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Dangote Offers to Sell Refinery to NNPC to Address Monopoly Concerns

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Dangote Offers to Sell Refinery to NNPC to Address Monopoly Concerns

In a significant development, Aliko Dangote, the President of Dangote Group, has expressed his willingness to sell the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL). Speaking in an exclusive interview with Premium Times on Sunday, Dangote stated that this move aims to address allegations of monopoly in the industry.

“If the NNPCL takes over the refinery, the allegations of monopoly would no longer be valid,” Dangote remarked. “Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way.”

This announcement follows claims by Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, who suggested that the Dangote refinery had requested to be the exclusive fuel supplier in Nigeria. Ahmed argued that relying solely on one refinery could jeopardize the nation’s energy security and market competition.

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“We cannot rely heavily on one refinery to feed the nation, because Dangote is requesting that we should suspend or stop importation of all petroleum products, especially AGO and direct all marketers to the refinery. That is not good for the nation in terms of energy security. And that is not good for the market, because of monopoly,” Ahmed stated.

Ahmed also raised concerns about the quality of products from the Dangote refinery, noting that its output, with sulphur levels between 650 to 1,200ppm, was inferior to the imported quality, which meets the West African requirement of 50ppm.

In response, Dangote acknowledged the challenges his refinery is facing, which he said validated the warnings of his friends and associates about the complexities of investing billions of dollars in the Nigerian economy. “As you probably know, I am 67 years old. In less than three years, I will be 70. I need very little to live the rest of my life. I can’t take the refinery or any other property or asset to my grave. Everything I do is in the interest of my country,” he said.

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The Dangote Refinery, which began operations last year after a prolonged construction period, has a capacity of 650,000 barrels per day. Dangote emphasized that selling the refinery to NNPCL could help resolve Nigeria’s long-standing fuel crisis, provide high-quality products, and create jobs.

“This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery. At least the country will have high-quality products and create jobs,” he concluded.

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Disneyland Increases Ticket Prices for Peak Days and Annual Passes

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Disneyland Increases Ticket Prices for Peak Days and Annual Passes

Disneyland has announced a price increase for tickets during its busiest days, effective immediately. While the entry-level ticket will remain at $104, as it has for the past six years, other tiers based on demand will see price hikes ranging from $7 to $12, marking an increase of about 6%. The price hikes affect tickets for high-demand periods such as holidays and school vacations.

In addition to single-day tickets, the cost of Disneyland’s Magic Key annual passes will rise by between $100 and $125, depending on the tier, with increases ranging from 6% to 20%. The new prices include $599 for the Imagine pass, $974 for the Enchant pass, $1,374 for the Believe pass, and $1,749 for the Inspire pass.

Despite the increases, Disneyland is offering discounted options for visitors during off-peak times. A $50 children’s ticket offer will be available starting on October 22 for use beginning January 7. Additionally, a promotion allows a family of four to visit the park for $308 in January or February—two $104 adult tickets and two $50 children’s tickets.

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Jessica Good, a Disneyland Resort spokesperson, emphasized that Disney continues to provide a wide range of ticketing, dining, and accommodation options, along with promotional offers throughout the year, aiming to make the park accessible to as many families as possible.

The tiered ticket system, similar to pricing models in the airline and hotel industries, is designed to balance demand throughout the year. Tickets in the highest demand Tier 6, for holidays like Christmas and Halloween, will increase to $206 per ticket.

While the cost of Disney’s theme park experiences has drawn criticism from some consumers, the company maintains its commitment to offering budget-friendly options for guests who visit during less busy periods.

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Travelers Brace for Hurricane Milton: Airlines, Theme Parks, and Cruise Lines Adjust Plans

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Travelers Brace for Hurricane Milton: Airlines, Theme Parks, and Cruise Lines Adjust Plans

With Hurricane Milton rapidly approaching Florida’s west coast, travel plans across the region are being significantly disrupted. The Category 4 storm, carrying winds of up to 145 mph, has triggered widespread cancellations, route changes, and closures as airlines, theme parks, and cruise lines prepare for its anticipated landfall on Wednesday.

Florida Governor Ron DeSantis declared a state of emergency across more than 50 counties, with the National Oceanic and Atmospheric Administration (NOAA) warning that Hurricane Milton is expected to hit Florida’s west coast with dangerous force.

Airports are taking precautionary measures, with Tampa International Airport suspending operations early on Tuesday, stating that it will “reopen when safe to do so.” Orlando International Airport, a major hub, announced it will close by 8 a.m. on Wednesday. Southwest Airlines, which accounts for a significant portion of flights in and out of Orlando, has already canceled 402 flights for Wednesday. FlightAware reports that over 85% of flights at Orlando International Airport have been grounded for the day, with many more cancellations at Tampa and Southwest Florida International airports.

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Theme parks are also responding to the storm. Busch Gardens Tampa will be closed from Tuesday through Thursday, while SeaWorld Orlando remains open for the time being but continues to monitor Hurricane Milton’s path closely.

Cruise lines have been proactive as well, with Carnival informing passengers that ports in Jacksonville, Tampa, and Miami are likely to close. As a result, several routes and destinations have been altered to steer clear of the storm’s impact.

As Hurricane Milton nears, travelers and local residents are urged to stay informed and adjust plans accordingly, with further disruptions expected in the coming days.

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States Sue TikTok, Alleging Impact on Teen Mental Health Crisis

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Tiktok
States Sue TikTok, Alleging Impact on Teen Mental Health Crisis

A coalition of 14 U.S. states has filed lawsuits against TikTok, accusing the social media giant of exacerbating a mental health crisis among teenagers. The bipartisan group of attorneys general claims the platform’s addictive features target young users, misleading the public about the safety of prolonged use, and contributing to negative mental health outcomes.

In the lawsuit, filed in New York, the attorneys general argue that TikTok intentionally designed features that drive compulsive use, negatively affecting millions of teens. New York Attorney General Letitia James stated that TikTok’s influence has led to tragic incidents, including the death of a 15-year-old boy in Manhattan, who died while “subway surfing” after watching similar videos on TikTok.

James emphasized that many teenagers are struggling with increased anxiety, sadness, and depression, attributing some of these effects to the app’s alerts, disappearing videos, and beauty filters. These features, she said, encourage constant checking of the platform and contribute to issues surrounding body image.

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TikTok, which is already grappling with legislation that could ban it from the U.S. unless its parent company, Bytedance, sells the app, called the lawsuit “disappointing.” The platform contends that it has introduced tools to limit screen time and content exposure, but the lawsuit claims these tools are ineffective.

In addition to the mental health accusations, the lawsuit also points to TikTok’s virtual currency as running an unlicensed money transmission business in Washington D.C. The plaintiffs seek financial penalties and a court order to halt TikTok’s practices that allegedly harm teenagers.

TikTok has responded by defending its efforts to protect young users, stating, “We strongly disagree with these claims,” and reaffirming their commitment to improve the platform.

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