Business
Senate Schedules Public Hearing for Dangote Refinery Dispute in September
The Nigerian Senate has scheduled a public hearing for September to address the ongoing dispute between the Dangote Group and key regulatory bodies including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Nigerian National Petroleum Company Limited (NNPC), and other involved regulators.
Bamidele Opeyemi, Chairman of the 15-member Ad-hoc Committee appointed by the Senate, made this announcement on Thursday.
The Senate President, Godswill Akpabio, recently established this committee to tackle the various issues causing friction between Dangote Group and the regulatory authorities in the Nigerian oil and gas sector.
The Senate has pledged to uncover and name any alleged saboteurs in the industry, emphasizing the critical importance of this sector to Nigeria’s economy.
Opeyemi assured that this Ad-hoc Committee would differ from previous Senate Committees that had investigated the oil sector without producing concrete results.
According to Opeyemi, the Committee has reached out to all relevant stakeholders for the submission of pertinent documents ahead of the public hearing scheduled from September 10 to September 12, 2024.
The committee aims to thoroughly examine the existing regulatory frameworks and procedures to identify any shortcomings and suggest necessary reforms to avoid similar issues in the future.
“The Committee is dedicated to upholding the highest standards of fuel quality in the Nigerian market,” Opeyemi emphasized.
In addition to the Senate’s actions, the House of Representatives has also launched its investigation into the dispute.
Meanwhile, the Minister of State for Petroleum Resources, Heineken Lokpobiri, has convened an emergency meeting involving Dangote, Farouk Ahmed (CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority), Gbenga Komolafe (CEO of the Nigerian Upstream Petroleum Regulatory Commission), and Mele Kyari (Group CEO of NNPC) to address the sector’s ongoing crisis.
The dispute gained significant attention last week when Ahmed publicly criticized the quality of diesel produced by Dangote Refinery, claiming it was inferior compared to imported alternatives.
Dangote Group has firmly rebutted this assertion, maintaining that its refinery’s products meet high-quality standards.
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
- MTN Nigeria Communications Plc (MTNN) – Strong telecom growth and 5G expansion.
- Dangote Cement Plc (DANGCEM) – Leading cement maker benefiting from infrastructure demand.
- Guinness Nigeria Plc (GUINNESS) – Consumer stock with solid turnaround potential.
- Okomu Oil Palm Plc (OKOMUOIL) – Agriculture stock tied to palm oil demand.
- Seplat Energy Plc (SEPLAT) – Energy player with gas and oil sector exposure.
- Zenith Bank Plc (ZENITHBANK) – Tier-1 bank with strong financial performance.
- Guaranty Trust Holding Company Plc (GTCO) – Leading bank with diversified revenue streams.
- Presco Plc (PRESCO) – Palm oil producer with export and dividend potential.
- NASCON Allied Industries Plc (NASCON) – FMCG stock with strong fundamentals.
- Aradel Holdings Plc (ARADEL) – Growing energy sector stock with upstream exposure.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
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