Business
Dangote Refinery Begins Petrol Production, Set to Ease Fuel Scarcity
The Dangote Group has announced that its Lagos-based refinery, which has a capacity of processing 650,000 barrels per day, has begun producing Premium Motor Spirit (PMS), commonly known as petrol.
Chiejina explained that similar to how the company had earlier commenced the supply of Automotive Gas Oil (AGO), or diesel, their petrol production is set to alleviate the long-standing fuel scarcity in Nigeria.
He emphasized that the introduction of Dangote Petrol to the market is expected to drastically reduce the time Nigerians spend queuing at filling stations, which has been a major issue for commuters and businesses alike.
“The refinery has already begun producing Premium Motor Spirit,” Chiejina noted. “We narrowly missed launching in August by just a day, but the product will be available on the market very soon.
Just as we did with AGO, we started producing it and in a short period, it reached the market. This same approach is being applied to petrol. By September, once we reach commercial-scale production, the product will be available across the country.”
He further elaborated on the company’s goal of making petrol both available and affordable, which will significantly ease the pressure on Nigerians who have endured long queues at fuel stations and wasted valuable time trying to purchase fuel. The group aims to improve access to petrol and reduce the hours lost due to the ongoing scarcity.
This update from Dangote Group comes at a time when the Nigerian National Petroleum Company Limited (NNPCL) admitted it is grappling with financial challenges concerning the cost of petrol supply.
Over the past weekend, NNPCL’s acknowledgment of the financial strain further exacerbated public anxiety over the country’s ongoing fuel shortages, as citizens continue to struggle with prolonged scarcities.
The entrance of Dangote’s refinery into petrol production is expected to bring much-needed relief to Nigerians and ease the pressure on fuel availability in the country.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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