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Dangote: Deregulation doesn’t excuse low-quality oil blends

Published

2 weeks ago

November 6, 2024

In Nigeria, Dangote Petroleum Refinery has warned Pinnacle Oil and Gas Limited and other oil marketers that the country’s national interests should not be undermined by substandard imported petroleum products because of the deregulation of the downstream oil industry.

In reaction to comments made by Pinnacle Oil and Gas Limited’s CEO, Robert Dickerman, regarding the importation and mixing of petroleum products, which the Pinnacle boss placed within the framework of a “deregulated commodity market,” the refinery issued this statement on Tuesday.

The company was confronted by the Dangote refinery on Sunday for establishing a blending unit near its Lagos facility to offer Nigerians inferior petroleum products.

Dickerman, the company’s CEO, denied the allegation. Still, the Dangote refinery said that his defence of a deregulated market could not mask the grave consequences of his actions, which it said endangered the welfare of Nigerians and the integrity of the country’s energy sector.

Dangote reiterated its support for industrialisation and deregulation but underlined that this support is based on a dedication to the nation’s economic sustainability and the defence of its citizens against exploitation. The refinery reaffirmed that the pursuit of profit should never come at the expense of Nigerians’ health and safety.

“The Dangote Petroleum Refinery and Petrochemicals Company has long been an advocate for deregulation and industrialisation in Nigeria, but our support is rooted in a commitment to the sustainable growth of the country’s economy and the protection of its people from any exploitation.

“Unlike Dickerman’s view, deregulation should not be a licence for the importation and distribution of off-spec products or the subversion of national interests,” it said.

The business added that Dickerman should be well aware of how his nation safeguards its industry as he is an American.

To emphasise the argument, it cited several recent American examples. As an illustration of protectionism that puts the interests of the country’s economy before of immediate financial gain, US President Joe Biden recently rejected the sale of US Steel to Japan’s Nippon Steel, emphasising the value of preserving robust American steel businesses backed by American workers.

According to the refinery, the US has also taken steps to limit the use of cranes manufactured in China in its ports, citing national security concerns.

To further show its commitment to defending home industries, the US has now placed a 50% levy on medical equipment imported from China and a 100% tariff on electric vehicles.

Concerns about national security and the need for economic self-sufficiency have also prompted the United States to step up efforts to increase its manufacturing of computer chips and medical supplies.

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Ivory Coast to create $500 million green financing fund

Published

4 days ago

November 17, 2024

Ifeoluwa Dada

Ivory Coast will establish a $500 million green financing fund to assist sustainable growth, the IMF said.

Africa’s 54 countries have been worst hit by climate change, although emitting less pollution than developed nations. They get only 1% of yearly global climate financing.

The African Green Banks Initiative aims to develop a $1.5 billion ecosystem of green investment facilities by 2030, including Ivory Coast’s new facility.

The Global Environment Facility, the Green Climate Fund, the Ivory Coast government, multilateral development banks, development finance organisations, and possible private sources will all contribute to the facility’s capitalisation.

The leading cocoa-growing country in the world, West Africa, has been drafting new legislation to help other green finance projects, such as a body to regulate carbon credit management.

The consequences of climate change have disproportionately affected Africa, making cyclones, floods, and droughts worse in recent years.

A 30-month, $1.3 billion loan agreement for Ivory Coast under the IMF’s Resilience and Sustainability Facility was authorised by the executive board in March.

According to the IMF, the funding agreement will help the Abidjani administration implement its pledge to lessen the negative consequences of climate change.

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1,172 Nigerians killed, over 1,000 kidnapped in nine months— NHRC

Published

1 week ago

November 14, 2024

Isaac Dachen

The National Human Rights Commission (NHRC) has put the figures of Nigerians killed and kidnapped by non-state actors from January to September 2024, at 1,172 and 1,463 respectively.

A new data released on Wednesday by the organization reveal that the month of May saw the 298 persons killed, making it the highest, while March recorded the highest number of abductions with 499 kidnappings.

These data which was presented at a workshop on the state of human rights in Nigeria by the commission and the European Union, in Abuja, attributed the rise in kidnappings, killings and child abandonment in Nigeria to the negligence and failure of the state to protect its citizens.

While presenting the data, NHRC Senior Human Rights Adviser, Hillary Ogbonna, gave a breakdown of what he described as the alarming rise in human rights abuses, including kidnappings, killings and child abandonment.

“By January 2024, we already had 150 kidnappings and 55 killings associated mainly with non-state actors. What has become the norm is the killing of law enforcement officers,” Ogbonna said.

“We started with seven policemen killed in January. From victims’ perspectives, we had quite a number of victims for human rights violations for January.”

Also speaking at the event, the NHRC Executive Secretary in Nigeria, Tony Ojukwu, said:

“In recent years, we have witnessed alarming trends and threats against those who dare to speak the truth to power.

“It serves as a stark reminder that the protection of human rights is an ongoing struggle that requires continuous vigilance, action and cooperation from all sectors of the society,” Ojukwu said.

A delegation from the EU which also made a presentation, reiterated its commitment to support Nigeria to overcome these challenges, while urging the Federal Government to work with the armed forces to end this trend.

“The European Union will continue to work around the world through diplomacy,” the Head of EU Delegation, Zissimos Vergos, said.h