ultron12345:


Lol
His Ivory Coast hype is even manageable sef.
Is it not on this same forum sometime back that someone mentioned to me that Rwandans are richer and have far better purchasing power than Nigerians. Go to travel section and see wonders. Rwanda that is poorer than Haiti.

lol they all think you measure success of a nation by fine buildings and tarred roads.
Asides SA and north Africa countries,no other shithole beats Nigeria in Africa.
It's a fact.

ultron12345:


God bless you
I've noticed that even though your responses are always uncouth and blunt, there's always a huge amount of sense and wisdom in them.
I was about to reply to that silly comment about Dangote until I saw you are already doing justice to it.

For decades, the Nigerian government has been begging people to build refineries. Nobody gree build. They're all giving silly excuses like poor roads, lack of power etc. Only Dangote has taken the risk to build one. Others are watching. When he's done and the project is successful, some fools will come out of their dirty shells and be shouting monopoly, government support, fulanization. As if Alhaji ever stopped them or their useless parents from building cement factories or oil refineries.

i visited the project area ....the fertilizer complex is completed...the entire demand of Nigeria would be meet.....the refinery area is also almost completed...

TransAtlanticEx:
lol they all think you measure success of a nation by fine buildings and tarred roads.
Asides SA and north Africa countries,no other shithole beats Nigeria in Africa.
It's a fact.

Very true fact.
But watch out oo, the Rwanda fanboys are coming for your neck oo

WHO IS THE RICHEST FOREX TRADER IN THE WORLD? SEE THE TOP 5!
richest forest trader
F T L
12 minute read
E2t ads 300x250 EN
Forex traders try to leverage the largest market in the world to generate big profits. However, many of them, especially newcomers, fail sooner or later due to a lack of experience and perseverance. Still, there is no profit-making activity that doesn’t require effort, skills, and dedication. In the following article, you’ll discover who the richest forex traders in the world are – the ones who overcame failures and became role models.

Bill Lipschutz
Bill Lipschutz, born in 1956 in New York, is one of the most successful forex traders. He always excelled at mathematics. In 1982, he earned an MBA in finance from Cornell University’s Johnson School of Management.

Before graduating in finance, Lipschutz used his $12,000 that he had inherited after his grandmother’s death to invest in the stock market. He managed to generate over $250,000 in profits in only a few months. However, the young investor eventually made some wrong decisions by exposing himself to higher risks. The result was the loss of his capital.

Lipschutz then switched to the foreign exchange market as he considered it more stable. Salomon Brothers bank hired him in 1982 as a full-time forex trader. Lipschutz gained a reputation as one of the top five forex traders in the world. In only three years, he used to generate about $300 million per year for Salomon Brothers.

After ascending in Salomon’s hierarchy, Lipschutz left the bank in 1990. In 1991, he founded Rowayton Capital Management – an asset management firm focused on currency-related assets. He left the company in 1995 and founded Hathersage Capital Management, which specialized in G10 currencies. The trader has led the Portfolio Management unit since the company’s founding.

Net Worth
Unfortunately, Lipschutz’s net worth is unknown. What we do know is that he generated hundreds of millions per year for Salomon Brothers before 1990. His company, Hathersage Capital Management, won the Best Macro Hedge Fund award at the 2018 Hedgeweek USA Awards event. Based on this information, we can suppose that he has an eight-figure net worth.

Joe Lewis
Joe Lewis, full name Joseph C. Lewis, was born in London, UK, in 1937. Now he lives in the Bahamas. He is a businessman and investor. Unlike George Soros and other names on this list, Lewis has devoted most of his time to forex trading, even though he holds other asset types as well.

Lewis left school at 15 to join his father in running Tavistock Banqueting, a catering business located in the West End of London. He expanded the business very quickly, but then sold it in 1979 to focus on currency trading. This led to his move to the Bahamas, where he now lives as a tax exile.

Besides forex trading, Lewis invests in hundreds of companies across ten countries through Tavistock Group, a private investment organization. The Bahamas-based company owns either a majority of or controlling stakes in businesses across various industries. These include sports and media (it owns football club Tottenham Hotspur via ENIC Group), finance, restaurants, manufacturing, energy, resort properties, and more.

