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.
Transact Without Borders With The Firstbank Verve Global Card
First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, has announced the launch of the Verve Global Card. In partnership with Verve International (Interswitch Group) and Discover Financial Services, the launch took place at Times Square New York City on Monday, 12 August 2019.
In attendance at the event were FirstBank’s Deputy Managing Director, Gbenga Shobo; Group Executive, eBusiness & Retail Products, Chuma Ezirim; Head, Card & Messaging Business, Folasade Femi-Lawal and Interswitch Group’s Founder/GMD, Mitchell Elegbe and Divisional CEO, Verve, Mike Ogbalu. Discover Financial Services’ Senior Vice President, Payment Services, Joseph Hurley and Executive Vice President, Payment Services, Diane Offereins, amongst others were also in attendance.
The Verve Global Card, an introduction by Verve International to FirstBank, is a new entry to the array of card products offered by FirstBank to its customers. The FirstBank Verve Global Card is an enhancement to the existing Verve Debit card with exclusive capacity for domestic and cross border transactions across all channels. The card can be linked to Savings & Current accounts, with a “Safetoken” extra protection for web-based transactions.
Speaking on the launch, Deputy Managing Director, First Bank of Nigeria Limited, Gbenga Shobo said, “in partnership with Verve International, we are pleased to launch the Verve Global Card as it reinforces our commitment to putting our customers first with innovative and state of the art financial products and services that promote seamless transactions regardless of where they are across the globe.”
“I enjoin every FirstBank customer and the general public to visit the nearest FirstBank branch and request for the card to enjoy seamless cashless transactions” he concluded.
The first transaction of the Verve Global Card was carried-out by the Deputy Managing Director, FirstBank, Gbenga Shobo at Swarovski Shop located on Times Square.
Mark Angel Gets His Own Mouka Flora Mattress
Mark Angel best known for the Mark Angel Comedy series, often featuring his child comedian niece, Emmanuella, just received the new Mouka Flora mattress.
In the viral comedy skit called MANCHELOR Part 2, Mark Angel falls in love with the new Mouka Flora mattress while Emmaneulla and his neighbours urge him to get married “Now that Emmanuella has bought you mattress, Oya go and marry. Have you not old? You have passed menopause, very soon you will reach menostop”.
The new Mouka Flora mattress is redesigned to offer exceptional comfort and provide consumers with quality sleep. According to Mouka’s Senior Brand and Innovation Manager, Jide Odelola says “Nigerians can now enjoy superior comfort and durability of the new Mouka Flora mattress to ensure they wake up feeling energized the next morning.”
Mouka is reputed in the industry for its world class manufacturing technology. Other brands within Mouka’s portfolio include: Mondeo Spring mattress, Dreamtime water resistant children mattress, Regal Orthopaedic mattress, Regina semi-orthopaedic mattress and Mouka Mozzi range of insect repellent products.
GTBank Releases 2019 Half Year Audited Results, Reports Profit before Tax of N115.8Billion
Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges.
The half year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank reported a Profit before Tax of ?115.8billion, representing a growth of 5.6% over ?109.6billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0% from ?1.262trillion recorded as at December 2018 to ?1.274trillion in June 2019 and customer deposits increased by 6.3% to ?2.418trillion from ?2.274trillion in December 2018.
The Bank closed the half year ended June 2019 with Total Assets of ?3.598trillion and Shareholders’ Funds of ?603.0Billion. In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in June 2019 from 7.3% and 0.3% in December 2018 respectively. Overall, asset quality remains stable with adequate coverage of 84.7%, while Capital remains strong with CAR of 23.5%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7% and 5.8% respectively. The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2019.
Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “We have delivered a good result inspite of a challenging market, characterized by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”
He further stated that “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”
The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 33.7% and a cost to income ratio of 37.6% evidencing the efficient management of the banks’ assets. These ratios are a testament to the competent and experienced management and work-force, efficient balance sheet structure and operational efficiency of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of these include Africa’s Best Bank and Best Bank in Nigeria from Euromoney Magazine, and Best Banking Group and Best Retail Bank by World Finance Magazine.
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