Business
Dangote Refinery to Supply 25 Million Litres of Petrol Daily Starting September 2024
The Dangote Refinery is set to supply 25 million litres of petrol daily to the Nigerian market, starting in September 2024, according to an announcement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In a statement released on Tuesday, the NMDPRA revealed that it had convened a meeting with the Nigerian National Petroleum Company Limited (NNPCL) to finalise the supply of local crude oil to the refinery.
During the meeting, it was agreed that NNPCL would sell and supply crude oil to the Dangote Refinery in the local currency.
The NMDPRA stated on its official X (formerly Twitter) account, “NNPCL has reached an agreement to commence the sale and supply of crude oil to the Dangote Refinery in local currency at the NMDPRA headquarters in Abuja.
The refinery is set to deliver an initial supply of 25 million litres of Premium Motor Spirit (PMS) into the domestic market starting this September. By October 2024, this daily supply is expected to increase to 30 million litres.”
This development follows an official announcement by Aliko Dangote, President of Dangote Group, who confirmed that the first rollout of Premium Motor Spirit (PMS) from the 650,000 barrels per day refinery had begun.
Additionally, Dangote mentioned that the Federal Executive Council (FEC) would ultimately determine the pricing of petrol from the refinery, a decision that will likely have significant implications for the Nigerian market.
The Dangote Refinery, one of the largest in Africa, is expected to play a key role in reducing Nigeria’s reliance on imported fuel and addressing the country’s energy needs.
The commencement of domestic petrol production from this refinery is seen as a major milestone for Nigeria’s oil and gas sector.
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.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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