Tag: Aliko Dangote

  • President Tinubu greets Aliko Dangote on his birthday

    President Tinubu greets Aliko Dangote on his birthday

    President Bola Tinubu has congratulated Africa’s foremost industrialist and philanthropist, Alhaji Aliko Dangote, founder and President of the Dangote Group, on his birthday.

    The President celebrated the life of a visionary whose resilience and unwavering commitment to Africa’s economic transformation have redefined entrepreneurship on the continent.

    President Tinubu in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, commended Alhaji Dangote for his contributions to Nigeria’s industrialisation effort, noting how his ventures from cement manufacturing to agriculture and the groundbreaking Dangote Refinery have bolstered the national ambition for self-sufficiency and created thousands of jobs.

    Beyond commerce, the President extolled Dangote’s philanthropy, mainly through the Dangote Foundation, which has uplifted millions of underprivileged Africans.

    He said: “Aliko Dangote’s life embodies hard work, generosity, and faith in Nigeria’s potential. His willingness to invest in people and nation-building reflects profound business ingenuity and love for humanity.”

    President Tinubu prayed that God Almighty will continue to bless Africa’s richest man with vitality, wisdom, and many more years of impact.

    He encouraged younger Nigerians to draw inspiration from Dangote’s enterprise, resilience, and service.

  • Again, Dangote Refinery slashes petrol price to N860/litre in Lagos

    Again, Dangote Refinery slashes petrol price to N860/litre in Lagos

    For the second time in February, Dangote Petroleum Refinery has reduced the ex-depot price of premium motor spirit (petrol), cutting it from N890 to N825 per litre. This N65 per litre reduction follows an earlier N60 per litre decrease on February 1.

    A statement from the refinery, which has a 650,000 barrels-per-day capacity, noted that the ex-depot price has now dropped from N950 per litre in January to N825 per litre, marking a total reduction of N125 per litre within 26 days.

    “This recent price reduction will ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos,” the company stated.

    The refinery, Africa’s first privately owned petroleum processing plant, announced that the new pricing takes effect from Thursday, February 27, and aims to provide economic relief to Nigerians.

    “This strategic price adjustment is intended to ease the financial burden on Nigerians, particularly in anticipation of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery initiatives,” the statement read.

    The company emphasized that Dangote Petroleum Refinery has consistently lowered petrol and other refined product prices to benefit Nigerians. The latest cut follows a previous reduction of N60 earlier in February. Additionally, in December 2024, during the festive season, the refinery dropped the price of PMS by N70.50—from N970 to N899.50 per litre—to help ease the cost of living.

    The refinery highlighted that past price reductions have positively impacted various economic sectors, ensuring stable fuel supply and preventing the typical scarcity and price surges seen during the yuletide season.

    Dangote Refinery reassured Nigerians that its high-quality fuel will remain widely available across the country through its key distribution partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at competitive rates.

    MRS Holdings stations:

    Lagos – N860 per litre

    South-West – N870 per litre

    North – N880 per litre

    South-South/South-East – N890 per litre

    AP (Ardova Petroleum) & Heyden stations:

    Lagos – N865 per litre

    South-West – N875 per litre

    North – N885 per litre

    South-South/South-East – N895 per litre

    Dangote Petroleum Refinery assured consumers of a steady supply of petroleum products, with sufficient reserves to meet domestic demand and surplus production for export, contributing to Nigeria’s foreign exchange earnings.

    The company urged petroleum marketers to support its price reduction efforts, ensuring Nigerians benefit fully from the initiative.

    “This move aligns with President Bola Ahmed Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products and positioning the country as a key player in the global oil market,” the refinery stated.

    Dangote Petroleum Refinery, which exports refined products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia.

    The refinery confirmed it currently holds over 500 million litres of petrol in storage, enough to meet Nigeria’s fuel demand for several days. Furthermore, its refining capacity of 650,000 barrels per day exceeds Nigeria’s average daily petrol consumption of 385,000 barrels.

  • ‘If $23bn refinery didn’t work, I would have been dead’, says Dangote

    ‘If $23bn refinery didn’t work, I would have been dead’, says Dangote

    The President of Dangote Group, Aliko Dangote, has disclosed that his $23bn refinery project is the “biggest risk” of his life.

    Reflecting on the immense risk he undertook in building the refinery, Dangote, in an exclusive interview with Forbes on Monday, stated that he would have been dead if the refinery didn’t work.

    “It was the biggest risk of my life. If this didn’t work, I was dead,” Dangote said.

    Despite being Africa’s largest refinery with a 650,000 barrels per day capacity, Dangote admitted the project faced uncertainties and stressed the need for Nigeria and Africa to lessen dependence on foreign investment.

    He also stated that Africa has been a “dumping ground” for finished products and that his refinery provides a vital step towards ensuring that Africa has the capacity to refine its own fuel.

    “We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment,” he said.

    Speaking further, Dangote was unsparing in his criticism of what he described as Nigeria’s “oil mafia,” a network he claims wields significant influence in the industry.

