₦airaland Forum

mikeapollo:
So you think PENGASSAN can decide or impose workers on Dangote refinery if Dangote is truly determined to not employ them? The worst case would be payment of damages and financial entitlements to the affected workers

You didn't get the sarcasm? 😁😁

ppogba:
I will neither deceive nor discourage you but I hasten to inform you albeit with a heavy heart that you CAN NEVER get a functional phone number of First Registrar.

The same FIRST Registrar that is no longer the registrar for FBNH abi another one?

A search for a number to heaven may likely yield a more fruitful result.

Best of luck!

You sound like they have shown you shege 😁😁😁

emmanuelewumi:
It is because we are investors and investors don't reason like the average middle class even though we are in the middle class.


Thank God you said we have many eggheads here.

Eggheads are rare

And the Pengassan people are even planning to buy thesame shares.
So @Joyful365, you see your point has been blown off?


Na Pengassan members be low wage earners? dey play.

emmanuelewumi:
I learnt he has paid down his debt to about $4 billion.

I want to believe his used his personal funds cash flow and dividends from other businesses to pay down the loan.

So instead of the refinery to owe banks huge loan which might lead to a takeover based on the future wealth creation ability of the bank, the refinery will now owe the major shareholder.

More like a related party loan which will have a more convenient and flexible terms

Yes sir. $3.4bn I heard, I would guess mostly to AfreximBank, which makes things better than if it were commercial lenders.

mikeapollo:
The listing price should not be too high e.g. not more than N1,000 per share.

Yes sir. The OS too shouldn't be too high I think, since the market doesn't rate high OS

But i don't think Alhaji would list below $30bn

emmanuelewumi:
What is the name of the stock

KarlTom has chosen DANGREFINE
Although I think Alhaji might lean more towards DANGREFINERY

20 billion shares listed 2500 per share I'm guessing. (At a $34bn valuation)

emmanuelewumi:
We discussed this Dangote Refinery and PENGASSAN issue on a WhatsApp group on Sunday for over 6 hours.

I was surprised that the PENGASSAN guys yabbing Dangote Refinery said they would buy Dangote Refinery shares whenever the IPO is out

similar to how their president said there won't be fuel queues cos we have enough reserves, he was referring to same Dangote's reserves.

So they obviously see the value.

Funny thing is all these their distractions might even delay the listing.
They should allow Alhaji focus so we can start trading DANGREFINE by Q3' 26

emmanuelewumi:
Country is not hard for high value workers who have rare talents and qualifications

Until body tell them.
Nigeria that will rubbish your talent without even blinking.

emmanuelewumi:
Don't you think is better for the remaining workers to resign enmasse and teach him a lesson.

I don't like nonsense

country hard o

Agbalowomeri:
; D

Enjoy your loot o

Yes sir, repair your tool o

Agba, at about 2% returns, September is closing comfortably in green.

At almost 143k, we're much closer to 150k than your 125k, 130k.

I just said let me rub that in.

emmanuelewumi:
In talents were rare, we would have heard cases of 800 workers resigned from Dangote Refinery to get employment opportunities in better refineries or industries.

And Dangote can't sue them for the mass resignation upon the money spent training them

Exactly sir.

handsomebolanle:
Sorry boss, This is laughable sir.
Academic excercise is not same as skill set required on many jobs.
Like you said that Dangote embark on training .. why did he? You would have thought it’s better to train them on the job but that’s not the case.
There is some required skill level on this job.
It’s even speculated he employed foreigners for some jobs even for his own refinery.
He can get and pay the required skill set for his refinery but he can’t get for the whole industry even if he can afford it.

Well maybe there's really more to how niche your skill sets are. I won't argue against your position since you're more in the know.

But the actual test is:

If the talents were that rare, pengassan's threat would have simply been to keep talents away from Dangote, but obviously they don't believe that would make any difference, they tend more to believe he would easily find replacements, and this disproves your argument of rarity.

KarlTom:
I have worked there so spare me the lecture...

Now that Aliko has fired them, will operations cease?

I tire o.
The guy is making it seem like you need 7 PhD to even understand how to man a drill.

KarlTom:
TAM has been ongoing for ages without any tangible result

It's basically for servicing (or maintaining) the pockets of a select few.

Little wonder most GMDs are being probed...

Exactly, and in this context, they wouldn't even want it to ever work, cos once it starts working, their cash cow in the name of TAM would be gone.

handsomebolanle:
Oil and Gas working conditions is a global matter due to the everyday hazards. If we are to standardize the monetary part, Nigeria will be one of the least paid.

I have seen a 40Tons of equipment fall from about 50ft just in a normal working day oo. I’ve seen someone finger cut just by trying to place a wood to support something so minor.

There needs to be a table discussion. Not everything should be sorted with money.

First: the risk you described is more associated with oil production not so much refining.

Second, aboki wen dey dig well with slippery mud faces more risks yet they pay you guys in one hour more than the aboki will make in an entire year. And they put the best safety measures in place for you, whereas aboki is mostly always on his own.

So don't make it sound like you bear the entire world risk on your shoulders.

You guys are already about the most well compensated worker group in the whole country.

All we're asking is that you don't sabotage the economy all in the name of forcing your union on every business. ASUU doesn't do it. NMA doesn't, so why you??

handsomebolanle:
Lolss

You think it’s craftsmen and artisans that operates in the oil and Gas sector?
Are the skill required picked on the shelf?

My brother!!!
I'm this Nigeria that people were applying with PhDs to be truck drivers??
As far back as 2012 or so? When the economy wasn't even this hard?

Truth is: the country has way more talent than opportunities, let's not kid ourselves.


Even first class is no longer a guarantee of getting a job.

Plus from what I know , the man has even been training human capital at his own expense since at least 2019.


He doesn't need the pengassan talent, believe me.


If e sure for pengassan, let them threaten that they won't supply him workers na, instead of this rascality they're displaying.


My brother, masters holders dey work as bank tellers o.

Abi nor be the same Fourier transform all of us learn.


You guys shouldn't think more highly of yourself than you ought to.

So called skills with which Una no fit come up with ingenious fixes to make 3 refineries work, despite collecting hefty salaries.

After many years of collecting salaries at a non functional refinery, what else would those employees be doing at work e won pass draft ?

Play draft morning till evening and you expect me to believe they haven't forgotten all they learnt in fluid mechanics

My brother!!!!

GeneralDae:
Who do us this thing? 😊.

PENGASSAN! duhh.

pluto09:
I don't think Yar Adua was bullied by anyone. He was more of a welfarist who believed that state assets should not be sold.

In other words, if he wasn't already leaning towards the idea, he wouldn't have succumbed.

But there was still pressure na, just that the pressure alone wasn't the whole reason.

So we're all saying the same thing 😁😁

emmanuelewumi:
Whereas Blue star that was promoted by Dangote and Otedola bought 51% share of the refineries for almost $1 billion in 2007.

But PENGASSAN said national assets were sold at giveaway prices, whereas the remaining 49% would be sold to Nigerians so they we can also buy at that giveaway price.

They succeeded in bullying Yar Adua to reverse the sale,

Yes sir. It's the billions of scarce FX wasted in the TAM that's even my own pain.


FX that was so scarce they had to pledge the country's future earnings.

Those decisions makers were really going through a lot.


How much were they possibly hoping to make as returns from the refineries to justify such sub optimal decisions.

Raider76:
This is excellent. However these arguments should have been made earlier. Where was the NGX and the investors when the law was made and passed?

Abi?
Which one is campaign after elections?
Although the law seems relatively fair to the stock market.

It's just nuances around the implementation that the exchange is trying to get the tax people to fix.

If I bought SEPLAT in 2019 for 487 and sell in January 2026 for 6000 (say I bought 10,000 units)

Then you want to tax me on 5500 gain
Because you only recognize brokerage fees as my cost.

How about also recognizing loss of purchasing power as a cost.

Cos the the 4.87m I used in 2019 was money for my sedan.

