Binnabook Magazine: Business News


Showing posts with label Business News. Show all posts
Showing posts with label Business News. Show all posts

Dangote oil refinery will start processing crude in the third quarter of this year 2022

 Nigeria’s giant new Dangote oil refinery will start processing crude in the third quarter of this year. 

Mechanical work on the refinery is complete and “hopefully before the end of third quarter we should be in the market,” Aliko Dangote, chairman of Dangote Industries Limited, said in a briefing at the plant site in Lagos. 

The plant will start with a processing capacity of 540,000 barrels a day, Dangote said. “Full production can start maybe, by the end of the year or beginning of 2023,” he said. 

The facility, which will cost an estimated $19 billion to build, has an installed capacity of 650,000 barrels per day. Its output will be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

Dangote, Africa’s richest man, addressed reporters along with Akinwumi Adesina, president of the African Development Bank, which previously provided $300 million loan in support of the project.

The AfDB head and Dangote discussed possible collaboration to expand the billionaire’s businesses to more African countries to take advantage of the free trade area agreement, according to Adesina. They also talked about setting up an industrial manufacturing corps on the continent made up of the engineers that built the refinery. This will ensure that the skills gained can be shared with other countries in Africa and outside the continent.

Dangote, originally a cement tycoon, is worth $20.4 billion, according to the Bloomberg Billionaires Index.

Nigeria Govt to Establish 18 Modular Refineries In Oil-Producing States

 The Federal Government on Wednesday said it was working to establish three modular refineries in each of the oil producing states, particularly in the Niger Delta region.

Going by the plan, the government would have to establish about 18 refineries in the country’s six major oil producing states in the Niger Delta including Rivers, Bayelsa, Akwa Ibom, Delta, Edo and Cross River.

It said the objective was to halt the illegal artisanal refining activities going on in oil producing areas and its impact on residents in the affected locations.

The Minister of State for Environment, Chief Sharon Ikeazor, disclosed this in a statement issued by her ministry in Abuja.

She said, “In a bid to find alternative sources of livelihood for artisanal refiners and to encourage them to disengage completely from their illegal activities, the Federal Ministry of Environment in collaboration with the Office of the Senior Special Adviser to the President on Niger Delta Affairs and other critical stakeholders, are working on the establishment of three modular refineries per state in the oil producing areas as a pilot scheme to engage them (artisanal refiners).

“These modular refineries are intended to be 100 per cent designed and manufactured in Nigeria using the expertise of government institutions such as the Ministry of Petroleum Resources, Federal University of Petroleum Effurun and Ahmadu Bello University Zaria.

“Others include Ministry of Niger Delta Affairs, Niger Delta Development Commission, Petroleum Technology Development Fund, Nigerian Content Development and Management Board, National Agency for Science and Engineering Infrastructure, etc.”

She said the government would also train the artisanal refiners on environmental management, including skills required for oil spill management and remediation.

“The main objective is to enable those participating in illegal/artisanal oil refining to transit into operation of modular refineries to be run legitimately as a business under proper technical, commercial and environmental regulation,” Ikeazor stated.

She added, “It is also the intention of government that other artisanal refiners that cannot be absorbed in the pilot modular refineries will be congregated into business clusters and the Alternative Livelihood Fund in the Hydrocarbon Pollution Remediation Project be utilised to set up businesses for them, especially on the management on spent oil to engage them.

Niger Delta region.

“In fact, the much talked about Port Harcourt soot is caused by the activities of artisanal refineries due to the indiscriminate ‘cooking’ of stolen crude oil which releases very thick black smoke into the atmosphere, and later settles on surfaces as soot,” Ikeazor stated.

She noted that in order to address this issue, the National Oil Spill and Response Agency annually embarked on sensitisation campaigns to host communities in the oil producing states.

Ikeazor said the campaigns were through the agency’s disaster risk reduction programme that focused on the socio-economic implications of artisanal refining, oil theft and pipeline vandalism and the need to bring these illegal activities to an end.

“Similarly, the ministry has sought the support and collaboration of the Minister of Defence and the Minister of State for Petroleum Resources in tackling the menace,” she stated.

I Have Never Felt So Low — Obi Cubana Reacts To Allegation Linking Him To Asian Drug Barons (Video)

 I Have Never Felt So Low — Obi Cubana Reacts To Allegation Linking Him To Asian Drug Barons (Video)

Nigerian socialite and businessman, Obi Iyiegbu aka Obi Cubana has reacted to the allegation linking him to Asian drug barons, IGBERETV reports.