In 1992, Lewis collaborated with George Soros to build a short position against the sterling pound, which devalued the British currency and forced the government to withdraw it from the European Exchange Rate Mechanism (ERM). Some suggest that Lewis made even more than Soros himself from that deal. If this is true, then the Tavistock owner generated about $1.8 billion in a single day.

Lewis conducts his forex trading operations from his Bahamas mansion. He has forex trading screens in almost every room. The investor is quite secretive and doesn’t like to talk to people. He said in a rare interview: “One of the rewards of your success is the quiet enjoyment of it. Being on the front page of newspapers doesn’t allow that.”

Net Worth
Forbes reported Lewis’ highest net worth in March 2017. They estimated his wealth at $5.6 billion. Today, Forbes estimates his net worth at $4.6 billion, which puts him on the 375th place in the Forbes 2020 list.

Stanley Druckenmiller
Stanley Druckenmiller, born in 1953, is an American hedge fund manager and philanthropist. He received a bachelor’s degree in English and economics from Bowdoin College. He was about to receive a Ph.D. degree in economics from the University of Michigan, but dropped out to work as an oil analyst at Pittsburg National Bank.

After about four years at the bank, he established his own investment firm called Duquesne Capital Management.

In 1988, George Soros hired Druckenmiller as a lead portfolio manager at the Quantum Fund. In 1992, he and Soros “broke the Bank of England” when they bet against the sterling pound. As a result, the British government failed to keep it above the lower forex exchange limit required by the ERM. As mentioned before, this is what led to them withdrawing the pound from the European Exchange Rate Mechanism.

Soros figured out that Britain’s central bank didn’t have enough forex reserves to buy sterling to boost its value. On the flip side, raising interest rates was not feasible either.

Druckenmiller left Soros after more than a decade of collaboration after incurring losses during the dot-com crisis in 2000. Since then, he mainly focused on Duquesne Capital. However, ten years later, he had to close the fund because he couldn’t deliver high returns to his clients. Duquesne Capital had more than $12 billion in assets at the time.

He told Bloomberg: “For 30 years I’ve been responsible for managing client money and it’s been a joy, but at some point I need to move on. Thirty years is enough.”

After returning Duquesne’s funds to clients, Druckenmiller created a family office to manage his wealth. He now personally manages a great chunk of his own fortune.

Net Worth
Forbes reported Druckenmiller’s highest net worth in 2018 at $4.8 billion. Today, the magazine estimates his fortune at $4.7 billion. This is a 67% increase from when he closed Duquesne back in 2010. At the time of writing, Druckenmiller is the 361st richest man in the world.

Paul Tudor Jones
Paul Tudor Jones II is an American hedge fund manager and philanthropist. Forex traders appreciate him for being one of the wealthiest day traders. Unlike Joe Lewis or George Soros, who also focus on other non-forex assets and often prefer position trading, Jones likes to bet on currency pairs and fluctuations in interest rates.

Jones, born in 1954, holds a bachelor’s degree in economics from the University of Virginia. He was accepted at Harvard Business School, but turned it down to work as a commodities trader at the New York Cotton Exchange (NYCE).

After graduating, Jones asked his cousin William Dunavant to share his trading experience. Dunavant owned one of the largest cotton merchants in the world. He introduced Jones to Eli Tullis, who was among the largest cotton traders. Eventually, Tullis fired Jones for falling asleep while at work. Nevertheless, Jones managed to succeed and became the chairman of the NYCE many years later.

In 1980, the trader established his own investment company known as the Tudor Investment Corporation. Initially, it generated double-digit returns for many years, but then lost momentum and refocused on new quantitative trading strategies. The company still manages about $7 billion in assets today.

One of the main reasons why Jones’ annual returns started to decline in the last decade is because central banks cut interest rates closer to zero. At the same time, the increasing competition forced him to consider a more conservative approach.

Interestingly, Jones became very serious about his mental stops. If the price touches that level, he exits the position no matter what. He also uses time stops.

Net Worth
While his investment company doesn’t perform as well as before the 2000s, Jones has a net worth of $5.3 billion as of April 2020, which is the highest figure so far. This makes him the 320th richest person in the world today.

George Soros
George Soros is the richest forex trader in the world and the top of this list. In fact, you might have spotted a few spoilers in earlier mentions.

Born Schwartz György in 1930 in Hungary, he migrated to the UK in 1947. He studied at the London School of Economics and graduated with a bachelor’s and master’s degree in philosophy.

