Ishilove: Ehen, this now my main confusion. We produce crude oil locally, and refine locally, so why do we have to sell at international rates? OPEC?
GloriousGbola
Because crude oil is not free.
Firstly it costs a lot of money to get it out of the ground and equipment must be bought and workers and companies must be paid. Remember, the market for the companies, workers and equipment is a global market (companies and workers go to where they get the best pay).
Secondly Dangote (or whatever company is refining the crude) also has to pay workers, buy equipment, etc.
Thirdly, the government depends on that money. The money that government spends on schools, hospitals, roads, etc comes from sale of crude.
The government is already doing its best to cushion the effects of price fluctuations through the naira for crude programme (where the refinery pays the naira equivalent of the cost of crude). This will help to reduce the impact of currency fluctuation on the price of petrol in Nigeria.
Fourthly, it is not easy to get crude out of the ground. Have you noticed that the Dangote Refinery has also had to buy crude from the US and other places? The supply from Nigeria is not enough to meet its needs. That crude that it buys from abroad is sold at international market prices.
Fifthly, if we sell crude to ourselves at less than market price, then the problem from subsidy will return, that is, people will immediately start smuggling it to Togo, Benin, Cameroon, etc.
Ishilove: Will Aradel be able to break Dangote's price monopoly?
It's more complex than that.
Firstly, the reason why the price of petrol is high at the moment is not because of Dangote. The raw material for refineries is crude oil and the price of crude has gone through the roof because of events in the Middle East.
Secondly, the Aradel refinery is very small, minute compared to the Dangote Refinery.
Thirdly, it's not just about Aradel. Dangote, Aradel are just beacons to show what's possible. They show other investors (including people that have already gotten refinery licenses) what's possible and hopefully they will also build their refineries.
Competition makes it difficult for any single refinery to unilaterally increase prices because other refineries can undercut them.
Ishilove: Let's have it, you Walking Encyclopedia, you. 😁😁
⚫️ Very very very many people have been given licenses to build refineries (even before Dangote) and they've all made all kinds of promises. I can remember the Oando Refinery was to be in Badagry, Captain Emmanuel Iheanacho's refinery was to be in Ojo, there was to be BUA refinery in Calabar, etc.
Some of these people got licenses as far back as when Obasanjo was president.
None of the refineries have been built (except for modular refineries, but we'll come back to that later).
⚫️ Some people say that there is nothing like business. Basically they don't think that running a business is anything difficult. For example, some people think that Dangote is not doing anything special because they can't point to what he invented.
Business is actually about risk taking, strategy, etc. When you create a business and it succeeds, people will beef you, but when it fails you'll carry the problem alone.
Al-Hassan Dantata became wealthy because he went into businesses that others didn't want to go into and he invested heavily. He took risks.
Dangote also does the same. People can't see the enormous risk in his refinery. If petrol subsidy returns tomorrow, the whole refinery could crash.
The money he is making is the reward for the risk that he is taking.
⚫️ At this point we need to answer the question, what is subsidy.
Subsidy is when government tells the producer to charge below the cost price with the promise that government will pay the difference.
The truth is that government is too broke to pay the difference and this is one of the reasons why all the refineries that got licenses were never built.
Why will you spend so much money, time and effort to build refinery only for government to tell you how much to charge and for government to owe you subsidy funds?
Dangote took the huge risk that government will remove subsidy and so he is the beneficiary of that risk. His refinery is first.
⚫️ Now that Dangote has taken the risk, other refineries might come on stream. At this point let's get back to modular refineries.
Modular refineries are relatively small refineries. They are easier to build, but most of them do not produce petrol (they priduce diesel and other products).
Many modular refineries have been built since the Goodluck Jonathan era (remember that Obasanjo removed subsidy of diesel).
One of the modular refineries that was commissioned a few weeks ago (Aradel Refinery) has promised that it will start producing petrol in 2027.
Ishilove: I need to understand how subsidy removal transformed the industry into a monopoly where one man is now determining the price of fuel for his own profit. They are quick to adjust price upwards, but when the global crude price dropped, they refused to reduce fuel price...
Someone should explain this to me the way you'll explain to JSS2 Student
Canon Yaoundé vs Enugu Rangers 1977 | The Rained-Out African Final
A flooded pitch, a midnight flight, and a historic victory! This is the legendary story of how the Enugu Rangers won the 1977 African Cup Winners' Cup against the formidable Canon Yaoundé.
The 1977 Flooded Final! 🌧️ Enugu Rangers vs Canon Yaoundé | African Cup Winners Cup Drama 🇳🇬🇨🇲
The Day a Flood Couldn't Stop Enugu Rangers' African Glory. Rangers' Midnight Flight: The Bizarre 1977 Cup Winners' Cup Final. Nigeria vs Cameroon 1977: The Unforgettable Flooded Football Final.
