Economy
Dangote Refinery Finally Hits Full 650,000-Barrel Per Day Capacity
By Adedapo Adesanya
Dangote Refinery has reached its full capacity of 650,000 barrels per day following the successful optimisation of critical processing units, marking a turning point for Africa’s largest refinery, located in Lagos.
The $20 billion facility is now operating at full capacity, a world-record milestone for a single-train refinery.
This achievement comes after the completion of an intensive performance testing on the refinery’s Crude Distillation Unit and Motor Spirit production block.
According to the chief executive of Dangote Refinery, Mr David Bird, the refinery is now positioned to supply up to 75 million litres of petrol daily to the domestic market, a dramatic increase from the 45 million – 50 million litres delivered during the recent festive period.
The development can reshape Nigeria’s energy landscape and reduce the country’s longstanding dependence on imported refined products.
“Our teams have demonstrated exceptional precision and expertise in stabilising both the CDU and MS Block,” Mr Bird said. “This milestone underscores the strength, reliability, and engineering quality that define our operations.”
The refinery has completed a 72-hour series of performance test runs in collaboration with technology licensor UOP, a Honeywell company, to validate operational efficiency and confirm that all critical parameters meet international standards.
The tests covered the naphtha hydrotreater, isomerisation unit, and reformer unit, which together form the backbone of the facility’s gasoline production capability.
The milestone marks another achievement for the businessman and majority stake owner at the facility in his ambition to transform Nigeria from Africa’s largest crude oil producer into a refining powerhouse.
Since the commencement of the facility in 2016, it has faced numerous setbacks, including pandemic-related delays, foreign exchange challenges, and technical complications.
It was finally commissioned in May 2023 to help wean Nigeria off imported petroleum products, due to the chronic underperformance of its state-owned refineries.
Despite being Africa’s largest crude producer, the country has not been able to self-produce, even with four state-owned refineries with a combined capacity of 445,000 barrels per day. This has led to decades of high dependency on importation.
The Dangote refinery’s emergence at full capacity has the potential to eliminate this import dependence while positioning Nigeria as a net exporter to West African markets.
Yet, the refinery faces difficulty securing adequate crude oil supplies from Nigerian producers, forcing it to import feedstock from the US, Brazil, Angola, and other countries.
Mr Bird also confirmed that Phase 2 performance test runs for the remaining processing units are scheduled to commence next week, suggesting further capacity optimisation ahead.
The official emphasised the refinery’s commitment to “enhancing Nigeria’s energy security while supporting industrial development, job creation, and economic diversification.”
By Adedapo Adesanya
Financial educator and coach, Mrs Wemimo “Wems BO” Bolu-Opaniran, is set to host the maiden edition of the Wems BO Personal Finance Retreat 1.0, a weekend event aimed at helping participants improve their financial literacy and develop practical money management skills.
According to a statement, the retreat is designed to make personal finance engaging and accessible through interactive sessions, games, networking opportunities, and one-on-one coaching sessions.
The organisers said the event will focus on providing attendees with practical and actionable financial knowledge rather than conventional lecture-style teaching.
“Come and unravel financial wisdom and leave with a practical and concrete action plan,” the organisers stated in a statement.
Activities lined up for the retreat include interactive finance sessions, networking opportunities, personal finance workbooks, games and activities, food and souvenirs, as well as three months of exclusive access to the event replay.
Speaking on the rationale for organising the event, Wems BO noted that lack is primarily not always the reason people have bad finances, but often, money culture is.
“The way one sees and treats money has been a development from years and decades past. So, what to do about money is not the solution. It is mindset, defaults and motivations shaping decisions.
The solution is an inner inquiring on why you do what you do, beyond money. Understanding who you are, then beginning to drive decisions that make you grow, manage and scale your finances in a way that aids the life you want,” she told Business Post.
Participants will also have the opportunity to receive one-on-one coaching with the finance guru.
The event is scheduled to be held from Friday, July 17 to Saturday, July 18, 2026, at an in-house venue on Lagos Mainland.
Ticket prices were pegged at N40,000 for individual attendees and N76,000 for duo tickets, with organisers noting that limited slots remain available.
Interested participants can register through the official registration link.
By Adedapo Adesanya
A 0.91 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 22, after the share prices of four securities ended in green.
According to data, FrieslandCampina Wamco Plc went up by N15.61 to N179.67 per share from N164.06 per share, Newrest Asl Plc grew by N6.11 to N67.26 per unit from N61.15 per unit, Food Concepts Plc appreciated by 17 Kobo to N2.75 per share from N2.58 per share, and Nitrox Industrial Gases Plc added 6 Kobo to sell at N25.50 per unit compared with the previous day’s N25.44 per unit.
At the close of business, the market capitalisation chalked up N23.22 billion to settle at N2.561 trillion versus Thursday’s N2.538 trillion, and the NASD Unlisted Security Index (NSI) increased by 38.81 points to 4,281.28 points from 4,242.47 points.
During the session, the price of Central Securities and Clearing System (CSCS) Plc was down by N3.13 to N71.07 per share from N74.20 per share.
The activity chart showed that the volume of securities transacted by the market participants decreased yesterday by 81.6 per cent to 590,339 units from the 3.2 million units recorded on Thursday, as the number of deals shrank by 28.6 per cent to 30 deals from the 42 deals recorded a day earlier, while the value of securities increased by 0.5 per cent to N95.3 million from the preceding session’s N94.8 million.
Great Nigeria Insurance (GNI) Plc closed the day as the most active stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units traded for N4.1 billion.
The most active stock by volume on a year-to-date basis was GNI Plc, with the sale of 3.4 billion units for N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange witnessed a decline in transactions on Friday despite closing higher by 0.22 per cent on the back of sustained bargain-hunting.
During the last trading session of the week, investors transacted 711.9 million equities valued at N29.1 billion in 62,386 deals compared with the 1.1 billion equities worth N31.0 billion traded in 62,448 deals in the previous day, indicating a decline in the trading volume, value, and number of deals by 35.28 per cent, 6.13 per cent, and 0.10 per cent, respectively.
Fidelity Bank closed the day as the most active stock with the sale of 198.1 million units for N4.6 billion, Access Holdings traded 69.7 million units worth N1.8 billion, Mutual Benefits exchanged 42.7 million units valued at N197.4 million, Japaul transacted 33.9 million units worth N134.4 million, and Zenith Bank sold 24.4 million units valued at N3.2 billion.
Yesterday, the industrial goods index rose by 0.53 per cent, the consumer goods sector jumped 0.28 per cent, the banking industry improved by 0.25 per cent, and the energy counter soared by 0.18 per cent, while the insurance space shed 0.18 per cent.
At the close of business, the All-Share Index (ASI) gained 536.98 points to finish at 249,712.37 points compared with the previous day’s 249,175.39 points, and the market capitalisation grew by N344 billion to N160.077 trillion from N159.733 trillion.
Aluminium Extrusion and DAAR Communications expanded by 10.00 per cent each to sell for N9.90 and N2.09, respectively, RT Briscoe surged by 9.93 per cent to N14.06, Learn Africa increased by 9.79 per cent to N12.90, and Red Star Express advanced by 9.56 per cent to N34.95.
On the flip side, Trans-Nationwide Express depreciated by 9.92 per cent to N5.72, Livestock Feeds dipped by 9.64 per cent to N8.90, The Initiates crashed by 8.65 per cent to N33.80, Ellah Lakes drowned by 8.64 per cent to N10.05, and Neimeth lost 6.36 per cent to trade at N10.30.
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