Business
Dangote Refinery In Court Seeking Annulment Of Import Licences To NNPCL, Others
Published
9 months agoon
By
Editor
Dangote Refinery has approached the Abuja branch of the Federal High Court, seeking to annul the import licences granted to the Nigerian National Petroleum Company Limited, NNPCL, Matrix Petroleum Services Limited, and A. A. Rano.
Dangote, in the petition, informed the court that the NNPCL and the above-mentioned companies obtained the licence to import petroleum products “despite the production of AGO and Jet-A1 that exceeds the current daily consumption of petroleum products in Nigeria by the Dangote Refinery.”
Dangote Refinery’s case is marked FHC/ABJ/CS/1324/2024, which also seeks N100 billion in damages from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.
Furthermore, Dangote Refinery alleged that the NMDPRA has been improperly granting import licences to the companies for the importation of petroleum products, including AGO and jet fuel, into Nigeria.
READ ALSO: Marketers Oppose NNPC’s Sole Off-taker Status For Dangote Petrol
Named as defendants are NMDPRA, NNPCL, Aym Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited.
Lawyer to Dangote Refinery, Ogwu James Onoja, SAN, wants the court to determine that the NMDPRA is purportedly contravening Sections 317(8) and (9) of the Petroleum Industry Act, PIA, by granting licences for the importation of petroleum products.
Dangote Refinery said that such licences ought only to be granted to the firms solely in situations where there is a shortage of petroleum products.
The refinery demanded that the court recognise that NMDPRA is failing to fulfil its mandated duties under the PIA by not supporting local refineries like Dangote Refinery.
It expressed worries that the import licences issued to other companies by NMDPRA for the importation of AGO and Jet-A1 are severely hindering the plaintiff’s operations, in which it has invested substantial financial resources amounting to billions of US dollars.
The Dangote Refinery said it observed that its products have been significantly overlooked as a result of the purported actions taken by NMDPRA.
Dangote said that NMDPRA has threatened to enforce a 0.5% levy on the refinery concerning wholesalers and off-takers, along with another 0.5% levy on wholesale transactions directed to the Midstream and Downstream Gas Infrastructure Fund, MDGIF, as stated in a letter dated June 10, 2024.
It said the course of action contradicts statutory provisions that regulate such levies.
You may like
Dangote Cement Gets New Chairman As Aliko Dangote Retires
SERAP Sues NNPCL Over Alleged Failure To Account For Missing N825bn, $2.5bn
Ondo Govt, Company Sign MoU To Build $15bn 500,000bpd Refinery
JUST IN: Dangote Refinery Slashes Petrol Price
Senate committee threatens arrest warrant for NNPCL GCEO
NNPCL Spokesperson Soneye Resigns
Business
Naira Records Three Straight Depreciations Against Dollar As Foreign Reserves Drop
Published
4 days agoon
July 24, 2025By
Editor
Nigeria’s naira continued its depreciation streak against the dollar at the official foreign exchange market on Wednesday for the third straight time this week.
The Central Bank of Nigeria’s exchange data disclosed that the naira dropped again to N1,535.61 per dollar on Wednesday from N1,535.24 traded on Tuesday.
This means that the marginal weakening to 0.37 against the dollar on a day-to-day basis.
From Monday to Wednesday this week, the naira has shed N3.07 against the dollar at the official exchange market.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Meanwhile, at the black market, the naira remained stable at N1,540 per dollar on Wednesday, the same rate as the previous day for the majority of Bureau De Change Operators in Wuse Zone 4, Abuja.
This comes as the Central Bank of Nigeria Governor, Olayemi Cardoso, in his communique after the 301st Monetary Policy Committee held this week, said the country’s external reserves stood at $40.1 billion as of July 18, 2025.
However, checks on CBN’s website on Thursday showed that Nigeria’s external reserves had dropped to $38.37 billion as of July 22, 2025.
Business
French Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv
Published
4 days agoon
July 23, 2025By
Editor
French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal. The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23.
The approval comes after months of intense negotiations and regulatory reviews, and paves the way for the deal to be finalized by October 8, 2025. While the Tribunal gave the green light, it imposed several public interest conditions to protect local content and maintain South Africa’s media sovereignty.
