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

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

2 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

3 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

6 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.