Soros is a hedge fund manager and philanthropist. While he doesn’t invest in currency pairs alone, the foreign exchange market has played a key role in his career. He started by building his own hedge fund in 1969, after several years of trading European stocks for clients in New York. Today we call it the Quantum Fund.

Soros is infamous as the man who broke the Bank of England. In September 1992, he built an enormous short position in pounds, effectively betting against the British currency. He ended up with more than $1 billion in net profits. Generating such a fortune in a single day was unprecedented.

The investor’s move caused the UK government to withdraw the pound from the European ERM. Up until that point, the sterling’s rate was artificially maintained close to the Deutsche Mark (DM – Germany’s national currency before the euro), with the minimum rate set at DM 2.773. However, Soros considered the minimum rate too high and bet against the pound.

As a rule, forex traders’ decision making depends on market events. Interestingly, Soros’ 10 billion pound trade was one of the very few instances when a trader’s decision making actually shaped the market. The UK’s ruling Conservative Party lost credibility and didn’t return to power until 2010 including because of that move.

Net Worth
Soros’ net worth was at its height in March 2017. Forbes estimated his holdings at $25.2 billion. He was the 19th richest person at the time.

Today, people estimate his net worth at $8.3 billion. As of 2020, Soros ranks 162nd on the Forbes list of richest individuals. The figure is still impressive considering that he transferred about $20 billion to his Open Society Foundations for philanthropy.

Other Rich Traders Who Deserve Special Mention
You may think that the forex market is unfair given that three of the top five richest investors are connected with each other via George Soros. However, despite their dominance, there are many traders that succeed in this diverse market. Here are some other names that would make for a wider list of richest forex traders in the world:

Bruce Kovner
Bruce Stanley Kovner is a very successful American hedge fund manager and philanthropist. In fact, out of all the people mentioned in this article, only George Soros is richer. However, we didn’t include him in our top 5 because his portfolio is diverse and doesn’t necessarily rely on currency pairs. In spite of that, forex-related assets still play a key role in his income.

Kovner is currently the chairman of CAM Capital. He founded the company in 2012 to manage his investment and business activities. Up until 2011, he acted as chairman of Caxton Associates, a diversified trading firm that he founded in 1983.

Kovner studied political economy at the John F. Kennedy School of Government, though he didn’t finish his Ph.D. When working as a cab driver, he discovered commodities trading. He made the first trade in 1977, investing $3,000 of borrowed money in soybean futures. Initially, the contract went up to $40,000 but then fell to $23,000 at which point Kovner sold it.

His career skyrocketed when he worked as a trader at the Commodities Corporation, where he made millions.

Forbes reported Kovner’s highest net worth figure at $5.5 billion in 2017. Today, his holdings are worth $5.3 billion, making him the 320th richest person in the world.

Martin Schwartz
Martin Schwartz is a very talented American trader, though apparently, he is not a billionaire. Born in 1945, he became widely popular for winning the US Investing Championships in 1984 by trading forex pairs, stocks, and options.

In 1967, Schwartz graduated with a degree from Amherst College. Three years later, he received an MBA from Columbia University.

At the beginning of his financial career, he worked as a financial analyst at E.F. Hutton, accumulating $100,000. He left the company to buy a seat on the American Stock Exchange (AMEX), currently known as the New York Stock Exchange (NYSE), and trade stock futures and options. He gained $1.2 million in his first two years at AMEX.

In 1985, Schwartz founded his own fund to manage his clients’ money. He wrote a book titled “Pit Bull: Lessons from Wall Street’s Champion Day Trader.”

Besides trading, Schwartz owns many champion horses that won several important races, including Meadowlands Cup, Prix de Diane, Coronation Stakes, Prix Vermeille, and Prix Vanteux, among others.

Unfortunately, Schwartz’s net worth is unknown as of today, but it certainly ranges between dozens of millions and hundreds of millions of US dollars.

Andrew Krieger
Andrew Krieger is known as one of the most aggressive forex traders. He graduated from the Wharton School of Business and was hired by the Bankers Trust in 1986. Krieger impressed the company’s top management so much that they increased his trading limit to $700 million while the regular limit was $50 million.

