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Hey guys, now, welcome to
another money space with me, carlu Aja,

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and this week we're talking this twin
topic that I've literally driven a new

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cycle today in Nigeria. It's it's
Dangote. It's of course of Dubai visas,

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and they're all linked somehow with the
money with the government and it has

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a direct effect, you know,
on our pocket. So I only get

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someone that has really really been tracking
this for us, as David, to

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come in here and just talk to
us around this, the Dangote and the

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Dubai, the visa issue and all
that. I'm waiting for him to hop

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onto the space. Once he does, I will be able to really start

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the composition now to hear his own
side of it. I have him on

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side of it, so I'm not
sure if he's here. I'm looking at

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the space because I don't see him. If you guys want, I can

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start off with my own side of
it, and then once David is here,

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we basically just make him speak.
I'm sure those of pop want to

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hear if unique take on this whole
issue, because he has been someone that

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has been tracking this down the line. So give me this quick sec My

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folks are trying to get him to
come on on air. Yes, they're

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sending him a DM already, so
just sort of chill for a second.

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I don't want to start and sort
of stop until he gets here. But

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if he doesn't, then guys,
we don't have a normal s and I

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think we can hear. So give
me a quick sect. Yes, all

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right, so not to keep you
guys just hanging. Let's start with the

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Dangote issue, the Dangote should we
see the Dangoti refinery. Let's start with

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Danky finally. I'm sure you guys
have been falling the back and forth that

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has been happening with Nigeria the Regulator
and Dangote. Yeah, we've got to

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have been following, and I think
it's been rather sad. I would say

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it's been rather sad. What is
happening when this NewSpace broke. I think

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it was two weeks ago when we
when we talked about Dangote coming up to

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sertain nine gen. National patron Commission
only has seven percent equity holdings in Dango

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the refinery and that was unusual because
I know that the niger NPC Limited had

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raised about one point three or so
million dollars a million or billion dollars billion

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dollars to invest in twenty percent of
the Dango the refinery. So they borrowed

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money in dollars with the pledged oil
to some to a ten party. It's

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in there annual report. They borrowed
to invest in Dango the refinery twenty percent.

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It's in the anal report. So
we said, okay, it's a

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good deal. That means that it's
going to be a strategic investment by Nigeria

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in Dangote. And of course that
would have now so allowed them because they

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are a partner with the feat Ones
of Nigeria and the Federation to get access

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to you know, to crude oil
to path refiner. So wait, wait

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for everybody. Chota will get his
capital, Nigeria will get the working refinery

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and Nigerians will get cheaper petulium products
and of course all those by products.

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Then an NBC so that says it
is only several percent. What's happened to

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the ten ten percent? I think
an NBC down the line maybe did not

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pay the full amount heads that got
only get them several percent. So to

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me, those were shot fired.
Then the next thing I think was the

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day before I saw a video from
the regulator. Mister Farouk is the he's

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sort of like the new one of
the regliciate agencies created when we passed the

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petulum industry, and he was basically
talking about how Dangote number one is not

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licensed. This is the refinery.
This is Dangota has invested fifteen billion,

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fifteen billion, not naira dollars in
the minist refinery's been commissioned by the president.

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He's been should we say, celebrated
across the world. Second lized replying

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in the entire world. I think
only the one in India is bigger than

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one in Nigeria. He's been celebrated. So he says it's not licensed and

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that it's not even complete. He
says that are forty five percent complete.

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That's what the regula is saying,
forty five percent complete. Then he then

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says it's a monopoly that Dangote wants
to create a monopoly by asking all the

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Nigerian companies that buy diesel pms allowed
to buy only from Dangote. He regulator

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used the word monopoly. Then,
of course if the final chill up go.

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He then said that the take this
products are below that the quality of

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Dot's products are below standard. This
is a regulator speaking mind you. So

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Regatta is tlain you and I.
That number one that gonna said not licensed.

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Number two he's not the the what's
it called? He had not completed

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the refinery. And number three what
he's prison right now is inferial. So

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it's a bit for us that managed
money. I was taken aback that the

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reculator would say that, because even
if everything Regalta has said was one hundred

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percent correct, should he say it
in public in such a forum? Do

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you know what implication of that is? He just tells us that the riches

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men in Africa and the giant government
have not seen eye to eye. I

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don't see that they're going to raise
huge capital now going forward from anybody anybody

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in the world, because I who
questioned this, they'll say the reason,

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what's going on with you? You
seem to have a country risk and a

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government risk against you. There seem
to be a narrative now that the government

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of Nigeria is actively working against mister
Dangote. And it's not just this issue,

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if you take your mind back,
I think it was last year Dangota's

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head office was raided by the EFCC
for tax documents to do with the forest

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he received from the centerl Bank of
Nigeria. If you read that report particularly,

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Dangotes said he had received the request
and he had asked that he brings

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the document documents who already he was
going to build with the documents to the

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SEC. And he was still raided. So when you see him being raided,

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you see him complain openly. There's
something going on there. You know

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what Holding fought for Dangote. We
all know the quote unquote the brand Dangote

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where he's always accused of going in
and stifling competition. We are worried that

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what is going and with Tangos and
government is going to affect the FDI flow

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into Nigeria. So it was an
expert David. He's not just a friend.

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But if you know David, No, if David tells me to do

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that that Arsenal would win champions,
I'll believe it because now I'm afraid because

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the guys seem to say things and
you think that outlandish. Then after three

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or four months they happen. You
know, they happened. And it's not

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that he's a magician. He's just
simply doing what we call investigative journalism.

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He takes this fact, takes that
fact, put it together and write a

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report. So I'm going to have
you here, David. Welcome to our

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money space to be cal David.
For those that don't know you, could

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you introduce yourself before we go into
the topics of the day. Thanks.

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Okay, So journalists who likes to
tell the stories that what you wants to

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tell that's a very so stripped down
at a brief lesion, So let's let's

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get into it. Excellent devid Less. That as I wasn't about Dante how

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the story has changed when when I
reach out to you, we're just talking

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about the issue of oh seven percent, twenty percent, That's what it was

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on my mind that listen you,
I know you've written a lot about Danatorsy

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finding. You said I'm not sure, I don't know we scoot you,

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but you said to the fact that
it's not ready or it's not going to

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work. I want you to just
give me your your take on the directory

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finding. What's your issue with it
if you don't want me using that word.

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So I actually major issues with the
first Lessonless issue is that they're they

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lying about the time, like,
oh, they've been happy to allow politicians

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use the timeline to tell lies.
Specifically the so called commission on me I

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think that I did last year.
You're essentially commissioning something that was half done.

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It was a complete nonsense. It
shouldn't have happened because I happened to

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have people who work there I know
are also India course system as people talk,

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and it was very common. What
I said wasn't a controversial thing to

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see. It was very common in
the system. That's for another eighteen months.

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There's no pressure that's going to come
out of this place. It's just

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not rare. That's not conspiration for
some that but because he did, people

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hardly needed to cut ein rib before
he left the office. So they're happy

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to use it's half finished in as
a you know, as everybon cuttain ceremony

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for the president that I thought,
you know, that absolutely did not deserve

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everybon cutting ceremony, right because in
the first place, even the the the

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decision to even build the refinery in
the first place, and the economic circumstances

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that made it even impossible where we
had the helping to do it. That

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this was something that I kicked off
in twenty thirteen, and yet you're trying

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to give having credits or something that
happened not to do with it. So

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I had the problem with that,
and I just pointed out that, well,

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when you were the only this record
got the ceremony are doing, maybe

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you will come back to the real
world and in the real world the experts

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that I speak to, because that
wasn't my opinion, it was an expert

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opinion. The experts I speak to
say that the area is that this place

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is on a Brittish undiventual it's sometime
around Thedon of twenty twenty five, and

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that's if Iver being optimistic, right. So that's what I excited. I

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finally became a controversial comment to me. But I mean, here we are

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then, the story I was told
us that you know, for the end

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of the June twenty twenty three,
you know everywhere to do. Well,

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we're in July twenty twenty four now
and nothing is to so but that's like

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the less serious issue. The more
serious issue I actually have with the Amazury

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Foundary is that and this is of
my opinion. This is from from Dowguage

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his own actions. He appeared to
be trying to do to the US energy

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industry what he did to the US
cement industry, which is essentially Chinese into

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a one man operation. It was
it's bad enough doing that with something systemically

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important back cement. For those who
answer where Nigeria has a housing deficits,

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depending on this counting housing deficits of
anything from seventeen to twenty million houses.

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And in large part of the reason
why the housing deficity continues to be so

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large, it's because segments is some
of the most expensive cement on the planet.

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Right, so I dos pay more
for segments. So I'm currently in

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the UK, I do pay more
for segments than breeds. To the minimum

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wage year in Myra I should be
about in monthly term should be roughly two

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point five million there. That's minimum
wage here, and you have in one

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wage that they've just announced, which
I'm sure they are not going to be

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to actually you know, actually that's
seventy thousand. But if you aspaid more

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for cements than we do, hear, which a justly makes no sense.

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And then coupled with the fact that
dangle day is the most profitable cements make

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in the world. So I think
it's somebody when it's one actually twisted the

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data. Our no compltuesa in it
to this space. The typical profit back

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global in the cement industries anything from
eight to thirteen percent. Dowglad it makes

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as much as fourteen nine percent profit. So where you have one entity that

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is essentially the market, make a
monopoly. So I'm sure a canides worth

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in marketing make a manopoly it.
So it's the type of monopoly that even

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though technically there are other players in
the market, such as the BUA and

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that farge, but the Ugady is
so dominant, artificially dominant, that Unglety

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actually sets prices for the competitors.
So basically, when you have that one

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singular entity that is setting prices of
cement for its competitors for the entire country,

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and it's setting prices that are the
highest in the world, and it's

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making almost fifty percent profits. But
bad and Nigeria has a housing the ethics

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of seventeen million, and there's so
much in a short Adrea that has love,

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deals and new there's one person used
profiteering off of all of that.

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So that's why I said that I've
always had a problem with Doug to use

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this model, and he was trying
to export this business model, or he

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is trying to export this business model
into energy, which is even worse,

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right because essentially what you then have
there's one entity, one individual, one

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man, having so control over the
energy markets of two hundred and end set

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certain prices. That's it. Yeah, that's that's that's a natural national security

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where one private individual has that much
power. Even the government I thally shouldn't

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have that much power. Well,
one private in the digital have that power.

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So that was always Those are the
two issues that I've always had with

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that. Finally, as as a
concept, gotcha, David, do you

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have any insight on this twenty percent
and NPC investment in Dangote and this seven

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percent that that was explaining what happened
between twenty and seven? Was this money

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paid? It was an annual report
of an NPC. They raised cash sold

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use Collatteral of Croupal to raise that
cash to be invested in Dangote. Did

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that money going to voice me?
What exactly happened? So the problem you're

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having to I would like to members
your presidents that this person has absolutely no

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respect for institutions, for due process. Right, this is someone who went

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shortly after the games the office with
that was an appropriation deal without it.

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Answer was basically, you know,
just writing members and taking money outo accounts

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and spending it. And it need
too we should know, as like nineteen

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percent to start calling it out when
he was writing members and I was just

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writing a memo, please removed five
hundred thousand dollars from the excess with degree

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and let the accounts. I'm going
to spend this in New York. And

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there's no appropriation, there's nothing,
there's no due processor to that. So

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that's that. That's how Bullet involved
with it. It's not his system to

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personal aptom. He's an agree to
recur. So the problem with that having

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something like that in power is that
things that normally are supposed to be recorded

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every step of people you started stories. So as he rightly said that money

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was paid somewhere between where it was
paid and wait it was to be received,

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twenty percent two said, I've made
many different vialsums of the story.

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I've you know, I've tried to
speak to people who are you know,

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I've had someone to tell me that
I should take it to a baby.

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Obviously there's no way to prove this, which but I didn't put this out

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because I can't prove it independent line
can't prove it if I won't tell me

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how to correctly that the difference between
that seven percent and that tiny design,

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which is I think it's over a
billion dollars that basically tellable knows what happened

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to that money, essentially implying that, but I have no way of I

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have no way of proving that.
But the point is even in fact that

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it's possible for someone to base such
an accusation and there's nothing you can refer

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to. I can even tell you
that I can immediately say no category that

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this isn't true. I think that
says it all. So basically we have

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00:16:34.720 --> 00:16:40.759
a motive backed out and that's who
is doing and not doing as this is.

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So whatever I do process that we
managed to put in places ninety ninety

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nine, it's all coming on stock
now unfortunately, so we have no idea

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00:16:51.879 --> 00:16:53.600
where where the money's got. The
NYPEC. Of course you wi to come

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00:16:53.639 --> 00:16:56.840
out and tell us that if the
moneys were raised borrowed from there, and

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any pieces about a sheet we want
it NPC, then we should be very

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very clean if we own twenty percent
of Dangote or seven percent of Dangote.

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00:17:07.200 --> 00:17:11.039
Now to Dangote, you've talked about
the timelines and the commissioning and all that.

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00:17:11.799 --> 00:17:15.200
Where are we right now with Dangote. We know it's not commission if

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we follow the words of the regulator, it's forty five percent commission. We

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00:17:21.759 --> 00:17:26.920
know pms on the streets of Legos
have gone up in price. What's the

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00:17:26.240 --> 00:17:33.039
end game? Is the NNPCS refinery
going to work before Dangote's refining works.

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00:17:33.079 --> 00:17:37.000
They've said it's going to work next
month. Do you have any end game

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00:17:37.119 --> 00:17:42.400
for NNPC refinery Dangote refinery? And
if prices are going to come down for

219
00:17:42.519 --> 00:17:51.519
the ORD nine ninety and pain for
pms on the streets. And there's actually

220
00:17:51.559 --> 00:17:56.640
a sweets that I'm looking for which
I'm going to push the thing to the

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00:17:56.759 --> 00:18:00.640
jumble drum, which I think will
provide some context for what I'm about to

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00:18:00.759 --> 00:18:06.079
say. Essentially, if you look
at the I think the volume of thanetary

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fives obviously six hundred and fifty thousand
miles a day, it's by quite some

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distance the largest in the entire near
regional, if not the entire world.

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So there's a there's a there's a
graphic from Bloomberg that's it's actually industry that

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I'm looking forward. That's why I
want in that that shows you the difference

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00:18:26.599 --> 00:18:30.200
in capacity to landary finery and then
the next largest niche I think it brought

228
00:18:30.240 --> 00:18:33.400
to that. I think it's done
by Shell and that one does I think

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00:18:33.519 --> 00:18:37.920
three hundred or four hundred and something
that it's such a huge that basically if

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00:18:38.000 --> 00:18:45.880
Dount Refinery were to come upstream fully
and do everything that's it has been probably

231
00:18:45.880 --> 00:18:49.359
since since twenty thirteen, it will
It's not just something that I have an

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00:18:49.359 --> 00:18:56.359
effect on my direct it will create
shop waves in the global oil markets that

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I believe, based on precedents that
the international art majors or the existing players,

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00:19:03.079 --> 00:19:06.640
I'm not going to be happy with
that because bear in mind and Done

235
00:19:06.960 --> 00:19:12.119
is not part of the existing energy
industry. This is its best real foray

236
00:19:12.559 --> 00:19:17.680
into the international or markets. So
from their point of view is he's not

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00:19:17.839 --> 00:19:21.480
he's not part of their contail.
So he's trying to muscle them on their

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00:19:21.599 --> 00:19:26.319
territory, not just muscle basically the
biggest, bigger bte than any of them,

239
00:19:26.359 --> 00:19:33.839
Pativity. So my again I've no
approving this or my my suspicion is

240
00:19:33.960 --> 00:19:41.119
that this very clear antagonism of Simple's
government towards the Dary Finery might not entirely

241
00:19:41.279 --> 00:19:47.640
just be about look politics that might
oblie on seen had internationally. Both volvement

242
00:19:47.759 --> 00:19:52.480
here mean that of course we know
what in who is and who he represents,

243
00:19:52.839 --> 00:19:55.000
right, we don't need to go
into that this is because that's not

244
00:19:55.000 --> 00:20:00.599
what it spaced about. But I
suspect that it's very like is an element

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00:20:00.680 --> 00:20:07.079
of international involvement here, that the
international market probably is not happy with the

246
00:20:07.160 --> 00:20:14.519
prospect of that mounting sort of mustling
in and reducing everyone is perfectly basically they're

247
00:20:14.519 --> 00:20:17.440
probably not gonna be happy about it, So it's probably it's probably in there.

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00:20:17.519 --> 00:20:22.559
It isn't their interest for the refinery
to just get lockdown in this series

249
00:20:22.640 --> 00:20:27.480
of disputes and you're never ending controversies
so that it doesn't actually actually come to

250
00:20:27.599 --> 00:20:33.240
markets. Again. It's very difficult
to prove this because the meetings when these

251
00:20:33.279 --> 00:20:37.359
things are discussed, nobody takes minutes
of us miss that pushed them up by

252
00:20:37.640 --> 00:20:41.359
nobody talks woy reports them. They're
not reported in the Guardian newspaper so it's

253
00:20:41.559 --> 00:20:45.960
just a lot of the time you
have to sort of do an assessment of

254
00:20:45.440 --> 00:20:48.880
what is the situation, who benefits, who stands to lose, and then

255
00:20:48.960 --> 00:20:52.880
they can make the logical deduction from
that, which is what happen to doing.

256
00:20:52.799 --> 00:20:57.440
And again, do you know if
we all know that a regulator cannot

257
00:20:57.519 --> 00:21:07.079
come out and say that Dangote is
unlcensed and is producing inferior products. He

258
00:21:07.359 --> 00:21:11.480
just doesn't come out on an afternoon
legos and sees it without quote unquote a

259
00:21:11.640 --> 00:21:17.440
green light to see it. It's
impossible. Hence the question that really,

260
00:21:17.960 --> 00:21:22.240
who benefits if there's no Dangote refinery
in Nigeria? Is it the importance?

261
00:21:22.400 --> 00:21:26.000
Because it looks like a battle of
the cartels. Here you have the IOC

262
00:21:26.240 --> 00:21:30.799
cattails, you have the Dangote cattel, then you have the oil the PMS

263
00:21:30.920 --> 00:21:37.359
import as cattel and in between this
there's a there's a truth somewhere that someone's

264
00:21:37.359 --> 00:21:47.000
gonna benefit from Dangota refinery not working
going forward. Period. So I just

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00:21:47.200 --> 00:21:49.400
in the suits that I was talking
about, so you look at the graphic,

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00:21:49.720 --> 00:21:56.799
Yeah, in that suits, I
think I think that the graphic basically

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00:21:56.839 --> 00:22:00.160
didn't look at the names on the
graphic. I think you have the list

268
00:22:00.240 --> 00:22:06.480
of edgements that the industry. So
good luck to him. I mean there's

269
00:22:06.640 --> 00:22:11.480
there's somebody who can take. It's
probably a good lot to him. Good

270
00:22:11.559 --> 00:22:15.839
luck to him, Okay, I
see I say that it's a miles by

271
00:22:15.880 --> 00:22:18.359
a wide mile. You see Dangote
by a wide mile, So I mean

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00:22:18.839 --> 00:22:23.359
Dango. In banking, Dangote would
be referred to as a too big to

273
00:22:23.519 --> 00:22:29.880
fail institution witness. If you like
him, you hate him, he is

274
00:22:30.039 --> 00:22:34.839
too big to fail. I have
no currency or no faith in the nnpc's

275
00:22:34.960 --> 00:22:41.039
refineries. I think they're playing mechanical. They're saying it's mechanically ready to refine.

276
00:22:41.079 --> 00:22:44.319
I don't know what that means.
If it's ready, it's ready,

277
00:22:44.720 --> 00:22:48.960
what's the mechanical part or is there
a non mechanical path. So if Dangote

278
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is too big to fail and the
Government of Dangia is seen to be going

279
00:22:53.759 --> 00:23:00.119
after Dangote, they can spirosities to
tell you that somebody wants to keep on

280
00:23:00.240 --> 00:23:06.119
important PMS. If you go to
the budget of Nigeria, PMS imports are

281
00:23:06.240 --> 00:23:14.960
the single largest imports or expense in
the Federation of Nigeria. It's because Nigeria

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00:23:15.160 --> 00:23:21.799
imports PMS that in naira is weak. We can't build roads and that's been

283
00:23:22.000 --> 00:23:26.920
all this bidicul here. We can't
build roads and we have a budget deficit.

284
00:23:29.279 --> 00:23:36.119
If you stop imports of pms,
the economy improves. If imports of

285
00:23:36.200 --> 00:23:41.599
pms continue, the economy does not
improve. So I gave the question there

286
00:23:41.680 --> 00:23:49.079
for everyone to think about. Who
is interested in the economy not improving.

287
00:23:49.759 --> 00:23:55.880
Who has removed fuel subsidies and has
reintroduced f your subsidies. I think it's

288
00:23:55.960 --> 00:24:00.799
true, it's right there. Nigeria
is paying about three point five billion,

289
00:24:00.079 --> 00:24:03.680
David, that's from ruyters that that
was that's a pressure for a will to

290
00:24:03.720 --> 00:24:08.240
pay this year. Who is benefiting? And I think that would answer itself

291
00:24:08.440 --> 00:24:15.000
if we get that answered with benefitting
from Nigeria's continual imports of pms. But

292
00:24:15.119 --> 00:24:18.480
David, let me take you to
another topic. Still on on Dangote.

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00:24:18.920 --> 00:24:25.839
Dangote has has a urrea filizer company. A farmer told me that Nigeria farmask

294
00:24:25.960 --> 00:24:30.759
still cannot get Uria because Dagote is
exporting all that urea outside the country New

295
00:24:30.839 --> 00:24:36.799
Brazil to the US to get crude
oil. Gargote said the other day that

296
00:24:36.920 --> 00:24:40.960
he didn't get any incentive from the
federal government when he built his refinery.

297
00:24:41.079 --> 00:24:47.440
But I know for a fact that
the CBN give Dangote subsidized dollars from the

298
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mister Melipilla to build the refinery.
Whilst we quote unquote say that Guta should

299
00:24:52.599 --> 00:24:59.200
be given professional shouldn't because it's famous
Nigeria. Should Dangote himself be under the

300
00:24:59.319 --> 00:25:03.640
microscope because Nisia has built a refinerent
with our own tax you know, holidays

301
00:25:03.680 --> 00:25:08.079
to him. Should he do more
for the countries? My question, what's

302
00:25:08.160 --> 00:25:14.160
your take? CBN gave him dollars, he got the landing, he's still

303
00:25:14.200 --> 00:25:18.559
got land to build the refinery,
but he built a refiner with CBN subsiditals.

304
00:25:18.640 --> 00:25:25.160
At the point, should he do
more for the nation. So this

305
00:25:25.359 --> 00:25:29.400
is why earlier day when I commented
about this, I referenced the examples of

306
00:25:29.640 --> 00:25:34.440
Japan and South Korea. Now when
they were going into their own industrialization era

307
00:25:34.559 --> 00:25:41.400
after the Second World War, they
had their own dialotes and they had similar

308
00:25:41.480 --> 00:25:45.559
problems to the problems that we have
had because of the existence of but they

309
00:25:45.640 --> 00:25:52.279
turn their problem into solutions. So
instead of trying to destroy their dalgotes,

310
00:25:52.160 --> 00:25:57.319
which you know is going to pause
a lot of unnecessary devastations. It's just

311
00:25:57.880 --> 00:26:03.839
not in anybody's interesting do that.
They were that broad and made them parts

312
00:26:03.880 --> 00:26:08.119
of the strategy. So in South
Korea have this, I think they call

313
00:26:08.160 --> 00:26:18.640
them cables. You ionize some songs
who are almost almost literally above itself because

314
00:26:18.680 --> 00:26:23.599
of how economically important. Yeah,
in Japan there's something similar, so you're

315
00:26:23.640 --> 00:26:32.119
retipecies yours you they have special status. It was a similar arrangement. And

316
00:26:32.279 --> 00:26:37.319
the reason they did that was because
they understood that there has to be the

317
00:26:37.400 --> 00:26:41.519
best of both world. So obviously, if they're trying to build that economy,

318
00:26:41.720 --> 00:26:47.160
the most efficient way of moving fast
and getting things done is ensuring that

319
00:26:47.200 --> 00:26:49.720
the private sector is in charge.
However, the problem with private sector is

320
00:26:49.759 --> 00:26:56.440
that it's it's it's so motivation is
to make money. It's not benevolent.

321
00:26:56.480 --> 00:27:03.000
So sometimes how the easiest way to
make all the most efficiency to macmany is

322
00:27:03.039 --> 00:27:06.160
not the best. It's not the
best in jests of the country. So

323
00:27:06.319 --> 00:27:11.200
then the family, the family can
blmit. So we're bringing in the energy

324
00:27:11.440 --> 00:27:15.480
and the motivation of private text of
the profit the property incentive, but we

325
00:27:15.599 --> 00:27:21.160
are maintaining a strong state presence here
that this is such that there are certain

326
00:27:21.200 --> 00:27:25.920
things that we have to do that
required to do by law, such that

327
00:27:26.039 --> 00:27:30.759
it's not longer a case of somebody
are pealing to anybody's patriotism to do more

328
00:27:30.799 --> 00:27:33.839
for the country or not doing more
for the country. It's something that's required

329
00:27:33.880 --> 00:27:37.359
by law that you have to do
this. I think that even if you're

330
00:27:37.440 --> 00:27:41.160
with a serious country, that's what
it will be doing with entities like unity

331
00:27:42.160 --> 00:27:51.279
because to industrialize, but what are
the major economic processes that are needed to

332
00:27:51.720 --> 00:27:57.839
be to become a true industrial economy. You need to produce concrete wif you

333
00:27:57.920 --> 00:28:04.759
do. You need to to produce
energy and to apply energy, which we

334
00:28:04.920 --> 00:28:08.839
do or which we are have in
urge of dreams. Supposedly, he needs

335
00:28:08.839 --> 00:28:15.240
to be able to feed yourself,
which is where the reaffortadizer thing. And

336
00:28:15.279 --> 00:28:21.319
he needs to be able to produce
steel. And if you notice what all

337
00:28:21.359 --> 00:28:25.000
those old things have common in the
number they has either invested in them or

338
00:28:25.119 --> 00:28:30.000
try to invest in them, which
means that he's seeing he's seeing a similar

339
00:28:30.079 --> 00:28:34.400
picture, but not from an altruistic
perspective, but he's secretly saving msgurizing psychology

340
00:28:34.480 --> 00:28:41.160
that is due for industrialization and it's
positioning himself to be the person who benefits

341
00:28:41.200 --> 00:28:45.680
the most from it, which is
not a good thing bad because again he's

342
00:28:45.720 --> 00:28:49.039
not doing it for the benefits of
Nigerians doing to make command to make profits.

343
00:28:49.240 --> 00:28:53.519
Right, so if they're up to
the Nigerian government to then stepping and

344
00:28:53.720 --> 00:29:00.400
make it subsided by law, damage
is required to do certain things. Love

345
00:29:00.079 --> 00:29:04.119
such that, and then it's not
just about taking and thinking because yeah,

346
00:29:04.200 --> 00:29:07.359
that's some of my important points.
And I dream government has very bad habits

347
00:29:07.400 --> 00:29:12.440
of treating private business sites like their
piggybags, so you just walk in and

348
00:29:12.559 --> 00:29:17.839
shape them down whatever any money.
Then the dream goverment is to see relationship

349
00:29:17.880 --> 00:29:22.799
with them or as they some viruses, as a social contract. So yes,

350
00:29:22.839 --> 00:29:25.119
you're going to require them to do
certain things by the law, but

351
00:29:25.319 --> 00:29:29.680
in return there are certain things that
you also are certain services you also have

352
00:29:29.839 --> 00:29:33.680
to deliver to them, or there's
special status that you have to deliver to

353
00:29:33.839 --> 00:29:37.119
them, or there's taxing sentences.
There has to be something that has to

354
00:29:37.160 --> 00:29:40.960
be quite broc That's how business works, right, That's what they did in

355
00:29:41.400 --> 00:29:45.559
career, That's what they did in
the bad. There's nothing magic. Is

356
00:29:45.599 --> 00:29:48.960
the obvious thing to do. But
you know, Nigeria is Nigerias. So

357
00:29:48.960 --> 00:29:53.039
yeah, as as they always say, someone experienced a dress, understand the

358
00:29:53.160 --> 00:29:59.920
improve experience. Gotcha. Let's let's
go to d Bay now to do by

359
00:30:00.279 --> 00:30:03.079
the UAE, the visa and all
that. You are the first guy that

360
00:30:03.200 --> 00:30:07.799
I saw that. I mean,
let's stop. Let's give put the background

361
00:30:07.759 --> 00:30:11.640
A long time ago Nigeria, she's
able to Dubai, no problems. Then

362
00:30:12.119 --> 00:30:18.000
Nigeria couldn't pay her fix bills.
So Dubai in a strange way, the

363
00:30:18.240 --> 00:30:22.680
Emirates Airline could not get paid at
the Central Bank of Nigeria. Forty together

364
00:30:22.839 --> 00:30:26.680
had sold to Nigeria. They couldn't
get dollars generally portrayed their funds. Emeric

365
00:30:26.759 --> 00:30:33.599
stopped flying into Nigeria and the Emorratis
sort of tied the Emirates into visas to

366
00:30:33.759 --> 00:30:37.160
Nigeria. So when Emirates left,
they also stopped issuing visas to Nigeria.

367
00:30:37.279 --> 00:30:41.119
They sort of coupled them together.
And since nagu has been in power,

368
00:30:41.240 --> 00:30:45.759
he went there. We got there
announcement visinars we are going to be allowed

369
00:30:45.160 --> 00:30:48.440
given to Nigeria. The Emeratis said, no, it's not gonna happen,

370
00:30:48.480 --> 00:30:52.279
so we haven't got to those business
back. Now we now heard that we're

371
00:30:52.279 --> 00:30:55.000
not just going to get visas to
able to Dubai. But we saw a

372
00:30:55.119 --> 00:31:00.640
list of only issues before you put
up yours. I mean they're saying you

373
00:31:00.759 --> 00:31:07.559
have to put down six and forty
thousand dot naira not refundable ten thousand dollars

374
00:31:07.599 --> 00:31:11.000
in your account untouched for six months. Then you have to pay with a

375
00:31:11.240 --> 00:31:15.599
credit card, not debit card,
credit card. So it looks like they're

376
00:31:15.680 --> 00:31:21.160
saying no to us without saying no
to us. Then you drop the banger.

377
00:31:21.319 --> 00:31:25.400
You basically have said that the this
side that's six forty, this was

378
00:31:25.920 --> 00:31:30.119
huge, did the exclusive on this
That is not even the Dubai guys asking

379
00:31:30.200 --> 00:31:36.279
for six forty. It looks like
it's our own side taking advantage of this

380
00:31:36.519 --> 00:31:41.160
quest for just to travel to Dubai, to create a paywall where people can

381
00:31:41.279 --> 00:31:44.799
basically get six and forty different nine
gans and just basically siate it and then

382
00:31:44.880 --> 00:31:52.079
move on. So give us your
what's happened in this dividing place, Yes,

383
00:31:53.119 --> 00:32:00.240
pretty activates. Sorry of what happened, some enterprising goes on with the

384
00:32:00.319 --> 00:32:08.400
person. So an opportunity too to
live yourself for your life pahysically since appiringly

385
00:32:08.519 --> 00:32:15.559
the idea is that you gt him
drivel to dubai on leisure purposes are liquid,

386
00:32:15.319 --> 00:32:20.200
so let's you know, let's let's
get our share, which is which

387
00:32:20.279 --> 00:32:24.519
is a common way of making money
and drank publicly. So as you as

388
00:32:24.559 --> 00:32:29.039
you may know, my dad used
to be a single civil service marking the

389
00:32:29.079 --> 00:32:32.119
day before you retired. So I'm
very familiar with how this works. Where

390
00:32:32.160 --> 00:32:38.640
I was born and pretty much raised
within your end government structure, so I

391
00:32:38.799 --> 00:32:44.200
understand how the public sector works and
ensure how you make money. If you

392
00:32:44.319 --> 00:32:47.759
have access to power ed you don't
necessarily have to leave in the office,

393
00:32:49.160 --> 00:32:52.240
but to have accesses owns in office, you have very good relationship with someone

394
00:32:52.240 --> 00:32:54.920
that's in office and you that make
some desires. That is how you make

395
00:32:55.039 --> 00:33:00.920
money. Is that state metaphora speak. And there's a road. People have

396
00:33:01.079 --> 00:33:05.880
been using this route for decades.
There's no problem. They go on the

397
00:33:06.000 --> 00:33:09.559
road, the states open to it. You then build a gate and put

398
00:33:09.599 --> 00:33:13.880
it in the middle of the road, and I start charging people to pass

399
00:33:13.920 --> 00:33:19.319
through the gates. You have created
no value whatsoever. H No, the

400
00:33:19.440 --> 00:33:22.559
road was there before the gates.
The road does not. The gate does

401
00:33:22.640 --> 00:33:25.039
not add an invite into the road
or to the people buying the road.

402
00:33:25.480 --> 00:33:30.519
It's just the case you put up
random charging people for it, and you're

403
00:33:30.519 --> 00:33:34.960
going to be a ton of money
by doings. That's like the classes in

404
00:33:35.039 --> 00:33:40.839
the drum public sector scalp. You
create abitrade opportunities by creating inefficiencies or creating

405
00:33:40.920 --> 00:33:45.720
bottomnecks artificial where they don't need states. So this is a prime example of

406
00:33:45.799 --> 00:33:51.839
that. The authorities when the table
reached out to tend they really very recollect

407
00:33:51.920 --> 00:33:54.240
that there. Yes, the reason
plan is over, but he's going to

408
00:33:54.279 --> 00:34:00.799
apply for the same way always Who
to apply for it is that's how you

409
00:34:00.920 --> 00:34:05.720
do it. There's a process,
and the actual application of the lyra is

410
00:34:05.759 --> 00:34:08.599
not not to ninety thousand. That
has always been the case, and this

411
00:34:08.719 --> 00:34:13.880
is how to do it. Someone
looked at that open the road and said,

412
00:34:13.960 --> 00:34:16.679
let's build out of the gates because
the people who apply this road the

413
00:34:16.760 --> 00:34:21.119
people who fly to the by people
who have money. So let's build our

414
00:34:21.239 --> 00:34:24.599
gates and let's let's you know,
skin some of the top. I guess

415
00:34:24.639 --> 00:34:30.039
the mistake was instead of skimming off
the top in the classic you know,

416
00:34:30.159 --> 00:34:32.559
classic like here and breed. Instead
of trying to build the cow, they

417
00:34:32.679 --> 00:34:37.679
rather try to cut open the other
cow basically, which is outcome. It

418
00:34:37.800 --> 00:34:43.800
even raised so much suspicial I believe
it. It's like mayf they admit,

419
00:34:44.000 --> 00:34:51.840
like twenty nobody noticed nobody nobody really
have noticed or even liked it. Or

420
00:34:51.880 --> 00:34:55.800
because it's that kind of like noticeable
amounts. Nobody child uses the amounts for

421
00:34:55.880 --> 00:35:01.440
it for this application, not the
U what where is that coming from?

422
00:35:02.480 --> 00:35:06.159
You know? For it for if
this does design? Nobody does that.

423
00:35:06.360 --> 00:35:10.840
So it was actually all that,
you know what, I have no way

424
00:35:10.840 --> 00:35:14.400
of proving this, but I'm sure
that this money is not going to be

425
00:35:14.760 --> 00:35:20.239
government. And I thought, that's
an interesting hypothesis. Let me go down

426
00:35:20.320 --> 00:35:22.079
this rabbit hole bit. You know
it was. I was literally in bed

427
00:35:22.159 --> 00:35:25.119
on my phone. I wasn't I
didn't plan it to be a story or

428
00:35:25.159 --> 00:35:30.519
anything. I was just sort following
the rabbit hole. So I checked out

429
00:35:30.599 --> 00:35:35.280
the website and the first thing that
jumped out jumped out of the page that

430
00:35:35.440 --> 00:35:43.880
he was that this students that attend
to miss misrepresent something because the the official

431
00:35:43.960 --> 00:35:47.800
website they always ended dot golf dot. Everybody knows that. But this website

432
00:35:47.920 --> 00:35:54.079
was document reputation of dot A is
a private domain. Anybody can only it's

433
00:35:54.119 --> 00:36:00.199
not a domain. So this is
a private website, which is so how

434
00:36:00.280 --> 00:36:05.639
being cleverly is represented as a government
website. There's no reason why you a

435
00:36:05.800 --> 00:36:12.599
government application would run on at domain. It just wouldn't be the gold.

436
00:36:13.719 --> 00:36:17.800
So what's really going on here?
So I got interested and I just basically

437
00:36:19.800 --> 00:36:22.039
who is scarm advised? So I
just wanted to know what was going on

438
00:36:22.159 --> 00:36:28.679
here? The first I think the
scinmon advice that that that I came up

439
00:36:28.760 --> 00:36:31.400
first, And the first thing I
saw was the actual owner of these domains

440
00:36:32.000 --> 00:36:36.159
hiding their identities need aid service.
Then I was like, okay, I

441
00:36:36.280 --> 00:36:39.800
really want to know what's being so
I went back. I really followed the

442
00:36:39.840 --> 00:36:47.119
rabbits so and then I eventually found
in a domain registry where the name of

443
00:36:47.360 --> 00:36:52.840
the person who rested the website was
listed and it's some Canada for the goal

444
00:36:52.960 --> 00:36:59.440
show on goof So moved who is
this person? And checked out this link

445
00:36:59.480 --> 00:37:06.320
team? So Gay is the CEO
at company called Spanish it Comy called for

446
00:37:06.440 --> 00:37:09.199
his school, so who is Global
School? When the DOWNDRA people checked out

447
00:37:09.239 --> 00:37:14.639
the website, first thing I noticed, this is a Spanish IT company.

448
00:37:14.719 --> 00:37:19.320
Most of them is that why is
that? Okay, checked out, They're

449
00:37:19.320 --> 00:37:22.599
about just page and I checked out. You know the guy, you know,

450
00:37:22.719 --> 00:37:27.360
he's on article on the website,
and I realized this comedy is basically

451
00:37:27.519 --> 00:37:32.960
the Spanish Spanish version of alphabetter themselves. It's a it's a government revenue for

452
00:37:34.119 --> 00:37:37.559
them, that's what it is.
And there's a government revenue fund that that

453
00:37:37.639 --> 00:37:40.480
specializes in African durist. In fact, the company only appears to work only

454
00:37:40.519 --> 00:37:45.920
in Africa. So, like all, at this point, all the alarm

455
00:37:45.400 --> 00:37:51.840
started arranging that this is clearly there's
clearly someone in the private entity and that

456
00:37:51.960 --> 00:38:00.159
you're behind this that has misrepresented it's
private revenue for them and private websites as

457
00:38:00.159 --> 00:38:04.920
the Ue government process. I somehow
the Minister of Information and the Ministry of

458
00:38:04.920 --> 00:38:12.440
Information of official media platforms have put
this information out and you know, someone's

459
00:38:12.639 --> 00:38:15.599
people are going to start paying into
this platform which has nothing to do with

460
00:38:15.639 --> 00:38:19.360
the Valy government. So I nearly
raided them out and I put it out

461
00:38:19.400 --> 00:38:23.960
there. Yeah, and that's basically
what happened. Then the cable, I

462
00:38:24.039 --> 00:38:29.360
think a few hours day, the
cable then reached out to the lady industry

463
00:38:29.480 --> 00:38:34.760
to sort of do their own secondary
verification, and you is the official statement

464
00:38:34.800 --> 00:38:37.320
I came back to the indust in
which I think said it all. The

465
00:38:37.400 --> 00:38:42.280
statement basically said this does not have
a thing to do because why I'm aware

466
00:38:42.280 --> 00:38:46.280
of this, which is not sachromatic
language, right because normally they you know,

467
00:38:46.320 --> 00:38:52.239
they wouldn't want to cause embarrassment to
the account practic government, so normally

468
00:38:52.280 --> 00:38:54.320
they would just for for you of
sometime need to respond that I will say

469
00:38:54.360 --> 00:38:58.440
anything. But in this case they
said openly, this has nothing to do

470
00:38:58.559 --> 00:39:02.400
with us, which is it?
You know, it's a dramatic way of

471
00:39:02.480 --> 00:39:07.599
saying whatever is very not saying people
are the government, it's you know,

472
00:39:07.639 --> 00:39:12.320
but please don't involve us of the
storms, which again I think that's about

473
00:39:12.360 --> 00:39:17.719
am delig gomny one thinks of my
care and governments right now, gotcha tell

474
00:39:17.719 --> 00:39:22.719
me, David. I wanted to
go deeper at this. Who announced this

475
00:39:22.000 --> 00:39:27.599
visa, this visa six forty was
it on the government website and the joint

476
00:39:27.639 --> 00:39:37.320
government webs that has not to pay
so the I have actually gone through the

477
00:39:37.400 --> 00:39:43.920
payment process because I'm not I don't
to waste my save the kay on finding

478
00:39:44.000 --> 00:39:47.119
out who is behind something. However, I did say it's on who appinally

479
00:39:47.199 --> 00:39:53.800
did go through the payment. And
apparently the payment gageway is is fluttering with

480
00:39:55.239 --> 00:39:58.760
okay, which I think tells the
story on it. So so clearly this

481
00:39:58.880 --> 00:40:05.440
is an actually everything so flutter away. This money is the fla. But

482
00:40:05.519 --> 00:40:09.119
who's getting the money in Nigerian government? Government ask Nigerians to pay that.

483
00:40:09.280 --> 00:40:14.480
I'm trying to guess who actually produce
the government that's the that'st the thing's a

484
00:40:14.599 --> 00:40:22.199
private tents to get a private entity, okay, but the minister of idea

485
00:40:22.079 --> 00:40:28.960
the idea is and so I'm guessing
what happened is that the U have told

486
00:40:29.000 --> 00:40:32.800
the Nigerians a part that the large
part of the reason why we imposed the

487
00:40:34.239 --> 00:40:37.360
back, It's be those people are
coming to the Nigerians are coming to the

488
00:40:37.760 --> 00:40:42.840
documentation, which to be fair,
what's a thing towards the problem. So

489
00:40:42.960 --> 00:40:49.559
you have to find find a way
of filtering out fraudulent the applications of or

490
00:40:49.639 --> 00:40:52.639
of fraudulent documents before they get sent
to us, so that we don't have

491
00:40:52.719 --> 00:40:58.679
this prog going forward. So I'm
guessing what the Nigerians are then told the

492
00:40:59.239 --> 00:41:05.719
counter critis okay, we'll set up
it documents, the edification system to ensure

493
00:41:05.760 --> 00:41:09.519
that only legitimate applications constable to you, which is why the u A.

494
00:41:09.599 --> 00:41:14.440
If you notice the u A and
PASY actually retweeted to the post from the

495
00:41:14.519 --> 00:41:19.920
Minister of Information because they probably didn't
see anything, but they probably didn't realize

496
00:41:20.039 --> 00:41:23.639
or some you know who you involved
there. But in the midst of all,

497
00:41:23.719 --> 00:41:29.519
there's somebody enterprising Federal has realized,
Okay, there's an opportunity to to

498
00:41:29.800 --> 00:41:32.400
there's an arbitrad opportunity. There's a
chance to build a pit where it doesn't

499
00:41:32.400 --> 00:41:36.679
need to exist, and there's a
chance to make some money out of this

500
00:41:36.840 --> 00:41:42.679
thing. So you have this unknown
private because we still don't know who they've

501
00:41:42.800 --> 00:41:45.719
ultimated the official private entity is.
All we know is that women need to

502
00:41:45.880 --> 00:41:52.800
is food with the men funnel is
Global Voice Group which works with this pseudo

503
00:41:52.159 --> 00:41:58.159
pseudo public you know, entities that
raise money from this or the processes,

504
00:41:58.199 --> 00:42:04.760
and we still don't know who the
actual may beneficiary. Someone links to someone

505
00:42:04.800 --> 00:42:07.400
that suggested I appreciated you know who, I have no way of knowing.

506
00:42:07.400 --> 00:42:15.159
You're verifying that someone close to the
power. Yeah, so I so David,

507
00:42:15.280 --> 00:42:19.119
I can't pick up and say I
want to process us visus or uk

508
00:42:19.280 --> 00:42:22.800
Bi stas or Dubai pizzas. It's
not possible. So somehowever, visit for

509
00:42:22.800 --> 00:42:29.559
a different country. The Nigerian government
must approved me to receive passports otherwise,

510
00:42:29.800 --> 00:42:31.840
So when I'm trying to go is
to tie soon in government to this six

511
00:42:32.000 --> 00:42:37.440
forty because there is not even the
person in the ministry that there has to

512
00:42:37.519 --> 00:42:42.239
be immigration. There has to be
soon. As I proved that you can

513
00:42:42.400 --> 00:42:47.039
do this through this app the minister
tweeted it said we're back on getting business

514
00:42:47.039 --> 00:42:52.920
with you usually do bad. But
who I don't know? But who is

515
00:42:52.039 --> 00:42:58.480
there? Who is the person that
actually sold this? You've uncovered the pretty,

516
00:42:59.239 --> 00:43:02.239
the small behind the curtains. We
are but who is the president actually

517
00:43:02.360 --> 00:43:07.559
sold? Is it the Minister of
Aviation? That mean the official person?

518
00:43:07.079 --> 00:43:09.599
Who is that person? Do you
do you have an answer for that?

519
00:43:12.039 --> 00:43:16.159
No? I do not, Okay, all right, So what's happening now?

520
00:43:16.440 --> 00:43:22.559
I saw the Dubai guys do a
clean up and say they that their

521
00:43:22.880 --> 00:43:25.400
total cost for their visa is not
in effecting. It's not all that ten

522
00:43:25.519 --> 00:43:30.840
thousand dollars for six months and all
that. So if I want to apply

523
00:43:30.920 --> 00:43:35.199
for visa today, do I still
need six forty? Do I still has

524
00:43:35.239 --> 00:43:39.280
it been taken down? Or are
people still paying to this shadowy guy?

525
00:43:39.679 --> 00:43:47.599
If you're gonna, if you're gonnapplay
for what you said interesting, ignore whatever

526
00:43:47.719 --> 00:43:52.800
then said, go with what the
you government said, because they're the ones

527
00:43:52.800 --> 00:43:59.760
who was a chance to say what
you shoot interesting. We're friendally for fighting

528
00:43:59.920 --> 00:44:04.440
you, David. That's quicker breaking
news. I'm readly online that Dangte has

529
00:44:04.639 --> 00:44:09.519
asked the NNPC to buy him out. So he's offering the six hundred and

530
00:44:09.599 --> 00:44:15.360
fifty billion refinery to the NNPC.
That and I'm quoting him. Let the

531
00:44:15.519 --> 00:44:19.039
NNPC buy me out and around they're
finding the best way they can. They

532
00:44:19.079 --> 00:44:22.360
have labeled me in monopolis. That
is incorrect and unfair legation, but it's

533
00:44:22.440 --> 00:44:28.360
okay if they buy me out.
At least they are so called monopopolistly out

534
00:44:28.400 --> 00:44:35.559
of the way. Interesting times natua
An episode doesn't have fifteen billion, And

535
00:44:35.679 --> 00:44:37.719
I think this is sad. And
this is where I was going to when

536
00:44:37.760 --> 00:44:40.159
I when I saw this news,
and I said, I was going to

537
00:44:40.199 --> 00:44:45.679
buy NNPC refinery, but I'm going
to pause till I see what's happening.

538
00:44:45.800 --> 00:44:50.440
This is what I was afraid of. Clearly Dagote is getting out. I

539
00:44:50.519 --> 00:44:54.000
think these comments have got into him
and I think he realizes he's not fighting

540
00:44:54.079 --> 00:44:58.719
the reculator. I think there are
four sys that are fighting him, and

541
00:44:58.760 --> 00:45:00.320
I think he has Trawn in the
top. Well, the best is one

542
00:45:00.400 --> 00:45:08.039
person. As we'll say, NA
there was any comments on that, well,

543
00:45:08.199 --> 00:45:14.920
I'm struggling to take to take that, because that's that's actually a lot.

544
00:45:16.440 --> 00:45:21.719
So first of all, even if
the NBC has the money, which

545
00:45:21.719 --> 00:45:27.519
it don't, I don't think there's
anybody who is exactly excited at the prospect

546
00:45:27.599 --> 00:45:34.599
of navistaking that because I think the
entire reason why the muti refiner eiders exist

547
00:45:34.679 --> 00:45:38.519
in the first places because we all
agreed. But after decades on the still

548
00:45:38.559 --> 00:45:44.000
around Intus after the rounding, and
that's it's clear. But the NBC has

549
00:45:44.079 --> 00:45:49.199
the intention of actually running the governments
around the finding. They have no intention

550
00:45:49.320 --> 00:45:52.440
of doing that. So if the
NMPC were to act, if this is

551
00:45:52.559 --> 00:45:57.920
actually happen, this will be actually
very very very very bad. Yes,

552
00:45:58.039 --> 00:46:06.719
and that is become like the other
four Basically Jesus H. Christ, David

553
00:46:06.880 --> 00:46:12.960
spelled the whole space of you know, I tweeted at Jacuta and Dangota refineries.

554
00:46:13.039 --> 00:46:20.559
The parils are so similar it's unbelievable. A Jacuta is failed today because

555
00:46:20.639 --> 00:46:25.039
of location. Who are important critical
elements? We didn't have the critical elements

556
00:46:25.320 --> 00:46:34.039
and of course just regulatory incompetence.
How can Nigeria explain to our grandchildren that

557
00:46:34.480 --> 00:46:39.480
someone built in fifteen billion refinery and
we're talking that the person is not being

558
00:46:39.840 --> 00:46:45.519
celebrated and giving a knighthood, is
selling anything. That that's the guy is

559
00:46:45.920 --> 00:46:53.400
the toll man. So we've done
landmark. The landmark guy came from abroad,

560
00:46:54.000 --> 00:46:59.559
invested money in Nigeria. Look at
what happened to him, Dangote.

561
00:46:59.760 --> 00:47:02.239
No again, no matter what you
said about the guy, he invested that

562
00:47:02.360 --> 00:47:07.760
money in Nigeria, look at what's
happened to the guy. So who will

563
00:47:07.880 --> 00:47:14.199
now wake up tomorrow and go and
borrow a billion dollars and invest in Nigeria.

564
00:47:14.880 --> 00:47:17.519
This is my fear, my fear, David. We have a lot

565
00:47:17.639 --> 00:47:22.280
to put on to ask you questions. Allow me to start to add them,

566
00:47:22.639 --> 00:47:24.559
to make a comment and to ask
you questions if you don't mind,

567
00:47:24.679 --> 00:47:30.920
Yeah, let's start with doctor,
Obia raary. Doctor, you've been here,

568
00:47:31.000 --> 00:47:35.480
you've heard David walk us through the
Dubai visa. You've also heard the

569
00:47:35.559 --> 00:47:38.559
Dangote issues and all that. What's
your take? Let me also get your

570
00:47:38.639 --> 00:47:43.840
own take on Dangote. I get
the point about Dangote being a quote and

571
00:47:44.000 --> 00:47:46.599
quote. You know, I want
it all, But what's your taking?

572
00:47:46.800 --> 00:47:50.800
Was going he's now offering it busy
to buy him out. It's like the

573
00:47:50.880 --> 00:47:57.840
man wants to go retire Ellen unusual
doctor, what's your take? Thank you

574
00:47:58.400 --> 00:48:01.840
Carlo, I thank you David for
the good job you've done. And uh,

575
00:48:02.440 --> 00:48:07.039
card of the truth is you know
you raised an issue. You said

576
00:48:07.119 --> 00:48:13.400
one of the reasons why if we
continue important pms, I wom I not

577
00:48:13.480 --> 00:48:15.079
be able to build roads. We
are not building rules, not because we

578
00:48:15.119 --> 00:48:21.039
are important PMS. We're not building
us because half of four week clear.

579
00:48:21.079 --> 00:48:25.960
To be important criminal is to look
on out of Nigeria. We will situated

580
00:48:27.199 --> 00:48:34.760
web Can in Nigeria from nineteen nineteen
ninety or now the first time in the

581
00:48:34.880 --> 00:48:39.800
history of this country that we're saying
as escorting good area, I'm not seeing

582
00:48:39.840 --> 00:48:45.599
the money is coming to the area. Are important? What was never an

583
00:48:45.639 --> 00:48:53.199
important intus country staped under Johnada and
assume their master's proportions under the Boy region.

584
00:48:53.639 --> 00:49:00.800
If you looks me the reasons the
way he became president did not invents

585
00:49:01.039 --> 00:49:07.960
and other economy output then was at
about one point eight billion bad say they

586
00:49:07.960 --> 00:49:13.119
heard about we did not have any
huge careers, but only had about five

587
00:49:13.159 --> 00:49:15.599
billion dollars three point nine billion.
The last of that I came back.

588
00:49:16.639 --> 00:49:21.920
We had a huge external death,
but that the two billion I was onside

589
00:49:21.960 --> 00:49:25.960
the sevel. We What obasad your
did was to and after that time the

590
00:49:27.039 --> 00:49:30.559
buyelof Kudi a breage part of Bilot
could in between nineteen naty nine. In

591
00:49:30.679 --> 00:49:36.480
two thousand and they three Abascas first
then Mother by the high as well backty

592
00:49:36.559 --> 00:49:43.119
five dollars partout. Pid k was
saying, that's seventeen dollars thirty five cents.

