Upon the completion of Dangote Refinery which is the world’s largest refinery in a single production, it is expected to drive down the price of fuel in Ghana and other West African countries. Dangote Refinery is being built in Lagos Free Trade Zone (LFZ) in Nigeria.
According to the Chief Executive Officer of the National Petroleum Authority (NPA) of Ghana, Mustapha Abdul-Hamid, the completion of the Dangote Refinery and its subsequent commencement of operation will be a breakthrough for the West African region.
Investors King understands that most West African countries including Nigeria with a large deposit of crude oil import fuel from Europe.
While speaking at the 16th Oil Trading and Logistics Expo in Lagos, Abdul-Hamid noted that the oil downstream sector in Ghana is completely deregulated which makes it free from oil subsidy.
He noted that in a capitalist economy where fuel importers would want to make substantial profits from their cost of spending, importing from Nigeria which is a neighbouring country to Ghana will be cost-effective and cheaper than importing from far away Rotterdam in the Netherlands.
Currently, the West African country gets a substantial part of its fuel from the Netherlands.
“As we all know, the price builds up for a litre of fuel will include the cost of shipment, transportation, insurance, and others, but if we are importing from Nigeria into Ghana, this will bring down the cost of fuel in our country,” he stated.
He also added that the Government of Ghana is building a $60 billion petroleum hub on 20,000 acres of land for storage and marine facilities.
The mega oil storage facility which was first announced in 2018 will supply several countries in Africa. The project which is located in Bonyere is expected to be completed in 2030.
Meanwhile, Dangote Refinery intends to raise another trench of bonds to hasten the completion of the refinery. In July 2022, the company raised N187.6 billion under Dangote Industries Limited (DIL).
The second trench of the bond will make it a total of N300 billion which the company had disclosed it will raise from the public to help finance the landmark oil project which is due for commencement of operation by early 2023.
Aero Contractors to Resume Operations After Four Months of Suspension
Aero Contractors called off suspension, to resume operations in the first week of December
Aero Contractors has disclosed plans to resume flight operations on the 5th of December 2022. The resumption is coming after more than four months of suspension owing to a lack of equipment capacity, foreign exchange scarcity, and other industry challenges.
Investors King could recall that in July 2022, Aero Contractors which is one of the oldest domestic airlines operating in Nigeria announced a voluntary withdrawal of service due to the numerous challenges facing the airline and the industry in general.
“Due to the impact of the challenging operating environment on our daily operations, the management of Aero Contractors Company of Nig. Ltd. wishes to announce the temporary suspension of its scheduled passenger service operations with effect from Wednesday, July 20, 2022,” a statement issued by the airline in July partly read.
The airline added that some of its aircraft were undergoing maintenance which made it a more complex situation to cope with the current reality in the aviation industry.
It highlights the high cost of maintenance, fuel, inflation, and forex scarcity resulting in high foreign exchange rates as some of the prevailing challenges which culminated in the suspension of service.
According to sources that are familiar with the new development, flight operations will resume with the Lagos to Abuja route while a check on the airline website showcases a confirmation.
Meanwhile, the Nigerian Civil Aviation Authority (NCAA) has cleared Aero Contractors to resume flight operations.
The Director General of NCAA, Capt. Musa Nuhu confirms the resumption during a discussion he had with journalists earlier today.
The DG clarified that the airline was not grounded and that it never had safety issues. Rather, he said the airline was faced with financial challenges which, if not quickly nipped in the bud, may degenerate into safety issues.
“Aero Contractors was not grounded based on safety issues. We did an audit of them…and we found out that the issue they had was financial sustainability,” Capt Nuhu noted.
Dangote Sugar Refinery to Create 300,000 Jobs
Africa’s richest man, Aliko Dangote has disclosed that his sugar refinery located in Adamawa State will soon commence recruitment and it is expected to create 300,000 jobs in both, direct and indirect jobs.
Investors King could recall that Aliko Dangote earlier announced that the Dangote Sugar Refinery Plc will significantly scale up its investment in the sugar sub-sector in line with the requirement of the Nigeria Sugar Master Plan.
Speaking at an event in Adamawa, Dangote noted that his sugar factory will expand its capacity from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, 9,800 tcd and to 15,000 tcd.
He added that the company will double its scholarship and empowerment schemes in its host communities.
“We are thus committing over $700 million to our investment in the Backward Integration Programme to enable us to put in place needed infrastructure for the eventual commencement of full-scale production,” he said.
Just like his cement and oil factories, Dangote Sugar Refinery will be one of the largest in Africa with the potential to create about 300,000 jobs both directly and indirectly.
“(Upon full-scale operation) the factory will be able to create about 300,000 jobs, direct and indirect, with positive multiplier effects on the economy nationwide,” he noted.
Investors King understands that at the completion of Dangote oil refinery situated in the Lekki part of Lagos State, it would be one of the largest in the world in single production with a capacity of 600,000 barrels of oil per day.
Similarly, his cement factory located in Obajana, Kogi State is the largest in Africa.
Speaking at the event, the Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo, described the Dangote Sugar Refinery as the biggest contributor to the development of the sugar development effort of the Federal Government.
Otunba Niyi Adebayo also appreciates Aliko Dangote for his massive support towards the host community through Corporate Social Responsibility (CRS).
Elon Musk Completes Twitter Acquisition, Fires CEO, CFO, and Legal Adviser
Elon Musk completed Twitter’s $44 billion takeover last night, he immediately fired an executive director reported to have spearheaded Donald Trump’s suspension on Twitter.
As the world’s richest man, Elon Musk completed Twitter’s $44 billion takeover last night, he immediately fired an executive director reported to have spearheaded Donald Trump’s suspension on Twitter.
Sources revealed that Elon Musk accused Chief Executive Parag Agrawal, Chief Financial Officer (CFO) Ned Segal, and a few other top members of the microblogging platform of misleading him over the number of bots and fake accounts on the platform.
It will be recalled that Musk had initially backed out of the acquisition deal after he alleged misrepresentation of fake accounts.
This, therefore, led to a legal battle between Musk and Twitter Inc.
After the acquisition was completed late Thursday, Musk who is the CEO of electric vehicle manufacturing company, Tesla tweeted “The bird is freed”, subtly referring to the Twitter Logo.
With the complete takeover of Twitter, analysts and observers have expressed their expectation to see a change in the operational modality of the company.
Similarly, the new owner, Elon Musk has also mum some changes which include the reactivation of the Former U.S President’s account which was suspended for inflammatory tweets.
Twitter had accused Donald Trump of instigating violence with his tweet which led to the attack on U.S Capitol.
Investors King had earlier reported that Elon Musk intends to take a number of measures which include the reactivation of Donald Trump’s Twitter account to turn the fortune of the company around.
Before the suspension, the former president has one of the most engaging Twitter handles on the platform.
Meanwhile, Elon Musk has set out a very ambitious transformation for his new company ‘Twitter”. He indicated that he will transform the platform into a “super app” which offers several things from money transfer to shopping and ride-hailing.
Already, the social media giant is reportedly planning to integrate a cryptocurrency wallet that will support both the deposit and withdrawal of digital assets.
In addition, Twitter also enables Bitcoin wallet address which allows Twitter users to attach their Bitcoin address to their profile.
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