Business

The Economist Intelligence Unit has issued a warning that further delays in crude oil feedstock to the Dangote Petroleum Refinery and Petrochemicals could jeopardise Nigeria’s economic recovery and put additional pressure on the naira. The research and analysis division of the Economist Group said the Dangote refinery which began production in January has encountered setbacks in petrol production due to ...

Dangote Cement Plc has launched a novel Internship Scheme for students of tertiary institutions in the country that will see the students undergoing a one-year internship fully funded by the leading cement company. The scheme, according to the Dangote Cement Lagos Regional Sales Director, Mr. Tunde Mabogunje during the induction of pioneer students of Yaba College of Technology, Lagos, has ...

Dangote Refinery has denied fixing petrol price as recently reported in the media. In a statement yesterday, Dangote’s Group Chief Branding and Communications Officer, Anthony Chiejina, referred to headlines announcing “Marketers Project N600/litre for Dangote Petrol” published in Punch Newspapers of Tuesday August 13, 2024, and clarified that “Independent Petroleum Marketers Association of Nigeria (IPMAN) is not our business partner ...

Management of Dangote Petroleum Refinery has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to enforce the domestic crude supply obligation as specified in the Petroleum Industry Act (PIA), insisting that refineries in Nigeria should be allowed to buy crude directly from the companies that produce it in Nigeria rather than from international middlemen, as enshrined in the PIA act. ...

Authorities of Dangote Industries Ltd have given some clarifications concerning media reports alleging that the Dangote Refinery has backtracked by acknowledging that NNPC supplied about 60% of the 50 million barrels it lifted. In a statement on Thursday night by the Group Chief, Branding and Communications Officer, Anthony Chiejina, the company said, “We have never accused NNPC of not supplying ...

The Organisation of Petroleum Exporting Countries, OPEC, has said supplies from Nigeria-based world’s largest single-train Dangote Refinery and Petrochemicals will put pressure on the performance of Europe’s oil industry, especially the Northwest Europe (NWE) Gasoil. OPEC in its newly released monthly Oil Market Report for June 2024 listed Dangote Refinery among the top Diesel and jet Fuel suppliers that will disrupt ...

•Strong earnings prospects from the new refinery GCR Ratings (GCR) has affirmed the national scale long-term and short-term issuer ratings of AA+(NG) and A1+(NG) respectively accorded to Dangote Industries Limited (DIL). GCR in its recent report also affirmed the national scale long-term issue rating of AA+(NG) accorded to each of Dangote Industries Funding Plc’s Series 1 NGN10.5Bn Tranche A and ...

Dangote has continued to attract huge forex into the country through his pan-African operations as the half-year result for Dangote Cement indicates an increase in revenue from Pan-African operations by 139.9 per cent, growing to N807.1 billion as against N336.4 billion, reported in the corresponding period of 2023. The cement plant also reported a 10.9 percent increase in the Nigerian market ...

…to set up Situation room in Abuja A coalition of Civil Society Organizations (CSO) at the weekend said it would set up a situation room to monitor the compliance of the Nigeria National Petroleum Corporation Limited (NNPCL) to the presidential directive to sell crude oil to Dangote Refinery in Naira currency. Leaders of the 28 CSOs who were on facility ...

Students across tertiary institutions in the country under the aegis of National Association of Nigerian Students (NANS) have passed a vote of confidence on the Dangote Refinery describing the recent demarketing of the world’s largest single train refinery by the Nigeria National Petroleum Corporation Limited (NNPCL) as the greatest disservice to the nation’s economy. The students’ position came amidst alleged ...