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Dangote refinery capable of solving Nigeria’s forex problems; catalysing economic devt, says S&P Global

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Nasiru Yusuf Ibrahim

 

International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.

KANO FOCUS reports that S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.

S&P noted that the largest single-train refinery complex in the world would bolster Nigeria’s oil sector and, more importantly, also have a positive impact on its growing economy.

Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products. He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.

“It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” Bhatia said after an over four-hour tour of the facility.

Also, in a chat with the media, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, who led the team during the tour of the facility, reiterated that by harnessing Africa’s abundant crude oil resources to produce refined products locally, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity. He also revealed that, as earlier promised, the company will start the production of premium motor spirit (PMS), this month (July).

Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.

The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit ensuring smooth automation of operations.

Other members of the team of the international rating agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.

Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.

He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.

While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels.

“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.

Nigeria, one of the world’s leading oil-producing countries, exports all its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. It is estimated that Nigeria imports at least 50 million litres of petrol per day to meet domestic demand.

According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately N12 trillion on the importation of petroleum products in 2023, including premium motor spirit (PMS), commonly known as petrol. This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.

 

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Kano SSG assumes duty, pledges to operate open door policy

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Nasiru Yusuf Ibrahim

 

The newly appointed Secretary to the State Government of Kano State, Alhaji Umar Farouq Ibrahim has assumed office on Monday. 

KANO FOCUS reports that his arrival ignited jubilations and enthusiastic reception by entire staff of the Cabinet Office.

A statement sent to KANO FOCUS on Monday by information officer cabinet office, Musa Tanko said some associates as well as other well wishers assembled at the cabinet office to welcome the new SSG.

The statement added that the staff described Ibrahim’s appointment as a homecoming, owing to the fact that he had served in the office in different capacities.

Receiving the SSG on behalf of the Cabinet Office community, the Permanent Secretary, Research, Evaluation and Political Affairs (REPA) Directorate, Alhaji Umar Muhammad Jalo, expressed delight for the appointment and stated that the choice of Alhaji Umar Farouq Ibrahim was a welcome development and highly befitting.

He further stated that, the SSG knows the terrain of the job very well and expressed hope that Kano State is heading towards positive turn around at the state engine room and bringing the divident of democracy to the general public.

In a similar development, members of the Payroll Standing Committee led by their Deputy Chairman, Alhaji AbdulMalik Rogo, paid a solidarity visit to the newly appointed SSG, Alhaji Umar Farouq Ibrahim.

Alhaji AbdulMalik Rogo stated that, immediately after the announcement, both conventional and social media platforms were agog with praises and well wishes were flowing in from different angles. This alone was a clear indication, that the appointment was well deserved.

He added that, this was part of the reason the committee members took the lead to celebrate the SSG. He pray to God to guide him to succeed in the newly assigned task.

Expressing his appreciation for the visit, the SSG stated that he has made a vow to Governor Yusuf, that he will put in his best to serve the state.

He also revealed that “Anybody or groups with meaningful ideas to further develop our dear state is welcome.” he assured that, he would operate an open door policy which has been his guiding principle during his civil service career.

“I am profoundly gratitude to Almighty Allah. As I appreciate His Excellentcy, Alhaji Abba Kabir Yusuf for reposing his confidence in me. To serve the state in this capacity. And I promise not to disappoint him,” he concluded.

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Dala community commends Gov Yusuf for appointing Waiya as commissioner

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Nasiru Yusuf Ibrahim

 

Kan Tudu Community in Dala local government area of Kano state has applauded Governor Abba Kabir Yusuf for appointing Comrade Ibrahim Abdullahi Waiya as commissioner of information and internal affairs.

KANO FOCUS reports that elders, youth, women groups as well as politicians in the community gathered on Sunday evening to honor the commissioner for his well deserved appointment.

Alhaji Dayyabu Maiturare, the chairman NNPP in Dala local government, commended the foresight of Governor Yusuf for appointing the right person as the government spokesperson.

On this part, Kan Tudu ward chairman of the New Nigeria People’s Party (NNPP) Alhaji Abdulkadir Danladi Nasidi said, the event was organized to express appreciation to Governor Yusuf for appointing their Son into his cabinet.

He said Waiya is known in Kano and beyond for his struggle to protect the interest of the common man, and demonstrated capacity to represent his people.

Responding, Waiya expressed gratitude to Kan Tudu Community for honoring him, assuring that he will contribute his quota to provide development programme including youth empowerment and job creation through a foundation.

He assured of Governor Yusuf and national leader of the NNPP Engineer Rabiu Musa Kwankwaso of unshakable support from Dala local government area.

The commissioner asked his constituents to direct his critics who are saying he is not a politician, to the house of Alhaji Uba Jigo, his political mentor.

The event was attended by representatives of business community, women, academics, youth groups, politicians among others.

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GSS Garko class 88 holds AGM, appoints Sabo Isa Garko interim chair

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Nasiru Yusuf Ibrahim

 

Class 1988 of Government Secondary School Garko has appointed Alhaji Sabo Isa Garko as the interim leader of the association for one year, pending the election of the new executive members. 

 

KANO FOCUS reports that the Garko was elected on Saturday during its annual reunion held at the main conference hall of Rumfa College, Kano.

 

The gathering brought together former classmates of the association to reconnect, reflect on shared experiences and discuss the future of the association.

 

Garko’s leadership is expected to guide the association through this transitional period, ensuring continuity and progress in its activities.

 

In his address Garko pledged to bond members and give a purposeful leadership within his interim period of leadership.

 

The event featured discussions on key initiatives to strengthen the bond among members, contributing positively to the Alma matter.

 

The reunion also provided a platform for members to deliberate on future engagements and community development programs.

 

The association appreciates the efforts of all attendees and looks forward to continued unity and progress.

 

 

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