Connect with us

Business

Dangote Refinery To Begin Operations Before End Of Third Quarter Of 2022

Published

on

Dangote Refinery To Begin Operations Before End Of Third Quarter Of 2022

The Dangote Refinery and Fertiliser projects is set to come on stream before the end of third quarter of this year.

This was disclosed by Alhaji Aliko Dangote, President of Dangote Group, when Dr. Akinwumi Adesina, President of the African Development Bank (AfDB) led a delegation of the bank to the project site in Lagos.

“The refinery will commence operation by the third quarter of 2022. On the mechanical completion, we are almost finished but we have started hydro testing, almost 70 per cent gone, hopefully before the end of Q3 operation will commence,” Dangote said.

READ ALSO: Dangote Tells Court American Ex-mistress Trying To Extort $5m

Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Industries Limited, Devakumar Edwin, said the refinery complex, which includes a refinery, petrochemical plant, a fertiliser plant and a subsea pipeline project, is the largest single-train refinery in the world.

Edwin stated that the 650,000 barrels-per-day refinery would stimulate economic development in Nigeria.

According to him, Dangote Petroleum Refinery can meet 100 per cent of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene and Aviation Jet), and also have surplus of each of these products for export.

He stated that this would create a market for $11 billion per annum of Nigerian crude and foreign exchange savings/earnings $9.9 billion.

“We have impacted on job creation with 3,580 Nigerian personnel on site, excluding employment by the various contractors and subcontractors at the site,” he noted.

Commending Dangote for the initiative, the AfDB President said, “One of the things I admire the most about Alhaji Dangote is that, he actually believes in Nigeria, and he invests his money in Nigeria. He believes in Africa and invests in Africa. Nobody could invest the type of billions of dollars that is here, unless the person not only has the vision but also the commitment and passion for his country. We are extremely proud of you and of your commitment to the continent.

“I am completely blown away with what I saw here today. I can’t believe what I saw. This project will reverse the huge sum the nation spends on foreign exchange. When you look at how much we import, it is about $57 billion worth of different products and we export only about $50.4 billion, so we have to balance that with about $7 billion and talking to them here, they showed us that they can have a domestic market of about $11 billion and that is an incredible market and that will save Nigeria about $9 billion, a year from importing petroleum products. So, this is huge for Nigeria and even for Africa as a continent.”

 

Read more authentic news on our social media platforms

Continue Reading
Click to comment

Business

Bitcoin Value Drops By 50% Since November Peak

Published

on

Bitcoin Value Drops By 50% Since November Peak

The value of Bitcoin has dropped below $31,000 (£25,140) – less than half of what it was at its peak last November, according to the Coinbase cryptocurrency exchange.

The fall of the world’s largest cryptocurrency by market value comes as stock markets around the world have also tumbled in recent days.

On Monday, key European, Asian and US indexes slid lower again.

Investors are fleeing riskier assets for safe havens like the dollar.

On Monday, Japan’s Nikkei index dropped 2.5%, while London’s FTSE 100 closed down more than 2%. In the US, the Dow fell nearly 2%, the S&P 500 dropped 3.2% and Nasdaq lost 4.3%, deepening the falls in recent weeks.

READ ALSO: Why It Is Unsafe To Invest In Bitcoin Now – American Billionaire

Uber was among the companies driving the declines.

Shares in the company dropped more than 11% on Monday after media outlets reported that chief executive Dara Khosrowshahi had warned staff that investors were becoming more cautious about investments. He said Uber would respond by cutting costs and slowing its hiring.

“It’s clear that the market is experiencing a seismic shift and we need to react accordingly,” he wrote in the letter.

“The average employee at Uber is barely over 30, which means you’ve spent your career in a long and unprecedented bull run. This next period will be different, and it will require a different approach.”

In times of market uncertainty traditional investors will often sell what they see as riskier assets – like digital currency – and move their money into safer investments.

Moves in cryptocurrency markets have increasingly followed wider trends, as professional investors, such as hedge funds and money managers, become more active in trading what was once the domain of individual investors and enthusiasts.

