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

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.
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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.
READ ALSO: Obasanjo Makes Shocking Revelation About His Birth
“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.
READ ALSO: NEDC Assures Adequate Development In Northeast Region
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
CBN Sets POS Maximum Transactions In Fresh Guidelines

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.
The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.
CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.
The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.
READ ALSO:CBN Establishes New Unit To Tackle Financial Crime
CBN noted that the guidelines would take effect from April 1, 2026.
“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.
“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.
“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.
“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.
Business
Naira Records First Appreciation Against US Dollar At Official Market

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.
The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.
This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.
READ ALSO:Naira Appreciates Massively Against US Dollar In The Black Market, Highest In 15 Months
Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.
However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.
The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.
Business
SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.
The regulator also urged the public to be cautious about investing with the firm.
SEC disclosed this in a recent statement.
According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.
READ ALSO:SEC Warns Nigerians Over AI-generated Investment Scams
“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.
“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.
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