The 16th Emir of Kano, Muhammadu Sanusi II, has said that Alhaji Aliko Dangote should not be blamed for buying dollars at lower rates at the time he was building his refinery because that was the actual rate the apex bank was selling to everybody at that time. Sanusi, who […]

Aliko Dangote, chairman of Dangote Industries Limited, has alleged some personnel of Nigerian National Petroleum Company (NNPC) Limited, oil traders and terminals have opened a blending plant in Malta. Dangote spoke at the house of representatives on Monday. An oil blending plant has no refining capability but can be used […]

Some of Nigeria’s biggest banks recorded a decline in their cost-to-income ratio in the first quarter of 2024, a situation that shows how efficient they were in managing their cost amid rising inflationary pressures. Data compiled by BusinessDay from five tier-one banks’ latest financial statements shows that United Bank for […]

https://www.youtube.com/watch?v=atcaYPZyVkY?si=xngqy1JRhwcGa9pd ‘No Single Incentive From FG’ The billionaire business tycoon said his refinery did not enjoy any incentive from the Federal Government. “In the refinery, we did not, and I repeat, we did not collect one single incentive from the Federal Government of Nigeria or even Lagos State. Yes, the Lagos […]

THE outlook for Nigeria’s oil output, including condensate, remains gloomy at 1.4 million barrels per day, mbpd, in the second half of 2024, according to industry data and forecast. The output forecast is far below the 1.8mbpd quota given to Nigeria by the Organisation of Petroleum Exporting Countries, OPEC, as […]

The Nigerian government said the era of buying Premium Motor Spirit, known as fuel between N750 to N1000 per liter, is over as it will commission 30,000 Compressed Natural Gas powered vehicles in the next 90 days. The Project Director and Chief Executive Officer of the Presidential Compressed Natural Gas Initiative, […]

Africa’s richest man, Aliko Dangote, is willing to sell his multi-billion-dollar oil refinery to NNPC Limited, Nigeria’s state-owned energy company, amid unresolved differences with the federal government. The 650,000 barrel-per-day refinery, which began operations last year after a decade of construction, has been facing challenges, including difficulties in sourcing crude […]

Dangote 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 go and bring their money from […]

Some local refinery operators have lamented that the announcement made by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, stating that the Federal Government would continue to import fuel, shows that the government had taken sides against local refineries. The operators, under the aegis of the Crude Oil Refiners Association of […]