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Anthony Joshua could pocket up to N54 billion in Daniel Dubois fight 

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Anthony Joshua is poised to reclaim his status as a three-time world champion this Saturday when he faces Daniel Dubois for the IBF world heavyweight title at Wembley Stadium.

Following two consecutive losses to Oleksandr Usyk, the 34-year-old Joshua has rebounded with victories in his last four bouts, and he aims to continue this upward trajectory against Dubois.

 

The highly anticipated event is scheduled for September 21, 2024, with preliminary bouts starting at 4 PM, and the main event expected around 9:45 PM.

 

Joshua’s earnings for this fight are significant, with reports suggesting he will receive a guaranteed purse of £6 million (approximately N13 billion), potentially escalating to £25 million (N54 billion) depending on pay-per-view sales according to Sporty Salaries.

 

In contrast, Dubois is set to earn a guaranteed £3.5 million ($4.4 million), with a possible total of up to £10 million ($12.5 million), marking a career high for the 27-year-old.

 

Dubois, a former IBF interim champion, has surged through the heavyweight ranks, securing the championship after Usyk vacated the title earlier this year. The London fighter boasts a record of 21 wins out of 23 fights, including notable victories over Filip Hrgovic and Jarrell Miller.

 

The fight will be broadcast live on DAZN pay-per-view for £19.99, with options available on other platforms, including Sky Sports and TNT Sports Box Office. Joshua’s last major payday came from his fight against Francis Ngannou, which reportedly netted him about $50 million, while his rematch with Usyk earned him $75 million.

 

As boxing fans eagerly await the showdown, both fighters are set to benefit significantly from what promises to be a lucrative event in the heavyweight division.

 

What to Know

Anthony Joshua and Daniel Dubois’ IBF world heavyweight title fight at Wembley Stadium this Saturday is on track to break the post-war record for attendance at a boxing event in the United Kingdom, with 96,000 tickets sold. Turki Alalshikh, chairman of Saudi Arabia’s General Entertainment Authority, announced on X that all tickets are now sold out- ESPN first stated.

 

Eddie Hearn, Joshua’s promoter, emphasized the significance of this milestone at a recent news conference, stating, “It’s the record; it’s 96,000, I think, at a time that British boxing needs a shot in the arm.” This figure surpasses the previous record of 94,000, set during Tyson Fury’s title defense against Dillian Whyte at Wembley in April 2022.

 

Joshua has consistently drawn large crowds, with notable events including his 2017 clash with Wladimir Klitschko, which attracted 90,000 fans, and his 2018 bout against Alexander Povetkin, which also filled Wembley with 78,000 spectators.

 

Central Bank Nigeria Reintroduces Controversial Cybersecurity Levy

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The Central Bank of Nigeria (CBN) says it will continue to enforce payment of the mandatory levy on all electronic transactions by banks and other financial institutions. This comes nearly four months after the decision suffered a major backlash when it was initially announced in May.

 

CBN, however, disclosed that the controversial levy had now been reduced to 0.005 per cent, from the initial 0.5 per cent.

 

The decisions were contained in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025.

 

CBN pointed out that implementation of the levy was in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.

 

It mandated banks and Payment Service Providers (PSPs) to adhere to the guidelines on the risk-based cybersecurity framework.

 

The central bank also drew the attention of Other Financial Institutions (OFIs) to an earlier framework on “Issuance of Risk-based Cybersecurity framework and Guidelines for Other Financial Institutions (OFIs)”.

 

The guidelines specified the minimum cybersecurity baseline to be implemented by banks, OFIs and PSPs, and mandated the appointment of a Chief Information Security Officer (CISO) to oversee cybersecurity issues.

 

Back in May, the central bank had ordered the implementation of 0.5 per cent levy on all electronic transactions value as part of efforts to contain the rising threats of cybercrime in the financial system.

 

The implementation followed the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provisions of Section 44 (2)(a) of the Act, which provided for the rate deduction.

 

The directive was conveyed in a circular dated May 6, 2024 and addressed to all commercial, merchant, non-interest and payment service banks; other financial institutions, Mobile Money Operators and Payment Service Providers.

 

The circular was jointly signed by CBN’s Director, Payments System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustafa.

