Businessman Plans $2b Modular Refinery in Edo

Image

By Dipo Olowookere

The construction of a modular refinery is being planned in Edo State by Nigerian businessman based in the United States, Mr Charles Ihaza.

The project is said to gulp about $2 billion and when completed, would produce about 80,000 barrels of refined petroleum products per day.

To kick start this project, Mr Ihaza said he has acquired about 453.9 hectares of land in Eghudu, Ovia North East Local Government Area of Edo.

Speaking at an open forum organised on Environmental Impact Assessment (EIA) in Benin City, the state capital, the businessman said the project would bring about development in the community and boost the economy of Edo State and Nigeria at large.

According to him, various basic amenities like roads, clinics, schools as well as a functional international market would be constructed in the host community as part of “our social corporate responsibilities.”

Mr Ihaza said, “I know what it takes to establish and manage a refinery, and we are already discussing with the relevant Federal Government agencies on the immediate commencement of the project.”

Share
Related Stories
Image
08-December-2023

Nigerians Wail as FG Adjusts FX Rate for Import Duty to N952/$1

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

Image
08-December-2023

CBN Raises Alarm on Fake Naira Notes, Threatens Prosecution

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

Image
08-December-2023

Nigeria’s Merchandise Trade Rises 1% to $7.8bn in August 2023

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

Image
07-December-2023

Reps Assure Accountability, Transparency in Customs Duties, Levies

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

More Stories
Image
23-July-2020

Unlisted Securities Market Cap Drops to N518.99bn

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange equity size depreciated on Wednesday, July 22, 2020, to N518.99 billion. At the session, the market capitalisation lower than the previous level of N519.08 billion by 0.02 per cent or N90 million. This was followed by the 0.12 points lost by the NASD Unlisted Securities Index (NSI), which closed at 706.52 points compared to the 706.64 points recorded on Tuesday. On the activity chart, the number of deals executed at the market depreciated by 50.0 per cent or three deals as only three deals were executed at the midweek session in

Image
11-April-2022

Russians Acknowledge New Approach Working With Africa

By Kester Kenn Klomegah For the second round this year, the Russian Chamber of Commerce and Industry together with the Coordinating Committee for Economic Cooperation with African Countries (AfroCom) have gathered corporate business leaders, urging them to look at the African market with much interest and work more systematically and consistently. The African market is competitive and complex, Russian business needs to work on it thoroughly and systematically in order to succeed, emphasized Sergey Katyrin, President of the Russian Chamber of Commerce and Industry, opening the meeting with the heads of business councils for cooperation with African countries. Russia lives

Image
19-August-2016

ADVAN Awards For Marketing Excellence Holds October 29

In line with its tradition of bolstering Nigeria’s marketing industry using innovative platforms, the Advertisers Association of Nigeria (ADVAN), the umbrella body for all advertisers in Nigeria is set again this year to bring together industry stakeholders and supporters to celebrate marketing teams that have made outstanding contributions to the industry. The event, which is the sixth edition of the awards, is billed to take place at the prestigious MUSON centre, Onikan, Lagos on October 29, 2016. Just like previous editions, this year’s award is structured for the express purpose of highlighting the fundamental position marketing occupies in business and

Image
23-November-2017

Lagos Business School Starts HR, Sales & Marketing Academies

By Modupe Gbadeyanka As part of efforts to help professionals close competency gaps that impede their performance, the renowned Lagos Business School (LBS) has announced starting two academies focused on Human Resources Management and Sales & Marketing. The two academies were launched on Wednesday, November 22, 2017, and they will assist professionals in deliver immediate bottom-line impact for their organisations. According to Prof Chris Ogbechie, a member of the LBS Management Board and Professor of Strategic Management, the launch of both academies was line with the institution’s intent of having a significant impact on the professional and ethical standards of

Image
29-July-2017

Forex Market Gets $462m Intervention from CBN

By Dipo Olowookere A total of $462.3 million was released into the foreign exchange market yesterday by the Central Bank of Nigeria (CBN). This was part of efforts of the apex bank to boost liquidity in the market so as to continue to make the local currency stable at the forex market. Since February this year, the central bank has continued to release forex into the market, keeping the Naira as low as N363 per Dollar from over N500 when it started the intervention five months ago. A breakdown of Friday intervention showed that the Secondary Market Intervention Sales (SMIS)

