Tag: Dangote

‘Naira-for-Crude Still In Effect,’ Govt Says After Meeting With Dangote Officials

Ganiyu Amodu

The Nigerian government has declared that the naira-for-crude sale deal with Dangote Refinery and other local refineries, facilitated through the Nigerian National Petroleum Company Limited, NNPCL, remains effective. The Technical Sub-Committee on the Crude and Refined Product Sales in Naira Initiative gave this update in a statement on Wednesday after meeting with stakeholders on Tuesday. The committee clarified that the naira-for-crude deal is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining, bolster energy security and reduce reliance on foreign exchange in…

Read More

‘We Don’t Want Peace,’ Nigerians Want NNPC, Dangote Price War To Continue

Ganiyu Amodu

. How the ‘beneficial price war’ crashed petrol price to N860 per litre   The prevailing competition in fuel refining appears to be bringing succour to petroleum products consumers across the country, as the major refining firms Dangote Petroleum Refinery & Petrochemicals and the Nigerian National Petroleum Company Limited (NNPC), engage in price slash game in a bid to dominate the market. The marketing strategy, popularly referred to as “price war” by stakeholders, is forcing the prices of Premium Motor Spirit (PMS) down at the filling stations. Already, some marketer…

Read More

NNPC Reduces Petrol Price To ₦‎860/Litre

Ganiyu Amodu

The Nigerian National Petroleum Company Limited, NNPCL, has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre. This development is the latest in a price war among oil marketers and independent petroleum dealers. It is also influenced by fluctuations in global crude oil prices. The new NNPCL price, which takes effect on Monday, marks a significant drop from the previous average of N920 per litre. Former UNILAG Chief Imam Prof. Murtala Bidmos Is Dead DevReporting Takes Off, Names Mojeed…

Read More

Again, Dangote Reduces Petrol Price

Ganiyu Amodu

Dangote Petroleum Refinery and Petrochemicals has slashed the price of petrol for the second time this month. It has cut N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on February 1. The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days. This recent price reduction will also ensure that Nigerians pay between N860 and N865…

Read More

If $23bn Refinery Didn’t Work, I Was Dead – Dangote

Ganiyu Amodu

Billionaire Aliko Dangote has described his $23 billion Dangote Refinery project as the “biggest risk” of his life, acknowledging the challenges he faced in bringing the venture to fruition. In an exclusive interview with Forbes on Monday, Dangote opened up about the risks involved in such a massive undertaking. “It was the biggest risk of my life. If this didn’t work, I was dead,” he said. Despite the refinery’s groundbreaking capacity of 650,000 barrels per day and its status as Africa’s largest, Dangote revealed that the journey to completion was…

Read More

How Dangote’s $750m Offer To Manage Nigeria’s Refineries Was Rejected — Obasanjo

Ganiyu Amodu

Former President Olusegun Obasanjo has revealed new details about Nigeria’s refinery woes, recounting failed efforts to privatise the country’s refineries and the subsequent financial losses under government management. In an exclusive interview with Channels TV on Thursday, Obasanjo discussed the Port Harcourt, Warri, and Kaduna refineries during his presidency. He explained how he sought external help to rehabilitate and manage the facilities but faced resistance. He recalled, “I asked Shell to come and run it for us and Shell said they wouldn’t I said, Please come and take equity they…

Read More

Dangote, Wale Tinubu, Lookman, Badenoch Named Among 100 Most Influential Africans In 2024

Ganiyu Amodu

The New African magazine has unveiled a list of 100 individuals who have made significant impacts across politics, business, science, sports, and civil society in 2024. This year’s edition takes an in-depth look at the lives and achievements of the individuals who are both on the continent and abroad, explained Anver Versi, editor of the London-based magazine. Her statement reads, “We need this because I cannot recall the world being so polarised, so divided, so stone-faced in the face of terrible man-made atrocities. ‘First His Mother, Now His Son,’ Jigawa…

Read More

Dangote, Witches and Why We Need Yams, By Dare Babarinsa

ADEOLA YUSUF

  Dangote’s new battle is not going to end in a hurry.   In the months and years ahead, Nigerians and Africans would have a choice of buying refined petroleum products produced on our soil. In North and West Africa, only Libya and Algeria have functioning refineries. Nigeria, in the past 20 years, has expended enormous resources in trying to revive its four comatose refineries. In the last few years, Aliko Dangote and his team have finally built the Dangote Petroleum Refinery and Petrochemical Complex; the largest industrial project in…

Read More

Dangote Refinery Capable Of Solving Nigeria’s Forex Problems, Says S&P Global

ADEOLA YUSUF

International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development. S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal…

Read More

Dangote, NNPC Refineries Will Not Survive With Refining Margins At Current Pump Prices.—MOMAN warns

ADEOLA YUSUF

Major Oil Marketers Association of Nigeria (MOMAN )has warned that both the multibillion-dollar Dangote Refinery and the refurbished Nigerian National Petroleum Company refineries will not survive with the refining margins at the current pump prices. It, therefore, urged the government to begin the process of complete deregulation of the downstream to reduce this inefficient subsidy. The unattractive pump prices have been responsible for the lack of investment in the sector and those that are investing currently must be encouraged to do so by allowing total deregulation of the sector. By…

Read More