Tag: Aliko Dangote
Dangote Petroleum Refinery Temporarily Suspends Sales of Petroleum Products in Naira
Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align its sales proceeds with its crude oil purchase obligations, which are denominated in U.S. dollars. The decision, communicated in a statement released on March 19, 2025, aims to address a mismatch between Naira sales and dollar-denominated…
Court Rejects NNPC’s Bid to Strike Out Dangote’s N100 Billion Suit Over Fuel Import Licenses
A Federal High Court in Abuja has dismissed the Nigerian National Petroleum Company Limited’s (NNPC) request to strike out a N100 billion lawsuit filed by Dangote Refinery and Petrochemicals against the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and seven other companies. The suit challenges the issuance of fuel import licenses to NNPC and…
Dangote Crashes Petrol Price to N860 per Litre in Lagos as Naira Continues to Appreciate Against Dollar
In a significant development for Nigerian consumers, the Dangote Petroleum Refinery has announced a reduction in the price of petrol to N860 per litre in Lagos. This price drop comes amid the continued appreciation of the Naira against the US Dollar, reflecting the positive impact of President Bola Ahmed Tinubu’s economic policies. The reduction…
Dangote Refinery Refutes Claims of Selling PMS at N898 to NNPCL, Awaits Formal Pricing Announcement
The Dangote Refinery has strongly denied claims circulating that it is selling Premium Motor Spirit (PMS) to the Nigerian National Petroleum Company Limited (NNPCL) at N898 per liter. In a press statement released on September 15, 2024, the refinery’s spokesperson, Anthony Chiejina, described the statement attributed to NNPCL’s spokesperson, Mr. Olufemi Soneye, as “misleading and…
Nigeria Takes Major Step Toward Energy Self-Sufficiency: Diesel and PMS Now Manufactured Locally
In a historic move, Nigeria has successfully commenced the local production and sale of Diesel and Premium Motor Spirit (PMS) for the first time in years, marking a significant milestone in the nation’s journey toward energy self-sufficiency. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Chairman of the…
Dangote Refinery Agrees to Sell Crude and Buy Fuel in Naira Amid Potential Losses
In a bold move aimed at supporting Nigeria’s economy, Aliko Dangote, Africa’s richest man and owner of the Dangote Refinery, has agreed to the federal government’s proposal to sell crude oil in naira and buy fuel in the local currency, despite the likelihood of incurring significant financial losses. The Vice President of Dangote Group, Edwin…
BREAKING: President Tinubu Proposes Crude Oil Sales to Dangote Refinery in Naira
Abuja, Nigeria — In a significant move aimed at stabilizing fuel prices and the exchange rate between the dollar and the Naira, President Bola Tinubu has extended a vital lifeline to the Dangote Refinery. The Federal Executive Council (FEC) has approved a proposal put forward by the President to sell crude oil to the Dangote…
House of Representatives Calls for Suspension of NMDPRA Chief Executive Amid Investigation
Abuja, Nigeria – In a decisive move, the House of Representatives has called for the suspension of the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) pending a thorough investigation into allegations against the Authority. The decision came after Honorable Esosa Iyawe raised a motion of urgent public importance regarding the need…
Minister of State Petroleum Resources Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership
Abuja, Nigeria – Distinguished Senator Heineken Lokpobiri, the Honourable Minister of State Petroleum Resources [Oil], hosted a high-level meeting with key stakeholders to address and resolve ongoing issues surrounding the Dangote Refinery. Attending the meeting were prominent figures in Nigeria’s oil and gas sector: The stakeholders expressed their gratitude to the Honourable Minister for his…
Dangote Clarifies Incentives and Monopoly Concerns at Refinery
Lagos, Nigeria – In a recent statement, Aliko Dangote, Chairman of Dangote Group, addressed concerns about incentives and monopoly at the newly established Dangote Refinery. Speaking on Thursday, Dangote emphasized that no incentives were collected from the Federal Government of Nigeria or Lagos State for the refinery project. “In the refinery, we did not, and…