Business

$20B DANGOTE REFINERY WILL DISRUPT EUROPE’S OIL INDUSTRY – OPEC The Organisation of Petroleum Exporting Countries (OPEC) has said supplies from Nigeria-based world’s largest single-train Dangote Refinery and Petrochemicals will put pressure on the performance of Europe’s oil industry, especially the Northwest Europe (NWE) Gasoil. OPEC in its newly released monthly Oil Market Report for June 2024 listed Dangote Refinery …

PORT HARCOURT REFINERY TO BECOME OPERATIONAL THIS MONTH – IPMAN The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the Port Harcourt refinery is on track to meet its August deadline for producing petroleum products and will be able to supply 10 to 12 million liters of petrol to marketers. The National Operations Controller of IPMAN, Zarma Mustapha, …

NNPC SUPPLIES 60 PER CENT OF OUR CRUDE – DANGOTE REFINERY In what appears a major shift from previous clam by the Dangote Refinery company, the Group Chief Strategy Officer, Dangote Refinery and Petrochemicals Company, Aliyu Suleiman on Wednesday, stated that 60 per cent of the crude supplied to the refinery was done by the Nigerian National Petroleum Company Limited, …

SENATE PROBES $1.5B SPENT ON PORT HARCOURT REFINERY REHABILITATION The Senate has raised concerns over 1.5 billion dollars approved in 2021 for the turn-around maintenance of the Port Harcourt Refinery with little or no result. Senator Opeyemi Bamidele, Chairman of the Senate Ad Hoc Committee to Investigate the Alleged Economic Sabotage in the Nigerian Petroleum Industry, raised the concern during …

FG SPENDS $600m ON FUEL IMPORTATIONS MONTHLY – FINANCE MINISTER Nigeria pays $600 million each month on fuel imports, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed. According to him, the expenditure is partly because neighbouring countries, extending to Central Africa, are benefiting from these fuel imports. Speaking during an interview on AIT’s ‘Moneyline with …

CONSUMER PROTECTION BODY ACCUSES COCA-COLA OF USING ARTIFICIAL SWEETENER IN PLACE OF SUGAR The Federal Competition and Consumer Protection Commission, FCCPC, has accused Coca-Cola Nigeria Limited and Nigerian Bottling Company Limited, NBC, of violating consumer protection laws. The allegations include misleading trade descriptions, unfair marketing tactics, and failure to comply with regulatory requirements, according to a statement released by the …

BANKS, BUSINESSES REMAIN CLOSED AS PROTESTS CONTINUE As the the nationwide protests across the country continues to rage on, traders in most markets of Lagos and other parts of the country might have taken to just sit and watch. The situation in Tradefair complex is almost same for Alaba, Ladipo, Computer Village and others remain sealed. Cities like Lagos, Port …

BANKS, OTHERS SHUT OVER HUNGER PROTEST Banks and other financial institutions in the country closed on Thursday, August 1, 2024, as the planned hunger strike begins across the country. While none of the banks outrightly announced a closure, chats with different employees of the banks indicated that they have been advised not to report for work on Thursday as the …

THOUSANDS OF DOLLARS FLOWN OUT OF NIGERIA EVERY HOUR – INTERPOL The International Police Organisation (INTERPOL), on Monday, revealed that “hundreds of thousands of dollars” are being laundered out of Nigeria to other African countries and across the world every hour. The organisation also said money laundering across Africa and the entire world has assumed a monstrous dimension, adding that …

TINUBU’S LEBANESE ALLY, GILBERT CHAGOURI, FACILITATED EXECUTIVE ORDER GIVING DANGOTE REFINERY LIFELINE President Bola Tinubu on Monday gave an executive order to the Nigerian National Petroleum Company (NNPC) Limited to sell crude to Dangote Refinery and other upcoming indigenous refineries in naira. This was announced by the Special Adviser to the President on Information and Publicity, Bayo Onanuga on X, …