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Aftermath of Monopoly Allegation: Dangote Offers to Sell Refinery to NNPC

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Africa’s wealthiest man Aliko Dangote said he is willing to give up ownership of his multibillion-dollar oil refinery to the state-owned energy company NNPC Limited.

The billionaire spoke as a new dispute with one of the key equity partners in the plant heats up in the latest phase of a bitter row with regulatory authorities in Nigeria.

The 650,000 barrel-per-day refinery, which came to life last year after a decade of prolonged construction, cost $19 billion, more than double the initial estimate, promising to help wean Africa’s biggest oil producer off its reliance on fuel from overseas and save up 30 per cent of the total foreign exchange spent on importing goods.

“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way,” Mr Dangote told PREMIUM TIMES in an exclusive interview on Sunday.

“We have been facing fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery.”

The multisectoral investor’s big bet on oil and gas, which he ventured into following years of relatively stress-free dominance of Nigeria’s cement, salt and sugar industries, is turning out problematic in its early days.

Set for its first roll-out of petrol to the Nigerian market in August, the mammoth plant has been operating just above half its capacity since the January start of refining operations, constrained in part by difficulties in sourcing crude from international producers.

Dangote Refinery said those companies are either demanding outrageous premiums before agreeing to supply crude or simply claiming the product is unavailable.

NNPC, once a sweetheart of the refiner before the current dispute soured relations, had delivered only 6.9 million barrels of oil to the plant as of May since last year, according to S&P Global Platts, a tracker of supply data.

NNPC Limited has a supply deal with the company dating back to the commencement of operations and previously agreed to a 20 per cent equity participation, the refinery saying only 7.2 per cent has been fully paid for before the deadline issued to the company to acquire the stake.

Starving the refinery of the feedstock required to keep it running at present capacity means it has turned to countries like Brazil and the US to bridge the gulf in supply.

“As you probably know, I am 67 years old, in less than three years, I will be 70. I need very little to live the rest of my life. I can’t take the refinery or any other property or asset to my grave. Everything I do is in the interest of my country,” Mr Dangote told PREMIUM TIMES.

“This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery. At least the country will have high-quality products and create jobs,” he added.

Mr Dangote said the obstacles his refinery is facing seem to have vindicated friends and associates who conselled him to tread with caution as he pumped billions of dollars into the Nigerian economy.

“Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his action in the interest of his country. He blamed his action on policy inconsistencies and shenanigans of interest groups. That friend has been taunting me in the past few days, saying he warned me and that he has been proven right,” the businessman said.

Culled from Premium Times

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Tinubu, Makinde Express Relief at Rescue of Oyo Kidnapped Pupils, Teachers

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Oyo State Governor Seyi Makinde has expressed relief and joy over the release of the abducted schoolchildren and teachers in Oriire Local Government Area.

“It is such a big relief for all of us. Right now, I am overjoyed and can hardly say much,” the governor told Channels Television.

President Bola Tinubu has also expressed delight over the successful rescue of abducted children and teachers, commending the military, the DSS, and the Nigeria Police Force for ending their 56-day captivity.

The President said the security operation led to the arrest of eight suspected abductors while several others were neutralised, describing the outcome as a major relief for the victims, their families and the nation.

In a statement issued on Friday by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu praised the security agencies for what he described as their tireless efforts in securing the victims’ release.

He also sympathised with the children, teachers and their families over the trauma they endured during the prolonged ordeal

The President further commended the Oyo State Government for its cooperation with the Federal Government throughout the rescue operation and urged the state to strengthen security around schools to prevent similar incidents.

President Tinubu also directed emergency response agencies to work with the Oyo State Government to provide the rescued children and teachers with all necessary medical care and relief support as they recover from the ordeal.

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Kidnapped Oyo Pupils, Teachers Rescued

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The schoolchildren and teachers kidnapped by suspected bandits in Oriire Local Government Area of Oyo State have been rescued after about 56 days in captivity.

According to a statement by presidential spokesperson, Bayo Onanuga, the victims were freed through the efforts of security agencies.

“Finally, all the kidnapped pupils and teachers in Oriire, Oyo State, have been rescued by our security agencies,” Onanuga said.

He disclosed that eight members of the kidnapping gang were arrested during the rescue operation and are now in the custody of the Department of State Services (DSS).

Onanuga said the rescue operation did not involve any exchange or concession to the kidnappers, noting that a notorious gang leader whose release had been demanded by the abductors remains in custody and is being prosecuted for his alleged crimes.

He added that security agencies would provide a full account of the operation soon.

“In the course of the rescue operation, eight of the kidnappers were arrested and are now in DSS custody, while some of them were neutralised. There was no quid pro quo in the rescue, as one of the terrorists, a kingpin whose release was demanded by the kidnappers, is being prosecuted for his atrocities. The security agencies will give full account soon,” he added.

In a video shared alongside the statement, a woman believed to be one of the rescued teachers was seen thanking President Bola Tinubu for securing their release. The schoolchildren were also seen eating biscuits and joining the teacher in chanting, “Thank you, sir,” at the end of her remarks.

“Hello sir, our father, we are grateful. Mr President, sir, we are grateful. We understand your commitment to our safety and we appreciate all you did for us. We could see your hand in this. Thank you very much. Every security operative tried so much, and that is why we are still alive today. We are very grateful to you. Thank you very much,” the teacher said.

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Worsening Insecurity: Tinubu Parleys Service Chiefs

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President Bola Ahmed Tinubu, on Thursday, held a closed-door meeting with Nigeria’s Security Chiefs at the Presidential Villa, Abuja, as the Federal government reviewed the worsening security situation across the country.

The meeting focused on a comprehensive assessment of security challenges and developments across various theatres of operation.

Among those in attendance were the National Security Adviser, Nuhu Ribadu; Minister of Defence, Christopher Musa; Chief of Defence Staff, Olufemi Oluyede; Chief of Army Staff, Waidi Shaibu; and Chief of Defence Intelligence, Emmanuel Undiandeye.

Also present were the Director-General of the Department of State Services, Adeola Ajayi; Director-General of the National Intelligence Agency, Mohammed Mohammed; the President’s Special Adviser on Homeland Security, Major General Adeyinka Famadewa (retd.) alongside other security officials.

The meeting came 48 hours after troops of Operation FANSAN YAMMA, supported by the Air Component of the Joint Task Force (North West), foiled what the military described as a major planned terrorist offensive in Zamfara State and Katsina.

According to the military, the operation, carried out on July 7, involved three Nigerian Air Force aircraft that tracked a convoy of about 300 heavily armed terrorists travelling on motorcycles from the Sunke-Kumbo axis towards Gummi before launching precision airstrikes on the convoy.

The outcome of Thursday’s security meeting was not immediately disclosed, but it comes amid growing concerns over persistent attacks by terrorists, bandits, and other armed groups in several parts of the country.

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