Africa's wealthiest man, Aliko Dangote, has signed a multi-billion dollar deal with banks to finance the building of an oil refinery in Nigeria.
The refinery would be the largest in Africa, turning Nigeria into a petroleum exporter, he told the BBC.
Nigeria is Africa's biggest oil producer but lacks refining capacity and has to import most of its fuel.
The West African state is often hit by fuel shortages, and conflict over control of its oil wealth.
People in Nigeria's oil-producing southern Niger Delta region are among the country's poorest and accuse the government and oil companies of failing to develop the area.
'Dilapidated refineries'
Mr Dangote, a Nigerian who made his fortune in cement, flour and sugar, is worth an estimated $16bn (£10bn) and has topped the Forbes list of Africa's richest men for the past three years.
Mr Dangote told the BBC's Focus on Africa programme the refinery would create "thousands" of jobs.
It would be built in the south-west and would become operational in 2016, he said.
Mr Dangote signed a $3.3bn loan deal with local and foreign banks to build the refinery, as well as fertiliser and petrochemical plants.
The entire venture would cost $9bn, with $3bn in equity from Dangote Industries and $6bn to be raised in loan capital.
The initial loan facility was co-ordinated globally by Standard Chartered and in Nigeria by Guaranty Trust Bank, London's Financial Times newspaper reports.
"At least for the first time in our lifetime, we'll see Nigeria exporting petroleum products," Mr Dangote told Focus on Africa on the BBC World Service.
"We'll also see Nigeria for the first time exporting fertiliser rather than using hard-earned foreign exchange to import fertiliser," he added.
Nigeria currently imports more than three-quarters of its fuel despite being the continent's biggest producer.
Although it has two refineries in the Port Harcourt area, neither runs at full capacity.
Previous efforts to repair Nigeria's dilapidated refineries and build new ones have been scuppered to protect the interests of powerful fuel importers, some of whom have been linked to a subsidy scam costing the country billions of dollars a year, correspondents say.
Fuel in Nigeria is sold at a subsidised price. A government attempt to remove the subsidy in 2012 led to nationwide protests. The plan was subsequently dropped.
Last year an investigation revealed that in two years, more than $6bn was lost in a fuel subsidy scam.
Thursday, September 5, 2013
Nigeria's Dangote signs deal to build oil refinery
Africa's wealthiest man, Aliko Dangote, has signed a multi-billion dollar deal with banks to finance the building of an oil refinery in Nigeria.
The refinery would be the largest in Africa, turning Nigeria into a petroleum exporter, he told the BBC.
Nigeria is Africa's biggest oil producer but lacks refining capacity and has to import most of its fuel.
The West African state is often hit by fuel shortages, and conflict over control of its oil wealth.
People in Nigeria's oil-producing southern Niger Delta region are among the country's poorest and accuse the government and oil companies of failing to develop the area.
'Dilapidated refineries'
Mr Dangote, a Nigerian who made his fortune in cement, flour and sugar, is worth an estimated $16bn (£10bn) and has topped the Forbes list of Africa's richest men for the past three years.
Mr Dangote told the BBC's Focus on Africa programme the refinery would create "thousands" of jobs.
It would be built in the south-west and would become operational in 2016, he said.
Mr Dangote signed a $3.3bn loan deal with local and foreign banks to build the refinery, as well as fertiliser and petrochemical plants.
The entire venture would cost $9bn, with $3bn in equity from Dangote Industries and $6bn to be raised in loan capital.
The initial loan facility was co-ordinated globally by Standard Chartered and in Nigeria by Guaranty Trust Bank, London's Financial Times newspaper reports.
"At least for the first time in our lifetime, we'll see Nigeria exporting petroleum products," Mr Dangote told Focus on Africa on the BBC World Service.
"We'll also see Nigeria for the first time exporting fertiliser rather than using hard-earned foreign exchange to import fertiliser," he added.
Nigeria currently imports more than three-quarters of its fuel despite being the continent's biggest producer.
Although it has two refineries in the Port Harcourt area, neither runs at full capacity.
Previous efforts to repair Nigeria's dilapidated refineries and build new ones have been scuppered to protect the interests of powerful fuel importers, some of whom have been linked to a subsidy scam costing the country billions of dollars a year, correspondents say.
Fuel in Nigeria is sold at a subsidised price. A government attempt to remove the subsidy in 2012 led to nationwide protests. The plan was subsequently dropped.
Last year an investigation revealed that in two years, more than $6bn was lost in a fuel subsidy scam.
Wednesday, September 4, 2013
PHOTOS: Actress, Sikiratu Sindodo & Actor, Femi Adebayo Married
Actress, Tayo Odueke popularly known as Sikiratu Sindodo and actor, Femi Adebayo are married.
No, it is not one of those celebrity marriages, it’s actually for a new movie.
The couple got married on a movie set few days ago. We know some people can’t wait for the movie to be released. So watch out for it.
No, it is not one of those celebrity marriages, it’s actually for a new movie.
The couple got married on a movie set few days ago. We know some people can’t wait for the movie to be released. So watch out for it.
Electrified Porsche 914 Revealed
The mid-engined, targa-topped 914 is a car that sits atop the wish lists of very few Porschephiles, if any at all.
Spotted in Los Angeles on 31 August: an electrified 914 sipping some juice at a public charging station. The car started life as a 1974 Porsche 914 1.8 – complete with a Volkswagen-sourced 85hp flat-four engine.