593
00:49:44.119 --> 00:49:47.800
But what Abasa your did was very
simple. Albas adele is not enough.

594
00:49:49.199 --> 00:49:53.199
You will not drink him to be
anxiety or by a sabas as much

595
00:49:53.239 --> 00:49:59.599
as portable. Ensued that our could
not study and by the time their party

596
00:49:59.719 --> 00:50:02.639
was able to rappit up about two
point two million ballets a day on the

597
00:50:02.719 --> 00:50:07.639
downstream sector. Abassenger also ensured that
that we are doing the pages like we

598
00:50:07.760 --> 00:50:12.920
had on that disjiourney and then the
criminal by the and the bandit that we

599
00:50:13.039 --> 00:50:17.159
have now in power under Obasad job
from nineteen nineteen ninety two thousand and seven,

600
00:50:19.400 --> 00:50:24.320
the highest we spent important white palle
but the PM about twenty eight million

601
00:50:24.440 --> 00:50:30.400
meters a day. That was our
consumption. Then I remember an the passage

602
00:50:30.440 --> 00:50:32.760
job. Between two thousand and five
two thousand and seven, we had a

603
00:50:34.039 --> 00:50:39.400
very boyant middle class population of almost
about three million Nigerian school have fought in

604
00:50:39.559 --> 00:50:45.519
home of about one twenty to one
sixty thousand dollars a yea. It was

605
00:50:45.559 --> 00:50:47.400
a time that year were migrating from
the world street to come out of work

606
00:50:47.400 --> 00:50:51.320
here that had We were coming from
Europe, from every part of the world.

607
00:50:51.880 --> 00:50:54.760
Because the passa job was able to
pay off our external debt after negotiations

608
00:50:55.400 --> 00:51:00.280
New talk is love of forty five
billion dollars. We were paying subsidies,

609
00:51:00.360 --> 00:51:06.000
the parents were working there. There
were a lot of theys being done in

610
00:51:06.119 --> 00:51:10.000
Nigeria. Basically what has happened and
which we must not do. Sight of

611
00:51:12.400 --> 00:51:17.800
an APPOSITI with you started in twenty
fifty. We are not good deals because

612
00:51:17.880 --> 00:51:22.239
our code they are still in it
like switch were doing that. An ALGORBM

613
00:51:22.320 --> 00:51:30.119
to our output was two point four
million ballers in day would have condescens the

614
00:51:30.000 --> 00:51:32.960
it would catch a cree and when
it became the Minister of State and the

615
00:51:34.159 --> 00:51:39.519
NNPC BND did a study and came
up that our actual added the consumption was

616
00:51:39.599 --> 00:51:45.400
between thirty two two that's eight million
liters a day. This isue of where

617
00:51:45.480 --> 00:51:50.119
in partices sixty million liters one imports
too. One million letters we are posuiting

618
00:51:50.159 --> 00:51:54.039
a day was actually part of them
a game or the gangster where they brought

619
00:51:54.079 --> 00:52:00.239
them both. So our tosses with
this web. Our total daily non stiddy

620
00:52:00.239 --> 00:52:05.440
in Nigeria is not more than that
eight million a day. Even as that

621
00:52:05.559 --> 00:52:09.440
February, the PA which is not
the lm VPR ray told that our daily

622
00:52:09.440 --> 00:52:14.320
because consult was that eight million.
Even that that eight million was being contested.

623
00:52:15.159 --> 00:52:19.599
If you look at all that develope
economy from the US to the UK

624
00:52:20.320 --> 00:52:24.800
to even South Africa, it would
have our lebord in countries look at the

625
00:52:25.039 --> 00:52:31.559
average condoms figure as had two thousand
and two, the US daily consumption on

626
00:52:31.639 --> 00:52:37.199
P fourteen billion one part four billion
liters a day. If you look at

627
00:52:37.280 --> 00:52:45.400
this trajectory from two to two and
fourteen, look that the daily consumption never

628
00:52:45.480 --> 00:52:51.440
shifted appost five percent. It is
defending across the auto missions from the world

629
00:52:51.559 --> 00:52:57.480
development or non developing. Nigeria is
the only place that the daily players consumptions

630
00:52:58.920 --> 00:53:02.679
who it was said with five percent
over in period of forty because of one

631
00:53:02.760 --> 00:53:08.280
thing. Most of these days the
important that yeah have not been important and

632
00:53:08.480 --> 00:53:13.840
yeah they are still in stops on
top of it. So basically what you're

633
00:53:13.880 --> 00:53:20.920
seeing happens. It's a very purportant. Why like I I I look may

634
00:53:21.000 --> 00:53:25.440
not to be like we said the
normals beakers fan business man, but to

635
00:53:25.840 --> 00:53:31.159
is a'm the most conste to him
of this man has invested their Nigeria.

636
00:53:31.920 --> 00:53:36.880
This man are like others that are
going to do bye to them by properties,

637
00:53:37.360 --> 00:53:40.920
by hotels everywhere South Africa. This
man has invested his blood and in

638
00:53:42.079 --> 00:53:45.360
Indianazia economy. And as much as
some of us may not agree with every

639
00:53:45.400 --> 00:53:49.840
of his business practices, but one
thing you will give to him in that

640
00:53:50.000 --> 00:53:55.199
patro that designed to invest everything that
leg which has valuable orlike the kind of

641
00:53:55.239 --> 00:54:01.559
people that we have at an NBC
and PR even those group of part governors

642
00:54:02.239 --> 00:54:14.360
in insane clients that day that has
been made that what is in clients the

643
00:54:14.480 --> 00:54:22.559
same way a message is being cot
in is the way that those in when

644
00:54:22.599 --> 00:54:24.679
I've been a wrestling, I've been
cod from what day have thought over the

645
00:54:24.840 --> 00:54:30.800
last eight years, you know,
the two tastes like but the refers.

646
00:54:30.840 --> 00:54:37.679
We would always say, this is
the fight that is beyond the normal fights.

647
00:54:37.679 --> 00:54:45.480
If you play now, is actually
a fight of interests being those who

648
00:54:45.639 --> 00:54:50.280
was to Grandpa of the Islanders and
this man who has sunk in his investments

649
00:54:50.679 --> 00:54:53.519
and who is also trying to control
the industry in the ballistic persions, but

650
00:54:54.960 --> 00:55:01.159
the fights it's not for each and
and I just with that post one day

651
00:55:01.360 --> 00:55:05.800
even everyone of us would agree to
have a government that will have the interest

652
00:55:05.840 --> 00:55:10.280
of as like I mean, I
mean, David is we're saying this casually.

653
00:55:10.360 --> 00:55:16.679
But the guy invested fifteen billion and
that guy's walking away, walking away

654
00:55:17.800 --> 00:55:22.880
from that investment, or wants to
work with an investment fifteen billion? What

655
00:55:23.000 --> 00:55:27.920
are we talking? You know,
do you guys understand what was going on?

656
00:55:28.679 --> 00:55:36.199
Who will invest in Nigeria? Who
ken happen here? David? Yeah,

657
00:55:36.280 --> 00:55:39.719
I mean nobody. I mean's this
is nobody. Let me give you

658
00:55:39.760 --> 00:55:42.920
a story of that. But this
is when I was in secondary school.

659
00:55:43.480 --> 00:55:50.360
I was watching under a Butcher's government. Mister Antonia Annie was giving the budget

660
00:55:50.440 --> 00:55:52.400
speech. I said, giving this
story for it's a true story. Mister

661
00:55:52.559 --> 00:55:58.320
Antonia Annie was giving the budget speech. And the budget speech mister Antoni and

662
00:55:58.400 --> 00:56:01.360
this is the budget has been released
and he was giving the breakdown of the

663
00:56:01.440 --> 00:56:07.079
budget. He's setting that projet speech. The import of rice has been banned.

664
00:56:07.960 --> 00:56:10.400
When he said it, there was
a more and more more in the

665
00:56:10.480 --> 00:56:15.480
crowd than he continued talking. Give
it about thirty or forty five. And

666
00:56:15.519 --> 00:56:20.960
it was a live show. Someone
came from Antony Andie and gave him a

667
00:56:21.000 --> 00:56:24.679
note. After any ready notes,
put the note down, kept on talking

668
00:56:24.719 --> 00:56:30.519
and says, I want to correct
something I said. Imports of rice has

669
00:56:30.719 --> 00:56:34.000
not been banned. Go and look
for this is it. I watched this

670
00:56:34.159 --> 00:56:37.559
thing live. If you don't know, mister and mister Dangote made this money

671
00:56:37.639 --> 00:56:45.000
from the imports of rice. So
essentially doing a budget speech, the Minister

672
00:56:45.119 --> 00:56:49.480
of Finance announced that that rice has
been banned. He didn't say there it

673
00:56:49.679 --> 00:56:52.719
was in the budget past by the
president the head of it then, which

674
00:56:52.840 --> 00:56:57.400
was a badger. A badger banded
rice as they were talking. They gave

675
00:56:57.480 --> 00:57:00.199
the Minister of fancying notes and trying
him to unband right as it was talking.

676
00:57:00.599 --> 00:57:05.559
So all the budgets provisions for that
year. Of course that's gone on

677
00:57:05.920 --> 00:57:09.880
live TV. But in twenty twenty
four, Diagtia says, I can't fight

678
00:57:10.000 --> 00:57:14.559
whatever power is fighting me. I
want to get cashed out. I'll go

679
00:57:14.679 --> 00:57:17.119
back to my whatever to import or
whatever. I think that's what's going on

680
00:57:17.159 --> 00:57:22.760
this country now that Dangote cannot do
business in this country in this climate.

681
00:57:22.360 --> 00:57:29.480
Ken, what's are you mind?
Thanks David Seious, thank you for the

682
00:57:29.519 --> 00:57:34.559
opportunity. Yeah, yeah, go
ahead. To be honest, I'm not

683
00:57:35.440 --> 00:57:39.760
I'm not happy to. I mean
when I when I saw these events unfowarding

684
00:57:39.840 --> 00:57:46.480
the estd and you know followed kingly
the development of this on this repinery ever

685
00:57:46.639 --> 00:57:54.320
since when when I'm announced it,
you know, and give that entire view

686
00:57:54.400 --> 00:58:00.679
with Richard Couest on CNN, I'll
be following to know exactly how do you

687
00:58:00.800 --> 00:58:07.440
find out has been uh being is
being developed? And you know, yes,

688
00:58:07.519 --> 00:58:09.840
I have people that work there and
you know, I'm an engineer.

689
00:58:10.400 --> 00:58:19.800
I understand the technicality when when when
these people talk and what what what what

690
00:58:19.960 --> 00:58:24.119
it entails? You know, what
I've heard with regards to the development of

691
00:58:24.239 --> 00:58:29.400
that complex, you know, shows
that they are issues. You know,

692
00:58:29.760 --> 00:58:36.079
they are technical issues, engineering issues, and that is fine. It's not

693
00:58:36.199 --> 00:58:39.559
the problem. You know, when
you when you when you when you develop

694
00:58:39.960 --> 00:58:45.199
multi billion dollar projects, they are
complex. You know, challegists can't come

695
00:58:45.320 --> 00:58:50.199
and you can you are there to
solve them. But what I see here,

696
00:58:50.599 --> 00:58:53.920
to be honest and how you and
and and everyone has spoken and everyone

697
00:58:54.079 --> 00:58:58.760
listening, what I've seen here as
a plectratical engineria. What I see here

698
00:58:59.000 --> 00:59:02.679
is, you know, there the
issues on ground that is not being addressed

699
00:59:04.000 --> 00:59:09.559
by by by the down A group
and for Ugulito and and and the dual

700
00:59:09.639 --> 00:59:16.559
Midstream and Downstream Petroleum Regulation Agency to
come out an issue that statement. It

701
00:59:16.760 --> 00:59:22.000
is waited. And the reason why
I say that is that this refinery before

702
00:59:22.039 --> 00:59:29.880
it even started construction and the must
have been h done and implemented and signed

703
00:59:29.880 --> 00:59:34.599
and approved by the Federal Administrative Environment
and that the yeah, it will set

704
00:59:34.719 --> 00:59:39.840
certain limits. Letting stand that certain
expectations and specifications with regards to the products

705
00:59:40.159 --> 00:59:45.760
that will come out of there and
and how it will affects the environment those

706
00:59:45.800 --> 00:59:49.639
so that it is built up now
for for this, for these leglitos to

707
00:59:49.760 --> 00:59:53.440
come out and see that it is
coming out from that complex. The wo

708
00:59:53.760 --> 01:00:00.239
was that imputs what what what what's
this mean? From outside? And you

709
01:00:00.320 --> 01:00:04.760
know, Carlo, outside it on
one of your spaces that the digital we

710
01:00:04.840 --> 01:00:09.000
get from Europe is the detest in
the world. And I and I explained

711
01:00:09.039 --> 01:00:14.360
your origin to that, why why
it is and there's a market for it,

712
01:00:14.559 --> 01:00:17.920
Let's have it quickly, Let's have
it? Yes, yes, So

713
01:00:19.280 --> 01:00:25.960
so to be honest, to be
what's what I'm going to see is that

714
01:00:27.320 --> 01:00:32.599
is that the group they're saying that
what they need to need for correct to

715
01:00:32.719 --> 01:00:37.800
correct a mistake, the engineer mistake
to bring this products to where they're supposed

716
01:00:37.840 --> 01:00:39.840
to be. It's going to cost
a lot of money and not willing to

717
01:00:39.920 --> 01:00:45.440
and let's not forget. Are you
saying as an engine all mistake Carlo,

718
01:00:45.559 --> 01:00:50.840
like I said, I don't want
to say many things. It's something that

719
01:00:51.039 --> 01:00:55.880
is evolving. And now have people
that have worked there and the yeah,

720
01:00:57.039 --> 01:00:59.719
you know there are some things,
there are some things that you know.

721
01:00:59.840 --> 01:01:04.400
I I heard over two years ago
that to be honest, I there are

722
01:01:04.480 --> 01:01:08.679
things that can be solved. Yees
going to what they can be solved.

723
01:01:08.800 --> 01:01:14.599
This is in the multi billion dollar
things go wrong. When things go wrong,

724
01:01:14.679 --> 01:01:17.760
you can fix them and you'll be
fixing them at that point. Yes,

725
01:01:17.800 --> 01:01:22.760
it's going to be expensive, but
the duty is on you to fix

726
01:01:22.840 --> 01:01:29.239
them. For ability to come out
and tell you that you're pre commissioning pre

727
01:01:29.280 --> 01:01:34.639
commissioning doesn't fast. They still commissioning. What this man did the last time

728
01:01:34.639 --> 01:01:37.480
we bory. It's just said for
a show that's all commissioning, you have

729
01:01:37.639 --> 01:01:43.400
to do precommissioning. You must be
issued certificate before you go sit to the

730
01:01:43.519 --> 01:01:46.000
next pace, which is commissioning.
So for them to come out and see

731
01:01:46.239 --> 01:01:52.400
they're only forty five percent goes.
They've only done forty five percent of the

732
01:01:52.480 --> 01:01:58.280
pre commissioning I just did. Since
they did the official I would say on

733
01:01:58.480 --> 01:02:04.159
official commissioning. Yeah, I meant
talking about more than nine months, more

734
01:02:04.199 --> 01:02:08.800
than twenty months, and the issue
has still not be sold that there is

735
01:02:09.440 --> 01:02:22.199
issue still. Yes, by saying
it's an engineering issue, I now have

736
01:02:22.320 --> 01:02:25.239
to pull that tread. I'm going
to pull that track never thought about that

737
01:02:25.320 --> 01:02:30.119
treade. I'm going to have to
pull that trad ken. David just sn

738
01:02:30.280 --> 01:02:37.840
just sent me that the the the
link to that visa is still on the

739
01:02:37.920 --> 01:02:44.079
minister's ex account. So the Aviation
Minister still has the link that includes that

740
01:02:44.239 --> 01:02:50.000
six forty NIRA. It's still his
x account. So this was the question

741
01:02:50.039 --> 01:02:53.039
that I was really trying to get
to. If the Minister Minister of Nigeria

742
01:02:53.320 --> 01:03:00.960
has that link on his ex account, that's an endorsement and the minister cannot

743
01:03:00.000 --> 01:03:05.039
tell us who is getting that six
forty you have. But can the minister

744
01:03:05.199 --> 01:03:09.159
tell us who is getting paid that's
six forty thousand and if he has any

745
01:03:09.360 --> 01:03:14.039
interest in that's six forty thousand.
I'm not sure if David will comment on

746
01:03:14.079 --> 01:03:30.119
that. Lets So I was I
was accepting to go, yeah, well,

747
01:03:30.639 --> 01:03:34.239
I thought, what I think is
happening is what in the Jungle mentally

748
01:03:34.320 --> 01:03:37.960
does when when it's caught with its
band style and it doesn't actually have any

749
01:03:37.000 --> 01:03:42.760
difference and it can't achieve your lying
or something, it just covers his eyes

750
01:03:42.800 --> 01:03:50.519
and just happen. So Ever,
since the the amorality authorities came out and

751
01:03:50.599 --> 01:03:53.639
said that this website has nothing to
do with them. There has been no

752
01:03:53.960 --> 01:03:59.719
statement, no response, nothing of
their enduring governments, no attempt to play,

753
01:04:00.280 --> 01:04:02.480
nothing. It's just because there's no
way, there's no way to depend

754
01:04:02.559 --> 01:04:06.719
it. They've been caught in the
middle of its car and there's just no

755
01:04:06.760 --> 01:04:12.360
way to defend it. So it's
just it's just quiet and eventually people forget.

756
01:04:12.840 --> 01:04:15.320
Now, if the reason goes back
into this streets that's in itself,

757
01:04:15.719 --> 01:04:21.159
we'll say the story that's an education
that even cuts. So it's just this

758
01:04:21.320 --> 01:04:26.079
way the people their attentions and is
very short. Even forty is over on

759
01:04:26.199 --> 01:04:28.960
something else. I'll get right,
we have been on something else. But

760
01:04:29.039 --> 01:04:31.440
you're gonna pay six hundred and forty
thousand. You can't go into something else

761
01:04:31.440 --> 01:04:34.639
if you're paying six hundred and forty
thousand. I right, you don't even

762
01:04:34.639 --> 01:04:38.079
know where it's gonna go to.
That's gonna be whenever you pay that amount

763
01:04:38.119 --> 01:04:41.960
of money, it's gonna be top
of mind. That's that's essentially it.

764
01:04:42.280 --> 01:04:45.880
It's gonna be top of mind.
David, Let's get a worlder. I

765
01:04:45.880 --> 01:04:49.039
don't know what legiohn crowded. Can
you go down into the question what are

766
01:04:49.039 --> 01:04:53.800
you mind? We're talking to buy
we're talking Dangote. Lots of breaking news.

767
01:04:53.880 --> 01:04:59.039
Also see President Biden has also dropped
out of the race and has endorsed

768
01:04:59.159 --> 01:05:02.079
Kamala Harris someth that that means anything
to the space, but it is what

769
01:05:02.159 --> 01:05:08.880
it is. Are you ready to
speak? John Crowder? All right,

770
01:05:08.960 --> 01:05:13.880
I can. You've got the floor. I can. Let's go. Yes,

771
01:05:14.559 --> 01:05:18.039
thank you for bringing me on.
So I want to say some some

772
01:05:18.400 --> 01:05:28.239
things. Personally, I don't have
any sympathy for the one imp. I

773
01:05:28.320 --> 01:05:34.760
think all of what he's doing currently
is spectacle. It is it is a

774
01:05:35.760 --> 01:05:43.880
It is a game that he's playing. He's riling up nationalists or nationalistic further

775
01:05:44.119 --> 01:05:53.719
nationalistic feelings to to basically answer that
I, Asurians aren't asking the important questions.

776
01:05:54.679 --> 01:05:57.760
First of all, this is not
the person. Thank goodness, you

777
01:05:58.079 --> 01:06:02.760
mentioned the whole thing about the right
importation. You and I know that what

778
01:06:02.880 --> 01:06:09.920
needs to happen is any industry he
gets into, you find funny things start

779
01:06:10.000 --> 01:06:14.559
to happen. Then somehow they bring
up something the government bring us from They

780
01:06:14.599 --> 01:06:18.360
say, oh, for that reason, these soupled people can only import or

781
01:06:18.519 --> 01:06:25.000
these people you can't import into the
country, effectively giving him a monopoly.

782
01:06:26.599 --> 01:06:31.360
They would give him implicit explicit,
usually implicit subsidies in the case of the

783
01:06:31.559 --> 01:06:36.840
refinery, then they use the r
effects give him a subsidized rates. We

784
01:06:36.960 --> 01:06:41.480
had the old thing of the Evenly
land that was the imports of yes,

785
01:06:41.679 --> 01:06:45.360
seven times as large as as large
as a v I. But then the

786
01:06:45.440 --> 01:06:49.920
question you manage to answerself, did
they do the environmental assessment tests? Because

787
01:06:49.960 --> 01:06:57.960
now they're selling properties around that area
and everything they do they need full in

788
01:06:58.039 --> 01:07:01.000
terms of environmental assessments, that people
are not staying around and all the other

789
01:07:01.239 --> 01:07:06.000
polutional issues. We don't really know
all those things. Then Goodness can raise

790
01:07:06.039 --> 01:07:15.400
the issue of of of engineering issues
him is he's rising up nationally sentiment and

791
01:07:15.880 --> 01:07:20.519
unfortunately we are getting a lot of
Nigerians unfortunately. I will add David to

792
01:07:20.679 --> 01:07:26.000
part of this that are literally buying
what he's seeing, who plan and sinker.

793
01:07:26.360 --> 01:07:30.079
I'm not trying to attack David doing
I'm just trying to say that you

794
01:07:30.679 --> 01:07:33.280
even get the press being with him, he's saying things like, oh,

795
01:07:33.599 --> 01:07:36.840
he's not in Monocole, He's going
to live. Sorry, he's truely his

796
01:07:36.960 --> 01:07:42.239
secrets. This is his secret.
He's not going to leave the market.

797
01:07:42.320 --> 01:07:45.360
He has it's like this song course
is true, not for him for him

798
01:07:45.360 --> 01:07:50.199
to just see I'm open and leaving. He's doing it. He's good continue

799
01:07:50.400 --> 01:07:55.800
in the market. He's trying to
give the government to protect him from foreign

800
01:07:55.840 --> 01:08:02.239
competition, which we can deal things
like bringing feeling to the coup of that

801
01:08:03.000 --> 01:08:06.480
couple of people that I entered the
markets and all these other things so that

802
01:08:06.559 --> 01:08:13.079
if wied to replicate, if the
the supernormal profits that they have been in

803
01:08:13.559 --> 01:08:18.560
semens in oil. We also know
this that if you look at even things

804
01:08:18.680 --> 01:08:21.600
like spagetti, you see some of
the other things that they even do.

805
01:08:21.960 --> 01:08:27.960
These are not like yes, he's
not the top producers, but most Nigerians

806
01:08:28.239 --> 01:08:31.960
don't buy those those things that his
companies making is because they feel that he's

807
01:08:32.000 --> 01:08:39.079
not the top quality stuff that that
that they're producing. And with the issue

808
01:08:39.119 --> 01:08:44.760
of cements, were told them that
all protects these guys do we improve production,

809
01:08:45.159 --> 01:08:48.039
we increase this increase that last year
when the government called them in the

810
01:08:48.760 --> 01:08:55.079
the the whole is it three or
four of them for mixing because they height

811
01:08:55.239 --> 01:08:59.399
the price of cements, they promise
to bring it down. They brought it

812
01:08:59.439 --> 01:09:01.359
down for a bit. He also
promised that they're going to increase production.

813
01:09:01.640 --> 01:09:06.239
They do know they've been saying this
thing for years or point years or point

814
01:09:06.319 --> 01:09:12.319
years. They're literally creating shortages throughout
the nigern the commun And it's unfortunate that

815
01:09:12.760 --> 01:09:16.439
a lot of the things that he
has been doing in the past is now

816
01:09:16.560 --> 01:09:21.119
coming back to bite him because now
we're having the worst inflation since the child

817
01:09:21.159 --> 01:09:27.039
era. So of course he can't
really hide becoming from easily cut him to

818
01:09:27.119 --> 01:09:30.439
side. And I'm glad that he's
being called to side, but I can

819
01:09:30.039 --> 01:09:36.199
I can define custo size. What's
going on. The guy hasil so so

820
01:09:36.359 --> 01:09:40.600
this thing, so this thing is
he has built the binary doesn't mean he

821
01:09:40.680 --> 01:09:44.439
needs to get him new police.
It doesn't mean that he needs to get

822
01:09:44.439 --> 01:09:50.479
professional. For other ok just pushing
back in conversation. Okay, okay,

823
01:09:50.720 --> 01:09:57.279
for others. There's one we're talking
about for other refineries, for the refiners

824
01:09:57.319 --> 01:10:00.760
that really are barely working. I
think the last because that's but who owns

825
01:10:00.800 --> 01:10:03.399
them? But you know, you
know who owns the marking, sorry and

826
01:10:03.479 --> 01:10:06.960
lun jobs. You know who owns
them and NPC. So the guy that

827
01:10:08.119 --> 01:10:12.000
owns four refineris that ground them to
a halt? Decided kissing the guy that

828
01:10:12.039 --> 01:10:15.680
does come on the block that he's
a monopolis. If the four epariners were

829
01:10:15.760 --> 01:10:19.039
working there, we monopoly just like
that, pushing that and certaining him where

830
01:10:19.079 --> 01:10:24.600
to fall. The truth is,
the truth is the trues. If the

831
01:10:24.760 --> 01:10:30.039
four refiners are working, he monopolice
because it will find ways, you'll find

832
01:10:30.079 --> 01:10:36.359
ways of which they're going to limit
competitions. How would he like, like

833
01:10:36.479 --> 01:10:44.319
you know again again, but doctor
I get you. But doctor by just

834
01:10:44.399 --> 01:10:47.920
said, the man is not static
bound again. When he came to Cement,

835
01:10:48.560 --> 01:10:54.399
he said that there was only a
shaka and fag. That's why he

836
01:10:54.479 --> 01:11:00.199
could come in and to do out
capacity and become the market leader. That's

837
01:11:00.239 --> 01:11:02.920
what he did with Cement. So
when when he goes somewhere and there's no

838
01:11:03.079 --> 01:11:05.520
one there. He tried, he
wanted to banking, you know, he

839
01:11:05.560 --> 01:11:10.920
went into banking. He won Liberty
Bank. He left because they couldn't take

840
01:11:11.079 --> 01:11:17.119
those competitions good because competition So when
when when? So the point that making

841
01:11:17.239 --> 01:11:23.560
that the part making acting that if
n NPC had four functional refineries and he

842
01:11:23.720 --> 01:11:28.560
brought his, I would there not
be competition? The te why they will

843
01:11:28.600 --> 01:11:30.560
not be competition them word, they
will be competition. So the thing is

844
01:11:31.359 --> 01:11:38.720
he first of all will have more
capacity and capacity than than than as two

845
01:11:38.840 --> 01:11:43.319
or three of them put together,
so you will have equip have a capacity

846
01:11:44.159 --> 01:11:47.560
advantage, meaning that he can he
can how they can charge, so he

847
01:11:47.600 --> 01:11:53.479
can leverage his economs of scale to
chid at lower prices and probably for a

848
01:11:53.560 --> 01:11:56.880
certain time it's into market. Sha. But but does it a bit hypothetical?

849
01:11:57.319 --> 01:12:00.680
The thing also to is that he's
complete about who's not being given oil

850
01:12:01.359 --> 01:12:09.119
as as as his agreement with an
even when even when part was going to

851
01:12:09.760 --> 01:12:15.039
to to commission the refinery last year
or even two years ago, there were

852
01:12:15.159 --> 01:12:21.239
already rules that were taking now that
we're backed by by my Drea's control play.

853
01:12:21.399 --> 01:12:26.079
So this is not something that you
just seen this year. But he

854
01:12:26.239 --> 01:12:34.199
continued, and I can't know just
again, work to move on, right,

855
01:12:34.279 --> 01:12:38.399
but just making the point again.
And I have made that point that

856
01:12:38.640 --> 01:12:44.439
n n PC owns for refineries.
If n NPC's refiners were working, there

857
01:12:44.439 --> 01:12:47.600
will be no monopoly. So nn
PC has grounded refiners to a halt.

858
01:12:48.079 --> 01:12:54.079
And I'm now accusing this guy of
running monopoly. Let's assimilar correct and that

859
01:12:54.199 --> 01:13:00.119
God is a monopolist, He's only
in monopolice because n NPC's refineries and not

860
01:13:00.479 --> 01:13:02.359
working. That's the point. I'm
naked, that's the point. Okay,

861
01:13:02.359 --> 01:13:08.560
So we planned to add something.
The thing is that while while I agree

862
01:13:08.600 --> 01:13:14.239
with the governments, the current government
about how they're actually exposing him publicly and

863
01:13:14.399 --> 01:13:17.600
actually because he wants to do the
old media toward use the media to try

864
01:13:17.640 --> 01:13:21.600
to put a total this sort of
pressure campaign against the government, I like

865
01:13:21.680 --> 01:13:27.039
the fact that they're also taking in
the media putting Where the government is missing

866
01:13:27.880 --> 01:13:31.119
is that if you're going to go
about and start to expose Hiss, the

867
01:13:31.199 --> 01:13:36.399
engineering fords and the fact that he's
giving subsidient, substandard products out and everything,

868
01:13:36.800 --> 01:13:43.760
you should also bring a viable path
of how I want going to ensure

869
01:13:44.159 --> 01:13:50.439
that that's what gets the fineries working. I we're also going to end show

870
01:13:50.680 --> 01:13:58.319
that we are being seen as just
as all starting him specifically because now I'm

871
01:13:58.359 --> 01:14:00.920
hearing people say things about why should
people investment? There's so many good reasons,

872
01:14:01.119 --> 01:14:06.479
and I don't think this is necessarily
amazing why people na I can't Okay,

873
01:14:06.960 --> 01:14:13.319
it is being communicated on Bluebert from
starts put something is not to invest

874
01:14:13.439 --> 01:14:17.159
still, but no body people are
saying, that's that's that's a lot of

875
01:14:17.239 --> 01:14:24.039
the reasons why these issues with because
of his possible He doesn't it doesn't.

876
01:14:24.039 --> 01:14:27.960
It doesn't matter. It doesn't matter. This since you're saying don't matter.

877
01:14:28.079 --> 01:14:31.960
The twenty four year old in America
that runs the Blueberg terminal wants to invest

878
01:14:32.119 --> 01:14:35.800
in an emerging market. He doesn't
know Dangote, he doesn't know. You

879
01:14:36.439 --> 01:14:41.920
doesn't know I when he goes and
he sees a news items that the richest

880
01:14:41.960 --> 01:14:46.560
man, it's like Warren Buffett saying
that he's pulling out of Geico or Cura

881
01:14:46.640 --> 01:14:53.520
Cola and winch a company in America. If you while if you I can't

882
01:14:53.560 --> 01:14:57.399
hear that. War On Buffett is
saying, all the US shares to invest

883
01:14:57.479 --> 01:15:00.640
in Japan, would you go and
invest in the US. This is where

884
01:15:00.720 --> 01:15:03.880
these things have important. What happens
to them? I can, I can.

885
01:15:03.960 --> 01:15:11.840
Let's move on, I can we
have it doesn't, it doesn't matter,

886
01:15:12.760 --> 01:15:17.600
It doesn't. The American government,
they are the American The American government

887
01:15:17.720 --> 01:15:23.920
tackled Capital, Capital, Oil,
Rockefeller and broke into eight part. They

888
01:15:23.960 --> 01:15:28.760
did not destroy it. They broke
into eight part exon can movie and have

889
01:15:28.800 --> 01:15:32.600
all those conn now today. Clinton
did not destroy Microsoft. They broke down.

890
01:15:32.720 --> 01:15:38.960
They cannot put your your explorer and
make it. Okay, let's move

891
01:15:39.000 --> 01:15:48.640
on exposing. Can we have a
can? Can an irregulator cannot go on

892
01:15:49.000 --> 01:15:56.439
air and say the largest single investment
in his own country life? You don't,

893
01:15:56.640 --> 01:16:01.159
and that's what we're saying. I
can, Okay, I think you

894
01:16:01.239 --> 01:16:05.600
can expose him. They've already raided
him with taxes. Right his head office

895
01:16:05.760 --> 01:16:10.680
was raided. Do you know what
to read an office means? It's already

896
01:16:10.760 --> 01:16:16.039
on Bloomberg that Dangote's office was raided
by the tax authorities? Have they raided

897
01:16:16.399 --> 01:16:20.399
her name? Let's list the comment
nature have been readed? Let's list them?

898
01:16:20.560 --> 01:16:26.520
How many comes to be raided Nigeria. But Dangote's head office was raided

899
01:16:26.880 --> 01:16:29.840
by the e f C C.
Come on, we're not kids, so

900
01:16:30.000 --> 01:16:33.159
we know what's going on. Let's
I think let's I think we have to

901
01:16:33.279 --> 01:16:35.760
move on. I think we have
to move on. I can. That's

902
01:16:39.119 --> 01:16:41.520
good. I cannot help the mic. We have to move on. That's

903
01:16:41.560 --> 01:16:45.439
that a G A. You've got
the floor. OK. Let's have to

904
01:16:45.279 --> 01:16:49.279
just actually move on. Hi,
we're talking, Yes, we are,

905
01:16:49.359 --> 01:16:55.039
we're talking to Dubai. We're talking
to Dangote. We've got David on tap

906
01:16:55.119 --> 01:16:57.279
with us. Do you have a
question for David or comment, Please go

907
01:16:57.279 --> 01:17:02.560
ahead, let me just speak to
speak to on the Dangote issue. Making

908
01:17:02.840 --> 01:17:05.720
one man feel as safe it's in
savior. I don't think it's a good

909
01:17:05.720 --> 01:17:10.600
way to look at it. Since
nineteen ninety nine from a person enjoy yard

910
01:17:10.960 --> 01:17:16.840
to what's name good luck and recently
dangled had been given undue advantage in terms

911
01:17:16.840 --> 01:17:21.800
of the economy and its businesses and
what a view, Okay, I would

912
01:17:21.800 --> 01:17:26.920
from my from my point of view, I would expect more Dangotists. You

913
01:17:27.359 --> 01:17:31.319
can't just have one man who has
year in year out being the richest person

914
01:17:31.359 --> 01:17:39.760
in Africa. It doesn't stand away
from you know, from that word view.

915
01:17:40.560 --> 01:17:45.079
Then coming to the refinery, I
believe that that refinery is not completed.

916
01:17:46.600 --> 01:17:50.239
All the commissioning that was done at
the time of where it was just

917
01:17:50.439 --> 01:18:00.079
you know, uh, just a
show. If he has anything with the

918
01:18:00.119 --> 01:18:05.840
regulator, I believe they can sit
down and iron things. Okay, the

919
01:18:06.000 --> 01:18:11.399
refinery will work at some point.
But because of the pressure we have with

920
01:18:11.960 --> 01:18:14.640
you know, meeting expectations and all
that. That's why they keep saying,

921
01:18:14.720 --> 01:18:16.479
No, it's going to be in
July. Tomorrow is gonna be love us

922
01:18:16.800 --> 01:18:20.000
lest tomorrow is gonna be in September. You know, I don't think it

923
01:18:20.119 --> 01:18:24.880
needs to. The projer is kind
of too much. They should hold on.

924
01:18:25.079 --> 01:18:30.680
Refinery is not just plug and play. It's a very complicated. A

925
01:18:30.760 --> 01:18:34.199
year away that before Than got his
refinery, they were about thirty eight refinance

926
01:18:34.279 --> 01:18:49.199
already issued to build rEFInd in Nigeria. I love the guy gps Pain,

927
01:18:49.279 --> 01:18:51.319
I can hear you, but at
the point I'm trying to make is that

928
01:18:51.439 --> 01:18:56.720
you know, yeah, that has
a I would tell him as he has.

929
01:18:56.840 --> 01:19:00.760
He runs his business with mon pols. Think that's I don't think the

930
01:19:00.920 --> 01:19:05.119
one part I pity for him is
this Nigerias don't take the risk that he

931
01:19:05.239 --> 01:19:11.920
tastes. Or Basenger said. If
or bas just said, we are going

932
01:19:11.960 --> 01:19:17.479
to stop stop import of bad cement. Dango did not have one single cement

933
01:19:17.600 --> 01:19:24.359
factory. He didn't have one.
We had Waco, we had the hold

934
01:19:24.439 --> 01:19:29.760
up. But but but but I'm
going there. But it better was important

935
01:19:30.000 --> 01:19:33.720
with everybody else that was important,
it better and everybody else were important.

936
01:19:34.479 --> 01:19:40.319
Or Basin just says we are going
to stop import of bad of bad cemen.

937
01:19:40.439 --> 01:19:45.640
So whitmans go and build your local
cement factory. Yeah or Bason just

938
01:19:45.680 --> 01:19:53.560
said it. Dangote had zero factories. Dangote took loans and built and cement

939
01:19:53.720 --> 01:19:59.680
factories and bought P C. C
Woco and became the largest cement manufacturer there.

940
01:19:59.760 --> 01:20:02.119
Used to no other country you will
go to on Earth where you have

941
01:20:02.279 --> 01:20:10.239
an established market player would allow an
entrance director was a branch new entrant to

942
01:20:10.319 --> 01:20:14.520
cement. What were the other guys
doing when he was building capacity and not

943
01:20:14.640 --> 01:20:18.039
defending the guy? But what was
Wako doing? What could had a shaka?

944
01:20:18.199 --> 01:20:23.520
They had it? They were called
fast right? What were they doing

945
01:20:24.079 --> 01:20:29.680
that allowed this quote unquote small boy
to build a cement's capacity and now become

946
01:20:29.760 --> 01:20:34.000
the largest cement manufacturer in Nigeria.
When Dangote this is an opening, he

947
01:20:34.119 --> 01:20:39.000
takes it. We've agreed his practices, we know what he does, but

948
01:20:39.159 --> 01:20:42.439
why do they allow him to get
in the first place? He was going

949
01:20:42.520 --> 01:20:45.600
to do? Still, he almost
leeds us to match to consistent in Nigeria.

950
01:20:45.920 --> 01:20:50.720
So he he yes, I think
his doctor Jagula, mister Hyde,

951
01:20:50.960 --> 01:20:55.640
you know, we we can bash
him, but who else built the refined

952
01:20:55.640 --> 01:21:00.520
in Nigeria. Before Dangote, there
was a ten batary refinery in the top

953
01:21:00.239 --> 01:21:04.560
that was it. Now he has
built this one, wants to build all

954
01:21:04.600 --> 01:21:08.199
that guy's want to build. I
didn't want to inmost it now, but

955
01:21:08.359 --> 01:21:15.399
why are the rest built? That's
just yeah, I understand where you're looking

956
01:21:15.439 --> 01:21:17.199
at it from. But mind you, you should know that one of his

957
01:21:17.319 --> 01:21:24.239
competitor, attind that was last year, released a series of pre statements telling

958
01:21:24.880 --> 01:21:30.800
that I'm going to head on you
advantage if you read that. So if

959
01:21:30.960 --> 01:21:35.640
if he who is also the dollars
like he comes out and start crying,

960
01:21:35.680 --> 01:21:40.239
who am I to start defending him? I don't think. I mean,

961
01:21:40.520 --> 01:21:44.800
I'm at that place too. I
see it. I hear you, I

962
01:21:44.880 --> 01:21:49.359
hear well, yeah understand, But
I feel that he's done well for himself.

963
01:21:50.640 --> 01:21:55.600
If I'm giving that opportunity, I
believe I would do the same if

964
01:21:55.600 --> 01:22:01.079
I'm giving the kind of you know, government support, tax break. So

965
01:22:01.800 --> 01:22:06.439
final final comments, final comment that
let me just say this final comment on

966
01:22:06.520 --> 01:22:12.199
this dango and again, right before
Dante, there was a guy called Irisia.

967
01:22:13.239 --> 01:22:18.079
There was a guy called Ato,
there was a guy called Merib's,

968
01:22:18.079 --> 01:22:24.520
a guy in Borno and this this
was the quote unquote dan Gotti's before Dangote

969
01:22:24.720 --> 01:22:29.000
him, Before Dangote came, we
had all these people that in Nigeria that

970
01:22:29.079 --> 01:22:32.399
you know, I actually was on
supplying yams to Echoborg. You know,

971
01:22:32.760 --> 01:22:38.520
they made a lot of money at
made a lot of money from the government

972
01:22:38.600 --> 01:22:41.600
of Nigeria. This was the what
we call the Robert Barons, not that

973
01:22:41.680 --> 01:22:45.720
American rob but but they read Robert
Barns in Nigeria. None of those guys,

974
01:22:45.840 --> 01:22:48.399
can you go and point to a
factory that they have in Nigeria and

975
01:22:48.439 --> 01:22:50.680
there are many of them. I
just quoted about four of them. Now

976
01:22:51.039 --> 01:22:56.359
none. I think what Dante did
that I would give him a sort of

977
01:22:56.520 --> 01:23:01.199
like that. He actually started to
go from this consumption, was doing imports,

978
01:23:01.560 --> 01:23:05.479
was doing imports right of sugar and
rice. He started to build factories

979
01:23:05.600 --> 01:23:10.880
in Nigeria, and I think he
showed that if you invest in Nigeria,

980
01:23:10.960 --> 01:23:14.920
you can become the riches man in
Africa. Dangote was look at. Remember

981
01:23:15.039 --> 01:23:18.199
Dangote was an importer of rice and
sugar. He wasn't a rigious guy by

982
01:23:18.239 --> 01:23:24.199
a mild He got rich from cement
when he sold thank the cement and the

983
01:23:24.279 --> 01:23:29.239
stock market to Nigeria's. That's when
he became bloody like bloody, bloody,

984
01:23:29.279 --> 01:23:32.640
bloody rich. Before then he was
in what other Nigterians do you make one

985
01:23:32.720 --> 01:23:35.359
like Devid has said, you build
a gate, you tax the gate.

986
01:23:36.039 --> 01:23:40.760
The old already built. So everybody
saying if I'm giving, if I'm giving

987
01:23:40.920 --> 01:23:44.920
right now, there's not just stopping
anybody from doing what he has done.

988
01:23:45.079 --> 01:23:47.399
Like I said that eight like this
is for refineries. Nobody built it.

989
01:23:47.479 --> 01:23:53.640
Nobody builds in petrochemical plants before him. They want that Nigeria built. Know

990
01:23:53.680 --> 01:23:56.880
what happens to it. Nigeria built
the petriical cup at the Lema, then

991
01:23:56.920 --> 01:24:01.720
we killed it. Then Indians came
to Nigerian bought it. Today that bland

992
01:24:01.800 --> 01:24:08.000
not called in Durama is now one
of the largest generators of EFEX for Nigeria.

993
01:24:08.680 --> 01:24:13.279
All the Indians did was coming and
invested in it. If Dogota had

994
01:24:13.319 --> 01:24:16.680
done this exact same thing, WOU
called Dante in no place again. It

995
01:24:16.720 --> 01:24:20.119
is hard to see lizens that I'm
saying because he looks like we're depending Dangote.

996
01:24:20.560 --> 01:24:25.319
I know David has really listed what
his issues with Ante. It's hard

997
01:24:25.359 --> 01:24:29.600
to say this looks about defending the
guy. But we've got to call it.

998
01:24:30.159 --> 01:24:34.239
It's a speed here. The guy
looks like he's been targeted because somebody

999
01:24:34.359 --> 01:24:38.880
wants something from him, and as
fused to play ball. I mean,

1000
01:24:38.920 --> 01:24:41.600
I get all the comments to make
it, but it just feels that way.

1001
01:24:42.079 --> 01:24:44.079
Doctor. I see your hand is
up. David again, if you

1002
01:24:44.079 --> 01:24:45.560
want to speak, you're a co
host of please interject any time. I

1003
01:24:45.600 --> 01:24:48.960
don't want to look like it's just
my face. Doctor over, your hand

1004
01:24:49.079 --> 01:24:50.960
is up. Did you want to
have a Did you have a comment to

1005
01:24:51.039 --> 01:24:58.880
make? Yes? I think I
don't want you to be as if everybody's

1006
01:24:58.920 --> 01:25:02.439
against Niko Dang and you know he's
not asking for the only aspect of it

1007
01:25:02.560 --> 01:25:08.920
is quite that if I so offensive
legal asking for the stop page of importation

1008
01:25:09.039 --> 01:25:14.560
of white petroleum products by other players
in then not remember this an industry that

1009
01:25:14.680 --> 01:25:18.000
had an ecosystem over fifty billion dollars. I plod over our million people across

1010
01:25:18.079 --> 01:25:23.439
the value chair downstream value chair.
If you look at misially public which is

1011
01:25:23.479 --> 01:25:30.600
our netor never, they have only
one five that I fin output of us

1012
01:25:30.640 --> 01:25:35.399
two times their daily white plum consumption. They produced two times for the consume

1013
01:25:35.600 --> 01:25:42.039
yet they did not ban importation of
white put into their country and they are

1014
01:25:42.079 --> 01:25:45.680
fully regulated. Basically what I think
we should be doing. Governess supports him,

1015
01:25:45.720 --> 01:25:49.279
and what is the idea of supporting
him If we are doing two point

1016
01:25:49.319 --> 01:25:54.159
four million, two point five million
ballats of kudlay just like we were doing

1017
01:25:54.239 --> 01:25:58.880
before park In with his hand columbs, there's no wood that provided him with

1018
01:25:59.199 --> 01:26:01.720
enough cu to one that refinery.
And that's the truth. We should not

1019
01:26:01.800 --> 01:26:06.279
forget the man. The main issue
here is that we are not producing enough

1020
01:26:06.359 --> 01:26:11.800
cute to be able to export.
To end, the forests go to work.

1021
01:26:12.079 --> 01:26:15.800
Artists are working capital to develop the
roads and the infra. So that

1022
01:26:15.840 --> 01:26:19.039
you're talking about. Even the little
that we are producing have been stolen and

1023
01:26:19.159 --> 01:26:23.640
some of them have been sold in
advance by people. Are you a gym

1024
01:26:24.079 --> 01:26:27.960
and they current to the gym.
I'm not doing anything to show that we

1025
01:26:28.119 --> 01:26:30.880
wrap up outputs two point four million, but say day and that is challenge.

1026
01:26:31.159 --> 01:26:36.840
And on the downstream, I sa
stand Nagia does not consume edit more

1027
01:26:36.920 --> 01:26:43.239
than that eight million letters of pms
a day. Whatever numbers you're seeing on

1028
01:26:43.319 --> 01:26:47.039
top of that are points it gains. I did just to ask questions whenever

1029
01:26:47.119 --> 01:26:50.960
you hear the el are important sixty
see, we don't spend more than up

1030
01:26:51.000 --> 01:26:55.239
to ten billion dollars on the wipe. Don't put out the numbers. You

1031
01:26:55.359 --> 01:26:58.560
see them say they expect twenty four
billion dollars. Most of these numbers moneys

1032
01:26:58.640 --> 01:27:03.680
as to if the real FORENCIC investigation
is conducted into the affairs of the NNPC

1033
01:27:04.319 --> 01:27:08.760
from two thand and thirty now many
people will go to jail. What affect

1034
01:27:08.760 --> 01:27:12.039
did thispa? He said, chize
play compared to what have been happening,

1035
01:27:13.039 --> 01:27:16.079
I said in Nigeria and the offstrip
rather than past than good the word we

1036
01:27:16.119 --> 01:27:19.920
should be asking and we expect him
to to be part of this. Another

1037
01:27:19.960 --> 01:27:26.119
shuldar the question that who should ramp
up output whiland A's I said, and

1038
01:27:26.279 --> 01:27:30.760
we should stop the criminal posy games
in the houstrant. If he has spoken

1039
01:27:30.880 --> 01:27:33.760
up by now, you would have
been in discussion yesterday because they have been

1040
01:27:33.840 --> 01:27:38.439
part of this is them. When
they were negotiating with three percent, nobody

1041
01:27:38.600 --> 01:27:43.159
knew how it did. When they
were setting up spefies lay funding group to

1042
01:27:43.359 --> 01:27:45.359
do the word, nobody knew what
they were doing. When they were using

1043
01:27:45.479 --> 01:27:49.800
our code DOI, they used our
cool door to borrow three point three billion

1044
01:27:49.800 --> 01:27:55.439
dollars at a very exorbitant rate of
eleven point eighty percent, and among them

1045
01:27:55.520 --> 01:27:59.760
they shot two percent flat feet at
the time, gun I borrowed one billion

1046
01:28:00.079 --> 01:28:03.479
US, which gooko as as collabterrack
as six point five percent and generous me

1047
01:28:03.640 --> 01:28:08.880
this guess as today from us.
Nobody that body knows a vibra. So

1048
01:28:09.399 --> 01:28:12.920
while I pity patized with him,
and I want them to give him food

1049
01:28:13.359 --> 01:28:17.279
by wrapping up no podish household band
a partitional weapon. Rout what is bringing

1050
01:28:17.399 --> 01:28:21.159
two hundred thousand about the city.
There's another guy that is doing thousand bout

1051
01:28:21.159 --> 01:28:26.279
the city in the allowances made plan
coming up. Everybody that wants to compisu

1052
01:28:26.439 --> 01:28:30.159
compete as sure, who's most at
pleased gives him go to exactly my the

1053
01:28:30.199 --> 01:28:34.760
market price in ubay. Thank you, gotcha, gotcha, gotcha. Look

1054
01:28:34.760 --> 01:28:39.159
at that's let's go in. I
mean, David is here. I'm for

1055
01:28:39.239 --> 01:28:43.039
you to ask those questions as well. Make your question direct to the points.

1056
01:28:43.119 --> 01:28:45.520
Let's get let's the flow. Let's
give the room floor right, sheriff,

1057
01:28:45.600 --> 01:28:48.960
got the floor ahead, Sheriff,
thank you. So I will just

1058
01:28:49.039 --> 01:28:55.159
go straight to the point. So
My first question is to you caday about

1059
01:28:55.239 --> 01:29:01.159
the PMS that has we need will
it be h? What will we given

1060
01:29:01.199 --> 01:29:08.039
to the passenger? Is like,
it's not refundable to show that you can

1061
01:29:08.159 --> 01:29:11.560
apply. The way it's sets up
is that when you pay that six forty

1062
01:29:11.680 --> 01:29:14.920
K, it's just for you to
show that you can actually apply for the

1063
01:29:15.039 --> 01:29:18.840
visa. It's not refundable with the
gates fee to even apply that is not

1064
01:29:19.119 --> 01:29:21.439
that's justice. So when you pay
that one that you can move forward.

1065
01:29:21.560 --> 01:29:26.640
Yeah, so there's no so I
won't have access to apply for a visa.

1066
01:29:27.239 --> 01:29:30.319
That is a non refundable application fee. You do that one, then

1067
01:29:30.359 --> 01:29:33.279
you then show tens underds in a
bank account for six months. Then you

1068
01:29:33.319 --> 01:29:36.560
then paild the credit card. Then
you then pay all the everything that does

1069
01:29:36.640 --> 01:29:41.439
a gates fee to even show that
you are worthy to apply with you buy

1070
01:29:41.560 --> 01:29:45.760
visa. Wow. Anyway, next, next question I not know. Next

1071
01:29:46.239 --> 01:29:50.079
just make a comment ask that question
one more thing to say, so go

1072
01:29:50.159 --> 01:29:55.199
ahead the room. So we need
to be fair to that because if we

1073
01:29:55.279 --> 01:29:58.880
have polic I mean I don't want
to measure some of them, but we

1074
01:29:59.079 --> 01:30:02.439
use most of the For example,
you need to find out who supplies with

1075
01:30:02.760 --> 01:30:08.359
Nigeria. So I dont get that
what is easier target because he's the richest

1076
01:30:08.479 --> 01:30:12.000
among them. So I want to
focus on the brow Christy around the refinery,

1077
01:30:12.039 --> 01:30:15.039
but I'll kind of focus on more
of the functionalities of the refinery.

1078
01:30:15.119 --> 01:30:20.119
So first of all, I made
a very big miscapulation because I don't think

1079
01:30:20.159 --> 01:30:24.560
he had a really good plan of
who supply him. I mean, you're

1080
01:30:24.600 --> 01:30:32.000
talking about how do you supply to
the next question is even if you want

1081
01:30:32.039 --> 01:30:36.439
to go to supply you cru where
we get dollars to pay for it?

1082
01:30:36.800 --> 01:30:41.760
Like talking about at least seven hundred
barrels a day? How do you fund

1083
01:30:41.800 --> 01:30:45.600
it? The next question is how
do you pay for even the crude that

1084
01:30:45.760 --> 01:30:48.399
got to come from abroad? You
have you need, you need to shape

1085
01:30:48.439 --> 01:30:55.399
a day to be able to find
to be able to sustain the the refinery.

