Naija and issue

Emefiele suffering much.. Emefiele was the problem of itself ..

Gboss247:
Don't also forget that multinational firms like Dangote Group bring billions of dollars into Nigeria and expecting him to buy forex that he owns looks stupid.

I think you are missing the point, granted if the country has enough forex, companies like his should get waivers but when we borrow, that kind of forex shouldn't be sold to anyone, whether they bring forex in or not.

MamaletASO:
Dangote seems to be the worst thing ever happened to Nigerians...

Emefiele suffering much.
$19Bn that Emefiele CBN gave to dangote refinery alone..

Please you have Internet. Google who are the stakeholders in dangote refinery.

Thank you

deenee:


Please you have Internet. Google who are the stakeholders in dangote refinery.

Thank you

Exactly my point:

Show me your friend and I will knw the type of person you are..dazzol!

We've known for long that Dangote wealth has a political angle to his struggle




quote author=aminulive post=127788463]


https://politicsnigeria.com/efcc-raid-has-emefiele-thrown-dangote-under-the-bus/[/quote]

Emefiole

sparko1:


I think you are missing the point, granted if the country has enough forex, companies like his should get waivers but when we borrow, that kind of forex shouldn't be sold to anyone, whether they bring forex in or not.

do you remembered that in 2023, CBN borrowed some billions of dollars to fill backlogs of foreign companies to repatriate back to the home countries. The recent borrowings by NNPCL from Afreximbank will also be used for importations and foreign repatriation.

Gboss247:
do you remembered that in 2023, CBN borrowed some billions of dollars to fill backlogs of foreign companies to repatriate back to the home countries. The recent borrowings by NNPCL from Afreximbank will also be used for importations and foreign repatriation.

Except Dangote is an indigenous company, if he wants forex, it's for personal use.

deenee:
First, the EFFC search light isn't on Dangote alone but on about 55 other companies that had access to FX from CBN.

I can bet you that nothing will happen because all transactions were done by the book.

The man entered into a forward contract to buy FX from the CBN at official rate to import machinery,equipment and pay for technical and advisory services and expatriates wages building his refinery.

For the morons that are happy that he isn't the richest man in Africa again, let me explain what a forward contract is.

"A forward contract is a customized contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract can be used for hedging or speculation, although its non-standardized nature makes it particularly apt for hedging"

CBN based on FX availability supplied him at different intervals and published the allocations in several national dailies for the world to see at the request and instance of Dangote.

At some point and due to Covid 19 restrictions which obviously affected dollar inflows, CBN had to resort to accessing USD from Afrexim Bank to meet this committed obligations and to mitigate the impact of USD scarcity and devaluation from their side. That amount is 1 billion USD, out of which 750m was transferred for the payment of technical and advisory services and also payment to the expats working on site to build the refinery.

The same way Nigeria has access to funds from Afrexim to settle most of the forward options that have matured with CBN late last year.

BUA,Oando, Nest Oil , Nestle, Olam,TGI,Tolaram etc all have these arrangements with CBN and they are have been asked to present their documents for review.

This kind of sensational journalism is what kills the country and y'all expect foreign investors to invest? Keep playing

For those shouting. FX allocation before the unification of rates was based on priority and as such CBN would only allocate to critical sectors investing in the creation of jobs in manufacturing, oil and gas,agriculture etc. Therefore your request for PTA or BTA or even payment of foreign schools which has no economic impact on the country would not be given top priority. And this is the reason most allocations for the latter are usually not met in a timely manner. I hope y'all understand now?

The same still applies till today.

By the way Dangote Refinery has received 4 million barrels of crude from NNPCL. Remaining 2 million barrels to kick start the refinery and he will be back at number one.

The drop in Forbes rankings happened to everybody from Dangote, BUA, Adenuga and Otedola.

They made more money in naira but devaluation affected them. Infact Dangote increased his wealth by 3.5 trillion naira in 2023 for those that don't know.

God bless Dangote
God bless Nigeria

God open the eyes of understanding and increase the intellectual capacity of the morons here so they can understand

This is the kind of comments we want on Nairaland and not some people with almost zero economic knowledge jumping up and down commenting based on tribalism rather basic economic knowledge.

