Nigeria Police Raid Head Office Of MMS Plus Newspaper, Harass Workers Over Report On Dangote Refinery’s Indebtedness

The Nigeria police have raided the headquarters of Kings Communications Limited, writer of Money Management Series (MMS) Plus newspaper in Lagos.

SaharaReporters gathered that the incident got here a number of days after the newspaper turned down Dangote Group’s demand to drag down a narrative a couple of doable take over of the Dangote Refinery by the Assets Management Corporation of Nigeria (AMCON) owing to rising money owed.

Nigeria Police Raid Head Office Of MMS Plus Newspaper, Harass Workers Over Report On Dangote Refinery's Indebtedness 2

Dangote Refinery is an oil refinery owned by the Dangote Group that’s beneath building in Lekki, Nigeria. 

Dangote Group is a Nigerian multinational industrial conglomerate, based by Aliko Dangote, Africa’s richest man. 

Editor-in-Chief of MMS Plus, Kingsley Anaroke in an announcement despatched to SaharaReporters condemned the raid.

The assertion, “Four armed policemen early today have invaded the headquarters of Kings Communications Limited, publishers of MMS Plus newspaper in an attempt to accost the Editor-in-Chief of MMS Plus, Kingsley Anaroke and the Editor of MMS Plus, Kenneth Jukpor over a story published on possible takeover of Dangote refinery by AMCON owing to increasing debts.

  Nigeria Police Raid Head Office Of MMS Plus Newspaper, Harass Workers Over Report On Dangote Refinery's Indebtedness 3

“It would be recalled that the seige by the police is a follow-up on earlier threats made by the Chief Corporate Communications Officer, Dangote Group, Mr. Anthony Chiejina at the weekend.

“Chiejina had threatened to deal with the editorial leadership of the news outfit via legal action following the news story; “AMCON May Take Over Dangote Refinery As Liabilities Swell” written by our Reporter and revealed by our media organisation.

“After several failed attempts to get the Editor to pull down the story, the Dangote spokesman instead of issuing a rejoinder or the legal action which he threatened against our media house resorted to bullying by sending four policemen to beseige the headquarters of Kings Communications Limited in Festac, Lagos since 7am.

“The policemen asked for keys to the personal office of the Editor -in-Chief.

It should also be on record that Chiejina had searched for the photos of the news editor, Jukpor and Publisher, Anaroke on Sunday and sent them to the editor as a subtle threat which was ignored.

“This press statement has become necessary to draw the attention of the global press to the plight of journalists who refused to be gagged.”

According to the report, the oil refinery, which is reputed to be Africa’s greatest, could quickly run right into a deep monetary disaster because of a $7 billion debt burden – a scenario which signifies a doable takeover of the mission by AMCON.

According to an evaluation by the Money Management Series, Dangote Oil Refinery, a 650,000-barrel per day (BPD) built-in refinery mission beneath building within the Lekki Free Zone, Lagos, Nigeria, was anticipated to begin manufacturing in 2016 with $3.3 billion financing secured in 2013.

With the refinery now projected to begin operations in 2025, Dangote Group’s indebtedness to monetary establishments is estimated to hit $8.4 billion by 2025.

It famous that presently, the debt burden has risen to $7 billion with debt servicing of just about $700 million every year.

The completion date of the refinery has been moved eight instances.

Whilst some would possibly say this isn’t within the character for Dangote Industries and their quite a few initiatives throughout completely different sectors, the issue is deeply rooted, it added. 

A contractor on the delayed refinery mission, talking beneath the situation of anonymity, mentioned poor planning, underpayment of contractors, and a scarcity of correct mission administration with over 40 contractors on website have led to many of the delays. He additionally added that of the 40, none is prepared to fee as there is no such thing as a clear delegation of responsibility and over-decentralisation resulting in absolute chaos.

With these incessant delays, it added, some financing banks are already calling of their loans amid fears of liquidity disaster, whereas others are elated by the assure of big pursuits to be recouped as quickly because the refinery comes on stream.

Leave a Reply

Your email address will not be published.

Nigeria Police Raid Head Office Of MMS Plus Newspaper, Harass Workers Over Report On Dangote Refinery's Indebtedness

Send this to a friend