1086
01:30:55.520 --> 01:30:59.000
So I don't know what he has
plan. So, but I mean

1087
01:30:59.079 --> 01:31:01.399
I thought about your polution was needing
to. I think what he needs now

1088
01:31:01.560 --> 01:31:09.279
he needed challenges to try to get
and oil well license he has he has

1089
01:31:09.359 --> 01:31:12.800
to. He has to. He
needs to get a contract of people that

1090
01:31:12.920 --> 01:31:15.760
were Now I need the oil for
him because right now he is in the

1091
01:31:15.880 --> 01:31:20.560
part why he cannot move forward.
Okay, so my last comment is I

1092
01:31:20.640 --> 01:31:27.399
think see himself as a politician and
preneur and just talk it up and get

1093
01:31:30.640 --> 01:31:32.680
interesting. David, let me ask
you a question. Why do you think

1094
01:31:32.720 --> 01:31:36.720
that goes to put the refinery in
Legos. There's no crudal in Legos that

1095
01:31:36.880 --> 01:31:42.520
can supply to refiner. Lego States
discovered crude oil, but the crude and

1096
01:31:42.600 --> 01:31:45.760
legosies can't supply the refinery. Did
he and I know he's thought about where

1097
01:31:45.840 --> 01:31:49.479
to go to Ugun State, they
sort of delayed, so he moved to

1098
01:31:49.560 --> 01:31:55.079
Lego State. Do you have any
insights why he serted the refinery out of

1099
01:31:55.279 --> 01:32:03.479
the crude oil prisoners in Nigeria.
I think it's very I think from the

1100
01:32:03.640 --> 01:32:10.520
world he had an export so he
wanted to be the coast and to be

1101
01:32:10.640 --> 01:32:15.760
honest, even if he hasted,
he just still found it into Legos in

1102
01:32:15.880 --> 01:32:21.960
terms of making transport, finish and
refined items because he always wanted always getting

1103
01:32:21.960 --> 01:32:26.680
gonna stop to the export markets they
wanted. And it's only Legos that has

1104
01:32:26.720 --> 01:32:35.079
a sufficient sufficiently developed or that has
sufficiently developed and sat infrastructure because he had

1105
01:32:35.119 --> 01:32:40.880
to build his own part he had
to build a port in that lakey him

1106
01:32:41.720 --> 01:32:45.880
separate from think and whatever. He
had to build his own export port is

1107
01:32:45.960 --> 01:32:48.079
an eapy head zone. I just
wonder why he put it so like a

1108
01:32:48.239 --> 01:32:54.520
dop from himself. I long the
intact with that many No, he doesn't

1109
01:32:54.560 --> 01:32:58.640
need the town if it's full looking
for import for export. One is I

1110
01:32:58.720 --> 01:33:04.399
think the political consideration. I think, knowing knowing what I do him,

1111
01:33:05.039 --> 01:33:10.520
he would because I've had the opportunity
to say in the same moment in a

1112
01:33:10.640 --> 01:33:14.960
number of times, what he would
always say is that he doesn't invest in

1113
01:33:15.119 --> 01:33:19.399
any place or anything that that is
not family. So I think for a

1114
01:33:19.439 --> 01:33:23.680
lot of people like him, I
think the Niger the other is just a

1115
01:33:23.800 --> 01:33:29.000
very scary place to be honest.
It's a place to go to on explorationial

1116
01:33:29.039 --> 01:33:38.399
expeditions like coal to extract science of
business. Okay, I think this is

1117
01:33:38.479 --> 01:33:43.640
just a lot more and I've experted. But if anyone is an expert,

1118
01:33:43.760 --> 01:33:47.079
I can explain to me how he
was going to get crude to this refinery.

1119
01:33:47.279 --> 01:33:50.800
It's a massive refinery. Another one
in India is on the coast.

1120
01:33:51.119 --> 01:33:57.319
You bring your your refined goles Beyership, they refine you go. How was

1121
01:33:57.399 --> 01:34:00.960
it what he planned for this same
one? You tell they had that answer,

1122
01:34:00.479 --> 01:34:03.199
DMV. Let me share, because
I you know, I did come

1123
01:34:03.239 --> 01:34:09.760
as in school, I got anyone
and instead the nearest industry is the number

1124
01:34:09.800 --> 01:34:13.600
one thing next to raw materials.
It's one thing that you do society in.

1125
01:34:14.039 --> 01:34:16.279
So just just if you have an
inside, just DM me, then

1126
01:34:16.319 --> 01:34:20.640
I can bring you up and let
me get CEO Austin seeo. Let's go

1127
01:34:20.720 --> 01:34:28.960
to the fun and good and thank
you very much for listen. Debby,

1128
01:34:29.079 --> 01:34:33.399
thank you very much for that for
your submission on the Dubai vis a issue.

1129
01:34:33.640 --> 01:34:39.560
I just want to quickly speaker speak
on that now, not not to

1130
01:34:39.720 --> 01:34:44.439
go and when of us here.
David has already done a very fantastic job,

1131
01:34:44.600 --> 01:34:49.800
but I want to I'm not holding
brief for the company. What gave

1132
01:34:49.960 --> 01:34:56.760
rise to that was it called web
page? Is that you know a lot

1133
01:34:56.840 --> 01:35:00.479
of my germ business owners in Dubai
and I'm professional, so we're actually bothered.

1134
01:35:01.279 --> 01:35:06.560
You know, when the issues of
the persistent ban and all that were

1135
01:35:06.640 --> 01:35:11.840
happening, you know, deportations,
you know, courtism and so many other

1136
01:35:11.960 --> 01:35:17.359
things, so are different for us. Suggestions were made to the Consulate and

1137
01:35:17.720 --> 01:35:21.880
the embassy you know as of the
time to say, okay, we have

1138
01:35:23.199 --> 01:35:27.920
so many gaining a Durians living in
Newly, you know, so this is

1139
01:35:28.239 --> 01:35:34.840
rubbing off on everybody. So suggestions
were made and some powerful, you know

1140
01:35:35.159 --> 01:35:44.640
connected persons among you know, professionals
and business owners took this gold and started

1141
01:35:45.039 --> 01:35:51.600
working on it. So but because
this guy was very powerful, he actually

1142
01:35:53.520 --> 01:35:57.399
you know, got the ears of
the government as of the time to settle

1143
01:35:57.920 --> 01:36:02.520
this platform. And at the end
of the day, what they tried to

1144
01:36:02.680 --> 01:36:09.920
do was to copy what VFS was
doing, even when technically, oh they

1145
01:36:09.960 --> 01:36:15.119
said there's a band you really never
banned, you know, like when you

1146
01:36:15.199 --> 01:36:16.399
go there, they said, oh, fine, you can go and apply.

1147
01:36:17.039 --> 01:36:20.600
So they never come up to say
there's been an actual band because they

1148
01:36:20.640 --> 01:36:26.760
were given to parmieries and they were
given to individuals. So what VFS had

1149
01:36:26.920 --> 01:36:33.600
with Emirates is these are the details, you know, the ten thousand dollars

1150
01:36:35.119 --> 01:36:44.920
requirements deposit for what they called for
absconding, which is about two thousands and

1151
01:36:45.000 --> 01:36:49.119
two hundred and seventy two dollars,
and also they had the application fee and

1152
01:36:49.279 --> 01:36:55.720
all of that. So this was
what VFS was done in partnership with Emirates.

1153
01:36:56.119 --> 01:37:00.560
So but because there was no direct
flights from Manjuria as of the time,

1154
01:37:00.760 --> 01:37:04.079
you know, now the service October
first, so you could fly from

1155
01:37:04.399 --> 01:37:09.880
Ganner, you could fly from Ghana
if you meet these conditions. So what

1156
01:37:10.039 --> 01:37:14.319
this guy did was that, look, fine, VFS is already doing this

1157
01:37:14.479 --> 01:37:19.319
with Emirates, let us do it
also from our own platform, you know,

1158
01:37:19.960 --> 01:37:25.560
as a way of telling the government
of Ua to say, we've been

1159
01:37:25.640 --> 01:37:30.159
able to verifye Jerian, Geneine Nagurians
who were coming in to to buy for

1160
01:37:30.359 --> 01:37:34.920
business travels and you know events.
Okay, but what they did wrong was

1161
01:37:35.800 --> 01:37:43.800
to put the fee one of fee
at six hundred and forty thousand AER.

1162
01:37:44.960 --> 01:37:47.560
So when you pay that, you
will still have to go back to your

1163
01:37:47.600 --> 01:37:55.720
travel agents after verification to do the
visit application and also now pay you know,

1164
01:37:55.960 --> 01:38:01.159
of course the service charge, what
VFS and Emirates charge is actually two

1165
01:38:01.319 --> 01:38:06.520
seventy two dollars which is refundable about
eight hundred and something dollars, which is

1166
01:38:08.159 --> 01:38:15.560
their online service fee. Also then
also you about about thirty forty to fifty

1167
01:38:15.600 --> 01:38:20.760
dollars with Becaulso in total VIFS is
charging about five hundred and something dollars with

1168
01:38:20.920 --> 01:38:27.000
a refundable fee of two seventy two. But these are the guys and not

1169
01:38:27.319 --> 01:38:32.800
they are charging nineteerians more money than
what VIFS is charging. If you go

1170
01:38:32.920 --> 01:38:39.800
to VFS website as we speak,
these informations, they are all they are

1171
01:38:39.920 --> 01:38:45.640
all there. So our appeel definitely
to government is this is actually a diplomatic

1172
01:38:45.720 --> 01:38:51.920
solution for them to get this resolved. And also same to say that as

1173
01:38:53.000 --> 01:39:03.880
a Friday nineteeran visits with there was
an application for for age forty five years

1174
01:39:04.800 --> 01:39:10.960
which was applied and there was no
document for education. The visits came as

1175
01:39:11.640 --> 01:39:17.920
as fast as within one. So
this is my brief contribution. But however,

1176
01:39:18.199 --> 01:39:25.960
one of the reasons also why the
UI had to deny all the allegations

1177
01:39:26.079 --> 01:39:30.479
is that they are not you know, they are not part of the arrangement.

1178
01:39:30.720 --> 01:39:39.720
It's a private government kind of arrangement
between the Ministry of Foreign Affairs,

1179
01:39:40.279 --> 01:39:45.880
between Ministry of Aviation. And also
of course you know, I think this

1180
01:39:45.199 --> 01:39:53.399
also came to light when I think
the ends everybody when he went to meet

1181
01:39:53.520 --> 01:40:00.920
with the UI, and that was
when they actually pushed this Austin' that's quit

1182
01:40:01.159 --> 01:40:04.600
Info has a lot of questions.
But the point again is that Dubai is

1183
01:40:04.600 --> 01:40:11.760
basically saying only rich entrants can go
there. No, no, no,

1184
01:40:11.920 --> 01:40:15.399
no no, they're not saying only
rich dangers. Now, if you look

1185
01:40:15.439 --> 01:40:24.640
at the partnership Emirates has with what's
it called VFS, is just to say

1186
01:40:25.439 --> 01:40:33.520
we want people we can verify based
on this standard balance prosidios they have with

1187
01:40:33.920 --> 01:40:39.840
all that countries ten thousand dollars,
ten thousand dollars in an account for six

1188
01:40:39.920 --> 01:40:45.840
months. Yeah, well relatively relatively, because which there's no country that asks

1189
01:40:45.880 --> 01:40:49.920
for ten thousand dollars for six months
sitting in an account for six months.

1190
01:40:50.079 --> 01:40:57.359
Americans don't have five hundred dollars.
Average American does not have five hundred dollars

1191
01:40:57.600 --> 01:41:01.079
in an account. Fact check me
the Aura America. You are very you

1192
01:41:01.159 --> 01:41:06.119
are very correct. Now let me
give you just yesterday, my wife was

1193
01:41:06.159 --> 01:41:13.920
going to apply for your I guess
what the topic guide told you. Please

1194
01:41:14.960 --> 01:41:21.119
just be for your account to and
you know you'll be able to get No.

1195
01:41:21.239 --> 01:41:24.439
I know, I know, we
we know this, we know this,

1196
01:41:24.560 --> 01:41:28.840
and everybody everyone does that butt ten
thousands in an account for six months.

1197
01:41:30.279 --> 01:41:33.319
That's the reality. That's the reality
and which other country does that?

1198
01:41:34.119 --> 01:41:38.359
I know which that country on it
does that? I get you, sir,

1199
01:41:38.439 --> 01:41:40.359
and I appreciate that. I'm not
trying to attack. I'm not just

1200
01:41:40.359 --> 01:41:43.840
say which that country does that for
any of the seasons apart from Nigeria.

1201
01:41:44.159 --> 01:41:47.840
Is there any other country on earth
that is asked to put tenhullond dollars in

1202
01:41:47.960 --> 01:41:51.680
six months on account and to only
use the credit card. I think it's

1203
01:41:51.720 --> 01:41:57.119
a way to say we only want
rich people to come to Dubai. I

1204
01:41:57.159 --> 01:42:00.920
don't think I get after the answer. That's just it. It's the only

1205
01:42:00.039 --> 01:42:05.479
one rich people to come to the
bank. Yeah. Well, well the

1206
01:42:05.640 --> 01:42:11.159
thing is, you know, Dubai
being what they are despite a lot you

1207
01:42:11.239 --> 01:42:15.720
know, you know, to leander
their image, to promote the Dubai brand

1208
01:42:15.760 --> 01:42:21.640
and all of that. Again,
the things that preceded these technical visits band

1209
01:42:21.960 --> 01:42:28.600
they were not things that were very
okay, you know everybody knows and all

1210
01:42:28.680 --> 01:42:34.039
of that. However, they just
were just like his pop gup way to

1211
01:42:34.319 --> 01:42:39.960
ensure that oh okay, people that
were comfortable with another. He said,

1212
01:42:40.600 --> 01:42:45.800
what would have been the great solution? Would have been it for diplomatic solution?

1213
01:42:45.960 --> 01:42:49.319
Because I remember the value were countless
number of plans, countless number of

1214
01:42:49.399 --> 01:42:57.279
plans. Nineteen government officials were called
for meetings. These meetings they never attended.

1215
01:42:57.640 --> 01:43:00.840
The Minister of Divisions of the time
was the name had the arge.

1216
01:43:00.399 --> 01:43:06.640
So many of them there were so
great and fellowship, even aside the issue

1217
01:43:06.760 --> 01:43:11.760
of funds that they had and all
that there was the security issues, constitution,

1218
01:43:12.840 --> 01:43:17.359
war, different things, but they
never came to the table. Is

1219
01:43:17.479 --> 01:43:24.319
not the only country that has ever
had these are related issues with Dubai.

1220
01:43:24.520 --> 01:43:30.840
So many contests India, and it's
the point as also is the point again,

1221
01:43:30.359 --> 01:43:33.279
I can just move on. I'm
again, I appreciate what you're saying,

1222
01:43:33.640 --> 01:43:40.159
but I know Kenyans also have issues
with Dubai guys, Indians, Pakistani,

1223
01:43:40.199 --> 01:43:43.439
even Russians have a lot of issues
with the guys in Dubai. Does

1224
01:43:43.840 --> 01:43:46.520
not just on only crime course that
country that goes to Dubai, but to

1225
01:43:47.079 --> 01:43:53.239
for government to agree that the citizens
would pay ten thousand dollars for six months,

1226
01:43:53.640 --> 01:43:58.439
pay only the credit card and then
not responsible fee of six hundred and

1227
01:43:58.560 --> 01:44:02.600
forty that's too easy that it looks
like it's the government is it's basically agreeing

1228
01:44:02.720 --> 01:44:10.399
too easily, and it's making money
on the side to Dantro under the Boss.

1229
01:44:11.079 --> 01:44:15.159
Under the Boss, I think it's
there's a point that they saw.

1230
01:44:15.479 --> 01:44:20.560
I just I just let me just
read the song, sent me a d

1231
01:44:20.760 --> 01:44:24.960
M, and I wants to still
time a DM. Dangote has two oil

1232
01:44:25.079 --> 01:44:31.279
fields OEMLS seventy one and seventy two. OML seventy two has assisted welles,

1233
01:44:31.600 --> 01:44:35.000
but this is a tanker store.
But Dante has got two oil wells.

1234
01:44:35.039 --> 01:44:40.319
And then this is what the person
said. The dangoted to go and develop

1235
01:44:40.399 --> 01:44:45.039
his fields and pay people well to
do it. He says. His pay

1236
01:44:45.279 --> 01:44:48.840
is ridiculously low, so it's hard
to attract quoting people or people who will

1237
01:44:48.880 --> 01:44:55.520
be interested in working there. So
that's a shot to Dangote that yeah,

1238
01:44:55.520 --> 01:44:59.960
that Dangote has two oil wells.
He hasn't developed it, but he wants

1239
01:45:00.119 --> 01:45:04.000
people that have developed a wills to
sell him crude oil for the refinery.

1240
01:45:04.079 --> 01:45:10.319
The pension says, I know because
I walk there. I don't review too

1241
01:45:10.399 --> 01:45:15.479
much, but that's a d M
from someone so interesting, Austin, I

1242
01:45:15.760 --> 01:45:19.479
appreciate those commenters are very very well
taken. Thank you so much, meets

1243
01:45:19.600 --> 01:45:24.119
Ustin, You've got the floor dead. Any comments. Happy again, David

1244
01:45:24.119 --> 01:45:29.319
if you want to copy. But
yeah, Austin, you've got the floor.

1245
01:45:29.439 --> 01:45:34.880
Is it meets oh I s I
n or ocean ocean san Jo.

1246
01:45:35.119 --> 01:45:40.720
You've got the floor, so please
go ahead. Is not ready. Let's

1247
01:45:40.720 --> 01:45:48.159
get Fermi Fermi shaba, go ahead, Fermi Fermi is not already. I

1248
01:45:48.399 --> 01:45:51.920
want Kennet. I want Kennette.
Hey, guys, if you request to

1249
01:45:51.960 --> 01:45:56.960
speak, please be near the mic. I won't Kennett go ahead, I

1250
01:45:57.960 --> 01:46:01.600
can, I can agree. I
guess I've been like shooting market. I

1251
01:46:01.640 --> 01:46:04.279
want to speak up and speak an
that I have the opportunity of, like,

1252
01:46:04.319 --> 01:46:10.159
okay, it's super cautious. I
feel like there's so many overwhelming in

1253
01:46:10.279 --> 01:46:15.399
a play. When it comes to
that, it's it's I don't I don't

1254
01:46:15.439 --> 01:46:19.760
know how to spe it. It's
like it's just overwhelming, and to make

1255
01:46:19.760 --> 01:46:25.039
an attempt to talk about it will
make you sound like a rumbling like a

1256
01:46:25.159 --> 01:46:28.680
rumbling man, and you might end
up saying something that doesn't have sense.

1257
01:46:29.239 --> 01:46:30.960
I guess what I'm trying to say
is like, when you think about this

1258
01:46:31.039 --> 01:46:35.560
moment, you remember the book fighting
coruption is dangerous by Contrela, and the

1259
01:46:35.640 --> 01:46:41.319
scenario is a pictures just shippinted in
it. And when coming to down the

1260
01:46:41.399 --> 01:46:45.159
team with the meetings that we can
talk about, I feel like when we

1261
01:46:45.279 --> 01:46:50.039
bring it down to like once,
impact thing is this refinery is too big.

1262
01:46:50.359 --> 01:46:56.159
It's almost seeming like a national asset. Right. So the idea now

1263
01:46:56.399 --> 01:47:00.600
is we all has passed and whatever
has gone into a play. Are we

1264
01:47:01.159 --> 01:47:05.159
ready to see this refinery equal?
Yeah? Like okay, yeah, he

1265
01:47:05.159 --> 01:47:12.239
has been collecting favors or allegedly right, but then again the fat right now

1266
01:47:12.279 --> 01:47:16.800
it is not good. He has
one asset that could help Nigeria. Are

1267
01:47:16.840 --> 01:47:20.800
we willing to like say go or
are we even led greed come into the

1268
01:47:20.880 --> 01:47:26.760
picture and just make a whole mess
out of it. Take for example,

1269
01:47:26.880 --> 01:47:30.560
if we were all against the guy
that had the landmark thing right and now

1270
01:47:31.439 --> 01:47:35.800
it was sort of destroyed, it's
not being here in a subsidy or whatever.

1271
01:47:36.720 --> 01:47:42.239
Is that something we want for dog
theory? Finite? My question,

1272
01:47:43.159 --> 01:47:47.199
I just want I got a question
justly just what's a question. I would

1273
01:47:47.239 --> 01:47:54.840
just say, like cow like,
is it posible to let negative sentiments go

1274
01:47:55.439 --> 01:47:59.319
the bemum? No? Like I
said, if Dangotu was a bank,

1275
01:48:00.039 --> 01:48:03.119
will be termmed too big to fill. Doesn't mean that we like the banks,

1276
01:48:03.560 --> 01:48:08.960
but that the bank filler would cause
a systematic crash the system. That's

1277
01:48:09.039 --> 01:48:11.000
how I put it this way.
You know, we're not like that and

1278
01:48:11.039 --> 01:48:15.399
go to But the refinery is now
too big to feel if any PC manages

1279
01:48:15.399 --> 01:48:18.399
the refinery to become like their own
refinery, So we can't allow ANYPC that

1280
01:48:18.520 --> 01:48:21.039
refinery. But we need to go
to to work. But it has to

1281
01:48:21.079 --> 01:48:26.239
betting a lot of equity and equality
now going forward in that refinery. If

1282
01:48:26.279 --> 01:48:29.880
somebody is saying that has got oil
fields, why is not developing his oil

1283
01:48:29.920 --> 01:48:33.239
fields to supply his refinery. It's
not going to be enough. From the

1284
01:48:33.359 --> 01:48:38.239
text the person's sent, it's only
about twenty fifty. But still he hasn't

1285
01:48:38.680 --> 01:48:42.640
so to go and develop his own
then, you know, buy all our

1286
01:48:43.279 --> 01:48:46.039
orders, invest in order fields,
and acts supply cool oil. He needed

1287
01:48:46.079 --> 01:48:49.439
more than we needed. That's just
the way I'll take it. Yeah,

1288
01:48:49.800 --> 01:48:57.000
I'm gonna sorry, I'm going to
add to that as like, for example,

1289
01:48:57.119 --> 01:49:00.560
the group is a couplic, right, I can't know to going forward

1290
01:49:00.560 --> 01:49:04.600
to meet the refinery public company,
because he was going he was going to

1291
01:49:04.840 --> 01:49:08.279
sell the shares to the public.
That was the plan. It was early

1292
01:49:08.359 --> 01:49:10.960
next year. He was to go
private. Yeah, so go public,

1293
01:49:11.039 --> 01:49:15.439
I mean, yeah, David,
go ahead. Yeah. So I was

1294
01:49:15.520 --> 01:49:19.760
just I was I was just going
to comments that. Something that seems to

1295
01:49:19.760 --> 01:49:25.279
have been missed as well is that
even the initial idea to construct the world's

1296
01:49:25.319 --> 01:49:29.199
biggest refinery, I think it was
not one that was worth thought out.

1297
01:49:30.239 --> 01:49:33.640
I think if he had constructory refinery
that was maybe two hundred and fifty thousand

1298
01:49:33.680 --> 01:49:36.560
dollars, I think it's been up
and around he maybe six years ago,

1299
01:49:38.680 --> 01:49:42.720
and maybe he'll be talking about construct
for a second one and he said one,

1300
01:49:43.239 --> 01:49:45.920
and you'll have been able to become
the biggest that he wants to be.

1301
01:49:45.960 --> 01:49:50.600
But if refinery of this size,
I think what many of us,

1302
01:49:50.680 --> 01:49:56.239
including myself up until a couple of
years ago, didn't realize that that refineries

1303
01:49:56.279 --> 01:50:00.920
it's the refineries are still not You
have to keep them running an extended period

1304
01:50:00.920 --> 01:50:05.279
of time, so it's not like
a general now and then put it off

1305
01:50:05.319 --> 01:50:13.239
after. So the supply cha has
to be sorted out long before you actually

1306
01:50:13.399 --> 01:50:17.279
puts anything in the ground. And
it seems very much like that was not

1307
01:50:17.399 --> 01:50:25.119
something out because if you have a
situation where you are buying can goes from

1308
01:50:25.159 --> 01:50:28.720
everywhere. Ye can goes from Brazil
from the US. Very mind that this

1309
01:50:28.800 --> 01:50:32.520
is the refine every that would no
doubt have been configured to deal primarily with

1310
01:50:32.640 --> 01:50:38.399
Knight space crude, which is like
you has grade of crude and I'm breaking

1311
01:50:38.600 --> 01:50:43.359
every guitars from South America and the
US already. That's the problem. And

1312
01:50:43.479 --> 01:50:48.600
then the the supply is very stop
starts, So there's no guarantee if you

1313
01:50:48.720 --> 01:50:51.800
get can't go from Brazil this month, there's no guarantee you get it,

1314
01:50:51.960 --> 01:50:56.520
you get it next month. What
that means that they find itself from day

1315
01:50:56.560 --> 01:51:00.319
one, it's been, it's been. It's going to fit because it supp

1316
01:51:00.319 --> 01:51:04.880
liking needs to be you know,
it needs to be settled before you even

1317
01:51:04.960 --> 01:51:08.720
go into operation on the first day. So I feel as if if you

1318
01:51:08.840 --> 01:51:13.960
have a couple of ooicees that you
said together they're using like twenty twenty thousand

1319
01:51:14.079 --> 01:51:18.359
virals a day, and you couldn't
actually guarantee that you're going to find seat

1320
01:51:18.399 --> 01:51:23.520
stock worth six and fifty thousand viols
per day. You couldn't guarantee, then

1321
01:51:23.600 --> 01:51:26.319
by the hell did you build such
a thing? You know, David,

1322
01:51:26.399 --> 01:51:29.439
you know you know this question I
did in my mind, but because I'm

1323
01:51:29.479 --> 01:51:31.119
not as rich as that that,
I didn't want to ask you. Popo

1324
01:51:31.159 --> 01:51:33.680
would say, oh are you are
you better? Do you know more than

1325
01:51:33.760 --> 01:51:38.640
dang whatte He's always wanted to be
aware. He was gonna why put the

1326
01:51:38.880 --> 01:51:44.159
refining number one outside an oil zone
and then number two six fifty thousand aryls

1327
01:51:44.199 --> 01:51:48.359
without paspose to carry the oil fIF
stock the naturally financial gas before they build

1328
01:51:48.359 --> 01:51:51.920
a new train, they actually go
out and sell, you know, they

1329
01:51:53.000 --> 01:51:57.159
actually sell the customers first, then
sort of go back, you know,

1330
01:51:57.359 --> 01:52:01.720
and then they get that what's called
it kept the customers friends before they developed

1331
01:52:01.760 --> 01:52:09.199
the back back. So it's beats
I would I just but David, let

1332
01:52:09.239 --> 01:52:15.000
me give you some sense to me, n NPC may partner with Wando to

1333
01:52:15.159 --> 01:52:20.840
buy Dango the refinery, which one
having the most shares. So make of

1334
01:52:21.079 --> 01:52:30.720
that. I didn't say that,
David. I just said that n NPC

1335
01:52:30.159 --> 01:52:35.039
may partner with Wando. Sense to
me if you're a d M. But

1336
01:52:35.720 --> 01:52:41.720
it's very interesting that we I know
that Regutter will not wake up and say

1337
01:52:41.840 --> 01:52:47.000
something that's a license and operating without
without drums being beat from outside the second

1338
01:52:47.359 --> 01:52:51.600
so it's just interesting that and this
is coming up mostly what in Agia,

1339
01:52:51.600 --> 01:52:56.840
and there's always smoke and fire.
It's just what you know with smoke,

1340
01:52:56.880 --> 01:53:00.439
it's beating because there's always smoke.
However, however, something something that doesn't

1341
01:53:00.520 --> 01:53:04.880
mentioned is that it's not a way
to be the case, and it's essentially

1342
01:53:05.720 --> 01:53:13.239
somebody in power trying to use presition
about raised control in private asset from gravate

1343
01:53:13.319 --> 01:53:17.439
citizen. Then it becomes a political
issue, and potentially it becomes the Southwest

1344
01:53:17.760 --> 01:53:21.199
is not a politicard issue. That's
not if I didn't look at you know,

1345
01:53:21.680 --> 01:53:26.479
I know he's built a good whole
career out of being hepistic as he

1346
01:53:26.600 --> 01:53:32.039
is. But I've been surely he's
not that stupid. That's very interesting.