MamaletASO:

Exactly my point:
He is been used by corrupt people to perpetuate all dis evil..and he enjoys the largesse...he is highly corrupt and wicked.

Show me your friend and I will knw the type of person you are..dazzol!

You have derailed totally so no point engaging you.

NaughtyBrainiac:
The system is very very corrupt. None of these guys at the top is clean.

That's why some of us get furious when a group of people try to tell us that one of them is a Saint and a Messiah.

Only foolish people say that rubbish.

All of them are corrupt. All of them!

Na wetin dey vex me be this ... Any one that is from PDP or APC are thieves... None can dine with this party and say he is clean... People that believes this are very mumu

Gboss247:
So,in your mind CBN borrowed money gave Dangote freely?

Are you stupid? Can’t the government use that money to fix our own government owned infrastructure? Be like say sense nor Dey your head, a single person is building refinery while an entire country can’t have a single functional refinery you are there trying to open that your dirty mouth to talk smh

Where are you His Excellency former President@MBuhari,you kill some and make some to live with a full scale fulanized mentality,nepotism and taking the country forward with debt burden of which you can account for

Bigchristo:
Are you stupid? Can’t the government use that money to fix our own government owned infrastructure? Be like say sense nor Dey your head, a single person is building refinery while an entire country can’t have a single functional refinery you are there trying to open that your dirty mouth to talk smh

Cbn didn't borrow Dangote money.....period

No wonder alot of our graduates are unemployable

Bigchristo:
Are you stupid? Can’t the government use that money to fix our own government owned infrastructure? Be like say sense nor Dey your head, a single person is building refinery while an entire country can’t have a single functional refinery you are there trying to open that your dirty mouth to talk smh

Why will the government borrow to fix infrastructure when it still has a forex obligation to fulfill? Currently, CBN is owing $7billion obligation to foreign firms operating in Nigeria and NNPCL is borrowing $3.3billion which will be used in filling forex backlogs with a reminder of $3.7billion. America who brought us democracy has over 129 private functional refineries while Nigeria is still experimenting socialism with NNPCL refineries. The day people like you understands that great economies are built on private businesses and not government socialist failures is the day Nigeria will attain greatness.

NaughtyBrainiac:
The system is very very corrupt. None of these guys at the top is clean.

That's why some of us get furious when a group of people try to tell us that one of them is a Saint and a Messiah.

Only foolish people say that rubbish.

All of them are corrupt. All of them!

No one called any politician a saint rather the people you are laying the accusations on are pragmatic unlike yourself, they were studying antecedents, talking points, campaign rhetorics and records that are in public domain to make their choice of which presidential candidate to support. Making that choice using the criteria I mentioned is as easy as Abc.

You are one of many killing Nigeria.

Gboss247:
Why will the government borrow to fix infrastructure when it still has a forex obligation to fulfill? Currently, CBN is owing $7billion obligation to foreign firms operating in Nigeria and NNPCL is borrowing $3.3billion which will be used in filling forex backlogs with a reminder of $3.7billion. America who brought us democracy has over 129 private functional refineries while Nigeria is still experimenting socialism with NNPCL refineries. The day people like you understands that great economies are built on private businesses and not government socialist failures is the day Nigeria will attain greatness.

God bless you

deenee:


Cbn didn't borrow Dangote money.....period

No wonder alot of our graduates are unemployable

You are very foolish person I don’t need to be trading words with you, but just for clarity sake check and educate your bastard sef 😂👇

Bigchristo:
You are very foolish person I don’t need to be trading words with you, but just for clarity sake check and educate your bastard sef 😂👇

Does CBN grant commercial loans?. The reference in the speech is to commercial loans so I ask you again does CBN grant commercial loans? The naira loans were availed through a syndicated facility brokered by over 12 banks and this is what was used for the forward contracts with the CBN

You are further accentuating your lack of understanding by quoting parts of the ex CBN gov's speech- a political speech crafted to suit the purpose at hand

The refinery has received the 5 batch of crude and will commence operations once the 6th batch is delivered next month. You can choke on this!

The man is the largest employer of labour in the private sector. He has single handedly opened up the Lekki Epe corridor creating opportunities for Nigerians yet yall are gagging to see his downfall.

