NNPCL can buy our refinery out, run it - Aliko Dangote – Newstrends
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NNPCL can buy our refinery out, run it – Aliko Dangote

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9 months ago

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Dangote Refinery, Aliko Dangote

NNPCL can buy our refinery out, run it – Aliko Dangote

Aliko Dangote, Africa’s richest man, has expressed his willingness to sell his oil refinery to the Nigerian National Petroleum Company (NNPC) Limited amid ongoing disputes with Nigeria’s regulatory authorities.

Dangote made this statement during an interview with Premium Times on Sunday.

“If they [NNPCL] buy me out and run the refinery the best way they can, they have labeled me a monopolist,” Dangote said. “That’s an incorrect and unfair allegation, but it’s okay. If they buy me out, at least, their so-called monopolist would be out of the way.”

Dangote highlighted the long-standing fuel crisis in Nigeria and the potential of his refinery to help resolve it. He expressed frustration over the opposition he faces, attributing it to some individuals being uncomfortable with his involvement. He also mentioned his age, saying, “I am 67 years old, in less than three years, I will be 70. I need very little to live the rest of my life.”

The billionaire emphasized that his actions are in the best interest of Nigeria, stating, “Everything I do is in the interest of my country. So, I am ready to let go, let the NNPC buy me out, run the refinery. At least the country will have high-quality products and create jobs.”

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Dangote’s refinery, inaugurated in May 2023, has a capacity of 650,000 barrels per day and is located in the free zone area of Ibeju-Lekki, Lagos. While diesel production began on January 12, petrol production has been delayed due to various challenges, including crude supply issues and a fire outbreak at the facility. The refinery has had to import crude from countries like Brazil and the US due to constraints in accessing crude from international oil companies (IOCs) in Nigeria.

At the inauguration, the refinery announced a supply deal with the NNPC and agreed to a 20 percent equity participation. However, only 7.2 percent had been fully paid for before the deadline for acquiring the stake.

Dangote reflected on the obstacles his refinery is facing, noting that some friends and associates had advised him to be cautious about investing billions of dollars into the Nigerian economy. He mentioned one wealthy friend who began investing abroad due to policy inconsistencies and interest group interference, saying, “That friend has been taunting me in the past few days, saying he warned me and that he has been proven right.”

The challenges with crude supply were highlighted on June 4 when Dangote stated that some IOCs were struggling to supply crude to his refinery. This claim was disputed by Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), who said that the Petroleum Industry Act (PIA) provides for willing buyer-willing seller transactions. However, Dangote Industries Limited insisted that IOCs were frustrating its crude feedstock requests.

On July 18, Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), criticized local refineries, including Dangote’s, for producing inferior products compared to imported ones.

NNPCL can buy our refinery out, run it – Aliko Dangote

(PremiumTimes)

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Just in: Factional Zamfara assembly leaders want governor to represent budget

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April 24, 2025

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Just in: Factional Zamfara assembly leaders want governor to represent budget

A factional House of Assembly has emerged in Zamfara state with members demanding the re-presentation of the 2025 Appropriation Bill by Governor Dauda Lawal.

The group, made up of nine lawmakers who were suspended in February 2024 over allegations of misconduct, conspiracy, and illegal sitting, convened in Gusau, the state capital, and declared the formation of a parallel legislative body.

At the session, the lawmakers elected Hon. Bashir Aliyu Gummi as Speaker of the factional assembly.

During the sitting, the faction addressed several issues, including the state’s deteriorating security situation, economic challenges, and the recent reports of mass sackings within the state civil service allegedly carried out by the Lawal administration.

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The group further demanded that Governor Lawal re-present the 2025 budget, arguing that the process followed in its initial passage was flawed. The governor had originally submitted the N545 billion Appropriation Bill to the widely-known State House of Assembly led by Speaker Bilyaminu Ismail Moriki in December 2024. The bill was passed and signed into law that same month.

Present at Wednesday’s session were Hon. Aliyu Ango Kagara (Talata Mafara South), Ibrahim Tudu Tukur (Bakura), Nasiru Abdullahi Maru (Maru North), and Faruk Musa Dosara (Maradun 1). Others included Bashar Aliyu (Gummi 1), Bashir Abubakar Masama (Bukkuyum North), Amiru Ahmed (Tsafe West), Basiru Bello (Bungudu West), and Mukhtaru Nasiru (Kaura Namoda North).

 

Just in: Factional Zamfara assembly leaders want governor to represent budget

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NLC to IMF: Your reforms inflict hunger, poverty on masses

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15 minutes ago

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April 24, 2025

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President of the NLC, Comrade Joseph Ajaero

NLC to IMF: Your reforms inflict hunger, poverty on masses

A few days ago, the leadership of the Nigeria Labour Congress, NLC, received a two-man delegation from the International Monetary Fund, IMF, comprising the IMF Resident Representative for Nigeria, Christian H. Ebeke, and, Axel Schimmelpfennig from Washington, D.C.

The purpose of the visit was to assess how Nigerian workers and the general populace are being affected by the current socioeconomic environment and the hardship resulting from government policies.

