Business
New Report on Dangote Refinery’s Diesel Quality Expected On Monday
The Nigerian Government has announced that a new report regarding the sulfur content in diesel produced by the Dangote Refinery will be released on Monday.
This update comes after a recent dispute between the refinery’s owner, Aliko Dangote, and Farouk Ahmed, the Chief Executive Officer of the Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
George Ene-Ita, a spokesperson for NMDPRA, stated that the regulatory body has a team of approximately 15 engineers and scientists working directly within the Dangote Refinery.
He emphasized that the upcoming report will provide a comprehensive analysis of the diesel’s sulfur content. Ene-Ita also highlighted that NMDPRA has fulfilled its regulatory duties and is not interested in engaging in public disputes with the refinery.
Last week, Ahmed had claimed that the Dangote Refinery was not yet authorized to operate and criticized the quality of its petroleum products.
He noted that the sulfur content of products from Dangote Refinery, along with other smaller modular refineries such as Watersmith and Aradel, ranged between 650 and 1,200 parts per million (PPM), which he argued was inferior compared to imported petroleum products.
In response, Dangote refuted Ahmed’s claims, asserting that the refinery’s products were of high quality. He called for an independent assessment to verify the quality of their products.
Dangote criticized the current testing procedures, suggesting that the results of imported products might be manipulated and that independent testing would reveal different outcomes.
This statement was made during a tour of the Dangote Refinery with Speaker of the House of Representatives, Tajudeen Abbass, and other senior lawmakers.
Business
Bitcoin and Dollar Rise Again With Donald Trump’s Win In Election
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
Business
USD Weakens Amid The Upcoming US Presidential Election
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Business
Dr. Aguoru States The Use Of Card Pins Online Has A High Security Risk
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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