 

The correspondence also post-dated CBN’s circulars of June 25, 2018 and October 5, 2018 on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

 

The CBN explained that the deducted funds were to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).

 

Accordingly, all banks, Other Financial Institutions and Payments Service Providers were required to implement the new provisions of the Act as directed.

 

The central bank stated that the levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.

 

The deducted amount shall be reflected in the customer’s account with the narration: “Cybersecurity Levy”.

 

The circular, however, exempted some transactions from cybercrime levy. They included loan disbursements and repayments; salary payments; intra-account transfers within the same bank or between different banks for the same customer; intra-bank transfers between customers of the same bank, and Other Financial Institutions (OFIs) instructions to their correspondent banks.

 

Exemption also applied to interbank placements; banks’ transfers to CBN and vice-versa; inter-branch transfers within a bank, cheques clearing and settlements; and Letters of Credits (LCs).

 

Others included banks’ recapitalisation related funding only bulk funds movement from collection accounts; savings and deposits including transactions involving long-term investments, such as treasury bills, bonds; and commercial papers; government social welfare programmes transactions, such as pension payments; non-profit and charitable transactions, including donations to registered non- profit organisations or charities; educational institutions transactions, including tuition payments and other transaction involving schools, universities, or other educational institutions.

 

Transactions involving bank’s internal accounts, such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts were also exempted from the levy.

 

The central bank warned that Section 44 (8) of the Act prescribed that failure to remit the levy constituted an offence liable on conviction to a fine of not less than two per cent of the annual turnover of the defaulting business, among others.

 

All institutions under the regulatory purview of the CBN were directed to note and comply with the provisions of the Act and the circular.

 

However, following a major pushback by the Organised Private Sector (OPS), stakeholders and Nigerians at large, CBN, on May 19, announced the withdrawal of the controversial circular on the implementation of 0.5 per cent levy on all electronic transactions value.

 

The withdrawal was conveyed in a circular dated May 17, 2024 and addressed to all commercial, merchant, non-interest and payment service banks; other financial institutions, Mobile Money Operators and Payment Service Providers. It was also jointly signed by Efobi and Mustafa.

 

The brief circular read, “The Central Bank of Nigeria circular dated May 6, 2024 (Ref: PSMD/DIR/PUB/LAB/017/004) on the above subject refers.

 

“Further to this, please, be advised that the above referenced circular is hereby withdrawn. Please, be guided accordingly.”

Why APC Handed Over FCT To Wike – Gov Bala Mohammed

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The Governor of Bauchi State, Bala Mohammed has accused the All Progressives Congress (APC) of fuelling internal divisions in the Peoples Democratic Party (PDP).

 

Mohammed claimed that the ruling party had deliberately planted moles within the PDP in Rivers State.

 

He stated that the APC picked the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to serve in its administration because they do not have people who can perform better than PDP members.

 

The governor stated this when the PDP Board of Trustees (BoT) paid him a visit on Wednesday.

 

He expressed concern over the power struggle between Siminalayi Fubara of Rivers State and his predecessor, Wike.

 

According to him, “We have to close ranks. It is something that is baffling some of us but any challenge is not insurmountable; it will be surmounted by the grace of God and we will find a solution to that and that is why there is a problem.

 

“It is only PDP with the experience of governance that is being challenged. And you will notice that this is a creation of the other side (APC).

 

“They want us to be in disarray; it (the crisis) is the creation of the APC. They always want to have moles within us; they want to have the knowledge of what is happening within us

 

“And you can see that even Wike who is in the APC and in the PDP is performing very well. They (APC) don’t have people who can perform like our members and that is why they chose to pick him and give him a state-like structure to run, and to us, it is a commendation.”

 

However, Mohammed assured that efforts are underway to take decisive action to unify the party, stating, “We cannot compromise the peace and unity of our great party.”

Over $500 million investment attracted through Public-Private Partnership projects – Infrastructure Commission 

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Over $500 million investment attracted through Public-Private Partnership projects – Infrastructure Commission

The Federal Government of Nigeria, through the Infrastructure Concession Regulatory Commission (ICRC), announced that over $500 million has been attracted through Public-Private Partnership (PPP) projects within the past year.

