Business

Dangote Refinery In Court Seeking Annulment Of Import Licences To NNPCL, Others

Published

8 months ago

October 21, 2024

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.

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.

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Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.