Category: Business

Petrol 40% Cheaper in Nigeria Than Saudi? Fact-Checking Dangote’s Fuel Subsidy Claim

ADEOLA YUSUF

How 63 cent per litre in Saudi is 40% cheaper compared to 67 cent per litre in Nigeria will be left for Africa’s richest man to explain.” Read-for-yourself statistical details on how price tracking sites punctured the billionaire’s claim   Founder of Dangote Refinery, Alhaji Aliko Dangote, stirred controversy among oil industry statistics pundits when he declared that Premium Motor Spirit (PMS) popularly known as petrol is cheaper in Nigeria than in Saudi Arabia. The billionaire, who said this in an interview with Bloomberg, claimed that the product is 40%…

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Dangote Refinery Records 65m Litres Petrol Supply Shortfall in Three Days

ADEOLA YUSUF

..Facility Not Ready for Petrol Loading Vessels, Spokesman affirms   Dangote Refinery has recorded 65 million litres petrol supply shortfall in three days, falling short of its commitment to deliver 25 million litres of petrol to the nation daily for September. A report by Premium Times which showed this added that that rather than deliver 75 million litres in three days, the refinery was only able to supply 10,297,766 (about 10.3 million litres) through its gantry loading system. With that figure, the refinery demonstrated a supply shortfall of almost 65…

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Scarcity: Hawkers Sell Petrol Cheaper Than Filling Stations – Investigation

ADEOLA YUSUF

▪️Incredible revelation on Nigeria’s petroconomics that shattered postulations and expectations of real-time economists Nigerians have not seen the last of the current petrol scarcity in the country as some funny developments have continued to emerge by the day. The most amusing one presently, according to a report by thr Lagos-based Vanguard newspaper, is that fuel is now sold cheaper by hawkers when compared to the pump price at filling stations. Quoting an investigation by the newspaper, the report revealed that fuel is sold at #1,000 per litre by hawkers along…

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Ekpo Hails BFPCL, COSCO Methanol Vessel Acquisition Deal, Set To Drive Economic Growth, Job Creation

ADEOLA YUSUF

Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, has welcomed a major vessel acquisition deal between Brass Fertilizer Petrochemical Company Limited (BFPCL) and COSCO Shipping Lines Co Ltd, highlighting its potential to promote Nigerian content and drive economic growth. The deal, which involves the construction of 16 methanol-powered shipping vessels, valued at $900 million, is set to increase Nigerian companies’ participation in the maritime space, aligning with the Federal Government’s drive to encourage indigenous involvement in critical sectors of the economy. Ekpo in a statement by his spokesman, Louis…

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NUPRC Disowns Report It Approved Shell’s $1.3bn Assets Sale

ADEOLA YUSUF

“Our position on the Shell, Renaissance multi-billiondollar oil deal,” here is a read-for-yourself statement the Commission’s spokesperson, Olaide Shonola, sent to Platforms Africa   Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disowned a publication in the Busnessday of September 11, 2024, that the Commission has accepted Shell International Plc’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3 billion. Platforms Africa reports that the commission, which said this in a statement by Head, Public Affairs and Corporate Communication, Mrs Olaide Shonola, firmly stated that the information…

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SPECIAL REPORT: NNPC Ltd: When a National Cash Cow is Overburdened

ADEOLA YUSUF

As the monthly allocations shared by federal, state and local government in Nigeria skyrocket due to the announced end of subsidy regime, the Nigerian National Petroleum Company Limited (NNPCL) takes the bullet and carries the financial burden. PLATFORMS AFRICA, in this figures-don’t-lie report, shows how this has become an existential threat to operations of the National Oil Giant.   The debts burden on the Nigerian National Petroleum Company Limited (NNPCL) will cross the $10 billion mark by the second quarter of 2025, barring the adjustment in present Nigerian financial structure,…

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‘Owing N1bn, Paid N180m;’ Real Reason UNILAG Was Disconnected – EKEDC

ADEOLA YUSUF

Utility firm gives details of disconnection notice served, meeting held with VC, Prof. Folasade Ogunsola (VC), Director of Works Engr. Olaniyi, and Head Technical Department Engr. Ajayi, appeals to members of the university community for understanding   The Eko Electricity Distribution Company (EKEDC) has declared that the payment of N180 million as electicity bill by the University of Lagos (UNILAG) for July only partially defrayed a small fraction of the over N1 Billion naira. (#1,035,197,446.43) outstanding debt owed by the university. Platforms Africa reports that the UNILAG was disconnected from…

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‘In Five Years,’ DisCos Raked In N3.96 Trillion From Customers

ADEOLA YUSUF

“We cannot score the Discos more than five per cent… They failed woefully in conflict resolution,” consumers react   Nigeria’s electricity distribution companies collectively raked in about N3.95tn revenue between 2019 and the first quarter of 2024, data from the National Bureau of Statistics showed. A report by the Punch quoted the NBS data to have revealed an upward trajectory in revenue generation over the past five years, as the power distributors made N482.6bn in 2019, N526.8bn in 2020, N761.2bn in 2021, N828.1bn in 2022, N1.07bn in 2023, and N291.6bn…

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How NNPCL’s N2.1tn Dividend, N2.6tn Tax’ll Lessen FG’s Financial Burden – Chukwu

ADEOLA YUSUF

‘Historic profit before tax of N5.98tn,’ Cowry Assets’ CEO underscores key points in NNPCL 2023 financial books     The Chief Executive Officer of Cowry Assets Management Ltd, Jonhson Chukwu has said that the dividend and taxes paid by the Nigerian National Petroleum Company Ltd will reduce the financial burden of the federal government. Chukwu said this in response to the record performance of the state-owned company after it released its financial accounts for 2023. It has been reported that the company made N3.297tn net profit for 2023 which surged…

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How Ogun State, Chinese Firm’s Deals Led To Presidential Jets’ Seizure

ADEOLA YUSUF

▪️ Roles ex-govs Daniel, Amosun played in business transactions with firm they now tagged as scammer   Two former governors of Ogun State, Ibikunle Amosun and Gbenga Daniel, have given details of how the business rift between the state and a Chinese Firm led to the seizure of three Nigerian presidential jets in France. The duo also vowed to support Federal Government’s efforts to recover the national assets seized by a French court. A Chinese firm, Zhongshan Fucheng Industrial Investment Company Limited, had got judgment from the court, which led…

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