₦airaland Forum

DonFreshmoney:
This guy's think we are fools. Something is amis here.

1. NNPC LTD budgeted $2.7Billion as investment in Dangote but could do almost half. The remaining 1.4billion has either been looted. OR
2. The remaining 1.4billion dollars has been invested under a private individual/company in Dangote not as NNPC Ltd

The National Petroleum Corporation (NNPC) has reacted to reports that its stake in Dangote refinery reduced from 20% to 7.2%.

On Sunday, the Chief Executive officer of Dangote Group, Aliko Dangote in a press conference in Lagos revealed that NNPC’s 20% stake in the company’s refinery had dropped to 7.2%. He added that it was due to the Corporation’s failure to fulfil its financial obligations.

In his words; “NNPC no longer holds a 20% stake in the Dangote Refinery,”

“As a consequence of their inability to fulfill their financial commitments, their ownership in the refinery has been adjusted to 7.2%.”

“We had initially welcomed NNPC as a key partner in this crucial venture,”

“However, the delay in their payments has necessitated this adjustment in ownership structure.”

POLITICS NIGERIA recalls that in March 2021, NNPC announced that it would be pumping over $2.7 Billion dollars for a 20% stake in the refinery but ended up paying $1.3 billion to acquire the stake.

Reacting to the development the NNPC disclosed that the decision to cap its investment in Dangote was taken months ago as the investment was not inline with their goals.

A statement through its Chief Corporate Communications Officer, Olufemi Soneye read;

[b]“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals. [/b]The decision to cap its equity participation in the Dangote Refinery was made several months ago.”

DevilsEqual:
Now I know why Lagosians voted massively to ensure Babajide defeated that....

This Guy seems to be a visionary leader

God bless everyone single person that voted him in

Lagos state governor, Babajide Sanwo-Olu, on Sunday, July 14, said the government will be planting about 20,000 trees in the next 12 months as part of efforts to beat climate change and also attain the Sustainable Development Goals (SDGs).

Sanwo-Olu spoke at the celebration of the 2024 Tree Planting Day held at the State House in Marina.

This year’s theme is ‘Nurture our Future’.

He said: “Tree planting is important to save the earth and curb climate change. And so this annual ritual is a demonstration of our administration’s commitment to securing our environment and combating climate change.

“We will continue this initiative all year round so we can achieve our target fast. We will particularly be planting every month so we can spread the message to the larger community. We will plant about 20,000 trees in the next 12 months to boost our efforts at fighting climate change.”

Commissioner for the Environment and Water Resources Tokunbo Wahab noted that the theme ‘underscores our pledge to protect and preserve the environment for future generations’.


Wahab, described Lagos as ‘a city defined by water’, and said it faces increasingly severe annual flooding, exacerbated by sea level rise, in addition to a fast-growing population. ‘By some estimates, the city grows by a million people annually. But, just as Lagos’ population is rising, the city is also sinking’.

The commissioner lamented improper waste disposal, blockage and destruction of drainages and canals, indiscriminate tree felling,
noise and air pollution, poor sanitation habits, among many other issues, as daily experiences of residents.

Wahab thus called for collective action to stem the tide.

He said: “These issues threaten our environment, economy and livelihood, the consequences of which are far-reaching, impacting both public health and safety. Although our ministry and agencies respond swiftly with interventions that were widely acknowledged by residents and the public, I believe that our inability to take full ownership of our environment may sadly also be our downfall.

“It is therefore a matter of urgency for us to develop better environmental habits and teach our children by showing them good examples of responsible living in our communities. One of such ways is by planting trees. Trees are a vital component of our environment and play a crucial role in regulating the climate, preventing soil erosion, protecting biodiversity and enhancing our resilience to climate impacts.

“Trees are natural air purifiers, sequestering carbon dioxide and releasing oxygen, thus
improving air quality. This year’s theme therefore serves as a powerful reminder of our responsibility to invest in the health of our planet and commit to the well-being of future generations.

“However, government cannot do it alone. I call upon every Lagosian to join us in this endeavor. Please plant at least one tree in your lifetime, nurture it and watch it grow; teach your children and wards the importance of environmental stewardship.

“As we embark on today’s ceremonial tree-planting activities, let us do so with a sense of purpose and commitment. Let us plant each tree with the knowledge that we are contributing to a greener, healthier and more sustainable Lagos. Let us Nurture our Future together.

General Manager of the Lagos State Parks and Garden Agency (LASPARK) Mrs. Adetoun Popoola reiterated the agency’s readiness to support the governor’s dream of planting 20,000 trees in the next 12 months.

She also thanked the governor and Wahab for supporting the agency and championing all environmental issues.

“Today’s event holds special significance as we unite under the theme ‘Nurture our Future’, which aligns with the global focus on ‘Land Restoration, Desertification, and Drought Resilience’ as highlighted on World Environment Day.

“It is another reminder for us all on the vital role that trees play in maintaining ecological balance. Trees are nature’s most powerful tool in combating climate change, preventing soil erosion, and improving air quality. They are essential in our fight against desertification and in enhancing our resilience to drought.

“The theme is therefore a call to action. It is a reminder that the decisions we make today will shape the world we leave for future generations. To this end, the agency will be establishing six ‘Eco-Friendly Playgrounds’ in public primary schools across the state. we will also be distributing free tree seedlings to interested persons to plant in their communities.

“By planting trees, we are investing in the health and well-being of our planet and our communities. Each tree planted today is a step towards a greener, more sustainable Lagos,” she added.

Highpoint of the event was the symbolic planting of trees by the governor, his wife Ibijoke and Deputy Governor Obafemi Hamzat, after which Wahab presented each with a certificate.

The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20% stake in Dangote Refinery.

Dangote disclosed this during a press briefing at the refinery on Sunday.

The business mogul revealed that the Nigerian oil company now owns only 7.2% of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.

He stated that while the NNPC had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the $19 billion refinery to 7.2%.

“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.