Business
DANGOTE REFINERY, A BUSINESS INSPIRATION TO PRIVATE SECTOR OPERATORS – TINUBU
As efforts are being intensified for the imminent completion of the multi-billion dollars 650,000bpd Dangote Refinery in Lagos, the project has been described as an inspiration to private sector operators in the country.
Excited at the share humongous size of the refinery, Mr. Wale Tinubu, Chief Executive Officer of Oando Plc, leading oil and gas downstream sector operators who was on a guided tour of the project alongside members of the company’s senior management said “with what I have seen, this Dangote Refinery is for Nigeria and Africa.”
He stated that the President of Dangote Group, Aliko Dangote deserved all the commendations in the world for the courage to build the world’s largest single train refinery in one of the most challenging business environment in the world even as the risk premium being at the highest.
Mr. Tinubu noted that he harboured no doubt within him that the refinery, upon completion, will meet the yearnings of Nigerian for product availability and ultimately de-risk the petroleum sector.
The Oando Plc CEO, said he felt a sense of pride for being able to witness this feat in the history of Nigeria, noting “It is more than just a refinery, it is a revolution, it is about what is possible in Africa by an African, we are talking about a world class project being done a scale that the world is not used to.
“This is happening in an extremely challenging environment in which all of the infrastructure had to be built from the scratch with the attendant huge additional cost, the cost of capital being high, and the risk premium being highest and done with such spectacular precision. I think the world is not going to see many of these sort of projects. I call it the eighth wonder of my own time.
“It is inspirational and Alhaji Dangote deserves all the accolades. This project is of strategic importance to the nation and the continent. Nigeria has no functional refinery, and it has 200million people that consume 40million litres a day.
“There is nowhere in the world where you have a raw material for something and you do not beneficiate the product to a point where you can consume it in your country. We have been a complete and utter failure when it comes to that and it is taking a private individual to reverse that trend.
“It is an epoch for the country. I think what we should do is to encourage him to complete it. Success for him is a success for the country.”
In his remark, Aliko Dangote stated that the refinery is not only a project for Dangote, but also a project for Nigeria.
He said: “Nigeria should be a leader in building facilities like these, as a business initiative. This project will definitely put Nigeria on the map, and surely change the fortunes of Africa.”
He further disclosed that Dangote apart from building world class projects is also dedicated to building capacity by resuscitating failing industries such as it did in the cement industry, adding that this has set the precedence in Nigeria.
The Dangote Refinery upon completion, will refine 650,000 barrels of crude per day, making it the single largest train in the world. This in turn will enable the nation to generate and save foreign exchange, which has been blamed for the country’s current economic woes. The project will also provide 90 megawatts of electricity through its multi-million-dollar sub-sea pipeline project.
It will be recalled that Dangote Oil refinery recently emerged as most impactful local content company of the year for its strict adherence to the local content policy of the federal government.
The award was presented to the company virtually at the 2021 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) with the theme: “Leveraging Opportunities & Synergies for Post Pandemic Recovery of The Nigerian Oil & Gas Industry,” held in Yenagoa, Bayelsa State recently.
The NOGOF award is a confirmation of the efforts of Dangote Oil Refinery in local capacity development in the oil and gas industry.
According to the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, the 2021 NOGOF award is Local Content driven looking at how projects to date by related organizations, using the criteria per each award category to gauge contributions to the success of Local Content Development within the oil and gas sector being monitored by NCDMB as mandated by the Local Content Act of Nigeria, 2010.
Business
APPLY: FIRS begins recruitment of senior managers, directors
The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to fill specialised positions in the organisation.
Announcing various vacant roles on Monday, the FIRS said the recruitment exercise is part of its consolidation strategies.
The advertised positions include assistant manager and deputy manager roles in tax (investigation), PRS (research), public relations, and ICT (cybersecurity and AI management).
Other available roles are assistant manager and deputy manager in PRS (risk management), assistant manager and deputy manager in legal, and senior manager and assistant director roles in tax (audit).
“Applicants must have qualifications and relevant professional certificates as specified in the positions they are applying for and must also fulfill the following requirements,” the agency said.
“Applicant must possess Bachelor’s degree/HND with at least second class lower/lower credit.
“Applicant must have completed NYSC not later than 31st December 2017.
“Applicant for the position of assistant manager and deputy manager must not be more than 40 years of age while senior manager and assistant director must not be more than 45 as at 31st December 2024.”
