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Dangote Advocates for Subsidy Removal, Calls Current Pricing Unsustainable

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Aliko  Dangote  has voiced  his  support  for  the removal  of  fuel  subsidies  in  Nigeria, stating  that it’s  no  longer  sustainable. He  pointed  out  that petrol  in  Nigeria  is  40%  cheaper  than  in  Saudi Arabia, A  situation  he believes  is  not economically viable. Dangote’s  remarks  highlight  the  urgent need  for  subsidy  reforms  to  address  the growing fiscal  pressures  on  the  Nigerian  economy.

 


 

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Dangote Petroleum Refinery Begins Exportation Of Products To Neighbouring West African Countries

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Dangote Petroleum Refinery begins exportation of products to neighbouring West African countries. A report was made that the Dangote refinery just shipped gasoline to the coast of Togo, West Africa. Although the shipment of the gasoline is going to the coast of Togo it can also be taken somewhere else in West Africa.

Chairman of NPA, Ghana speaks at the OTL Africa Downstream Oil Conference in Lagos states that importing from Nigeria reduces prices and freight costs for them rather than importing from Europe.

“If the refinery reaches 650,000bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,”


 

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FBN Shareholder Approve #350 Billion Capital Raise And Rebrand

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FBN Holdings shareholders approve the plan of raising #350billion in additional capital and also changing its brand name. These discussions happened in the Annual General Meeting (AGM) and were submitted to the Nigerian Exchange Limited.

The Shareholders also approved of a dividend payment of 40 kobo per 50 kobo ordinary share, which will result to #14.36 billion for 2023 financial year.

This capital raise will include issuing shares, private placements or right issues concluded and approved by the board of directors. It will align with the initiate to raise #150 billion issues by the Central Bank of Nigeria.


 

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CBN and Finance Ministry Share Concerns Over Investment and Securities Proposed Bill

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Concerns have been raised by The Central Bank of Nigeria (CBN) and the Ministry of Finance, concerning the Investment and Securities Bill which was proposed. The bill aims to replace 2007 Act and to update capital market regulations.

The CBN representative, Dr Tukur at the National Assembly hearing, opposed to the granting of the Securities and Exchange Commission over the public companies.

The Finance Minster, Wale Edun also emphasize on the impact of the bill and the provision it will offer the SEC board members. However the SEC Director General defended the bill and stated it has a benefitting role in Nigeria’s capital market globally.


 

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