Can that 4.87m buy the same sedan today.

Why not in the spirit of fairness allow me claim my loss of purchasing power as a cost?


By "me" I mean the average market participant o.


The real "me" barely hold stocks for more than a month. Apart from some cases where I get stuck in the stock 😁😁

pluto09:
Those refineries are better sold.
Refurbishing them is a waste of money, even if they start working,they would probably be running at a lost. We can't run refineries as a government enterprise and expect it to be profitable.

If they had been sold off for free or even for less than $0, the country would have been better off, cos we would probably had still had the $18bn wasted on TAM, that's if they wouldn't have looted it.

Now part of the debt taken for the wastage, they'll still tax innocent citizens to pay.

Na Kyari borrow, na common man dey pay more taxes to shore up govt revenue.

Agbalowomeri:
Can we start to trade the futures

😁😁😁😁
@KarlTom

GeneralDae:
You heard the PENGASSAN spokesperson on Channels TV the other day saying Dangote refinery was built with our money because CBN gave Dangote subsidized FX as if that’s Dangote’s crime, or as if CBN didn’t also give overseas students and round trippers subsidized FX

Yet Dangote refinery is now helping the FX situation, overseas students too, one might say are helping via remittances.

But the round trippers that got the largest chunk, what benefits are we getting from them?
Maybe pengassan should go be on their own neck.

Abi the annoying looters that stashed out common wealth in Dubai and Switzerland

KarlTom:
I'm optimistic that this DANGREFINE will bring much needed reset

You've already chosen their ticker?
Nice!

mikeapollo:
For me, it is too early for the unions to try to hijack and suffocate Dangote refinery at this early stage of its operations.
The refinery is not just a private entity, it is now of strategic economic importance to Nigeria and Nigerians.

Yes sir.

megawealth01:
Ndume To Tinubu: I Don't Mind If You Act Like A Dictator, Dissolve PENGASSAN

https://www.thecable.ng/ndume-to-tinubu-i-dont-mind-if-you-act-like-a-dictator-dissolve-pengassan-if-it-wont-serve-national-interest/

This guys should just be banned joor. I honestly don't like thugs in uniform

And he gave very good examples:

Why don't lecturers in private universities join ASUU strikes?
Same with doctors in private hospitals.

Even though in most cases it's same individuals that work in both the public and private universities/hospitals.


If ASUU members wouldn't try nonsense on private universities, why is it okay for pengassan to be acting up?

If it's that easy, they should employ the 800 workers themselves na.

And their president was trying to downplay the impact of the refinery claiming that the investment is less than 5% of what Shell and Total have made.


Why didn't he go to Shell and Total to crash PMS price from 1100 to 840?

Abi Shell and Total send him?

In another silly argument, he claims there won't be fuel scarcity, because there's enough reserves at Dangote refinery.

How useless is that thinking? That the same refinery you're trying to sabotage us the only entity you're counting on to provide fuel reserves for you and the entire country



I agree that they should really be dissolved.

I don't see their utility.

GeneralDae:
Don’t be rude. If you don’t like my posts, scroll and ignore. There are several political views in the mix on this thread, you are only triggered by mine because it’s contrary to your bias.
So like I said before the anti spam bot banned me, just ignore my post and scroll down.

Exactly, you don't like someone's post, simply ignore it or better still block them.

There was one funny one like that too on one of my posts last week, I tried giving him this advice, but Seun's bot never allowed the post stay.


Maybe that post was too harsh sha 😁😁 cos I hate when people would rather jump to comment instead of reading to comprehend.

Agbalowomeri:
Na coffee/wheat o

Wow.

Agbalowomeri:
Those days I ventured into it😂
Made $80k in one week and lost everything plus my capital the following week. Na so I dusted my Kaya waka comot

😁😁😁
This must be forex.
Cryptos (regular ones: BTC, ETH) aren't that volatile.

IYGEAL:
The NGX ASI closed bullish today. Or which 'NGN' are you talking about?

Maybe check Google for the meaning of NGN.

Or copy the entire post into chatGPT.