Economy
Dangote Refinery Engineers Vow to End Fuel Scarcity
By Dipo Olowookere
Returnee indigenous India trained Graduate engineers of the Dangote Refinery have promised to deploy the knowledge and skills acquired during the training to ensure Nigeria is saved the embarrassment of fuel scarcity when the refinery come on stream.
The engineers who described their experience as second to none in the history of Nigeria oil and gas sector said never again would Nigeria experience fuel scarcity as the Dangote refinery would be operated in the most efficient manner.
Dangote Oil Refinery Company had in preparation for take-off sent in batches local Graduate engineers to Bharat Refinery in India, arguably the biggest in the world for training in refinery operation and production.
The nation is anxiously awaiting the Dangote refinery with a capacity to produce 650,000 bpd to commence operation as the country’s four refineries have gone comatose.
Reliving their experience to the management of the copy on return one after another, at the Refinery premises at Lekki, Lagos the engineers said they had both theory and practical training in India and they are also having a very rare opportunity to witness a refinery of the Dangote’s size being built from the scratch.
Mr Opeyemi Oyedepo, Process engineer and Mr Igwe John, petroleum and gas engineer told the management how they are made to be part of trouble shooting during their training, a development that has boosted their confidence that Dangote Refinery with most modern facilities will eradicate perennial fuel scarcity in Nigeria.
Speaking further on the benefits of the training to Dangote Refinery, the engineers stated that the company would henceforth enjoy increased value of human asset; improved ability to implement and realize specific goal within timeframe.
The graduate engineers also listed as part of the benefits efficient refinery operations and adherence to quality and standard.
In his comment, Technical Adviser to Dangote Refinery, Engr. Babajide Soyode expressed satisfaction that the best of the graduate engineers were selected as attested to by the the trainer’s in India.
He said the management was proud of the engineers as they have displayed a thorough understanding of what they learnt in India.
On the choice of India for the training, Engr Soyode said India has the biggest refinery in the world and are ready to train young engineers unlike the disposition in Europe and other part of the Western world.
The company’s Director of Human Capital Management and Project Support, Mohan Kumar, while presenting the returnee engineers said the company is laying a solid foundation for take-off with the training of the engineers.
He said the young engineers were trained at Bharat Petroleum Corporation Ltd. in India on how to manage the operations of the refinery.
Kumar added that the engineers had gathered fundamental practical knowledge about refinery.
According to him, the engineers are recruited and trained to witness the building of the refinery from scratch. He said the engineers spent two months in classroom training and three months on the job training.
Kumar explained that the engineers were trained by experts who had over 45 years’ experience in refinery operations, stressing that the training became imperative due to the commitment of Dangote Group to promote local content by developing indigenous capacity.
He stated that “the engineers are expected to also transfer the skills acquired to other Nigerians when the refinery comes on stream”.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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