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.
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.”
Dangote Petroleum Refinery has once again slashed the pump price of petrol across Nigeria, offering some relief to consumers. The new price now falls between N875 and N905 per litre, reflecting a N15 drop. This update was shared on the refinery’s official social media page on Thursday.
According to Dangote, the price cut affects major fuel distributors working with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. With this change, Lagos residents will now buy petrol at N875 per litre. Those in the South-South and South-East regions will pay N905, while the South-West sees a new rate of N885.
In the North-West and central parts of the country, it’s N895, and the North-East will also pay N905. Dangote added that their petrol and diesel are not only high-quality but also designed to support engine efficiency and reduce environmental impact.
Dangote Petroleum Refinery has lowered the price of Premium Motor Spirit (PMS), or petrol, to N825 per litre, down from N835, as competition heats up in Nigeria’s fuel market.
This follows last month’s price reduction, when the 650,000 barrels per day refinery dropped the price from N865 to N835. The recent price change is aimed at providing more value to customers while strengthening Dangote’s position as a leader in the domestic market.
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