HRHQueenPhil:
you are your problem. start by changing your mentality..you call the economy HARSH so it will be harsh for you ..change by changing your mentality and the words from your mouth. Also be a giver and an investor this year. stop thinking risk and fear , wont help you go FAR.

Tzar:
Oga, I worked in freight and logistics management for 12years before my current line of work. That is not how it works. Distance / fuel consumption determines 40-50% of running logistics cost. You cannot compare the transportation cost of 9500NM to 400NM by any yardstick. You are talking about local Nigerian bureacracy, do you even realize the bottlenecks faced by cargo ships in international and trans-national.
waters?
How can you even attempt to equate cost for a distance that is 23times or 2300% longer? Do you even understand what you are saying?

Racoon:
Gandollar iberibrism have been confined to the dustbin of political history.

Tzar:
1. The only part I agree with you is that crude oil price per barrel sold to Dangote is same & at the recommended international price.
2. I totally disagree with you that the cost of transporting products or crude from Europe & Asia to Lagos is the same as transporting products from Niger Delta to Lagos. I cannot even believe you tried to argue that. Vessels have sizes & consume fuel differently. If you want to transport 60m litres products, you use large vessels that will consume fuel according to that capacity. If you want to transport 1m litres you will use a smaller vessel that consumes less fuel & the distance that will increase consumption is comparable small.
Asia/Europe to Lagos is about 9500NM
Niger Delta to Lagos is about 400NM

Even if you use a 60m litres vessel to carry just 1m litres product, the price for transportation CANNOT be the same!

What about the cost of human capital and other ad hoc logistics expenses and other carrying cost that stay same irrespective of the of amount of load in freight?

You are also silent on the fact that such cost has been replicated 6 times just to transport a fraction of crude.

Same way most govt agencies have built bureaucracy into that processes and a job that one person can don efficiently will be distributed across 7-8 people, yet very ineffective and inefficient

hedonido:


I don't suffer fools gladly. But just to point out that several Nigerians have far greater "quality Nigerian stock" holdings in the stock market than Femi, but they are not in the Forbes list, why? Both Tony and Jim have greater holdings in the stock market (via holding coys and subsidiaries), and Jim has a substantially greater collection of valuable real estate holdings... Not to mention a more consistent cash cow business, than Femi, so tell us another story.

Regardless, no further replies form me.

hedonido:


This is where the 'magic' happened. Fake valuations on the back of fake) sweetheart deals. Afrexim and the Nigerian government overpricing the stakes bought in Geregu. This guy is notorious for these kinds of things. Dangy already did something similar with NNPC's 'investment' in his refinery.

Forget the property portfolio. Femi doesn't own any skyscrapers in Monaco.

hedonido:
I'm not convinced. There's something fishy going on with this Forbes valuation. Geregu is nowhere near sufficient to propel this guy to a $1bn net worth. Don't bother to mention the so-called FBN and Zenith Bank shares or so called property portfolio.

He can't possibly be as rich as Jim Ovia, for instance - who isn't in the list.

Tzar:
Please educate me. Are you saying shipping crude across continents is the same cost as shipping crude from Niger Delta to Lagos?

Tzar:
So the logistics for the transportation of crude over the Atlantic (across continents) is equal to ferrying crude from the Niger Delta to Lagos? That is why Dangote should sell at prevailing international price?

Don’t worry your morality lacking arguments as a Nigerian is understandable. I understand your argument that lacks empathy for the plight of Nigerians, given the huge biased and induced opportunities people like Dangote have enjoyed.
If Abacha, Babangida, Ibori, Diezani & many other high profile corrupt people can get supporters, I am not surprised at your support for bad behavior. Who is a selfless philanthropist in Nigeria? I understand you.

As usual yiu have left the cruz of the matter.

Please sit down and do the maths with anyone you know that understand the oli and gas business

So you will stop mixing apples and oranges

God bless you

Tzar:
FYI, Dangote's style of making profit is dubious and crooked. It is called profiteering. Why will he sell at landing cost of imported fuel, when he is getting crude easily from govt, and the shipping cost which is almost 50% of landing cost is no longer factored in?
Dangote and his crooked friends in govt dubiously give him an unfair advantage by allowing unfair tax holidays , corrupt access to FOREX, monopolies, control of supply chain, unfair product pricing and insider information.
Yet he still OVERPRICES his products. Shockingly people like you with zero knowledge in BUSINESS ETHICS think that is how business should be done? No wonder Nigeria is the way it is. When people like you excuse bad business practices and support corporate corruption.

Sir you are blowing grammar.

Apparently you don't understand how the sector works.

