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NNPC Cuts Investment In Dangote Refinery From 20 Percent to 7.2 Percent 

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Nigerian National Petroleum Company (NNPC) Limited has reduced its investment in the Dangote Refinery from 20 per cent to 7.2 per cent, according to Aliko Dangote, chief executive officer, Dangote Refinery.

NNPC Cuts Investment In Dangote Refinery From 20 Percent to 7.2 Percent 

Aliko Dangote

Dangote, who made this known in Lagos on Sunday and the NNPC confirmed the development, saying it assessed its investment portfolio to align with its goals.

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

In September 2021, NNPC had acquired a 20 per cent stake in the Dangote Refinery for $2.76 billion.

NNPC had initially financed the 20 per cent stake through a $1.036 billion funding from Lekki Refinery Funding Limited, of which $1 billion was paid to Dangote Refinery and $36 million was for transaction costs.

The remaining $1.76 billion was to be paid through a combination of a $2.5/barrel discount on 300,000 barrels per day of crude oil supplied to the refinery, and 100 per cent of NNPC’s portion of any dividends declared by the refinery.

Reacting to the statement by Dangote, the NNPC in a press release on Sunday evening, said the company “made a commercial decision to cap our investment at the amount already paid.”

“Several months ago, we made a commercial decision to cap our investment at the amount already paid. This decision was taken by NNPC Ltd and has no impact on our business.

“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.

“The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago,” Olufemi Soneye, spokesman, NNPC, said in a statement on Sunday evening.

 

 

 

 

 

 

 


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d.light Launches Customer Loyalty Program for Off-grid Solar Customers in Kenya

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d.light, the global provider of transformational household products and affordable finance for low-income households, has launched its new customer loyalty program – the first of its kind in the off-grid solar space.

d.light officially launched the loyalty scheme, called “d.light Points Program”, in Kenya on 7 August, with plans to extend it to customers in Uganda, Tanzania and Nigeria later this year. d.light’s aim is that more than 500,000 customers will benefit from the program before the end of 2024.

The d.light Points Program rewards customers who make regular and frequent payments towards their PayGo products with points that can be redeemed for discounts on future purchases and other rewards such as tokens for free days of power. d.light will add more rewards as it rolls out the program to its other markets in Africa.

d.light launched the program following 12 months of in-depth customer research involving focus groups, surveys, and one-to-one interviews. Information on points and rewards are available to customers at all times via SMS or USSD messaging or on the d.light mobile app. Customers can redeem the points they earn over the phone or using the app.

Commenting on the launch of the program, Donal Connolly, Director of Credit at d.light, said, “Our customers have had a tough time lately. Months of high inflation in many of the countries we operate in, along with job and income uncertainty in climate-impacted rural areas, have put pressure on households and communities. This includes being able to access and pay for their energy at home.”

Connolly continued, “Our customers come first here at d.light, and we want to help them deal with these pressures and acknowledge their loyalty and support as well. We’ve devised the d.light Points Program for our customers to easily earn points and then redeem them for tailor-made rewards that add value and save them money.

For example, customers who make payments across a number of consecutive days earn points which they can redeem for credit towards future purchases or free days of power.

“With this new loyalty program, we are providing d.light customers with the tangible, practical benefits that they themselves have asked for and which help them to more easily access reliable solar energy that improves their day-to-day lives.”

 


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UK Donates Counter Insurgency Training Facility to Nigerian Army

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United Kingdom (UK) has donated a Counter Insurgency (COIN) training facility to the Nigerian Armed Forces, to help enhance the reality of their training and better prepare the force for its future operations.

Nigeria’s Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, represented by Major General SG Mohammed, and British Deputy High Commissioner in Lagos, Mr. Jonny Baxter

Nigeria’s Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, represented by Major General SG Mohammed, and British Deputy High Commissioner in Lagos, Mr. Jonny Baxter

The training facility was funded by the UK through its Ministry of Defence and built by a team of Royal Engineers from the British Army working alongside Nigerian Army Engineers. The facility will make training more realistic for the soldiers and help prepare trainees to operate effectively during deployments.

Nigeria’s Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, represented by Major General SG Mohammed, officially opened the training facility today in Ogun State, alongside the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter, and Brigadier Martin Leach from the UK’s Ministry of Defence.

Attendees also saw firsthand, a demonstration operation conducted by Nigerian Armed Forces. The Deputy High Commissioner was subsequently briefed on the training display.

Speaking at the handover ceremony, Deputy High Commissioner, Mr. Jonny Baxter said: “The UK has deep interests in Nigeria’s development, security, and stability.

“We enjoy a long-standing security and defence relationship, underpinned by a shared desire to support regional and international peace and security.

“Our work with the Nigeria Armed Forces seeks to build capacity to address the root causes of insurgency and insecurity and support institutional modernisation and transformation.

“We provide substantial security and development support to Nigeria including capacity building assistance, training facilities and equipment. The British Government will continue to work with Nigeria to respond to the drivers of conflict – and all these engagements we hope, will lead to better security, stability, and enhanced growth partnerships for the good of both our countries.”

The Deputy High Commissioner also paid tribute to the significant sacrifices made by the Nigerian soldiers in working with their counterparts to bring peace and security to the region.


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Transcorp Power Plc Taps Christopher Ezeafulukwe As Non-Executive Director

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Transcorp Power Plc has notified the investing public of significant changes to its Board of Directors. Mr. Christopher Ezeafulukwe has been appointed as a Non-Executive Director. This appointment has been approved by the Nigerian Electricity Regulatory Commission, in accordance with the provisions of the Companies and Allied Matters Act 2020 and the Articles of Association of Transcorp Power Plc.

Mr. Christopher Ezeafulukwe

Mr. Ezeafulukwe is a highly accomplished professional with over 20 years of executive management experience spanning multiple sectors, including power, oil and gas, financial services, legal services, and corporate governance. He currently serves as the Managing Director/CEO of Transcorp Energy Limited.

Prior to this, he held the position of Managing Director/CEO of Abuja Electricity Distribution Plc and previously served as the Managing Director/CEO of Transcorp Power Limited (now Transcorp Power Plc). Mr. Ezeafulukwe also held the role of Executive Director, Legal and Business Development, at Transnational Corporation Plc.

His academic credentials are equally impressive, holding an LL.B degree from the University of Lagos, a B.L. from the Nigerian Law School, and an LL.M from the University of Lagos. He further advanced his education with a second LL.M in Energy, Environmental & Natural Resources Law from the University of Houston, Texas. Mr. Ezeafulukwe is also an alumnus of both the Lagos Business School and IESE Business School in Barcelona, Spain.

In addition to his academic and professional accomplishments, Mr. Ezeafulukwe is a respected member of several professional bodies. These include the Association of International Petroleum Negotiators, the Nigerian Bar Association (NBA), the Institute of Chartered Secretaries & Administrators of Nigeria (ICSAN), and he is a past member of the Executive Council of the Association of Power Generation Companies.

We are confident that Mr. Ezeafulukwe’s wealth of experience and leadership will greatly contribute to the continued success and growth of the company.


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