 

The ICRC disclosed plans to conduct a performance audit of all PPP projects to ensure compliance with statutory requirements, including mandatory insurance coverage as stipulated by the Infrastructure Concession Regulatory Commission Establishment Act of 2005.

 

During the visit, Dr. Ewalefoh highlighted that the Ministry had successfully attracted over $500 million in investments through various PPP projects during the last year under Dr. Tunji-Ojo’s leadership.

 

Dr. Jobson Oseodion Ewalefoh, Director-General of the ICRC, shared this during his courtesy visit to the Minister of Interior, Hon. Dr. Olubunmi Tunji-Ojo, where the minister was honoured with the PPP Icon Award. Dr. Ewalefoh affirmed that the commission is working to optimize the performance of all PPP agreements, stressing the importance of ensuring all government assets under PPP arrangements.

 

“We have mechanisms in place to begin auditing PPP agreements, not to terminate them but to optimize them for national benefit. Compliance with the insurance policy is key to protecting our national assets under these partnerships,” said Dr. Ewalefoh.

 

He also acknowledged the Ministry of Interior for being at the forefront of utilizing PPPs, with the highest number of PPP projects presented to the Federal Executive Council (FEC) in the past year.

 

Dr. Ewalefoh commended the minister for enhancing revenue generation and ensuring stalled projects are optimized rather than cancelled.

 

Minister Tunji-Ojo emphasized the government’s focus on fostering private-sector participation to bridge resource gaps and create a conducive environment for investments, highlighting key PPP initiatives within the Ministry such as the e-gate system, the Advanced Passenger Information System, and the upcoming Gap Management System.

 

What you should know

In line with the Federal Government’s ongoing efforts to drive economic growth through Public Private Partnerships (PPPs), Lagos State Governor, Mr. Babajide Sanwo-Olu, reaffirmed his commitment to revitalizing the Office of Public-Private Partnerships (OPPP) to align with global standards.

Speaking at a staff retreat, he emphasized the office’s role in improving infrastructure and public services through collaborations with private stakeholders.

The office, established in 2007 under his initiative, had not met its full potential, prompting efforts to rebuild it.

Governor Sanwo-Olu urged staff to work together and revive the office to fulfil its objectives, with support from other key speakers who highlighted the importance of collaboration, efficiency, and partnerships in boosting the state’s economic growth and revenue generation.

Coca-Cola pledges $1bn investment in Nigeria as Tinubu vows robust financial reforms

President Bola Tinubu has reiterated his administration’s commitment to creating a robust financial system and a business-friendly economy that will attract more foreign direct investments.

The President made the commitment on Thursday in Abuja, as the Coca-Cola Company announced plans to invest $1 billion in Nigeria over the next five years.

 

The announcement was made at a meeting between the President and the global leadership team of Coca-Cola Company, led by Mr John Murphy, its president and chief financial officer, and the Chairman of Nigerian Bottling Company, Ambassador Segun Apata.

 

President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3000 people across nine production facilities.

”We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses.

 

”We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,” he said.

 

President Tinubu told the delegation that private sector partnerships, which sustain investments, are central to his government’s far-reaching reforms to improve the business environment.

 

He pledged that the government would continue partnering with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.

 

”The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” President Tinubu added while commending the company for scaling up its skill development and community initiatives as part of its corporate social responsibility.

Private employers paying below N70,000 risk jail – Federal Government

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The Federal Government has called on agencies recruiting for the private sector to adhere to the N70,000 minimum wage, warning that any deviation would not be tolerated.

 

According to the FG, the new minimum wage is necessary to address the current economic reality, emphasising that no Nigerian worker, whether in government or private employment, should be paid less than the minimum wage.

 

The Permanent Secretary, Federal Ministry of Labour and Employment, Alhaji Ismaila Abubakar, stated this on Wednesday while speaking at the 13th Annual General Meeting of the Employers Association for Private Employment Agencies of Nigeria, held in Ikeja, Lagos.

 

Abubakar, who was represented by the Director of Employment and Wages of the ministry, John Nyamali, said, “The minimum wage is now a law, and as a result, it is a punishable crime for any employer to pay less than N70,000 to any of its workers.

 

“The private employment agencies should make it compulsory in any contract they take from their principal that their workers should not earn less than the minimum wage. The least paid worker in Nigeria should earn N70,000, and I think that should be after all deductions.