Is govt giving crude for free?

Crude will be sold to him at the prevailing price in the international market because Nigeria is a member of OPEC and bound by the rules of OPEC a d th3 refinery is bould i. The LFTZ

Secondly the crude from nigeria sold at international price cannot the delivered in bulk to the refinery so its delivered in batches hence the reason why the initial 6million barrels he bought from NNPCL joint venture is taking like 3-5 months to deliver. This staggered delivery is additional logistics and cost because literally, its the same amount you will spend to deliver 1m litres ot even 50m litres

On the contrary if he had bought from an international seller, he would be able to get instant delivery of up to 50 million litres at once reducing the cost of logistics.

Are you people going to blame him for inefficiencies in govt and NNPCL's ability to have a larger/bigger inland waterways vessel and barge for crude delivery?

Sunk cost in the oil and gas sector is fixed especially in logistics hence the best way to optimise is to build scale into your operations.

More reason Dangote built the 650k per day production capacity because its the same amount of opex you will spend running a 100k or 650k refinery.

So basically he has bought crude from NNPCL out of patriotism instead of buying from IOCs that will delivery on time. Yet y'all want him to build the same inefficiencies into his business?

My prayers for is God give yiu the strength to build your own refinery wherever you are located.

I also pray that you deem the project a failure once the completion date is shifted more than twice even if the delay is not entirely your fault.

I also pray that you sell your end products for free and see how long you will last in business.

Will the price of PMO and other products reduce with the refinery operations. The answer is yes but please dont expect that fuel will go down to 200 naira per litre.

God bless Nigeria

Princewill1:


YOU WANTED SOURCE, HERE IS IT:

[b]"Sources have revealed that the massive fraud allegedly committed during the tenure of the former CBN governor, Emefiele, within many GBEs is now being uncovered by the Obazee-led Committee, and these revelations are expected to shock the nation.

The Special Investigator has traced approximately N8 trillion of looted funds from the CBN and GBEs to various bank accounts held by individuals and private businesses.

These findings are part of the preliminary report submitted by the Special Investigator to President Tinubu. An estimated N400 trillion looted from the CBN is anticipated to be recovered by Obazee’s investigative team.

The alleged illicit forex dealings by the Dangote Group were purportedly facilitated with the complicity of the Central Bank of Nigeria under the former governor, Godwin Emefiele, and certain major commercial banks in the country. These entities aided the Dangote Group in transferring $3.4 billion in proceeds from their illegal forex dealings out of the country to foreign personal accounts over the past decade.

The investigation into the Dangote Group was initiated following a petition received by the panel from concerned Nigerian and social justice advocate, Ahmed Fahad. Fahad had previously petitioned President Tinubu in August 2023, accusing the Dangote Group of gross financial misconduct and illegality, specifically, the abuse of CBN forex guidelines over the past decade.

The activist’s petition highlighted the diversion of $3.4 billion from Nigeria’s national treasury at rates well below the parallel exchange rate, a violation of CBN guidelines and a significant threat to the nation’s economic stability. The illegal transfers were made through Form A, instead of the legal route through Form M, further compounding the financial misconduct.

The implicated banks were accused of defying CBN instructions by providing millions of dollars to the Dangote Group at CBN rates, rather than sourcing funds from the parallel or interbank market."[/b]

https://www.newdawnngr.com/2023/10/26/special-investigator-dangote-group-fingered-in-3-4b-cbn-forex-fraud/

https://punchng.com/forex-scandal-efcc-combs-dangote-hq-for-documents-probes-51-firms/

https://www.reuters.com/world/africa/nigerias-anti-graft-body-visits-dangote-group-forex-probe-sources-2024-01-04/

https://medium.com/@odilimenwegbara/the-shocking-forex-fraud-taking-place-at-cbn-c2f607676ee2

https://www.thecable.ng/updated-efcc-operatives-probe-52-companies-over-fx-transactions-with-cbn/amp

LeonSaab:
okay then tell me the last time a bank anywhere in the world lost its license due to money laundering?

LeonSaab:
lol.....I'm sorry but it's like you don't watch the News but all banks are corrupt....they know the worst that will happen is they get a fine and everyone will move on........when was the last time you heard a bank loose it's license because of money laundering? The Entire UK economy is staying afloat because of laundered money and you think the next thing on their mind will be to start shutting down banks? 🤣🤣🤣

Princewill1:

What is Forex Round Tripping that Dangote was accused of?

