Browsing: Dangote oil refinery

• The raid conducted by Nigeria’s anti-graft commission on Dangote’s office on January 4 is sending chills across the boardrooms of businesses in the country.
• Manufacturers in Nigeria express concern that if such an event can happen to Dangote, Africa’s richest man, then it could happen to any one of them.
• The raid is believed to be part of an extensive probe into Dangote, a former Central Bank governor, and the foreign exchange transactions that he oversaw.

A raid conducted by anti-graft agents on the offices of Aliko Dangote on January 4 is sending chills across the boardrooms of businesses and investors in Nigeria, even though sector players were anticipating it.

Dangote, arguably the richest person in Africa by far, owns an empire that controls the Nigerian corporate world and is the former head of Nigeria’s Central Bank.

In May 2023, Dangote completed a massive oil refinery with considerable fanfare, just …

At his inauguration, Nigeria’s new president, Bola Ahmed Tinubu, announced that his administration would do away with the fuel subsidy. The announcement resulted in a spark in prices and long queues in Nigeria as people rushed to buy fuel before the price increase when the policy took effect on July 1.

When the policy to remove Nigeria’s fuel subsidy takes effect, fuel prices in Nigeria are expected to jump from the official pump price of $0.4 to between $0.76 and $1.18. According to the United Nations, Nigeria’s rise in fuel prices will have widespread economic ramifications for over 133 million citizens plagued by multidimensional poverty.…

The Nigerian government has taken various steps to address the persistent fuel shortages, including rehabilitating the country’s refineries, the establishment of new refineries, and promoting private sector investment in the downstream sector. However, progress has been slow, and the problem persists. However, the Dangote oil refinery’s boost to Nigeria’s oil refining capacity should help the government in its quest to address the persistent fuel shortages and end the energy sector crisis.…

Despite Nigeria being the second biggest oil-rich country in Africa after Libya with an estimated 37 billion barrels of proven oil reserves, the West African country has been depending on imported refined fuel products due to lack of domestic refining capacity.

Dangote Oil Refinery

However, the situation is set to be changed by the coming of Dangote Oil Refinery, a company owned by the Nigeria-based Dangote Group.

The Dangote refinery, a 650,000 barrels per day (bpd) integrated refinery and petrochemical project under construction in the Lekki Free Zone near Lagos, Nigeria, is expected to be the Africa’s biggest oil refinery and the world’s biggest single-train facility, upon completion.

Light and medium grades of crude

The project which is being developed with an estimated investment of $12bn will process a variety of light and medium grades of crude to produce Euro-V quality clean fuels including gasoline and diesel …

As the World shakes off the effects of Covid-19, the global energy sector has a long way to go to recover, but the baby steps have begun.

In his remarks at the 20^th Meeting of the Joint Ministerial Monitoring Committee (JMMC), mid last month, the OPEC Secretary General, Mohammad Sanusi Barkindo, underscored the devastating impact of the Covid-19 pandemic and what he described as ‘…its complete disruption of daily life.’

 “These monthly meetings of both the JTC and the JMMC send a reassuring message that we are ready, willing and able to address shifting market conditions”, he said during the video conference.

The SG maintained that ‘…the historic actions taken by OPEC and its partners in the DoC have contributed to an improved balance in the oil market compared to the situation in April, however, the JTC and JMMC must remain vigilant in monitoring market conditions.”

While the global …