Bitcoin, which accounts for about a third of the cryptocurrency market with a total value of close to $570bn, has seen its price plunge more than 10% in the last day and more than 20% in the last week.

READ ALSO: Ukraine Becomes Latest Country To Legalize Bitcoin

Ethereum, the second biggest cryptocurrency in the world, has also fallen in value, down by more than 20% in the last week.

Volatile trading in digital assets has not been unusual in previous years, but much of 2022 had been relatively quiet for the cryptocurrency market.

Last week, central banks around the world, including the US, UK and Australia, raised interest rates as they attempt to tackle rising prices.

The US Federal Reserve raised its key lending rate by half a percentage point, marking its biggest rate hike in more than 20 years.

That has triggered more concerns among some investors that inflation and the higher cost of borrowing could have a major impact on global economic growth.

Investors are also worried about the impact of the war in Ukraine on the world economy.

READ ALSO: CAR Becomes First African Country To Adopt Bitcoin

Meanwhile, in the last year Bitcoin has become legal tender in two countries – El Salvador and the Central African Republic.

Since El Salvador said it would allow consumers to use the cryptocurrency in all transactions, alongside the US dollar, the International Monetary Fund has urged it to reverse its decision.

. BBC

 

Read more authentic news on our social media platforms

Continue Reading

Business

BREAKING: Disputed Oil Wells Belong To Rivers – Supreme Court

Published

on

BREAKING: Disputed Oil Wells Owned By Rivers - Supreme Court

The Supreme Court on Friday declared that Rivers State owns the 17 oil wells being disputed with Imo State.

The ruling has ended the political arrangement on the sharing of revenue.

In its verdict delivered on Friday, the Supreme court decided that the oil wells located in Ndoni and Egbema communities belong to Rivers State.

There was previously a political arrangement put in place by the federal government for the revenue from the disputed wells to be shared equally between the two states.

However, when Emeka Ihedioha became governor in 2019, a presidential memo directed that all the revenue should go to Imo.

READ  ALSO: Supreme Court Voids Buhari’s Executive Order 10

The Rivers State government swiftly filed a suit against the presidential directive.
This ruling by the court has now put an end to the equal sharing of the revenue from the oil wells with everything now going to Rivers.

 

Read more authentic news on our social media platforms

Continue Reading

Business

Transcorp Delivers Solid Q1 Performance As Profit Leaps By 147%

Published

on

Transcorp Delivers Solid Q1 Performance As Profit Leaps By 147%
Transcorp President/Group Chief Executive Officer, Owen Omogiafo

Transnational Corporation Plc, (Transcorp Group) has reported significant and impressive returns in all its major financial indices for the first quarter ended March 31, 2022.

Its unaudited results filed with the Nigeria Exchange Limited, showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a profit after tax of N5.0bn rising significantly by 147% up from N2.0bn recorded in March 2021; while profit before tax which stood at N2.5bn in March last year, gained 129% to N5.7bn in the same period under consideration.

A further look at the results showed that revenue increased by 28% from N24.4bn at the end of the first quarter of 2021; to N31.4bn as at March 2022, while operating income followed the same pattern as it grew by 45% to N10.0bn up from N6.9bn reported the previous year.

An increase in expenses such as inventories, prepayments, trade and other receivables, however, did not dampen the group’s total assets which rose to N417bn in the period under review, up from N416bn recorded at the end of the 2021 financial year; just shareholders’ funds also rose by 3% to N151.0bn, up from N146.3bn.

Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, who was excited at what she described as a great start to a rewarding year, expressed satisfaction with the performance for the first quarter 2022, and noted that the result is in line with the group’s strategy.

READ ALSO: Transcorp Group’s Profit After Tax Hits N27.9b

She stated: “This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022; delivering 28% rise in revenue and 129% rise in profit before tax; and we are confident in the strategic direction for the group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”

Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that already, this has been evident from the results churned out by the business in the full year 2021, and Q1 2022, despite the unstable operating environment, adding, “We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders.”

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.

 

Read more authentic news on our social media platforms

Continue Reading

Top Stories

%d bloggers like this: