Business
Dangote Denies Crude Supply Issues with NNPCL
Aliko Dangote, the President and Chief Executive of Dangote Group, has clarified that his company’s 650,000 barrels per day Dangote Refinery has never accused the Nigerian National Petroleum Corporation Limited (NNPCL) of failing to supply crude oil.
Dangote issued this clarification in a statement on Thursday, addressing recent reports that claimed NNPCL provides around 60 percent of the 50 million barrels of crude lifted by the refinery.
In his statement, Dangote emphasized that the refinery’s main issue has been with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its perceived failure to enforce the 450,000 barrels per day domestic supply obligation.
He explained that while the Dangote Refinery was built specifically to process Nigerian crude oil blends, obtaining sufficient crude has been a challenge.
Dangote noted that when the refinery approached International Oil Companies (IOCs) operating in Nigeria for crude oil, it was either redirected to third parties or informed that their cargoes were already committed elsewhere.
Despite ongoing efforts to resolve these supply issues, the refinery remains open to exploring additional opportunities to supplement its crude oil supply.
Further clarifying the situation, Dangote stated, “Our attention has been drawn to media reports suggesting that the Dangote Refinery has admitted to receiving about 60 percent of the 50 million barrels from NNPC.
To be clear, we have never accused NNPC of failing to supply us with crude oil. Our primary concern has been with NUPRC’s failure to enforce the domestic crude supply obligation, ensuring that we receive our full crude requirement from NNPC and the IOCs.”
For the month of September, the Dangote Refinery had requested 15 cargoes of crude oil, but NNPC allocated only six. Despite appeals to NUPRC, the refinery has been unable to secure the remaining cargoes.
Dangote also highlighted that when approaching IOCs in Nigeria, the refinery was often directed to their international trading arms or told that their cargoes were already committed.
Recently, President Bola Ahmed Tinubu has instructed NNPCL to sell crude oil to Dangote Refinery and other local refineries in Naira, further emphasizing the need for local refineries to receive adequate crude supplies.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
Fire9ja Fashion Poll: Which Olandria Look Is Your Favorite?
Priscilla Mkambala and Juma Jux Celebrate 1st Wedding Anniversary
