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NNPC Seeks Bank Loan to Buy Equity in Dangote Refinery

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Banks have commenced engagement with the Nigerian National Petroleum Corporation (NNPC) on how to lend the Corporation loan to acquire equity 20 per equity in the Dangote $19 billion Petroleum Refinery.

NNPC Seeks Bank Loan to Buy Equity in Dangote Refinery

The news about plans to buy equity in the refinery broke over two weeks ago.

But in an interview with Channels Television on Tuesday monitored by Malam Mele Kyari, group managing director (GMD), revealed NNPC will not spend the Federal Government funds to acquire the equity.

His words: “Even for this Dangote Refinery, we are not going to take our (Federal Government) money and buy it. They think we are going to take our money and pay for this refinery.

” We are go to borrow for the cash flow of this business. We know that this business is viable, it will work, and that it will return dividends. It has a cash flow that is sustainable because it is a refinery business.

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“In the short term, it will continue to be sustainable. And that is why banks have come up to lend to us so that we can take equity”.

He said the NNPC and the banks have done all the international processes for evaluation of the refinery and they are comfortable with the value of the business.

Asked how much the equity is worth and whether it is already signed and sealed, he said: “Not at all. Our engagement that we have signed term sheets with the owner of the Refinery rehabilitation, I am not sure that Mr. Dangote is very happy with it.

“We are taking 20 per cent equity in the Dangote Refinery. There is a valuation process. This business is very regulated. It is an international business.

“No bank will lend money to you to you buy equity in a business of this scale if you have not followed the basic valuation process.

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“The reality is that we have a valuation of this refinery about about $19 billion. I don’t have the exact figure. We haven’t closed on this to answer your question straight”.

He said there is a governance that includes the authority of the Federal Executive Council to close on the deal.

According to him, NNPC will be on the board of the Dangote Refinery as a shareholder and its books will be opened to the Corporation.

Kyari said: “Petroleum is priced in Naira in our country and you buy crude in dollars. It is a banking transaction between us and customers. The CBN is there to resolve. Nigerians will not pay for product in dollar. The banks will do the conversion”.

He recalled the NNPC commenced discussions with Dangote on the equity since December 2020, adding that the refinery will come to work by 2022.

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He noted: “It is coming into production. What that will do is it will deliver over 50 million litres of gasoline into our market. We are also working on our refineries to make sure we fixed them.

” We have awarded the contract for Port Harcourt Refinery rehabilitation and ultimately we are going to close that of Warri and Kaduna very soon in July so that all of them will work contemporaneously”.

He foreclosed the possibility of suspending the payment of under recovery or subsidy of petrol price in July because the negotiation with the Organised Labour is still ongoing.

Asked to state the benefits accruable to Nigerians when local refineries become operational, he said it will result in the removal of N21 per litre freight cost from the Premium Motor Spirit (PMS) template.

He added there will be an advantage of proximity of products to the consumers since it is sitting on her soil instead of taking 14 days to arrive from Europe.

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The GMD confirmed that the landing cost of petrol was N256 per litre last week.

He insisted that Nigeria does not consume up to 60million litres daily.

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African Judges Pledge Support for AfCFTA’s Success

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Chief Judges drawn from countries across the African continent have resolved to collaborate and support measures aimed at ensuring the success of the Africa Continental Free Trade Area (AfCFTA) through an efficient, reliable and predictable dispute resolution system.

They agreed to explore ways to harmonize disputes resolution mechanisms in the continent with a view to making it easier and faster to resolve commercial disputes.

The resolutions formed part of the decisions taken at the third Africa Chief Justices’ Alternative Dispute Resolution (ADR) Summit held in Nairobi, Kenya between June 18 and 19.

According to a statement by the Special Assistant on Media to the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, Mr. Tobi Soniyi, the African judicial leaders were of the view that commercial confidence depends largely on legal certainty.

They emphasised how structured Alternative Disputes Resolution could enhance commercial justice, protect the business environment and support the AfCFTA.

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In her contribution, the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun urged called on African judiciaries to proactively prepare for emerging challenges to disputes resolution in the continent.

Justice Kekere-Ekun, who served as Co-Chair of the session on “Financial sector disputes, tax certainty and ADR: Building commercial confidence in Africa, noted that AfCFTA represents one of the most ambitious economic integration projects in modern history.