In 1987, when most stock markets unexpectedly experienced double-digit losses, Krieger found that the New Zealand dollar (NZD) was overvalued and bet against it. His short position against the New Zealand currency was so big that its size exceeded the value of NZD’s total supply. Eventually, the kiwi fell against the US dollar, and Krieger made over $300 million for his firm.

Shortly after that huge deal, Krieger left Bankers Trust apparently because he received only 1% of the massive profit and was not satisfied. Bankers Trust’s forex division eventually failed without Krieger, and in less than ten years, Deutsche Bank absorbed the whole company.

As for Krieger, he went on to work at Soros Fund Management. Krieger’s trade against the NZD is often compared to Soros’ bet against the sterling.

Krieger’s net worth is unknown at the moment. However, given his unique talent, the chances are that his fortune is worth hundreds of millions.

Conclusion
Anyone can easily learn & understand the basics of forex trading. However, it requires a lot of effort and skills to become a successful trader. Forex trading is very much like playing tennis – many many participants compete for years, but only a few make it to the top.

However, it doesn’t mean you should stop trying. Unlike sports competitions, forex trading is more about the intellectual effort rather than the physical one. The important thing is to make strict discipline a priority and follow the basic risk management rules.

One of the shortest paths to becoming a professional trader is to pass the Gauntlet Mini test. You can choose an account with up to $150,000 in virtual money and trade for 15 days by following specific rules. If you make it, you’ll be eligible to trade a live funded trading account and increase your potential for success.

ultron12345:


God bless you
I've noticed that even though your responses are always uncouth and blunt, there's always a huge amount of sense and wisdom in them.
I was about to reply to that silly comment about Dangote until I saw you are already doing justice to it.

For decades, the Nigerian government has been begging people to build refineries. Nobody gree build. They're all giving silly excuses like poor roads, lack of power etc. Only Dangote has taken the risk to build one. Others are watching. When he's done and the project is successful, some fools will come out of their dirty shells and be shouting monopoly, government support, fulanization. As if Alhaji ever stopped them or their useless parents from building cement factories or oil refineries.

Other guys have secured licenses to build modular refineries before Dangote. Walter Smith just recently completed its refinery and a couple more are coming on board soon. Licenses were given to a number of people but they struggled to secure financing because banks didn’t think the economics made sense. Dangote secured loan financing for the refinery and fertilizer projects using the huge balance sheet of Dangote Group.

For obvious reasons, Dangote is the only person in Nigeria that can get away with building a 650,000 bpd refinery.

ahiboilandgas:
i visited the project area ....the fertilizer complex is completed...the entire demand of Nigeria would be meet.....the refinery area is also almost completed...

Very good news. The impact of this project on the economy will be massive. This is how countries are taken forward, by astute capitalists and businessmen, not some lazy people sitting down all day shouting Buhari.

But I'm still wondering how this fuel issue will work out when the refinery is completed. Will Alhaji sell at N140? or will government pay subsidy to him? Because why sell cheaply in Nigeria when he can export to our West African neighbours are sell at about N400 per litre.

You no get money to build refinery and you want bank to take you serious because you say you can build refinery with empty mouth abi?
How is you not securing financing the Nigeria government's concern?
This boy really dull abeg.
How is Ultron wrong?

ahiboilandgas:
i visited the project area ....the fertilizer complex is completed...the entire demand of Nigeria would be meet.....the refinery area is also almost completed...

Indorama and Notore are already meeting the entire fertilizer demand for Nigeria without Dangote. With excess supply sef that is exported.

ultron12345:


Very good news. The impact of this project on the economy will be massive. This is how countries are taken forward, by astute capitalists and businessmen, not some lazy people sitting down all day shouting Buhari.

But I'm still wondering how this fuel issue will work out when the refinery is completed. Will Alhaji sell at N140? or will government pay subsidy to him? Because why sell cheaply in Nigeria when he can export to our West African neighbours are sell at about N400 per litre.

Let them liberalize it ooo.
Subsidy will bring death to this refinery.
There would be lots of forgery and delayed subsidy payment that will kill the productivity of that refinery.
I don't even think dangote will accept that subsidy nonsense.

Lazyyouth4u:

You are actually wrong. Other guys have secured licenses to build modular refineries before Dangote. Walter Smith just recently completed its refinery and a couple more are coming on board soon. Licenses were given to a number of people but they struggled to secure financing because banks didn’t think the economics made sense. Dangote secured loan financing for the refinery and fertilizer projects using the huge balance sheet of Dangote Group.

