The 650,000-barrel-per-day Dangote refinery in Nigeria is currently undergoing test runs for the production of Premium Motor Spirit (PMS), commonly known as petrol, with full operations expected to commence by mid-September. This update was revealed in a note by industry monitor IIR Energy, as reported by Reuters. The $20 billion refinery, developed by Africa’s richest man, Aliko Dangote, has so far only produced diesel and other distillate fuels. Initially, the refinery had planned to start petrol production in May, with deliveries expected by July. However, these timelines were delayed. IIR Energy noted that “further extensions are possible” as the refinery…
Author: Editor Francis
Nigeria’s Dangote mega-refinery is shifting towards processing more of the country’s own crude oil while reducing imports from the United States, according to a report by Bloomberg. Data compiled by Bloomberg shows that in the third quarter, the refinery plans to source just over 80% of its feedstock from domestic supplies, up from less than 75% in the previous quarter, based on tanker-tracking information and trader insights. Last month, oil prices came under pressure amid reports that the refinery intended to resell some of the US crude it had previously purchased. This move highlights the significant impact Dangote is already…
The Nigerian National Petroleum Corporation Limited (NNPC Ltd.) has responded to recent allegations made by former Vice President Atiku Abubakar regarding the acquisition of OVH by the corporation. In a press release signed by its Chief Corporate Communications Officer, Olufemi Soneye, NNPC Ltd. clarified several points in response to statements attributed to Atiku by his Media Adviser, Mr. Paul Ibe. Atiku had reportedly accused the NNPC of being “criminally hijacked by corporate cabals” associated with the current administration. He further alleged that the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd. was a form…
The Nigerian National Petroleum Company Limited (NNPCL) has reported an outstanding debt of N4.56 trillion to the Federal Account Allocation Committee (FAAC) for selling petrol at a subsidised price between August 2023 and June 2024. This disclosure was made during FAAC meetings in July and August, according to documents obtained by Nairametrics. A report from a FAAC Post-Mortem Sub-Committee (PMSC) meeting revealed that the debt stems from unrecovered funds due to exchange rate differentials on Premium Motor Spirit (PMS) importation. As of May 2024, NNPCL claimed that the Federation owed N4.34 trillion. This figure rose to N4.56 trillion by June…
Justice Olukayode Ariwoola, the 22nd Chief Justice of Nigeria (CJN), has retired from service following his attainment of the mandatory retirement age of 70. Born on August 22, 1954, Justice Ariwoola concluded his judicial career today, marking the end of an illustrious tenure. Justice Ariwoola was appointed to the Supreme Court bench on November 22, 2011. He ascended to the position of the Chief Justice of Nigeria on June 27, 2022, following the resignation of his predecessor, Justice Tanko Muhammad. His appointment was formally confirmed by the Nigerian Senate on September 21, 2022. As events surrounding his retirement unfold at…
The Chief of Staff to the President, Femi Gbajabiamila, has commended the Bureau of Public Procurement (BPP) for its role in saving the Nigerian government N1.7 trillion between 2009 and 2022 by preventing financial leakages in the procurement process. Gbajabiamila made these remarks on Thursday after an assessment tour of several agencies under the supervision of the State House. He highlighted the importance of the BPP’s efforts in blocking loopholes that could have resulted in significant losses for the country. In response to a presentation by the BPP’s Acting Director-General, Olusegun Omotola, Gbajabiamila assured that the Act establishing the BPP…
The Minister of Arts, Culture, and Creative Economy, Hannatu Musa Musawa, has unveiled ambitious plans to inject $100 billion into Nigeria’s creative and cultural sector, with a target of creating 2 million jobs. This initiative aims to play a pivotal role in revitalising the nation’s economy. In a recent interview, Minister Musawa emphasised the current administration’s commitment to capturing a significant share of the global creative market, valued at over $1 trillion. She highlighted that these efforts align with the administration’s renewed hope agenda, which seeks to bolster Nigeria’s presence in the global creative industry. To achieve these goals, the…
The Federal Government of Nigeria has announced an upward revision of fees for the Nigerian Standard Passport, set to take effect on September 1, 2024. The decision, aimed at maintaining the quality and integrity of the Nigerian passport, was disclosed in a press release issued by the Nigeria Immigration Service (NIS) on August 21, 2024. According to the new fee structure, the cost of the 32-page passport booklet with a 5-year validity will increase from ₦35,000 to ₦50,000. Similarly, the 64-page passport booklet with a 10-year validity will now cost ₦100,000, up from the previous fee of ₦70,000. The fees…
Several Nigerian students, including those from Niger State, are reportedly facing the threat of deportation from Moscow, Russia, due to their inability to renew their international passports. The students, who are undergraduates, have raised concerns after learning that their travel documents cannot be renewed due to an alleged shortage of materials required for printing new passports. The students, alarmed by the situation, have contacted their parents to inform them of the impending risk of deportation if they fail to renew their documents. Reports indicate that the students’ green cards are nearing expiration, and attempts to renew them have been unsuccessful…
Social media users have recently unearthed old tweets and comments from Reno Omokri, a controversial social media influencer, in which he harshly criticised President Bola Tinubu. Omokri, who was a staunch supporter of Atiku Abubakar, the Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, has faced backlash after seemingly changing his stance when Atiku’s path to victory became uncertain. Before distancing himself from Atiku’s camp, Omokri had made several scathing remarks about Tinubu, questioning both his personal hygiene and the authenticity of his credentials. These posts, shared on his X handle (formerly Twitter), have resurfaced after…
On Tuesday, the Naira depreciated in the parallel market, falling to N1,600 per dollar from N1,590 per dollar recorded over the weekend. In contrast, the naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it strengthened to N1,579.22 per dollar. NAFEM is a trading platform for investors, exporters, and end-users, where forex transactions are conducted at rates determined by prevailing market conditions. According to data from FMDQ, the indicative exchange rate for NAFEM improved slightly, gaining 67 kobo from Friday’s rate of N1,579.89 per dollar. The volume of dollars traded in NAFEM also saw a significant increase, surging…
The Kano State Public Complaints and Anti-Corruption Commission has arrested several high-ranking officials, including Garba Musa Kwankwaso, the nephew of the New Nigeria People’s Party (NNPP) presidential candidate, Dr. Rabiu Musa Kwankwaso. The arrests are in connection with an alleged multi-billion Naira drug supply fraud involving the state’s 44 local government areas. Among those detained are the Permanent Secretary of the Ministry of Local Government, Alhaji Mohammed Kabawa, and the Chairman of the Kano State chapter of the Association of Local Governments of Nigeria (ALGON), Abdullahi Bashir, who also serves as the chairman of Tauroni Local Government Area. The arrests…