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Dangote: Only A Third of NNPC’s Investment in Refinery Will Be Paid in Cash

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Africa’s richest man and the President of the Dangote Group, Alhaji Aliko Dangote, yesterday disclosed that the 20 per cent equity taken by the Nigerian National Petroleum Corporation (NNPC) in his much-awaited refinery will not be paid in a single cash transaction.

Speaking during a documentary aired on Arise News Channel,our broadcast arm, the renowned philanthropist noted that while a third of the $2.7 billion deal would be paid in cash, the second would be through crude sales and the third would be through profits made by the corporation.

He noted that there’s a lot of misconceptions around the planned 20 per cent equity holding by the national oil company, explaining that the deal also involves all the products to be churned out by the $19 billion facility, including petrochemicals.

Revealing that he got the inspiration to build the refinery from India, given what he described as the painful situation whereby Nigeria, a country of over 200 million people importing all petroleum products needed for consumption.

He pointed out that the project currently employs 29,000 Nigerians and 11, 000 foreigners with plans to ramp up the number to 57,000 in the coming months.

The 650,000 barrels per day refinery, located in Lagos is expected to start operation in the first half of next year, with the NNPC in the process of buying 20 per cent of the refinery.

Stressing that the refinery is capable of meeting the country’s entire petrol, diesel and jet fuel needs, Dangote posited that as it stands, the country expends about 25 per cent of all its import bills on bringing in petrol products into the country.

The businessmen lamented that Nigeria lost between $50 billion to $60 in investments to the delayed passage of the Petroleum Industry Act (PIA), but explained that with the recent presidential assent, investors who had been sitting on the fence are now expected to move into the country.

“So, these are the things that people don’t really understand and I want to really clarify it. When they talk about the $2.7 billion, you know, they (NNPC) are paying one third of the money.

“Another one third of the money, again, will actually be paid through supply of crude, with the deduction of maximum of about $2 and some cents. And then the one third of it, which is another $850 to $900 million will be paid from the profit they are going to make from the business.

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Olatunji Bello, the new LASU VC Assumes office.

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Professor Ibiyemi Olatunji Bello Monday, the ninth substantive Vice-Chancellor of the Lagos State University (LASU), pledged that the welfare of the staff and students will be uppermost in her administration, adding that the management would create more opportunities for their advancement.

Prof. Olatunji-Bello, who assumed office assumed office amid fanfare, was welcomed into the Ojo main campus of the 37-year-old institution as early as 8a.m, with songs and dance in a carnival-like reception by students, who were adorned in a purple t-shirts with the inscription “31st LASUSU welcomes Prof. Ibiyemi Olatunji-Bello, 9th Vice Chancellor of LASU.”

The appointment of Olatunji-Bello was disclosed last week by the Commissioner for Information and Strategy, Mr. Gbenga Omotoso following the approval by the Lagos State Governor and Visitor to the university, Mr. Babajide Sanwo-Olu.

Olatunji-Bello, a Professor of Physiology succeeded Prof. Lanre Fagbohun, a Professor of Environmental Law and a Senior Advocate of Nigeria (SAN), whose five-year single tenure expired on January 11, 2021.

The new Vice-Chancellor, who was received at the Iba Gate and escorted to the Babatunde Raji Fashola Senate Building by the happy students and other members of the LASU community, promised that the new administration would ensure that the learning environment is conducive and competitive with provision of relevant infrastructure, equipment and facilities.

Prof. Olatunji-Bello was received at the foyer of the Senate Building by the university’s management, led by the Acting Vice-Chancellor, Prof. Oyedamola Oke, who was appointed on January 11, 2021 to avoid a vacuum created by the inability of the university to name a substantive Vice-Chancellor to take over from Prof. Fagbohun.

“Your welfare is important to me. We will also ensure the University Scholars Award is revamped. All university scholars will get a 50 per cent refund of their school fees yearly. We will also provide studentship employment opportunities,” the Vice-Chancellor said amid loud ovations from the students.

