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DANGOTE THANKS TINUBU FOR OIL AND GAS SECTOR REFORMS

Aliko Dangote, President of Dangote Group, has praised President Bola Ahmed Tinubu for assembling a capable leadership team at the Nigerian National Petroleum Company (NNPC) Limited. Dangote made the commendation during a visit to the President, where he expressed his appreciation for the appointments of Mr. Bashir Bayo Ojulari as Group Chief Executive Officer and Mr. Ahmadu Musa Kida as Non-Executive Chairman. According to Dangote, the new management team brings a wealth of technical expertise and managerial experience essential for revitalizing Nigeria’s most strategic public enterprise. “The new team, under the leadership of Bashir Bayo Ojulari and Ahmadu Musa Kida, reflects the President’s strategic intent to drive reform and innovation across the energy sector,” Dangote said. Dangote expressed confidence that the team will address systemic challenges, align with the President’s vision of a $1 trillion economy, and reposition NNPC Limited for operational excellence and long-term sustainability. He also noted that the recent activities and structural reforms introduced by NNPC Limited serve as strong indicators of the organization’s renewed focus on transparency, efficiency, and accountability. When asked about his previous statement that he is still fighting for the survival of his $20 billion refinery, Dangote clarified that it was not connected to the new leadership of NNPC Limited. Instead, he revealed that the “cabals” he was referring to are some major oil marketers and traders who were bent on frustrating the efforts of President Tinubu in revamping the nation’s economy. “The calibre of individuals at the helm, and their deliberate, reform-driven agenda, demonstrate a commitment to fostering a culture of performance and professionalism,” Dangote added. With optimism, Dangote expressed confidence that the new leadership of NNPC Limited will propel the country’s energy industry to new heights and reaffirmed his group’s commitment to supporting the collective vision of a prosperous, energy-secure Nigeria.

PRESIDENT TINUBU CONGRATULATES ALIKO DANGOTE ON WORLD BANK APPOINTMENT

President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab. Special Adviser to the President (Information & Strategy), Bayo Onanuga, in a statement, said the President describes the appointment as apt, given Dangote’s rich private sector experience and strategic investments. Onanuga said President Tinubu noted that Dangote’s Dangote Group has created many employment opportunities through innovation and continuous investment, becoming one of Africa’s leading conglomerates. “The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment,” Onanuga quoted President Tinubu as saying. The President urged Dangote to bring his transformative ideas and initiatives to bear on the World Bank appointment to impact emerging markets across the world fully. Onanuga said the World Bank’s Private Sector Investment Lab aims to promote investment and job creation in emerging economies. Onanuga added that Dangote’s appointment is part of a broader expansion of the lab, which now includes business leaders with proven track records in generating employment in developing economies. The lab’s expanded membership includes the CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian.

DANGOTE REFINERY CUTS PETROL PRICE AGAIN, NOW SELLS AT N835 PER LITRE

Dangote Petroleum Refinery has announced a further reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, bringing it down to N835 per litre. This marks a 3.5% decrease from the N865 per litre price set just last Friday. The refinery had previously reduced the price from N880 to N865, showing a pattern of steady drops as global crude oil prices decline. The reduction was prompted by falling international crude prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks. A senior official at Dangote Refinery explained, “We are committed to passing on the benefit of lower crude prices to Nigerians. As global conditions improve, we’ll continue to adjust prices to ease the burden on consumers.” However, many independent and major oil marketers have not followed suit. Observations across multiple petrol stations show that many are still dispensing petrol at N965 per litre, nearly N130 higher than Dangote’s refinery price. Consumer advocacy groups have raised concerns, with Bolaji Alade, a consumer rights advocate, saying, “It’s unacceptable that marketers are not reflecting the refinery’s reduction at the pumps. There should be regulatory enforcement to protect Nigerians from unnecessary hikes.” Industry analysts believe that until there is increased supply competition or tighter regulation, the benefit of reduced refinery prices may not reach the average consumer.

PRESIDENT TINUBU CONGRATULATES ALIKO DANGOTE ON HIS BIRTHDAY

President Bola Tinubu has congratulated Aliko Dangote, Africa’s foremost industrialist and philanthropist, on his birthday. In a statement, Tinubu celebrated Dangote’s life, describing him as a visionary who has redefined entrepreneurship on the continent through his resilience and commitment to Africa’s economic transformation. Special Adviser to the President, Bayo Onanuga, noted that Tinubu commended Dangote for his contributions to Nigeria’s industrialization efforts. Onanuga stated that Dangote’s ventures, including cement manufacturing, agriculture, and the groundbreaking Dangote Refinery, have bolstered the national ambition for self-sufficiency and created thousands of jobs. “Aliko Dangote’s life embodies hard work, generosity, and faith in Nigeria’s potential,” Onanuga quoted Tinubu as saying. “His willingness to invest in people and nation-building reflects profound business ingenuity and love for humanity.” Tinubu also praised Dangote’s philanthropic efforts, mainly through the Dangote Foundation, which has uplifted millions of underprivileged Africans. Onanuga added that Tinubu prayed for Dangote’s continued blessings, wishing him vitality, wisdom, and many more years of impact. The President encouraged younger Nigerians to draw inspiration from Dangote’s enterprise, resilience, and service. In his congratulatory message, Tinubu acknowledged Dangote’s legacy as a pioneering entrepreneur and philanthropist. Onanuga concluded that Tinubu’s statement was a testament to Dangote’s enduring impact on Nigeria’s economic landscape.

