Connect with us

Business

I Was Paid N800,000 By A Foreign NGO To Run Down Dangote Refinery – David Hundeyin

Published

on

Dangote
Spread the love

 

Social media critic, David Hundeyin, has revealed that he was offered N800,000 by a foreign Non-Governmental Organisation, Dialogue Earth, formerly known as China Dialogue Trust, to write a damaging article on Dangote Refinery and Petrochemical Company.

Hundeyin, who is not a fan of the Founder of the refinery, Aliko Dangote, revealed this in a detailed write up on Saturday.

He said in a post he shared on his X handle: “I debated long and hard whether to do this publicly, but I think a message needs to be sent to a group of external interests working in tandem with the internal interests described in the quoted tweet to counteract the interests of half a billion West Africans. A message that at whatever level we exist, we take our destiny seriously and we are not to be trifled with.

“Last week, I received an N800,000 offer from an international NGO called Dialogue Earth (formerly known as China Dialogue Trust) to write an article essentially saying that Dangote Refinery is terrible for the environment because something something ‘Environmental Concerns,’ something something ‘Climate Change,’ something something ‘Energy Transition Policy,’ something something ‘COP 28.’

“The (unstated but clearly implied) thrust of the brief was for a prominent local voice to put their name on an article that is an argument or a premise for the Nigerian government to kill the refinery based on its ‘energy transition commitments’ and ‘environmental policy.’ This conclusion wasn’t immediately apparent when they reached out to me, but I suspected where it was heading, and I quickly accepted the offer so that I could see the brief and obtain hard evidence. I’ve attached screenshots from the brief below.

“Basically, this London-based NGO is headed by Sam Geall, an Oxford professor and is funded by several American intelligence fronts such as Ford Foundation and ClimateWorks (which is blacklisted in India for funding organisations working against India’s national interest). For whatever reason, it is now quietly mobilising a resistance campaign against what it describes as ‘Nigeria’s first refinery.’ Apparently, the status quo of Africa’s largest oil producer having no functioning oil refinery to beneficiate its own oil was not a problem for Dialogue Earth and the American CIA fronts who fund it.

“The human poverty caused by exporting this raw material and importing refined fuel was not bad for the environment. Also, the fact of European refiners regularly blending West African fuel cargoes with toxic waste and sulphur content 200 times the European legal limit (leading to asthma, bronchitis and eye infections in West Africa) was also not bad for the environment. But Nigeria having a refinery that will wean West Africa off import dependency on those European refiners (and allow West Africa control the sulphur content of its own fuels) is where Dialogue Earth and its funders draw the line. That one is bad for the environment, and David Hundeyin should write an article calling for the refinery to be shut down or limited.

“The human poverty caused by exporting this raw material and importing refined fuel was not bad for the environment. Also, the fact of European refiners regularly blending West African fuel cargoes with toxic waste and sulphur content 200 times the European legal limit (leading to asthma, bronchitis and eye infections in West Africa) was also not bad for the environment. But Nigeria having a refinery that will wean West Africa off import dependency on those European refiners (and allow West Africa control the sulphur content of its own fuels) is where Dialogue Earth and its funders draw the line. That one is bad for the environment, and David Hundeyin should write an article calling for the refinery to be shut down or limited.

“I’m putting this out there publicly so that nobody will henceforth use the term ‘conspiracy theory’ when it is pointed out for the umpteenth time, that there are American and European state and private interests that are heavily invested in keeping Africa exactly as poor as it is, and that they regularly push levers most of us do not even know exist, to make sure that this status quo is protected. These people believe that Africans should not exist or have nice things in this world. Apparently, the sole purpose of our existence is to enhance their experience of the planet and all that it has to offer.

“It is because of them that I have to make a public spectacle out of this, even though I know that doing this is probably going to cost someone their job. The message needs to be passed that as poor as we are, you cannot convince us to campaign for the elongation of our own poverty by commissioning $500 hack jobs in the hope that we will be greedy enough to only see the money and ignore the bigger picture of what we can clearly see you trying to do.