In December 1977, the second leg of the African Cup Winners' Cup final between Cameroon's Canon Yaoundé and Nigeria's Enugu Rangers was played at the Ahmadou Ahidjo Stadium.
The match was halted by an unusual, heavy downpour that completely flooded the pitch, forcing the game to be postponed until the following day.
In a display of determination and caution, the Enugu Rangers refused to spend the night in Cameroon. Instead, the team made the extraordinary decision to fly back to Nigeria immediately and return the next day to play the match.
When the game was finally played, it ended in a 1-1 draw. However, the Enugu Rangers secured the title on a dominant 5-2 aggregate score, thanks to their commanding 4-1 victory in the first leg in Nigeria. The cup was later presented by former President Ahmadou Ahidjo.
African Cup of Champions Clubs Final (2nd Leg): Rangers 1-2 Hafia F.C. | December 1975
Saturday, December 20th 1975.
Hafia F. C. defeated Enugu Rangers 2-1 away in the second leg of the African Cup of Champions Clubs Final, making the aggregate score 3-1.
A capacity crowd of 70,000 filled the National Stadium in Lagos to watch the match.
Rangers took the lead after 19 minutes when inside-left Mathias Obianika scored from the penalty spot.
Haifa's defence absorbed Rangers' pressure. and on occasion took the opportunity to turn defence into attack with a series of sweeping pick-up moves against the Rangers' goal.
Haifa came close to scoring in the twenty-fourth minute, but Emmanuel Okala, the Rangers & Nigerian national goalkeeper, made a superb save to stop Ibrahim Sory Keita.
The visitors began the second half by taking all the initiative in midfield with some top-quality attacking soccer. It was only thanks to the sterling efforts of goalkeeper Okala and captain Christian Chukwu that Rangers kept the score level.
Haifa equalised in the 57th minute when Keita managed to put the ball past Okala. It gave the Guineans a 2-1 lead on aggregate.
Rangers made two team changes, bringing on Francis Nwosu to replace Emeka Onyedika in attack, and Stanley Okonkwo as substitute for the injured Kenneth Ilodogwe. But the replacements did little to affect the match.
With only minutes to go, Cherif Souleymane scored the goal that ensured Haifa's success. His penalty made the score 2-1.
Rangers also got to the quarter finals of the 1971 African Cup of Champion Clubs (the forerunner of the African Champions League). They got to the semi-final of the competition in 1976, 1978 and 1982.
They got to the semi-finals of the CAF Cup in 2003 and got to the quarter-final of the Cup Winners Cup in 1984.
African Cup of Champions Clubs Quarter-Final (2nd Leg): Rangers 2-1 Green Buffalos F.C. | Sept. 1975
Saturday, September 27th 1975.
Footage of Nigerian team Enugu Rangers defeating Green Buffalos of Zambia 2-1 in the second leg of a quarter-final match of the African Cup of Champions Clubs tournament.
Rangers came from a goal down and went through to the semi-final having drawn 2-2 with their Zambian opponents two weeks earlier in Lusaka.
The first goal of the match came in the 70th minute of the second half courtesy of the Buffalos skipper Lonesome Katiwa, who capitalised on a defensive error by Rangers captain, Christian Chukwu. But right-winger, Emeka Onyedika scored the equaliser a few minutes later. Foster Ikeagwu made it 2-1 in the 81st minute.
Picture 1) The Head of State, Lieutenant General Olusegun Obasanjo, the Chief of Staff, Supreme Headquarters, Brigadier Shehu Musa Yar'Adua, the Captain of Rangers International, Christian Chukwu, the Chairman of the National Sports Commission, A.A. Fashina-Thomas, the Team Manager of Rangers International, Chief Egwu and Chief Alex Nwokedi (Chief Press Secretary to the Head of State).
Look at the way General Obasanjo is looking up at Man Mountain Emmanuel Okala in the lower part of the picture.
This was at State House, Dodan Barracks when Rangers International went to present the 1977 African Cup Winners Cup trophy to the Head of State.
CLASH OF THE BROTHERS,1977. (Igbos vs their Yorubas brothers)
By Remigius Akinbinu.
'Clash of the brothers'; that, exactly, was the way the Nigerian press tagged the tie, back then. It was the way they wanted Nigerians to see it regardless of which of the two major tribes involved you're from.
But in truth and naturally so, vast majority of Igbos and Yorubas rooted for the club from their own side of the divide in a titanic clash that captured the attention of the entire country while it lasted.
It was the 1977 African Cup Winners Cup first semi-final between Rangers International Football Club of Enugu and the Industrial Investment Credit Corporation (IICC) Shooting Stars Football Club of Ibadan.
