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Dangote Refinery Will Generate $21billion, To Employ Over 100,000 Youths – Naijanewsdirect

  Amid encomium from eminent personalities, which included President Mohammadu Buhari and five other African heads of state, President of the pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote disclosed yesterday that the newly commissioned 650,000pbd refinery would employ over 100,000 Nigerians youths as well as generate over $21 billion, therefore saving the country huge forex, that would have been used for fuel importation. The company, according to him, now has over 33,000 employees.   Much to the excitement of Nigerians, Dangote said the commissioning has marked the beginning of the new journey of self-sufficiency in refined petroleum products and exportation of same just as been achieved in Cement and lately fertilizer.   Dangote lamented that the current fuel crisis has had negative impact on the nation’s economy and that informed his decision to build a world class refinery that would change the trend  and that though faced challenges but decided to trudge on.   He highlighted events leading to his firm deciding to build its own refinery after his attempt to acquire one of the existing moribund did not materialize noting that he decided to change marketing strategy and settle for gigantic project ever undertaken by an individual world over.   According to him, the refinery plant would be run at the highest effective and efficient level for maximum benefits to all Nigerians noting “we will replicate what we achieved in cement and fertilizer by attaining self-sufficiency and becoming net exporter.   Dangote assured Nigerians that 40 per cent of the production capacity will be available for export with the coming on stream of the plant guaranteeing raw materials for plastic, and pharmaceutical industries.   In his remark, President Buhari congratulated Dangote Group, saying "the 650,000 barrels a day of crude which will enable our country to achieve self-sufficiency in refined products and even have some supplies for export saying the government

GTCO Shareholders Endorse N91.24bn Total Dividend Payout for 2022


  Shareholders of Guaranty Trust Holding Company (GTCO) Plc, have endorsed the payment of a total dividend of N91.236 billion, representing N3.10 per share for the financial year ended December 31, 2022. This endorsement was made at the holding company’s second annual general meeting held on Thursday, virtually. The Group proposed a final dividend of N2.80 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend paid in June, bringing the total dividend for the 2022 financial year to N3.10 per unit of ordinary share. Shareholders commended the board for the financial performance achieved during the period under review despite the operating environment. Speaking on behalf of shareholders, the immediate past President of Nigeria Shareholders Solidarity Association, Cheif Timothy Adesiyan commended the management of GTCO for the impressive 2022 financial performance acheived and the consistent dividend policy of the Group. He also noted the the Group has contributed to the growth of the economy in its lending to Agriculture, SMEs, Real Sector, among others as seen in the Award obtained by the Group in the year. Speaking to shareholders, the Chairman of GTCO, Mr Hezekiah Oyinlola said "as I reflect on 2022, I recall the challenges we faced at every turn and the prospects that became significant milestones in our journey towards creating a robust yet agile institution. "As we look across our burgeoning GTCO Universe, we take pride in the concrete outcomes of our diligent efforts and unyielding dedication towards expanding our influence and strengthening our position as a leading provider of financial services in Africa." He said "in 2022, our ambition was crystal clear, and we set out to achieve it with unwavering focus. We completed the setup of our holding company and acquired full ownership of Investment One Pension Managers and Investment One Fund Managers, now named

