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.
Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.
During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.
In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.
Business
United Bank Of Africa, UBA, Delivers 23% Total Dividend for 2024, CEO Promises More to Come
United Bank of Africa, UBA, pays 171 Billion in total to its shareholders for the 79 percent increase for 2024.
This information was revealed during the 63rd Annual General held on the 25th of April, 2025. The UBA shareholders approved of the 3 naira dividend share, which will com bine with 2 naira interim dividend and will represent a 23 percent total dividend for 2024 in total.
It can be noted that UBA now has the highest Nigerian stocks and the CEO, Oliver Alawuba has assured the shareholders of the dividends that will be paid.”What we can assure our shareholders today is that UBA will continue to pay more dividends.”
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.
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