That time, I was only an 11-year-old boy in my first year in the secondary school but (without being boastful) with an unimaginable interest in the round leather game.
In June that year, my father, a school teacher bought the family's first television set. It was black and white of 'National' brand. This kindled my interest in football the more because, from following via radio commentaries and newspapers, I graduated into watching live and repeat telecast of matches on NTV Ibadan. This afforded me the opportunity of watching continental club football and following the Super Eagles' Argentina '78 World Cup qualifiers against Ivory Coast, Senegal, Egypt and Tunisia on TV.
In our house,that time, the clash -of-brothers tag actually played out for the Rangers/IICC tie as my immediate elder brother and my immediate younger brother,for reasons I found difficult to understand, were all out in support of Rangers while I, like virtually all other boys on the street (except my good friend, Christopher Ifeanyichukwu Okanu and his housemates) rooted for Shooting Stars. I still remember my elder brother, Basil, threatening to beat me if Shooting Stars managed to beat Rangers.
The tension that gripped the Nation's football family before and after the first leg was made more intense by the boastfulness of the promoters and fans of the two top Nigerian clubs.
Defending champions, IICC which the previous year became the first to win a continental trophy for Nigeria were asking Rangers fans to go and inquire about them from their quarter final victims, FC Stade de Abidjan while Rangers felt it was tougher for them getting rid of Senegal Police FC in their own quarter final tie.
To qualify for the semi-final, IICC pulled up all the tricks in their Pandora box to overcome a two-nil deficit suffered in Abidjan to outscore Stade by three first half goals. A Garuba Umoru brace and a Segun Odegbami header sealed it for the Oluyole warriors at the Liberty Stadium Ibadan.
The starting line-ups of IICC that year looked more like this; (1) Best Ogedegbe 2. Joe Appiah 3. Sam Ojebode (C) 4. Muda Lawal 5.Idowu Otubusin 6. Sam Asante 7. Segun Odegbami 8. Phillip Boamah/Nathaniel Adewole 9.Moses Otolorin 10. Garuba Umoru/Dauda Ladipo 11. Kunle Awesu.
If IICC had it tough qualifying for the semis, Rangers literally went through hell before making it to the semis. The first leg which was played at the National stadium,Surulere Lagos was almost uneventful as it ended goalless as the team from Senegal 'packed the bus' and frustrated the Chairman Chukwu led side.
In the 2nd leg played at the filled-to-capacity Sedar Senghor stadium in Dakar, the home crowd never bargained for what hit them for they had thought after holding Rangers to a draw in Lagos,they will easily trash the visiting coal city Boys.
First half ended one-nil in favour of Senegal Police (who scored through a controversial penalty kick) and it remained so until the 75th minute or thereabout when Rangers struck.
Coach Roberto had just replaced the injured Stanley Okoronkwo with Chimezie Ngadi who with his first touch of the ball raced past three Senegalese defenders before silencing the home crowd with a deft volley. Before the home team could come to terms with what hit them, Ngadi struck again when it was about five minutes to the end.
Two-one it ended and all hell was let loose in Dakar. Rangers' players and officials were stoned and beaten by the disappointed Senegal Police FC supporters. Several players sustained various degrees of injuries and I can still remember Emmanuel Okala recounting his experience and claiming the stonning actually started before the final whistle as he tried to use the net as cover to no avail. An apologetic President of Senegal, Leopold Sedar Senghor (One of my favorite African poets) had to visit Nigeria to apologise to the then head of state, General Olusegun Obasanjo and the Nigerian people. Senegal Police FC was suspended from playing on the Continent for a number of years by CAF.
The typical starting line-up for Rangers that year looked like this: (1) Emmanuel Okala 2.Charles Adimorah 3.Ignatius Ilechukwu 4. Christian Madu 5. Christian Chukwu 6. Nnamdi Anyafo 7. Stanley Okoronkwo 8.Ogidinma Ibeabuchi/Chimezie Ngadi 9. Emeka Onyedika 10. Alloy Atuegbu. 11. Nwachukwu Onyekwelo .
The Nigerian National team, the Green Eagles was dominated by players from these two clubs. Coach 'Father' Tiko that year invited four each from the two clubs for the World Cup qualifiers. From IICC were Segun Odegbami, Mudashiru Lawal, Sam Ojebode and Best Ogedegbe. While Rangers had Christian Chukwu, Emmanuel Okala, Aloysius Atuegbu and Ignatius Ilechukwu invited.
