Business
Dangote’s $20 Billion Oil Refinery Is Set to Start Operations in Nigeria

Aliko Dangote, Africa’s wealthiest individual, is on the brink of a monumental achievement with the Dangote Petroleum Refinery near Lagos, Nigeria.
This massive facility, covering an area half the size of Manhattan, has been under construction for nearly a decade, with numerous delays and budget overruns.
Initially projected to cost $9 billion in 2013, the refinery’s expenses have now escalated to approximately $20 billion. Despite these challenges, the refinery is set to commence full operations next month, with a processing capacity of 650,000 barrels of crude oil per day.
This output not only surpasses Nigeria’s domestic fuel consumption but also positions the country to significantly reduce its dependence on imported refined petroleum products.
However, the journey hasn’t been without obstacles. The Nigerian National Petroleum Company (NNPC), responsible for supplying crude oil to the refinery, has struggled to meet its commitments, leading to potential operational challenges.
In response, Dangote has sought alternative solutions, including importing crude oil and engaging with various stakeholders to secure the necessary resources.
Business
UAC of Nigeria Acquires Chivita and Hollandia, Promises to Uphold Chi’s Legacy

It has been reported that Coca-Cola Company has agreed to sell off Chivita and Hollandia to UAC of Nigeria.
This information was revealed after UAC of Nigeria released a statement regarding their deal with Coca-Cola. The Managing Director stated that they aim to keep Chi’s legacy and described the deal as an ‘acquisition that presents significant potential to build on Chi’s legacy of excellence and innovation.’
“We see a bright future for Chivita and Hollandia. With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth.”
Business
IPMAN to Reduce Fuel Prices After Dangote Refinery’s Petrol Price Drop

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will announce a new, lower petrol price on Monday, following the recent price slash by Dangote Refinery. Dangote Refinery had dropped its ex-depot price for petrol from N840 to N820 per litre on Thursday, prompting IPMAN to consider adjusting its rates in response.
Speaking on the development, IPMAN President, Abubakar Maigandi, said the association is aligning with the move and will meet to finalize a fresh price cut for petrol. “Our members will also reduce their prices,” Maigandi said. “We’ll make an official announcement on the new fuel price after our meeting on Monday.”
As of Friday, filling stations across Abuja were selling petrol at varying prices, between N905 and N945 per litre. While NNPC, NIPCO, AA Rano, and Shema outlets were dispensing around N910, Dangote-linked stations like AP and Ardova offered it slightly lower at N905. Others, including Ranoil, Empire Energy, and Total Emadeb, were selling at the higher end, up to N945.
Business
Cooking Gas Price Increases by 2.18% as Nigerians Pay More to Refill

The cost of refilling a 12.5kg cylinder of cooking gas in Nigeria went up slightly in May 2025, rising by 2.18% compared to the previous month. The average price now stands at N20,709.11, up from N20,268.06 recorded in April. This update was captured in the latest Liquefied Petroleum Gas (LPG) Price Watch report for May, released by the National Bureau of Statistics (NBS).
According to the report, Delta State topped the list with the highest refill price at N23,356.56, followed by Abia at N22,953.01, and Ebonyi at N22,943.30. On the other hand, residents in Yobe, Lagos, and Kebbi states paid the least, with refill prices of N18,500, N18,536, and N18,606.60, respectively.
When compared to the same period last year, gas prices have jumped significantly, rising by 32% from N15,627.40 recorded in May 2024 to the current average. The NBS is yet to release figures for June 2025.
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