Business
Otedola Hails Dangote’s Refinery as a Landmark Achievement for Nigeria
In a heartfelt letter to Aliko Dangote, Nigerian business magnate Femi Otedola extended his congratulations on the first fuel shipment from the Dangote Refinery, a project that has been 25 years in the making.
Otedola praised Dangote for his resilience and determination in transforming Nigeria’s energy landscape despite setbacks.
Otedola recalled their initial joint effort in the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries.
However, their vision was thwarted when the government canceled the agreement. While the Kaduna and Port Harcourt refineries have since struggled, Otedola noted that Dangote’s refinery has emerged as a game-changer.
In his message, Otedola emphasised how Dangote’s achievement has freed Nigeria from its long-standing dependence on foreign fuel imports, highlighting how this refinery marks the end of economic reliance on foreign powers and local fuel cartels that have historically exploited the nation.
The business leader also likened Dangote’s success to his earlier transformation of the Nigerian cement industry, predicting that fuel imports will soon follow the same fate as now-defunct cement imports. He advised depot owners to adapt quickly or face obsolescence.
Otedola expressed his deepest admiration for Dangote’s unwavering vision and determination, offering warm congratulations to the entire team behind the Dangote Refinery, and hailing it as a victory for every Nigerian who dares to dream of a brighter future.
This letter comes as a resounding endorsement of the Dangote Refinery’s contribution to Nigeria’s self-sufficiency in energy production, ushering in a new era for the country.
It has been reported that Economic and Financial Crimes Commission (EFCC), prepares to look into the recent crash of the popular investment platform, CBEX.
It can be recalled that investment platform, CBEX, recently crashed and caused worry for many users. The public to social media to lament about the crash of the platform and cries out due to their losses.
Popular Nigerian blogger, Innocent Tino shares that he will partner with EFCC for a joint investigation of the downfall of CBEX. It was also shared that a total of #1.3 trillion funds have been lost due to the crash.
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has shed light on why Nigerians are still paying high prices for petrol, even though global crude oil prices have dropped sharply.
According to CORAN, the main reasons behind the high cost of Premium Motor Spirit (PMS) include the recent halt of the Naira-for-crude arrangement, the activities of profit-driven middlemen, and the rising exchange rate of the dollar.
Speaking on the matter, CORAN’s spokesperson, Eche Idoko, pointed out that these factors have made it difficult for Nigerians to enjoy any real relief at the pump. Crude oil prices recently dropped to around $64 per barrel for Brent and roughly $59.7 for WTI. This decline followed a new round of tariffs and a surprise production cut announcement by OPEC+.
Despite the global price drop, local fuel prices in Nigeria continue to rise. Idoko explained that middlemen are playing a big role in keeping prices up and preventing local refining from thriving. He also mentioned that the cost of importing refined products, logistics, and foreign exchange challenges all add up to push petrol prices even higher.
At the moment, petrol prices in Nigeria range from N900 to N975 per litre depending on the area. This increase came shortly after several major players in the industry, including partners of the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL), raised their pump prices.
MRS filling stations, a partner of Dangote Refinery, have raised petrol prices to N930 per litre in Lagos and N950 per litre in Abuja.
On Saturday, the MRS station along Kubwa Expressway in Abuja was already selling at the new rate, marking an increase of N70 to N80 per litre from the previous prices of N860 and N880.
A motorist in Abuja reacted to the price hike, saying it was expected after Dangote Refinery announced that it had stopped selling petrol in Naira.
The refinery had revealed on March 19 that it would no longer conduct petrol sales in local currency, a move that has now led to adjustments in pump prices across several stations.
Other filling stations in Abuja have also increased their rates. Empire Filling Station in Gwarimpa, for instance, raised its price to N975 per litre from N945.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) maintained its pump price at N880 per litre in Abuja as of Saturday evening.
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