The typical starting line-up of the Green Eagles side which at the the National stadium surulere Lagos, beat Ivory Coast 4-0, beat Senegal 3-0, beat Egypt 4-0 and lost 0-1 to Tunisia in 1977 was as follows: 1. Emma Okala (Rangers) 2. Pat Ekeji (Vasco) 3. Sam Ojebode (IICC) 4. Muda Lawal (IICC) 5. Christian Chukwu (Rangers) 6. Godwin Odiye (National Bank) 7. Segun Odegbami (IICC) 8. Adokiye Amiesimaka (Sharks) 9. Thompson Usiyen (USA) 10. Aloysius Atuegbu (Rangers) 11. Godwin Uwelumo (ACB Lagos)
The first leg of the clash of the brothers was played in Lagos and it ended goalless. The return leg two weeks later which was played at the Ahmadu Bello Stadium Kaduna also ended goalless. Allan Hawks-tutored IICC appeared to be the better side that day but couldn't score because of the water tight Rangers' defence marshalled by Chairman Chukwu who ensured that Nnamdi Anyafo man marked the dangerous Odegbami through out the game. I remember the words of Earnest Okonkwo the legendary radio commentator "Nnamdi 'the Policeman' Anyafo effectively policed Segun 'the mathematician' Odegbami."
Rangers International won the penalty shoot-out that ensued 4-2 to qualify for the final of the 1977 African Cup Winners Cup which they won after beating Canon Sportive of Yaounde Cameroon 5-1 on aggregate.
The first leg was played in Lagos and Rangers won 4-1 with goals from Christian Chukwu,Christian Madu (penalties) Alloy Atuegbu and Emeka Onyedika. Canon's only goal was scored by Eugene Imbida who also scored the indomitable Lions equalizer against Italy at Espana '82 World Cup.
The return leg in Yaounde ended 1-1. Eugene Oley Oley put Canon up in the first half while Ibeabuchi silenced the Cameroonians with a back breaking equalizer in the 2nd half.
That day, in Yaunde Cameroon, Enugu Rangers lifted the 1977 African Cup Winners Cup thereby becoming the second Nigeria club to do so after IICC which beat Zamalek of Egypt to emerge winners in 1976.
(C) Remigius Akinbinu.
Second picture from right to left) "Man Mountain" Emmanuel Okala", "Mathematical" Segun Odegbami, "Chairman" Christian Chukwu (Captain of the Green Eagles and Captain of Rangers International) and Sam Ojebode (Assistant Captain of the Green Eagles and Captain of IICC Shooting Stars).
IICC Shooting Stars were also runners up in the African Cup of Champion Clubs (the forerunner of the African Champions League) in 1984 and 1996. They were beaten by Zamalek of Egypt in the final on both occasions.
They won the first ever edition of the CAF Cup in 1992.
They got to the semi-finals of the African Cup Winners Cup in 1977 and the quarter-finals in 1980.
African Cup Winners Cup Final (2nd leg): IICC Shooting Stars 0-1 Tonnerre Kalala | December 1976
Sunday, December 12th 1976. IICC "Shooting Stars" of Ibadan lost 1-0 away in the second leg of the African Cup Winners Cup final, but their home win a fortnight earlier made it 4-2 on aggregate.
The Cameroon team, the defending champions scored a goal which the referee subsequently disallowed. But Roger Milla scored from a penalty in the 76th minute of play. But one goal wasn't enough and the cup was presented to Sam Ojebode, the captain of the Nigerian side by President Ahmadou Ahidjo.
It's 50 Years Since IICC Shooting Stars of Ibadan and Rangers International of Enugu Dominated CAF Club Competitions
1975 to 1977 was the Nigerian Era in African club football.
In 1975 Rangers International of Enugu got to the final of the African Cup of Champion Clubs, but lost to Hafia of Guinea.
In 1976 IICC Shooting Stars of Ibadan defeated Tonerre Kalara of Cameroon to win the African Cup Winners Cup.
In 1977 Rangers International of Enugu defeated Canon Yaounde to win the African Cup Winners Cup.
In fact, IICC Shooting Stars of Ibadan played against Rangers International of Enugu in the semi-finals of the 1977 African Cup Winners Cup. It was dubbed the Brothers Clash.
African Cup Winners Cup Final (1st leg): IICC Shooting Stars 4-1 Tonnerre Kalala | November 1976.
Sunday, November 28th 1976. IICC Shooting Stars of Ibadan defeat the Cameroonian side Tonnerre Kalala of Yaounde by four goals to one in the first leg of the African Cup Winners Cup Final.
Held at Nigeria's National Stadium in the Surulere district of Lagos, the lead proved to be an insurmountable one, and Shooting Stars became the first Nigerian team to win an African football club competition when they lost by a single goal in the second leg. Among the players are Segun Odegbami who scored the first goal for Shooting Stars and Tonnerre's Roger Milla, who would later become a World Cup hero for Cameroon. Source: Reuters.
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