Channel O and Forbes Africa presents the top 10 most bankable/richest artistes in Africa. This list was put together using factors such as endorsement value, popularity, show rates, Sales, awards, YouTube views, appearance... Read More
By Unknown 05:07
So, Davido started this competition where a fan who gets the exact dance step for his new hit 'Skelewu' will win $3,000! See what the love for $3000 dollars haff caused. Winner will be... Read More
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| PDP Candidate |
I Did Not Win, I Can't Accept Victory ––PDP Candidate Says My Election Was Rigged
Mr. Afolabi Olawole (pictured above) is the councilorship candidate of the PDP in Shawo South West ward in the controversial Offa Local Government of Kwara State. The gentleman has come out to openly reject his announced victory at the just concluded council election.
He was declared winner of the election by Independent Electoral Commission of Kwara State (KWASIEC) in Saturday’s rerun election.
But Mr Olawole has confessed that he lost to Mr Adefioye Kayode, candidate of the APC:
Speaking during a media briefing in Offa on Wednesday, Mr Olawole said he rejected his victory based on his religious belief of not cheating. He added that his stand was also to ensure that his community did not witness violence and retrogression. He stated that he was not influenced by anybody.
Also one of the presiding officers, Oyetunji Akin said the APC won in the councillorship and chairmanship elections in Shaw Central ward where he presided, contrary to the announced results.
KWASIEC had announced that PDP won the ward, but according to the presiding officer, Mr Oyetunji Akin, APC polled 1,213 to defeat the PDP he said had 568.
Mr. Afolabi Olawole (pictured above) is the councilorship candidate of the PDP in Shawo South West ward in the controversial Offa Local Government of Kwara State. The gentleman has come out to openly reject his announced victory at the just concluded council election.
He was declared winner of the election by Independent Electoral Commission of Kwara State (KWASIEC) in Saturday’s rerun election.
But Mr Olawole has confessed that he lost to Mr Adefioye Kayode, candidate of the APC:
Speaking during a media briefing in Offa on Wednesday, Mr Olawole said he rejected his victory based on his religious belief of not cheating. He added that his stand was also to ensure that his community did not witness violence and retrogression. He stated that he was not influenced by anybody.
Also one of the presiding officers, Oyetunji Akin said the APC won in the councillorship and chairmanship elections in Shaw Central ward where he presided, contrary to the announced results.
KWASIEC had announced that PDP won the ward, but according to the presiding officer, Mr Oyetunji Akin, APC polled 1,213 to defeat the PDP he said had 568.
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Confession: WAJE:"Why I posed nude" |
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Dangote says"Nigeria Will CutFuel Importation by 2016" |
As controversy continues to trail her new video, I Wish, sexy singer, Waje, has explained the reasons behind her decision to feature in it in her ‘birthday suit’. In an exclusive chat with The Entertainer, Waje, who recently joined Globacom’s expanding league of brand ambassadors, said that her decision to bare it all was to highlight the plight of women who are victims of heartbreak across the globe.
“It’s a form of art. Music is a language, which involves a lot of expression and to be able to express yourself properly, you have to paint a picture for your viewers to understand. I Wish is the story of a vulnerable woman which was the picture I wanted to paint; a woman heart-broken, helpless and vulnerable. I wanted to draw attention to the plight of heartbroken women. I wanted to be as close as I could to nature for that video hence the nude scenes,” she disclosed.
Born Aituaje Iruobe, it would seem she was destined to make it big in music that has opened a lot of doors for her. The graduate of Social Works from the University of Nigeria, Nsukka (UNN) started singing at an early age and that earned her scholarship, courtesy of late Benson Idahosa’s of Church of God Mission.
“Music has always opened doors for me,” says Waje, who hit the limelight after she did one of the verses on P-Square’s massive hit, Do Me, in 2007. “Throughout my secondary school, I never paid school fees because my singing got me a scholarship from the late Bishop Benson Idahosa. By faith, I even saw more happening back then; I saw myself bringing back home a Grammy. I have always known that God will bless me through music. There is more to come because I am here to stay. I am currently collaborating with Coca Cola on a project. These kind of things make you want to work harder because you see that your hard work is paying off at last.”