 

“The minimum wage is a law, and you can be jailed if you fail to implement it. The Federal Government is committed to ensuring that the least paid worker goes home with N70,000.”

 

In his remarks, the President of the Employers Association for Private Employment Agencies of Nigeria, Dr Olufemi Ogunlowo, asked the government and Nigeria Labour Congress to clarify whether the N70,000 minimum wage is net or gross, stating that all ambiguities in the Act should be highlighted and explained.

 

According to Ogunlowo, the EAPEAN is already committed to the minimum wage, providing decent jobs for Nigerians, and guarding against the exploitation of human resources.

 

“As an employers union in the private sector, we are committed to implementing the minimum wage. We are a law-abiding and guided association. Our principals and clients have also keyed into the minimum wage.

 

“However, the government must clarify whether the N70,000 minimum wage is net or gross. The government and NLC should address all ambiguities in the minimum wage,” he stated.

 

Speaking at the program, the Chairperson of the NLC, Lagos State Council, Funmilayo Sessi, said the prevailing hardship had made a mess of whatever income any worker was earning in Nigeria, calling on private employers to ensure the payment of the N70,000 minimum wage.

 

She said, “The N70,000 isn’t enough in the current economic realities. By the time the consequential adjustment is concluded, all private employment agencies should immediately start paying their workers the N70,000 minimum wage.

 

“The NLC in Lagos State will see to the strict enforcement of the minimum wage. EAPEAN should avoid confrontation with the NLC on the minimum wage.”

UBA’s REDTV premieres ‘13 Kinds of Women’ live on YouTube on Sept. 19

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UBA’s REDTV, the lifestyle entertainment channel powered by the bank has premiered its anticipated series ‘13 Kinds of Women.’

The 13-episode Ghanaian series, directed by award-winning filmmaker Eddie Seddoh, will be available for a global audience on YouTube this Thursday, September 19.

 

13 Kinds of Women offers an intimate look into the lives of diverse women, exploring their real-life relationship dynamics, challenges, and triumphs.

 

The star-studded series features some of Ghana’s most talented actors, including Prince David Osei, Harold Amenyah, Peter Ritchie, and Jasmine Baroudi, among others.

 

At the exclusive premiere event held last Friday at Silverbird Cinemas, Qazeem Bello, Chief Operating Officer at UBA Ghana, highlighted the significance of the series.

 

‘13 Kinds of Women’ is more than just a show; it’s a celebration of the strength, resilience, and diversity of women. We are thrilled to bring this powerful story to life and share it with audiences worldwide,” he said.

 

He further emphasized the bank’s commitment to fostering African creativity through REDTV.

“As UBA’s lifestyle channel, REDTV is dedicated to telling Africa’s stories and empowering young content creators and filmmakers across the continent.

 

“We believe in the power of storytelling to shape cultures and communities, and we’re proud to celebrate creativity and collaboration through this series.

“It reflects UBA’s ongoing mission to engage with our audience while supporting emerging talents in film, scriptwriting, and production.”

 

REDTV, proudly powered by UBA, continues to deliver rich and engaging content that showcases the very best of Africa, spanning fashion, news, music, sports, drama, travel, and more.

 

With 13 Kinds of Women, UBA reinforces its commitment to enriching the African creative arts industry and promoting local talent on a global platform.

 

‘13 Kinds of Women’ will be available for streaming on REDTV’s official YouTube channel from September 19.

 

Energy security concerns rise as Dangote Refinery falls short of daily petrol supply

Energy security concerns rise as Dangote Refinery falls short of daily petrol supply

 

A section of the Dangote refinery

Dangote Refinery is falling short of its commitment to deliver 25 million litres of petrol to the nation daily for September, sources familiar with the matter have told PREMIUM TIMES.

 

This newspaper learnt that rather than deliver 75 million litres in three days, the refinery was only able to supply 10,297,766 (about 10.3 million litres) through its gantry loading system.

 

With that figure, the refinery demonstrated a supply shortfall of almost 65 million litres in three days, a situation experts say is capable of threatening the nation’s energy security.

 

An NNPC official said Nigeria risked a significant energy crisis, with fuel shortages escalating, if the government failed to act swiftly.

