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.
MRS filling stations, a key partner of Dangote Refinery, has announced a new petrol price hike, raising its pump prices across the country. In a price update shared on its official X page on Saturday, the company revealed that the new rates now range from N925 to N955 per litre, up from the previous N825 to N895 range.
This means petrol will now sell for N925 in Lagos, N935 in the South-west, N955 in the North-west and South-east, N945 in the North-central, and N955 in the North-east. For Lagos and Abuja, motorists will now pay N925 and N945 per litre at MRS stations, an increase from N875 and N895 respectively.
Meanwhile, NNPC retail stations have kept their pump prices unchanged at N875 in Lagos and N895 in Abuja as of Saturday evening. The nationwide increase comes amid rising global crude oil prices triggered by tensions in the Middle East, particularly the ongoing Israel-Iran conflict.
Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.
The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.
During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.
As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.
Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
-
News22 hours agoElon Musk Says No More Hashtags in X Ads Starting June 27
-
Entertainment22 hours ago“One Punch from Me Will Scatter Your Face” – Portable Tells Bobrisky
-
News15 hours agoIran Threatens More Strikes on US After Qatar Attack and Gaza Crisis
-
Sport22 hours agoMessi Remains the Highest-Paid Player in MLS for the Second Year in a Row
-
News15 hours agoTinubu to Sign Four Tax Bills to Cut Taxes, Help Nigerians and Small Businesses
-
Entertainment13 hours agoAngela Okorie Reveals Strict Rules for Accepting Marriage Proposal
-
Sport15 hours agoMbappe Sues PSG for Forcing Him to Sign New Deal and Harassing Him
-
News22 hours agoTinubu Assures Nigerians that he will Fulfill all the Promises he Made