1347
01:53:34.680 --> 01:53:40.199
Can I just now, I think
you've spoken three times? Rooted the room?

1348
01:53:40.720 --> 01:53:45.920
Yeah, but real quick, real
quick, just just sentence. Of

1349
01:53:45.000 --> 01:53:49.239
course, I was going to say, as someone that owns ombos and knew

1350
01:53:49.279 --> 01:53:53.039
that he was dead for a long
time and all of a sudden insteaded blooming,

1351
01:53:53.399 --> 01:53:57.479
that's very funny. And the other
thing was like also forgetting that the

1352
01:53:57.600 --> 01:54:00.319
day whatever he's building with the refinder
yourself like a three one complex thingy,

1353
01:54:01.159 --> 01:54:04.920
So I guess the fatalized part of
it, and you're wand for government and

1354
01:54:05.039 --> 01:54:11.720
again I feel like this whoy finer
over a child at four. I was

1355
01:54:11.760 --> 01:54:15.279
born in Ninejia. I would see
the problems that he is in right now,

1356
01:54:15.800 --> 01:54:18.520
So I think this is not anything
new. He probably would have for

1357
01:54:18.680 --> 01:54:24.159
seen this, and it's sort of
like playing a game I'm hoping to especially

1358
01:54:24.279 --> 01:54:29.279
the way that they refinder is still
being delayed. I mean this delay has

1359
01:54:29.279 --> 01:54:32.680
been happening for years. The conspiracy
theory of mine is that has this refiner

1360
01:54:32.880 --> 01:54:38.399
and you know it's usually refinery somewhere
for him to make back his money before

1361
01:54:38.760 --> 01:54:45.000
fully commission it. And that's that. Yes, thank you all right again

1362
01:54:45.079 --> 01:54:48.479
from to create space. Yeah,
so don't don't drop but the floor.

1363
01:54:49.840 --> 01:54:54.880
Hi, Hi everyone, how you're
doing. I hope everyone's had a love

1364
01:54:54.960 --> 01:55:00.640
this some day. That's the quick
one. Everybody would have been one of

1365
01:55:01.079 --> 01:55:08.159
agutis action. It will be me. I've always looked at him as a

1366
01:55:09.239 --> 01:55:12.159
he put out a government to the
government baby, and he's always had his

1367
01:55:12.239 --> 01:55:15.439
way and always what he wants.
But if we're going to be honest about

1368
01:55:15.479 --> 01:55:18.560
it, he's not the first,
not the only one who has had this

1369
01:55:18.640 --> 01:55:24.800
opportunity. For every danguity you have, you have probably another two thousand and

1370
01:55:24.880 --> 01:55:29.119
two thousand other people who have to
save opportunity and nothing with it. You

1371
01:55:29.239 --> 01:55:34.079
know, I think we're at his
stage now with him. I think he

1372
01:55:34.359 --> 01:55:36.479
was you you mentioned earlier, you
know, it's too big to fail.

1373
01:55:39.560 --> 01:55:45.079
I think I think right now the
golopment probably has a target on his back.

1374
01:55:45.600 --> 01:55:48.880
We don't know, we don't know
what the end goal is, if

1375
01:55:48.920 --> 01:55:54.399
it is complete, you know,
to completely take over you know, from

1376
01:55:54.560 --> 01:55:59.159
from him, or if it is
just you know, misunderstanding. But now,

1377
01:55:59.319 --> 01:56:02.439
but definitely, things are not the
way the way they used to be.

1378
01:56:02.479 --> 01:56:06.279
I'm infa already him. I spoke
to him somewhere that he said it

1379
01:56:06.439 --> 01:56:15.960
all reach done. Now that's protest
before his own but protest before us exactly

1380
01:56:16.159 --> 01:56:23.279
exactly, you know, or really
actually he's too big to kill. I

1381
01:56:23.800 --> 01:56:27.680
have always been of the notion,
even like then, you know, he's

1382
01:56:27.720 --> 01:56:31.039
a chronic capitalists. It's all of
that. But at the same time,

1383
01:56:31.119 --> 01:56:35.039
you know, sometimes when you say
you're taking so you make it. He

1384
01:56:35.119 --> 01:56:39.079
has been thinking that thinking and taking
it to the point where he's been too

1385
01:56:39.159 --> 01:56:43.760
big now for us to be backtracking. You know, I don't think we

1386
01:56:43.840 --> 01:56:45.880
need I don't think we need to
burn down? Can I can I keep?

1387
01:56:46.800 --> 01:56:49.880
You have to wait for him to
finish and you be cold. He's

1388
01:56:49.920 --> 01:56:56.359
great, apologies, apologies, very
good. Okay. Yeah, so you

1389
01:56:56.399 --> 01:56:59.800
know he had to be affixed to
think it affected to the point where he's

1390
01:57:00.000 --> 01:57:03.680
actually are really too big to fail? And this is where really actually the

1391
01:57:03.720 --> 01:57:09.199
government is to step in and play
their role as regulator. You know,

1392
01:57:09.319 --> 01:57:13.960
I'm stop, you know this help
not being and what I'm not with businesses,

1393
01:57:14.119 --> 01:57:15.600
I mean, you can control,
but not what if your kids?

1394
01:57:15.600 --> 01:57:19.039
About what pot you can you can
you know, put put in things that

1395
01:57:19.199 --> 01:57:23.840
would curb it. Just take advantage
of the system. All these years he's

1396
01:57:23.840 --> 01:57:26.159
gotting away with it and that's got
with him to where he is. And

1397
01:57:26.800 --> 01:57:28.960
you know, they showed me your
friends, and I'll tell you who you

1398
01:57:29.039 --> 01:57:32.079
are. And to be honest with
you, Dange, he's as fired with

1399
01:57:32.279 --> 01:57:36.479
all the friends. Is holding his
sorryce on the friends that you know he's

1400
01:57:36.960 --> 01:57:41.800
he's key keeping. I can see
people like John Woman who now starting to

1401
01:57:42.039 --> 01:57:45.520
play the game, you know,
but still the friends that those ones are

1402
01:57:45.600 --> 01:57:48.159
keeping, I'm not for sure,
you know, having interest, polize interest

1403
01:57:48.239 --> 01:57:51.760
with with with fans and stuff like
that can be a bit worrying, you

1404
01:57:51.920 --> 01:57:56.039
know, with Tony the Middle's side
of things. You know, but at

1405
01:57:56.039 --> 01:57:59.960
the end of the day, he's
a businessman. They want to make money.

1406
01:58:00.520 --> 01:58:08.359
They won't have a negacy. Yeah, interesting and so forth. Yeah,

1407
01:58:08.359 --> 01:58:14.720
that'd be one of them, I
don't know, one of the greatest

1408
01:58:15.039 --> 01:58:19.079
in their messages, you know,
keep the place. Whether the government is

1409
01:58:19.439 --> 01:58:24.840
equipped to do it or whether they
actually are going to do it's a different

1410
01:58:24.920 --> 01:58:29.680
story entirely. And that's where this, you know, the citizenship, the

1411
01:58:29.760 --> 01:58:34.199
citizens rule comes to play. You
know, this is need to step up

1412
01:58:34.680 --> 01:58:39.079
and it's think it's fantastic doing things
that we just like to do. Buy

1413
01:58:40.079 --> 01:58:43.359
Levy, you know the six on
their kids, and you know in the

1414
01:58:43.439 --> 01:58:45.439
past, everyone would just be like, okay, how much is it six

1415
01:58:45.560 --> 01:58:50.520
hundred and like four four hundred dollars
of those days or the dollars will have

1416
01:58:50.600 --> 01:58:56.399
been like what's maybe eighty thousand era
they were like as a lot of big

1417
01:58:56.439 --> 01:58:59.960
deal of be eighty thousand and a
half for edifucation right now, everyone,

1418
01:59:00.840 --> 01:59:04.399
you know, everyone, when I
see that's six forty kid, do you

1419
01:59:04.439 --> 01:59:08.479
know when that's six forty key,
I don't think it's to me, that's

1420
01:59:08.520 --> 01:59:11.640
not that's not the real cost.
Do you know what it means to take

1421
01:59:11.760 --> 01:59:16.319
ten thousand dollars and keeping an account
for six months? Ten thousands dollars and

1422
01:59:16.399 --> 01:59:21.079
you just putting an account for six
months? Not narrow not the couture.

1423
01:59:21.399 --> 01:59:26.600
Six months happen six months? Do
you do a lot of things with with

1424
01:59:27.039 --> 01:59:31.239
with data? What did the last
data severs? Unless a zero population five

1425
01:59:31.560 --> 01:59:35.920
thousand accounts are going to be holding
ten thousand dollars for six months, it

1426
01:59:35.960 --> 01:59:42.960
tells you it's basically went out nine
point nine nine nine. That just just

1427
01:59:43.560 --> 01:59:46.079
it's gonna be you wanna be.
You wanna be government people, legislators,

1428
01:59:46.199 --> 01:59:49.640
business people and their girlfriends and boyfriends
there like guys are gonna go to the

1429
01:59:49.720 --> 01:59:54.920
bike going forward. That's everybody else. We can go to sell or something

1430
01:59:54.960 --> 02:00:00.239
like that. Everybody else. So
even that one, you know, like

1431
02:00:00.279 --> 02:00:05.119
I said in the past, overlooked. Yeah, yeah, take pictures,

1432
02:00:06.279 --> 02:00:11.720
it's done, it's done. You
know, it's cheaper. It's cheaper to

1433
02:00:11.800 --> 02:00:14.840
take your money and get the second
past plan to Dubai than to go to

1434
02:00:14.920 --> 02:00:17.199
the jump person and go to Dubai
it's cheaper. Does invest in the second

1435
02:00:17.239 --> 02:00:21.159
passport and go to Dubai than doing
this non sense doing? All right,

1436
02:00:21.800 --> 02:00:27.520
thanks for the comment. Let me
get more more of being here. Let's

1437
02:00:27.560 --> 02:00:31.319
hear from the U K wing of
of nineteer. How are you doing?

1438
02:00:33.359 --> 02:00:45.760
You know, I'm actually hear you, sir. What's the question to you

1439
02:00:45.880 --> 02:00:56.159
guys? Do you think actual of
our government? I mean as I was

1440
02:00:56.199 --> 02:01:03.279
in for of course the world.
Of course you're scared, of course,

1441
02:01:05.039 --> 02:01:11.680
I mean, so you're this is
more a big setback for economy because I

1442
02:01:11.720 --> 02:01:15.119
mean I just feel like the governments
and demificiensis on the board and listen less

1443
02:01:15.239 --> 02:01:19.520
mesa. You know I'm missing points
about that. It might not be happy,

1444
02:01:19.680 --> 02:01:24.119
but I might not be happy,
but it is not import about also

1445
02:01:24.159 --> 02:01:29.239
attracting for investors because it compuicated that
we need for investor to come and invest.

1446
02:01:30.479 --> 02:01:32.640
I mean, I'm many how much
government with the board, how many

1447
02:01:32.720 --> 02:01:39.399
thinks and even danveraged himself, but
we need for there's a common invest in

1448
02:01:39.479 --> 02:01:42.840
our country. But when you look
at the background for between the governments and

1449
02:01:43.760 --> 02:01:47.479
I'm afraid i mean missing side and
I'm just thinking I'm able looking at bigger

1450
02:01:47.560 --> 02:01:53.039
points of view as a as a
people. The foreign investivor, I took

1451
02:01:53.079 --> 02:01:57.520
the thinking Johnson jer the country con
serious. I rather got rest my money

1452
02:01:57.760 --> 02:02:03.640
in the country. South Africa won
maybe the lack of Wanda and even when

1453
02:02:03.720 --> 02:02:15.000
the community in Africa, so he
would have a think for me, I

1454
02:02:15.119 --> 02:02:28.039
just didn't come to mean not just
opportunities for me? What what comes you

1455
02:02:29.319 --> 02:02:33.520
to make sure this doesn't go of
course for me? Just like let's avoid

1456
02:02:33.640 --> 02:02:40.720
pushing for Yeah, I mean that's
the point what you're hitting on. And

1457
02:02:40.840 --> 02:02:43.920
that's what we're having this on the
financial space, because it doesn't matter if

1458
02:02:43.960 --> 02:02:45.479
it's Dangoate. This is what I
was making. It doesn't matter. These

1459
02:02:45.520 --> 02:02:48.800
guys that are investing money abroad don't
know who Dangote, You don't know who

1460
02:02:48.880 --> 02:02:53.159
Calo is. What they know is
that niger risk proper has come up.

1461
02:02:53.600 --> 02:02:57.359
If you're a risk manager and you
come to you see what's going on you

1462
02:02:57.399 --> 02:03:00.920
are with the government with dan Gote, with all this, you don't move

1463
02:03:00.960 --> 02:03:04.640
the risk premium up because if a
connected person like Dangote is having problems,

1464
02:03:05.119 --> 02:03:10.319
then were like what about you?
So these things have an impact. That's

1465
02:03:10.319 --> 02:03:14.640
why Nigeria is borrowing more than Ruwan
than borrowing more. We pay a higher

1466
02:03:14.720 --> 02:03:17.520
cost of debts than Ruwan, that
which the smaller and has no crude oil.

1467
02:03:17.960 --> 02:03:21.840
Our risk PYMUM is higher than Togo, ben all those other countries because

1468
02:03:21.880 --> 02:03:26.520
they have less drama. Nigeria has
a lot of drama. A few days

1469
02:03:26.520 --> 02:03:29.520
ago to the total guys order total
NDC. When they move that talk to

1470
02:03:29.560 --> 02:03:33.640
Angola, he said, Nigerian's talk
a lot blah blah blah blah blah.

1471
02:03:33.760 --> 02:03:38.039
We do debates up and down,
up and not only gals tone. So

1472
02:03:38.159 --> 02:03:42.119
they moved to a place where at
least they are sure Nigeria has rich potentials,

1473
02:03:42.159 --> 02:03:45.359
but we mismanage it by this talk
talk talk bureaucay see you read dog

1474
02:03:45.520 --> 02:03:49.279
to you you are an essu a
arrested for spring dollars. We've locked up

1475
02:03:49.279 --> 02:03:56.000
bigger from biners or a wheelchair and
we think that's not bad pr The US

1476
02:03:56.119 --> 02:03:59.479
guys are just on in politics.
So once port is over, you'll face

1477
02:03:59.600 --> 02:04:03.439
us canna invice on Myria, lock
him up and say yeah, he's charged

1478
02:04:03.479 --> 02:04:09.880
with whatever to six billion dollar or
something like that. So it tells bad

1479
02:04:09.960 --> 02:04:14.159
on the country. It affects our
our bond yields our bound ratings, and

1480
02:04:14.359 --> 02:04:18.119
that's why your NARA is so low. Rule of law has a direct impact

1481
02:04:18.359 --> 02:04:23.439
to investment flows. You've got to
understand that you just can run things as

1482
02:04:23.520 --> 02:04:26.560
if you don't get part of the
global economy. You can't have an NSC

1483
02:04:26.920 --> 02:04:33.239
arresting visitors to Nigeria because he's the
NSC. Isn't another world works man.

1484
02:04:33.760 --> 02:04:38.720
All right, let's get Imperial Mango. How are you doing? So?

1485
02:04:38.880 --> 02:04:45.840
Please hop in there? Thank you. I know my handles a bit strange,

1486
02:04:45.439 --> 02:04:50.199
so I just want to give a
bit of context, right, because

1487
02:04:50.199 --> 02:04:56.560
I've been associated with the company for
over twenty years, right, and I

1488
02:04:56.720 --> 02:05:05.319
remember the same kind of sentiments about
twenty two years ago when Langute went into

1489
02:05:05.600 --> 02:05:15.760
the Obaijana cement plant and cogit it
right, people thought it wasn't extremely foolish

1490
02:05:15.800 --> 02:05:23.880
and ridiculous decision for him to do
so because he went to the middle of

1491
02:05:24.000 --> 02:05:29.520
Nigeria where they had significant limestone reserves
and said, hey, we're going to

1492
02:05:29.640 --> 02:05:34.479
build a cement plant here, right, And everybody was tucking him. They

1493
02:05:34.520 --> 02:05:38.199
said, hey, you want to
build as a man blood? How are

1494
02:05:38.279 --> 02:05:41.520
you going to get the heavy equipment
there? How are you going to get

1495
02:05:41.600 --> 02:05:43.960
the how are you going to play
the land, how are you going to

1496
02:05:44.000 --> 02:05:48.319
get the licenses from the you know, various regulator regions is blah blah blah,

1497
02:05:48.359 --> 02:05:54.079
etc. Right, because it cook
it where Obajama Plants is located.

1498
02:05:54.159 --> 02:05:58.720
It's kind of in the middle of
nowhere, right, And it took them

1499
02:05:58.760 --> 02:06:04.960
about four years, and they bored
about four hundred and eighty million dollars primarily

1500
02:06:05.039 --> 02:06:10.840
from the IMF because nobody else would
fund them at the time and it was

1501
02:06:10.960 --> 02:06:16.680
extremely risky, extremely risky. Nobody
really wanted to borrow this Nigerian company in

1502
02:06:16.720 --> 02:06:21.439
two thousand and two that nobody had
heard about, and everybody was like that

1503
02:06:21.600 --> 02:06:27.319
this gets a regional series. Right. Well, fast forward to two thousand

1504
02:06:27.359 --> 02:06:30.520
and seven. It took about four
or five years. They were about two

1505
02:06:30.600 --> 02:06:35.399
years late, so yeah, you
know, they had a three time period

1506
02:06:35.479 --> 02:06:42.479
of about five years, you know, the signed production and they that five

1507
02:06:42.600 --> 02:06:46.920
that they took from the IMF was
about five and eighty million dollars. They

1508
02:06:47.000 --> 02:06:54.720
paid it back in eighteen months by
two thousand and nine, right, and

1509
02:06:55.319 --> 02:07:02.319
that that was really what kick started. Language is sort of rise in the

1510
02:07:03.039 --> 02:07:10.239
in the in the cements space,
which was really sky rocketed him into the

1511
02:07:10.720 --> 02:07:16.039
sort of national consciousness and sort of
maybe African consciousness, right because before that

1512
02:07:16.239 --> 02:07:21.159
he was primarily a sugar trader.
He was, you know, it was

1513
02:07:21.199 --> 02:07:25.760
a right trader. He was basically
to trading. Maybe they had clone to

1514
02:07:25.800 --> 02:07:33.079
manufacturing me a little bit. So
I want to sort of parallel this a

1515
02:07:33.159 --> 02:07:38.880
little bit to what's going on in
the refinery. Right, So in the

1516
02:07:38.960 --> 02:07:45.840
refinery, like in twenty thirty,
but they signed off the memorandums of understanding

1517
02:07:46.039 --> 02:07:49.840
with a bunch of banks for saying
that yes, they could go to a

1518
02:07:49.920 --> 02:07:57.039
refinery. Now, the honest truth
is the construction of that refinery did not

1519
02:07:57.680 --> 02:08:01.319
start really until twenty eighty because guess
what, for the first three years they

1520
02:08:01.359 --> 02:08:05.399
thought they were going to do it
in ogle states and Ugu Si government was

1521
02:08:05.479 --> 02:08:13.880
giving them a lot of funny signals
about partnerships and you know, strange,

1522
02:08:16.159 --> 02:08:20.479
strange signals which they did not like. Right, So in twenty sixteen they

1523
02:08:20.560 --> 02:08:24.760
came to that, they came to
legal state, they bought this line for

1524
02:08:24.039 --> 02:08:30.640
one hundred million again which is the
public domain, which which was mentioned yesterday,

1525
02:08:31.399 --> 02:08:35.199
and it was extremely swampylar, right. It took two years to clear

1526
02:08:35.720 --> 02:08:41.920
and it took another two years to
dredge with one of the biggest a measures

1527
02:08:41.960 --> 02:08:48.560
to drink into about three meters above
sea levels that don't in count of flooding.

1528
02:08:48.039 --> 02:08:52.720
So the actual construction started in twenty
eighteen, you had about two hundred

1529
02:08:52.720 --> 02:09:01.319
and fifty thousand miles or late and
in about t twenty one, twenty twenty

1530
02:09:01.439 --> 02:09:03.600
two, you know, you had
COVID hits. There were some issues,

1531
02:09:03.720 --> 02:09:07.760
there were you know, there were
a lot of you, there were a

1532
02:09:07.840 --> 02:09:11.000
lot of subcontractors, There were a
lot of Chinese subcontractors. There were a

1533
02:09:11.039 --> 02:09:24.560
lot of engine subcontractors who obviously at
various points in time voiced different it's content,

1534
02:09:24.560 --> 02:09:28.680
if I could put it that way, We don't know happy with different

1535
02:09:28.760 --> 02:09:33.640
things, et cetera, et cetera. But construction essentially began in twenty eighteen,

1536
02:09:35.439 --> 02:09:39.920
right, And by twenty twenty two
construction was sort of complete, right,

1537
02:09:39.319 --> 02:09:43.279
and twenty twenty three they were ready
to start putting the oil in.

1538
02:09:45.520 --> 02:09:48.319
Right. So the end of twenty
twenty three, I went all was in

1539
02:09:48.920 --> 02:09:56.119
and they started distilling the lowest sort
of this list. So I'm sure if

1540
02:09:56.159 --> 02:10:01.920
you are aware of how crew this
works, right, like you start with

1541
02:10:01.039 --> 02:10:07.439
the lowest displays, which is you
know, lubricants, lots of pure oil

1542
02:10:07.039 --> 02:10:13.079
bunker fuel which is used to fuel
ships, right, And these immediately were

1543
02:10:13.199 --> 02:10:18.119
exported to Singapore and many other places
and so on, and eventually they got

1544
02:10:18.159 --> 02:10:22.239
to diesel. Now here's the thing. When when they got to diesel,

1545
02:10:22.520 --> 02:10:28.680
right, their dieselforation plant was not
fully ready, right, so they were

1546
02:10:28.760 --> 02:10:35.239
producing diesel at about you know,
six hundred two thousand p pm of sulfur,

1547
02:10:35.039 --> 02:10:41.680
right, but with the knowledge that
their disulforication plant was going to come

1548
02:10:41.760 --> 02:10:46.479
on board in about one or two
months time. Now, what we saw

1549
02:10:48.800 --> 02:10:54.680
yesterday did before yesterday, it was
that the dieselfurcation plant is kind of online.

1550
02:10:56.399 --> 02:11:01.560
Dangleates diesel is about eighty seven point
five past a million of self.

1551
02:11:03.520 --> 02:11:11.520
The samples they took from random you
know, filling stations like Hotel and Massive

1552
02:11:11.760 --> 02:11:18.920
gave ppms of about one thousand,
eight hundred. Another one gave two thousand,

1553
02:11:20.000 --> 02:11:24.159
two hundred, right, So you
want to compare one thousand, eight

1554
02:11:24.239 --> 02:11:28.239
hundred, two two hundred to eighty
seven now euro five, I think it's

1555
02:11:28.399 --> 02:11:37.439
below fifty, right, And as
the sulfurregation plans is not fully online,

1556
02:11:37.000 --> 02:11:46.119
and the premises that is the minus
ten ppm, right, and again you

1557
02:11:46.199 --> 02:11:50.399
know you know how those things goes. These things go from the heavy distillates

1558
02:11:50.960 --> 02:11:56.119
like again like you know, bunker
oil, low po full oil, ship

1559
02:11:56.199 --> 02:12:00.399
oil, et cetera, et cetera, to insuo to diesel. The most

1560
02:12:00.479 --> 02:12:07.960
highest one is PMS spectral, which
is supposed to be rolled out. You

1561
02:12:07.039 --> 02:12:11.479
know, I don't know, you
know, they say next month. It

1562
02:12:11.600 --> 02:12:15.279
could be it could be September,
it could be maybe early after. Right,

1563
02:12:15.399 --> 02:12:18.880
I don't want to speculate on when
it's gonna come out, right,

1564
02:12:20.159 --> 02:12:24.600
but it is gonna come out.
And so what I found very this is

1565
02:12:24.800 --> 02:12:33.000
genuous about the statement from mister Farroklawan
who said that oh there is forty five

1566
02:12:33.039 --> 02:12:39.960
per second. This This is a
this is a company that's been important,

1567
02:12:39.359 --> 02:12:48.319
has been exporting products from this refinery
from February uh to all over the world,

1568
02:12:48.800 --> 02:12:56.000
to to Singapore, to to Rotterdam, to brazila, the United States,

1569
02:12:56.239 --> 02:13:03.079
to different places. So I think
it's I think it's a very strange

1570
02:13:03.279 --> 02:13:09.399
sort of play between various agencies.
So let me let me let me hop

1571
02:13:09.479 --> 02:13:15.720
in here. So you're saying about
you're saying number number one is the factory

1572
02:13:15.800 --> 02:13:18.720
is complete number two qualities better than
what we're having than you're right now.

1573
02:13:20.119 --> 02:13:26.520
I don't want to say the factory
is complete and the quality is better the

1574
02:13:26.640 --> 02:13:33.119
factory. The factory will be complete
when we ruled out premium more the spirits

1575
02:13:33.159 --> 02:13:39.199
in the next month, and poly
probably in the next few months. Okay,

1576
02:13:39.239 --> 02:13:41.640
So well, the question again for
you why did you guys build this

1577
02:13:41.680 --> 02:13:46.840
stuff away illegals? How what was
the plan to get crude oil? Yeah?