Not need to trade any abusive words with you. I have gone through your profile and by their fruits you will know them.


Cheers

deenee:


Does CBN grant commercial loans?. The reference in the speech is to commercial loans so I ask you again does CBN grant commercial loans? The naira loans were availed through a syndicated facility brokered by over 12 banks and this is what was used for the forward contracts with the CBN

You are further accentuating your lack of understanding by quoting parts of the ex CBN gov's speech- a political speech crafted to suit the purpose at hand

The refinery has received the 5 batch of crude and will commence operations once the 6th batch is delivered next month. You can choke on this!

The man is the largest employer of labour in the private sector. He has single handedly opened up the Lekki Epe corridor creating opportunities for Nigerians yet yall are gagging to see his downfall.

Not need to trade any abusive words with you. I have gone through your profile and by their fruits you will know them.


Cheers

You are the person who actually lack knowledge about what i pointed out for you, read through and see where the CBN partnered with Dangote refinery project by providing about N125 billion, to cover domestic currency requirements for the venture.”? You think such an amount can not revive any of government ailing infrastructure or refineries? You are in support of a single man building a refinery while an entire country don’t even have a functioning one? I see your level of understanding is very low, come to Abu Dhabi and other Arabic countries it’s government refineries that run all operations not an individual, you need to travel to places like Saudi and Qatar and see how an oil rich nations manage their crude and infrastructural industries, sense far from you bro keep writing grammar while some individuals hijack what belongs to an entire country to do their own personal business, same you will want Nigeria to be a good country.

Bigchristo:
You are very foolish person I don’t need to be trading words with you, but just for clarity sake check and educate your bastard sef 😂👇

How you suddenly switched from CBN borrowing dollars loans and fulfilling forex backlog of Bluestar to CBN borrowing Dangote billions of naira still surprises me.

Bigchristo:
You are the person who actually lack knowledge about what i pointed out for you, read through and see where the CBN partnered with Dangote refinery project by providing about N125 billion, to cover domestic currency requirements for the venture.”? You think such an amount can not revive any of government ailing infrastructure or refineries? You are in support of a single man building a refinery while an entire country don’t even have a functioning one? I see your level of understanding is very low, come to Abu Dhabi and other Arabic countries it’s government refineries that run all operations not an individual, you need to travel to places like Saudi and Qatar and see how an oil rich nations manage their crude and infrastructural industries, sense far from you bro keep writing grammar while some individuals hijack what belongs to an entire country to do their own personal business, same you will want Nigeria to be a good country.

What happened to the trillions of naira pumped into NNPCL refineries?

Bigchristo:
You are the person who actually lack knowledge about what i pointed out for you, read through and see where the CBN partnered with Dangote refinery project by providing about N125 billion, to cover domestic currency requirements for the venture.”? You think such an amount can not revive any of government ailing infrastructure or refineries? You are in support of a single man building a refinery while an entire country don’t even have a functioning one? I see your level of understanding is very low, come to Abu Dhabi and other Arabic countries it’s government refineries that run all operations not an individual, you need to travel to places like Saudi and Qatar and see how an oil rich nations manage their crude and infrastructural industries, sense far from you bro keep writing grammar while some individuals hijack what belongs to an entire country to do their own personal business, same you will want Nigeria to be a good country.

Partnering and granting of loans are two very different transactions and trajectories.

I think you should read through and understand the dynamics so you stop exposing your self

Secondly how do you blame Dangote for the failure of Govt?

Is he responsible for the siphoning of billions of naira yearly under the guise of refinery maintenance ?

Are you also going to blame him for the failure of govt to maintain a functional refinery despite the billions allocated annually to same?

Do you even know and understand the roles and responsibilities of thr CBN?

You think govt can just take money from CBN. Do you know the sources of revenue for the apex bank?

Do you know how business is done in Abu Dhabi and other countries in the Middle East? Do you know how the PPP model (public private partnership) have worked successfully in these locations you mentioned

Lol.....keep exposing your ineptitude. I am still on holiday so I have time for folks like you on NL. Talk and data is cheap!

God bless Dangote
God bless Nigeria