Business
Dangote Refinery Resumes Import Of Oil from the US to Increase Production Capacity
Dangote Refinery has resumed its acquisition of crude oil from the United States, marking a significant shift in its strategy to boost refining capacity and overall production.
In a report by Bloomberg on Wednesday, it was revealed that a cargo of two million barrels of WTI Midland crude, sourced from Chevron Corp., is expected to be delivered to Dangote Refinery next month.
This marks the first purchase of US oil since the refinery paused foreign crude imports.
The move indicates a shift in the refinery’s supply strategy, which had previously been focused on Nigerian crude, particularly as it seeks to ramp up operations.
This new purchase raises questions about the status of the Nigerian government’s Naira-for-crude deal, which was hinted at in early October 2024.
The agreement, aimed at trading crude oil in exchange for the Nigerian naira, has faced uncertainty.
Some experts suggest that the deal might be stalling, or that the refinery might not be receiving the expected crude oil supply from the Nigerian National Petroleum Company Limited (NNPC).
Dangote Refinery’s recent decision to purchase crude from Chevron, a major US oil company, comes at a time when the refinery is actively scaling up production capabilities.
The refinery had been under intense scrutiny as it works toward becoming a key player in Nigeria’s oil industry.
While it had been procuring Nigerian oil, this new shipment of WTI Midland crude from the US underscores its reliance on diverse global suppliers to meet its production goals.
In fact, Chevron has reportedly booked the supertanker Azure Nova to transport the crude from the US Gulf, with the shipment scheduled to arrive at Dangote Refinery around December 5.
While the Nigerian government’s Naira-for-crude initiative remains in question, economist Kelvin Emmanuel recently stated that Dangote Refinery still purchases crude from the Nigerian government in dollars, suggesting that the refinery’s operations may not yet fully align with the federal government’s policy on local crude sales.
MRS filling stations, a key partner of Dangote Refinery, has announced a new petrol price hike, raising its pump prices across the country. In a price update shared on its official X page on Saturday, the company revealed that the new rates now range from N925 to N955 per litre, up from the previous N825 to N895 range.
This means petrol will now sell for N925 in Lagos, N935 in the South-west, N955 in the North-west and South-east, N945 in the North-central, and N955 in the North-east. For Lagos and Abuja, motorists will now pay N925 and N945 per litre at MRS stations, an increase from N875 and N895 respectively.
Meanwhile, NNPC retail stations have kept their pump prices unchanged at N875 in Lagos and N895 in Abuja as of Saturday evening. The nationwide increase comes amid rising global crude oil prices triggered by tensions in the Middle East, particularly the ongoing Israel-Iran conflict.
Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.
The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.
During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.
As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.
Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
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