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Dangote Urges Nigeria to End Crude-for-Loan Deals to Protect Future Wealth

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Aliko Dangote, President of the Dangote Group, has called on the Nigerian federal government to put an end to crude oil-for-loan agreements, which he believes could jeopardize the country’s future economic stability.

Dangote’s message was delivered at the ongoing Crude Oil Refinery-owners Association of Nigeria Summit in Lagos, where he was represented by Engr. Mansur Ahmed, Executive Director of Dangote Group.

Dangote expressed concern over Nigeria’s reliance on these deals, emphasizing that they effectively mortgage the nation’s future wealth.

He drew a comparison to countries like Norway, which channels oil revenue into national wealth funds to secure financial stability for future generations.

He pointed out that in contrast, African nations, including Nigeria, are using their oil proceeds today without considering long-term implications.

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“To ensure adequate feedstock availability for the country’s refineries, it is critical that we stop mortgaging crude,” said Dangote.

“While nations like Norway are safeguarding their oil wealth for the future, here in Africa, we are consuming resources that should be reserved for the generations to come.”

The statement comes after the African Export-Import Bank (Afreximbank) disbursed a significant $3.175 billion to the Nigerian government in June 2024.

This payment was part of a $3.3 billion crude-for-loan syndicated facility negotiated through the Nigerian National Petroleum Company Limited (NNPC).

The deal, similar to others the country has engaged in, is designed to secure loans with crude oil as collateral, a practice that Dangote believes undermines Nigeria’s long-term economic security.

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In addition to his concerns about crude-for-loan deals, Dangote has also been vocal about the need for Nigeria to remove its fuel subsidy entirely.

He argues that continuing with fuel subsidies drains government resources that could otherwise be invested in critical areas like infrastructure, education, and healthcare.

His recommendations come as Nigeria grapples with the financial strain of managing fuel subsidies and fluctuating oil revenues, which have placed a heavy burden on the national budget.

Dangote’s views carry considerable weight, given his status as Africa’s richest man and his significant investments in Nigeria’s oil and gas industry, including his multi-billion-dollar Dangote Refinery.

His refinery, once fully operational, is expected to help reduce Nigeria’s reliance on imported fuel and could reshape the country’s energy landscape.

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However, Dangote warns that achieving this potential requires policy changes that prioritize sustainable economic practices over short-term financial gains.

As Nigeria continues to navigate its path toward economic diversification, Dangote’s appeal to end crude-for-loan deals and eliminate fuel subsidies highlights the broader conversation about how the country can best manage its natural resources to secure long-term prosperity.


 

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“If Democracy Had Collapsed, Peter Obi Will Not Speak Freely” – Bayo Onanuga

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In a recent development, Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, has criticized Peter Obi, the Labour Party’s 2023 presidential candidate, for his recent comments on Nigeria’s democratic state.

Obi had remarked that democracy in Nigeria has been “knocked down,” especially in light of the suspension of Rivers State Governor Siminalayi Fubara.

Onanuga responded by asserting that such hyperbolic statements lack a solid logical foundation, especially considering Nigeria’s democratic progress over the past 26 years. He emphasized that if democracy had indeed collapsed, Obi wouldn’t have the freedom to express such views publicly.


 

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Adeleke University Accused of Forcing Muslim Students to Attend Church Services

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The Muslim Rights Concern (MURIC) has raised concerns about alleged religious discrimination at Adeleke University in Ede, Osun State. According to MURIC, the university is compelling Muslim students to participate in Christian church services and has reportedly disrupted their Ramadan observances.

MURIC’s Executive Director, Professor Ishaq Akintola, stated that the organization has received multiple complaints from Muslim students at Adeleke University. These students allege that attendance at the university’s church programs is mandatory for all students, regardless of their religious beliefs.

Furthermore, a recent incident reportedly involved the disruption of Tarawih prayers—special evening prayers performed during the Islamic holy month of Ramadan—with students being warned not to hold such gatherings again.

Professor Akintola emphasized that such actions infringe upon the fundamental right to freedom of religion, which is protected under the Nigerian Constitution.

He mentioned that this is not the first time concerns have been raised about Adeleke University’s treatment of Muslim students. In 2019, MURIC accused the institution of religious persecution and called upon the National Universities Commission (NUC) to investigate.

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The allegations at that time included forcing Muslim students to attend church services on Sundays and making mid-week services on Wednesdays and Saturdays compulsory for those residing in university hostels.

Additionally , the recent allegations have prompted calls for the NUC to intervene and ensure that universities uphold the constitutional rights of all students. MURIC also advises Muslim parents and prospective students to exercise caution when considering enrollment in private institutions that may not respect their religious practices.

Finally, they urge educational authorities to ensure that private universities are transparent about their religious affiliations and practices, allowing students to make informed decisions about their education.


 

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Tinubu Suspends Fubara and Declares State of Emergency Over Security Threats in Rivers — Presidency

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The Presidency has explained why President Bola Tinubu suspended Rivers State Governor Sim Fubara and declared a state of emergency, citing serious security threats.

Tinubu recently suspended Fubara, his deputy, and the State House of Assembly members for six months. He also appointed a sole administrator to oversee the state’s affairs during this period.

According to Bayo Onanuga, Tinubu’s Special Adviser on Information and Strategy, intelligence reports revealed that militants were planning to sabotage oil pipelines, posing a major risk to national security and the economy.

Onanuga stated that Section 305 of the Constitution gives the President the authority to step in when law, order, or economic stability is threatened.

He suggested that the push to impeach Fubara might have triggered violent reactions from the governor’s supporters, while militants in the creeks were reportedly preparing to attack vital oil infrastructure. This could have dragged Nigeria’s oil production back to the low levels seen before 2023.

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Onanuga also alleged that militants had been instructed by Fubara to hold back until they got the signal to strike, which could have led to a significant drop in output and a ripple effect across the Niger Delta.


 

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