CBN directs banks to start deducting cybersecurity levies from customers
Business
Buhari, five African presidents to commission Dangote Refinery today
Buhari, five African presidents to commission Dangote Refinery today
In an epoch-making event that will positively transform Nigeria’s oil and gas sectoral landscape, President Muhammadu Buhari will on Monday (today) commission Dangote Petroleum Refinery and Petrochemicals, the world’s largest single train refinery in Ibeju-Lekki, Lagos, alongside his counterparts from Ghana, Togo, Senegal, Niger and Chad.
Promoted by Africa’s richest man, Aliko Dangote, the refinery has a capacity to process 650,000 barrels per day.
It is sitting on 2,635 hectares of land located in Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will provide employment to over 100,000 persons.
The coming on stream of the gigantic project is expected to mark Nigeria’s exit from the league of oil rich nations but which are heavy importers of petroleum products.
Expected at the historic event apart from international dignitaries are Presidents of Togo, Gnassingbé Eyadéma; Ghana’s Nana Akufo-Addo; President of Senegal, Macky Sall; President of Niger Republic, Mohamed Bazoum; President of Chad, Mahamat Déby; and a host of ambassadors
President Paul Kagame of Rwanda, who will not be physically present, will however present his goodwill message virtually.
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As at the time of filing this report, all the 36 state governors and most of the governors-elect, ministers, senators and captains of industries in Nigeria and others from outside the country, global oil traders, top international bankers, international multilateral agencies have indicated their readiness to grace the ceremony.
Nigeria’s President-Elect, Bola Ahmed Tinubu, whose administration as the governor of Lagos State in 2002 floated the Free Trade Zone in Ibeju-Lekki, where the refinery is located, is expected to be at the event.
The commissioning of Dangote Petroleum Refinery is significant given that it is the first time that a refinery of such magnitude built by an individual is being commissioned.
Dangote’s petroleum refinery is expected to meet the needs of Nigerian consumers and those in neighbouring countries, while allowing for exports beyond the African continent.
The refinery will drive the promotion of the African Continental Free Trade Area as over 50 countries in the trade bloc depend on imported refined petroleum products.
According to the Facts Sheet on Dangote Petroleum Refinery, the new Refinery can meet 100 per cent of the Nigerian requirement of all refined products (Gasoline, 53 million litres per day; Diesel, 34 million litres per day; Kerosene, 10 million litres per day, and Aviation Jet, 2 million litres per day) and also have surplus of each of these products for export.
The Facts Sheet said: “The refinery is designed for 100% Nigerian Crude with flexibility to process other crudes. It has self-sufficient marine facility with ability for freight optimisation, and the largest single order of 5 SPMs anywhere in the world. Diesel and Gasoline Products from the refinery will conform to Euro V specifications.
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“The refinery design complies with World Bank, US EPA, European emission norms and Department of Petroleum Resources (DPR) emission/effluent norms. State-of-the-art technology. Designed to process large variety of crudes including many of the African Crudes, some of the Middle Eastern Crudes and the US Light Tight Oil.
“65 Million Cubic Metres of sand dredged costing approximately Euros 300 million, using the world’s largest, the second largest and the tenth largest dredgers to elevate the height by 1.5 metres, to insure against any potential impact of increase in mean sea level due to global warming. Bought over 1,209 units of various equipment to enhance the local capacity for site works.
“332 cranes to build up equipment installation capacity. Built the world’s largest granite quarry to supply coarse aggregate, stone column material, stone base, stone dust & material for break water. (10 million tonnes per year production capacity).
“Developed a port and constructed two quays with a load bearing capacity of 25 tonnes/ sq metres to bring Over Dimensional Cargoes close to the site directly. The company also constructed two more quays in the port with a capacity to handle up to Panamax vessels to export the fertiliser and the petrochemicals and two quays to handle liquid cargoes. The port will thus have 6 quays, including a Roll-on/Roll-off quay.”
Buhari, five African presidents to commission Dangote Refinery today
Business
CBN directs banks to start deducting cybersecurity levies from customers
The apex bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
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