Debut album
After releasing a couple of singles and videos, Waje, who just wrapped up Glo Slide ‘N’ Bounce tour that took her to major cities in Nigeria, finally dropped her much anticipated album, a 14-tracker entitled, WAJE (Words Aren’t Just Enough).
“The response has been great! We are still in the promotional stages. I feel that for every artiste, the first six months after your album release should be dedicated to promoting the album. I am planning a state-by-state tours in major cities in Nigeria; something like an ‘Unplugged WAJE’ kind of concert, so basically it’s going to be my own thing,” Waje states, adding that the reviews have been quite encouraging.
Glo ambassadorship
Today, Waje is living the dream of most Nigerian entertainers as she has joined the league of entertainers who are brand ambassadors for wholly Nigerian owned telecoms giant, Globacom. For the young girl who had her first taste of stardom on P-Square’s Do Me, how does it feel?
Her response: “It feels great and good because Waje is known for excellence. I guess that’s one thing I’ve successfully preached over the years. My not having an album all this while was just because I believed my fans deserved more than just mediocre music and Glo understands that as well. For me, it’s the right time going into a partnership with a brand that understands my vision, which is not just being an artiste but also embodying the notion of giving back.
“A lot of doors have been opened. Now brands are beginning to see me as marketable and that’s the high point of any artistes’ career – that point when you become a business and not just singing as a hobby. So right now, Waje is a businesswoman. I struggled initially in my career until I met a team that helped me understand that I just can’t stumble into success; there must be a plan. Everything we have been doing ever since is to position me in a certain way so that people can actually see the commercial value; Glo was one of the first brands to latch onto it.”
Whitney Houston’s influence
The singer who has had the greatest influence on Waje is the late American pop star, Whitney Houston. This much she admits, describing Whitney as her role model. According to Waje, she broke down in tears when the news of Whitney’s death filtered to her. “Whitney was my role model and she still is. She packed so much emotion into her singing. I tried singing like her but it wasn’t easy. As I have grown older, I discovered other role models but she remains the central figure for me; may her soul rest in peace. She invested in a lot of people with her music and I happen to be one of them.
“I cried the day Whitney died because I realized that the world is so unforgiving especially when you’re successful. It dawned on me that the more successful you are and the higher you get, the more unforgiving people are. Yes, she may not have made the right choices but there were certain things that made her go the way she did.
“I have learnt that life is not easy and if you don’t have family and friends actually loving you, you might have a tendency to lose your way and make certain mistakes. I felt sad that when she died, people said a lot of stuff that did not make sense. As far as I’m concerned, Whitney touched so many lives through her music.”
Giving back
Today, Waje says she is already giving back courtesy of her NGO, Waje Safe House which she describes as a haven for those rejected by society. “Waje Safe House is a shelter for those who are sick, hungry and broke; it’s a place the infirm can call home. I decided to do a project where I could collaborate with any other NGO quarterly and Waje Safe House does exactly that. Right now, we have worked with two NGOs. Currently, I am investing my time in a little girl who walked up to me at Osun Osogbo show and told me she wanted to do stuff with kids living with autism,” the musician remarked.
Greatest challenge
Waje has been singing professionally since 2007. What’s been her greatest challenge? Her eyes lit up as she responds: “Being a female singer in a male dominated industry, things have got better though. Many times people just feel like females who are into music do it because it’s a hobby. They see P-Square and they know it’s a business. They see MI and they know it’s a business but when they see me or any other female singer they’re like ‘wow she can sing! But it’s a hobby.’
“But no, this is a business for me. There are few of us who have been able to break the jinx and let people realise that as talented women, we put in a lot of hard work and this is business for us. More girls are coming up now. However, I don’t dwell on those challenges. I see them as stepping stones and this helps me hustle the way my fellow brothers do.”
