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Buhari, 5 Other Presidents To Commission Dangote Refinery



President Muhammadu Buhari and five other presidents are expected today, Monday, to grace the commissioning of the Dangote Petroleum Refinery and Petrochemical Project, a subsidiary of Dangote Industries Limited owned by Aliko Dangote.

Other Presidents expected include the President of Togo, Gnassingbé Eyadéma; the President of Ghana, Nana Akufo-Addo; the President of Senegal Macky Sall; the President of Niger Republic, Mohamed Bazoum; and the President of Chad, Mahamat Déby.

However, the President of Rwanda, Paul Kagame of Rwanda, will deliver a goodwill message virtually

Others expected include the President-elect, Bola Tinubu and other dignitaries across the nation.

“Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22nd, 2023, by President Muhammadu Buhari,” Buhari’s media aide, Bashir Ahmad tweeted.

The refinery is located at Dangote Industries Free Zone, Ibeju-Lekki, Lagos, and it is set up to process crude oil grades from the continent of Africa, Asia and America, with a delivery of a surplus of close to 38 million litres of petrol, diesel, kerosene and aviation fuel for Nigeria daily.

The refinery set up to refine 650,000 barrels of crude oil per day transforms crude oil into different usage of petroleum products such as diesel, gasoline, jet fuel and kerosene

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Mobile subscriptions shrink by three million



Nigeria’s mobile subscriptions shrank by 3.49 million mobile subscriptions in the last three months, leaving a dent in the country’s march toward mobile inclusion for all.

Since mobile subscriptions hit an all-time high of 226.84 million in February of this year, it has been on a steady decline.

It first fell to 225.82 million in March, before slumping further to 223.34 million, according to new industry data from the Nigerian Communications Commission. This is also the first time since June 2021 that mobile subscriptions have fallen consistently.

In 2020 and 2021, a Federal Government policy to link SIMs to National Identification Numbers affected the mobile industry and caused a steep decline in mobile subscriptions. Since then, subscriptions have improved, and risen to record highs.

MTN Nigeria is the only telecommunication firm to have lost mobile subscriptions in the period under review, losing 4.03 million (from 92.71 million to 88.68 million), while retaining its spot as the largest mobile network operator in the country.

Other telcos had better fortunes, with Globacom marginally growing by 172,867 from 60.76 million to 60.93 million; Airtel added 31,705 new subscriptions and grew from 60.30 million to 60.33 million; and 9mobile witnessed the largest growth, adding 330,003 new subscriptions to hit 13.40 million from 13.07 million in the period under review.

Within the three months, teledensity (the number of active telephone connections per one hundred (100) inhabitants living within an area) fell to 117.17 per cent in April from 119.01 per cent in February.

In MTN’s first quarter report, MTN Nigeria’s Chief Executive Officer, Karl Toriola, noted that global macroeconomic factors, inflation, and cash shortages, among others, were affecting its consumers.

He said, “We continued to experience headwinds in our operating environment in the first quarter of 2023. The impacts of the ongoing global macroeconomic and geopolitical developments on energy, food, and general inflation were exacerbated locally by petrol and cash shortages experienced during the period. This placed additional pressure on economic activity, consumers, and businesses.”

Nigeria’s mobile population is the largest in Africa and the prior steady growth in the number of mobile subscriptions had been attributed to increased productivity and efficiency in other sectors

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JUST IN: Elon Musk Regains Spot as World’s Richest Man



Elon Musk has reclaimed his position as the world’s richest person, surpassing French business magnate Bernard Arnault.

POLITICS NIGERIA reports that according to the latest Billionaires tally, Musk’s net worth has soared to a staggering $192 billion, edging Arnault’s $187 billion fortune.

The shakeup occurred on Wednesday when LVMH CEO Bernard Arnault witnessed a 2.6% drop in shares during Paris trading. This setback opened the door for Musk, whose influence as the Twitter chief propelled him back to the number one spot.

For months, these two centibillionaires, a term reserved for those with fortunes exceeding $100 billion, have been engaged in a fierce battle for supremacy.

Arnault, at the helm of the world’s largest luxury brands conglomerate that includes prestigious names like Louis Vuitton, Tiffany, Celine, and Tag Heuer, seemed unshakable. However, Musk’s relentless pursuits propelled him to regain his crown.

Here is a list of the current wealthiest individuals in the world:

1. Elon Musk: $192 billion

2. Bernard Arnault: $187 billion

3. Jeff Bezos: $144 billion

4. Bill Gates: $125 billion

5. Larry Ellison: $118 billion

6. Steve Ballmer: $114 billion

7. Warren Buffet: $112 billion

8. Larry Page: $111 billion

9. Sergey Brin: $106 billion

10. Mark Zuckerberg: $96.5 billion

The list continues with other prominent figures such as Carlos Slim, Francoise Bettencourt Meyers, Mukesh Ambani, Amancio Ortega, Jim Walton, Rob Walton, Alice Walton, Zhong Shanshan, Gautam Adani, and John Mars, each amassing impressive fortunes

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JUST IN: CBN Breaks Silence, Opens Up on Devaluation of Naira



The Central Bank of Nigeria (CBN) has responded to reports claiming that it devalued the Naira, asserting that such reports are false.

POLITICS NIGERIA reports that earlier claims had suggested that the CBN devalued the Naira from N631 to the dollar, down from the previous day’s rate of N461.60 at the Importers and Exporters (I&E) window.

Issuing a statement on Thursday morning, the bank’s Acting Director of Corporate Communications, Isa AbdulMumin, PhD, refuted the devaluation reports.

He criticised the news reports for containing outright falsehoods and destabilising innuendos, indicating a potential lack of understanding of the Nigerian Foreign Exchange Market.

The statement from the CBN reads as follows:

“The Central Bank of Nigeria (CBN) takes note of the news report by Daily Trust Newspaper on June 1, 2023, titled ‘CBN Devalues Naira To 630/$1’.

“We would like to categorically state that this news report, considered exclusive by the newspaper, is filled with falsehoods and destabilising innuendos. It reflects a potential willful ignorance regarding the workings of the Nigerian Foreign Exchange Market.

“For absolute clarity, the exchange rate at the Investors’ & Exporters’ (I&E) window this morning (June 1, 2023) was at N465/US$1 and has remained stable at this rate for some time.

“The public is advised to completely disregard the news report by Daily Trust as it is speculative and intended to cause panic in the market.

“We urge media practitioners to verify their facts with the Central Bank of Nigeria before publishing, in order to avoid misleading the public.

Isa AbdulMumin PhD

Acting Director, Corporate Communications”

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