Economy
Investors Pump $5.5m into Clarke Valve
By Dipo Olowookere
A group of investors led by OGCI Climate Investments has provided the sum of $5.5 million to Clarke Valve via the sale of its Series B Preferred Stock.
Along with funding from Saudi Aramco Energy Ventures and Chevron Technology Ventures, Clarke has now raised $15.5 million of Series B funding.
Clarke’s patented Shutter Valves are typically 1/5th the weight, 1/5th the size and 1/5th the cost of equivalent legacy valves, providing substantial benefits to users of industrial control valves in many industries.
In addition, Clarke valves are currently the only control valves in the world to achieve the stringent American Petroleum Institute (API) 641 certification for low fugitive emission performance. Fugitive emissions from legacy valve designs is the cause of significant methane emitted to the atmosphere from industrial facilities.
Pratima Rangarajan, CEO of OGCI Climate Investments, said “We are pleased to support the Clarke team in its journey to reach a global market. We believe that the Clarke Valve technology can address fugitive methane emissions in a meaningful way.”
Kyle Daniels, President & CEO of Clarke Valve said, “While our goal has always been to produce the world’s best performing valve, an equally important goal is to minimize methane emissions. This new funding will enable Clarke to roll out its proprietary solution for reducing fugitive emissions and provide a retrofit solution for the majority of competitive valves in the marketplace. The support of OGCI Climate Investments means our leading-edge technology will gain further visibility, helping us to capture market share and reduce fugitive methane emissions from legacy valve designs.”
Bill Dambrackas, Chairman of Clarke Valve, said, “Clarke has now raised over $23 million from investors, many of which are affiliated with oil & gas companies that are among the world’s leading valve users and valve experts. Their choice to invest in Clarke Valve is a big vote of confidence in validating our vision. Also, many of our previous and original investors participated in this round, including New World Angels (NWA) and Ocean Azul. We continue to appreciate their support and we join them, along with Saudi Aramco Energy Ventures and Chevron Technology Ventures in welcoming OGCI Climate Investments to our team.”
Economy
Dangote Refinery Crude Intake Hits 635,000b/d in April, Receives 21 Cargoes
By Adedapo Adesanya
Nigeria’s 650,000 barrels-per-day Dangote Refinery hit its highest-ever monthly crude intake in April 2026, taking in about 635,000 barrels per day of crude oil, according to Argus tracking data.
Deliveries in the review month rose from 565,000 barrels per day in March, bringing the refinery close to its full installed capacity.
The increase followed the completion of maintenance work on one of the refinery’s crude distillation units earlier this year.
This indicates that the Dangote Refinery is steadily ramping up operations toward full capacity after a gradual start since late 2023.
The refinery received 21 separate crude cargoes in April — a record since operations began.
All supplies came from West Africa, mainly Nigerian crude grades, with one cargo from Cameroon.
Nigerian grades delivered included Bonny Light, Escravos, Qua Iboe, Bonga, Forcados, Brass River, Amenam, and others.
Cameroon’s Ebome crude was supplied to the refinery for the first time.
April receipts comprised 160,000 barrels per day of Bonny Light, 65,000 barrels per day each of Escravos, Qua Iboe and Bonga, 50,000 barrels per day of CJ Blend, then 25,000-35,000 barrels per day each of Nigerian Utapate, EA, Jones Creek, Amenam, Forcados, Brass River, plus 25,000 barrels per day of Cameroon’s Ebome.
The strong rise in local and regional crude supply could also reduce the refinery’s dependence on imported crude grades and strengthen Nigeria’s domestic fuel production capacity.
The Argus report said that no US crude was delivered in April, despite the US West Texas Intermediate (WTI) crude previously being a major feedstock for the plant in 2025.
The refinery relied heavily on Suezmax tankers, with some vessels making multiple shuttle trips between offshore terminals and the refinery.
Average crude receipts in the first four months of 2026 climbed to 495,000 barrels per day, significantly above last year’s average of 375,000 barrels per day.
The data assessed Dangote’s April receipts at a weighted average of 35.1°API and 0.2 per cent sulphur content, compared with 37.2°API and 0.2 per cent sulphur in March. Receipts averaged 37.1°API and 0.15 per cent sulphur in January-April, compared with 36.8°API and 0.2 per cent sulphur across 2025.
