Business
PETROAN Seeks N100 Billion Investment to Stabilize Nigeria’s Fuel Sector
The Petroleum Product Retail Outlet Owners Association (PETROAN) has clarified that their N100 billion intervention request from President Bola Ahmed Tinubu is not a bailout but an investment aimed at saving Nigeria’s energy sector from collapse.
Billy Gillis-Harry, the National President of PETROAN, explained in a recent interview that the funds would be placed in an energy bank, providing petrol dealers with access to affordable, single-digit interest loans.
The proposed fund, he argued, would help reduce the price of Premium Motor Spirit (PMS), which is currently sold for between N935 and N1,100 per liter in Nigeria.
He emphasized that the request is not for free money, but for the government to invest in the establishment of an energy bank where the N100 billion could be used as seed capital.
Gillis-Harry stated, “We are not asking for free money.
We’re requesting that the government place the N100bn into the energy bank as seed capital.
This will allow us to access loans with a lower interest rate, ultimately helping reduce fuel prices and improve the sector.”
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.”
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.”
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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