Business
Dangote Refinery Faces Supply Issues as NNPCL Fails to Meet Crude Oil Targets
Dangote Refinery has expressed concerns that the Nigerian government has not fulfilled its obligations to supply the required oil for its domestic refinery under the Naira-for-crude deal, an agreement aimed at boosting local refining capacity.
In an interview with Reuters, Devakumar Edwin, the Vice President of Dangote Industries Limited, stated that the Nigerian National Petroleum Company Limited (NNPCL) has failed to meet the set targets for crude oil delivery.
According to Edwin, the amount of crude oil received from NNPCL is significantly lower than what is necessary to scale up the refinery’s production of refined products.
Edwin pointed out that while the Naira-for-crude initiative, which was launched in October 2024, was supposed to provide a minimum of 385,000 barrels per day (bpd) of crude oil to Dangote Refinery, the actual supply has been far below that target.
He revealed that the refinery actually needs around 650,000 barrels per day to operate at full capacity, but NNPCL’s delivery has fallen short, describing the crude received as “peanuts” in comparison to the refinery’s needs.
This development comes as part of the Nigerian government’s push to revitalize its domestic refining sector and reduce its dependency on imported refined products.
The Naira-for-crude deal was expected to be a key component of this strategy, where the government would provide crude oil to Dangote Refinery in exchange for the refinery processing and supplying refined products to the local market.
However, the continued shortfall in crude oil supply raises questions about the sustainability of this arrangement and the government’s ability to meet its commitments.
Despite these challenges, reports have surfaced that Dangote Refinery has turned to alternative sources, including crude oil imports from the United States, to boost its production capacity.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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