Business
Dangote Refinery Explains Petrol Price Hike Due to Rising Global Oil Costs
Dangote Refinery has explained that the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, is a direct result of a sharp increase in global crude oil prices.
In a statement released on Sunday, the refinery emphasized that fluctuations in international oil prices inevitably affect the cost of finished products like petrol. This week, Dangote raised the depot price of petrol by 5%, bringing it from N899.50 to N950 per litre.
Despite this increase, Dangote pointed out that the 5% rise is much lower than the 15% hike seen in global crude oil prices.
Over a short period, Brent Crude has jumped from $70 to $82 per barrel, while Nigerian crude has an additional premium of about $3 per barrel in international markets.
Business
Aliko Dangote Speaks on His Children and Carrying on His Family Name
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
Business
Dangote Investment Draws Huge Traffic to Bamboo, Cowrywise Platforms
It can be reported that following Aliko Dangote’s investment opportunity, some investment platforms are experiencing huge traffic, causing their platforms to become slow and go down.
Two platforms openly announced their issues. Bamboo said “Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly.”
Cowrywise also said “We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone.”
Business
Economist Bismarck Rewane Speaks on Dangote Refinery Investment
Nigerian economist Bismarck Rewane advises Nigerians financially, sharing that Nigerians should engage in the Dangote Refinery initial public offering (IPO). He stated that it was a good investment.
He shared “You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.
“If you can get 10 million shareholders to participate in the IPO, the Dangote Refinery will have the largest number of shareholders in the world,” he said.
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