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Dangote Pledges 53% Of Refinery Capacity To Petrol Production

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The Dangote Group says upon completion of its refinery, it will dedicate 53 per cent of the capacity to the production of petrol. This translates to dedicating 344,500 barrels of its projected 650,000 barrels per day refining capacity to the production of petrol.

The President and Chief Executive Officer, Dangote Group, Aliko Dangote, said this at the headquarters of the Nigerian National Petroleum Corporation, according to a statement issued by the corporation’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu. Dangote also said that the group was not in competition with the refineries of owned by the corporation.

While the Dangote Refinery has a capacity to refine 650,000 barrels of crude oil per day, the consolidated capacity of the NNPC’s four refineries, according to the corporation’s latest operations report on its refineries, is 445,000 barrels per day.

However, the NNPC’s refineries for several years running had hardly delivered up to half their consolidated capacity in terms of crude oil refining. On Tuesday, it was reported exclusively that Nigeria’s four refineries under the management of the NNPC had made no profit since May 2018; rather, they posted losses consecutively since May 2018 till May this year.

The country’s refineries under NNPC management include Warri Refining and Petrochemical Company, two plants at Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company. Dangote emphasised that the business approach of the Dangote Refinery was to see the NNPC as a collaborator rather than a competitor, noting that the refinery would rely heavily on the corporation’s knowledge of the refining business in Nigeria to achieve its central objective.

He aligned his company with the Federal Government’s aspiration to ensure adequate in-country refining capacity. Dangote was quoted to have said, “The most important thing for us is to see how we can partner with the NNPC; it is not to see how we can compete with the NNPC.

We would like the NNPC to be part of us and we also want to be part of the NNPC. I think that is the only way we can achieve a win-win situation.” The NNPC’s Group Managing Director, Mele Kyari, also stated that the national oil firm was not in contest for market share with the forthcoming Dangote Refinery. He added that the corporation was rather providing support to the promoters of the project to boost in-country refining capacity.

Kyari stated that as the chief enabler of the Nigerian economy, NNPC had a duty to rally industry players like Dangote Group to achieve the long held target of making Nigeria a net exporter of petroleum products. The NNPC boss assured his guests that the same level of support would be provided to other promoters of refineries, noting that the ultimate goal was to enhance in-country production to the point of self-sufficiency and ultimately for export.

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Zenith Bank Unveils SME Digital Workshop For Business Owners, Partners Facebook + How To Register

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Foremost financial institution, Zenith Bank Plc is organizing a free one-day session for SMEs on how Facebook, Instagram, Whatsapp, and other digital channels can be used to engage potential prospects, market offerings and grow business volumes.

To register attendance, please send an email titled ‘Zenith Bank SME Digital Workshop’ to smepartnership@zenithbank.com.

The email should contain the following information: Name of the participant, account number and preferred venue of attendance

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UBA Deepens Intra-African Trade With UBA Connect

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United Bank for Africa (UBA) Plc, has introduced  UBA Connect, a service that enables the   customers of the bank to conduct traditional banking transactions at any UBA branch in the 20 African countries where the bank operates.

The service, which is available to both customers and non-customers alike, is expected to encourage intra-African trade, as cash withdrawal can now be done in local currencies within the continent while deposits can also be made at any location regardless of where the account is domiciled.

The Chief Executive Officer, UBA Group, Mr. Oliver Alawuba, who spoke about the product, said, “Africa stands to benefit substantially from intra-Africa trade, which is facilitated by the easy flow of capital within the continent. As a bank committed to creating superior value for all its stakeholders, we are focused on ensuring that we continue to contribute significantly to the development of Africa by improving accessibility and trade with UBA Connect, among other innovative services.”

He explained that the new offering allows easy transfers to UBA accounts across African countries as well as cash deposit into UBA accounts at any of the bank’s locations in Africa, adding that the cash will be dispensed to customers in local currencies at competitive exchange rates.

Group Head, Marketing, Mrs. Dupe Olusola, said, “We’re thrilled to be able to offer our customers the ease and convenience of UBA Connect. This is in addition to an array of digital platforms which have made banking seamless for more than 12 million people who have trusted us with their money.

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Fidelity Bank Presents Prizes To Promo Winners

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Fidelity Bank Plc on Monday gave out cash and gift prizes to winners in its ongoing Get Alert in Millions (GAIM) promo Season 4  promo held in Lagos.

Two customers, Omolade Olatawura and Isabella Chekwube received N1 million each.

At the prize presentation held at the Ska Tinubu branch of the bank, Victoria Island, Lagos, Managing Director/CEO, Nnamdi Okonkwo, noted it is the bank’s ninth promo in 13 years.

Okonkwo, represented the Executive Director, Shared Services and Products, Chijioke Ugochukwu, added that the bank is improving people’s living standard.

Thirteen  customers of  the bank last week, emerged millionaires in the third monthly draw of the GAIM promo Season 4 in Lagos.

The bank also rewarded loyal customers with prizes worth N16 million in the categories of N2 million and N1 million. The bank presented consolation prizes in form of fridges, television sets and power generating sets to winners who were happy with the gesture.

The presentation  was witnessed by the relevant regulatory bodies, including the National Lottery Regulatory Commission (NLRC), Lagos State Lotteries Board (LSLB) and Consumer Protection Council (CPC).

They include Dare Abiodun Emmanuel; Ugwu Philomena Nneka; Chinenye Catherine Olunna; Egberi Agbarha Kelvin; Ivang Stanley Oham; Chinelo Loveth Egbuchunem; Dare Abiodun Emmanuel; Itabiyi Gbolahan Olakunle Hassan & Adejoke Jokotade; Larei Chindo; Chigozie Darlington Emoka; Khadijah Umar; Muazzam Ad Maizare; Isabella Chekwube Uche; and Omolade Bamitale Olatawura.

Others are Joseph James Abah; Oghenetega Emmanuel Erus; Blessing Chidinma Okafor; Loveline Uche Okonkwo; Nafisat Ali Lawal; Comfort Ita Asuquo; Mohammed Halima Sadiya, among others.

The Regional Bank Head, Victoria Island branch, Chinwe Iloghalu, said: “We have had the GAIM promo for 13 years and we are already creating millionaires in 2020 and this is such a big win for Fidelity Bank. The objective of this promo is to deepen the savings culture and improve domestic businesses and so far we will always remain that bank that keeps to its word.”

Shedding light on how customers could qualify for the draw, Head, Savings Group, Fidelity Bank, Janet Nnabuko, stated that existing and new customers could win by topping their account with N10,000 or opening a new account and building it up to N20,000.

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