For obvious reasons, Alhaji is the only person in Nigeria that can get away with building a 650,000 bpd refinery.

How am I wrong?

All those interested got licenses from the government to build but only dangote had what it takes to complete the project. Is it dangote's fault that the rest are poor incompetent slackers that can't reach a deal with their bankers? In few years, the story will change to "government gave license to only dangote and blocked others from building in order to give him monopoly"

Ability to secure financing for projects is a key part of being an astute businessman, and this is evidence that that is clearly what Alhaji is, an astute businessman. Is it his fault that others didn't have what it takes to secure financing? Or will you people now say he used obasanjo and his government connections to block banks from lending to other refinery licensees?

I made that comment so that when the refinery starts working, you people won't say government gave monopoly, government gave only him refinery license, or government destroyed igbo-man refinery for dangote to succeed. Or that dangote used government connections to sink the ship carrying equipment for his competitor's refinery

TransAtlanticEx:
Let them liberalize it ooo.
Subsidy will bring death to this refinery.
There would be lots of forgery and delayed subsidy payment that will kill the productivity of that refinery.
I don't even think dangote will accept that subsidy nonsense.

Why are you then quick to insult people in your comments?

You don't already have an idea how the refinery will supply? Should one then say you're.... too?

When you read threads with high school kids, you may expect exchanges like ones you initiate here.

But come on, this is supposed to be a forum for mature folks, why should it be so hard for you to do your part in keeping it as such

If you knew everything or expect everyone to have your same perspective, why come here at all.

The fact that we bring different perspectives on issues is actually supposed to be the beauty of our discussion.

People can disagree with you, it doesn't make them your enemy.

Just breathe real deep, relax, you could use the happiness.

I wonder how often you ever laugh or smile while interacting here. It should be more frequently.

#STOPTHEINSULTS.

Meanwhile, there are two likely arrangements when Dangote refinery becomes operational.

1. NNPC does swaps (crude for refined products.

2. Other marketers buy at market rates. Only difference now is shipping and related costs eliminated, and finance cost reduces mildly since order to delivery time gets shrunk significantly.

awesomeJ:


Why are you then quick to insult people in your comments?

You don't already have an idea how the refinery will supply? Should one then say you're.... too?

When you read threads with high school kids, you may expect exchanges like ones you initiate here.

But come on, this is supposed to be a forum for mature folks, why should it be so hard for you to do your part in keeping it as such

If you knew everything or expect everyone to have your same perspective, why come here at all.

The fact that we bring different perspectives on issues is actually supposed to be the beauty of our discussion.

People can disagree with you, it doesn't make them your enemy.

Just breathe real deep, relax, you could use the happiness.

I wonder how often you ever laugh or smile while interacting here. It should be more frequently.

#STOPTHEINSULTS.

Meanwhile, there are two likely arrangements when Dangote refinery becomes operational.

1. NNPC does swaps (crude for refined products.

2. Other marketers buy at market rates. Only difference now is shipping and related costs eliminated, and finance cost reduces mildly since order to delivery time gets shrunk significantly.

why would NNPC even want to do that?So that they can continue with subsidy?because that's the only reason.
And this your swap method will still be futile because crude supply won't always equal value for finished product all the time,which will give room for debts and we all know how lackadaisical government agencies can be with repaying debt.No capitalist wants this.
If they want to continue with subsidy by letting only NNPC be able to purchase from dangote like they are doing now with imports,then NNPC should pay cash and dangote should buy his crude cash too.
Also you can't have NNPC buying from dangote and still talk of marketers buying too at the same time because the only reason NNPC started getting involved with finished petroleum products was to eliminate subsidy scam.
So why would you want marketers to buy and NNPC buy too?what's the point?
It means the whole NNPC getting involved I'm the first place is pointless,since the marketers can still continue with their scams.
Why not leave marketers do their thing and eliminate subsidy once and for all?