Motherhood
The proud mother of a baby girl opens up on motherhood and how she makes sure she spends quality time with her daughter whom she describes as the greatest thing that ever happened to her. My daughter is the greatest thing that ever happened to me, and motherhood is a lifestyle. It’s not something you do because you have a child but because it’s part of you. You just have to do what you have to do and be there for her and take care of her as a mother.
“My first job is being a mum and my second job is being an artiste. When it becomes too challenging because of my schedule, my mum comes to my rescue. She is in Lagos so I take her over like when I’m touring every weekend. I make sure I spend quality time with her. Sometimes she joins me on tour. I am trying to raise her in a balanced environment and make her realise that her claim to fame is not just being Waje’s daughter,” she says laughing.
So, who is the man in her life?
“There is nothing to talk about. I’d rather concentrate on my career,” she declares, a serious note creeping into her voice.
Advice
Having seen it all and done it all, Waje has a word for young people who want to thread her path. The singer says youths should be focused, hardworking and prayerful, adding that the satisfaction one gets from doing stuff on your own could never be quantified. “I don’t need any one to tell me ‘Waje well done’ because I go hail myself,” she says in a mixture of English and Pidgin laughing.
On a serious note she continues: “I’d just say that people should love their jobs regardless whether it is entertainment, cooking, banking or engineering. Love the job enough to work hard for it. With time things will get better. It’s a natural principle about life. Don’t ever throw in the towel. Who knows? You might throw in the towel just when it’s about to get better so you must learn to persevere. God honours his principles because the Bible says, ‘a labourer is due his wages,’ so love the job enough to work hard because if you have love, every other thing is added unto you. I am one of those people lucky enough to have been carried along by others but I also worked hard.”
“It’s a form of art. Music is a language, which involves a lot of expression and to be able to express yourself properly, you have to paint a picture for your viewers to understand. I Wish is the story of a vulnerable woman which was the picture I wanted to paint; a woman heart-broken, helpless and vulnerable. I wanted to draw attention to the plight of heartbroken women. I wanted to be as close as I could to nature for that video hence the nude scenes,” she disclosed.
Born Aituaje Iruobe, it would seem she was destined to make it big in music that has opened a lot of doors for her. The graduate of Social Works from the University of Nigeria, Nsukka (UNN) started singing at an early age and that earned her scholarship, courtesy of late Benson Idahosa’s of Church of God Mission.
“Music has always opened doors for me,” says Waje, who hit the limelight after she did one of the verses on P-Square’s massive hit, Do Me, in 2007. “Throughout my secondary school, I never paid school fees because my singing got me a scholarship from the late Bishop Benson Idahosa. By faith, I even saw more happening back then; I saw myself bringing back home a Grammy. I have always known that God will bless me through music. There is more to come because I am here to stay. I am currently collaborating with Coca Cola on a project. These kind of things make you want to work harder because you see that your hard work is paying off at last.”
Debut album
After releasing a couple of singles and videos, Waje, who just wrapped up Glo Slide ‘N’ Bounce tour that took her to major cities in Nigeria, finally dropped her much anticipated album, a 14-tracker entitled, WAJE (Words Aren’t Just Enough).
“The response has been great! We are still in the promotional stages. I feel that for every artiste, the first six months after your album release should be dedicated to promoting the album. I am planning a state-by-state tours in major cities in Nigeria; something like an ‘Unplugged WAJE’ kind of concert, so basically it’s going to be my own thing,” Waje states, adding that the reviews have been quite encouraging.
Glo ambassadorship
Today, Waje is living the dream of most Nigerian entertainers as she has joined the league of entertainers who are brand ambassadors for wholly Nigerian owned telecoms giant, Globacom. For the young girl who had her first taste of stardom on P-Square’s Do Me, how does it feel?