 

“I am aware that due to the forecast that the Dangote Refinery would provide 25 million litres daily, the NMDPRA failed to clear NNPC Trading Limited to import petrol for October and onwards,” the official said, asking not to be named because he had no permission to speak on the matter. “With the supply shortage from the refinery, Nigeria is in trouble because, as we speak, there is not enough product to go round the country.”

 

Dangote Refinery

Records from NMDPRA show that the daily truckout of petrol from depots across the country averaged 51.10 million litres between 1 January 2024 and 18 September 2024.

 

Loading data obtained by this newspaper showed that on 15 September, the first day of loading, the Dangote Refinery supplied the Nigerian National Petroleum Company Retail Limited (NNPC Retail Ltd) with a total of 2,486,842 (2.48 million) litres of petrol in 56 trucks.

 

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NNPC Limited.

On 16 September, NNPC Retail loaded 50 trucks containing 2,221,773 (2.2 million) litres of petrol. Another marketer, AYM Shafa, loaded 24 trucks with 1,120,465 (1.1 million) litres of the product. The total number of trucks loaded for the day was 74, while the product received aggregated to 3,342,238 (3.3 million) litres.

 

However, product supply improved marginally on 17 September but was still far below expectations. On the day, NNPC Retail Ltd received 4,063,526 (4 million) litres in 89 trucks, while AYM Shafa could only load one truck, which carried 44,999 litres of the product. NIPCO trucked out 360,161 litres of petrol in eight trucks. The total number of trucks loaded for the day was 98, conveying 4,468,686 (about 4.5 million) litres of the product.

 

 

The Wednesday, 18 September, loading data is not immediately available to this newspaper.

 

Earlier in September, the federal government said the Dangote Refinery would supply Nigeria’s domestic market with 25 million litres of petrol daily and 35 million litres daily from October.

 

On Tuesday, the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, told Vanguard newspaper that the refinery supplied 111 million litres of the product within three days.

 

“We have already loaded 111 million litres of petrol, and the exercise is ongoing. We are refining and have no reason not to load. So, loading is ongoing and we will continue to provide the product to the market,” Mr Chiejina was quoted by Vanguard as saying.

 

However, official data reviewed by PREMIUM TIMES paint a different picture from Mr Chiejina’s claim. The data indicated that in three days, less than 10.3 million litres were lifted from the 650,000 barrels per day Dangote Refinery.

 

On Wednesday, when this newspaper contacted Mr Chiejina, he said what he told Vanguard was that the refinery produced and made available 111 million litres for loading in three days.

 

He blamed the current slow loading speed on NNPCL, which he said needed to send more trucks to lift the product. For instance, the state-owned oil company only sent 67 trucks on 15 September instead of the 300 trucks it claimed to have dispatched to the facility to load the product, Mr Chiejina said.

 

Olufemi Soneye, the NNPC’s chief corporate communications officer, did not answer or return calls on Wednesday. He also did not reply to a text message seeking clarification on Mr Chiejina’s claim.

 

However, Dangote Refinery documents reviewed by PREMIUM TIMES showed that contrary to Mr Chiejina’s claim, the facility has so far only made available for loading a total of 24,700 metric tonnes of petrol (about 33 million litres – at 1,322.76 litres per tonne). The released volume of product is 42 million short of the 75 million the refinery committed to supplying for three days, at 25 million per day.

 

To supply 25 million litres of petrol to the nation daily while relying on road transportation alone, the refinery must load at least 500 trucks daily, with each vehicle carrying at least 50,000 litres of the product. Marketers believe this is impossible, but Mr Chiejina of the Dangote Group said that is achievable with the facility’s 177 loading points.

 

NNPC officials said they recently approached the refinery requesting vessel loading but were told that the operation facilities needed to be prepared. “With that information from Dangote, the vessel MT Binta Saleh has been withdrawn,” one official said. “No vessel loading yet, as advised by Dangote.”

 

When asked why the refinery is yet to commence vessel loading, Mr Chiejina said he was not aware that the NNPC had requested vessel loading. “They can lift five million litres, but vessel loading is yet to start because there is a need for an agreement,” he said.

 

The Dangote Refinery -NNPC Tango

Last Friday, the Nigerian government announced that petrol loading from the Dangote Refinery would begin on Sunday.

