Dangote Refinery Is Here; Why Are We Unhappy?

 By Dele Sobowale

“I am beginning to wonder how many fools it takes to make the term ‘My Fellow Citizens’” -Honore de Balzac, 1799-1850, in LOST ILLUSIONS

You were probably one of those who eagerly awaited the completion of the Dangote Refinery while labouring under the illusion that it will crash the price of fuel nationwide. Welcome to the unpleasant reality. Underlying that self-deception was the un-stated but implied assumption that Alhaji Dangote was embarking on a venture designed to free Nigeria from fuel importation. Well, “when you assume, you make an ass of you and me.”

Gullible Nigerians, especially many media commentators, had committed the blunder of forgetting that Dangote is a businessman caught in a global race for position among the world’s richest people. He went into refinery primarily to make as much money as he can; and stopping fuel importation is a distant second objective – except that securing a monopoly of the domestic fuel supply would help achieve the ambition.

Nigeria Made Dangote A Colossus, It Must Now Handle Him Wisely

 By Olu Fasan

Aliko Dangote, the richest man in Africa, is a product of the Nigerian state. By deliberate policy choices, the state made Dangote Nigeria’s foremost oligarch with presidents on speed dial. However, recent rifts between Dangote’s oil refinery and the Nigerian National Petroleum Company, NNPC, as well as the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, not to mention the raid on his business headquarters by the Economic and Financial Crimes Commission, EFCC, suggest that all is not well with the long-running relationship between Dangote and the state. Yet, having turned Dangote into a commercial Leviathan, the state must now wisely recalibrate and manage the relationship.  

*Dangote 

To be clear, Dangote was not born poor. He was born into wealth and became a millionaire very early in life. However, his transition from a millionaire to Africa’s richest man would not have happened without a leg-up from the state, without special favours and preferential treatment from the Nigerian state. To this credit, Dangote himself admits this. Before we come to the refinery saga, let’s tell the fascinating story, as Dangote himself narrated it.

Bola Tinubu And Our Oil Sector

 By Ochereome Nnanna

The #EndBadGovernment protests largely flopped partially because they demanded for the restoration of the petrol subsidy. In life, better be careful what you wish for because it might actually come true!

*Tinubu

If for any reason President Bola Tinubu acceded to this demand, the engine of his government would knock. Petrol is selling between N640 and N800 per litre, and it is still scarce. Imagine returning it to N180? All petrol stations will close shop, and we will be buying at the black market between N1,500 and N2,000 per litre. The train has left the subsidy station, and it will never come back.

Who Wants Dangote Refinery Dead?

 By Charles Okoh

There must be something inherently wrong with us as a people. There must be a reason that has made it practically impossible for all governance models or theories that have worked elsewhere to work here. Of course, the an­swer to that is corruption. We cannot say it enough. The level of corruption in the country is such that until something drastic is done, the development of this nation would continue to remain stunted.

*Dangote 

For a while now, we have been waiting for the much-anticipated Dangote Refinery to be launched.

Our expectations and optimism were not misplaced given the har­rowing experience Nigerians have been having with exploiting our God-given resources for the benefit of the people of this country. Sadly, there is no evidence to show that this nation is endowed with such a resource as crude oil because we have never benefited as a people.

Dangote Refinery, Victim Of Nigerian Factor

 By Dele Sobowale

A lot of media people have been talking to Alhaji Aliko Dangote lately; more would give an arm to be able to reach him – all because of the refinery which was advertised as the answer to our perpetual fuel problems. Laymen and women have developed the notion that, when it starts supplying fuel, prices would crash to pre-subsidy removal levels – among other expectations. More unsolicited write-ups have been sent to me by strangers and friends, alike, about Dangote himself and his refinery than I have ever received in a long time.

*Dangote 

Suddenly, the Dangote Refinery, apart from pervasive hunger, appears to be the only subject worthy of attention. The opinion leaders are almost evenly divided – those sympathetic to Dangote and those totally against – even though the latter are often afraid to be identified. That is power – the ability to make people fear you even when you don’t know them.

The Economy Is Wobbling, And The Govt Is Fumbling

 By Ugoji Egbujo

While the naira gasped for breath, the nation sent 400 tourists to Dubai to fill the gallery in a climate change conference. Two weeks ago, the President dabbed powder on the wound. He announced a cut in his entourage and those of his wife and ministers. The general attitude of the country to the looming disaster seems surreal.

At N1400 for a dollar, alarm bells should be ringing. But in the highest offices in the land and amongst politicians, the dollar has become the preferred instrument of settlement and lubrication. Nothing moves the leaders of this country. In the middle of this economic tornado, a minister signed off air tickets to a non-existent Kogi airport. The new government met a mess. But it has been sloppy and haphazard.

Nigeria: Using Torchlight In Broad Daylight

 By Owei Lakemfa

There is a country called Nigeria. For three decades, its coffers were daily looted in the guise of fuel subsidy. The looters are known by name and some are known faces. The companies they use in looting are registered and have addresses. Rather than bring the criminals to book, government decided to remove the subsidy.

Thus, the people are forced to pay astronomical prices for fuel, while the subsidy looters keep their loot and are free to forage for other things to loot. This is the truth. There is also the lie; that fuel subsidy has now been removed. The truth is that it is impossible to remove fuel subsidy no matter how much the people are visited with high fuel prices.

What Did Sanwo-Olu Come To Lagos With?

 By Ochereome Nnanna

The first story is about a young Nigerian 45 years ago, and you see the coincidence in the story, 45 years ago, a young Nigerian came to Lagos all the way from another mega-city, Kano, who saw the prosperity, and diversity of our country, who came with nothing but in 45 years has built the biggest empire in the world — Babajide Sanwo-Olu, Governor of Lagos State.

*Gov. Babajide Sanwo-Olu and his wife, Dr. Ibijoke Sanwo-Olu

Ordinarily, this statement, which Governor Sanwo-Olu made amidst befitting accolades for Alhaji Aliko Dangote for finally delivering the world’s largest refinery in Lagos, should not raise eyebrows. So, why is it arousing mixed feelings? The reason is obvious. It is a bitter reminder of the fallout of the just-concluded elections, particularly in Lagos, where Sanwo-Olu, his political principal, Bola Ahmed Tinubu, and his political party, APC, used ethnic bigotry and violence to save themselves from being shipped out of power by Lagos residents who are tired of their oppressive rule.

Stealing The Nation!

 By Nnimmo Bassey

To say that Nigeria is being stolen is an understatement. It is a sordid situation. Shocking stories from the oil and gas sector continue to hit the news. Rather than being numbed by the monstrous pillaging of the nation, Nigerians should wake up to the wake-up call, especially in an election season.

By some deft choreography, the blame for the stealing and pollution in the oil field communities of the Niger Delta has been deflected to the poor communities.

This devious deflection has been so successful that the Petroleum Industry Act (PIA), which has the fingerprints of multinational oil companies all over it, criminalizes communities and holds them up as being responsible for interferences that may occur on oil facilities in their territories. 

The Way Out Of Naira’s Deepening Woes

 By Faith Omoniyi

In recent times, Naira has been defined by its continuous downward spiral. The Naira has plummeted from $1/N198 to $1/N430 in the parallel market during the last six years. This increase equates to a 209% depreciation. The depreciation is due to a reduction in global oil prices, a lack of foreign currency income, and higher inflation in the country. The downward trend of the Naira is set to continue if proper economic measures are not in place. Increasing  Nigeria’s export potential and reducing the inflation rate are viable options for getting Naira back on track.

Overbearing weight on Oil
Low export potential is one of the causes of the Naira’s depreciation. According to the National Bureau of Statistics (NBS), in 2021, Nigeria’s imports exceeded exports by N1.94trn. Nigeria’s foreign exchange earnings are derived primarily from the export of petroleum. However, Nigeria still spends $14.95 billion on the import of petroleum products annually. Nigeria needs to build refineries to shelve this figure or collaborate with private companies like Dangote and BUA that are building refineries.