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Refinery: Dangote not happy with NNPC proposed stake acquisition, says Kyari                              

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4 years ago

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Group Managing Director of the Nigerian National Petroleum Corporation, Melee Kyari, says African billionaire and business magnate, Aliko Dangote, does not want to sell shares in his refinery and petrochemical project under construction in the Lekki Free Zone, Lagos, Nigeria.

Kyari, however, said it is important that the NNPC, as the national oil company, guarantee energy security for the country by “having a say in the board of the refinery”.

The NNPC GMD spoke on Tuesday when he featured in Channels Television’s ‘Sunrise Daily’ programme as monitored

According to him, the NNPC will take 20 per cent equity in the Dangote Refinery which has the capacity to produce 650,000 bpd per day.

Nigeria, Africa’s biggest oil producer, has for several years been importing the bulk of its refined petroleum products from Europe and other places as a result of the inability of its refineries to refine crude oil abundant in the country.

The country has four national refineries including the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company.

Last year, a total of N81.41bn was expended on the four refineries between January and August even though the facilities never refined a drop of crude oil all through the period.

Several billions of dollars have also been spent by many governments to revive and rehabilitate the nation’s refineries but no success has been recorded in a very long time.

The consuming public continues to bear the brunt of the government’s inability to make its refineries functional. Today, petrol sells for between N163 and N 165 per litre in the country, with the NNPC mulling an increment, saying the current pump price is short of petrol landing cost which it said is around N232 per litre.

With epileptic power supply, Nigerians rely on petroleum products to generate energy; power their vehicles, and generating sets. These, no doubt, make the cost of living for average citizens burdensome, especially with minimum wage at N30,000 per month for each worker, a paltry sum hardly enough for an individual to survive a month, not with the rising food prices in the West African country.

Many private entities have since identified the opportunity in the energy sector and came up with modular refineries which have the capacity to produce some thousands of litres of petroleum products but their output is far short of the daily petroleum consumption of Nigeria, with over 200 million people.

One of the big entrants into the energy sector is business magnate, Aliko Dangote. His refinery, which is projected to start production next year, is expected to fill in the gap for imported petroleum products.

Speaking on Tuesday, the NNPC GMD said, “Dangote refinery will come to work, by 2022, it should come into production and what that should do is to deliver over 50 million litres of gasoline, to be specific, into our market.

“We are also working on our refineries to make sure we fix them; we have awarded the Port Harcourt refinery rehabilitation and ultimately we are close to that of Warri and Kaduna, so that very soon, in July, all of them will work contemporaneously and at the end of the day, we will deliver all of them.

“The net effect is that you are going to have an environment where Nigeria becomes a hub for petroleum supply. It is going to change the dynamics of petroleum supply, even globally, in the sense that the flow is coming from Europe today and it is going to be reversed to some other direction. We will be the supplier for West Africa legitimately and also many other parts of the world.

“The meaning of this is that there is an opportunity thrown at us and I am not sure that Mr Dangote wants to sell his equity in the refinery. I can confirm that it was at our instant that we started the engagement; he did not want to sell his shares in this refinery.

“There is no country that would watch a business of this scale, which is bordering on energy security, which also has high implication even on the physical security of our country and you watch it that you don’t have a say.

“For us as a strategy, we will take equity in very significant businesses that are anchored on the oil and gas operations – fertilizer, methanol plants, modular refineries and so many other businesses that we are dealing with so that we can expand our portfolio but also as the national oil company, we have the responsibility to guarantee energy security for our country and there is nowhere you can have that say except you have a say in the board of this institution.”

“I am not sure Mr Dangote is very happy with this. We are taking 20 per cent equity of the Dangote Refinery. There is a valuation process, it is very international and very regulated. No bank will give you money to buy stake,” he added.

Kyari further said that the NNPC is seeking the authority of the Federal Executive Council to close the deal which he said is worth about “19bn”.

“We are not going to take government money to buy it, we are going to borrow because we know that this business is viable in the short term
Banks have come forward to lend us,” Kyari stated.

The NNPC GMD also said, “We are very proud that we did this, this is good for our shareholders including all the 200 million Nigerians who will also be happily buying shares from this refinery if they have an opportunity but now we have done that on their behalf so that ultimately, the value will come to all of us.”

Culled from the Punch News Nigeria

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Black History

Bernice King’s Redemption Bank is now the first Black-owned in the West

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3 months ago

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June 27, 2025

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In 2023, a group of Black investors based in Atlanta agreed to buy a white-owned bank, Holladay Bank & Trust, and convert it into a Black-owned one. The investors included Dr. Bernice A. King, a daughter of civil rights icon Dr. Martin Luther King Jr; Ashley D. Bell, a former White House policy adviser, and former NFL player Dhani Jones.

They planned to rename the Utah-based institution Redemption Bank and said they wanted to provide financial services to Black communities historically underserved by financial institutions while offering online banking services and small business loans.

