Business

DMO Lists N350bn Sukuk Bond On NGX, FMDQ

Published

1 year ago

March 8, 2024

Debt Management Office (DMO) has listed N350 billion Sukuk on the Nigeria Exchange and FMDQ.

This, according to a statement by the debt agency would give opportunity to many investors to participate in instrument.

The decision, DMO said, was to enable investors who could not invest in the N350 billion raised in October 2023 to now do so.

It had offered N150 billion which was heavily oversubscribed. The N150 billkon offering with a 10-year Ijarah Sukuk attracted a subscription of N652.827 billion, representing an oversubscription of N502.827 billion.

The DMO has raised N1.092 trillion through Sovereign Sukuk to enable the federal government to fund infrastructure development across the country.

The first Sukuk issued by the DMO was an N100 billion 7-year Ijarah Sukuk with a rental rate of 16.47% per annum issued in September 2017. Though the offer was oversubscribed, DMO allotted N100 billion.

The second Sukuk issued was an N100 billion 7-year Ijarah Sukuk with a rental rate of 15.43% per annum issued in December 2018. It was oversubscribed by N32 billion but N100 billion of the Sukuk was allotted by the DMO.

The third Sukuk issued was a N150 billion 7-year Ijarah Sukuk with a rental rate of 11.2% per annum issued in June 2020. DMO allotted N162.557 billion after recording a subscription of N669.124 billion.

The fourth Sukuk issued was a N250 billion 10-year Ijarah Sukuk with a rental rate of 12.8% per annum issued in December 2021. DMO recorded a subscription of N865 billion for this Sukuk, however, N250 billion was allotted.

In December 2022, DMO went to the market for the fifth N100 billion Sukuk with a 10-year Ijarah with a rental rate of 15.64% per annum issued in December 2022.

Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

1 week ago

August 14, 2025

Editor

The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Business

Dangote Refinery Reduces Fuel Price

Published

2 weeks ago

August 12, 2025

Editor

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

2 weeks ago

August 11, 2025

Editor

India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.