TransAtlanticEx:
why would NNPC even want to do that?So that they can continue with subsidy?because that's the only reason.
And this your swap method will still be futile because crude supply won't always equal value for finished product all the time,which will give room for debts and we all know how lackadaisical government agencies can be with repaying debt.No capitalist wants this.
If they want to continue with subsidy by letting only NNPC be able to purchase from dangote like they are doing now with imports,then NNPC should pay cash and dangote should buy his crude cash too.
Also you can't have NNPC buying from dangote and still talk of marketers buying too at the same time because the only reason NNPC started getting involved with finished petroleum products was to eliminate subsidy scam.
So why would you want marketers to buy and NNPC buy too?what's the point?
It means the whole NNPC getting involved I'm the first place is pointless,since the marketers can still continue with their scams.
Why not leave marketers do their thing and eliminate subsidy once and for all?

The fact that NNPC imports doesn't mean it's exclusive to them.

In a deregulated market, there can be several players.

If we have a 60m per day PMS market, and NNPC supplies 20m per day, the other players have room to meet 40m of demand.

The oil importers were not actually stopped from importing. It was just that government fixed a price cap that was way below their landing cost, so they wouldn't. NNPC solely imported and recorded underrecoveries.

When the prices become market reflective, there will be room for NNPC and other players.

Then about crude swaps, your point about crude volume not being same as refined products volume is not an issue.

The typical contract will be like: give me $2bn dollars worth of refined products, and I'll give you $2bn worth of crude.

the $2bn crude could be as much as 50m barrels, while the refined products come in at just 30m, it wouldn't matter.

It doesn't have to be complicated.

It's like having a supplier to whom you're also a supplier, you guys can always work out ways to offset bills.

awesomeJ:


The fact that NNPC imports doesn't it exclusive to them.

In a deregulated market, there can be several players.

If we have a 60m per day PMS market, and NNPC supplies 20m per day, the other players have room to meet 40m of demand.

The oil importers were not actually stopped from importing. It was just that government fixed a price cap that was way below their landing cost, so they wouldn't. NNPC solely imported and recorded underrecoveries.

When the prices become market reflective, there will be room for NNPC and other players.

Then about crude swaps, your point about crude volume not being same as last rfomed products volume is not an issue.

The typical contract will be like: give me $2bn dollars worth of refined products, and I'll give you $2bn worth of crude.

the $2bn crude could be as much as 50m barrels, while the refined products come in at just 30m, it would matter.

It doesn't have to be complicated.

It's like having a supplier to whom you're also a supplier, you guys can always work out ways to offset bills.

Along the line credit always enter @ the bolded,reason why cash Is better.It gives the other person more options incase one decides to go out of line or even experience some sort of breakdown.
Why do you think FG gave marketers a price cap?don't you think it's because they thought they were inflating their landing cost so as to chop excess subsidy?
Like I said,why would the NNPC want to supply petrol too when we have enough marketers?
What does it want to achieve with that if not to fight subsidy scam?

TransAtlanticEx:
Along the line credit always enter @ the bolded,reason why cash Is better.It gives the other person more options incase one decides to go out of line or even experience some sort of breakdown.
Why do you think FG gave marketers a price cap?don't you think it's because they thought they were inflating their landing cost so as to chop excess subsidy?
Like I said,why would the NNPC want to supply petrol too when we have enough marketers?
What does it want to achieve with that if not to fight subsidy scam?

NNPC has PPMC. PPMC exists to market petrol and similar products. They'll be a player like others. It was like that before NNPC became sole importer.

And about price cap, The government didn't put it because importers were inflating landing cost, it was put cos they were subsidising to "help" masses.

Landing costs are not actually what get inflated, rather it was the imported volume.

I mean if the cost of refined PMS was $500 a ton in the international market, the government can determine your shipping and related costs, so they will even be the ones telling you what landing cost should be, or at least give a very narrow band.

What those marketers would typically do was claim extra on their imported voulmes and fatten their funny cheeks unnecessarily

emmanuelewumi:



It is expected. The economy is very bad and there is no solution in sight.


Customers have been owing since February 2020 and have refused to pay or do not have the means of paying back. I am sure a lot of us are having similar problems.

This recession will definitely aggravate mental health problems in the country, people will be unnecessarily aggressive and abusive over nothing.

May God help us and continue to provide for us

You don talk am finish. Your temperament is one worthy of emulation

TransAtlanticEx:
My brother I just tire.
Build factory they say no,we want import.
Yet dangote took the risk and even borrowed money to do it,it became succesful,them ban import,they begin shout monopoly.
Now e don dey build refinery,when them ban petrol import now they will start to cry.
Crazy people.
The level of foolish people In Nigeria is alarming.

