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CORAN Opposes Petrol Imports as Marketers Shun Dangote Refinery Supply

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The Crude Oil Refiners Association of Nigeria (CORAN) has expressed strong opposition to a recent decision by petroleum marketers to import Premium Motor Spirit (PMS) despite the availability of petrol from Dangote Refinery.

Eche Idoko, the Publicity Secretary of CORAN, voiced these concerns in a statement, criticizing the marketers for turning to imports when a domestic option is readily accessible.

This reaction comes as reports indicate that 141 million litres of PMS are being transported to Nigeria by oil vessels following the recent deregulation of the downstream oil sector by the Federal Government.

The Nigerian National Petroleum Company Limited (NNPCL) has announced new pricing for petrol at its retail outlets across the country, with prices ranging from N950 to N1,019.22 per litre, depending on the location.

This pricing adjustment followed the successful lifting of petrol from the Dangote Refinery.

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A price dispute has arisen between Dangote Refinery and NNPCL, with NNPC claiming it purchased Dangote petrol at N898 per litre, a statement that the Lagos-based refinery disputes.

The recent shift towards importing petrol by marketers, who seem dissatisfied with Dangote’s pricing structure, has further fueled tensions.

Idoko raised concerns over the quality of imported petrol, alleging that some of it is substandard and may have been blended in places like Malta or Togo.

He emphasized that this new regime could offer better pricing than the previously imported products, which have not met the necessary standards.

He also addressed fears among marketers that Dangote could dominate the market, asserting that such concerns have been mitigated by Dangote’s commitment to join CORAN.

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Idoko highlighted that the current regulatory framework, including the Petroleum Industry Act, ensures that no single entity can monopolize the market.

In response to the importation issue, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that any imported petrol must undergo three rigorous tests before it can be sold in Nigeria.

George Ene-Ita, a spokesperson for NMDPRA, reiterated that while marketers with import licenses are permitted to import PMS, the products must meet specific quality standards.

Earlier this year, Aliko Dangote, President of Dangote Group, expressed confidence that the start of operations at his refinery would ultimately eliminate the need for fuel imports in Nigeria, positioning the refinery as a key player in the nation’s petroleum landscape.


 

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Police Raid YG Entertainment Headquarters Over G-Dragon Copyright Case

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South Korean police have carried out a raid on YG Entertainment’s headquarters in Seoul as part of an ongoing investigation into alleged copyright infringement involving K-pop star G-Dragon and the company’s founder, Yang Hyun Suk.

The case traces back to a complaint filed in late 2024 by a composer identified only as “Mr. A,” who claims a song he created was used without his consent more than a decade ago. According to him, the track was reworked into a medley performed during G-Dragon’s 2009 concert and later included on his 2010 live album Shine a Light.

This is the second police raid on YG in connection to the matter, with investigators said to be gathering documents and questioning individuals linked to the song’s production. Authorities have not released further details, but confirmed the investigation is still active.

YG Entertainment has rejected the accusations, insisting the issue stems from a misunderstanding. They explained that during the 2009 concert preparations, there were two completely different songs sharing the same title, which may have caused the confusion.


 

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Femi Otedola’s Shocking Account of How Banks Turned on Him After Business Collapse

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Popular Nigerian Billionaire, Femi Otedola, reveals how some banks treated him once his business failed in 2009.

The businessman revealed in his soon to be released book “Making It Big” and shared details of when he went bankrupt. He shares that it had to do with the sudden increase in dollars and explained how jt affected him greatly.

He then adds concerning banks “One moment, I was the darling of the banks, who did everything in the world to court me, do business with me, give me loans, take deposits from me.”

“They would send bewitching ladies to make their offers more convincing, and now I was waking up to the sight of hefty, barrel-chested men standing menacingly in front of my gate, waiting for the moment I’d step out of my compound.”


 

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UAC of Nigeria Acquires Chivita and Hollandia, Promises to Uphold Chi’s Legacy

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It has been reported that Coca-Cola Company has agreed to sell off Chivita and Hollandia to UAC of Nigeria.

This information was revealed after UAC of Nigeria released a statement regarding their deal with Coca-Cola. The Managing Director stated that they aim to keep Chi’s legacy and described the deal as an ‘acquisition that presents significant potential to build on Chi’s legacy of excellence and innovation.’

“We see a bright future for Chivita and Hollandia. With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth.”


 

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