“I will reiterate something I have said multiple times – I am not a believer in the religious faith called Climate Change/Saving The Environment. I care exactly as much about the environment as do the rich white men who destroyed it to begin with. I firmly believe that if what it takes for Africa to industrialise is for it to burn so much fossil fuel that snow stops falling in Wisconsin and it starts raining concentrated sulphuric acid in Doncaster, it is not too big a price for Europe and North America to pay – it is certainly not bigger than the price Africa had to pay for Europe and North America to develop.

“It is and will continue to be 100% OUR prerogative to determine what to do with our hydrocarbons. It is not the rich white men hiding behind these ‘Climate Advocacy NGOs’ who will tell us what to do with our energy reserves, and by what means we are allowed to escape the poverty that they engineered for us.

“I might not be a fan of Aliko Dangote or his monopolistic business practices – as is well known – but I’m also smart enough to know when rich white men in DC, Houston, Rotterdam and London and trying to use me as a marionette in their 400 year-old coloniser games. If you are reading this and you are one of the rich white men whose economic interests are threatened by Nigeria refining its own oil, you should come out and fight Aliko Dangote by yourself.

“Or at least go find a much stupider African to do your dirty job – there’s plenty of those.

“It will never be me.”

Business

Prices to fall as NNPC plans 12 more filling stations to sell N230 fuel.

Published

on

Prices to fall as NNPC plans 12 more filling stations to sell N230 fuel.
Spread the love

NNPC (Nigerian National Petroleum Corporation) is planning to open 12 more filling stations to sell fuel at a lower price of N230 per liter. This move is expected to increase competition in the market and potentially lead to a decrease in fuel prices.

Ekwutosblog gathered that with these  more filling stations selling fuel at a lower price, consumers may benefit from:

1. Increased competition: More filling stations selling fuel at a lower price can encourage other marketers to reduce their prices.
2. Lower fuel prices: As more fuel is available at a lower price, the overall market price may decrease.
3. Improved accessibility: More filling stations can make fuel more accessible to consumers, especially in areas with limited options.

However, it’s essential to consider the following factors:

1. Sustainability: Will NNPC be able to maintain the lower price point, or is this a temporary measure?
2. Market dynamics: How will other marketers respond to NNPC’s move, and will they also reduce their prices?
3. Supply and demand: Will the increased supply of fuel at a lower price lead to increased demand, and how will this affect the market?

Keep an eye on the developments and see how the market responds to NNPC’s plans!

Continue Reading

Business

Bitcoin soars past US$81,000 as Trump’s pro-crypto stance fuels buying spree

Published

on

Bitcoin reached a record high on Monday. Photo: Reuters
Spread the love

The token climbed to an unprecedented US$81,497 early in the Asian day on Monday

Bitcoin rallied past US$81,000 for the first time, boosted by President-elect Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.

Trump’s decisive victory in the presidential election has prompted celebratory chest-thumping from the digital-asset industry, which spent over US$100 million backing a range of crypto-friendly candidates.

The largest token climbed as much as 6.1 per cent on Sunday, before extending the gain to an unprecedented US$81,497 early in the Asian day on Monday. Bullish sentiment lifted smaller coins too, including a surge in Dogecoin, a meme-crowd favourite promoted by Trump supporter Elon Musk.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” said Le Shi, Hong Kong managing director at market-making firm Auros.

Trump vowed on the campaign trail to put the US at the centre of the digital-asset industry, including creating a strategic bitcoin stockpile and appointing regulators enamoured with digital assets. Jubilant traders for the moment are paying little heed to questions such as the speed of likely implementation or whether a strategic stockpile is a realistic possibility.

His broader agenda of stoking domestic economic growth, tax cuts and reducing red tape has fuelled a buying spree across stocks, credit and crypto. The S&P 500 stock index last week hit its 50th record this year.

Bitcoin has added about 92 per cent so far in 2024, helped by robust demand for dedicated US exchange-traded funds (ETFs) and interest-rate cuts by the Federal Reserve. The rise in the token, which scaled fresh records after Tuesday’s US vote, exceeds the returns from investments such as stocks and gold.

