Business

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

Published

2 years 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

Again, Dangote Refinery Hikes Fuel Price

Published

3 weeks ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

3 weeks ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

4 weeks ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.