Obi Cubana, on Thursday, January 13, 2022 visited the headquarters of the National Drug Law Enforcement Agency (NDLEA) and spent about four hours. He arrived the NDLEA premises at about 9am based on invitation for clarifications over reports of suspicious payments made into his account by three convicted drug dealers from Malaysia, Nigeria and India. He allowed to go home at about 1.30pm.

In an Instagram live session with Daddy Freeze, Obi Cubana said he was Innocent of the allegation. He said the allegation made him feel so low because he had made a covenant with his God never to be involved in illicit drug trafficking.

See video below.

BUA Foods Plc Receives Approval To List On The Nigerian Exchange

 BUA Foods Plc (“BUA Foods” or the “Company”) is pleased to announce that it has received approval to list on the Main Board of The Nigerian Exchange (“NGX”).

BUA Foods has satisfied the listing requirements of The Exchange and obtained relevant regulatory approvals, as a result, BUA Foods is now listed in the consumer goods sector of the Exchange, with the ticker “BUAFOODS”. A total of 18,000,000,000 (eighteen billion) shares were admitted to trading, representing the total issued share capital of the Company.

The listing by introduction means that the shares of existing BUA Foods’ shareholders has been listed without an additional public sale of shares. Henceforth, all BUA Foods shareholders will be free to trade their shares on the Exchange.

Commenting on the listing, Abdul Samad Rabiu, CON, Chairman of BUA Group said “I am delighted that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.”

We appreciate the continued support of our stakeholders – financial advisers, stock brokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”

The Acting Managing Director, BUA Foods, Engr. Ayodele Abioye, also stated, “the listing today marks a new beginning for a Company playing a critical role in the FMCG industry, one that’s highly committed to nourishing lives with all our product offerings. The listing resonates with our commitment to sustainable growth as we nourish and enrich the lives of consumers by delivering high quality products at competitive prices. This listing creates an avenue for everyone to be a part of the success story of BUA Foods and benefit from the growth opportunities ahead.”

For over three decades, the company has maintained an unbroken streak of year-on-year growth, establishing ultra-modern production facility across multiple locations. BUA Foods remains a consistent leading player in the Food and FMCG industry with strong reputation for exceeding customers and consumers expectations with high-quality products.

BUA Foods also continues to invest in modern technology for efficient food production, innovating and expanding with strategic partners across the value chain. The company is also well positioned to leverage significant export potentials across West Africa and the larger African continent.

Lebanon Becomes First Arab Country To Legalize Cannabis

 The Lebanese parliament voted to legalize the cultivation of cannabis for medical and industrial use making Lebanon the first Arab country to do so.

The law regarding the infamous plant, which has a great variety of uses such as pharmaceutical, wellness and textile products, passed last April.

The conversation toward legitimizing the farming of cannabis was growing for years in the Mediterranean country, but was pushed in the forefront recently, because of the current economic crisis.

Lebanon suffers from the worst financial and economic disaster in its history, which some officials believe cannabis can help relieve.

Alain Aoun, a senior MP in the Free Patriotic Movement told Reuters “we have moral and social reservations but today there is the need to help the economy by any means”.

According to a report by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow to $63.5 billion by 2024.

The market is witnessing an expansional growth mainly due to the legalization and decriminalization of cannabis products worldwide.

Lebanon is the third-largest supplier of cannabis resin, also known as “hashish”, after Morocco and Afghanistan, according to the UN. The plant, which is known to be farmed illegally in the country’s Bekaa Valley, represents a clear opportunity for profit by exporting the crop internationally in an attempt to revitalize the country’s already crippled economy.

Yet, despite all the benefits of economic potential the pro-cannabis law officials have boasted, many expressed their concerns, linked mainly to the lack of confidence in the state’s ability to impose the necessary measures to restrict the legislation to medical ends. There is also the issue of rampant corruption in Lebanon.

Many of the reluctant to give full endorsement to the law fear that any benefit from the legislation will be limited to a small number of people, instead of seeing a trickle down effect from the hashish revenues to the entire population.

In addition, the new law did not decriminalize consumption of the plant or reduce sentences, with all recreational production and use remaining illegal.

Between 3,000 and 4,000 people are arrested for drug crimes each year in Lebanon, the vast majority for the consumption of hashish, according to statistics from the Central Drug Enforcement Office.

China Backs Russia Against Ukraine and NATO

 China has thrown its considerable political weight behind Russia in President Vladimir Putin's standoff with Ukraine, describing NATO a...


COPYRIGHT: All rights reserved. This material and any other material on this platform may not be reproduced, published, written in full or in part, without written permission from BINNABOOK PUBLISHERS.But you can share through the social Media