For Canal+, the deal represents a major strategic expansion into Africa’s booming media and entertainment market. Already operating in 25 African countries with over eight million subscribers, Canal+ is now positioned to significantly scale up its presence, targeting 50 to 100 million subscribers across the continent in the coming years.
MultiChoice, Africa’s largest pay-TV broadcaster, brings more than 14.5 million subscribers in 50 sub-Saharan African countries, as well as flagship platforms like DStv and GOtv. The company is also home to premium content brands such as SuperSport, making it an attractive acquisition for the French media powerhouse.
READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers
Describing the deal as transformative, Canal+ CEO Maxime Saada said: “The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”
One of the key benefits of the merger is the integration of Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings—creating a multilingual media powerhouse capable of serving diverse African audiences.
Beyond strategic value, the acquisition is also a timely boost for MultiChoice. The deal is expected to inject fresh capital into the South African broadcaster, enabling deeper investment in local content production, technology upgrades, and digital innovation.
READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers
As part of the Competition Tribunal’s conditional approval, Canal+ has committed to spend approximately 26 billion rand over the next three years on initiatives aligned with South Africa’s public interest objectives. These include retaining MultiChoice’s headquarters in South Africa, maintaining investment in local content and sports broadcasting, and supporting local content creators.
In a joint statement, both companies reaffirmed their commitment to the South African media ecosystem: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”
Canal+ began its takeover bid in 2023 with a mandatory buyout offer of 125 rand per share, valuing MultiChoice at around $3 billion. With full ownership now secured, the French media giant is poised to redefine Africa’s pay-TV industry, tapping into its vast potential and shifting the competitive

Nigerian National Petroleum Company Limited has reduced its premium motor spirit price for the second time in one week.
It was observed on Wednesday, that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.
This represents an N5 per litre downward price review when compared to its earlier N895 pump price.
NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.
READ ALSO: First Bank: Controversy Trails Multi-billion Naira Shares Deal
The latest adjustment comes barely a week after the company implemented a retail price slash.
While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.
The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told DAILY POST earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.
- Talent Hunt: Football Expert Scouts For Talents In Bauchi
- Farmers-herders Clashes: Gov. Mohammed Urges Parties To Shield Swords
- Full List: 57 Lawyers Nominated For SAN Status
- Your Chats With ChatGPT Are Not Confidential, OpenAI Boss Warns
- Court Orders NYSC To Allow Skirts For Female Corps Members
- Soldiers Kill Three Terrorist Kingpins In Sokoto
- Buhari Never Politicised Judiciary – Ex-Bayelsa Gov
- Two Israeli Soldiers Killed In Southern Gaza Blast — Military
- 12 States Vote N102bn For Official Lodge Upgrade, SUVs
- [PHOTOS] BBNaija S10: Meet The Male Housemates
About Us
Trending
- Metro3 days ago
JUST IN: Pandemonium At Benin Abattoir As Gunmen Attempt To Arrest Butchers Union President
- Headline2 days ago
Fashion Designers, IT Specialists: UK Opens Door To Foreign Talents With New Visa Rules
- Business5 days ago
JUST IN: Again, NNPCL Reduces Fuel Price
- Politics4 days ago
BREAKING: PDP National Caucus Holds Late-night Meeting In Abuja
- Entertainment2 days ago
Charlyboy Reacts As Lagos Govt Renames Bus Stop After Olamide Baddo
- News4 days ago
Delta Scholarship Board Boss, Agediga, Set To Bury 104-year-old Mother
- Entertainment4 days ago
I’m Senior To Pete Edochie – Actor Yemi Solade Claims [VIDEO]
- Metro3 days ago
BREAKING: Gunmen Strike Again, Kill 14 Passengers On Their Way From Plateau Market
- Sports2 days ago
WWE: Real Cause Of Legendary Wrestler, Hulk Hogan’s Death Revealed
- Entertainment3 days ago
VIDEO: Portable Reports Verydarkman To Shrine, Native Doctor Amid Allegations Of Theft