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.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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