We've repaid $2.4bn of $5.5bn refinery loan, says Dangote – Newstrends
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We’ve repaid $2.4bn of $5.5bn refinery loan, says Dangote

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Alhaji Aliko Dangote, the CEO of Dangote Group

We’ve repaid $2.4bn of $5.5bn refinery loan, says Dangote

The founder of Dangote Group, Aliko Dangote, has revealed that he has paid off $2.4bn of the $5.5bn loan for his $19bn Lagos-based refinery.

The Africa’s richest man also alleged that powerful oil cartels tried to undermine his refinery project.

Speaking at the Afreximbank Annual Meetings in Nassau, The Bahamas, on Wednesday, Dangote said his 650,000-barrel-per-day refinery will act as Nigeria’s strategic reserve, as reported by This Day Newspaper.

“We borrowed the money based on our own balance sheet. I think we borrowed just over $5.5bn. But we paid also a lot of interest as we went along, because the project was delayed because of lack of land, also the sand-filling took a long time. Almost five years or so we didn’t do anything.

“We actually started in 2018. We borrowed that much. We have actually, of course, paid interest and some principal, about $2.4bn. We’ve done very well. We now have only about $2.7bn left to be paid. So we’ve done very well for a project of that magnitude,” he said.

Dangote thanked Afreximbank and Access Bank for their support, acknowledging that many had doubted the project’s success.

He stated that the vision would have failed without their backing.

Dangote further remarked that foreign banks showed little interest in supporting Africa’s development.

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The billionaire acknowledged that he anticipated resistance, but admitted that he underestimated the ferocity of the opposition, stating that the pushback was far more intense than he had expected.

He stated that both local and international interests, which he likened to a “mafia”, made repeated attempts to thwart the refinery’s completion.

“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” he stated.

Dangote, who described himself as a fighter, said they “tried all sorts” to stop him.

“But I’m a person that has been fighting all my life. You know, so I think it’s part of my life to fight,” he said.

He added, “As a matter of fact during the COVID period, some of the international banks really were looking forward to making sure that they push us into default of our loans so that the project will just be dead. And that didn’t happen with the help of banks like Afreximbank.”

Dangote also announced his plans to venture into the steel industry, stating that his goal is to use only Nigerian-produced steel, ensuring self-sufficiency and reducing reliance on imports.

Newstrends reports the Dangote Refinery recently shifted its plan to release petrol into the market from June to July 10-15. Dangote cited minor challenges for the delay.

We’ve repaid $2.4bn of $5.5bn refinery loan, says Dangote

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Car lovers relish Chery’s special offers at Circle Mall Lekki display

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Car lovers relish Chery’s special  offers at Circle Mall Lekki display

 

Lovers of new modern cars are still talking about their experience at the recent spectacular display of Chery models at Circle Mall, Lekki, Lagos, from June 15 to 18, 2024, many days after the event.

Apart from the unique designs and features of the vehicles showcased at the place, they are particularly thrilled by the exclusive offers to customers including making a down payment of just five million naira (N5m) on any Chery vehicle and enjoying a special five per cent discount throughout June 2024.

This event was organized to celebrate the Guardian Day, a significant occasion in China dedicated to appreciating the love, care, and support parents provide their children.

The centerpiece of the display was Chery’s latest models – the Tiggo 8 Pro, Tiggo 4 Pro, and Tiggo 2 Pro.

Each vehicle attracted significant attention for its blend of cutting-edge technology, sleek design, and unparalleled performance, promising to captivate the Nigerian market, according to a statement by Carloha Nigeria.

It stated, “In conjunction with the celebration, Carloha Nigeria extended an exclusive offer to prospective buyers. Throughout June, customers can make a down payment of just five million naira on any Chery vehicle and enjoy a special 5% discount.

“This initiative is part of Carloha Nigeria’s commitment to making luxury and quality vehicles more accessible to the Nigerian public.”

In addition to the exclusive offers listed above, Carloha Nigeria also said it hoped to further enhance the customer experience with an impressive six years of free service and a comprehensive six-year warranty or 200,000 kilometres, whichever comes first.

