to create confusion.”Ojo emphasized that Ebiseni’s name remains on the Independent National Electoral Commission (INEC) portal and that the party had no official communication from the electoral body indicating otherwise.

The LP’s legal challenges began with a previous Federal High Court ruling by Justice Emeka Nwite, which recognized Ebiseni and his running mate, Ezekiel Awude, as the valid candidates for the election.

Justice Nwite ruled that Ebiseni’s second primary election was valid, noting that he had paid the required nomination fees and compensated another aspirant, Festus Olorunfemi, who had withdrawn from the race.

The appellate court’s decision, however, has been contested by the LP, which maintains that the issue has been resolved.

The party also criticized media outlets for publishing misleading information about Ebiseni’s candidacy.

The party’s youth leader in Ondo State, Hon. Samuel Boniface, supported the Chairperson’s position, alleging that some politicians had attempted to bribe him to dismantle the LP structure in favor of the People’s Democratic Party (PDP).

“Three weeks ago, PDP stakeholders offered me over ₦100 million to collapse the LP structure into their party, but I declined,” Boniface revealed in an interview. “I have a goal and cannot sell my conscience.

This election is not about money but about the future of Ondo State.”Boniface also hinted at legal action against media platforms that reported the purported disqualification of Ebiseni.

“We are suing newspapers that claimed our candidate was removed from the race. The claims are baseless and disruptive.

The Olorunfemi who started this matter stepped down for Ebiseni and was duly compensated. We have all the records to prove it.

”As the November 16 election draws near, the Labour Party remains determined to challenge the dominance of the APC and PDP, asserting that it offers a viable alternative for the people of Ondo State.

Continue Reading
Advertisement

Trending