On a full charge,“P914-EV” is good for a cruising range of 70-80 miles.
The interior is vintage Porsche – businesslike – with one very 21st-century upgrade: a touch-screen interface, complete with infotainment and vehicle diagnostics systems, running on an Android tablet.
Spotted in Los Angeles on 31 August: an electrified 914 sipping some juice at a public charging station. The car started life as a 1974 Porsche 914 1.8 – complete with a Volkswagen-sourced 85hp flat-four engine.
On a full charge,“P914-EV” is good for a cruising range of 70-80 miles.
The interior is vintage Porsche – businesslike – with one very 21st-century upgrade: a touch-screen interface, complete with infotainment and vehicle diagnostics systems, running on an Android tablet.
Tuesday, September 3, 2013
PHOTO: I Am Married To A Very Beautiful Woman – Hafiz Oyetoro ‘Saka’
Popular actor/MTN Ambassador, Hafiz Oyeto who recently turned 50 in an interview talks about his life, family and more.
How do you feel being celebrated at 50?
I feel so cool. I feel grateful to Almighty God for giving me the grace to reach 50. I know that many people have gone even without reaching the age of 20. 50 years marks a new beginning and I thank God that today I can be alive to see 50.
What would you say is responsible for your recent success?
It is God. God has been very wonderful to me. God has been there for me and my family. He has given me the grace to be associated with great people. More so, I have had the opportunity to be surrounded by people that have added positive value to me life. My family, friends, colleagues, employers and clients, they have actually contributed in one way or the other to who and what I am today.
What motivated your porting from Etisalat to MTN?
All I can say is that both brands, Etisalat and MTN are fantastic brands and they are my friends.
Why do you think these telecoms companies have chosen you?
I really don’t know. I was just busy doing my thing and then they came. I believe everybody aspires for good things. We all desire for an elevation in status, but how it may come, we sometimes don’t know. The only explanation I can give is to say that it has been the grace of God.
Do you think people now celebrate and recognize more for your MTN endorsement than for your acting?
I think it more of what I have been doing and God’s grace. I think it is more of everything. And I’m lucky to have worked with MTN and Etisalat.
How much of an influence has your wife been to your success?
I have a very beautiful woman for a wife. A woman who has made the house my home. Every time I go out, I want to go back home. I always feel happy to go home. She’s always been there for me. She’s more of my friend, my mother, my sister, everything. I thank God who has given me the grace to have a woman who shares my vision.
The greatest mistake anybody can make in this world is to marry a woman who does not share in his vision. God has given me that grace to marry a woman who shares my vision. The things I do, I do them without any problem. My home is stable and my job is going on well.
Saka’s wife, Olaide also had some few things to say
On how she feels to see many people coming out to celebrate her husband many people. According to her she feels excited, great and to God be the glory. She describes the years they have spent together has wonderful and God has been with them.
On the main attraction for your husband: It is simply love. That was the main attraction and I thank God for everything
How do you feel being celebrated at 50?
I feel so cool. I feel grateful to Almighty God for giving me the grace to reach 50. I know that many people have gone even without reaching the age of 20. 50 years marks a new beginning and I thank God that today I can be alive to see 50.
What would you say is responsible for your recent success?
It is God. God has been very wonderful to me. God has been there for me and my family. He has given me the grace to be associated with great people. More so, I have had the opportunity to be surrounded by people that have added positive value to me life. My family, friends, colleagues, employers and clients, they have actually contributed in one way or the other to who and what I am today.
What motivated your porting from Etisalat to MTN?
All I can say is that both brands, Etisalat and MTN are fantastic brands and they are my friends.
Why do you think these telecoms companies have chosen you?
I really don’t know. I was just busy doing my thing and then they came. I believe everybody aspires for good things. We all desire for an elevation in status, but how it may come, we sometimes don’t know. The only explanation I can give is to say that it has been the grace of God.
Do you think people now celebrate and recognize more for your MTN endorsement than for your acting?
I think it more of what I have been doing and God’s grace. I think it is more of everything. And I’m lucky to have worked with MTN and Etisalat.
How much of an influence has your wife been to your success?
I have a very beautiful woman for a wife. A woman who has made the house my home. Every time I go out, I want to go back home. I always feel happy to go home. She’s always been there for me. She’s more of my friend, my mother, my sister, everything. I thank God who has given me the grace to have a woman who shares my vision.
The greatest mistake anybody can make in this world is to marry a woman who does not share in his vision. God has given me that grace to marry a woman who shares my vision. The things I do, I do them without any problem. My home is stable and my job is going on well.
Saka’s wife, Olaide also had some few things to say
On how she feels to see many people coming out to celebrate her husband many people. According to her she feels excited, great and to God be the glory. She describes the years they have spent together has wonderful and God has been with them.
On the main attraction for your husband: It is simply love. That was the main attraction and I thank God for everything
Photos : Obafemi Martins Flaunts His Expensive Jewellery Collections, 24CT Gold Sunglasses And Rolex Watch On Instagram
Obagoal is getting attention and he is loving it! Few days ago he flaunted his cars and houses on Instagram, today he is showing off his expensive Jewellery collection. charlie these guys are seriously balling!!!
See more photo after the cut...
culled from lawrencia udife
Kcee 'Limpopo' Goes Into Oil Business (See Photo)
Ṣeems everybody is now going into oil business, me sef don port...i just ventured into groundnut oil business,(oil na oil) abi na my own go lost...who say my water no go boil,them no go sell stove for im land?
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