Connect with us

Business

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

Published

3 years ago

on

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

Texas Guardian News
Latest posts by Texas Guardian News (see all)
Related Topics:
Continue Reading
Click to comment

Leave a Reply

Business

Black Family Loses Out on Discrimination Lawsuit Over Investment Property 

Published

2 months ago

on

March 8, 2024

By

The Houstonian black real estate investors filed the federal lawsuit after they said they were prohibited from buying condos in a community advertised to Asian buyers.

Last Wednesday, the racial discrimination lawsuit filed by three Black real estate investors in Texas was dismissed “without the option to refile.”

“The decision hinged less on whether the family had been discriminated against than whether the Fair Housing Act, which prohibits discriminating in the ‘sale or rental of a dwelling,’ had been violated,” the Houston Chronicle reports.

In 2022, James Ra-Amari and his wife Misty Ra-Amari, and Misty’s sister Rosemary Afful filed a civil lawsuit in federal court against realtor Josie Lin, “Lin’s company, UMRE; Grand West Condominiums; Grand West Residential Condominium Association, Inc.; United Property Management; and RE/MAX and EXP Reality, two real estate brokerages.”

The three investors purported that Lin “refused them the option to purchase three condominiums in a newly constructed community. They say that they were denied the units because of their race.”

The Ra-Amaris and Afful sought “compensatory, special, and punitive damages, economic damages for alleged violation of the Fair Housing Act, and infliction of emotional distress.”

According to the civil lawsuit, the condos’ marketing materials were “advertised as ‘…a new option for a safe and simple Asian life’ and [said], ‘Katy Asian town is within walking distance.’”

In addition, there was allegedly an “information packet [that] marketed the complex as a ‘new option for Chinese and Asian communities.’”

The suit also claimed that Lin told the three real estate investors that “all the current owners were personal friends and knew each other.”

The Black family’s argument: Lin’s comments in concert with the promotional materials explicitly targeting “‘Asian communities’ established discrimination.”

But the judge dismissed many of the defendants from the suit, citing that the Ra-Amaris and Afful failed to establish a business relationship between themselves and Lin or that Lin was an agent “acting on their behalf.”

The defendants filed a motion to dismiss the case in its entirety, arguing semantics, pointing out that “a condo is only a ‘dwelling’ if the buyer planned to occupy it, and the family had identified themselves instead as investors in court documents. Additionally, they argued that the family had never indicated in court documents that they had actually made an offer.”

United States District Judge David Hittner largely sided with the defendant’s assertions that the Black family had failed to demonstrate they even “had a case.”

In a written statement, the plaintiffs’ attorney Justin Moore said “This case highlights the ongoing challenges and importance of the Fair Housing Act.”

“Our stance is that real estate investment has historically been a pathway for many Americans to build wealth, and our clients’ endeavors align with this tradition,” Moore continued. “Property at its essence is an investment…Your home is an investment whether you live in it or not.”

Texas Guardian News
Latest posts by Texas Guardian News (see all)
Continue Reading

Business

Empowerment Conference ULTRA 2024 Returns to Houston February 3rd

Published

3 months ago

on

January 28, 2024

By

HOUSTON, Texas (January 22nd, 2024) – This coming February, Houstonians are invited to ring in the second month of the year with an empowerment conference that aims to keep attendees on track, accountable, and fully engaged to exceed their personal goals in 2024. The ULTRA Conference 2024 (presented by Ultrashift, Inc., a Houston-area based non-profit organization, and hosted by leadership practitioner and author Dr. Harry Akintola) will take place on Saturday, February 3rd at ACF Center (2204 Sharpview Drive) in west Houston.

As citizens worldwide continue to merge into the new year and prepare for February, their hopes of maintaining new resolutions and goals for career, financial, spiritual, and physical advancement often begin to see signs of inconsistency and shakiness. For Dr. Akinola, that is often the sweet spot and perfect timing to teach individuals and organizations how to master their minds and consciousness to yield prosperity. Since its inception in 2009, ULTRA Conference has impacted the lives of thousands and has hosted this event in many cities around the world, including South Africa (Johannesburg and Cape Town), the United Kingdom (London), Nigeria (Lagos), and Tanzania (Dar es Salaam).

According to event organizers, “Ultra 2024 promises to be an immersive ‘inspiritainment’ experience, driving home the point that the future is not something to be passively anticipated but actively shaped.” All of this year’s conference speakers and panelists are award-winning presenters and specialists from across various industries. Presenters and panelists for this year’s conference include keynote speaker and host Dr. Harry Akinola, JP Morgan Chase Head of CCB Talent Roti Balogun, Zeitios AI/ML Consulting CEO Iyanuoluwa Odebode, Ph.D, Wazobia Market Founder & CEO Tunde Fasina, Hampton HGDS Real Estate Investment Trust CEO Candra Brown, Fairdale Realty & Gazette Mortgage President & CEO Victor Lofinmakin, and Transformational Coach Jimi Tewe.

