Business

Refinery Saga: NNPCL Supplies Insufficient Crude Oil To Us, Dangote Cries Out

Published

1 year ago

July 27, 2024

Amidst the lingering crisis, Dangote Refinery has revealed that the Nigeria National Petroleum Company Limited, NNPCL, is supplying insufficient crude oil for its production demand, hence it is planning to source from brazil and America.

The President of Dangote Group, Aliko Dangote and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, alongside NNPCL, had been locked in a dispute, ranging from monopoly allegations to supply of crude for the refinery, substandard fuel imports and ownership of blending plants in Malta.

However, Dangote, in a new revelation, said for the $20 billion refinery to meet its production demand, it must look for other sources of crude oil supply overseas as the NNPCL allocation is insufficient.

He said the refinery, which has the capacity of refining 650,000 per day, could not defend on short supply from Nigeria’s oil company.

Rabiu A. Umar, Group Chief Commercial Officer, Dangote Industries Limited, told newsmen in Kano on Friday that NNPC supplies only 33 perc ent of crude to the refinery, disclosing that it had to look elsewhere to source the remaining 67 percent to meet its production capacity.

According to Umar, the refinery had concluded plans to supply crude oil from Brazil and America by August.

“First of all the refinery is here in Nigeria. We have the crude oil here in Nigeria. We thought we would get the crude oil here and refined it here in our refinery for the benefit of the country and the citizens.

“Ironically, the country takes the crude oil overseas for refining while we have a refinery, one of the biggest in the world.

“So, we will not stay idle. We have to look for other sources to meet our production capacity. If we get the crude oil supply here in the country we have no reason to go overseas.

“Even now, we are planning to supply crude oil from countries like Brazil and the USA,” he said.

He said the refinery had commenced supplies to foreign countries since February, disclosing that they receive orders from different countries for supply, especially aviation fuel.

The Chief Commercial Officer also revealed that the refinery needs 15 cargos of crude oil in September but NNPCL promised only 5 to it, lamenting that they see the government’s lackadaisical actions towards the refinery as sabotage.

According to him, the refinery should be celebrated and embraced by the government rather than painting it black as it is the biggest employer of labour with over 50,000 workers at the moment.

He emphasized that against the government’s false narratives, the refinery had started on a positive note as the quality of its refined products would be standard.

He said even the House of Representatives, under the leadership of the its speaker, visited the refinery, saw the difference and was satisfied with the quality of the products.

The official also said, “we are here to defend ourselves and all the government narratives are not true. We urge the people to take samples of our products to ascertain their quality.

“We will not be deterred by the government’s criticism. We will continue until we reach the promised land.

A business analyst in Kano, Abdussalam Kani, on his part demanded an apology to Dangote by the federal government and the national Assembly.

He also levelled the NMDPRA boss, Ahmed Farouk’s comments against the refinery treasonable offence that deserves punishment .

Business

Full List: 82 Newly Approved, Fully Licensed BDC Operators

Published

27 minutes ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.

In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.

“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.

The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.

“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.

The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.

TIER 1

1 DULA GLOBAL BDC LTD

2 TRURATE GLOBAL BDC LTD

TIER 2

1 ABBUFX BDC LTD

2 ACHA GLOBAL BDC LTD

3 ARCTANGENT SWIFT BDC LTD

4 ASCENDANT BDC LTD

5 BARACAI BDC LTD

6 BERGPOINT BDC LTD

7 BRAVO MODEL BDC LTD

8 BRIMESTONE BDC LTD

9 BROWNSTON BDC LTD

10 BUZZWALLET BDC LTD

11 CASHCODE BDC LTD

12 CHATTERED BDC LTD

13 CHRONICLES BDC LTD

14 COOL FOREX BDC LTD

15 CORPORATE EXCHANGE BDC LTD

16 COURTESY CURRENCY BDC LTD

17 DANYARO BDC LTD

18 DASHAD BDC LTD

19 DEVAL BDC LTD

20 DFS BDC LTD

21 EASY CASH BDC LTD

22 ELELEM BDC LTD

23 E-LIOYDS BDC LTD

24 ELOGOZ BDC LTD

25 ENOUF BDC LTD

26 EVER JOJ GOLD BDC LTD

27 EXCEL RIJIYA FOREX BDC LTD

28 FABFOREX BDC LTD

29 FELLOM BDC LTD

30 FINE BDC LTD

31 FOMAT BDC LTD

32 GENELO BDC LTD

33 GENTLE BREEZE BDC LTD

34 GRACEFUL GLORY AND HUMILITY BDC LTD

35 GREENGATE BDC LTD

36 GREENVAULT BDC LTD

37 HAZON CAPITAL BDC LTD

38 HIGH-POINT BDC LTD

39 I & I EXCHANGE BDC LTD

40 IBN MARYAM BDC LTD

41 JOURNEY WELL BDC LTD

42 KEEPERS BDC LTD

43 KHADHOUSE SOLUTIONS BDC LTD

44 KIMMELFX BDC LTD

45 KINGSOFT ATLANTIC BDC LTD

46 M.S. ALHERI BDC LTD

47 MASTERS BDC LTD

48 MCMENA BDC LTD

49 MKOO BDC LTD

50 MKS BDC LTD

51 MR J GOLF BDC LTD

52 MUSDIQ BDC LTD

53 MZ FOREX BDC LTD

54 NEJJ BDC LTD LTD

55 NETVALUE BDC LTD

56 NEW WAVE BDC LTD

57 NOTABLE AND KINGSTON BDC LTD

58 PILCROW BDC LTD

59 RAPID BDC LTD

60 RIGHTWAY BDC LTD

61 RWANDA BDC LTD

62 SABLES BDC LTD

63 SAFETRANZ BDC LTD

64 SAMFIK BDC LTD

65 SEVENLOCKS BDC LTD

66 SHAPEARL BDC LTD

67 SIMTEX BDC LTD

68 SOLID WHITE BDC LTD

69 ST. NICHOLAS GLOBAL BDC LTD

70 TOPFIRST UNIQUE MULTICHOICE BDC LTD

71 TOPGATE BDC LTD

72 TRAVELLER’S CHOICE BDC LTD

73 TUCA GLOBAL BDC LTD

74 TURBOVA BDC LTD

75 TURN-UP BDC LTD

76 UNIGO BDC LTD

77 VICTORY AHEAD BDC LTD

78 WHITEWAY WWW BDC LTD

79 YUND GLOBAL LINK BDC LTD

80 ZAMAD FOREX BDC LTD

Business

CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators

Published

1 hour ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) under its updated regulatory framework and cautioned members of the public against engaging with unlicensed foreign exchange operators.

In a statement issued on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the Bank said the licences became effective on 27 November 2025. The approvals were granted under the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.

The CBN stressed that only BDCs listed on its official website are recognised as licensed operators. It encouraged the public to verify the licensing status of BDCs before engaging in any foreign exchange transactions.

The Bank reiterated that running a BDC without proper authorisation constitutes an offence under Section 57(1) of the BOFIA 2020. It stated that enforcement actions would be taken against violators.

The licensing exercise forms part of the CBN’s broader initiative to reform the foreign exchange market and ensure that only compliant operators participate in the sector. Under the 2024 guidelines, which took effect in June 2024,
all BDCs are required to reapply for Tier 1 or Tier 2 licences.

The guidelines stipulate minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2, along with non-refundable licensing fees of ₦5 million and ₦2 million, respectively.

The CBN said it would continue its efforts to maintain order and transparency in the foreign exchange market.

Business

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

Published

5 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.