The ETFs, powered by BlackRock’s $35 billion iShares Bitcoin Trust, posted a record daily net inflow of almost US$1.4 billion on Thursday, according to data compiled by Bloomberg. A day earlier, the iShares ETF’s trading volume jumped to an all-time peak – all signs of how Trump’s victory is reshaping crypto.

Trump’s stance contrasts with a crackdown on digital assets under President Joe Biden. Securities & Exchange Commission Chairman Gary Genslerrepeatedly labelled the sector as rife with fraud and misconduct. The agency turned the screws on crypto following a 2022 market rout and a litany of collapses, notably the bankruptcy of Sam Bankman-Fried’s fraudulent FTX exchange.

Digital-asset companies spent heavily during the election campaign to boost candidates viewed as favourable to their interests. Against that backdrop, Trump did an about-face, becoming a supporter of an industry he once labelled a scam.

“Trump has promised supportive regulation, and the sweep of the House and the Senate makes the passage of crypto bills much more likely,” wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter.

More Articles from SCMP

Hong Kong tycoons should take lead in reinventing city, senior Beijing official says

US women’s sex strike at Trump more farcical than Aristophanes

One of Beijing’s top ‘financial minds’ set to join Hong Kong liaison office: sources

Your perfect week: what to do in Hong Kong from November 10 to 16

This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.

Continue Reading

Business

China poised to approve more help for ailing economy

Published

on

China poised to approve more help for ailing economy
Spread the love

China poised to approve more help for ailing economy

 

China is expected to unveil a huge support package for the struggling economy Friday as officials wrap up a key meeting with an eye on the possibility of intensified trade tensions with US president-elect Donald Trump.

Economists predict Beijing will approve hundreds of billions of dollars of help, with a focus on indebted local governments as well as cash for banks aimed at writing off non-performing loans.

Policymakers were keeping tabs on the US vote as they gathered in the Chinese capital this week for a meeting of the country’s top lawmaking body.

Trump promised during his campaign of punishing tariffs on Chinese goods that threaten further grief for the world’s second-largest economy, which is already grappling with a prolonged housing crisis and sluggish consumption.

Observers say Beijing could seek to cushion that blow with a long-awaited “bazooka stimulus” for the economy — though caution details might still take time.

The meeting, originally scheduled for late October, was likely pushed back to allow “policymakers a chance to address a possible Trump win”, Lynn Song, chief economist for Greater China at ING, said.

“In our view, the odds for a larger policy support package will rise somewhat with a Trump victory,” he added.

Trump’s victory is “not necessarily bad for China as this may ‘pressure’ Beijing for a bigger stimulus”, Qi Wang, CIO of UOB Kay Hian Wealth Management, said on X.

State media this week reported that officials had reviewed a bill to raise local government debt ceilings.

That move, touted last month, would allow authorities to borrow more to fund the acquisition of unused land for development — a move aimed at pulling the property market out of a prolonged slump.

Beijing in September began to unveil a raft of measures aimed at boosting economic activity, including rate cuts and the easing of some home purchasing restrictions, but analysts have bemoaned the lack of detail so far.

Trump’s re-election provides a need for greater urgency, experts say, though caution may still prevail as officials try to avoid piling on more government debt.

“Any potential stimulus size may be bigger, but so is the pressure,” Gary Ng, senior economist at Natixis, said.

“The market may still not get the economic boosters it wants,” he warned.

China’s Premier Li Qiang this week said he was “fully confident” that the country would hit its growth target of around five percent for 2024, even after figures showed the economy saw its slowest expansion in a year and a half during the third quarter.

And in a rare bright spot, data Thursday showed the nation’s exports surged last month at their fastest pace in more than two years.

But Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, warned “we cannot rely on exports to carry China’s economy”. “I expect fiscal policy will become more proactive next year as a pillar for growth,” he said.

Continue Reading

Trending