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Dangote Refinery’s Real Benefit Lies in Capturing By-products Locally, Says Financial Expert

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Financial analyst and educator Kalu Aja has highlighted that the most significant advantage of the Dangote Refinery is its ability to capture by-products locally that were previously left abroad, which could increase Nigeria’s foreign exchange earnings.

 

In a post on his X handle on Wednesday, Aja described the Dangote Refinery as a major milestone for Nigeria, comparable only to the emergence of Nigeria Liquefied Natural Gas (NLNG). He noted that while the refinery would save the country transportation costs in dollars previously spent on bringing crude oil from abroad, other associated costs like insurance and interest remain.

 

Aja further explained that Nigerians should not expect a significant drop in the cost of Premium Motor Spirit (PMS) unless the government decides to subsidize crude oil and the dollar exchange rate.

 

Breaking down the process of refining PMS from crude oil, Aja mentioned that the costs of extracting crude oil, refining it, and marketing PMS are the same whether the refinery is in Lagos or abroad. However, the real savings come from transporting crude oil to Lagos instead of abroad, and the local capture of by-products, which can be exported to earn more foreign exchange.

 

“The real benefit Dangote Refinery brings is that those associated by-products that we left in ‘Malta’ will now be captured by Dangote locally. Thus, Nigeria will earn MORE by exporting those by-products, so net net, the Dangote Refinery earns Nigeria more FX,” Aja wrote.

 

He emphasized that while the refinery is a significant development, it will not drastically reduce the PMS bill unless there are government interventions in subsidies.

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Midnight Fire Ravages Jos Terminus Market

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By Adenike Lawal

A fierce fire swept through the iconic Jos Terminus Market overnight, reducing several sections to rubble and destroying goods worth millions of naira.

The blaze, which erupted shortly after 11 pm on Tuesday, raged for hours before firefighters were able to contain it in the early hours of Wednesday.

Traders arrived to scenes of devastation, with rows of shops gutted and livelihoods in ruins.

Eyewitnesses described a chaotic night as flames leapt through the market, intensified by tightly packed stalls and flammable goods.

Panic gripped the area as security and emergency responders battled the inferno.

Authorities are yet to confirm the cause of the fire, but investigations are expected to begin immediately. Many affected business owners are calling for urgent government support and tighter safety measures.

The Jos Terminus Market is one of Plateau State’s busiest trading centres, making the incident a major economic setback for the region.

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Abuja Reports

FCTA Destroys 601 Bikes to Enforce Ban

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By Njoku Chijioke

The Federal Capital Territory Administration has crushed 601 motorcycles impounded for violating traffic rules and operating in restricted areas of Abuja.

The action, led by the Directorate of Road Traffic Services, is part of ongoing efforts to curb traffic lawlessness and eliminate the use of motorcycles for criminal activities in the capital.

Mandate Secretary of the FCTA Transportation Secretariat, Elechi Chinedum, said the crushing was backed by legal provisions empowering the government to seize and destroy offending motorcycles.

He stressed that enforcement would remain strict to protect public safety.

Director of the DRTS, Abdulateef Bello, explained that the ban on commercial motorcycles in key parts of Abuja has been in place since 2006 due to their frequent involvement in crime and road abuse.

“This is a routine measure. We will continue to impound and crush motorcycles used in defiance of the law,” Bello said.

The FCTA has warned operators to stay out of prohibited zones or face the same consequences.

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AbdulRazaq Rallies Royals for Safer Kwara

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By Adenike Lawal

In a push for stronger security and grassroots governance, Kwara State Governor AbdulRahman AbdulRazaq on Tuesday held a crucial meeting with the state’s top traditional rulers, calling for united action against rising threats.

Behind closed doors, the Governor and royal fathers discussed strategies to protect communities from the spillover of armed groups reportedly displaced by military operations near Kainji Park and other conflict zones.

Governor AbdulRazaq announced plans to involve traditional institutions more deeply in the state’s security structure.

He praised the rulers for their vigilance and urged them to mobilize their people for peace.

“We count on your leadership to help detect and prevent threats. Your influence is vital in keeping our communities safe,” the Governor said.

Etsu Patigi, Alhaji Ibrahim Umar Bologi the Second, speaking for the Council of Chiefs, pledged continued royal support for the administration’s development and security drive.

This engagement underscores the Governor’s vision to merge traditional wisdom with modern governance in building a peaceful and prosperous Kwara.

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