Her response: “It feels great and good because Waje is known for excellence. I guess that’s one thing I’ve successfully preached over the years. My not having an album all this while was just because I believed my fans deserved more than just mediocre music and Glo understands that as well. For me, it’s the right time going into a partnership with a brand that understands my vision, which is not just being an artiste but also embodying the notion of giving back.
“A lot of doors have been opened. Now brands are beginning to see me as marketable and that’s the high point of any artistes’ career – that point when you become a business and not just singing as a hobby. So right now, Waje is a businesswoman. I struggled initially in my career until I met a team that helped me understand that I just can’t stumble into success; there must be a plan. Everything we have been doing ever since is to position me in a certain way so that people can actually see the commercial value; Glo was one of the first brands to latch onto it.”
Whitney Houston’s influence
The singer who has had the greatest influence on Waje is the late American pop star, Whitney Houston. This much she admits, describing Whitney as her role model. According to Waje, she broke down in tears when the news of Whitney’s death filtered to her. “Whitney was my role model and she still is. She packed so much emotion into her singing. I tried singing like her but it wasn’t easy. As I have grown older, I discovered other role models but she remains the central figure for me; may her soul rest in peace. She invested in a lot of people with her music and I happen to be one of them.
“I cried the day Whitney died because I realized that the world is so unforgiving especially when you’re successful. It dawned on me that the more successful you are and the higher you get, the more unforgiving people are. Yes, she may not have made the right choices but there were certain things that made her go the way she did.
“I have learnt that life is not easy and if you don’t have family and friends actually loving you, you might have a tendency to lose your way and make certain mistakes. I felt sad that when she died, people said a lot of stuff that did not make sense. As far as I’m concerned, Whitney touched so many lives through her music.”
Giving back
Today, Waje says she is already giving back courtesy of her NGO, Waje Safe House which she describes as a haven for those rejected by society. “Waje Safe House is a shelter for those who are sick, hungry and broke; it’s a place the infirm can call home. I decided to do a project where I could collaborate with any other NGO quarterly and Waje Safe House does exactly that. Right now, we have worked with two NGOs. Currently, I am investing my time in a little girl who walked up to me at Osun Osogbo show and told me she wanted to do stuff with kids living with autism,” the musician remarked.
Greatest challenge
Waje has been singing professionally since 2007. What’s been her greatest challenge? Her eyes lit up as she responds: “Being a female singer in a male dominated industry, things have got better though. Many times people just feel like females who are into music do it because it’s a hobby. They see P-Square and they know it’s a business. They see MI and they know it’s a business but when they see me or any other female singer they’re like ‘wow she can sing! But it’s a hobby.’
“But no, this is a business for me. There are few of us who have been able to break the jinx and let people realise that as talented women, we put in a lot of hard work and this is business for us. More girls are coming up now. However, I don’t dwell on those challenges. I see them as stepping stones and this helps me hustle the way my fellow brothers do.”
Motherhood
The proud mother of a baby girl opens up on motherhood and how she makes sure she spends quality time with her daughter whom she describes as the greatest thing that ever happened to her. My daughter is the greatest thing that ever happened to me, and motherhood is a lifestyle. It’s not something you do because you have a child but because it’s part of you. You just have to do what you have to do and be there for her and take care of her as a mother.
“My first job is being a mum and my second job is being an artiste. When it becomes too challenging because of my schedule, my mum comes to my rescue. She is in Lagos so I take her over like when I’m touring every weekend. I make sure I spend quality time with her. Sometimes she joins me on tour. I am trying to raise her in a balanced environment and make her realise that her claim to fame is not just being Waje’s daughter,” she says laughing.
So, who is the man in her life?
“There is nothing to talk about. I’d rather concentrate on my career,” she declares, a serious note creeping into her voice.
Advice
Having seen it all and done it all, Waje has a word for young people who want to thread her path. The singer says youths should be focused, hardworking and prayerful, adding that the satisfaction one gets from doing stuff on your own could never be quantified. “I don’t need any one to tell me ‘Waje well done’ because I go hail myself,” she says in a mixture of English and Pidgin laughing.