The revenue agency said candidates must possess strong leadership and management skills, team spirit and ability to effectively delegate, interpersonal and communication skills, and strong Analytical skills.
“Knowledge of the Nigerian tax laws and appreciation of their application and understanding of the regulatory framework within which the FIRS operates,” the FIRS said.
“Knowledge of business/industry environment within which taxpayers operate.
“Ability to work as a regulator with the courage to ensure full compliance with laws.
“Interested candidates should apply via official FIRS career portal: careers.firs.gov.ng and or FIRS verified social media handles.”
The FIRS said the application portal will open on December 23, 2024, noting that the deadline for submissions is January 11, 2025.
The service advised applicants to carefully review the eligibility criteria before applying to ensure they meet all requirements and understand the qualifications needed for successful selection.
Business
UBA GMD calls for public-private partnership to accelerate economic growth
Oliver Alawuba, group managing director (GMD) and chief executive officer (CEO) of United Bank for Africa (UBA), has called for public-private partnership (PPP) to accelerate economic growth.
Alawuba spoke on December 20 during the launch of the newly renovated departure section of the Murtala Muhammed International Airport (MMIA), Lagos, refurbished by UBA.
According to a statement on Sunday by the bank, the project, which signifies a transformative moment in Nigeria’s aviation sector, shows UBA’s commitment to national development, highlighting the immense value of strategic PPPs.
The ceremony was attended by stakeholders, including Festus Keyamo, minister of aviation and aerospace development, and Olubunmi Kuku, managing director of the Federal Airports Authority of Nigeria (FAAN).
Alawuba commended the collaboration that led to the execution of the project, emphasising the need for public and private institutions to come together to build and revamp the nation’s assets.
“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he said.
“Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy.
“The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”
Business
Petrol to sell at N935/litre from today, says IPMAN
The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell at N935 per litre beginning from Monday (today) based on the latest arrangement with the Dangote Petroleum Refinery.
IPMAN’s National President, Maigandi Garima, said the reduction in Dangote refinery’s ex-depot price for petrol and the uniform arrangement being put in place, would enable marketers to sell at N935 in their outlets nationwide, incurring a cost of N36 on logistics.
“Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50k.
“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday. Previously, the loading price was N970 per litre, but from Monday, petrol prices will drop to N935,” Garima stated.
The association also stated that over 30,000 of its members are set to commence petrol loading from the Dangote Petroleum Refinery and the Port Harcourt Refining Company following the reduction of the ex-depot price of the product to N899 per litre.
This came as it was observed that the pump price of petrol dropped on Sunday to between N950 and N980 per litre in a few filling stations in Lagos including MRS, BOVAS and NNPC. However, the cost was above N1,000 per litre in many other outlets in the state.
But IPMAN promised on Sunday that the price would drop further, as it said the cost of petrol would reduce to N935 per litre in more filling stations by Monday (today) in view of Dangote refinery’s new arrangement.
Similarly, retail outlet owners under the auspices of the Petroleum Products Retail Outlet Owners Association of Nigeria have begun registration with MRS filling station to lift Dangote petrol at N935 per litre.
The IPMAN National Publicity officer, Chinedu Ukadike, and the PETROAN President, Billy Gillis-Harry, disclosed these during separate exclusive interviews with The PUNCH on Sunday.
The development came after intense pricing competition in the nation’s downstream sector, which triggered a price war between NNPCL and Dangote due to a reduction in the ex-depot price to N899 per litre.
On Saturday, the NNPCL, in a surprising development, slashed petrol prices by 12 per cent, to the delight of Nigerians and marketers.
This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlet Owners Association of Nigeria in a statement on Saturday.
Before now, petrol prices had consistently increased, causing customers to worry that the price hike might be sustained during the festive season.
The reduction in price to N935 in Lagos confirms projections by marketers and was exclusively reported by The PUNCH last Friday.
Providing further updates on the preparations for product lifting, the IPMAN publicity officer stated that marketers are getting ready to start loading petrol at a reduced price, as the national oil company has updated its pricing on the purchase portal.
Ukadike also said that the competition for market share between NNPCL and Dangote is beneficial for Nigerians because, in the end, it will reveal the true cost of PMS production and the expenses incurred in logistics.
According to him, the price war is central to a deregulated oil sector.
He said, “NNPCL has changed their price at their portal. It means that everyone who has access to that portal can be able to request and pay for products. Once you pay, you will called to the depot to pick up your products. Yes, they have changed the price on their portal.”
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