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Radix Pension Grew RSAs by 450%

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  • Radix Pension Grew RSAs by 450%

Radix Pension Managers, one of the Pension Fund Administrators in the country, said it grew its Retirement Savings Accounts from 4,000 to 22,000 in barely one year of operations under a new board and management.

According to a statement, this represents a 450 per cent growth in the company’s RSA holders.

The Managing Director of the PFA, Kunle Adeboye, said the company, formerly trading as IGI Pension Fund Managers Limited, and launched in October 2017, planned to close this year with a better outlook.

He said the company focused on providing good returns on investment and ensuring maximum safety of the fund under its management, in line with regulations of the National Pension Commission.

The managing director said that the company had been able to manage and invest both its RSA and retiree funds properly, such that its unit price had been growing steadily on a monthly basis.

He stressed that the unit price of the company had been on the top table of unit prices of the PFAs out of the 21 existing PFAs since a year ago.

He noted that the firm had hovered mostly between first and second and few times up to the seventh position.

Adeboye added that the company was working to be one of the top players in the pension space.

He said, “In the industry, there are two things that are important to all stakeholders -the safety of pension assets and the return on investment.

“For us at Radix, we are assuring our customers and potential clients of a good return on investment and safety of funds alongside best-in-class customer services – dynamic and efficient administration of pension fund under management, prompt pension payments and excellent pension advisory.

“We are doing a lot of things differently because we are a young and dynamic PFA. In one year of our operation, we have been able to grow our RSAs significantly.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Dangote Refinery to Import First Brazilian Crude Oil Shipment Next Month

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Shipowners

The Dangote Refinery is set to receive its first shipment of Brazilian crude oil next month.

This is a pivotal moment in the country’s efforts to reduce its reliance on imported fuel and bolster its domestic refining capacity.

The purchase involves a one-million-barrel cargo of Brazil’s Tupi crude, scheduled for delivery in the latter half of August.

This is the first time Nigeria will be importing Brazilian crude, underscoring the Dangote Refinery’s commitment to diversifying its crude oil sources and ensuring a steady supply for its operations.

The Dangote Refinery, Africa’s largest, has been instrumental in Nigeria’s strategy to address the long-standing issue of fuel import dependency.

Despite being the continent’s leading oil producer, Nigeria has historically relied heavily on foreign fuel imports due to insufficient domestic refining capabilities.

The operationalization of the Dangote Refinery is expected to change this dynamic, enhancing the nation’s energy security and potentially lowering fuel prices for consumers.

Aliko Dangote, the CEO of Dangote Refinery, said “Importing crude and refining it locally will significantly enhance Nigeria’s energy security. Our ability to source crude oil from various global suppliers, including Brazil, is crucial for the refinery’s success and the broader energy strategy of the country.”

The Brazilian crude, sold by Petrobras, is among the most cost-effective and suitable oil grades available on the global market, making it an ideal choice for the refinery.

This strategic import is part of Nigeria’s broader efforts to secure a stable supply of crude for its refineries, ensuring that the country’s energy infrastructure is resilient and capable of meeting its needs without over-relying on any single source.

In a related development, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently reached an agreement with oil producers to supply crude oil to domestic refineries at market prices. This resolution came after a protracted supply dispute, which had strained relations with international oil companies.

The agreement ensures that Nigeria’s refineries, including the Dangote Refinery, have access to the necessary crude supplies at competitive prices.

This move is expected to end the challenges faced by local refineries, which have struggled to secure crude supplies due to excessive premiums demanded by international oil companies or claims of unavailability of crude.

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NNPC’s Stake in Dangote Refinery Drops to 7.2% Due to Unpaid Balance

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Dangote Refinery

Aliko Dangote, the Chief Executive Officer of Dangote Refinery, announced that the Nigerian National Petroleum Corporation (NNPC) Limited’s stake in the refinery has dropped from the previously held 20% to a mere 7.2%.

This reduction is attributed to NNPC’s failure to pay the balance of their shareholding dues, which was expected last month in June.

Dangote disclosed this during a media parley held at the refinery on Sunday, shedding light on the current ownership structure and the financial commitments made by the national oil company.

“The agreement was actually for 20%, but NNPC did not pay the balance of the money up till last year. We then gave them another extension up to June 2024, and they decided to remain at the 7.2% stake for which they had already paid,” Dangote stated.

This revelation has come as a surprise to many Nigerians who had been under the impression that the NNPC maintained a 20% stake in the refinery.

The reduction in ownership highlights the financial challenges faced by the state-owned oil company.

In 2021, the Group Managing Director of NNPC, Mele Kyari, had championed the decision to acquire a stake in the Dangote Refinery, citing the profit potential and the strategic importance of having a say in the refinery’s operations.

The investment was seen as critical to ensuring energy security for Nigeria and supporting the country’s fiscal stability.

Earlier this year, NNPC’s audited financial statements indicated that the corporation had acquired a 20% stake in Dangote Refinery for $2.76 billion.

This included a $1.036 billion funding from Lekki Refinery Funding Limited, of which $1 billion was paid to Dangote Refinery and $36 million covered transaction costs.

During the media parley, Dangote addressed various issues, including the challenges of supplying crude to the refinery.

He confirmed that the refinery has been sourcing crude from the United States and Brazil, while also noting the government’s intervention to resolve the supply issues.

The Dangote Refinery, located in the Lekki Free Zone, Lagos, is a massive project with a capacity of 650,000 barrels per day (BPD). Once fully operational, it aims to become Africa’s largest oil refinery and the world’s largest single-train facility.

The refinery is expected to generate approximately 9,500 direct jobs and an additional 25,000 indirect jobs, significantly boosting the local economy.

In addition to refining, the facility includes a fertiliser plant that will use by-products from the refinery as raw materials, further enhancing its economic and environmental impact.

The refinery is projected to produce around 50 million litres of petrol and 15 million litres of diesel daily, along with significant quantities of jet fuel and other petroleum products.

The reduction of NNPC’s stake underscores the financial complexities surrounding large-scale investments in Nigeria’s oil and gas sector.

As the Dangote Refinery nears full operation, the focus will be on how effectively it can address the country’s energy needs and contribute to economic growth, despite the challenges faced by its stakeholders.

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CBN Replaces Nigerian Security Printing and Minting Plc Management Team

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The Central Bank of Nigeria (CBN) has dismissed the top management team of the Nigerian Security Printing and Minting Plc (NSPM), appointing Abubakar Sule Minjibir as the acting Managing Director.

This development was disclosed in an internal memo titled “House Notice No. 2083 – Executive Management Changes,” signed by Soji Ogungbesan, General Manager of Corporate Services at NSPM.

The newly appointed interim executive management includes Abubakar Sule Minjibir as the Acting Managing Director, Mohammed Mustapha as General Manager of Finance and Strategy, and Adesoji Ogungbesan as General Manager of Corporate Services.

Minjibir succeeds Ahmed Halilu, the former MD and CEO of NSPM, who had been appointed by the former President Muhammadu Buhari in 2022.

Halilu’s appointment had sparked controversy due to his reported familial ties with Aisha Buhari, the former President’s wife.

The memo, dated July 10, 2024, stated: “The board has announced the immediate dissolution of the present executive management team of the NSPM and has approved the immediate constitution of an interim executive management team.”

The memo also assured staff of the new management’s commitment to their welfare and the strategic initiatives and organizational transformation developed by the board.

Staff members were encouraged to cooperate with the new management team to achieve the board’s strategic vision for the company.

Alongside Halilu, the other executives dismissed include Ado Danjuma, Executive Director of Corporate Services; Tunji Kazeem, Executive Director of Security Documents; Chris Orewa, Executive Director of the Lagos factory; and Victoria Lucky Irabor, Company Secretary and Legal Adviser.

The dismissal and appointment of new management come amid concerns raised by various groups about the previous leadership’s connections and the potential implications for the security and integrity of sensitive materials produced by the NSPM.

The Gravitas Group, an international advocacy organization, had previously condemned Halilu’s appointment, calling it a “family affair” and expressing concerns about the concentration of such sensitive responsibilities within a familial relationship to the President.

As the CBN moves forward with the new interim leadership, it aims to steer NSPM towards achieving its strategic goals and ensuring the integrity and efficiency of its operations.

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