The CJN, who stressed the importance of a proactive Judiciary to the success of AfCFTA, warned that its success would depend, not only on trade protocols, tariff reductions and economic policies, but also on the strength and reliability of the institutions that support commerce.

Justice Kekere-Ekun urged her colleagues to examine how judiciaries in the continent, central banks, tax administrations and ADR institutions could work together to reduce uncertainty, prevent disputes, strengthen investor confidence and support the realization of AfCFTA’s objectives.

She envisaged the growth of intra-African trade to inevitably generate cross-border tax disputes; foreign exchange disputes; banking and payment system disputes; digital commerce disputes; enforcement of arbitral awards; recognition of foreign judgments; and disputes arising from regional supply chains.

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The CJN, who said “African Judiciaries must proactively prepare for these emerging realities,” challenged African judicial leaders on the importance of disputes prevention mechanism.

She stated that modern commercial justice must move beyond the traditional focus on disputes resolution after conflicts arise.

“The most successful commercial systems are not those that generate the highest volumes of litigation but those that reduce the need for litigation,” she added.

Justice Kekere-Ekun, who stressed the importance of ADR, cautioned against seeing ADR as merely an alternative procedure.

She said ADR should rather be considered as a strategic tool for reducing transaction costs, preserving commercial relationships, enhancing investor confidence, reducing court congestion, improving ease of doing business and strengthening commercial certainty.

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Sharing the Nigerian experiences, Justice Kekere-Ekun cited the recent decision by the Nigerian Supreme Court in the case of EMTS v. AFDIN Ventures Ltd. & Ors. (2026), which reaffirmed important principles of commercial certainty, including respect for arbitration agreements; recognition that consent may be inferred from conduct; judicial restraint from re-litigating arbitral disputes on the merits; and the importance of finality in arbitral awards.

According to her, the decision reinforced Nigeria’s position as an arbitration-supportive jurisdiction.

She identified timely resolution of tax disputes as an important factor in ensuring certainty and recommended Nigerian tax disputes resolution mechanism which she said “offers useful example of institutional reforms that support commercial certainty.”

Justice Kekere-Ekun recommended the Nigeria’s Tax Appeal Tribunal model, which she described as one of Nigeria’s most significant innovations.

According to Mr. Soniyi, Justice Kekere-Ekun’s message to his brother justices is clear: building an African commercial environment in which investors, businesses, regulators and citizens can transact across borders with confidence, secure in the knowledge that their rights will be protected and their obligations fairly enforced.

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The summit advanced the goals of the African Chief Justices Alternative Dispute Resolution Forum (ACJADRF) to harmonize jurisprudence and establish common enforcement standards across the continent.

The CJN was, on the last day of the summit, nominated by the Chief Justice of Kenya as the Vice Chairperson of the Africa Chief Justice ADR Forum with effect from August 1, 2026. The nomination was ratified by the forum.

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How 21 Former Almajiri Children Learned to Build Computers and Drones in Months

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Twenty-one former Almajiri learners and street children are set to graduate as certified technology technicians under the Almajiri-to-Tech Initiative, a programme designed to equip vulnerable children with digital and entrepreneurial skills while addressing youth unemployment, poverty and insecurity.

How 21 Former Almajiri Children Learned to Build Computers and Drones in Months

The pioneer graduation ceremony is scheduled to hold on July 29 in Abuja, where the graduates will demonstrate practical skills, including assembling computers and drones, before government officials, development partners, members of the diplomatic community and the media.

The initiative was founded by technology education advocate, Mr Tim Akano, in partnership with New Horizons Nigeria, an Information and Communication Technology (ICT) training organisation.

According to the organisers, the programme seeks to provide practical solutions to the growing challenge of out-of-school children by combining technology education, entrepreneurship, mentorship and character development.

The organisers said the initiative had transformed children who previously had little or no exposure to technology into technicians capable of repairing laptops, desktop computers, mobile phones, power banks, electric fans, microwave ovens and other electronic devices.

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They explained that the participants also received entrepreneurship training, mentorship, transportation support, daily meals, learning materials and professional work tools during the programme.

The organisers added that religious instructors from the participants’ respective faiths regularly visited the trainees to provide moral guidance, describing character development as a critical component of the initiative.

Unlike many vocational interventions that end with the presentation of certificates, the organisers said graduates of the programme would receive start-up support, while outstanding participants would be provided with professional work tools to establish their own businesses.

