Economy
NNPC Insists Nigeria Must Acquire Stake in Dangote Refinery
By Modupe Gbadeyanka
The Nigerian National Petroleum Corporation (NNPC) has insisted that the country must be on the board of the yet-to-be-completed Dangote Petroleum Refinery in Lagos by acquiring a stake in the firm.
Nigeria is planning to pay $2.76 billion for 20 per cent shareholding in the oil facility and the Group Managing Director of NNPC, Mr Mele Kyari, is justifying this deal.
Addressing the House of Representatives Committee on Finance headed by Mr James Faleke in Abuja on Wednesday, Mr Kyari said it would be wrong to allow a private individual or entity to fully own a refinery of such capacity.
The oil facility is being built by Mr Aliko Dangote and it has a capacity of refinery 650,000 barrels of crude oil per day.
Mr Kyari informed the lawmakers that the equity shareholding interest in Dangote Refinery was proposed by the corporation and it was to mainly guarantee national energy security and the best possible options.
“We will have right to 20 per cent of production from this facility. We structured our equity participation on the basis that the refinery must buy at least 300,000 barrels of crude oil per day of our production.
“This guarantees our market at a period when every country is struggling to find a market for their crude oil,’’ he was quoted to have explained in a statement issued by the spokesman of the agency, Mr Garba Deen Muhammad.
Earlier this month, the Federal Executive Council (FEC) approved the request of the NNPC to buy the 20 per cent stake in the private refinery. This followed billions of Dollars approved for the rehabilitation of the four moribund refineries owned by the government in Port Harcourt, Warri and Kaduna.
At the meeting with members of the lower chamber of the parliament yesterday, Mr Kyari also provided a base oil price scenario in the medium term at $57 per barrel for 2022, $61 per barrel for 2023 and $62 per barrel for 2023.
He explained that the assumptions were arrived at after a careful appraisal of the three-year historical dated Brent Oil Price average of $59.07 per barrel premised on Platts Spot Prices.
“Price growth is to be moderated by the lingering concerns over COVID-19, increased energy efficiency, switching due to increased utilization of gas and alternatives for electricity generation. These are reflected in the Medium Term Revenue Framework,” he said.
On the perennial issue of smuggling of petroleum products, Mr Kyari urged the National Assembly to support the agency in battling the menace, noting that based on the directive of President Muhammadu Buhari, it had mobilized some federal agencies like the customs, the Economic and Financial Crimes Commission (EFCC), the police, civil defence corps and others, to find workable solutions to it.
On the propriety of establishing NNPC Retail stations in neighbouring countries to curb the challenge of illegal haulage of petroleum products across the border, Mr Kyari said though the NNPC once considered the option, it had to jettison the idea when it became imperative that the measure would be counterproductive.
He explained that people smuggling the products are not looking for officially priced petroleum products, stating that establishing retail stations would not yield the desired result since the people who take products across the border are not interested in selling at the official prevailing prices at approved stations but are interested in under the counter deals.
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has approved a 50 per cent hike in the X-Alert service fee per transaction in the Nigerian capital market.
The X-Alert fee is a flat rate charged for sending real-time SMS/email notifications for transactions to investors from both buy and sell sides.
It was introduced by the Nigerian Exchange (NGX) to replace percentage-based charges, aimed at increasing transparency and reducing total transaction costs for investors.
Investors were earlier charged N4 per SMS, but the country’s apex capital market regulator has approved a 50 per cent increase in X-Alert service fee, meaning the new rate is N6 per SMS.
Business Post gathered from one of the players in the ecosystem that the effective date for the new price was Thursday, March 26, 2026.
“We wish to inform you of a revision to the X-Alert (SMS) service fee applicable to transactions executed on the Nigerian Exchange (NGX).
“Following approval by the Securities and Exchange Commission (SEC), the X-Alert fee has been reviewed upward from N4.00 to N6.00 per transaction,” the notice sighted by this newspaper read.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn