Economy
Nigerian Crude Oil Refiners Back Dangote, Say IOCs Making Petrol Expensive
By Modupe Gbadeyanka
Local crude oil refiners under the umbrella of the Crude Oil Refineries Association of Nigeria (CORAN) have backed the Dangote Oil Refinery and Petrochemicals Limited, stressing that the consumers can only purchase petroleum products if refineries in the country are made to function.
The group, speaking on Tuesday on Channels Television Business Morning Show through its chairman, Mr Momoh Jimah Oyarekhua, corroborated claims by Dangote Refinery that some international oil corporations (IOCs) were actively obstructing the refinery’s operations by refusing to guarantee and provide crude supply.
Business Post recalls that the Vice President of Oil and Gas at Dangote Industries Limited (DIL), Mr Devakumar Edwin, while speaking with Energy Editors in Lagos over the weekend, accused the IOCs of inflating prices of local crude oil, and making it prohibitively expensive for the Dangote Refinery to purchase in Nigeria.
He also expressed concern over the continued issuance of import licenses to marketers by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), enabling them to bring contaminated refined products into Nigeria.
“It is good to note that more than 3.5 billion litres, representing 90 per cent of our production, have been exported since we started operations,” Mr Edwin stated, appealing to the federal government and regulators to support us in creating jobs and prosperity for the nation.
Read More Here: IOCs Want Our Oil Refinery to Fail—Dangote
Reacting to this on the programme, Mr Oyarekhua said, “I will take it from the angle of producers of crude rather than focusing on the IOCs alone. What we usually call IOCS are the international producers, but I do not think it is just about the international producers and operators in Nigeria, I think it’s more about the producers of crude in Nigeria that are perhaps frustrating the refineries in Nigeria from getting crude.
“In fact, we have been on this journey, I particularly have been on this journey of advocating for crude sales to local refineries and also where necessary for the modular refineries for crude to be sold to them in naira because most of our products are produced into the local market and income is actually in Naira and it is just commonsensical that if you sell product in naira you should be able to get your feedstock in naira, mostly when that feedstock is produced in naira so that you don’t put pressure on the US dollar that is already scarce in the country.
“We have had several engagements with the NUPRC and all of that and it is clear that in the PIA Law, in section 109, there is DCSO which is supposed to be Domestic Crude Supply Obligation to support the local refineries and I think that law was specifically put there by legislators not to starve the refineries. But what we have seen is a huge and still resistance by the producers of crude in Nigeria. They will rather prefer to export crude abroad than to sell to local refineries.”
He insisted that the cost of finished products would reduce drastically if local refining is encouraged, instead of the importation of finished refined products that do not even meet quality standards
“We all saw that when Dangote came on stream, diesel dropped from N1,600 to about N1,200, and as we speak today, from our refineries, we are even selling less than N1,100. This is to tell you how far producing crude locally can support the economy and can support the people of Nigeria,” Mr Oyarekhua said.
By Aduragbemi Omiyale
One of the paint makers in Nigeria, Premier Paints Plc, is currently in talks with a new investor, Xenergi Limited, for the purchase of 51 per cent stake in the company.
Xenergi Limited intends to acquire shares of Clover Global Resources Limited and TGHL Capital Limited in the organisation.
Business Post gathered that the new investor will buy 39.02 per cent from Clover Global Resources Limited and 15.20 per cent from TGHL Capital Limited.
The deal, according to a regulatory notice issued on Tuesday on the Nigerian Exchange (NGX) Limited, will involve about 63 million shares of Premier Paints.
At the current share price of the paint producer, this should be about N630 million as it closed at N10.00 per unit on NGX on December 16, 2025.
“Subject to obtaining required regulatory approvals, the transaction is expected to close before January 31, 2026.
“The company will continue to inform the public of the progress of the transaction,” the disclosure signed by the company secretary, Alozie Nwokoro, said.
By Adedapo Adesanya
The Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 16, retaining the previous closing value of N1,451.82/$1.