 

The government said petrol from the Dangote refinery would only be sold to NNPC Ltd, which would then be sold to various marketers in the short term.

 

The state-owned oil company said it deployed over 100 trucks as of Saturday afternoon. Confirming the development, Mr Soneye said that by the end of Saturday, a least 300 trucks would be stationed at the refinery’s fuel-loading gantry.

 

On Sunday, Mr Soneye told this newspaper that the refinery bought petrol from Dangote refinery at N898 per litre. He said market forces now determine domestic pump prices.

 

“For instance, now Brent is $70. Let’s say tomorrow, Brent goes to $80. You should note that the price will also rise because those are the market forces. But today, for this initial 16.8 million litre that was given to us, it was at the rate of N898,” Mr Soneye said.

 

In its reaction, the Dangote Refinery described the claim as “misleading and mischievous,” aimed at undermining the refinery’s achievement in addressing Nigeria’s energy insufficiency. However, the refinery failed to disclose the price it sold the product to NNPC Ltd.

 

In a counter-statement, the NNPC insisted it bought the product for N898 per litre and would be grateful for any discount from the Dangote refinery that can be passed 100 per cent to the general public.

 

“Let them tell you their price. I stand by my earlier comment. Will you allow customers to carry your product without a price agreement? Mr Soneye told PREMIUM TIMES earlier on Monday.

 

NNPC Ltd said apart from landing costs from refineries, suppliers must pay statutory and regulatory charges for each litre of petrol. Those charges include the NMDPRA fee, N8.99; inspection fee, N0.97; distribution cost (Lagos), N15.00; and profit margin, N26.48.

 

The state oil company said once freighting and other statutory costs are added, the product would cost more at the pump—N950.22 per litre in Lagos, N980.22 in Rivers, and N992.22 in Abuja. The selling price in Maiduguri was N1,019.

 

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WE’RE BUILDING A STRONG FINANCIAL SYSTEM, BUSINESS-FRIENDLY ECONOMY, PRESIDENT TINUBU SAYS AS COCA-COLA ANNOUNCES $1BILLION INVESTMENT IN NIGERIA

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STATE HOUSE PRESS RELEASE

 

WE’RE BUILDING A STRONG FINANCIAL SYSTEM, BUSINESS-FRIENDLY ECONOMY, PRESIDENT TINUBU SAYS AS COCA-COLA ANNOUNCES $1BILLION INVESTMENT IN NIGERIA

President Bola Tinubu has reiterated his administration’s commitment to creating a robust financial system and a business-friendly economy that will attract more foreign direct investments.

 

The President made the commitment on Thursday in Abuja, as the Coca-Cola Company announced plans to invest $1 billion in Nigeria over the next five years.

 

The announcement was made at a meeting between the President and the global leadership team of Coca-Cola Company, led by Mr John Murphy, its president and chief financial officer, and the Chairman of Nigerian Bottling Company, Ambassador Segun Apata.

 

President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3000 people across nine production facilities.

 

”We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses.

 

”We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,” he said.

 

President Tinubu told the delegation that private sector partnerships, which sustain investments, are central to his government’s far-reaching reforms to improve the business environment.

 

He pledged that the government would continue partnering with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.

 

”The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” President Tinubu added while commending the company for scaling up its skill development and community initiatives as part of its corporate social responsibility.

 

Presenting an overview of Coca-Cola’s business in Nigeria, Murphy noted that the company generates N320 billion annually through nearly 300,000 customers and contributes almost N90 billion in revenue to the Nigerian government.

 

”We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians.

 

”Beyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we’ve had a special focus on several areas in the world of sustainability, water packaging and others, ” he said.

 

Mr Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, explained that the company’s confidence in Nigerian government policies had encouraged it to make the $1 billion investment pledge.

 

”Mr President, in your inaugural address, we were very pleased to hear of your invitation for foreign investors to invest and your assurance that foreign businesses can repatriate dividends and profits.

 

”That assurance gives us the confidence to continue our investments. Since 2013, we have invested $ 1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training and development.

 

”I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years.

 

”We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential,” he said.

 

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

September 19, 2024

Dangote Petrol Pricing: NNPC’s Dance of Deception

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Dangote Petrol Pricing: NNPC’s Dance of Deception

 

We all dream of a better Nigeria, but instead, we are dragged into an endless labyrinth where a privileged few find joy in our collective suffering.