Image
07-November-2023

Tinubu to Launch Digital Birth, Death, Marriage Registration Portal Wednesday

By Adedapo Adesanya President Bola Ahmed Tinubu will on Wednesday, November 8 launch an electronic Civil Registration and Vital Statistics System and Geospatial Data Repository as Nigeria departs from the old paper-based system. The registration system includes all civil registrations such as birth registration, stillbirth registration, birth attestation, adoption, marriage notification, divorce notification, migration and death. This was made known by the Chairman of the National Population Commission (NPC), Mr Nasir Kwarra, at a pre-launch briefing on Monday, November 6, 2023, in Abuja. Mr Kwarra stated, ‘’The launch of the e-CRVS by Mr Tinubu marks the commitment of the current

Image
25-November-2017

Akwa Ibom Presents N651.5b Budget for 2018

By Dipo Olowookere A total of N651.50 billion has been proposed to be used to run the affairs of Akwa Ibom State in 2018 by Governor Udom Emmanuel. Governor Emmanuel, who presented his 2018 budget proposal to the Akwa Ibom State House of Assembly on Friday, disclosed that N92.69 billion has been earmarked for recurrent expenditure, while N437.67 billion is for capital expenditure, and N120.86 billion is allotted for consolidated revenue. A breakdown of the budget showed that road networks and transport got the lion share of N211.42 billion, education has N10.53 billion while N17.91 billion has been allocated to

Image
16-December-2022

Biden Promotes Partnerships At African Leaders Summit

By Kestér Kenn Klomegâh President Joe Biden has told 49 African leaders and heads of the African Union who assembled in Washington for the second US-Africa Leaders Summit that the United States is raising its relations and renewing a resonating commitment towards improving developments on the continent. In his speech, Biden referred to the fact that the United States is a reliable partner and offered $55 billion in commitment for investments over the next three years and more than $15 billion for private trade and investment partnerships. Biden said a new agreement with the African Continental Free Trade Area would

Ad
Ad
Recent Stories
Image
09-December-2023

Moody’s Upgrades Nigeria’s Outlook to Positive After Economic Reforms

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

Image
09-December-2023

Value of Nigeria’s Unlisted Stock Exchange Reaches N1.2trn

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

Image
09-December-2023

Naira Crashes to N1,099.05/$1 at Official Market

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

Image
09-December-2023

Nigerian Exchange Rises 0.12% Amid Weak Investor Sentiment

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

Image
09-December-2023

Crude Prices Up 2% on US Demand Growth Expectations

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

Image
08-December-2023

PZ Cussons Nigeria Publishes List of 61,628 Shareholders With Unclaimed Dividends

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

Image
08-December-2023

CBN Raises Alarm on Fake Naira Notes, Threatens Prosecution

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

Image
08-December-2023

Nigeria’s Crude Output Falls 30,000 Barrels Daily to 1.43mbpd in November

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

Image
08-December-2023

New Survey: Some Nigerian Bank Adverts Are Misleading—Customers

By Aduragbemi Omiyale Some aggrieved customers have accused Nigerian banks of lying about a few of their services in adverts in the media and not doing enough to assist when needed, despite using the provided platforms to lodge their complaints. In a survey conducted recently by a foremost perception consulting firm in the country, CMC Connect LLP, it was observed that some financial services consumers in Nigeria are not satisfied with what they get from their banks. The perception study carried out by the Strategy & Intelligence Service unit of CMC Connect showed that, “Consumers do not have enough information

Image
08-December-2023

Delta State Proposed Budget 2024 and Critical Concerns

By Jerome-Mario Utomi It is common knowledge that Delta State Governor, Sheriff Oborevwori, recently, presented a N714.4 billion Appropriation Bill tagged ‘Budget of Hope and Optimism,’ for the 2024 fiscal year to the state House of Assembly. What is, however, uncertain to Deltans and the watching world is whose interest the bill, if passed, is meant to serve or protect. There is also the concern as to whether it will herald into the political geography called Delta state, a just or an unjust law. As we are now, a just law is ‘a man-made code that squares with moral laws