Business
We’ve repaid $2.4bn of $5.5bn refinery loan, says Dangote
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
Auto
Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner
Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner
Ultimate winner of the forthcoming NAPE Charity Golf Tournament holding in Abuja will drive home Chery Tiggo 8 Pro, a superlative sport utility vehicle.
Carloha Nigeria, one of the major sponsors of the event, disclosed this in a statement issued in Lagos.
The golf tournament is scheduled to take place at the prestigious IBB Golf & Country Club, Abuja, on October 26, 2024.
Carloha, franchise holder and assembler of Chery vehicles in Nigeria, said its sponsorship of the tournament was part of its commitment to fostering sports development in the country.
Part of the statement read, “Chery is offering its flagship SUV, the Tiggo 8 Pro as the ultimate prize for any player who achieves a hole-in-one during the tournament.
“This event promises to be an unforgettable experience for golf enthusiasts and those passionate about positively impacting our community.”
It specifically noted that the highlight of the tournament would be the incredible hole-in-one winning feat attracting a prize of Chery Tiggo 8 Pro generously provided by Carloha without insurance premium coverage for the tournament.
This prize is said to underscore Chery’s support for sporting initiatives in Nigeria and reflect the brand’s passion for nurturing talent and promoting community engagement through sports.
Director of Sales for Carloha Nigeria, Mr. Joseph Omokhapue, said, “We are glad to be one of the major partners in the NAPE Charity Golf Tournament, and offering an amazing prize for the hole-in-one with Tiggo 8 Pro represents Chery’s dedication to supporting sports in Nigeria, as well as enhancing the excitement and competitiveness of the tournament, making it an event to remember.
“More importantly, this gesture is one of the many ways Carloha is contributing to the underprivileged in our society by associating with the NAPE Charity Golf Tournament.”
By participating in this prestigious event, Golfers have the chance to showcase their skills and also contribute to a worthy cause.
Proceeds from the tournament would go towards supporting local charities, creating a lasting impact on the lives of those in need, the statement added.
The Tiggo 8 Pro, according to the firm, is renowned for its luxury, cutting-edge technology, stylish design, dynamic performance, and it perfectly embodies Chery’s dedication to excellence for on and off-road experience.
The Tiggo 8 Pro features an elegant, high-tech electronic gearshift system that provides effortless and precise control, enhancing safety performance and ease of operation, adeptly tailored for the diverse terrains of Nigeria.
It urged golfers and sports enthusiasts to get ready to swing for success at the NAPE Charity Golf Tournament.
“We look forward to seeing you at the IBB Golf Country Club as we come together to make a difference, promote sports development in Nigeria, and celebrate the Chery brand,” it stated.
As part of its commitment to make vehicle ownership easy and affordable for all, Carloha Nigeria offers a remarkable 6-year warranty/200,000 kilometers, 6-year free service on all Chery vehicles, a flexible auto financing solution with the best price for all vehicles, and 24/7 services and parts support nationwide.
This ensures that owners can enjoy their Tiggo 8 Pro with confidence, knowing they have reliable support and service from Chery for years to come.
Auto
NNPC to establish 40 new CNG stations nationwide
NNPC to establish 40 new CNG stations nationwide
The Nigerian National Petroleum Company (NNPC) has acquired equipment to establish 40 new Compressed Natural Gas (CNG) stations across the country, as part of efforts to expand CNG infrastructure.
This comes as the Federal Government aims to set up 100 CNG stations within six months.
Oluwagbemi Michael, Director of the Presidential CNG Initiative, revealed the plans during an event in Ogun State.
He noted that 12 CNG stations were set up in the past year, six in Abuja and six in Lagos, with further expansion underway.
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This move follows concerns over the limited availability of CNG stations, which has slowed the adoption of CNG as an alternative to petrol.
Michael highlighted ongoing investments in infrastructure, including a recent N122bn funding for private companies involved in CNG distribution.
He also mentioned the government’s plan to distribute one million CNG conversion kits to commercial drivers, which is expected to increase demand and attract more investors to the sector.
Additionally, existing petrol stations are being upgraded to include CNG refuelling points, with 40 such upgrades planned by the NNPC.
NNPC to establish 40 new CNG stations nationwide
Business
MTN threatens to shut down services without tariff hike
MTN threatens to shut down services without tariff hike
MTN Nigeria has warned of a potential shutdown if tariffs are not increased to address the rising operational costs that are threatening the profitability of the telecommunications sector.
During a tour of MTN’s facilities in Ibeju-Lekki, Lagos, MTN’s CEO, Karl Toriola, said the telecom sector has been facing significant financial losses and urgent measures are needed to reverse the trend.
Toriola pointed out that MTN, which currently has around 78 million subscribers, is operating on reserves accumulated over the past two decades, a situation he described as unsustainable.
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The company’s operating costs, especially diesel prices needed to power its base transceiver stations, have surged, adding pressure to its financial performance, he added.
The CEO stressed the importance of returning the telecom industry to profitability, warning that without a tariff hike, MTN might be forced to shut down operations.
“There should be no delusion; if the tariff doesn’t go up, we will shut down,” he said.
He noted that MTN, once one of the largest corporate taxpayers in Nigeria, has seen a decline in its tax contributions due to the financial challenges the sector is facing.
MTN threatens to shut down services without tariff hike
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