They also disclosed plans to launch a business directory and customer contact platform that would enable individuals, businesses and organisations to engage the services of the graduates.

Speaking on the initiative, Akano, who is also the Managing Director and Chief Executive Officer of New Horizons System Solutions Ltd., said the programme was conceived as a practical response to the challenges of youth unemployment, insecurity, poverty and irregular migration.

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“You do not end migration by building higher walls. You do not defeat insecurity by relying only on military force, and you do not end poverty by preaching patriotism.

“You solve these challenges by building hope where hopelessness exists, equipping young people with practical skills, and creating opportunities where they live,” he said.

According to him, the pilot programme has demonstrated that children who have experienced neglect and exclusion can become innovators, entrepreneurs and contributors to national development when provided with quality education and opportunities.

He said one of the trainees, Mohammed, who arrived from the Niger Republic without speaking English, had acquired sufficient language proficiency within months to communicate confidently with customers while carrying out computer and electronics repairs.

Another participant, Fatima, discovered her interest in poetry during the programme and produced a poem celebrating New Horizons Nigeria, reflecting the broader personal development fostered by the initiative.

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The organisers said the programme was inspired by concerns over the growing number of out-of-school children in Nigeria, estimated at about 30 million, and the broader global challenge of millions of children without access to education.

They argued that investing in digital skills, entrepreneurship and mentorship for vulnerable children offers a sustainable approach to addressing poverty, insecurity, youth unemployment and violent extremism.

As part of efforts to sustain the programme, the foundation said it had established a fully equipped workshop known as “The Almajiri Republic Workshop” in Wuse II, Abuja.

The workshop, according to the organisers, will serve as a commercial repair centre where graduates can provide computer and electronics repair services while continuing to strengthen their technical expertise.

The foundation called on the Presidency, federal and state governments, Ministries, Departments and Agencies (MDAs), members of the National Assembly, development partners, donor agencies, corporate organisations, civil society groups, religious institutions and other stakeholders to support the expansion of the initiative across Nigeria.

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It maintained that scaling up the programme could transform millions of vulnerable children into skilled professionals capable of contributing to economic growth while reducing poverty, unemployment and insecurity.

The organisers said local and international media organisations, including CNN, BBC, Al Jazeera and ARISE News, had been invited to witness the graduation ceremony and the practical demonstrations by the pioneer graduates.

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IMF Sees 4% AI Growth Boost for Africa

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Accelerating artificial intelligence (AI) adoption could increase Africa’s GDP by up to 4% over the next decade, according to the International Monetary Fund (IMF).

In a report released on Tuesday, titled Africa Can Grow Faster With AI—If It Moves Now, economists from the IMF’s Africa Department say current levels of AI adoption and utilisation are expected to contribute just 0.2% to the region’s GDP over the next 10 years.

However, the report says stronger adoption, supported by the right infrastructure and policies, could raise the economic impact to about 4% by extending AI beyond today’s digitally connected firms.

Martin Schindler and other IMF economists say: “AI adoption in sub-Saharan Africa currently lags well behind every other region. If richer economies race ahead while African firms and governments lag, the productivity gap between the region and the rest of the world will only widen.”

Early signs of AI adoption are emerging across Africa, with countries including Zimbabwe, Kenya, Egypt and Nigeria developing AI strategies.

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Telecommunications operators, including Vodacom, Econet, Africell and MTN, are also integrating AI into their operations and networks.

Other examples include chatbots supporting teaching and learning in Nigeria and the South African Revenue Service’s use of data analytics for targeted tax audits.

However, the IMF says AI adoption must extend beyond these early use cases to deliver meaningful economic benefits.

“For the region, AI’s main promise is not about replacing office workers, but boosting productivity across the economy—helping informal firms manage inventory, enabling farmers to increase yields, and supporting mid-sized firms to transition to formality and export readiness,” the report reads.

The IMF is urging governments to prioritise investment in reliable electricity, affordable broadband, data infrastructure and digital skills to support wider AI adoption.

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Many African countries, including Zimbabwe, Kenya, Ghana, Nigeria and Cameroon, continue to face electricity shortages, while broadband services remain costly and coverage is uneven.

The Fund believes stronger investment in power, connectivity, regional data infrastructure and digital skills would help unlock AI’s economic potential.

 

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