On a serious note she continues: “I’d just say that people should love their jobs regardless whether it is entertainment, cooking, banking or engineering. Love the job enough to work hard for it. With time things will get better. It’s a natural principle about life. Don’t ever throw in the towel. Who knows? You might throw in the towel just when it’s about to get better so you must learn to persevere. God honours his principles because the Bible says, ‘a labourer is due his wages,’ so love the job enough to work hard because if you have love, every other thing is added unto you. I am one of those people lucky enough to have been carried along by others but I also worked hard.”
 | ||
Water found on the moon! |
Africa’s richest man and President of Dangote Industries Limited (DIL), Alhaji Aliko Dangote
•Secures $3.3bn facility from banks
•FG pledges to remove impediments to investment
Muhammad Bello and Chineme Okafor in Abuja and Obinna Chima in Lagos
Africa’s richest man and President of Dangote Industries Limited (DIL), Alhaji Aliko Dangote, yesterday promised to reduce by 50 per cent the importation of refined petroleum products for local consumption by 2016.
This he hinged on the takeoff of his refinery, petrochemical and fertilizer complex in Nigeria, which will be financed with a $3.3 billion credit facility from a consortium of banks.
Dangote and the banks yesterday signed the agreement for the project, which is expected to be Africa’s largest refinery, petrochemicals and fertilizer manufacturing complex.
Guaranty Trust Bank Plc (GTBank) and Standard Chartered Bank led nine other banks for the $3.3 billion syndicated facility. GTBank was the local coordinator, while Standard Chartered Bank was the global coordinator for the deal.
The other banks involved in the transaction are Access Bank Plc, Zenith Bank Plc, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, Standard Bank of South Africa Limited, United Bank for Africa Plc (UBA), FirstRand Bank, First City Monument Bank Plc and Diamond Bank Plc.
The project, which will cost a total of $9 billion, is expected to create about 9,500 direct and 25,000 indirect jobs, in addition to reducing the current volumes of refined fuel imports by about 50 per cent and effectively stopping the importation of fertilizer.
The project would be financed by $3.5 billion equity from the Dangote group and $6 billion loan capital.
In his address at the signing ceremony in Abuja, Dangote said with a refining capacity of the proposed refinery, which is expected to reach 400,000 barrels of crude oil per day and produce a variety of refined fuel products from local crude resources, Nigeria would cut its current volume of imported fuel products by a massive 50 per cent.
“The 2.8 million tonnes of urea will be channelled into growing the local agriculture sector which is essential in producing healthy crops and promoting Nigeria and West Africa’s agricultural development.
“The petrochemical plant will produce polypropylene, which is a common component of most plastic and fabric products. For example, it is used in various forms of packaging, ropes and agro-sacks.
“This plant will further entrench Africa’s role on the global map as not only a valued contributor for natural resources, but also a competent manufacturer of refined products and fertilizer.
“As a result, several African nations will be less reliant on importing fuel and fertilizer from foreign markets, reducing the negative impact of negotiating terms within increasingly turbulent international markets,” he added.
Vice-President Namadi Sambo, who was the special guest at the ceremony, applauded the Dangote Group for supporting the economic agenda of the President Goodluck Jonathan administration, saying the government has created the enabling environment for businesses to thrive in the country.
Similarly, Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, said the planned Dangote refinery was for the whole world to note that the Nigeria economy is working.
In his remarks, Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, said the transaction showed that Nigerian banks were healthy, while attributing the development to the banking sector reforms.
He also called on the federal government to discourage importation and encourage local manufacturing.
“Nigerian banks will lend to the real sector when a bankable project appears because they have the capital, liquidity and personnel but the loans and the structures have to be right.
“All too often, we fail to mention that progress has been made. Today as part of this project, the CBN is availing the Dangote Group with N50 billion through the banks at no more than seven per cent for a term of 15 years; and we have always said that we don’t have any ideological opposition to subsidies but we oppose subsidies for imported consumption.
