Business

SUDDEN SURGE IN NIGERIA’S PETROLEUM IMPORTS FROM MALTA Nigeria’s petroleum importation from Malta surged significantly to $2.8 billion in 2023. Nigeria is one of Africa’s biggest oil-producing nations — but it lacks local refining capacity. Speaking at an event in May, Vice-President Kashim Shettima had said over $25 billion is expended on the importation of refined petroleum products yearly. The …

EZEKWESILI CALLS FOR AUDIT OF DANGOTE-NNPC BUSINESS TRANSACTIONS A former Minister of Education, Oby Ezekwesili, has called for an independent audit of business dealings between the Nigerian National Petroleum Company Limited (NNPCL), and the Dangote Refinery. This is as the Chief Executive Officer of the Dangote Group and owner of the Dangote Refinery, Aliko Dangote, last week, revealed that NNPCL …

JONATHAN GAVE DANGOTE, OTHERS TOO MUCH WAIVERS, DESTROYED SMALL BUSINESSES – YESUFU A social critic, Aisha Yesufu has said that former President Goodluck Jonathan gave Aliko Dangote and other rich so much waivers during his tenure. Yesufu said the action consequently destroyed small businesses in the process. Her statement comes amid an alleged soured relationship between Dangote and the regulators …

NIGERIAN GOVT SNUBS DANGOTE REFINERY, EXPORTS CRUDE OIL TO INDONESIA The Group Chief Commercial Officer at Dangote Industries Limited, Rabiu Umar has said the Nigerian government neglected Dangote Refinery to export crude oil to Indonesia and import finished products from the same country. Umar disclosed this in an interview with Channels Television on Monday. He stated that this is coming …

NO MORE BUYING FUEL AT HIGH PRICES – FG The Nigerian federal government has announced the end of the era of high fuel prices, with the launch of a Compressed Natural Gas (CNG) initiative aimed at providing a cost-effective and sustainable alternative fuel for transportation. Michael Oluwagbemi, Project Director and CEO of the Presidential Compressed Natural Gas Initiative, made the …

ONE OF MY FRIENDS WHO STARTED INVESTING ABROAD HAS BEEN TAUNTING ME – DANGOTE Africa’s wealthiest man, Aliko Dangote, says one of his friends who started investing abroad four years ago, has been taunting him over the back and forth with the government in recent times. Dangote has been having issues with the government over his refinery project in Lagos. …

DANGOTE CALLS OFF PLAN TO INVEST IN STEEL, DISCOURAGED BY GOVERNMENT, CABAL Aliko Dangote, Africa’s richest man, is calling off plans to invest in a new steel plant in Nigeria after the government accused him of seeking to become a monopoly with his new refinery in the West African nation. Dangote said, “let others that have more money than us …

DANGOTE REFINERY’S PETROLEUM PRODUCTS INFERIOR – NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has said that the quality of petroleum products from the Dangote refinery, as well as those from Watersmith, Aradel, and other modular refineries, is inferior compared to imported ones. Chief Executive Officer of NMDPRA Farouk Ahmed disclosed this in a recent interview with journalists, …

DANGOTE REFINERY TO ROLL OUT PETROL IN AUGUST,  RESOLVES CRUDE SUPPLY ISSUES President of the Dangote Refinery, Alhaji Aliko Dangote, says the refinery is now set to roll out its petrol from August 2024, having resolved its crude oil supply issues through the help of the Nigeria National Petroleum Company Limited (NNPCL) and the federal government. Dangote told senior journalists …

FG APPROVES METERING SYSTEM FOR CRUDE OIL FLOW In a major move towards reforming Nigeria’s energy sector, the federal government has approved a contract for the construction of metering system for all the crude oil flow stations in the energy sector. The approval for the contract was awarded by the Federal Executive Council chaired by President Bola Tinubu. The Minister …