Business

$19bn Dangote Refinery Gets Another 1m Barrels Crude Oil

Published

2 years ago

December 20, 2023

With the delivery of two million barrels of crude, the $19 billion Dangote Oil Refining Company is set to commence production of petroleum products paving the way for additional jobs and foreign exchange relief to the economy.

This follows yesterday’s delivery of an additional one million barrels of crude oil to the refinery, two weeks after taking the delivery of the first cargo of one million barrels.

The Refinery had disclosed that it purchased the first one million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria as well as globally, trading over 8 million barrels of crude oil per day.

Also, these represent the first phase of the 6 million barrels of crude oil to be supplied by a range of suppliers.

The latest cargo, which sailed to the facility’s Single-Point Mooring (SPM) where it was discharged into the refinery’s crude oil tanks, has increased total deliveries to about two million barrels.

Experts in oil and gas said with this level of crude supplies, Dangote Refinery is set to start operations, describing the coming on stream of Dangote Petroleum Refinery and Petrochemicals as a major milestone, capable of making a positive impact in the economies of Nigeria and West Africa.

In a telephone interview with Vanguard, the Executive Chairman, the African Energy Chamber, NJ Ayuk, said: “We are excited to see that the Dangote Refinery has secured its crude cargoes This is a significant milestone, both for the country and the West African region at large.

“With a capacity to produce 350,000 barrels per day, the refinery holds particular significance for the country, where a reliance on fuel imports has been a defining feature for decades, despite its over 37 billion barrels of proven reserves.”

“This cargo will see diesel, aviation fuel and Liquefied Petroleum Gas produced, followed shortly thereafter by the production of Premium Motor Spirit. These products will enable the country to become self-sufficient while exporting to regional neighbours. This, in turn, will strengthen the fiscal dynamics, putting an end to fuel subsidies, high prices and inconsistent supply, thereby setting a strong benchmark for other resource-rich countries in Africa.”

“The project is designed 100% for Nigerian crude and is expected to meet 100% of the country’s demand for refined products, with surplus exported. This, in itself, is a testament to the instrumental role the facility will play in facilitating growth in Nigeria, enabling the country to rely predominantly on its own resources to sustain its economy. We commend the facility for this milestone achieved and we look forward to the first supply of Nigerian fuel products.”

Similarly, the Chairman of International Energy Services, Dr. Diran Fawibe, said: “This is a welcome development that will create many multiplier effects, including additional jobs opportunities. Any producing country would want to allocate a share of its local production to refining and that makes the industry complete.

“The supply of crude oil to the economy used to be considered as a part of energy security, we know from history many countries went to war or influenced war against many nations simply because of importation of products to secure the supply in their country.”
VANGUARD

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Business

Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians

Published

2 days ago

December 23, 2025

Editor

Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.

The company disclosed this in a statement on Sunday.

The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.

It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”

Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.

DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.

However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.

Business

Naira Records Significant Appreciation Against US Dollar

Published

2 days ago

December 23, 2025

Editor

The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.

The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.

This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.

Business

CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments

Published

1 week ago

December 16, 2025

Editor

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.

The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.

According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.

“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.

Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.

The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.

Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.

Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.

The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.

The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.

The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.

This means the two financial institutions can no longer operate as licensed financial institutions.