“We will not subsidise those who are importing petroleum products but we will subsidise those who are building refineries because every time we subsidise imports, we create jobs abroad, lose foreign exchange and set the foundation for the weakening of our economy.
“So we need to redefine those subsidies, start exporting what we produce and importing what we cannot produce; we have no business importing petroleum products or tomato pastes, fertilizer or cassava and this is one of the key steps we need to start this. We congratulate the Nigerian banks,” he said
In his remarks, GTBank Managing Director/Chief Executive Officer, Mr. Segun Agbaje, said: “This is the largest syndication by banks in Nigeria and it is being undertaken with the knowledge that the successful implementation of Dangote refinery and fertilizer project will have far-reaching implications for Nigeria’s economic growth.”
Agbaje further stated that GTBank was very proud to be associated with Dangote Industries on the project and praised Dangote for his steadfastness, hard work and genuine desire to see remarkable economic improvement within the country.
After the ceremony, Dangote led other dignitaries to pay a courtesy call on Jonathan who pledged that his administration would keep on implementing policies and measures to continuously improve the operating environment for entrepreneurs and investors in the Nigerian economy.
The president also pointed out that his administration was fully committed to progressively removing impediments to investment such as inadequate infrastructure and epileptic power supply.
A statement from the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, said Jonathan applauded plans by the Dangote Industries to build Africa’s largest refinery, petrochemicals and fertilizer manufacturing complex in Nigeria.
He said the president also expressed the federal government’s appreciation of the great support being given by Nigeria’s private sector to the implementation of his administration’s agenda for national transformation.
Noting that the Dangote group’s massive investment in refining, petrochemicals and fertilizer production would contribute significantly to the attainment of the government’s priority objective of job creation, the president thanked him and the chief executives of the Nigerian banks that financed the project for being patriotic and having the confidence to invest in their own country.
“We are pleased that you are now investing in refining, petrochemicals and fertilizer production. It is the downstream sector of oil and gas that can really create many jobs. Your interest and investment in that area will help in the area of job creation, which we have been emphasising.
“You are also helping us to move away from being a mere producer of raw materials by adding value to our natural resources,” Jonathan said.
Earlier, Dangote said they were at the State House to thank the president for his administration’s policies, which have greatly encouraged further investments in Nigeria.
“Without good government policies, there is no way the private sector can invest in Nigeria, because we are not Father Christmas at all. The policies have to be right,” he said.
He also stated that with the signing of the agreement, about 85,000 Nigerians at the initial stage and 8,000 engineers would be employed, adding, “When you look at what is now happening to Shell Petroleum and others, this policy is better for us.”
“We want to export petroleum products rather than export crude oil. This is the biggest largest single investment in Africa ever. No more importation of fuel and other bye-products of petroleum.
“Your policies have helped us greatly. Without them, we will not be where we are today,” Dangote said.
•Secures $3.3bn facility from banks
•FG pledges to remove impediments to investment
Muhammad Bello and Chineme Okafor in Abuja and Obinna Chima in Lagos
Africa’s richest man and President of Dangote Industries Limited (DIL), Alhaji Aliko Dangote, yesterday promised to reduce by 50 per cent the importation of refined petroleum products for local consumption by 2016.This he hinged on the takeoff of his refinery, petrochemical and fertilizer complex in Nigeria, which will be financed with a $3.3 billion credit facility from a consortium of banks.
Dangote and the banks yesterday signed the agreement for the project, which is expected to be Africa’s largest refinery, petrochemicals and fertilizer manufacturing complex.
Guaranty Trust Bank Plc (GTBank) and Standard Chartered Bank led nine other banks for the $3.3 billion syndicated facility. GTBank was the local coordinator, while Standard Chartered Bank was the global coordinator for the deal.