26 Facts about Dangote Petroleum Refinery [Photos] – Naijanewsdirect

Dangote Refinery

  The Dangote Petroleum Refinery is billed for commissioning on 22nd of May, 2023. Below are 26 facts you should know about the long-awaited refinery:  World Class Projects The Dangote Petroleum Refinery is located in the in Ibeju-Lekki, Lagos, covering a land area of approximately 2,635 hectares (seven times the size of Victoria Island). World’s Largest Single-Train 650,000 barrels per day Petroleum Refinery with 900 KTPA Polypropylene Plant. The 435 MW Power Plant in the Refinery alone will be able to meet the total power requirement of Ibadan DisCo of 860,316 MWh covering five States including Oyo, Ogun, Osun, Kwara and Ekiti. Dangote Petroleum Refinery can meet 100% of the Nigerian requirement of all refined products (Gasoline, 53 million litres per day; Diesel, 34 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. Designed for 100% Nigerian Crude with flexibility to process other crudes. Self-sufficient Marine facility with ability for freight optimization. Largest single order of 5 SPMs anywhere in the world. Diesel & Gasoline Products from the refinery will conform to Euro V specifications. The refinery design complies to 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. Dangote Petroleum Refinery can meet 100% of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene & Aviation Jet) and also would have surplus of each of these products for export. 65 Million Cubic Metres of Sand dredged costing approx. Euros 300 Million, using the world’s largest, the second largest and the tenth largest

Why Adron Homes Is The Choice Of Real Estate Investors!

Adron Homes

For the past 11 years of our operation as a real estate company and a developer, many real estate investors have partnered with Adron Homes for a variety of reasons, but one of the most important is the company's reputation for excellent service delivery and world-class infrastructure. We've built a name for ourselves in the Nigerian real estate market and are known for high-quality, affordable housing projects, and our commitment to providing customers with the best possible experience. One of the main reasons real property investors partner with Adron Homes is the company's track record of delivering on its promises. Adron Homes have a proven history of completing projects on time and within budget, which is important for investors who want to minimize their risk and maximize their returns. The company's focus on quality and attention to detail means that investors can trust that their investment will be well-managed and that their properties will maintain their value over time. Another key reason why real estate investors partner with Adron Homes is the company's commitment to world-class infrastructure. Adron Homes understand that infrastructure is essential to the success of any real estate project, and the company invests heavily in developing the necessary infrastructure to support its developments. This includes things like good road networks, reliable power supply, clean water supply, and other essential amenities. By investing in these critical infrastructure elements, we ensure that our properties are attractive to potential buyers and tenants, which helps to drive up property values and rental rates. Finally, real estate investors partner with us because of the company's focus on customer service. Adron Homes understand that buying a home is a significant investment for most people, and the company works hard to ensure that its customers are satisfied with their purchases. This includes providing excellent after-sales support, responding

Economist: Dismantle Trade Barriers To Sustain Growth, Dangote Urges African Countries

…Commits over $20bn to Pan-African Investments   Africa’s foremost entrepreneur and President of the Dangote Group, Aliko Dangote has urged African countries to dismantle all economic barriers hindering free trade among the nations, in order to achieve sustainable growth and development across the continent.   The leading private sector player also expressed the irrevocable commitment of his Pan-African conglomerate, Dangote Industries Limited to solving some of the economic challenges faced by the African continent and her people. To realise this goal, the organisation has committed over 20 billion dollars on investments in several key sectors of the African economy.   Dangote who made this disclosure said the massive investments were meant to turn around Africa’s economic fortunes in the quest for sustained economic growth of the continent through free trade and economic integration. Speaking in Lagos at the launch of a Special publication “The World Ahead 2023” by the renowned media outfit, The Economist, Dangote, who was represented by the Group Executive Director/Group Chief Risk Officer, Dangote Industries Limited, Dr Adenike Fajemirokun, noted that the crucial task of building a sustainable future that guarantees equitable growth and prosperity for all, should not be the exclusive role of the public sector alone, but should also involve the private sector.   “Our massive investments of over 20 billion dollars across key industries, including Energy, Agriculture, and Infrastructure. Our recently commissioned 3Million Metric Tonnes’ Fertiliser Plant, expansions in cement production, and our soon-to-be commissioned 650,000 barrels per day world’s largest single-train refinery, are all set to empower farmers, foster backward integration, create thousands of jobs, eliminate our dependence on imported products, and improve our nation’s foreign exchange earnings significantly.   “We are also confronting environmental issues through our investment in alternative fuels, as well as unlocking enormous opportunities in the communities where we have our footprints, while ultimately ensuring that we keep delivering huge value