While addressing members of staff, Prof. Olatunji-Bello, however, sought their support and cooperation for her administration, even as she called for peace and stability to reign foremost in the university.

She said: “I want to thank you for giving me this warm welcome. I promise that your welfare will be paramount to me and you will get whatever is due to you. All your allowances will be paid. However, I want to seek your support and urge that we all allow peace to reign for the good of our university.”

The Vice-Chancellor after addressing the staff later commenced meetings with various stakeholders of the university, including staff and students’ unions.

 

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The Political Future Of Femi Fani-kayode, a Man Who Has Married 5 Times 

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Femi Fani-kayode’s marital life speaks more about his philosophy of life than anything else, 9jaflair observed

His recent decamp to the ruling party, All Progressives Congress (APC) and his meeting with President Buhari even after he had insulted President Buhari severally, left many Nigerians in shock.

But on systematic observation of his marital life, one can predict that Femi Fani Kayode who is lacking in endurance and steadfastness will dump the APC if he sees a better opportunity elsewhere.

The short-fuse man, as he had once called himself is presently in his fifth marriage after leaving unsettled misunderstandings in his previous marriages.

Below is a list of the women he has married.

1- Saratu Attah (1987-1990)
2- Yemisi Adeniji now Yemisi Wada- (1991-1995)
3- Regina Amono (1997-2002)
4- Precious Chikwendu (2014-2020)
5- Nerita (2021-)

 

 

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Kanu weeps as Popular human rights lawyer admired by Biafra activists dies.

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Jonathan Cooper, an international human rights barrister has died.

Cooper, who was admired by supporters of the outlawed Indigenous People of Biafra (IPOB) and some other Biafra separatists died suddenly on Saturday whilst walking in Scotland with his husband, Kevin.

Cooper was ubiquitous in his influence – fighting for Lesbian, Gay, Bisexual, and Transgender (LGBT) rights; lecturing throughout the world on human rights; fighting for the Human Rights Act; championing the European Convention on Human Rights; editing the European Human Rights Law Review and working to defend the Rule of Law and the independence of judges and advocates in places as diverse as Turkey, Belarus, Albania, Africa and throughout the Caribbean.

His work in challenging discrimination against same sex couples was very high. Together with Tim Otty QC, Cooper was the moving force behind the Human Dignity Trust which successfully challenged laws criminalising gay sex throughout the Commonwealth.

Biafra agitators, mostly IPOB members, are filled with sadness and send their condolences to his family and Kevin. Since the late activist raised his voice in support of the Biafra cause earlier this month (September), many Biafra agitators immediately loved him.

Kanunta Kanu wrote on his social media accounts on Monday: “Dear Jonathan Cooper OBE, today you are no more, your death shocked most of us and Biafrans that has worked closely with you since 2017 till your last day on this earth.
“You looked for the best in others and gave the best of what you had”. Biafrans will always remember you.”

Solomon Egbo, on Monday, wrote on his Facebook page with crying emojis: “I am shocked, heartbroken, shattered and completely devastated for the sudden death of my brother, good friend and mentor, Barrister Jonathan Cooper OBE. He is a very good man, I don’t want to use was because I still can’t believe Jonathan is no more, gone from us forever. Rest In Power my dear Jonathan, mentor and good friend. May you find rest where you are now. I missed you and will forever miss you Jonnie…”

Samuel Okwonkwo wrote on Facebook on Monday: “Sad And Shocked To Hear About The Death Of Jonathan Cooper OBE. We Met In 2019 At The United Nations. You Worked Very Hard For IPOB And Also Fought Passionately Before The International Body For Biafrans Who Were Killed, Tortured, Dehumanized And Arrested By The Nigerian Government. Rest In Power Sir. We Biafrans Will Miss You!”

 

Ilechukwu wrote on Facebook on Monday: “Sad News”
RIP JONATHAN COOPER (OBE).
IPOB mourns your exit.
This generation of BIAFRANS will never forget your good work for us.”
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