While everybody is badmouthing Dangote, Many fail to see the Human Capital This man has assembled over the Years......................... The last Factory He built was costed at $600million in Nigeria with poor roads......................Those project Managers handling his projects are mad men, There are times they transport equipments from Apapa to site for 6 months......................At his beck and Call He can assemble all manners of engineers, construction workers, miners, geologist....et al
Most Governors can boast of this money but none can boast of the Human Capital this man Has


He probably has a monopoly on this Human Capital

ultron12345:


Very good news. The impact of this project on the economy will be massive. This is how countries are taken forward, by astute capitalists and businessmen, not some lazy people sitting down all day shouting Buhari.

But I'm still wondering how this fuel issue will work out when the refinery is completed. Will Alhaji sell at N140? or will government pay subsidy to him? Because why sell cheaply in Nigeria when he can export to our West African neighbours are sell at about N400 per litre.

Cement should tell you how fuel would be sold

My dear the world is moving away from Fossil fueled Cars, Alhaji knows this and would love to recoup his money in as little as 3 years........

Many dont really see where Policies are going to.............petrol and diesel engines are becoming much cheaper as Hybrid and Tesla EV become more efficient, These vehicles would land in Nigeria as Tokumbo............ I see the Federal Government totally removing import duties on cars in 2 years time

This would encourage Nigerians and west africans to purchase more cheap vehicles( fossil fuel engines) increasing consumption of fuel...........

The impact of the refinery would hardly affect you but would impact the CBN more as the bulk of dollars spent defending the naira would drastically reduce...................... Who know It might be LOOted

awesomeJ:


Why are you then quick to insult people in your comments?

You don't already have an idea how the refinery will supply? Should one then say you're.... too?

When you read threads with high school kids, you may expect exchanges like ones you initiate here.

But come on, this is supposed to be a forum for mature folks, why should it be so hard for you to do your part in keeping it as such

If you knew everything or expect everyone to have your same perspective, why come here at all.

The fact that we bring different perspectives on issues is actually supposed to be the beauty of our discussion.

People can disagree with you, it doesn't make them your enemy.

Just breathe real deep, relax, you could use the happiness.

I wonder how often you ever laugh or smile while interacting here. It should be more frequently.

#STOPTHEINSULTS.

Meanwhile, there are two likely arrangements when Dangote refinery becomes operational.

1. NNPC does swaps (crude for refined products.

2. Other marketers buy at market rates. Only difference now is shipping and related costs eliminated, and finance cost reduces mildly since order to delivery time gets shrunk significantly.

Many are used to all this Gimmicks of NNPC that can never be explained in simple terms....................... My dear If u get Facility to sell Fuel and come with cash Alhaji will sell fuel to you, na money Alahji dey find.............. The more you sell the better for him.............................I suspect he might purchase a petroleum marketing Company like MRS and NIPco and rebrand for their distribution chain cos Alhaji love owning his retail depots

Lazyyouth4u:

It is not greed that is making locally produced goods more expensive sir. The cost of production in Nigeria is too high. Manufacturers have to buy generators and diesel, they have to move goods and raw materials in bad roads where these goods are sometimes stolen by highway robbers, trucks break down and have to be fixed all the time, workers are stealing from the company, interest rates are high, raw materials, machinery/plants and spare parts are imported with a devalued Naira, lots of clueless managers running companies because they are related to Oga, etc. Most importantly, economies of scale keeps foreign goods super cheap. Those countries produce so much of these commodities that the costs per unit naturally go down as they are spread over larger quantities. Naija businesses can not compete.

Overcapacity and oversupply in China (and even India) has led to a situation where some commodities can be shipped and dumped in Nigeria and other African countries (at costs that are still lower than Nigeria’s even with inclusion of shipping and duties) just for these Asian companies to break even.

For Naija made goods to compete, costs of production have to go down. Fix the power situation, road networks, crime, fx situation, lower interest rates and employ better staff and managers and the difference will be felt. I doubt that will happen in the next 5 to 10 years.

Good analysis. So proud of you

D

emmanuelewumi:



Who are the importers?

Multinationals. Wouldn't want to point fingers here for obvious reasons

ultron12345:


God bless you
I've noticed that even though your responses are always uncouth and blunt, there's always a huge amount of sense and wisdom in them.
I was about to reply to that silly comment about Dangote until I saw you are already doing justice to it.

For decades, the Nigerian government has been begging people to build refineries. Nobody gree build. They're all giving silly excuses like poor roads, lack of power etc. Only Dangote has taken the risk to build one. Others are watching. When he's done and the project is successful, some fools will come out of their dirty shells and be shouting monopoly, government support, fulanization. As if Alhaji ever stopped them or their useless parents from building cement factories or oil refineries.

Among those that will be shouting all these later are Orient Refinery promoters. Orient Refinery was given a license donkey years ago but it is yet to take off after all the funfair of ground breaking.

Tax Credits for road infrastructure was introduced by the FG but none took it. Now that Dangote is using it to reconstruct the Apapa-Oshodi-Oworoshoki expressway, the talk now by the noise makers is that the road will not last despite Dangote giving a guarantee of 40 years on the road.

I need 10 Dangotes in Nigeria.

TransAtlanticEx:
Let them liberalize it ooo.
Subsidy will bring death to this refinery.
There would be lots of forgery and delayed subsidy payment that will kill the productivity of that refinery.
I don't even think dangote will accept that subsidy nonsense.

Dangote will sell fuel to the FG through NNPC. It will be the headache of the FG to decide whether to pay subsidy to marketers or not to pay. Wetin concern Dangote with subsidy payment or claims?.;

awesomeJ:


Meanwhile, there are two likely arrangements when Dangote refinery becomes operational.

1. NNPC does swaps (crude for refined products).

2. Other marketers buy at market rates. Only difference now is shipping and related costs eliminated, and finance cost reduces mildly since order to delivery time gets shrunk significantly.

Option 2

I doubt if Alhaji will sell to them in Naira. If he chooses to sell in dollars, how will that bring down the demand for FX?

NL1960:


Dangote will sell fuel to the FG through NNPC. It will be the headache of the FG to decide whether to pay subsidy to marketers or not to pay. Wetin concern Dangote with subsidy payment or claims?.;

not only to ppmc/NNpc but to ever body....there is a jetty there where vessel can bert to take products (so Moman,dapman,ipman) member can buy instead to shipping from India and Holland ( cutting cost of shipping ) there is also a gantry (completed) where trucks can load directly....the 42 km road from epe outward shagamu is awarded for truck to come in via that routes to load products ........the complex is divide into 3 seperate commercial entity ...1 the refinary ( about to be completed 2. ..the depot /tank farm and the retail entity (completed) (Like dangote own ppmc) the the fertilizer (also completed )......the tank farm/retail entity will start operating by importing refine products and selling to the public (pending when the refining company is completed )....so with this strategy there will be accountability and profitability..of each investment.....since the depot is completed and gantry ....they will not wait for the refinery to start business ......infact office complex are not yet built na ....farbricated temporary office....including Alhaji office and mr edwin .....no fancy office yet ...

tnota:


Option 2

I doubt if Alhaji will sell to them in Naira. If he chooses to sell in dollars, how will that bring down the demand for FX?

is not only for Nigeria market but export too ..Neigbouring countries will import from Nigeria and pay in dollars ...according to cbn Nigeria will earn 8 bn dollars from export from the refinery and also save 20 bn dollars as forex demand from import of pms ....total 28bn dollars

ahiboilandgas:
is not only for Nigeria market but export too ..Neigbouring countries will import from Nigeria and pay in dollars ...according to cbn Nigeria will earn 8 bn dollars from export from the refinery and also save 20 bn dollars as forex demand from import of pms ....total 28bn dollars

Okay.

I am more interested in the Nigerian market and how it will bring down the demand for FX. For example, a marketer pays dollars to Alhaji and he, in turn, gives the marketer the refined fuel. How will it bring down the FX demand? Alhaji will not be under any obligation to sell his earned FX to the CBN.

NL1960:


Among those that will be shouting all these later are Orient Refinery promoters. Orient Refinery was given a license donkey years ago but it is yet to take off after all the funfair of ground breaking.

Tax Credits for road infrastructure was introduced by the FG but none took it. Now that Dangote is using it to reconstruct the Apapa-Oshodi-Oworoshoki expressway, the talk now by the noise makers is that the road will not last despite Dangote giving a guarantee of 40 years on the road.

I need 10 Dangotes in Nigeria.

10 is small. Make it 1 million Dangotes.