Sudan: Dangote Steps in, Partners FG, Air Peace on Re-settling Evacuated Nigerians

Aliko Dangote

  The Board of Trustees of the Aliko Dangote Foundation has resolved to be fully involved in the evacuation and resettling of thousands of Nigerians that are stranded in Sudan. Managing Director and Chief Executive Officer of Aliko Dangote Foundation (ADF), Zouera Youssoufou has been in contact with the Management of Air Peace and the Federal Government to indicate the Foundation’s readiness to support the stranded Nigerians. She said: “The Foundation will collaborate with the Federal Government and Air Peace in ensuring  seamless transportation of the stranded Nigerians and more importantly provide logistics and succour to the evacuees, to make them settle more comfortably when they return to Nigeria.” The Foundation MD further stated that ADF’s understands the challenges of the Federal Government and Air Peace involved in this mission and has contacted relevant Federal Government agencies, involved in humanitarian disaster relief intervention, “…indicating our interest in collaborating with them to ensure that all Nigerians stranded in Sudan are brought back home safely.” It would be recalled that Aliko Dangote Foundation supported the Nigerian government with logistics support for the Nigerian volunteer health workers who supported the Ebola containment efforts in Liberia and Sierra Leone upon their return to the country in 2015. Also, during the recent Covid pandemic, ADF supported the return of Nigerians from India and Dubai during the outbreak of the pandemic with specially chartered flights and Covid testing and quarantining when they arrived back in Nigeria.  Since 2011, ADF has supported several thousand IDPs in Yobe, Borno, Adamawa, and Abuja with a total spending of over 25 billion naira in the provision of food, shelter, and health services. Meanwhile, a Joint press release from the Ministry of foreign affairs and the federal ministry of humanitarian affairs, disaster management, and social development revealed that the first batch of 13 buses conveying six hundred

ALAT by Wema Launches “Sounds of ALAT”

Sounds of ALAT

 ALAT by Wema, Africa's first fully digital bank, is celebrating its 6th anniversary with the launch of "Sounds of ALAT," a boot camp and creative workshop aimed at supporting young creatives in the entertainment industry in Nigeria. The event, which will run from May 1st to May 5th, 2023, at Wema Bank, Purple Academy, will equip participants with top-notch industry knowledge and offer an opportunity to win up to five million naira for the creation of the next ALAT jingle.   Sounds of ALAT is a co-creation campaign that brings together celebrities, facilitators, and judges from various sectors of the entertainment industry, including scriptwriters, producers, recording artists, sound mixers, A&R talent managers, and enthusiasts. The workshop is part of ALAT's anniversary activities to give back to society by supporting young creatives and upcoming artists in the entertainment industry.   To participate and launch your music career with a bang, all you need to do is download ALAT on iOS or Play Store, upload a 1-minute video of your Sounds of ALAT demo on Instagram, tag @Alat_ng, and use #SoundsofALATEntries and #ALATat6.  Out of the entries received, 50 will be selected for the boot camp, and the top 10 will receive adequate training from proficient judges who are celebrities with experience and proven track records in the creative industry.   The top 3 participants will present their jingle material for the cash prize of 3 million Naira for the winner, 2 million Naira for the first runner-up, and 1 million Naira for the second runner-up, along with various consolation prizes and branded merchandise.   The Head of Brand and Marketing Communications, Mabel Adeteye, said, "We are excited to support young creatives in the entertainment industry through Sounds of ALAT. The workshop will provide a platform for participants to acquire industry knowledge and showcase their talent. We encourage interested persons

Lagos Govt Condemns ‘Gangs of Lagos’ Movie, “It Desecrates Our Heritage”