The report also added receipts for May appear good as the refinery should get a cargo each of Qua Iboe and Odudu this week.
Economy
Customs Area 11 Command Seizes N2bn Containers of Illicit Items
By Bon Peters
About 17 containers containing illicit items worth over N2 billion have been seized by the Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Port Harcourt, Rivers State, between January and April 2026.
In the period under review, the agency generated about N258 billion as revenue, a statement signed by the command’s acting spokesman, Mr Paul Istifanus Gimba, an Assistant Superintendent of Customs 1, disclosed on Thursday.
The Customs Area Controller for the Command, Comptroller Aliyu Mohammed Alkali, said last month, more than N77 billion was generated, noting that this reflects the command’s unwavering commitment to revenue generation, trade facilitation, and the enforcement of extant government fiscal policies.
He stated that in the second month of this month, his men intercepted an attempt to smuggle one 40-foot container declared to contain plumbing materials, with a Duty Paid Value (DPV) of N185.2 million.
According to him, upon examination, it was discovered that the perpetrators had concealed the original container number and replaced it with a fake one in an attempt to unlawfully remove the container from the port without payment of duty.
Furthermore, he hinted that in April 2026, the command intercepted six 20-foot containers carrying a total of 1,100 jerricans of Super Delicieux Vegetable Oil with a DPV of N494.0 million, in contravention of section 55 of the Nigeria Customs Service Act, 2023, which prohibited the importation of refined vegetable oils and fats in order to protect and promote local industries, particularly domestic vegetable oil producers and agro-allied businesses.
The senior customs officer highlighted other items seized by his men during the period under review, including cartons of chilli cutters, ceiling fans, and food packs.
The Comptroller reminded all mischievous importers and their agents that the command remained unwavering in its resolve to combat smuggling and all forms of illegal trade practices at the port, even as he strongly encouraged all law-abiding traders to remain compliant and resist the temptation to engage in activities that contravene the law.
Mr Alkali praised the professionalism of the officers and men of the command as well as their vigilance and dedication to duty.
He also thanked members of the press for their continued partnership and commitment to disseminating accurate and reliable information about the activities of the agency to the public.
Economy
Indonesia Buys Nigerian Crude Oil to Reduce Exposure to Hormuz Disruptions
By Adedapo Adesanya
Indonesia has imported crude oil from Nigeria as Southeast Asia’s largest economy moves to reduce its dependence on Middle Eastern supplies amid rising geopolitical tensions involving the United States, Israel, and Iran.
Indonesia’s Ministry of Energy and Mineral Resources confirmed that Nigerian crude cargoes have already arrived in the country as part of efforts to diversify supply routes away from the volatile Strait of Hormuz, a key global oil transit chokepoint that handles about 20 per cent of world oil shipments.
The development positions Nigeria as an increasingly strategic alternative supplier in the global energy market as buyers seek more stable and flexible crude sources outside the Middle East.
Nigeria, which is Africa’s largest crude producer, has always sold some of its crude grades via joint ventures with international oil companies as well as to Dangote Refinery, to boost domestic production.
Indonesia’s Director General of Oil and Gas, Mr Laode Sulaeman, said the country was prioritising crude imports from suppliers whose shipping routes do not pass through the Strait of Hormuz, which has faced heightened security concerns following the ongoing conflict involving Iran, Israel, and the United States.
Apart from Nigeria, Indonesia is also considering crude supplies from Russia and the US.
The move could strengthen Nigeria’s crude export market at a time the country is seeking to boost production levels and attract new long-term buyers for its oil grades.
Speaking in March, the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, said that Nigeria could increase oil production by about 100,000 barrels per day over the next few months to realistically help the global shortfall.
Before the latest geopolitical tensions, around 20 per cent of Indonesia’s crude imports came from the Middle East. However, the country has now accelerated plans to diversify supply sources, naming Nigeria among key replacement suppliers alongside Angola, Brazil, Russia, and the US.
The development comes as Nigeria continues to gain attention in global oil markets, with its crude grades increasingly sought after because of their relatively low sulphur content and suitability for modern refineries.
Indonesia also recently opened talks with Russia for long-term crude and liquefied petroleum gas supplies, including a proposed purchase of 150 million barrels of Russian crude scheduled for delivery from late 2026.
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