1578
02:13:48.079 --> 02:13:54.560
The magic is SPM single point more
in wordy, Right, So SPMs

1579
02:13:54.600 --> 02:14:01.880
are these magical things which you are
basicly pipelines go out into the sea about

1580
02:14:01.920 --> 02:14:07.439
twenty five meters away, right,
so that you can get Tanamax ships.

1581
02:14:09.000 --> 02:14:13.079
You can get like you know,
all these ships that don't need necessarily need

1582
02:14:13.199 --> 02:14:20.479
to dock at your your part They
can just stay twenty five meters from sea,

1583
02:14:22.479 --> 02:14:26.079
engage with your SPM, and you
know, there's a pipeline that goes

1584
02:14:26.119 --> 02:14:30.439
in, pipeline that goes out,
and they can describe their crude. And

1585
02:14:30.560 --> 02:14:37.239
not only that, there's a separate
SPM for you know, uh off taking

1586
02:14:37.479 --> 02:14:46.960
offloading your product to to different ships
without you necessarily having to dock at any

1587
02:14:46.079 --> 02:14:54.399
particular Yeah, okay, what oil
from where? Oil from? Then Geria

1588
02:14:56.279 --> 02:15:01.720
was built. Also here here's the
thing, right, the assumption was always

1589
02:15:01.920 --> 02:15:05.800
gonna be, Hey, we're gonna
get a majority of our oil from Nigeria.

1590
02:15:05.760 --> 02:15:09.399
That was the assumption. And the
assumption was always gonna be, we're

1591
02:15:09.439 --> 02:15:15.159
gonna get a majority of our oil
from an NPC and we're gonna sell you

1592
02:15:15.239 --> 02:15:20.960
know, most of it to Nigeria. For whatever reason, the n NBC

1593
02:15:20.439 --> 02:15:26.319
has not been able to deliver.
I cannot comment on why the n NBC

1594
02:15:26.479 --> 02:15:31.680
has not been able to deliver.
I'm sure the oil, sorry, and

1595
02:15:31.760 --> 02:15:37.600
reasons for that, you know,
deliver crude oil? Yes, okay,

1596
02:15:37.840 --> 02:15:41.399
so what that that was? That
was the deal? Right, Like they

1597
02:15:41.439 --> 02:15:46.600
had this twenty percent deal where you
know, X amount was cash and x

1598
02:15:46.640 --> 02:15:52.479
amount was sort of crudsp Right,
did those amounts of crude oil that they

1599
02:15:52.479 --> 02:15:56.039
were supposed to deliver within a certain
period of time when the refiner went live?

1600
02:15:56.760 --> 02:16:01.319
Now again, don't quote me on
this, but from what I've heard,

1601
02:16:01.439 --> 02:16:07.439
it's it's you know, there was
fifteen shipments and they delivered about four.

1602
02:16:09.960 --> 02:16:13.560
Okay, what about this seven percent? Seven percent? Think how much

1603
02:16:13.680 --> 02:16:20.159
was nypctary finery today? No,
the seven percent what they paid for?

1604
02:16:20.239 --> 02:16:24.319
But this did this sign up for? I know that in NINEGIA, we

1605
02:16:24.439 --> 02:16:28.439
do you pay in full? In
America? Did do you pay a alockment?

1606
02:16:28.560 --> 02:16:31.879
So was it a full allotment and
they were alloted twenty percent? But

1607
02:16:31.959 --> 02:16:37.959
if only paid seven? Or is
it like it was a mix it was

1608
02:16:37.000 --> 02:16:43.440
a mix between cast and crew.
Yeah, but did you allow them twenty

1609
02:16:43.479 --> 02:16:46.879
percent and they only paid seven percent
of it? Or did you allow them

1610
02:16:46.000 --> 02:16:50.920
base on what they paid for or
was the agreement that they would they have

1611
02:16:50.040 --> 02:16:54.639
twenty percent and they haven't paid.
So they owned the equity, but they

1612
02:16:54.680 --> 02:16:58.760
haven't paid all. They only owned
seven which is what they're paid for.

1613
02:17:00.000 --> 02:17:07.120
Which is it they okay? His
thing they have? There was a contract

1614
02:17:07.440 --> 02:17:11.559
where they were supposed to fulfill a
certain amount within a certain time period,

1615
02:17:11.879 --> 02:17:18.000
right to get that twenty percent,
right right? So so so they got

1616
02:17:18.079 --> 02:17:24.639
the seven point two percent within the
time So that's fine, that's that's not

1617
02:17:24.799 --> 02:17:33.959
a problem. Right, But the
remain you know, yeah, that was

1618
02:17:35.120 --> 02:17:39.319
supposed to be delivered not via cash, but it was supposed to be delivered

1619
02:17:39.440 --> 02:17:45.040
for your crew, and that was
not honored. It was not honored.

1620
02:17:46.680 --> 02:17:50.319
It was almost like we're begging them, We went after them. You know,

1621
02:17:50.479 --> 02:17:54.159
there was great periods. There's guys
you couldn't do this, Like what's

1622
02:17:54.200 --> 02:18:01.719
going on? So? Where does
so? Where does money they exported and

1623
02:18:01.879 --> 02:18:11.200
make money? I'm really exploring that. Okay, last question, the last

1624
02:18:11.239 --> 02:18:18.520
question for you. No, I've
lived I lived in Niger for thirty years.

1625
02:18:18.639 --> 02:18:22.760
Okay, if you want me to
speculate, I can speculate. No,

1626
02:18:24.079 --> 02:18:28.040
that's just what he's saying. He
wants to sell his n n Is

1627
02:18:28.079 --> 02:18:33.079
that bloster or does he really want
to exit the sector. Sorry, I

1628
02:18:33.159 --> 02:18:37.000
didn't get that. Dan just said
today that he would like to sell the

1629
02:18:37.280 --> 02:18:43.040
Fine Way to NPC's not a serious
statement, or he's just staying dogg and

1630
02:18:43.159 --> 02:18:48.879
cheek. I don't. I think
that's something. I saw an article when

1631
02:18:50.000 --> 02:18:54.360
he said that. I think he
was misquoted quoted, Okay, but they

1632
02:18:54.399 --> 02:19:01.600
quoted him saying that. That's just
my opinion. You know, I'm not

1633
02:19:01.799 --> 02:19:07.239
thinking I'm speaking in my own past
here. You know, David, didn't

1634
02:19:07.680 --> 02:19:11.600
we have any questions? You know, we know we we got you,

1635
02:19:13.200 --> 02:19:16.719
I got you talk and we talked
differ No, No, I hear you.

1636
02:19:16.799 --> 02:19:22.520
I mean you have the space.
Debney questions for any questions. I

1637
02:19:22.600 --> 02:19:26.719
mean, I'd like to take question
answer because it's more a strategy question than

1638
02:19:26.799 --> 02:19:31.280
man engineer in the question. But
again, I'm sure you don't understand why

1639
02:19:31.440 --> 02:19:37.360
this was made initially to make the
refining siation two thousands in the first week.

1640
02:19:37.639 --> 02:19:41.799
It just seemed like it was just
way too much. It was just

1641
02:19:41.920 --> 02:19:48.920
that's actually that's actually a very interesting
question. You know because initially, initially

1642
02:19:48.079 --> 02:19:54.319
during the design figure of the refinery, right, the design was supposed to

1643
02:19:54.360 --> 02:19:58.920
be four hundred and fifty thousand,
not six hundred and fifty thousand. Right,

1644
02:20:01.520 --> 02:20:05.920
come against said again, please come
again? Oh god, you guys,

1645
02:20:07.159 --> 02:20:11.040
there is issuing. Do you prepare
we go back to d MS?

1646
02:20:13.959 --> 02:20:18.440
Do you prefare we go to DMS? Are blowing up? Somebody is asking

1647
02:20:18.399 --> 02:20:22.120
this question. Someone is asking you
give the currents the cumstances is a single

1648
02:20:22.200 --> 02:20:35.600
point mooring for the refinery justified,
but is absolutely spot amazing technologies we have

1649
02:20:37.559 --> 02:20:45.799
you know why you have param You
have ships ships that can come within particulars

1650
02:20:46.600 --> 02:20:52.360
of the Nigerian coast, right,
and we have our poez there right,

1651
02:20:52.879 --> 02:20:58.000
and you have the pipes there and
you can either you can you can either

1652
02:20:58.280 --> 02:21:05.959
discharge fruit or even onboard finished products, right, because you don't want Supermax,

1653
02:21:07.639 --> 02:21:16.239
Panamax or Stewart Max vessels coming into
coming into your your your parts.

1654
02:21:16.159 --> 02:21:20.959
It's gonna cost too much draft.
This is gonna be too much headache.

1655
02:21:22.799 --> 02:21:26.200
They just say, you know,
twenty five pilometers away from the coast and

1656
02:21:26.319 --> 02:21:30.959
they just like, last round to
these SPNs and you know, these pipelines

1657
02:21:31.040 --> 02:21:33.799
extend like in the bottom of the
sea, and they just like, look

1658
02:21:33.959 --> 02:21:39.440
up. So let me this right, So let the panamical couple will go

1659
02:21:39.520 --> 02:21:46.120
to and pick up crude oil then
still to Legos and crude oil. Yeah,

1660
02:21:46.319 --> 02:21:50.520
yeah, absolutely, And this this
this is not just for Paramax and

1661
02:21:52.200 --> 02:21:58.040
you know, you know as as
this applies similarly to say, for example,

1662
02:21:58.120 --> 02:22:05.719
a vessel that is coming from Legos
and wants to op take diesel and

1663
02:22:07.200 --> 02:22:13.319
you know distributed to PoTA called or
worry or will you know what I mean.

1664
02:22:13.680 --> 02:22:18.159
They don't have to talk, they
don't have to talk at the pub.

1665
02:22:18.799 --> 02:22:22.280
They just go to the SPM,
they load, and they're on their

1666
02:22:22.360 --> 02:22:28.799
way. It's a much more efficient
way of of you know, off taking

1667
02:22:28.959 --> 02:22:35.840
and this charging products than to talk
and then you know, you know,

1668
02:22:35.959 --> 02:22:37.680
fix the pipeline or whatever. Okay, but just to answer to this question,

1669
02:22:37.799 --> 02:22:41.239
because it's just a range, but
most strategic was like you said,

1670
02:22:41.760 --> 02:22:48.680
the range that was it a hundred
or two? Was the max the initial

1671
02:22:50.399 --> 02:22:52.600
you mean for the SPMs, No, for the refined. They was looking

1672
02:22:52.639 --> 02:22:58.319
at the initial capacity. Let's let's
say a hundred. I was actually asking

1673
02:22:58.479 --> 02:23:03.120
the why decision make it six fifty? Yeah, he didn't want to really

1674
02:23:03.200 --> 02:23:09.079
go there, but you know,
it was more about okay, see it

1675
02:23:09.200 --> 02:23:13.360
started at for fifty, right.
It started for fifty because four fifty is

1676
02:23:13.399 --> 02:23:18.479
a good figure. And the decision
was made to say, okay, let's

1677
02:23:18.559 --> 02:23:22.639
let's look at it because when they
did the initial design, they did the

1678
02:23:22.719 --> 02:23:26.719
initial design of the refinery, right, and they found out that there was

1679
02:23:26.879 --> 02:23:33.760
scope to go about three hundred to
three fifty more. Or what what meant

1680
02:23:33.920 --> 02:23:39.319
was they could go to seven roundred
at seven hundred and fifty right, based

1681
02:23:39.360 --> 02:23:43.600
on the design, based on the
area, based on the you know,

1682
02:23:45.200 --> 02:23:48.840
the amount of crew that could come
in are also based on the equipment that

1683
02:23:50.040 --> 02:23:54.680
was available. Right. So so
it's like driving a cass like let's the

1684
02:23:54.840 --> 02:24:01.159
lobby thet's like you got a BMW
right and you're saying you want to drive

1685
02:24:01.239 --> 02:24:05.879
it at eighty. All of a
sudden you're like, well, I could

1686
02:24:05.879 --> 02:24:11.040
probably drive this one plenty, you
know, but that one twenty, that

1687
02:24:11.239 --> 02:24:16.520
one twenty gives, it gives like
it was a bank and taking more equity.

1688
02:24:16.520 --> 02:24:20.040
Yeah, but boy boy, here's
the thing. You could drive it

1689
02:24:20.079 --> 02:24:24.079
at one sixty. So they they
said, okay, on the generals,

1690
02:24:24.159 --> 02:24:28.600
we're not going to drive it at
one sixty because that's stupid, but you

1691
02:24:28.680 --> 02:24:31.239
know, we'll probably drive it out
you know, one twenty. And you

1692
02:24:31.319 --> 02:24:39.360
know that happened. Interesting, that's
the best way. Okay. Someone's asking

1693
02:24:41.799 --> 02:24:45.639
I could be wrong, you know, I'm just saying it. I'm just

1694
02:24:45.760 --> 02:24:48.639
the guy. I'm just the guy, just the guy. I hear you.

1695
02:24:48.719 --> 02:24:52.399
But someone is asking, why didn't
you feel this in not Delta?

1696
02:24:52.520 --> 02:24:56.159
Why was it Ogle State first?
Why? Why not? Right next to?

1697
02:24:56.239 --> 02:24:58.239
This? Is probably buoys. I
think that I think the Ugo State

1698
02:24:58.360 --> 02:25:03.639
thing was very I don't know,
well, not just Delta, he says,

1699
02:25:05.079 --> 02:25:15.920
Delta, Why Delta? Why they
didn't build it Niger Delta. I

1700
02:25:16.120 --> 02:25:20.200
really don't know, okay, but
I know that they wanted to build it

1701
02:25:20.520 --> 02:25:28.559
close to where they could have you
know, some striking distance from legostch Why

1702
02:25:28.680 --> 02:25:35.200
legal? Why why not? Yeah? Yeah, you're just the guy.

1703
02:25:35.239 --> 02:25:39.600
I'm answering the question, like I
want to know, Okay, I for

1704
02:25:39.799 --> 02:25:45.239
this. I don't have an answer
to this. Okay, but but here's

1705
02:25:45.280 --> 02:25:50.159
the thing. This is there's a
refinery and worry you want that. We

1706
02:25:50.239 --> 02:26:05.200
need to find me ten thousand which
one which you want to NBC. Here's

1707
02:26:05.239 --> 02:26:09.200
the thing, here's the context.
Here's the context. Okay. In two

1708
02:26:09.239 --> 02:26:15.079
thousand and seven, right, Dange
wanted to buy, you know, a

1709
02:26:15.120 --> 02:26:18.959
couple of these refinements and refurbished them. This was around the lines of when

1710
02:26:18.120 --> 02:26:28.319
you know, when Dangote but Bens
remember benincident Boogle right, uh, And

1711
02:26:28.559 --> 02:26:33.520
they had a really tough time buying
business book because they said the government said,

1712
02:26:33.680 --> 02:26:37.079
you have no technical, no out, you have no idea what you're

1713
02:26:37.200 --> 02:26:43.399
doing. You guys just you guys
are just hicks from you're just right next

1714
02:26:43.479 --> 02:26:54.879
from you what you're doing. But
it was fine when you we went and

1715
02:26:54.959 --> 02:27:00.680
built up APPLT and that, you
know, built some confidence and then but

1716
02:27:01.200 --> 02:27:07.799
I think the whole you know,
I think everybody knows about the stuff,

1717
02:27:07.879 --> 02:27:18.319
right like this wanted to take over
the field refineries, and president you know,

1718
02:27:18.680 --> 02:27:26.079
Mademoiselle decided in his wisdom that that's
a good thing for the country and

1719
02:27:26.280 --> 02:27:39.079
the pencil, right yeah, I
mean you have any questions for him finally

1720
02:27:39.840 --> 02:27:45.280
to come in, Well, ah, this is this is more strategy,

1721
02:27:48.319 --> 02:27:58.879
good friend, I don't mind yet. So I'm wondering, like after I

1722
02:28:00.120 --> 02:28:05.399
know that after you die, President
John was maybe a bit more amendable,

1723
02:28:05.680 --> 02:28:15.479
you know, to to I mean
ionomic, it didn't the time I have

1724
02:28:15.520 --> 02:28:22.040
had something to do was President John
was definitely more abandonable. I mean he

1725
02:28:22.399 --> 02:28:26.719
used to carry it. You know
when that was listed as well, Wealth

1726
02:28:26.159 --> 02:28:33.200
Africa was listed among the accomplishments.
Like he was very out of thoughts instead

1727
02:28:33.200 --> 02:28:41.399
of singing money into the primary sunder
to sort of revived that s was the

1728
02:28:41.520 --> 02:28:46.000
first I heard, you don't want
they figured out Yeah, I think they

1729
02:28:46.040 --> 02:28:50.559
figured this out after taking the news
event, because you know when when the

1730
02:28:50.639 --> 02:28:54.959
built up a right like they built
about Jestament with the best of the equipment

1731
02:28:56.159 --> 02:29:01.719
from from Germany, Switzerland and you
know, the Netherlands and whatnot. Right

1732
02:29:01.440 --> 02:29:13.239
like, the efficiency the sort of
cost of producing one kilogram or one ton

1733
02:29:13.319 --> 02:29:20.239
of cement was was was way way
way way cheaper than anything they could do

1734
02:29:20.440 --> 02:29:26.959
with Pneisment Company, right, which
was a takeover and had legacy equipment which

1735
02:29:28.079 --> 02:29:31.760
was like, you know, thirty
years old and SWAE. So I think

1736
02:29:31.799 --> 02:29:35.680
they made a parallel to that and
said, hey, if we take about

1737
02:29:35.719 --> 02:29:45.520
these refineries and we spend you know, X billions of billers to refurbish these

1738
02:29:45.719 --> 02:29:56.479
refineries that were essentially built in the
seventies and eighties, would we really you

1739
02:29:56.559 --> 02:30:01.879
know, we really get the games
that we we should then you know,

1740
02:30:01.040 --> 02:30:09.760
if we if we built the refinery
with technology from the twenty tanks, No,

1741
02:30:09.879 --> 02:30:15.319
because the fact is that the technology
from all these for all these other

1742
02:30:15.440 --> 02:30:20.000
findaries who were from the seventies to
eighties. Uh it was the seventies and

1743
02:30:20.079 --> 02:30:26.319
eighties, I mean because I was
that's the last one. Yeah, yeah,

1744
02:30:26.559 --> 02:30:31.159
So it was all the technology.
And see Danglode whole the only reason

1745
02:30:31.319 --> 02:30:41.280
Danglote dominated Select was because they built
the brought in technology that was newer and

1746
02:30:41.479 --> 02:30:46.239
more efficient, that was able to
you know, give the five a run

1747
02:30:46.319 --> 02:30:52.280
for their money, right, So
so so when they looked at it and

1748
02:30:52.360 --> 02:30:56.680
they were like, do we really
want to refurbish these plants, that's like,

1749
02:30:56.120 --> 02:31:07.239
you know, from two thousand,
late nineteen nineteen late block that anyways,

1750
02:31:11.280 --> 02:31:13.840
I mean great upon one of the
talk let me just get something handy

1751
02:31:13.920 --> 02:31:18.399
and claim if you prove that we
just had to pull a talked you k

1752
02:31:18.840 --> 02:31:26.559
k kay, judge, you want
to whatever about testing it to go,

1753
02:31:26.760 --> 02:31:31.079
guys, I apologize, but it's
been packed lots of breaking news as well,

1754
02:31:31.120 --> 02:31:33.639
and one of them I have enough
sense. Yeah, go ahead,

1755
02:31:33.680 --> 02:31:37.799
go ahead of case it's not responsive, go ahead, you will, I'll

1756
02:31:37.879 --> 02:31:41.520
come, I'll come after. Yeah, go ahead, you will like it?

1757
02:31:41.639 --> 02:31:48.479
All right? All right? So
contrivisually is that I think we're in

1758
02:31:48.799 --> 02:31:54.680
the lineman and right, So my
argument are suicide is the fact that I

1759
02:31:54.760 --> 02:31:58.760
think we need to angle tag one
h. I'm also do not need to

1760
02:31:58.760 --> 02:32:09.360
take it? Can you? I
can hear him, I can hear there

1761
02:32:09.399 --> 02:32:13.040
is not speaking speaking. Call is
the one to shoot you will your life

1762
02:32:13.079 --> 02:32:18.079
statistics, So go ahead, okay, okay. So I was saying that

1763
02:32:18.159 --> 02:32:24.639
we're in pretty much I didn't,
I right, And because on suicide we

1764
02:32:24.760 --> 02:32:28.879
need and we do not need him. We need down with the industries,

1765
02:32:30.360 --> 02:32:35.319
uh twenty more down the adresses and
I here one undred percent we need that

1766
02:32:35.399 --> 02:32:39.360
kind of those kind of businesses,
but down with her as a businessman,

1767
02:32:39.440 --> 02:32:43.360
the type of businessman that is.
You know, Nigeria does not need his

1768
02:32:43.520 --> 02:32:52.520
parasitic I mean David as Amad it
already his paracity is monopolistic tendencies. Right,

1769
02:32:52.920 --> 02:32:56.920
does not the country group, you
know, it doesn't have the industry.

1770
02:32:56.280 --> 02:33:03.440
And I point to a couple of
things. Right in the last sexy

1771
02:33:03.559 --> 02:33:07.000
or forty years, there's no country
in the world that's undergone the kind of

1772
02:33:07.440 --> 02:33:15.760
infrastructure upgrade or infrastructural revolution that China
has. No country in the world.

1773
02:33:16.079 --> 02:33:22.120
And I want you to go to
the point, go to the point because

1774
02:33:22.120 --> 02:33:28.120
we're just yes I was, I
was to the point that I just need

1775
02:33:28.159 --> 02:33:30.200
to round them. I know,
I know we have two more beanies.

1776
02:33:30.280 --> 02:33:35.280
So what I'm saying is that in
the last eight years, uh now country

1777
02:33:35.319 --> 02:33:43.639
has gone through the true gone,
true infrastructure revolution or upgrade like China,

1778
02:33:43.680 --> 02:33:46.479
as you know, and the major
things that you need for infrastructure. Right,

1779
02:33:46.520 --> 02:33:50.479
even if I realized things that is
rude to everything. Semens is a

1780
02:33:50.559 --> 02:33:56.079
major confident. Yes, China does
not doesn't matter. Cement right, Cements

1781
02:33:56.200 --> 02:34:01.600
is something that was invented by the
Romans centuries ago. Even before its christ

1782
02:34:01.760 --> 02:34:05.399
was born. Yes, we have
been engineer that this is a retestment in

1783
02:34:05.520 --> 02:34:15.000
Africa from cements selling cement because engineers
more for cements than the average price in

1784
02:34:15.079 --> 02:34:18.479
the tire world. I don't pay
more for SEMy are selling the expensive cements.

1785
02:34:18.399 --> 02:34:22.399
Basically, my own points is that
ninetyear is so messed up right now

1786
02:34:22.280 --> 02:34:28.120
that we need a thing because the
people in power are just bloody incompetence.

1787
02:34:28.879 --> 02:34:31.440
But like I said, my sad
admit, as you said, we also

1788
02:34:31.520 --> 02:34:35.680
do not needing because of this monopolicy
and we are picking much in a deliment

1789
02:34:35.760 --> 02:34:39.079
now. So what I think they
should do is your settlers set with their

1790
02:34:39.159 --> 02:34:43.280
families, pose easy man with the
government. Everybody knows that whenever she is

1791
02:34:43.319 --> 02:34:48.319
there have been she said, tools
and getting too final. We can thank

1792
02:34:48.319 --> 02:34:52.559
you all right, thank you so
much? Can I go? Ye?

1793
02:34:54.760 --> 02:34:58.760
Okay? So yes, thing about
the very because I never won. Idn't

1794
02:34:58.799 --> 02:35:05.399
tell you they need Naegelian's money because
if they do, they will invest,

1795
02:35:05.600 --> 02:35:11.120
investing the people more before they come
to their country and having idiots going to

1796
02:35:11.239 --> 02:35:16.319
the country going to the buyou because
in chaos day so they will be the

1797
02:35:16.399 --> 02:35:20.520
one that do the investment in anger
and you know I do with it the

1798
02:35:20.680 --> 02:35:24.000
better to get the right people to
come instead of using them. The fact

1799
02:35:24.040 --> 02:35:28.239
that you have to do ten thousand
dollars down there. I have ten thousand

1800
02:35:28.239 --> 02:35:31.399
dollars in year. Cant before you
know they can even consider you. And

1801
02:35:31.000 --> 02:35:37.000
you know, hi can the amount
of money that you need for the visitor

1802
02:35:37.079 --> 02:35:41.000
processing or whatever that sex undred and
something is. So they don't value us

1803
02:35:41.159 --> 02:35:45.920
because we don't value ourselves. You
know, I can speak for myself as

1804
02:35:45.959 --> 02:35:48.159
an individual of my character, but
you know when you look at you as

1805
02:35:48.200 --> 02:35:52.799
a whole, that is what we
go and do outside the country. We

1806
02:35:52.959 --> 02:35:56.520
take what we do in Nigera,
we take out of the country of courtesy.

1807
02:35:56.040 --> 02:36:00.600
Yeah, there was a particular video
that so whereas we are, young

1808
02:36:00.760 --> 02:36:05.959
men were attacking themselves through the lived
doing all sorts of things, attacking at

1809
02:36:05.000 --> 02:36:09.879
the car pack. You know,
we have I'm sorry to say, women

1810
02:36:11.000 --> 02:36:16.239
going to Dubai and playing prostitution and
everything. And you know we're enleveled for

1811
02:36:16.399 --> 02:36:20.680
that in Dubai. You know,
I know the country resample not going.

1812
02:36:20.440 --> 02:36:24.760
It's bad enough that you know up
and down the country, this constitution we

1813
02:36:24.879 --> 02:36:30.280
take out of the country, they
get these are going to do prostitution.

1814
02:36:30.799 --> 02:36:35.200
So I mean you get frostars,
the boys in Dubai, all of them

1815
02:36:35.319 --> 02:36:39.959
catching out frostars all over Dubai and
everything giving them bad news and with noticary

1816
02:36:41.040 --> 02:36:45.719
or for shoppye. The other one
I can't remember would bury, you know,

1817
02:36:45.799 --> 02:36:48.840
all those sort of things that ever
had to go to Dubay to pick

1818
02:36:48.920 --> 02:36:56.120
these people up. So we ourselves
as we're not doing ourselves any favor with

1819
02:36:56.319 --> 02:37:00.239
all those bad behaviors. Right,
so now if you want to go only

1820
02:37:00.440 --> 02:37:03.840
maybe you want to go for a
break. There other countries that you can

1821
02:37:03.840 --> 02:37:07.399
ten thousand dollars, But how do
you represent your country when you go to

1822
02:37:07.840 --> 02:37:13.440
those countries? I mean, I
mean that's that's I just think that your

1823
02:37:13.440 --> 02:37:16.879
data is correct. We have the
badder event there, but I think go

1824
02:37:18.000 --> 02:37:22.319
to Dubai. There Russians are doing
worse the Nigerians. There's a Russian guy

1825
02:37:22.440 --> 02:37:28.399
jail, the drug guy in Russia, guns in sorry, grinds in Dubai

1826
02:37:28.639 --> 02:37:33.319
killing people. The Russians have their
own social jail in Dubai. The point

1827
02:37:33.360 --> 02:37:37.319
of making that that they don't want
to because we're not spending money. It's

1828
02:37:37.360 --> 02:37:41.559
an economic decision. We don't have
any We're not bring any betefits to Dubai.

