Africa's richest man Aliko Dangote aiming for 50% of Nigeria's crude refined internally by 2021

“Our target is that in the next five years or so from now, we hope and we believe that half of Nigeria’s crude will be refined and exported rather than just exporting crude to go and create jobs elsewhere.”

The words of Africa’s richest man, Aliko Dangote during a press briefing after touring the construction site of his refinery expected to begin operations in 2019.

He was accompanied on the tour by Nigeria’s vice president Prof. Yemi Osinbajo, and Akinwunmi Ambode, governor of Lagos State, where the refinery is being built and a number of key federal level ministers.

Governor Ambode, said that the Dangote Lekki Refinery, Petrochemical Projects will boost Nigeria’s economy, because it would be a major strategic asset not for Lagos alone but for Nigeria’s wobbly power supply system.

Africa’s richest man disclosed in an interview with Reuters News Agency on Friday (June 24) plans to open Nigeria’s first private oil refinery estimated at a cost of $12 million dollars with the funds to be pooled from multiple sources.

The refinery, which would be complemented by petrochemical, gas & fertilizer projects by Aliko Dangote at Lekki Free Zone (LFZ) in Lagos is expected to be completed in 2018 but start operations the next year.

The Governor of Nigeria’s commercial hub said “Firstly, there is a refinery project that is ongoing, second there is a petrochemical project that is also ongoing. There is pipeline transfer project that brings gas from Bonny down to Olokonla and down to Lekki and then the fourth one is the fertilizer project all in one location.”

The Petrochemical project that is coming on stream by December 2017, whiles the refinery comes on stream by the first quarter of 2019, in between both the Gas project will come on stream by 2018.

The Vice President refinery’s on his part said the Gas Project upon completion has the capacity to produce about three billion cubic feet of gas daily, which would permanently address the two billion cubic feet daily gas required to power the country.

Some of the ministers that were on the trip included Minister for Finance, Kemi Adeosun; Minister for Solid Minerals, Kayode Fayemi; Power, Works and Housing minister, Babatunde Fashola and Industry, Trade and Investment minister Okechukwu Enelamah.

Africa News

Related story: Video - Aliko Dangote building world's largest oil refinery in Nigeria

Niger Delta Avengers want Brexit style referendum for Nigeria

Oil militants who have slashed Nigeria's petroleum production with attacks on pipelines called Sunday for a referendum on breaking up the Nigerian federation.

The Niger Delta Avengers group posted a map on social media suggesting that the West African power house could divide into five countries.

Analysts had predicted that the stunning result of the British referendum to leave the EU would encourage separatists in Nigeria. "Separatist groups will feel emboldened," Nigeria's SBM Intelligence warned in an analysis of the fallout from the British vote.

"President (Muhammadu) Buhari should call for a referendum to enable every Nigerian to vote if they want to stay as Nigerians or not, just like what David Cameron of Great Britain did," the Avengers posted on Twitter.

Based in the southern Niger Delta, the Avengers have allied themselves with separatist groups from the southeastern Igbo people, and said they, too, might demand a separate state. Igbo separatist groups have had a resurgence in the past year. Nigeria suffered a civil war from 1965 to 1970 that killed a million people after the Igbo declared an independent state of Biafra. Former colonial power Britain sided with the federal government while France supported the secessionists.

All Nigeria's oil production is in the Niger Delta and offshore of the southern region. Oil militants and non-violent activists have been demanding a greater share of the wealth from oil, an industry that has massively polluted their lands and destroyed the livelihoods of communities that rely on fishing and agriculture.

Oil provides 70 percent of the federal government's revenue. Finance Minister Kemi Adeosun said the Avenger's attacks — on facilities of U.S.-based Chevron, Dutch-British Shell and Italian Agip — cost the government nearly $60 million in May. The attacks have stopped production at two of Nigeria's five oil refineries, disrupted supplies from two export terminals and made buyers cautious of Nigerian oil.

Nigeria also confronts an Islamic extremist uprising in the northeast by a group allied with the Islamic State that has killed more than 20,000 people and an upsurge in deadly confrontations in the Middle Belt between Muslim nomadic cattle herders and Christian farmers.

ABC

Related story: Video - Niger Delta Avengers set tough conditions for negotiation with Nigerian government

Video - Foreign nationals kidnapped in Nigeria released

The Commissioner of Police in Cross River, Jimoh Ozi-Obeh, on Sunday confirmed the release of five workers of Macmahon Construction Company abducted on June 22.

Two Australians, one South African and two Nigerians were seized by gunmen at Edundun Bridge in Akpabuyo Local Government Area of Cross River.

The police said their driver was killed during the attack.

Ozi-Obeh told newsmen in Calabar that no ransom was paid to release the workers.

He said the success recorded during the rescue was the result of the combined efforts of the security operatives with the support of the state government.

The Cross River Security Adviser, Jude Ngaji, also confirmed the release of the workers.

"I can confirm that they have been released. I was with them a short while ago.

"It is only the two Nigerians that had injuries while one or two others had some scars," he said.

Ngaji said the workers had been treated and that they had spoken with their family members.

News24

AMCON seizes assets from Nigerian politicians and business men

The Asset Management Corporation of Nigeria is doubling its efforts to recover 14 billion dollars owed by 4-hundred defaulters. Today, the AMCON seized properties owned by Silverbird Group, one of Nigeria's largest multi-media companies. It says the group -- owned by serving senator Ben Murray Bruce -- owes about 38 million dollars. AMCON was set up in 2008 to purchase toxic loans from banks during a crisis in the sector. The corporation also has court orders to repossess assets belonging to wealthy and popular Nigerian businessman, Jimoh Ibrahim. Last month President Buhari approved the establishment of an inter-agency committee to aid AMCON, especially in its dealings with politically connected and business heavyweights.

Nigeria to end fuel importation by 2019 - Kachikwu

Minister of State for Petreleum Resources Dr Ibe Kachikwu yesterday said Nigeria would end fuel importation by 2019.

He said it requires $50billion dollars to fill the infrastructural gap in the industry and get it functioning optimally.

He said by 2019, Nigeria expects to become a net exporter of refined products, adding that an investment drive is ongoing to meet the infrastructure requirement.

Kachukwu was a guest speaker at the 10th Annual Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) in Abuja, with the theme: Law reform and economic development.

Speaking on the sub-theme: Future prospects for the oil and gas industry, the minister said the refineries are currently working at about 40-50 per cent capacity.

He said the aim is to get them working at 90 per cent capacity or more and build the needed infrastructure as investors come in.

On why refineries are working at low capacity, he said: “How does a refineries work if the pipelines supplying them are out most of the year and so they can’t supply crude? You can’t refine an empty space.

“How does it work when you don’t do your turnaround maintenance or if when monies are budgeted for them they are diverted? How does it work if your contracting process is so long that you never meet the turnaround days you’re supposed to? How does it work when you send the wrong set of people with the wrong set of skills to what should have been very important portfolios in the establishment?” he said.

The minister said engagements with militants in the Niger Delta has been successful, resulting in a ceaseful and rise in crude production.

He said he visited the creeks and met with the local chiefs with a view to finding a short, medium and long term solution to the crisis.

Kachukwu praised President Muhammadu Buhari for not employing force in solving the problem, adding that when he visited the creeks, the militants “never fired a gun” while he was there.

The minister said oil production has picked up as the Niger Delta crisis is being resolved.

According to him, 1.89million barrels was produced as at Wednesday. He said he expects it to hit 2.3million barrels by next month.

The Nation