Business
Local Refineries Still Await Crude Oil in Naira Following Tinubu’s Directive
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.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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