This, it said, was to ensure that Chery owners could drive with confidence and peace of mind, knowing their investment has been well protected.

“We are confident that the Chery Tiggo 8, Tiggo 4, and Tiggo 2, will exceed expectations and set new standards in the Nigerian automotive market,” said Mr. Joseph Omokhapue, the Sales and Marketing Director for Carloha Nigeria. He further stated that “Guardian Day is a wonderful opportunity to honour the values of care and support, which resonate deeply with Chery’s commitment to our customers.

Visitors to the Chery display at Circle Mall were delighted with luxurious Chery-branded gift items, adding an extra layer of elegance, appreciation, and engagement for attendees.

The showcased models – the Tiggo 8 Pro, Tiggo 4 Pro, and Tiggo 2 Pro –are said to reflect Chery’s innovative design, advanced technology, and superior performance.

These vehicles are tailored to meet the diverse needs of Nigerian customers, offering a blend of luxury, efficiency, and durability, it stated

It noted that Carloha Nigeria’s presence at Circle Mall not only highlighted the brand’s impressive lineup but also reinforced its commitment to fostering strong relationships with customers through value-added services and customer-centric promotions.

It added that the event at Circle Mall was a resounding success, drawing large crowds and generating significant interest.

It stressed that Carloha Nigeria remains dedicated to providing exceptional value and service, continuing to drive forward the standard of automotive excellence in Nigeria.

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Shell restates commitment to Nigeria’s socio-economic development, gets FRCN award

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Shell restates commitment to Nigeria’s socio-economic development, gets FRCN award

 

Shell Petroleum Development Company of Nigeria Limited (SPDC) says it remains unwavering in its commitment to supporting the socio-economic development of Nigeria, especially in its areas of operations in the Niger Delta.

The SPDC Director and Head of Corporate Relations, Igo Weli, disclosed this in Port Harcourt, Rivers State.

Weli, represented by the Shell spokesman, Michael Adande, gave the position at a dinner on Friday to celebrate the 21st anniversary of Treasure FM, a member of the Federal Radio Corporation of Nigeria (FRCN) network.

“Our commitment stretches back to the 1950s, with a wide range of programmes supporting education, infrastructure, community electrification, and business empowerment,” he said.

A major highlight of the anniversary dinner was the presentation of the FRCN Award for Consistent Media Partner to Shell Nigeria.

“This award serves as a strong reminder that Shell’s dedication to the socio-economic development of the Niger Delta region remains a cornerstone of our presence in Nigeria.”

The award recognises Shell’s partnership with FRCN, particularly its support for the weekly live programme ‘Canvas: Niger Delta Roundtable’, which fosters crucial discussions on development issues impacting the region.

Weli said, “While the award itself was unexpected, it reinforces the value of initiatives like Canvas.

“This recognition motivates us to keep promoting development, not just in our operational areas but across the entire nation.”

Canvas: Niger Delta Roundtable has since 2017 aired twice weekly on different radio stations in the Niger Delta with live online streaming.

It dedicates an hour in exploring topics relevant to the development of the region and its people.

General Manager, FRCN Treasure FM Port Harcourt, Fred Onyeka Nwaulune, commended Shell’s partnership.

He said, “Shell has been a reliable media partner, consistently educating the Niger Delta region on the importance of dialogue for development and peaceful solutions.

“Their programme aligns perfectly with FRCN’s focus on sustainable development.”

He noted that through the dialogue radio programme, Shell had demonstrated a continued focus on driving progress and positive change in the Niger Delta and beyond.

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Naira falls to N1,505/$ in parallel market

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Naira falls to N1,505/$ in parallel market

The Naira yesterday depreciated in the parallel market to N1,505 per dollar from N1,495 per dollar last weekend. Similarly, the Naira depreciated to N1,490.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,490.2 per dollar from N1,485.53 per dollar last weekend, indicating N4.67 depreciation for the naira. The volume of dollars traded (turnover) in the market fell by 21.4 per cent to $152 million from $193.5 million traded last week Friday.
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Consequently, the margin between the parallel market and NAFEM rates widened to N14.8 per dollar from N9.47 per dollar last weekend.

Naira falls to N1,505/$ in parallel market

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