The other banks involved in the transaction are Access Bank Plc, Zenith Bank Plc, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, Standard Bank of South Africa Limited, United Bank for Africa Plc (UBA), FirstRand Bank, First City Monument Bank Plc and Diamond Bank Plc.
The project, which will cost a total of $9 billion, is expected to create about 9,500 direct and 25,000 indirect jobs, in addition to reducing the current volumes of refined fuel imports by about 50 per cent and effectively stopping the importation of fertilizer.
The project would be financed by $3.5 billion equity from the Dangote group and $6 billion loan capital.
In his address at the signing ceremony in Abuja, Dangote said with a refining capacity of the proposed refinery, which is expected to reach 400,000 barrels of crude oil per day and produce a variety of refined fuel products from local crude resources, Nigeria would cut its current volume of imported fuel products by a massive 50 per cent.
“The 2.8 million tonnes of urea will be channelled into growing the local agriculture sector which is essential in producing healthy crops and promoting Nigeria and West Africa’s agricultural development.
“The petrochemical plant will produce polypropylene, which is a common component of most plastic and fabric products. For example, it is used in various forms of packaging, ropes and agro-sacks.
“This plant will further entrench Africa’s role on the global map as not only a valued contributor for natural resources, but also a competent manufacturer of refined products and fertilizer.
“As a result, several African nations will be less reliant on importing fuel and fertilizer from foreign markets, reducing the negative impact of negotiating terms within increasingly turbulent international markets,” he added.
Vice-President Namadi Sambo, who was the special guest at the ceremony, applauded the Dangote Group for supporting the economic agenda of the President Goodluck Jonathan administration, saying the government has created the enabling environment for businesses to thrive in the country.
Similarly, Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, said the planned Dangote refinery was for the whole world to note that the Nigeria economy is working.
In his remarks, Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, said the transaction showed that Nigerian banks were healthy, while attributing the development to the banking sector reforms.
He also called on the federal government to discourage importation and encourage local manufacturing.
“Nigerian banks will lend to the real sector when a bankable project appears because they have the capital, liquidity and personnel but the loans and the structures have to be right.
“All too often, we fail to mention that progress has been made. Today as part of this project, the CBN is availing the Dangote Group with N50 billion through the banks at no more than seven per cent for a term of 15 years; and we have always said that we don’t have any ideological opposition to subsidies but we oppose subsidies for imported consumption.
“We will not subsidise those who are importing petroleum products but we will subsidise those who are building refineries because every time we subsidise imports, we create jobs abroad, lose foreign exchange and set the foundation for the weakening of our economy.
“So we need to redefine those subsidies, start exporting what we produce and importing what we cannot produce; we have no business importing petroleum products or tomato pastes, fertilizer or cassava and this is one of the key steps we need to start this. We congratulate the Nigerian banks,” he said
In his remarks, GTBank Managing Director/Chief Executive Officer, Mr. Segun Agbaje, said: “This is the largest syndication by banks in Nigeria and it is being undertaken with the knowledge that the successful implementation of Dangote refinery and fertilizer project will have far-reaching implications for Nigeria’s economic growth.”
Agbaje further stated that GTBank was very proud to be associated with Dangote Industries on the project and praised Dangote for his steadfastness, hard work and genuine desire to see remarkable economic improvement within the country.
After the ceremony, Dangote led other dignitaries to pay a courtesy call on Jonathan who pledged that his administration would keep on implementing policies and measures to continuously improve the operating environment for entrepreneurs and investors in the Nigerian economy.
The president also pointed out that his administration was fully committed to progressively removing impediments to investment such as inadequate infrastructure and epileptic power supply.
A statement from the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, said Jonathan applauded plans by the Dangote Industries to build Africa’s largest refinery, petrochemicals and fertilizer manufacturing complex in Nigeria.
He said the president also expressed the federal government’s appreciation of the great support being given by Nigeria’s private sector to the implementation of his administration’s agenda for national transformation.