The IMF delegation , led by Schimmelpfennig also sought insights from the NLC regarding the state of the labour market in Nigeria. According to them, the information gathered would contribute to the IMF’s annual country report for Nigeria.

Vanguard learned that preparations for the meeting had been ongoing since the NLC President’s earlier meeting with officials from the World Bank and the IMF in Washington.

IMF explains reasons for visit

Upon arrival at Labour House, the NLC leadership welcomed the IMF before the team briefed the NLC leadership on their mission, since the meeting was held at the instance of the Fund.

Sources at the meeting disclosed that the IMF team acknowledged that the Nigerian government has been grappling with fiscal challenges since assuming office. They emphasized that the IMF’s recommendations are purely advisory and not mandatory, based on the prevailing realities in each country.

The delegation expressed concern that, often, governments do not follow the IMF’s recommendations to the letter, instead adapting them to align with political objectives. In effect, the IMF attempted to distance itself from the adverse consequences of some recent economic reforms in Nigeria.

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Nevertheless, the IMF team requested continued engagement with the NLC going forward.

Ajaero’s response

In response, the NLC President made it clear that governance should prioritize citizens’ welfare over profit-making.

He criticized the austerity measures often recommended by the IMF, noting that they have worsened living conditions for Nigerians.

It was gathered that Ajaero particularly highlighted the removal of fuel subsidies, which he said has led to increased suffering, hunger, and poverty among workers and the general population.

The NLC President argued that t”here was no real subsidy to remove in the first place, as the government was already profiting from crude oil sales.

He described the “subsidy removal” as merely a justification for increasing fuel prices. He equally questioned the use of the revenue purportedly saved from the subsidy removal, especially since the government continues to borrow heavily.

“He pointed out that the cost of essential services—such as education and transportation—has tripled, leading to widespread hardship. He condemned the growing disparity between the worsening living conditions of citizens and the increasing wealth of government officials.”

Ajaero emphasized that “genuine reforms should improve the welfare of the people, not enrich those in power. He also criticized the government for not consulting key stakeholders before implementing the subsidy removal policy.

This exclusion, he said, has exacerbated the country’s economic challenges. “He noted that inclusive dialogue could have produced better strategies and outcomes, lamenting that the government has isolated itself from valuable advice.”

On the national minimum wage, “the NLC President complained that the N70,000 wage is not being implemented sincerely across all levels of government. Instead, the government has continued to impose additional taxes, worsening the financial burden on citizens.”

Ajaero urged “the IMF to advise the government to ease this pressure and allow citizens to breathe. He warned that rising poverty levels could lead to social unrest if left unaddressed.”

He concluded that “the current reforms have only widened the gap between the ruling class and the people, worsening the lives of ordinary Nigerians while enriching those in power.”

NLC to IMF: Your reforms inflict hunger, poverty on masses

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‘Enough is enough’, Tinubu directs security chiefs to stop violent attacks

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10 hours ago

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April 23, 2025

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‘Enough is enough’, Tinubu directs security chiefs to stop violent attacks

 

President Bola Tinubu has ordered security operatives to end forthwith the violent attacks in some parts of the country, especially in Plateau, Borno, and Benue states.
He gave the directive during a meeting with security chiefs at the State House on Wednesday.
The meeting was attended by Nuhu Ribadu, the national security adviser (NSA); Mohammed Mohammed, director-general of the National Intelligence Agency (NIA); Emmanuel Undianeye, chief of defence intelligence; Oluwatosin Ajayi, director-general (DG) of the Department of State Services (DSS); and Femi Gbajabiamila, chief of staff (CoS) to the President.
Speaking with journalists after the meeting, Ribadu said Tinubu declared that “enough is enough” on the resurgence of violence in some parts of the country.
The NSA said the president directed security chiefs to work with the political authorities in states and at the grassroots level to find a lasting solution to the insecurity.
He said the security chiefs had acted on Tinubu’s previous instructions by meeting with political leaders in the affected communities and states.
The NSA said the meeting offered the security chiefs the opportunity to fully brief the president about the current security situation of the country.
“This time, we were able to sit with him for hours and give a proper briefing. We also took new instructions from him,” he said.
“Insecurity is not only a government problem.
“It also involves the subnational units — the communities, local governments, and especially the governors. The president directed that we work more closely with them.
“Some of these problems are community-related. While not entirely so, that element plays a significant role.
“Mr. President is working hard to ensure that Nigeria enjoys peace and stability. We are not relenting. We will not stop until we get the results he demands.”
On the resurgence of violent attacks in Borno, Ribadu said the terrorists were planting explosives during the period of relative peace in the state.
“This enemy does not give up easily. When there’s peace for a long time, they try to shock the public with an isolated incident,” he said.
The NSA said the security situation in the country is not yet at 100 percent, while noting that there is “significant improvement”.
Since the beginning of the month, many have been killed in some communities in Plateau State.
Benue State has also recorded violent attacks as over 50 people were killed in Ukum and Logo LGAs on April 18.

 

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