Economy
NNPC Not Competing With Dangote Refinery—Kyari
By Modupe Gbadeyanka
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has said the federal government-owned oil agency was not competing with Dangote Petroleum Refinery.
Africa’s richest man, Mr Aliko Dangote, is building a 650,000 barrel per day refinery at the Lekki Free Trade Zone in Lagos, Nigeria and the project, which was earlier scheduled for completion next month, will now be completed in some months’ time.
Recently, the Minister of State for Petroleum Resources, Mr Timipre Sylva, visit site of the project alongside the Chairman, Senate Committee on Petroleum Downstream, Mr Sabo Nakudu; Chairman, Senate Committee on Services/member, Senate Committee, Upstream, Mr Muhammad Musa; Director, Department of Petroleum Resources (DPR), Mr Ahmed Shakur; Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote; the Executive Secretary, Petroleum Equalization Fund (PEF), Mr Ahmed Boboi; and Mr Kyari; among others.
The Minister, during the visit, pledged support of the federal government towards ensuring the completion of refinery, saying, “This is a very heart-warming moment for all of us as Nigerians.”
“There is no way a project of this magnitude will be going on and government will not be interested. Anywhere in the world, if a citizen of a country has committed so much money into investing in this kind of massive project, government must show interest,” he added.
“I must say now that Dangote Group has turned this project to the story of all of us, we must all support this project to succeed, because the success of this project signals a lot.
“Of course, I am sure that the whole world is looking at the success of this project. Investors all over the world will look at the success of this project and will come to Nigeria to at least also enjoy the benefit of investing here.
“So, we are actually here to assure you, Dangote Group, that as a government, as NNPC, we will support this project as much as we can. You have definitely done very well,” the former Governor of oil-rich Bayelsa State said.
Continuing, he said, “As you can see, the whole team is complete, and whatever your concerns are, whatever your problems are, please feel free to let us know, so that we will together find a solution to problems that you might encounter. Because of course, in project of this magnitude, you cannot expect that you will not have problems.”
Mr Sylva further said the Dangote Refinery was a testament that the country possesses enabling environment for businesses to thrive and added that the success of the project will boost investors’ confidence in the country’s oil and gas project, imploring Nigerians to support the refinery project with a view to ensuring that it creates more value addition to the economy.
Head of NNPC, Mr Mele Kyari, while speaking during the tour, said that “we are not competing with Dangote but complimenting each other to boost production capacity. Our objective is the same, to make Nigeria a net exporter of crude. We can’t do this until we have complementary activities between the private sector and government.”
“ln the next five years, Dangote will add 650,000 barrels, government with 445,000 barrels with others companies coming up to boost capacity,” he said.
In his remarks, Group President and Chief Executive of Dangote Group, Mr Aliko Dangote, stated that, “We believed in Nigeria and if we don’t do it ourselves, nobody will come down to do it for us. There is three per cent growth population increase annually in Nigeria, so, apart from that Nigeria are supposed to meet the needs of West, East and Central Africa in terms of supply.”
Similarly, Mr Devakumar Edwin, the company’s Group Executive Director, Strategy, Capital Projects and Portfolio Development, said that the asset creates market for 11billion per annum of Nigerian crude and can meet 100 per cent of the Nigerian requirement of all liquid products.
He said that Nigeria is Africa’s largest crude oil producer, but lacks refining capacity to meet its own fuel needs.
“The Dangote refinery, which is designed to maximise petrol output, will produce enough to allow for a small surplus of that fuel for export. It will also be able to send a large volume of diesel and jet fuel to international markets,” he said.
Mr Edwin disclosed that Dangote plans to take advantage of local crude supply, adding that it won’t participate in the crude-for-fuel swap deal that is managed by the Nigerian National Petroleum Corporation (NNPC).
“We are going to buy the crude just at the export price and will sell our products at the import price, the crude swap is operating only for the importers of the product. The new refinery has been designed to process varieties of crude from sweet to light crude sourced both locally, and abroad.
“Dangote plans to export its diesel to Europe and gasoline to Latin America, Western and Central African markets,” Mr Edwin said.
He said that evacuation of refined products will be done by sea and through roads.
“We are thinking of investing in vessels. We want to make sure we are not held for ransom by any transport operators. Africa’s largest oil refinery had revealed that it would deliver its fuels to Nigerian consumers via roads and sea ports, and will effectively replace all of Nigeria’s fuel imports once fully operational,” he 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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn