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Tinubu Lauds Dangote’s 650,000bdp Refinery Investment

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wale tinubu Dangote

By Sodeinde Temidayo David

The multi-billion-dollar Dangote Refinery in Lagos has received praises and the latest is coming from the Chief Executive Officer (CEO) of Oando Plc, Mr Wale Tinubu, who commended the group on the investment.

Upon completion, the oil facility 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 scarce foreign exchange (forex), which has been blamed for the country’s current economic woes.

The project has also been touted to provide 90 megawatts of electricity through its multi-million-dollar sub-sea pipeline project.

It is described as an inspiration to private sector operators in the country.

Mr Tinubu, during a visit to the refinery alongside members of the company’s senior management, confessed that “with what I have seen, this Dangote Refinery is for Nigeria and Africa.”

He also disclosed that the President of Dangote Group, Mr Aliko Dangote, deserves 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 environments in the world even as the risk premium being at the highest.

Mr Tinubu noted that he has no doubt that the refinery, upon completion, will meet the yearnings of Nigerian for product availability and ultimately de-risk the petroleum sector.

The Oando CEO expressed his sense of pride for being able to witness this feat in the history of Nigeria, stating that, “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 on a scale that the world is not used to.”

“This is happening in an extremely challenging environment in which all of the infrastructures had to be built from 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 sorts of projects. I call it the eighth wonder of my own time,” he added.

He further stated that the project was of strategic importance to the nation and the continent as Nigeria has no functional refinery, with 200 million people consuming 40 million litres per day.

“There is nowhere in the world where you have raw materials 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,” the oil expert said.

In response to the encomium, Mr Dangote stated that the refinery is not only a project for Dangote, but also a project for Nigeria.

“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 said.

The respected businessman further disclosed that apart from building world-class projects, he is also dedicated to building capacity by saving failing industries such as it did in the cement industry, adding that this has set the primacy in Nigeria.

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Economy

Ellah Lakes, Enugu Government Seal Rice Processing Deal

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Ellah Lakes

By Dipo Olowookere

A Nigerian agribusiness company, Ellah Lakes Plc, has sealed an agreement with the Enugu State government for the processing of rice aimed to improve food security in the state and the nation at large.

The chief executive of the firm, Mr Chuka Mordi, described the deal as “a significant landmark for the company in fulfilling our strategic objective of diversifying our portfolio and production base.”

Ellah Lakes said in a statement that with the partnership, it will transform the Ada Rice Company and Plantation in Adani, Uzo-Uwani LGA, into a Staple Crop Processing Zone (SCPZ) in Enugu State.

This is expected to create not less than 5,000 jobs over the next 24 months as the company will have the opportunity to establish a feed mill and ethanol processing plant on the site in Adani.

Business Post reports that Adani community is well-known for the cultivation and production of rice but due to poor infrastructure and support of the government, it has suffered low patronage.

This partnership between the Enugu State government and Ellah Lakes should change the narrative for good and boost local production of rice.

In the statement issued on Wednesday by Ellah Lakes, a company listed on the trading platform of the Nigerian Exchange (NGX) Limited, work is scheduled to begin immediately in Adani.

“Ellah Lakes is happy to announce that it has entered into an agreement with the Enugu State Government, through the Enugu State Technical Committee on Privatisation and Commercialisation, for the expansion and further development of the Ada Rice Company and plantation in Adani, Uzo-Uwani LGA, into a Staple Crop Processing Zone (SCPZ) in Enugu State, Nigeria.

“Ellah Lakes will produce and process rice with the participation of over 200 indigenous farmers in the local out-grower program. Ellah Lakes will also develop a feed mill and ethanol processing plant on the site in Adani.

“The development is expected to create a minimum of 5,000 jobs over the next 24 months, and work is scheduled to begin immediately,” a part of the statement disclosed.

“This is a significant landmark for the company in fulfilling our strategic objective of diversifying our portfolio and production base, and we are very excited to be working with the Enugu State Government.

“We are very pleased with this collaboration with the very progressive government of Enugu State. For us, this is the beginning of a great journey to expand the industrial base of the state, and we look forward to a mutually beneficial, valuable and fruitful venture,” Mr Mordi was quoted as saying.

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Economy

Stanbic IBTC Pension Managers Rewards Customers

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Stanbic IBTC Pension Managers scheme

Ahead of the festive season, Stanbic IBTC Pension Managers, Nigeria’s largest Pension Fund Administrator (PFA), has unveiled the Stanbic IBTC Pension Managers Loyalty Program tagged Umatter.

It is a reward scheme targeted at the customers of the PFA, to reward them for their loyalty and patronage through exclusive discounts as they shop with their e-loyalty card.

The loyalty program is available at the PFA’s partner merchants’ locations and stores across the nation. It is aimed at providing Stanbic IBTC Pension Managers’ customers with exciting shopping discounts to help them spend less and save more when they shop.

Some of the participating merchant outlets are Maybrands, Café Royale, Hubmart Stores, Chocolate Royal, La Campagne Tropicana, Physio Centers of Africa, Medplus, iStore, Oriki, Launderland and Active Leisure.  The discounts range from 5 to 12 per cent on products and services purchased.

Stanbic IBTC Pension Managers’ partnerships with these major outlets will enable customers to seamlessly enjoy instant discounts on their purchases during this festive period, thereby making life even more easy and affordable for customers who use the Stanbic IBTC Pension Managers e-loyalty card.

Stanbic IBTC Pension Managers will continue to initiate valuable programs like this that encourage people to continue saving for their retirement and building their financial future.

New and existing customers can be a part of this exciting loyalty program by visiting www.stanbicibtcpension.com or calling 01 271 6000.

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Economy

FG to Inject N381trn into Economy to Create Job, Tackle Poverty

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Nigeria Economy challenges

By Adedapo Adesanya

The federal government is partnering with the Industrial Training Fund (ITF) to inject N381 trillion into the economy to cushion the growing rate of poverty, job losses and economic degradation in Nigeria.

This was disclosed by the Director-General of the Fund, Mr Joseph Ari, during a media interaction with the Correspondent Chapel of the Nigeria Union of Journalists in Jos.

Mr Ari said the federal government came up with a 5-year National Development Plan tied around the sum of money to be able to achieve this aim.

He said the plan will replace the initial Economic Recovery and Growth Plan (EGRP).

According to him: “The plan, which projects the creation of 21 million jobs, with 35 million Nigerians lifted out of poverty, affordable housing for Nigerians and an export-led economy among others, is expected to cost N381 trillion to implement and have six focal areas of economic growth and development, infrastructure, public administration, human capital development, social development and regional development.

“As the leading human capital development institution in Nigeria, we have commenced the process of repositioning our programmes and activities to effectively prepare the Nation’s workforce in line with our mandate of developing a pool of qualified Nigerians to man the public and private sectors of the national economy as we believe that for this plan to succeed, all Nigerians as individual citizens and as institutions must contribute their bit.

“You will recall that on the assumption of office in 2016, the economy was in recession leading to massive job losses and corresponding increases in poverty.

“Our initiatives then particularly the emphasis on skills intervention programmes was borne out of the need to drive the actualization of the Economic Recovery and Growth Plan (EGRP), which we achieved to an appreciable degree by training hundreds of thousands of Nigerians that are today gainfully employed or even employers of labour,” Mr Ari said.

He, however, lauded the media for a robust coverage of the Funds activities over the years, saying that the media has been critical in return of peace in the state.

“Beyond this, fora such as we are holding today have been critical to the return of peace in plateau state, thereby creating the necessary environment for our organisation to thrive especially within the last five years on account of your professionalism and determined efforts to rise above sensationalism, headline-grabbing and petty politics,” Mr Ari said.

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