AMOSUN’S MEDIA OFFICE RESPONDS TO DANGOTE’S CLAIMS ON CEMENT FACTORY DEMOLITION

The Media Office of Senator Ibikunle Amosun has responded to allegations made by Alhaji Aliko Dangote, Chairman of the Dangote Group, that his cement factory in Itori, Ogun State, was demolished twice during Amosun’s tenure as governor. In a statement, Lanre Akinwale of Senator Ibikunle Amosun’s Media Office, appealed to Dangote to provide the public with requisite approvals for the construction of the structures he alleged were demolished. “We will advise Alhaji Dangote to furnish the public with details of the land acquisition with relevant planning approvals, and let us engage in a constructive conversation therefrom,” Akinwale said. Akinwale noted that the Amosun administration attracted over 500 companies to the state and was acknowledged by the World Bank as one of the top three states ensuring Ease-of-Doing-Business in Nigeria. “Our state at the time accounted for about 75 per cent of the Foreign Direct Investments (FDIs), in relation to industry in the country,” Akinwale stated. Lanre Akinwale emphasized that while they will not give vent to what they described as “obvious mischief,” they will wait to hear from Dangote. “However, while we will wait to hear from him, we will like to state that not all Nigerians can be compromised, bullied or blackmailed,” Akinwale said. “The notion that everyone has a price is an expression applicable only to people with weak foundations and questionable upbringing.” Akinwale concluded by saying that some individuals will continue to uphold high standards in all their undertakings, irrespective of whose ox is gored.

ALIKO DANGOTE ANNOUNCES PLAN TO BUILD MULTI-BILLION DOLLAR SEA PORT IN OGUN STATE

Africa’s foremost industrialist and President of the Dangote Industries Limited, Aliko Dangote, has announced plans to build a multi-billion-dollar sea port in Ogun State, which will be the largest in Nigeria. Dangote made this known during a courtesy visit to the Ogun State Governor, Prince Dapo Abiodun, at his office in Abeokuta. According to Dangote, the decision to invest in Ogun State was due to the state government’s vision and deliberate policies that focus on attracting investors, as well as the investor-friendly climate that exists in the state. “We had earlier abandoned our vision of investing in the Olokola Free Trade Zone (OKFTZ), but because of your policies and investor-friendly environment, I want to say we are back and will work with the state government to return to Olokola, and plans are underway to construct the largest port in the country,” he pledged. Dangote also commended the governor for his vision and deliberate policies that focus on attracting enterprises through immense support for the private sector. “Our factory at Itori was pulled down twice. When we started the second time, they not only demolished the factory but also the fence, so we left. But right now, because of His Excellency, our governor, Prince Dapo Abiodun, we are back,” he said. The Dangote Group President also gave an update on the company’s ongoing projects in the state, including the construction of two new lines with a capacity of 6.0 million metric tons per annum for the cement plant at Itori. He noted that upon completion, the total capacity of the company’s cement plants in the state would be in the neighborhood of 18 million metric tons per annum, making it the highest cement-producing state or region in Africa. In his response, Governor Abiodun thanked Dangote for his investment in the state, saying “today is a historic day, March 17, 2025, the same March when you did the groundbreaking in Lagos for the refinery, and you are now coming back in the month of March to Ogun State.” Abiodun emphasized that with the establishment of the Itori cement plant and the existing Ibeshe plant, cement production in the state would total 18 million metric tons per annum, making it the largest cement producer in Nigeria and sub-Saharan Africa. The governor also lauded the company for not shirking its Corporate Social Responsibilities to the host communities, just as it is currently constructing the Inter-change-Papalato-Ilaro road.

