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Nairaland Forum / Nairaland / General / Business / Dangote May Forfeit Refinery Project To Nigerian (42506 Views)
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Re: Dangote May Forfeit Refinery Project To Nigerian by frog12: 10:16am On Aug 10, 2021 |
so they are refining fertiliser ? Chris525: |
Re: Dangote May Forfeit Refinery Project To Nigerian by frog12: 10:17am On Aug 10, 2021 |
you be billionaire ? Educationalserv: |
Re: Dangote May Forfeit Refinery Project To Nigerian by justmondris: 10:18am On Aug 10, 2021 |
Was this the game plan from the beginning, did he actually spend upto the amount he said he spent on the project, was the project a means to loot the country money and finally handover the debt and a low standard refinery to Nigeria, has the project actually gotten to the stage they said it has gotten to? Please Mr. Dangote, we don’t want your refinery. If you are actually sure that the project meets the standard of a modern refinery and what you have done worth the amount you said you have spent on it, please sell your refinery to foreign investors and use the money to pay your debt. This refinery now looks like a scam project to me and the guy is trying to sign out and handover the debt and fake project to the Nigeria government. The government will surely cover up the scam project and spend times ten of the amount trying to make the refinery work before shouting it down after few months of operation. 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by Splitmind: 10:23am On Aug 10, 2021 |
We must do everything within our power to ensure that does not happen |
Re: Dangote May Forfeit Refinery Project To Nigerian by Penguin2: 10:30am On Aug 10, 2021 |
EMIOMOADEOYE: That’s it. Nobody that wants good for Nigeria would want that project to fail. It will solve a lot of foreign exchange issues for Nigeria. Amongst other things. The project should succeed. |
Re: Dangote May Forfeit Refinery Project To Nigerian by 9jaRealist: 10:57am On Aug 10, 2021 |
frog12: Abegi keep up… It’s an INTEGRATED refinery and petrochemicals complex… As there are MYRIAD byproducts derivable from oil and gas. The complex consists not only of the world’s largest single-train refinery… But also the world’s largest polypropylene and polyethylene plants, and Africa’s largest urea fertilizer plant. Unlike DUMB Nigerian governments that rely almost entirely on crude exports… Dangote has built an INTEGRATED complex that adds value to Nigeria’s hydrocarbon resources in MANY ways! > 2 Likes |
Re: Dangote May Forfeit Refinery Project To Nigerian by Educationalserv: 11:01am On Aug 10, 2021 |
frog12:otodo by 650 dealers .daily production 120 trucks x 7000000. |
Re: Dangote May Forfeit Refinery Project To Nigerian by OmoManU: 11:07am On Aug 10, 2021 |
Penguin2:Heritage is not taken over by AMCON o, check your facts |
Re: Dangote May Forfeit Refinery Project To Nigerian by 9jaRealist: 11:13am On Aug 10, 2021 |
justmondris: Yes, he spends BILLIONS to “scam” Nigerians… And we would rather keep IMPORTING often ‘dirty’ crude instead of the Dangote plant’s Euro-V fuel (the world’s highest standard). He is “scamming” Nigerians by creating TENS OF THOUSANDS OF JOBS IN NIGERIA FOR NIGERIANS (along the entire value chain), generating revenue (through corporate and income taxes, as well VAT) for the Nigerian Treasury to hopefully (to the extent not looted by politicians) invest in education, healthcare, security, public transportation, social investment, etc. He is “scamming” Nigerians by saving the BILLIONS of dollars that Nigeria foolishly spends on fuel imports (reportedly about $6 billion of scarce foreign reserves yearly - more than 30% of all official imports) for a nation that is one of the world’s leading producers of crude oil - supporting FOREIGN refineries and workers in the process. He will also be “scamming” Nigerians by EARNING foreign currencies for Nigeria by exporting products (including fertilizer reportedly already exported to the US and Brazil this past July). Many Nigerians truly DESERVE the DUMB clueless leaders they have. Sai Baba!! SMDH > 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by 9jaRealist: 11:18am On Aug 10, 2021 |
Igyeseh06: OChimex: Ruggman: First, there’s a difference between personal debt and corporate debt… Furthermore, a ledger has TWO columns - assets and liabilities. The $8.4 billion debt is OFFSET by the value of the refinery. The ILLITERATE who wrote this “article” thinks this like the money the writer would borrow from his in-laws to buy boli… On the corporation’s balance sheet, the value of the refinery is ADDED to its assets, and that’s likely to be MORE than any debt. > 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by 9jaRealist: 11:25am On Aug 10, 2021 |
