Economy
IOCs Want Our Oil Refinery to Fail—Dangote
By Aduragbemi Omiyale
Some International Oil Companies (IOCs) have been accused of plotting the failure of the Dangote Oil Refinery and Petrochemicals located in Lagos owned by Africa’s richest man, Mr Aliko Dangote.
The oil facility with the capacity to refine 650,000 barrels of crude oil per day commenced operations some months ago and is billed to begin the supply of premium motor spirit (PMS), otherwise known as petrol from next month.
The Vice President for Oil and Gas at Dangote Industries Limited (DIL), Mr Devakumar Edwin, while speaking with a group of Energy Editors at a one-day training programme, lamented that these IOCs were doing everything to frustrate the survival of the organisation by deliberately frustrating the refinery’s efforts to buy local crude by jerking up high premium price above the market price, thereby forcing it to import crude from countries as far as United States, with its attendant high costs.
He accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of being a willing tool by granting licences, indiscriminately, to marketers to import dirty refined products into the country.
“The federal government issued 25 licences to build a refinery and we are the only one that delivered on the promise. In effect, we deserve every support from the Government.
“It is good to note that from the start of production, more than 3.5 billion litres, which represents 90 per cent of our production, have been exported. We are calling on the federal government and regulators to give us the necessary support to create jobs and prosperity for the nation,” Mr Edwin informed the journalists.
“While the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) are trying their best to allocate the crude for us, the IOCs are deliberately and wilfully frustrating our efforts to buy the local crude.
“It would be recalled that the NUPRC, recently met with crude oil producers as well as refinery owners in Nigeria, in a bid to ensure full adherence to Domestic Crude Oil Supply Obligations (DCSO), as enunciated under section 109(2) of the Petroleum Industry Act (PIA). It seems that the IOCs’ objective is to ensure that our petroleum refinery fails.
“It is either they are deliberately asking for ridiculous/humongous premium or, they simply state that crude is not available. At some point, we paid $6 over and above the market price. This has forced us to reduce our output as well as import crude from countries as far as the US, increasing our cost of production…
“It appears that the objective of the IOCs is to ensure that Nigeria remains a country which exports crude oil and imports refined petroleum products.
“They (IOCs) are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their GDP, and dumping the expensive refined products into Nigeria – thus making us to be dependent on imported products.
“It is the same strategy the multinationals have been adopting in every commodity, making Nigeria and Sub-Saharan Africa to be facing unemployment and poverty, while they create wealth for themselves at our expense. This is exploitation – pure and simple.
“Unfortunately, the country is also playing into their hands by continuing to issue import licences, at the expense of our economy and at the cost of the health of the Nigerians who are exposed to carcinogenic products,” he said.
Mr Edwin noted that, “Even though we are producing and bringing out diesel into the market, complying with ECOWAS regulations and standards, licences are being issued, in large quantities, to traders who are buying the extremely high sulphur diesel from Russia and dumping it in the Nigerian market.
“Since the US, EU and UK imposed a Price Cap Scheme from February 5, 2023 on Russian petroleum products, a large number of vessels are waiting near Togo with Russian ultra-high sulphur diesel and, they are being purchased and dumped into the Nigerian market.
“Some of the European countries were so alarmed about the carcinogenic effect of the extra high sulphur diesel being dumped into the Nigerian market that countries like Belgium and the Netherlands imposed a ban on such fuel being exported from its country, into West Africa, recently.
“It is sad that the country is giving import licences for such dirty diesel to be imported into Nigeria when we have more than adequate petroleum refining capacity locally.”
It would be recalled that in May, Belgium and Netherlands adopted new quality standards to halt the export of cheap, low-quality fuels to West Africa, harmonising its standards with those of the European Union.
These measures synchronise fuel export standards with the European domestic market, specifically targeting diesel and petrol with high sulphur and chemical content.
Historically, these fuels, with sulphur content reaching up to 10,000 ppm, were exported at reduced rates to countries like Nigeria and other West African consumers.
Belgium’s Minister of Environment, Zakia Khattabi, announced that his country followed the Netherlands, which in April 2023 also prohibited the export of low-quality petrol and diesel to West Africa via the ports of Amsterdam and Rotterdam.
Mr Khattabi emphasised that the Netherlands’ decision to restrict dirty fuel exports had redirected the trade to Belgium, now used by oil producers and traders to export gasoline with excessively high levels of benzene and sulphur.
“For far too long, toxic fuels have been departing from Belgium to destinations including Africa. They cause extremely poor air quality in countries such as Ghana, Nigeria, and Cameroon and are even carcinogenic,” said Mr Khattabi.
In September 2017, an investigation by an international organisation, Public Eye, revealed that polluted and toxic fuels were being exported on a large scale from the ports of Rotterdam and Amsterdam for export to African markets.
As much as a quarter of the petrol and diesel available in West Africa originates from the ports of Amsterdam, Rotterdam, and Antwerp. These fuels contain sulphur and other pollutants, such as cancer-causing benzene, in quantities up to 400 times the limits permitted in Europe. The Netherlands and Belgium were enjoined to enforce regulations to shield millions of Africans from exposure to toxic fuels.
By Adedapo Adesanya
Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.
Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.
The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.
The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.
“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.
“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.
“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”
It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.
It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).
“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”
The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”
Economy
All On Invests $1m in Eja-Ice Nigeria Limited to Strengthen Cold-Chain Infrastructure in Off-Grid Markets
All On, an impact investing company focused on expanding access to renewable energy solutions in Nigeria, has announced a $1 million investment in Eja-Ice Nigeria Limited, a provider of solar-powered refrigeration and cold chain infrastructure.
The investment will support Eja-Ice’s manufacturing and operational scale-up as the company enters its next phase of growth. It is expected to enable the expansion of its cold-chain solutions and improve access to reliable cooling services for households, small businesses, and institutions operating in off-grid and weak-grid environments.
Access to dependable cold storage remains a significant constraint across Nigeria, particularly in coastal and rural communities where limited energy infrastructure contributes to post-harvest losses and income instability for small-scale agro-producers.
By delivering energy-efficient refrigeration systems, Eja-Ice is helping to address these challenges while supporting the preservation of perishable goods and strengthening local value chains.
“All On’s investment in Eja-Ice reflects our approach of supporting solutions that improve energy access while enhancing livelihoods, reducing costs, and enabling businesses to grow. Strengthening cold-chain infrastructure is an important step towards building more resilient local economies and expanding opportunities in underserved markets,” the chief executive of All On, Ms Caroline Eboumbou, commented on the investment.
Eja-Ice’s integrated cold-chain model allows for greater control over product design, operational efficiency, and service delivery, ensuring that its solutions are tailored to the needs of underserved markets. The company’s systems are already supporting micro enterprises, cooperatives, and community-level infrastructure, particularly in areas where reliable electricity remains limited.
Also commenting, the founder and chief executive of Eja-Ice Nigeria Limited, Mr Yusuf Bilesanmi, said, “This capital raise is a huge step forward in our vision to power homes and businesses with products designed, assembled, and optimised right here on the continent. It’s not just about access to electricity—it’s about dignity, productivity, and opportunity for the over 600 million people across sub-Saharan Africa who are still off-grid.”
Through this investment, All On continues to advance its mission of closing Nigeria’s energy access gap by supporting the renewable energy ecosystem and businesses that deliver sustainable, market-driven solutions.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
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