Before Tinubu floating of the Naira, CBN under the previous administration had a fixed rate of dollar to naira at about N450 per dollar. While at the parallel market then dollar was N750 per dollar. Remember the dollar at CBN was gotten mainly from the sale of Nigeria's crude oil. Dangote will buy at the CBN at the rate of N420 with the guise that he wants to use for importation of raw material but rather he will move it to his bank accounts abroad, also he resales at the parallel market (Bureu de change) at the then rate of N750 thereby making N330 per dollar instantly. According to the investigators, he did this up to the tune of $3.4billions with the help and preferencial allocations of Emefiele in last 8yrs. I figured out that it's an illiterate that quoted me, that's why I took time to break it down for you.

Now the extra N330+ upto the tune of billions that Dangote made from the forex around tripping, what should it be called?

Is it looting of our Commonwealth at the CBN with tricks or what is it actually?

Look if you are dvmb and useless don't quote me.

Tzar:
I’m sorry, I can’t say my line of work. And I don’t live in Nigeria to be bothered about using the products from the ‘IMO’ failed refinery.
The truth is that Dangote has pushed the narrative out that if ever his product will hypothetically hit the Nigerian market, he will still not sell it lower that the landing cost of imported products. This implies that he will rather be a profiteer than a patriot. Giving back is not in the dictionary of Nigerians, especially Alh Dangote IMO.







Sorry Sir 007. Secret spy at night, nairalander during the day. He whose line of work can't be mentioned in public!

Please stay in your abroad and leave us to worry about our issues in Nigeria.

He should sell below the cost of production at his refinery so his business will pack up in no time.

If you understand business very well, you will understand that giving back is not done at the cost of running the business which is a cash cow and main source of revenue.

Rather it's done from retained profit ploughed into several non for profit initiatives for the be efir of all and Dangote without doubt has one of the largest and most active foundation in Nigeria.

Why don't you tell Apple and Tesla to sell their products at below cost price as a act of patriotism?

Princewill1:
Just look at this one.

Is Dangota clean?

Haven't you heard about the ongoing Forex scandal where Dangota, Emefiele others looted huge funds belonging to the country.

Tzar:
In my line of work, if you have several failed deadlines, you have failed.
Dangote refinery has at least 2 major failed deadlines, therefore I personally deem it as failed.

Tzar:
I doubt Dangote’s acclaimed wealth. With the failure of Dangote refineries his so called successes is suspect to me now.

sweetjohn:
Mitwww! Africa is poor jare. Upon all the thieves in Nigeria that hide their money under the brand ‘Dangote’, all they can pull together is $10b while their mate with legitimate business in Europe and America has over $200b. Nothing to celebrate here when criminals are starving the masses and making their lives miserable.

Kobicove:


Forget their 9M result, the severity of the losses of the last 3 months due to exchange losses is enough to significantly wipe off any gains from the first 3 quarters of the year!

abhosts:
Imagine boasting that one of the biggest banks in a country with 200 million people has $1b in market cap. To put that into perspective, the city of Detroit, with a population of about 650,000, is considered the poorest city in the United States. Their annual budget expenditure is about $2.5b.

Africa's poverty should be a crime against humanity.

Bubu4Sea:
Dangote makes his money with unfair monopoly.

PNomsule:
...and what exactly did Dangote do to have earned his way back to the top, especially when his refinery is yet to start producing?

INTEGRITYA1:
Congratulations to Dangote.

Dangote’s net worth improved by $10 million to $10.1 billion as of January 8, 2024.

It's better to join the players in the market in order to enjoy the fruits of the land than to remain as mere spectator and keep complaining no money in Nigeria.

Some will even sit morning till night on Nairaland and be fighting each other.

While some selected few are working on how to keep making fortune.

I Sell Real Estate, either you are in Nigeria or abroad; here you meet reliable Real Estate Consultant.

God Bless Nigeria.

membranus:


You are doing well, Dangote PR guru on Nairaland.

You have quickly woken up to your responsibility before they brutally damage your master's rep on social media.

More grease to your elbows sir.

loswhite:
What is serious? What has the first position done for him? You when no get anything...lol dey worry for who dey second....lol

stevups:


Could you believe that APC set trap for Dangote and he entered? He was selected to be compagn member but, he rejected to be, so that he would be on the fence.

Khyrvxjzy:



ipob

mastermaestro:


And you believe those doctored records? You are not one of the investigators. I would leave you alone now.

mastermaestro:


Public knowledge? Can you post them here so I could take a look?

mastermaestro:


So that Dangote can comfortably clean up and fabricate vital records before they show up? Crime investigators are smarter.

Mandate1:
all des na political gragra. The previous govt made it as a policy to subsidise forex for businesses too important to fail. So I wonder what the drama is for. By this time next month, story don end.