Business
Dangote Group Defends Quality and Pricing Despite Misinformation from IPMAN and PETROAN
The Dangote Group has recently addressed the misinformation spread by the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Petroleum Tanker Owners Association of Nigeria (PETROAN), and other groups regarding the pricing of Premium Motor Spirit (PMS).
In a statement shared on their X handle, the company expressed their commitment to providing affordable, high-quality, domestically refined petroleum products while countering claims made by these associations.
Both IPMAN and PETROAN assert that they can import PMS at prices lower than those set by the Dangote Refinery.
However, the Dangote Group emphasized that their pricing benchmarks are aligned with international market rates, asserting that their prices remain competitive.
They cautioned that any claims of cheaper imported PMS should be viewed with skepticism, suggesting that such imports might be of substandard quality.
The group accused certain traders of colluding to bring in low-quality products, raising concerns about the health implications for consumers and the potential damage to vehicles in Nigeria.
In the context of the deregulated market, the Dangote Group pointed out that the Nigerian National Petroleum Corporation (NNPC) had established a price benchmark by selling PMS to domestic marketers at N971 per litre for shipments and N990 for trucks.
The Dangote Group has gone even further, selling PMS at N960 per litre for shipments while maintaining the price of N990 for truck sales.
They noted that these pricing decisions were made without full clarity on the exchange rates for crude oil purchases, indicating a commitment to transparency and fair pricing.
The statement also highlighted the troubling emergence of an international trading company that has recently set up operations next to the Dangote Refinery.
This company reportedly intends to blend substandard petroleum products, which could undermine the integrity of the domestic market.
The Dangote Group expressed concern that such actions would harm the growth of local refining capabilities in Nigeria.
The group’s stance aligns with practices observed in other countries where governments take steps to protect domestic industries.
For instance, the United States and European nations have imposed tariffs on electric vehicles and microchips to safeguard their local markets and encourage job growth.
By emphasizing the need for a robust domestic refining industry, the Dangote Group advocates for economic stability and job creation in Nigeria.
In conclusion, the Dangote Group has called on the public to disregard the misinformation spread by those who prefer to perpetuate a cycle of job exportation and poverty importation.
Business
Dangote Petroleum Refinery Begins Exportation Of Products To Neighbouring West African Countries
Dangote Petroleum Refinery begins exportation of products to neighbouring West African countries. A report was made that the Dangote refinery just shipped gasoline to the coast of Togo, West Africa. Although the shipment of the gasoline is going to the coast of Togo it can also be taken somewhere else in West Africa.
Chairman of NPA, Ghana speaks at the OTL Africa Downstream Oil Conference in Lagos states that importing from Nigeria reduces prices and freight costs for them rather than importing from Europe.
“If the refinery reaches 650,000bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,”
Business
FBN Shareholder Approve #350 Billion Capital Raise And Rebrand
FBN Holdings shareholders approve the plan of raising #350billion in additional capital and also changing its brand name. These discussions happened in the Annual General Meeting (AGM) and were submitted to the Nigerian Exchange Limited.
The Shareholders also approved of a dividend payment of 40 kobo per 50 kobo ordinary share, which will result to #14.36 billion for 2023 financial year.
This capital raise will include issuing shares, private placements or right issues concluded and approved by the board of directors. It will align with the initiate to raise #150 billion issues by the Central Bank of Nigeria.
Business
CBN and Finance Ministry Share Concerns Over Investment and Securities Proposed Bill
Concerns have been raised by The Central Bank of Nigeria (CBN) and the Ministry of Finance, concerning the Investment and Securities Bill which was proposed. The bill aims to replace 2007 Act and to update capital market regulations.
The CBN representative, Dr Tukur at the National Assembly hearing, opposed to the granting of the Securities and Exchange Commission over the public companies.
The Finance Minster, Wale Edun also emphasize on the impact of the bill and the provision it will offer the SEC board members. However the SEC Director General defended the bill and stated it has a benefitting role in Nigeria’s capital market globally.
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