OChimex: Huh?! The complex has reportedly already EXPORTED fertilizer to the US and Brazil… https://www.reuters.com/article/us-nigeria-dangote-fertiliser/nigerias-dangote-to-start-exporting-fertiliser-to-u-s-brazil-idUSKCN2DY1D7 Furthermore, the complex will EXPORT polypropylene and polyethylene from its petrochemicals plant… And the reason it’s fuel products is Euro V standard (the world’s highest) is because large amounts will be EXPORTED. Meanwhile, Dangote Cement EXPORTS cement to some African countries… While creating TENS OF THOUSANDS OF JOBS IN NIGERIA FOR NIGERIANS! That’s the “science” of sound Economics! > 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by 23n23: 11:29am On Aug 10, 2021 |
Help!! I just got a new apartment and there is a lot of cement stains. Any chemicals that can help? The one I tried isn't working�� |
Re: Dangote May Forfeit Refinery Project To Nigerian by li2pac1717: 11:30am On Aug 10, 2021 |
In a sane environment Sahara Reporter would have been banned with there several fake news or assumptions. I searched every where too and the commencement day of the refinery is still scheduled in 2022. I wonder where they see that 2025 they have been saying for few months now. Penguin2: |
Re: Dangote May Forfeit Refinery Project To Nigerian by descarado: 11:35am On Aug 10, 2021 |
Tobest94:Dangote is using very subsidised forex. Inflation has nothing on him. He is a product of the fulani controlled federal hegemony. Without federal government, he is nothing. Never an astute bizman. He abhors competition like his brothers. SEPLAT is building multi million dollar gas refinery in imo state but we don't hear pim about it Almost in completion. Why? Cos he has nothing to do with politicians. You hear what you have to hear at the right time not public hyping and it's 100% privately funded. That,my dear is how real biz man operates. Dangote can't breath without Abuja and he is in so much debt. We will hear more. Politicians made you and you refused them 20% equity. Let's watch and see. Richest man in Africa foot. Citing his refinery in lagos is his biggest mistake He go hear am. He should researched history. 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by jaxxy(m): 11:41am On Aug 10, 2021 |
Poor project execution. 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by seunmsg(m): 11:49am On Aug 10, 2021 |
descarado: Where is SEPLAT getting forex from? 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by Nobody: 11:54am On Aug 10, 2021 |
Although it is been over two years since i visited the refinery, but I don't think Sahara Reporter is saying anything truthful, the last I heard it is 80% complete, the reason Alhaji is focusing on the Maritime safety at sea is most likely because they are already planning to commence shipping. I don't even think they have details of the financial arrangement involve in the refinery....My own is that Alhaji should just stay focus . |
Re: Dangote May Forfeit Refinery Project To Nigerian by RodgersAkpafu: 11:55am On Aug 10, 2021 |
Bukasint:How is this something to be grateful for? |
Re: Dangote May Forfeit Refinery Project To Nigerian by Penguin2: 12:12pm On Aug 10, 2021 |
OmoManU: You are right. Heritage bank acquired Enterprise Bank, one of the banks that AMCON took over in 2011. 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by Penguin2: 12:17pm On Aug 10, 2021 |
descarado: Yea. I think building the refinery several miles away from the location of the raw material is a great miscalculation on his part. I wonder who advised him. Now imagine the cost of shipping crude oil alone from Niger Delta to Lagos. Think of maritime security risks involved. What if Biafra secedes? These are things he should have considered. 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by OChimex: 12:32pm On Aug 10, 2021 |
9jaRealist: Calm down educated man. Please answer these questions. First you have to finish building the refinery before it becomes an asset? Where will he source the money to finish it, if not from his already net worth? At least most of the money should be from him. Do you think any naija bank fit borrow you such amount in dollars? Which bank get that kind money in billion dollars? If you borrow such huge money from banks with huge insterests, by the time the refinery is due and start working until it starts making money to pay back, interests for don chop you die. The problem naija education system get be people who think they are experts always throw away common sense/ on the field experience and natural wisdom, aside basing only on textbook theories. Wetin u said na just textbook theory 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by thedio(m): 12:43pm On Aug 10, 2021 |
No wonder the price of cement keep soaring everyday. Can somebody throw light on these two paragraphs The Nigerian National Petroleum Corporation (NNPC) has made available $3.8 billion as part of federal government’s 20% equity in the project, providing $1 billion cash, while the remaining $2.8 billion will be in crude supply. This development has been described by industry observers as strange because $2.76 billion falls short of 20 percent of the Dangote project valued by the sponsor at $16 billion. Using the $16 billion value, 20 percent should be $3.2 billion and analysts have expressed dissatisfaction at the disparity in the project’s value and NNPC’s funding. I think greediness pushed him to this juncture because I dont understand the reason behind his change of location from Ondo to Lagos State.Sand filling alone would cost him enormous amount of money. 1 Like |
Re: Dangote May Forfeit Refinery Project To Nigerian by OChimex: 12:47pm On Aug 10, 2021 |
9jaRealist: The fertiliser export hasn't started ooo. Read your article again. The other polyth.. is a case of will, haven't started... Until they start then we see. This is a good development if he will sustain it and make billions of dollars as well from international market. These western billionnnaires from their far side dey take something from us steady, so e good make our billionnaires take from their economy too. African countries are not major players in international market, they buy very little quantities compared to other continents. If you doubt check China major buyers... So exporting to African countries is good but its the same as selling in nigeria. |
Re: Dangote May Forfeit Refinery Project To Nigerian by officialfoodie: 1:11pm On Aug 10, 2021 |
Story story. These people are so predictable |
Re: Dangote May Forfeit Refinery Project To Nigerian by MOTIONTECH(m): 1:14pm On Aug 10, 2021 |
This is a story of greed that we all need to learn from. |
Re: Dangote May Forfeit Refinery Project To Nigerian by skyfall: 2:17pm On Aug 10, 2021 |
Fahdiga: @Seun This is the kind of content found all over your website. I hope there won't be crying and wailing the day they go over the top and govt decides to take action. Calling people terrosists is not free speech. |
Re: Dangote May Forfeit Refinery Project To Nigerian by fastpayfx(m): 2:50pm On Aug 10, 2021 |
hmm. abeg o. this one will sink BANKS OOO |
Re: Dangote May Forfeit Refinery Project To Nigerian by Gfskw: 4:21pm On Aug 10, 2021 |
Ok |
Re: Dangote May Forfeit Refinery Project To Nigerian by Zenithpeak(m): 4:43pm On Aug 10, 2021 |
Immatex:They've already worked out the monopoly in the petroleum industry for him hence the need for quick ratification of PIB bye the rubber stamp house of assembly. Only few knows the truth about his business ideology... There's a huge question mark on his loan repayment/financial integrity.... |
Re: Dangote May Forfeit Refinery Project To Nigerian by Babinski: 6:32pm On Aug 10, 2021 |
MSRA: The Dangote Refinery was an ill-advised venture from all indications. I believe the refining capacity was chosen more for bragging rights than practicality. How many oil companies built a 650k bpd refinery at the height of the oil boom when crude had the best prospects for the future, much less now that the crude and oil future isn't so bright in the face of alternative energy sources? Even at completion, there would still be challenges on ROI, long term profitability and operational capacity. And now the road to completion is so rough with several episodes of flooding, cost overun, interest payments and shifting of the completion date more than 6 times! Dangote's last resort out of the mess now seems to be how to dump the whole shit in Nigeria's lap. From 20% equity by NNPC to AMCON taking the refinery's bad loans off the banks to relieve him of the pressure from the banks. AMCON is starting to look like an avenue for benefiting some banks and wealthy individuals by taking over dirty loans. If not, what is AMCON's business with a loan that is still being serviced by the richest black man in the world? |
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