Noting that the Dangote group’s massive investment in refining, petrochemicals and fertilizer production would contribute significantly to the attainment of the government’s priority objective of job creation, the president thanked him and the chief executives of the Nigerian banks that financed the project for being patriotic and having the confidence to invest in their own country.
“We are pleased that you are now investing in refining, petrochemicals and fertilizer production. It is the downstream sector of oil and gas that can really create many jobs. Your interest and investment in that area will help in the area of job creation, which we have been emphasising.
“You are also helping us to move away from being a mere producer of raw materials by adding value to our natural resources,” Jonathan said.
Earlier, Dangote said they were at the State House to thank the president for his administration’s policies, which have greatly encouraged further investments in Nigeria.
“Without good government policies, there is no way the private sector can invest in Nigeria, because we are not Father Christmas at all. The policies have to be right,” he said.
He also stated that with the signing of the agreement, about 85,000 Nigerians at the initial stage and 8,000 engineers would be employed, adding, “When you look at what is now happening to Shell Petroleum and others, this policy is better for us.”
“We want to export petroleum products rather than export crude oil. This is the biggest largest single investment in Africa ever. No more importation of fuel and other bye-products of petroleum.
“Your policies have helped us greatly. Without them, we will not be where we are today,” Dangote said.
By Unknown 03:28
Africa’s richest man and President of Dangote Industries Limited (DIL), Alhaji Aliko Dangote•Secures $3.3bn facility from banks •FG pledges to remove impediments to investmentMuhammad Bello and Chineme Okafor in Abuja and Obinna Chima... Read More
By Unknown 07:10
It happened. And it was more awesome than we could have even imagined.In the middle of a hit-packed performance that had everyone from Taylor Swift to Lady Gaga and One Direction on their... Read More
By Unknown 02:33
What does Miley Cyrus' raunchy, twerk-eriffic performance at the MTV Video Music Awards have to do with Muslims?Seemingly nothing -- unless you're Bill Donohue, president of the Catholic League for Religious and Civil... Read More
The rodeo clown who ignited a firestorm of controversy after donning a mask of President Barack Obama has spoken out for the first time, insisting that he was only making a joke with no underlying message.
"I didn't do this to do any hating on anyone. I did this to be funny. I did it to be a joke," Tuffy Gessling told KCTV about the Aug. 10 performance.
Gessling’s appearance drew waves of criticism when it was first reported that in addition to wearing the Obama mask, he made controversial comments such as, “We’re gonna stomp Obama.”
Some observers said the act went too far, bringing up questions of whether the performance had racial undertones. However, Gessling said it was only the latest iteration in a long tradition of mocking U.S. presidents.
"I didn't think anything more of it than what we've done 15 years ago, 10 years ago, five years ago, when we've done it with Bush, Clinton and Ronald Reagan," Gessling said.
However, after the story went viral, the Missouri State Fair said it had banned the rodeo clown from performing at its event in the future. However, fair officials declined to release his name, saying they wanted to protect his anonymity over safety concerns.
"I didn't do this to do any hating on anyone. I did this to be funny. I did it to be a joke," Tuffy Gessling told KCTV about the Aug. 10 performance.
Gessling’s appearance drew waves of criticism when it was first reported that in addition to wearing the Obama mask, he made controversial comments such as, “We’re gonna stomp Obama.”
Some observers said the act went too far, bringing up questions of whether the performance had racial undertones. However, Gessling said it was only the latest iteration in a long tradition of mocking U.S. presidents.
"I didn't think anything more of it than what we've done 15 years ago, 10 years ago, five years ago, when we've done it with Bush, Clinton and Ronald Reagan," Gessling said.
However, after the story went viral, the Missouri State Fair said it had banned the rodeo clown from performing at its event in the future. However, fair officials declined to release his name, saying they wanted to protect his anonymity over safety concerns.
By Unknown 10:01
Landscape of the moon An orbiting spacecraft has detected water on the moon - and scientists believe that it came from a mystery source deep beneath the lunar surface.It’s the first time “magmatic”... Read More
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