Business

Local Refineries Still Await Crude Oil in Naira Following Tinubu’s Directive

Published

2 years ago

August 7, 2024

Photo source: Google

Dangote Refinery and other local refineries have yet to acquire crude oil in Naira, despite a recent directive from President Bola Ahmed Tinubu.

Eche Idoko, the Publicity Secretary of the Crude Oil Refiners Association of Nigeria, revealed this information in a statement issued on Tuesday.

Idoko explained that, following the President’s directive last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) was expected to initiate the process.

However, the refineries have not yet begun purchasing crude from the Nigerian National Petroleum Company (NNPC). While individual refinery members have submitted requests to NNPC, no progress has been made in this regard.

Idoko also pointed out that the usual protocol would involve the NMDPRA organizing a meeting with all relevant stakeholders to establish a framework for crude oil supply.

Alternatively, NNPC would need to address the numerous requests from the refineries for crude.

Last month, President Tinubu instructed NNPCL to provide crude oil to the Dangote Refinery, which has a capacity of 650,000 barrels per day, along with other local refineries.

This directive was aimed at ensuring the country meets its domestic production target of 450,000 barrels per day, as stipulated by the Petroleum Industry Act.

The President’s intervention was intended to resolve the ongoing crude supply issues faced by the Dangote Refinery.

Business

MTN Advances IHS Holding Acquisition Following Shareholder Approval

Published

6 days ago

August 5, 2026

Ese Ohwofa

MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.

The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.

If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.

The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.

Business

Nigeria’s Top Cement Makers Generate ₦3.2 Trillion in Six Months

Published

6 days ago

August 5, 2026

Ese Ohwofa

Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.

The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.

Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.

Business

OPay Introduces New Security Features for Customers

Published

1 month ago

June 29, 2026

Ese Ohwofa

Nigerian fintech company OPay has introduced new security features to improve the safety of its application.

The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.

The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.

The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.