1829
02:37:41.799 --> 02:37:46.920
We're not spending. Consumption is down, the economy is down. So

1830
02:37:46.040 --> 02:37:52.920
in the past Nineteans we go to
Dubai and spend spend one so they don't

1831
02:37:52.159 --> 02:37:56.920
lose anything to kick us out,
even can spend more Nigerians in Dubai.

1832
02:37:56.479 --> 02:38:01.479
So I think it's it's it's more
of an economics to kick us out.

1833
02:38:01.520 --> 02:38:05.159
And that's why if you notice the
requirements made wink and lord, the Dubai

1834
02:38:05.319 --> 02:38:09.440
guys like it because now they know
you can spend. That's why the specified

1835
02:38:09.440 --> 02:38:15.920
the credit card how to play with
it, not the card credit credit card,

1836
02:38:16.360 --> 02:38:18.280
so only yeah, So I mean
when they does have credit cards.

1837
02:38:18.840 --> 02:38:24.159
How many Americans don't have to dollars
but they have credit cards. So they

1838
02:38:24.239 --> 02:38:30.000
are making it very very clear.
We only want business people that have money.

1839
02:38:30.319 --> 02:38:33.360
If you're torists or you want to
come out. If you see snow

1840
02:38:33.399 --> 02:38:35.959
for the first time, go to
London, don't go to Dubai. It's

1841
02:38:35.040 --> 02:38:41.600
an economic They don't want to quote
and quote poor people in Dubai from Nigeria.

1842
02:38:41.079 --> 02:38:45.440
They don't mind poor from India and
Pakistan that will come out of work

1843
02:38:46.000 --> 02:38:50.079
in their industry. But not from
Nigeria. That's what they say. Yes,

1844
02:38:50.120 --> 02:39:00.719
so that's what I said. They're
not willing to do that. Yeah,

1845
02:39:01.000 --> 02:39:03.479
I mean I hear you. We're
gonna move sooner. We can just

1846
02:39:03.559 --> 02:39:05.799
get us. But how you got
that in here? Just a bread question

1847
02:39:05.879 --> 02:39:11.639
for me, said mister the guy
left, Just a quick question for you

1848
02:39:11.920 --> 02:39:16.440
in term of the price, Yeah, I know in Tel, sorry in

1849
02:39:16.559 --> 02:39:20.200
tel of the pricing, right,
what what would be the what would be

1850
02:39:20.280 --> 02:39:28.120
the would you say if the price
from Dangot would be cheaper for Nigerians because

1851
02:39:28.159 --> 02:39:31.840
we are finding locally, so the
guys listening to me and asking me what

1852
02:39:31.920 --> 02:39:37.840
would be the price? Is already
cheaper for diesel and it's very cheaper for

1853
02:39:37.120 --> 02:39:43.040
jet from the refined. So has
this has been the points is march?

1854
02:39:43.639 --> 02:39:50.040
I mean, the factor has been
selling diesel and jet A one for a

1855
02:39:50.200 --> 02:39:56.520
few months now and it is well
below what the market price. Let me

1856
02:39:56.600 --> 02:40:01.399
ask you up on that? Is
it below market price? Because NNPC is

1857
02:40:01.440 --> 02:40:03.680
so inefficient that their cost place has
gone up. So look at it this

1858
02:40:03.799 --> 02:40:09.319
way. Compare what don go to
selles to what's the South Africa cells which

1859
02:40:09.360 --> 02:40:16.479
is cheaper? See it depends you
know, because diesel and jet A one

1860
02:40:16.719 --> 02:40:22.360
are different. PMS is very interesting
thing will come in because PMS is still

1861
02:40:22.479 --> 02:40:30.520
subsidized to an accent. Might now
there is when we will see how the

1862
02:40:30.680 --> 02:40:37.479
price really plays out because is isel
what's telling at about one six hundred liter?

1863
02:40:37.200 --> 02:40:43.440
Right when Tango started selling, they
started selling at one thousand, two

1864
02:40:43.520 --> 02:40:48.799
hundred. They brought it down to
one thousand, then they brought it back

1865
02:40:48.879 --> 02:40:52.440
to about one thousand, unto two
hundred because the whole dollar issue, right,

1866
02:40:52.760 --> 02:40:58.120
which is about four hundred nine cheaper
than what was being sold on the

1867
02:40:58.200 --> 02:41:03.719
market, which is one and you
can confirm from all the airlines in Legos

1868
02:41:05.319 --> 02:41:13.959
in CA and right, did anyone
price has also come down? Yeah,

1869
02:41:13.120 --> 02:41:16.840
I get you. The point I'm
trying to make is this right Nigerian cost

1870
02:41:18.040 --> 02:41:22.920
I don't know Nigeria cost. So
Nigeria costs are high because cost of person

1871
02:41:24.319 --> 02:41:28.639
is high. So, but if
I compare the cost of pyramids or diesel

1872
02:41:28.719 --> 02:41:35.239
from Nigeria to South Africa, can
you compare to No? No, I

1873
02:41:35.319 --> 02:41:43.639
want to do with South Africa.
I want South Africa because because I know

1874
02:41:46.360 --> 02:41:54.680
compared to West Africa, compared to
compared to compare compared to better Republic compared

1875
02:41:54.719 --> 02:41:58.479
to the roon, compared to this
year, compared to but I want to

1876
02:41:58.479 --> 02:42:03.680
compare to Africa for a reason.
I know I'm in South Africa because it's

1877
02:42:03.719 --> 02:42:11.399
a functional it's a functional economy,
right, so it's functional, so I

1878
02:42:11.520 --> 02:42:16.920
can that's a marketing the economy.
Although well we are also really I wouldn't,

1879
02:42:18.520 --> 02:42:24.319
I wouldn't stay with they just called
the refinery or licensed. They just

1880
02:42:24.399 --> 02:42:31.000
called the refinery or licensed. Yeah, are you going to say our economy

1881
02:42:31.479 --> 02:42:35.079
they can't call a refinery or license. That's the point I'm making. So,

1882
02:42:35.520 --> 02:42:37.959
but you answer the question, what
did you think to be cheaper?

1883
02:42:39.120 --> 02:42:43.600
What did did do be cheaper than
did this lends South Africa? What do

1884
02:42:43.639 --> 02:42:46.520
you think? What is the what
is the price? You don't know?

1885
02:42:48.239 --> 02:42:54.879
I don't know because I don't know. Look, because this is actually a

1886
02:42:56.079 --> 02:43:03.360
very good question asking and I want
to answer it intelligently without boom boom.

1887
02:43:05.520 --> 02:43:18.479
Okay, price of one letter,
price of one letter of diesel? And

1888
02:43:18.040 --> 02:43:26.360
let's say, okay, so South
African diesel prices right, it's one two

1889
02:43:26.639 --> 02:43:37.360
okay? True? Okay, true? And yet okay, okay, it's

1890
02:43:37.399 --> 02:43:46.120
about two thousand okay, yes,
so it's been cheaper ahead, it's cheaper

1891
02:43:46.159 --> 02:43:50.000
in Nigeria. Nigeria has been crashed
about one thousand hundred, Okay, So

1892
02:43:50.040 --> 02:43:54.120
it's cheaper in Nigeria than an economy
like South Africa with the high okay,

1893
02:43:54.600 --> 02:44:00.200
So okay, okay. And then
go to a little cell go to will

1894
02:44:00.239 --> 02:44:05.159
sell it in doors, will sell
in naira to Nidrian contuments. Oh absolutely,

1895
02:44:05.479 --> 02:44:15.799
okay, that's that's the same.
Okay. So here's the thing.

1896
02:44:16.440 --> 02:44:22.639
The question is going to be see
for for p MS. Right, it's

1897
02:44:22.760 --> 02:44:28.079
kind of controlled by NBC. Unlike
Diesel and everything else. It is control.

1898
02:44:30.399 --> 02:44:33.600
We have to kind of go through
them. And this is where you

1899
02:44:33.719 --> 02:44:43.600
know, we're having a text you
know, friendly familifire friendly and call it,

1900
02:44:43.159 --> 02:44:48.040
I don't know what you want to
call it the news. We get

1901
02:44:48.079 --> 02:44:50.840
the point, We get the point, Okay. I just want to get

1902
02:44:50.879 --> 02:44:54.239
this questions and thanks thanks for answering
them for us. Let's get Elizabeth and

1903
02:44:54.440 --> 02:44:58.559
Elizabeth, what's your what's your question? Yeah? Hi, I actually didn't

1904
02:44:58.559 --> 02:45:03.000
have a question, and I have
a very valuable contribution with regards to the

1905
02:45:03.120 --> 02:45:07.920
Dubai wholethy asc going on, and
someone spoke earlier and I wanted to just

1906
02:45:09.040 --> 02:45:11.479
correct the person. And I'm not
sure if it was you that talked about

1907
02:45:11.559 --> 02:45:16.120
how the U A won the Nigerian
money and all. I actually joined the

1908
02:45:16.159 --> 02:45:20.799
podcast last week and I dropped very
valuable information that the U A E don't

1909
02:45:20.840 --> 02:45:26.520
actually want Nigerian's money. One hundred
people's money is worth three people in the

1910
02:45:26.600 --> 02:45:30.959
Gulf. We spend, so we
are not their market. When Dubai opened

1911
02:45:31.040 --> 02:45:35.520
up to Nigeria, it was because
of the Emirates Airline. We are valuable

1912
02:45:35.920 --> 02:45:46.639
to make their being full, so
they're not having anty legs yes with them

1913
02:45:46.719 --> 02:45:58.319
every time they took their visa with
them every time they left. Not because

1914
02:45:58.360 --> 02:46:01.760
of what Nigerians are doing over there. There are other people doing stuff.

1915
02:46:01.959 --> 02:46:05.719
It's just that thing of if we
can't have you as U A gen two

1916
02:46:05.760 --> 02:46:09.280
hundred million on our flight, no
other Aline will have you guys, So

1917
02:46:09.399 --> 02:46:13.479
the beaver there's a control thing for
nobody else to have us bring both to

1918
02:46:13.559 --> 02:46:16.520
them. It's not so much about
what we're doing over there. There are

1919
02:46:16.600 --> 02:46:22.680
many other countries doing worse stuff,
but we our purpose has to be it's

1920
02:46:22.719 --> 02:46:26.079
a control thing. They need us
for numbers for the aircraft and I completely

1921
02:46:26.159 --> 02:46:30.239
agree with you. I made this
point over and over that an economic thing

1922
02:46:30.319 --> 02:46:33.239
like you. This said, the
visa is attached to the Emirates Airlines,

1923
02:46:33.239 --> 02:46:37.000
so once emorates to flying, the
business left. So completely agree with you.

1924
02:46:37.239 --> 02:46:41.440
If we have money today, they
willn't access to pay six because they

1925
02:46:41.559 --> 02:46:46.479
know no one Andreas come. They
will spend I'm not saying they need us

1926
02:46:46.520 --> 02:46:48.360
spending, but into the field of
the plane. So if they don't go

1927
02:46:48.440 --> 02:46:52.280
to the US, you can go
to Dubai friving to the US. So

1928
02:46:52.799 --> 02:46:56.399
they want you to use that as
a whoub But if you don't have money,

1929
02:46:56.959 --> 02:47:00.840
they don't want you. That's what
they're saying. What That's what I'm

1930
02:47:00.879 --> 02:47:03.600
saying. So yeah, I'm a
little bit thanks for that question. I

1931
02:47:03.639 --> 02:47:07.600
have a question again for them for
speak, I have a question for you.

1932
02:47:07.479 --> 02:47:11.920
Someone saying, so let me be
a curveball. Someone says that the

1933
02:47:11.079 --> 02:47:18.360
subsidy was removed, prices went up, Bango teste, prices have come down

1934
02:47:18.559 --> 02:47:22.040
or cheaper. He wanted to comment
on that. You get him where he's

1935
02:47:22.159 --> 02:47:24.959
where he's going to be done.
Do you get what he's trying to say.

1936
02:47:28.079 --> 02:47:33.040
He's saying, subsidy was removed,
We cost prices to go up does

1937
02:47:33.239 --> 02:47:39.239
dango taste high prices? Now a
pel lo? Okay? So so so

1938
02:47:39.360 --> 02:47:43.280
you actually you have to look at
what is the cost price. You have

1939
02:47:43.360 --> 02:47:48.559
to look at what is the what
does the you know imagine in this solution,

1940
02:47:48.319 --> 02:47:52.840
right and you have to see,
okay, what is gonna perfect the

1941
02:47:52.879 --> 02:48:01.600
company? And honestly that that's that's
where it really because this is where we

1942
02:48:01.719 --> 02:48:05.079
always keep saying, you know,
n n PC, give us crudel,

1943
02:48:05.879 --> 02:48:13.440
give us crude oil, and we
will be able to price international price you

1944
02:48:13.520 --> 02:48:22.360
want price they want to pay.
If you if you make dangote to import

1945
02:48:22.440 --> 02:48:26.440
crude oil from Brazil the US,
you know, from wherever the hell,

1946
02:48:28.040 --> 02:48:33.959
right, it will not be the
same price as if and then you know

1947
02:48:33.159 --> 02:48:39.280
an LPC gives those crews, it
will be a different price to absolutely be

1948
02:48:39.399 --> 02:48:45.879
a different price. You know that
that's just that's just think. But you

1949
02:48:45.959 --> 02:48:48.879
know, from from what from what
I've seen or at least from what I'm

1950
02:48:48.959 --> 02:49:01.760
hearing, the NPC has mortgaged you
know, for what crude prices for you

1951
02:49:01.840 --> 02:49:07.959
know, different loans and different things
for a number of years. So that's

1952
02:49:07.959 --> 02:49:11.959
why that's why they can give you, That's why you can get the product

1953
02:49:11.040 --> 02:49:16.120
because NPS. Yes, I don't
know how practical just for them, you

1954
02:49:16.200 --> 02:49:20.799
know, if they have contractual obligations
to say, I've taken loans and we're

1955
02:49:20.799 --> 02:49:26.079
going to play by this loans with
crude and I only drilling one point eight

1956
02:49:26.159 --> 02:49:31.079
million, one point two one point
one point two one but whatever it is,

1957
02:49:31.239 --> 02:49:35.600
right, you know so so so
that's where it crosses the whole.

1958
02:49:35.319 --> 02:49:43.760
You know, the whole param is
sophisme breach of contracts, and nypiece is

1959
02:49:43.799 --> 02:49:48.680
owned by the federation. The federation
is technically I don't want to blame any

1960
02:49:48.799 --> 02:49:52.639
I don't want I don't blame anybody
because you know, it happens, it

1961
02:49:52.920 --> 02:50:00.440
happens, it happens. You know
things happen, and you can't predict future

1962
02:50:00.479 --> 02:50:05.079
and all that. So twenty twenty
two and NBC agree that, okay,

1963
02:50:05.520 --> 02:50:11.040
fan, who give you X amount
gosh and then the remainder of this will

1964
02:50:11.120 --> 02:50:16.000
give you with crewder right, and
they have not been able to meet that

1965
02:50:16.120 --> 02:50:22.280
obligation with the crew. Are you
paying for the crew in or dollars?

1966
02:50:26.559 --> 02:50:31.879
I have to go talk to my
father. I'm okay, would you would

1967
02:50:31.879 --> 02:50:33.079
you? Would you? Will you
say? Will you send me a d

1968
02:50:33.200 --> 02:50:41.280
M? If you find out.
Absolutely will except that you know. Yeah,

1969
02:50:41.360 --> 02:50:43.040
if you keep it private, yeah
I will. If you don't want,

1970
02:50:43.079 --> 02:50:45.920
if you don't want me to reveal
it, if you don't want me

1971
02:50:46.000 --> 02:50:48.239
to sit you can. I can
get an information and like I can share

1972
02:50:48.239 --> 02:50:52.719
it without giving any I can.
I can get that information for you in

1973
02:50:52.840 --> 02:50:56.760
a couple of days, like the
actual act. I would appreciate that.

1974
02:50:58.079 --> 02:51:03.200
I think what information is good you
you, You're coming here has helped you.

1975
02:51:03.239 --> 02:51:05.879
See you coming here has helped.
I mean, baby, just asking

1976
02:51:05.959 --> 02:51:09.799
you questions, PLoP are asking me
question I'm asking you. You should do

1977
02:51:09.879 --> 02:51:13.719
more of this. You should get
your trust people to come out and talk

1978
02:51:13.840 --> 02:51:20.319
to This is not the well pressed, but we are represented a large talk

1979
02:51:20.440 --> 02:51:24.680
more. And I think you also
have to realize that I'm a twitter you.

1980
02:51:24.719 --> 02:51:33.879
I'm I'm not that far off.
You've done a good job, but

1981
02:51:33.760 --> 02:51:37.520
but I have a lot of information. Gotcha, and I don't know.

1982
02:51:37.959 --> 02:51:41.479
I don't want to get fired.
Don't worry. I don't want to get

1983
02:51:41.520 --> 02:51:45.520
fired. I don't want to get
don't worry. That's go fund me,

1984
02:51:45.639 --> 02:51:54.680
we'll do something on that. I
don't worry. I don't think he said,

1985
02:51:54.760 --> 02:51:58.040
he said, it's not hiding place. Go fund me, you say

1986
02:52:07.479 --> 02:52:13.239
cost me a lot more than just
getting fired. No, seriously, I

1987
02:52:13.319 --> 02:52:16.479
think it's very good to have the
other side speak. I wish you're some

1988
02:52:16.600 --> 02:52:20.799
from the prodicument. So I completely
am responsible taking what you're saying. Lost

1989
02:52:20.840 --> 02:52:24.840
of questions are not asking you because
I think they will be a bit more.

1990
02:52:24.360 --> 02:52:28.360
But I like that you're here,
so I don't mind. I don't

1991
02:52:28.840 --> 02:52:31.200
know there's some I'm not asking you. I don't want to put in a

1992
02:52:31.120 --> 02:52:35.399
questions. Yeah, I don't mind
one or two. I don't mind one

1993
02:52:35.440 --> 02:52:41.319
or two show I would actually like
to questions. Actually, I just actually

1994
02:52:41.799 --> 02:52:48.799
one now about about the I actually
pement that you Dangote and the pedagment in

1995
02:52:48.760 --> 02:52:54.680
the produgument removes against their opinions.
That makes Dangote's extensive products cheaper. So

1996
02:52:54.840 --> 02:52:58.639
in effect, you guys are playing
taxing good God, bad cup. So

1997
02:52:58.879 --> 02:53:05.280
I was just making money off the
removal of yourself in Nigeria. So the

1998
02:53:05.760 --> 02:53:11.920
answers to that we have not started
producing PMSS yet, Well that's that's actually

1999
02:53:13.000 --> 02:53:18.079
not We've started producing pms. It's
in the tank. It's being tested and

2000
02:53:18.280 --> 02:53:22.920
lastly tested for about three weeks for
purity for often content. You know how

2001
02:53:22.920 --> 02:53:28.079
in the US you have like eighty
eight, ninety three and ninety five,

2002
02:53:28.280 --> 02:53:31.879
right, you know, you know
if you have a BMW, you have

2003
02:53:31.000 --> 02:53:37.360
to have like the ninety five,
right, Yeah, that's making sense,

2004
02:53:37.479 --> 02:53:43.840
yes, oh yeah, yeah yeah
premium. Yeah. So we're trying to

2005
02:53:45.000 --> 02:53:50.200
get to that stage where we have
you know, we have the payments in

2006
02:53:50.239 --> 02:53:52.920
the time, we just want to
purify to have it at least eighty eight,

2007
02:53:54.840 --> 02:53:56.799
right, I won't to have at
least ninety three and I five options.

2008
02:53:58.159 --> 02:54:03.760
Whether distributors who have that option,
we don't know, but you know

2009
02:54:03.920 --> 02:54:09.040
it'll be there. But what I
know is that the previous regime for the

2010
02:54:09.120 --> 02:54:16.479
last twenty years for guess eightiots,
it's about seventy. You know, it's

2011
02:54:16.680 --> 02:54:22.920
destroyed enguries. You know you gotta
be a theblut Nadera, right, you're

2012
02:54:22.000 --> 02:54:26.879
feeling it with the petrol. Yeah, it's meant to me, It's meant

2013
02:54:26.879 --> 02:54:28.920
to be ninety five. You know, I got the Kneus for almost ten

2014
02:54:30.040 --> 02:54:33.440
years, by the way, right
before I came back to Nigeria. So

2015
02:54:33.760 --> 02:54:35.840
I know, if you have the
next five, you better be putting like

2016
02:54:39.040 --> 02:54:45.680
absolutely preium. Yeah, seventeen dollars
tank Man, Well, I mean it's

2017
02:54:45.760 --> 02:54:48.440
expensive, yeah, but you know, you know what I mean, right,

2018
02:54:48.760 --> 02:54:52.799
you want to you want to enjoy
the you want to keep it for

2019
02:54:52.920 --> 02:54:56.639
like fifty years. Well you better
put like premium, right, but boy,

2020
02:54:56.719 --> 02:55:03.120
yeah, it's it's it's really funny
eighty eight, you know, honestly,

2021
02:55:03.319 --> 02:55:07.040
it's about seventy two. It's honestly
about seventy two. It's terrible.

2022
02:55:07.879 --> 02:55:13.040
It's actually it's absolutely terrible. And
you have all these luxury vehicles putting in

2023
02:55:13.200 --> 02:55:18.719
this, you know, seventy two
and then a right, yes, wait

2024
02:55:18.120 --> 02:55:20.760
at the end of the time,
all right, so that guys believe and

2025
02:55:20.840 --> 02:55:24.959
also spend three hours three hours,
and we put a lot on David to

2026
02:55:26.040 --> 02:55:30.559
do. Dan Gote and Dubai delivered
as usual, but I'd like to also

2027
02:55:30.639 --> 02:55:35.319
respect his time. David, let
me just give you head if you want

2028
02:55:35.360 --> 02:55:39.719
to make any closing remarks or the
floor is yours, and then from there

2029
02:55:39.760 --> 02:55:43.799
we're just sort of the space I
can. I'm just appreciated forcoming first of

2030
02:55:43.799 --> 02:55:56.319
all, and you've got the floor
is oh I think So, I mean

2031
02:55:56.360 --> 02:56:13.440
hopefully hopefully we don't we don't end
up seeing Yeah, we wanted to work

2032
02:56:13.600 --> 02:56:16.719
that. I think that's just the
point. We want every one of these

2033
02:56:16.760 --> 02:56:22.079
spaces on this space because they want
Nigeria to work. We wanted to refer

2034
02:56:22.280 --> 02:56:26.639
to work. We want cheaper prices, We want to pay less for the

2035
02:56:26.799 --> 02:56:30.559
common things in life. We want
our life to be better. We want

2036
02:56:30.600 --> 02:56:35.200
a to go further. That I
think is the common trend for everyone that

2037
02:56:35.239 --> 02:56:39.799
has spoken the Dubai besides the exact
same thing. Dubai is fun to go

2038
02:56:39.959 --> 02:56:43.799
to. We don'tant to go to
borrow money or to pray before we can

2039
02:56:43.879 --> 02:56:48.399
get from just to go to Dubai
that every other African country is going to.

2040
02:56:48.920 --> 02:56:52.799
I think it's wrong going to agree
to any of that sort of of

2041
02:56:52.000 --> 02:56:56.840
of requests that you have to put
money down, you know, special evil.

2042
02:56:56.920 --> 02:56:58.760
If Dubai was in the US,
they would have suit the US.

2043
02:57:00.159 --> 02:57:03.760
You know, I said, you
are doing desperate treatment of Nigerians who serve

2044
02:57:03.760 --> 02:57:07.799
in the class action and would win. So it's wrong to do that,

2045
02:57:07.879 --> 02:57:11.200
and it's wrong for us to support
that sort of demand before you can visit

2046
02:57:11.280 --> 02:57:15.600
the country when others don't get that
sort of demand. We are still Nigerians,

2047
02:57:16.000 --> 02:57:20.319
We're proud people and we are not
drag on anybody, we go to

2048
02:57:20.440 --> 02:57:22.319
your place, we make it better, believe it or not, that's what

2049
02:57:22.440 --> 02:57:26.280
it is. Right. So on
that note, David, thank you so

2050
02:57:26.399 --> 02:57:28.120
much for acceding to come and talk
to us about the stuses that you have

2051
02:57:28.280 --> 02:57:33.200
deep knowledgy on that you've also a
reasen about. We appreciated thanks to everyone

2052
02:57:33.280 --> 02:57:37.760
that has spoken guys. It's just
that it's three hours already. We have

2053
02:57:37.840 --> 02:57:39.879
got to call it at the time
on so folks, can you know,

2054
02:57:41.040 --> 02:57:45.600
go to sleep and all that.
It's recorded once we're down the space to

2055
02:57:45.680 --> 02:57:48.920
be on the podcast. It sits
on YouTube, Facebook and also on any

2056
02:57:48.079 --> 02:57:52.879
podcast that you have. We can
go back and rewind and listening if you

2057
02:57:54.000 --> 02:57:58.799
want to. We're here every Sunday, seven pm worst African time. We're

2058
02:57:58.840 --> 02:58:01.879
talking money, politics, the economy, personal finance things. But I make

2059
02:58:03.200 --> 02:58:05.600
we make it important to you,
right. We try to make it do

2060
02:58:05.040 --> 02:58:09.959
to understand those difficult conversation around morning, we break it down so you can

2061
02:58:11.000 --> 02:58:13.760
actually get the true sense of I
think we've done that today. So I

2062
02:58:13.920 --> 02:58:16.639
appreciate everyone that has still with us
so long and has been contributing, and

2063
02:58:16.799 --> 02:58:20.040
that guys to allow me to close
on the space and I hope. I'll

2064
02:58:20.079 --> 02:58:24.399
see you guys here next week.
My name remains Kaluaja And thank you so

2065
02:58:24.520 --> 02:58:28.479
much, guys, David, the
rest to have a good time and bye.

2066
02:58:30.959 --> 02:58:35.200
Thank you, Calum, thank you
so much for your openness. I

2067
02:58:35.319 --> 02:58:37.879
appreciate it. Yeah, welcome to
Thank you, thank you, sir,

2068
02:58:39.200 --> 02:58:43.079
thank everyone else, thank you.
Have a good night everyone,