Gangs of Lagos

The Lagos State Government has condemned the promoters of the Gangs of Lagos film over what it described as “cultural misrepresentation” as well the movie making a mockery of the Heritage of Lagos. The Commissioner for Tourism, Arts and Culture, Uzamat Akinbile-Yussuf, in a statement on Wednesday, expressed her disappointment for portraying the Eyo Masquerade as a gun-wielding villain while adorning the full traditional regalia. “We are of the opinion that the production of the film 'The Gangs of Lagos' is very unprofessional and misleading while its content is derogatory of our culture, with the intention to desecrate the revered heritage of the people of Lagos. It is an unjust profiling of a people and culture as being barbaric and nefarious. It depicts a gang of murderers rampaging across the State,” the Commissioner said in a statement. She maintained that the Adamu Orisha, popularly known as the Eyo Festival, is rarely observed and only comes up as a traditional rite of passage for Obas, revered Chiefs and eminent Lagosians, adding that the Eyo Masquerade is equally used as a symbol of honor for remarkable historical events. According to her, it signifies a sweeping renewal, a purification ritual to usher in a new beginning, a beckoning of new light, acknowledging the blessings of the ancestors of Lagosians.    

Illegal Fees Collection: OyoSUBEB Pardons Indicted Head Teachers

Oyo State Universal Basic Education Board on Wednesday revealed that it has pardoned some categories of workers who were found culpable of collecting illegal fees from pupils. The Executive Chairman, Oyo State Universal Basic Education Board, Dr. Nureni Aderemi Adeniran, on Wednesday, said the pardon was to show compassion to fellow human beings, especially at a time when economic difficulties in the country are biting hard on families of persons either on suspension, without jobs or at the risk of losing jobs. He however issued a stern warning that they must desist from collecting illegal fees or any other misdeeds which are against the ethics of civil service. Speaking during a Board meeting in Ibadan, Adeniran said "the Board has pardoned the Headteachers caught collecting illegal fees in some Basic Schools, despite the recommendations of the Disciplinary Panel". Dr. Adeniran equally said other officers, identified with various irregularities according to the extant rules in the State civil service, were forgiven. “OYOSUBEB set up a disciplinary committee to review the fate of some workers with issues. The committee came up with recommendations. However in the spirit of the season, the Board has pardoned them”. “For those that have committed offenses, we are all human beings, and because the times are very hard, the Board has decided to pardon them. Insha’Allah, we have pardoned the erring officers with different categories of offenses and asked them not to try such misdeeds henceforth. The meeting was attended by the Chairman, Nigeria Union of Teachers, who doubles as a Board member, Mr. Raji Oladimeji. Reacting, the NUT Chairman thanked the Executive Chairman of the Board and the Oyo State Universal Basic Education Board for being magnanimous, despite the extent of the offences committed. He equally appreciated activities of the Oyo State Government, particularly on the implementation of promotional benefits of the State workers.

Cement AGM: Dangote Promises Higher Returns, Value To Shareholders, Stakeholders

Aliko Dangote

  Chairman of Dangote Cement Plc, Aliko Dangote has guaranteed shareholders and other stakeholders of the company’s management’s resolve to keep the company profitable by leveraging on strategic innovations for the continuous growth of their investments.   Speaking at the 14th Annual General Meeting (AGM), of the company in Lagos, Dangote said the prospects for the cement company remain bright as the management will continue to innovate on quality products delivery to millions of its customers across Africa while touching the lives of its host communities.   He stated: “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our other stakeholders... Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality. We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient. In addition, we aim to deliver higher returns and value to our shareholders.”   The Chairman pointed out that despite the challenging macroeconomic environment in 2022, the company still made great strides, performed admirably, and remains Africa’s largest and leading cement producer.   Dangote explained that in the face of unexpected challenges in 2022, the company implemented robust cost reduction strategies to manage the inflationary environment, and thus enhanced its competitiveness while maintaining high levels of product quality and customer service delivery.   According to him: “In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas. We also increased the use of Compressed Natural Gas (CNG) for our trucks due to the rising diesel cost environment.   These efforts have helped us reduce our cost base and