The conference will be sanctioned into a five-part session each dedicated to a range of topics and interactive activities, including Future-Ready Skills (exploring the critical skills necessary for thriving in tomorrow’s job market and how to acquire them), Embracing AI (a deep dive into practical strategies for integrating artificial intelligence into your business model and career, ensuring you stay ahead of the technological curve), Local & Global Business Strategies (gaining  invaluable insights into Houston’s dynamic business environment as a model for development and learning how to leverage  these strategies on a global scale), Citizenry in Action (learning how civic engagement and personal discipline can become powerful tools for societal change and individual success), Diverse Intelligence (discover how balancing the four intelligences can lead to a more satisfying and successful life), with strategic interactive breakout and networking sessions integrated into all  phases of the conference experience.

As an accomplished corporate executive who has headed up several learning and leadership development organizations in many multinational firms (including Standard Bank, Puma Energy and Chase Bank where he currently serves as Executive Director – Head of Talent, Business Banking), Dr. Akinola hopes that individuals will gain momentum and discipline to follow through on every endeavor set for their lives. “Like a butterfly’s journey from larva to flight, you cannot attain or achieve without first transforming. Ultra 2024 – Re-Imagine Your Future is more than an inspirational and educational conference,” said Dr. Akinola. “It’s an experience, a catalyst for introspection, a reawakening of thought, and a reset of aspirations, guiding you to become, empowering you to do, to have, and to soar towards your envisioned future.” Registration for this year’s conference is now open to the general public. To learn more about the ULTRA Conference 2024 and to register, please visit the official website online at www.theultrashift.org, or follow Dr. Harry Akinola on Instagram at Harry Akinola (@HarryAkinola)

Texas Guardian News
Latest posts by Texas Guardian News (see all)
Continue Reading

Business

Oil prices edge higher amid mixed US cues, Red Sea strikes continue

Published

4 months ago

on

January 17, 2024

By

Investing.com– Oil prices rose slightly in Asian trade on Thursday as severe cold weather appeared to have spurred some disruptions in U.S. production, while military action in the Middle East raged on.

But gains in crude were limited by industry data showing an unexpected build in U.S. inventories. While the cold weather caused some production stoppages, it also appeared to have dissuaded travel, which is a key driver of U.S. fuel demand.

Strength in the dollar weighed on oil prices, as traders priced in a smaller chance of early interest rate cuts by the Federal Reserve, following stronger-than-expected retail sales data.

Oil prices were also reeling from steep intraday losses on Wednesday, after gross domestic product data from top importer China missed expectations for the fourth quarter. Overall growth in 2023 also barely edged past a government target, indicating sustained economic weakness in the world’s largest oil importer.

Brent oil futures expiring in March rose 0.5% to $78.23 a barrel, while West Texas Intermediate crude futures rose 0.6% to $72.90 a barrel by 20:25 ET (01:25 GMT).

Both contracts were trading largely flat so far in 2024, as markets weighed expectations of worsening demand against fears of tighter Middle Eastern supplies. U.S. and UK forces carried out a fresh wave of strikes against the Iran-aligned, Yemen-based Houthi group this week, as the group continued with its attacks on vessels in the Red Sea.

Oil prices had sharply pared intraday losses on Wednesday after top U.S. oil producing state North Dakota said severely cold weather would see output fall by over 50%- a trend that is likely to dent overall U.S. production, which hit record highs over the past two months.

US oil inventories unexpectedly rise, product stockpiles see sustained builds- API

But severe cold weather in the U.S. appeared to also be eating into demand. Data from the American Petroleum Institute (API) showed an unexpected build in U.S. inventories over the week to January 12.

A particular point of contention was gasoline and distillate inventories logging a third consecutive week of strong gains, highlighting weaker demand in the world’s largest fuel consumer. Cold weather shut down travel across vast swathes of the U.S. over the past two weeks.

The API data usually heralds a similar reading from official inventory data, which is due later on Thursday.

Elsewhere, the Organization of Petroleum Exporting Countries released its first monthly report for 2024, slightly earlier than usual amid increased market uncertainty.

The cartel maintained its global oil demand forecast for 2024, and said demand will grow by 1.85 million barrels per day in 2025.

Texas Guardian News
Latest posts by Texas Guardian News (see all)
Continue Reading

Trending