The deal, which was awaiting regulatory approval, would mark the first time Black investors purchased a non-Black bank, a statement by Redemption Holding Company said at the time. It would also be the first time in American history that an existing commercial bank would become a Black-owned Minority Depository Institution (“MDI”) through acquisition, the statement added.

After two years, Redemption has finally completed its acquisition of Holladay Bank & Trust. It makes it the first time a bank has been owned by a Black-led investment group in the Western U.S., the AP reported this month.

The acquisition got delayed due to the collapse of Silicon Valley Bank in 2023, Bell, CEO and chairman of Redemption Holding, told the AP.

“This process has undoubtedly taken longer than any of us anticipated,” Bell said. “However, we are grateful for the diligence of the staff at the FDIC, the leadership of the (American Bankers Association), and the renewed sense of urgency from the new administration this year, all of which helped bring everything together.”

While Bell is the CEO, King is expected to be Redemption Bank’s senior vice president for corporate strategy and serve on the company’s advisory board.

With about $65 million in assets, Redemption Bank will be the first Black-owned bank not physically located within an economically vulnerable community and the first in the Rockies, according to the AP.

It will also be the only one located in the Black-banking desert that stretches from Houston to Los Angeles, the AP added.

The company will further become the 24th Black-owned bank in the nation, termed as Minority Depository Institutions (MDI). MDI is a federal designation for banks and unions that are owned or controlled by minority groups. The most recent MDI was Adelphi Bank, launched in January 2023.

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Africa

Hotel groups Hilton and Marriot announce African expansion plans

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4 months ago

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June 21, 2025

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U.S. hotel chains Hilton and Marriott have announced African expansion drives to tap into the continent’s rapid tourism growth.

Rising business and leisure travel on the continent has made it increasingly attractive for multinational companies and Hilton said on Wednesday that it plans to more than triple its African portfolio to more than 160 hotels.

The company plans to enter Angola, Ghana and Benin for the first time while returning to Madagascar and Tanzania, its statement said without providing a specific time horizon for the expansion plans.

Marriott expects to add 50 properties by 2027, it said on Wednesday. Those will include entry into five new countries: Cape Verde, Ivory Coast, the Democratic Republic of Congo, Madagascar and Mauritania.

The group’s existing African portfolio encompasses nearly 150 properties and 26,000 rooms across 20 countries and 22 brands.

Airlines have also increased their African capacity.

Emirates now offers 161 weekly flights across Africa, recently adding daily services to Entebbe and Addis Ababa. United Airlines launched a direct Washington-Dakar route in May and Delta will begin a seasonal daily flight to Accra in December.

International arrivals to the continent rose 9% year on year in the first quarter of 2025, the United Nations World Tourism Organization says, 16% above the same period of pre-pandemic 2019.

That momentum is translating into economic impact. Tourism accounts for between 3% and 7% of gross domestic product in countries such as Kenya, Morocco and South Africa, and up to 15% in tourism-heavy economies such as Namibia, World Bank and national statistics show.

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Business

AfricanShowcase 2025 Set to Transform Barking Town Centre into a Celebration of African Culture and Commerce

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5 months ago

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May 10, 2025

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Barking Town Centre will come alive with the sights, sounds, and flavors of Africa as AfricanShowcase 2025 arrives for a one-day festival spotlighting the continent’s vibrant culture, commerce, and creativity.

Set for Wednesday, August 13, this dynamic event will feature over 30 curated stalls offering authentic African wares—from handwoven textiles and artisan jewelry to gourmet delicacies and unique cultural artefacts. Designed as both a cultural festival and a business platform, AfricanShowcase connects the public, press, and buyers directly with African creators and entrepreneurs.

Festivalgoers can expect a packed lineup of live entertainment, including performances by drummers, dancers, poets, and singers from Gambia, Ghana, and Nigeria. A high-energy runway fashion show will highlight cutting-edge African designers, while interactive workshops will invite participants to try traditional Kente weaving and head wrap styling.

The event also boasts uplifting music by Afrobeats DJs and a local gospel choir, along with a lively cultural procession that will wind through Barking Town Centre.

Sponsored by LemFi, Abfoods, Mr. Fatai Abiola, and 1Accord Living Ltd, the showcase is proudly supported by the London Borough of Barking and Dagenham Council and Town Centre Manager Lianne Douglas.

“AfricanShowcase is more than a market—it’s a celebration of Africa’s rich heritage, a platform for African businesses, and a joyful reminder of the beauty of cultural exchange,” said Ola Mustapha, Founder of Kiskirine Events Ltd.

Launched in Brent in 2003, AfricanShowcase has evolved into a signature event for celebrating African excellence in the UK, drawing crowds from across the capital. The 2025 edition promises a vibrant day of community, connection, and cultural pride.

 

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