In the same vein, the local currency saw no movement against the Pound Sterling and the Euro in the spot market during the session at N1,943.98/£1 and N1,705.74/€1, respectively.
Also, the Nigerian Naira remained unchanged in the black market yesterday at N1,475/$1 and was N1,460/$1 at the GTBank forex counter.
The Central Bank of Nigeria (CBN) has strengthened US Dollar supply with $250 million to authorised dealer banks at the official window cumulatively as foreign portfolio investors, exporters and non-bank corporate supply dripped.
The spread between official and other non-regulated markets decreased to N30.59$/1 from N44.57/$1, from the previous week, research subsidiary of Coronation Merchant Bank Limited said in a report.
FX analysts said foreign exchange inflows through the Nigerian Foreign Exchange Market decreased to $716.3 million from $844.70 million in the previous week , a 15 per cent drop in a week.
Foreign portfolio investors accounted for the highest share of inflows at 32.98 per cent, followed by exporters at 30.84 per cent, the CBN (17.36 per cent), Non-bank Corporates (16.94 per cent), others (0.72 per cent) and Individuals (0.63 per cent).
On Monday, Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), representing a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.
As for the cryptocurrency market, there was some recoveries after overall capitalization falling below $3 trillion for the third time in a month. Large-cap assets, particularly those with Exchange Traded Fund (ETF) exposure, are experiencing selling pressure as institutional investors reassess risk.
Ripple (XRP) appreciated by 1.5 per cent to $1.92, Litecoin (LTC) expanded by 1.5 per cent to $78.91, Dogecoin (DOGE) rose by 0.8 per cent to $0.1308, Solana (SOL) went up by 0.4 per cent to $127.60, Binance Coin (BNB) grew by 0.3 per cent to $865.40, and Bitcoin (BTC) gained 0.2 per cent to sell at $86,735.17.
On the flip side, Cardano (ADA) depreciated by 1.0 per cent to $0.3802 and Ethereum (ETH) slumped by 0.4 per cent to $2,935.85, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.
By Dipo Olowookere
A marginal 0.01 per cent rise was recorded by the Nigerian Exchange (NGX) Limited on Tuesday. This was different from the flattish mode of the market the previous day.
Investor sentiment remained bullish as Customs Street finished with 31 price gainers and 26 price losers, implying a positive market breadth index.
Aluminium Extrusion topped the gainers’ log after it improved its price by 10.00 per cent to N9.35, Guinness Nigeria appreciated by 9.98 per cent to N263.40, Multiverse expanded by 9.95 per cent to N12.15, MeCure Industries also soared by 9.95 per cent to N45.85, and Sovereign Trust Insurance advanced by 9.89 per cent to N4.11.
Conversely, Haldane McCall led the losers’ chart after it shed 9.93 per cent to settle at N3.72, Veritas Kapital lost 9.09 per cent to close at N1.60, LivingTrust Mortgage Bank also declined by 9.09 per cent to N3.50, and Linkage Assurance depreciated by 5.71 per cent to N1.65.
During the trading day, the All-Share Index (ASI) went up by 21.23 points to 149,459.11 points from the previous day’s 149,437.88 points and the market capitalisation increased by N14 billion to N95.281 trillion from N95.267 trillion.
Yesterday, traders transacted 1.0 billion equities for N21.8 billion in 23,701 deals compared with the 553.1 million equities valued at N13.3 billion traded in 28,907 deals on Monday, representing a decline in the number of deals by 18.01 per cent, and a surge in the trading volume and value by 80.80 per cent and 63.91 per cent apiece.
Access Holdings traded 385.8 million stocks worth N7.7 billion, Champion Breweries transacted 111.8 million shares valued at N817.8 million, Sterling Holdings exchanged 85.5 million equities for N589.9 million, FCMB sold 74.7 million shares valued at N791.5 million, and First Holdco transacted 51.9 million equities worth N1.8 billion.
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