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Dangote Halts Steel Investments to Avoid Monopoly Accusations

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Aliko Dangote, Chairman of the Dangote Group, has announced that his company will be halting its investments in Nigeria’s steel industry. This decision comes in response to concerns about potential monopoly practices.

Dangote revealed this shift during a recent press conference, amidst ongoing disputes with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The NMDPRA’s Chief Executive Officer, Farouk Ahmed, had previously raised concerns about Nigeria’s reliance on the Dangote Refinery for petroleum products, suggesting that it posed a monopoly risk. Ahmed also criticized the quality of petroleum products from both the Dangote Refinery and other local refineries.

In light of these issues, Dangote explained that the board of his company has chosen to withdraw from the steel sector to avoid further accusations of monopolistic behavior, similar to those currently directed at their operations in the petroleum industry. He noted that by stepping back from the steel business, the company hopes to prevent the same criticisms and encourage competition.

“Own board has decided that we shouldn’t do the steel because if we do the steel business, we will be called all sorts of names like monopoly. And then also, imports will be encouraged. So we don’t want to go into that.

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“Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us. They should bring that money from Dubai and other parts of the world and invest in our fatherland,” he said

Dangote further emphasized that there are other wealthy Nigerians who could invest in the steel industry. He suggested that those with substantial resources, potentially even from abroad, should step in and invest in Nigeria’s steel sector.


 

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Fire Breaks Out at Governor Mbah’s Fuel Station, Arson Suspected

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A fuel station owned by Enugu State Governor, Peter Mbah, was engulfed in flames early Friday morning, reportedly due to an attack by unidentified individuals.

The station, Pinnacle Oil, located along Agbani Road in Enugu, was the target of an arson attack carried out by assailants who arrived in a Toyota Corolla.

Eyewitnesses revealed that the fire rapidly spread, consuming at least four vehicles in the vicinity.

The inferno led to widespread panic among residents and commuters in the area.

Firefighters from both the federal and state fire services responded swiftly, managing to contain the flames before they could cause further destruction.

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The Enugu State Police Command, while confirming the incident, hinted at a different possible cause for the fire.

In a statement issued by the command’s spokesperson, DSP Daniel Ndukwe, it was suggested that the blaze may have started due to fuel leakage from one of the cars queued up to buy fuel at the station.

Although the fire caused extensive damage to the station and several vehicles, no casualties were reported.

The Commissioner of Police, CP Kanayo Uzuegbu, who was present at the scene, assured the public that a thorough investigation would be conducted.

He instructed the Deputy Commissioner of Police overseeing the State Criminal Investigation Department (CID) to lead the inquiry into the fire to determine its true cause and those responsible.

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As a result of the incident, security operatives have barricaded the Agbani Road axis, where the station is located, to maintain order and ensure public safety.

While normalcy has been restored, the incident has raised concerns about safety and security in the area.

Residents are hopeful that the investigation will uncover the facts surrounding the fire and bring the culprits to justice.


 

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CORAN Opposes Petrol Imports as Marketers Shun Dangote Refinery Supply

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The Crude Oil Refiners Association of Nigeria (CORAN) has expressed strong opposition to a recent decision by petroleum marketers to import Premium Motor Spirit (PMS) despite the availability of petrol from Dangote Refinery.

Eche Idoko, the Publicity Secretary of CORAN, voiced these concerns in a statement, criticizing the marketers for turning to imports when a domestic option is readily accessible.

This reaction comes as reports indicate that 141 million litres of PMS are being transported to Nigeria by oil vessels following the recent deregulation of the downstream oil sector by the Federal Government.

The Nigerian National Petroleum Company Limited (NNPCL) has announced new pricing for petrol at its retail outlets across the country, with prices ranging from N950 to N1,019.22 per litre, depending on the location.

This pricing adjustment followed the successful lifting of petrol from the Dangote Refinery.

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A price dispute has arisen between Dangote Refinery and NNPCL, with NNPC claiming it purchased Dangote petrol at N898 per litre, a statement that the Lagos-based refinery disputes.

The recent shift towards importing petrol by marketers, who seem dissatisfied with Dangote’s pricing structure, has further fueled tensions.

Idoko raised concerns over the quality of imported petrol, alleging that some of it is substandard and may have been blended in places like Malta or Togo.

He emphasized that this new regime could offer better pricing than the previously imported products, which have not met the necessary standards.

He also addressed fears among marketers that Dangote could dominate the market, asserting that such concerns have been mitigated by Dangote’s commitment to join CORAN.

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Idoko highlighted that the current regulatory framework, including the Petroleum Industry Act, ensures that no single entity can monopolize the market.

In response to the importation issue, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that any imported petrol must undergo three rigorous tests before it can be sold in Nigeria.

George Ene-Ita, a spokesperson for NMDPRA, reiterated that while marketers with import licenses are permitted to import PMS, the products must meet specific quality standards.

Earlier this year, Aliko Dangote, President of Dangote Group, expressed confidence that the start of operations at his refinery would ultimately eliminate the need for fuel imports in Nigeria, positioning the refinery as a key player in the nation’s petroleum landscape.


 

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Hamster Kombat Unveils Anti-Cheating Plan

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Hamster Kombat has introduced a new anti-cheating strategy to ensure fair play and protect dedicated players. The initiative targets those attempting to manipulate the game for extra benefits, issuing a “cheating is bad” warning that could affect their positions for the airdrop distribution on September 26. The team emphasized the importance of rewarding honest players and creating a secure environment.

As Season 1 of the Telegram-based Web3 game ends on September 20, Hamster Kombat will take a snapshot of the game’s activities to determine airdrop eligibility. The game, which has over 300 million users, is focused on maintaining fairness ahead of its upcoming Season 2 launch.


 

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