 

It is now glaringly evident that either the Federal Government or NNPC Limited—or perhaps both—are not being entirely truthful about their public spat with the Dangote Refinery. What we witness today is a disgraceful dance of deception.

 

Why is it that honesty and efficiency have always been strangers to NNPC? Let’s trace the roots of this saga. When former President Muhammadu Buhari commissioned the Dangote Refinery, it was a moment of national celebration. We rejoiced at the thought of locally refined fuel, heralding the end of skyrocketing prices.

 

But soon after, whispers began. Under the new administration of Bola Tinubu, NNPC’s stake in the refinery was reportedly being reduced, despite earlier assurances of a significant investment. From there, rumors of a complete divestment emerged.

 

As Dangote’s refinery began to produce diesel, what should have been a moment of triumph turned into another chapter in this twisted tale. Suddenly, NNPC and other regulatory bodies, particularly the Nigerian Midstream Petroleum Regulatory Commission (NMPRC), attacked Dangote, claiming his diesel was substandard and unfit for domestic consumption.

 

The government accused Dangote of foreign exchange violations, raided his refinery, and refused him access to crude oil. Dangote, forced to look elsewhere, had to import crude from the United States. In the midst of these power plays, accusations flew that Dangote’s product quality was subpar.

 

Trapped in this web, Dangote fought back. In a dramatic revelation, sympathizers exposed Tinubu’s Malta-based refinery and its dubious dealings. What followed was a flurry of denials and threats against anyone who dared speak out, including myself.

 

The drama then shifted to pricing, with NNPC insisting Dangote must purchase crude in dollars, under the guise of global norms. Dangote cried foul, and we rallied in support. Only then did the government agree to allow payment in Naira, but only starting from October 1st.

 

And then, as the refinery was about to release petrol to the Nigerian market, the government made its move. It unveiled an inflated price template for petrol across the nation, pressuring Dangote to sell at higher prices. This move guaranteed NNPC a profit margin when it resumed importing fuel, sacrificing consumers’ interests on the altar of corruption and incompetence.

 

Furthermore, the government prohibited Dangote from selling directly to marketers, making NNPC the sole off-taker of petrol. Dangote was thus caged, not permitted to set his price or sell directly—a calculated ploy to entrap him.

 

The strategy was twofold: first, to tarnish the refinery’s reputation with allegations of poor quality, and second, to manipulate pricing, driving up the cost of fuel. They claimed to protect Nigerians from potential extortion by Dangote while plotting to blame him for the inflated prices.

 

But Dangote saw through the trap and swiftly launched a media campaign to educate the public. He clarified that while he controlled the quality of his product, pricing was dictated by NNPC.

 

The question we must ask is: where is Nigeria’s Petroleum Minister in all this? Why has President Tinubu, who also serves as Petroleum Minister, remained silent in this sordid affair? The truth is clear: the Dangote Refinery is a thorn in the side of those who refine Nigerian crude in foreign lands and import it back, collecting subsidies along the way. They seek to bend Dangote to their will or coerce him into maintaining the corrupt status quo.

 

The essence of this conflict lies in appropriate pricing, breaking the grip of oil cartels, and ending the fraudulent subsidy regime that bleeds the nation. It is a battle to reclaim Nigeria’s oil and gas sector from the clutches of an unscrupulous cabal. Dangote Refinery blindsided them, and they are now fighting tooth and nail to preserve their interests.

 

The harassments of labor leaders by the government may not be unrelated to this oil war. It is about control, power, and the right to dictate Nigeria’s oil future. Amidst all this chaos, Tinubu remains silent, leaving the nation in turmoil.

 

How do we explain the absurdity where NNPC Retail, after acquiring Oando’s assets for $324 million, dissolves and hands over control to OVH, Oando’s parent company? Today, NNPC, through Oando, is the sole buyer of Dangote’s petrol and dictates its price across the nation. Is it not clear who truly benefits from this charade?

 

The real victor in this shameful dance is Tinubu, the petroleum minister and de facto controller of Oando/OVH. The losers, as always, are Nigerians, who are being led down this dark path.

 

Izeze writes from Abuja