DANGOTE REFINERY BUYS FIRST CARGO OF EQUATORIAL GUINEA’S CEIBA CRUDE AMID CRUDE SHORTAGE

Dangote Refinery has purchased its first cargo of Equatorial Guinea’s medium sweet Ceiba crude, amid reports that the Nigerian National Petroleum Company Limited (NNPC) failed to deliver on its promise to supply adequate crude to the refinery. According to sources, Dangote bought the 950,000 barrels of cargo over April 12-13 from BP in the past week. The price of the cargo is being kept under wraps. This comes after Dangote Refinery bought its first cargo of Algeria’s light sweet Saharan Blend crude from trading firm Glencore last month. Market sources told Argus that Dangote seems to have sourced competitively priced crude from Equatorial Guinea at a time when domestic grades are facing sluggish demand from Nigeria’s core European market. This comes amid ample supply of cheaper Kazakh-origin light sour CPC Blend, United States WTI, and Mediterranean sweet crudes. The NNPC has said it is currently in negotiations with Dangote Refinery about extending their naira-for-crude arrangement. “Any changes to the terms of the programme may pressure Dangote to increase the amount of foreign crude in its slate,” the report said. Refinery sources told Argus in January that Dangote will source at least 50 per cent of its crude needs on the import market and is building eight storage tanks to facilitate this. The founder of the refinery, Aliko Dangote, said last month that the refinery is planning to reach its full capacity in March. However, crude shortage remains a challenge and this could prevent the facility from achieving its ramp-up plans. NNPC spokesperson Olufemi Soneye disclosed some details of the naira-for-crude deal in a recent statement. “Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC has made over 84 million barrels of crude oil available to the refinery since its commencement of operations in 2023,” he said. Experts said that to meet its 650,000 bpd production target, the refinery must look elsewhere for feedstock, as the NNPC supplies an average 300,000 barrels of crude per day to Dangote Refinery.

DANGOTE REFINERY CUTS PETROL PRICE AGAIN, FORCES MARKET ADJUSTMENT

Dangote Refinery has reduced its petrol loading price for the third time in 2025, lowering it from N825 to N815 per litre. This move has intensified competition in Nigeria’s downstream oil sector, with oil marketers responding swiftly by sourcing products directly from the refinery. “This is a welcome development,” said an independent marketer in Lagos. “It gives us a competitive edge and provides some relief to consumers.” Industry analysts predict that the N10 price drop may force private fuel depots to follow suit to maintain market share. Already, depot prices in Lagos have adjusted, now ranging between N820 and N839 per litre to stay competitive. The landing cost of imported petrol has also decreased, dropping to N774.72 per litre as of Tuesday. This trend has led to speculation that pump prices could fall to around N800 per litre, offering potential relief to consumers. A source within the industry noted, “If this trend continues, we might see further reductions in both depot and pump prices, bringing some stability to the market.” Chinedu Ukadike, spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the development, stating, “It is true. There is speculation that the price of importers’ products is now lower. That’s the reason for the price war.” Ukadike added, “It is the beauty of deregulation. Dangote has millions of litres and would not want any external force to take its market share. So, it would have forced price reduction.” Former Chairman of the Major Oil Marketers Association of Nigeria (MOMAN) Adetunji Oyebanji emphasized the importance of competition in the industry, stating, “The only way to ensure that prices remain at the lowest level is to ensure very robust competition in the industry.” Oyebanji noted, “Prices are being forced down because imports are still being allowed to determine actual landing costs of gasoline.”

NIGERIA GOVERNMENT ORDERS CEMENT MANUFACTURERS TO LOWER PRICES

The Federal Government has directed cement manufacturers to reduce the price of a 50kg bag of cement to N7,000 within seven days or face being reported to President Bola Tinubu. Minister of Works, Dave Umahi, issued the ultimatum, citing the stabilised exchange rate and crashing petrol costs as reasons for the price reduction. Umahi explained that with the exchange rate now at N1,400 to a dollar, there is no justification for the high price of cement. He noted that when the exchange rate was N2,000 to a dollar, cement manufacturers raised the price to N7,500, questioning why the product is still selling at N9,500 per 50kg bag. The minister’s directive comes as contractors have complained about the high cost of cement, which has led them to consider reverting to asphalt in road construction. Umahi stressed that the government plans to fix major roads in the country, making it essential for cement prices to be reduced. Meanwhile, a new cement firm, Huaxin Cement Company, is set to enter the Nigerian market. The Chinese firm has valued 100% of Lafarge Africa’s shareholding at $1.6 billion and plans to acquire Holcim’s 83% stake in the company for $838.8 million. The acquisition is part of Huaxin’s overseas expansion plan, which focuses on leveraging its expertise in industrial technology and production chain integration to drive growth. Lafarge Africa stated that the acquisition aligns with Huaxin’s strategy, and the valuation assumes cement prices in Nigeria will range from $100 to $150 per tonne, based on Lafarge’s annual production capacity of 10.6 million tonnes.

NNPC CLARIFIES NAIRA CRUDE CONTRACT WITH DANGOTE REFINERY

The Nigerian National Petroleum Company (NNPC) Limited has clarified recent reports regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery. In a statement, Chief Corporate Communications Officer Olufemi Soneye explained that the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. “Discussions are currently ongoing towards emplacing a new contract,” Soneye said. Soneye noted that under the arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023. Soneye emphasized that NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.

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