    “The oil mafia are more deadly than the one in drugs, because with the oil mafia there are so many people that are involved,” he said. “You might be wining and dining with them, but these are the guys that are really the masters of moving things around.”

    Africa’s richest man also dismissed claims that he had fallen out of favor with President Bola Tinubu following an anti-graft raid on his office last year.

    “We have an extremely, very good relationship. I’ve known him for a very long time,” he said.

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    Dangote also dismissed claims that he is shifting focus away from Nigeria, stating that despite setting up a family office in Dubai and involving his daughters in the business, his commitment remains in the country.

    He also revealed future major projects, including a subsea pipeline to transport natural gas from the Niger Delta to Lagos, expanding the refinery’s fertilizer plant, and planning to take the refinery public within the next two years.

    “I’ve been fighting battles all my life, and I have not lost one yet,” he declared.

  • Court to rule on NNPCL’s objection against Dangote Refinery suit

    Court to rule on NNPCL’s objection against Dangote Refinery suit

    A Federal High Court in Abuja on Wednesday, fixed March 18 for ruling on the Nigeria National Petroleum Company Limited (NNPCL)’s preliminary objection against a suit filed by the Dangote Petroleum Refinery and Petrochemicals FZE over oil import licence dispute.

    Justice Inyang Ekwo fixed the date after counsel to the NNPCL,, Ademola Abimbola, SAN, and lawyer to Dangote Refinery, John Ibrahim, SAN, presented their arguments and adopted their processes for and against the suit.

    Recall that Justice Ekwo had, on Thursday, fixed today for the hearing of the NNPCL’s preliminary objection after Ibrahim told the court that they were yet to file their response to the application.

    Upon resumed hearing on Wednesday, Abimbola.informed the court that the matter was scheduled for hearing of their objection and he said they were ready to proceed.

    Ibrahim, who said they had filed their counter affidavit in opposition to the objection, said he was ready to move their application too.

    Moving the application, Abimbola said their notice of preliminary objection, dated and filed on Nov. 15, 2024, sought an order striking out the suit for lack of jurisdiction or in the alternative, an order striking out the name of the company from the suit.

    He said an affidavit and a written address were in support of the application.

    The lawyer said upon receipt of the refinery’s counter affidavit, they filed a further affidavit on Feb. 3 in response and a reply on points of law.

    He prayed the court to either strike out the suit or the name of the NNPCL from the suit.

    Responding, Ibrahim said a five-paragraph counter affidavit, dated Jan. 31, was filed with a written address.

    He adopted the processes and urged the court to dismiss the NNPCL’s preliminary objection for being unnecessary.

    After listening to the parties, Justice Ekwo adjourned the matter until March 18 for ruling.

    NAN observes that while Emeka Akabuogu appeared for the 1st defendant; Ahmed Raji, SAN, represented the 3rd, 4th and 7th defendants; while Divine Oguru appeared for 5th and 6th defendants respectively.

    Meanwhile, Olanrewaju Oshinaike appeared for a party seeking to be joined (Federal Competition and Consumer Protection Commission) in the suit.

    NAN reports that Dangote Refinery had sued the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigeria National Petroleum Corporation Limited (NNPCL) as 1st and 2nd defendants.

    Also joined in the suit are AYM Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited.

    The oil company, through its lawyer, Ogwu Onoja, SAN, prayed the court to nullify import licences issued by NMDPRA to the NNPCL and the five other companies for the purpose of importing refined petroleum products.

    The company (plaintiff) also prayed the court to declare that NMDPRA was in violation of Sections 317(8) and (9) of the Petroleum Industry Act (PIA) by issuing licenses for the importation of petroleum products.

    It stated that such licenses should only be issued in circumstances where there is a petroleum product shortfall.

    It equally sought a N100 billion in damages against NMDPRA for allegedly continuing to issue import licences to NNPCL and the five companies for importing petroleum products, among other reliefs.

    The NNPCL, in its preliminary objection, prayed the court to strike out the case for being incompetent.

    The NNPCL argued that the suit was premature and it disclosed no cause of action against it.

    “This honourable court lacks the jurisdiction to hear this suit,” the NNPCL said.

    In the affidavit in support of the application deposed to by Isiaka Popoola, a clerk in the law firm of Afe Babalola & Co, counsel to the NNPCL, he said one of their lawyers, Esther Longe who perused Dangote’s originating summons, affidavit and written address told him that an examination of the processes showed that NNPC as sued by the refinery was non-existent entity.

    Popoola averred that the court lacked jurisdiction over the 2nd defendant sued as Nigeria National Petroleum Corporation Limited (NNPCL).

    “A simple search on the CAC website shows that there is no entity called “Nigeria National Petroleum Corporation Limited (NNPC).”

    According to Popoola, the 2nd defendant/objector is not one and the same with the 2nd defendant sued by the plaintiff.

    He urged the court to strike out the suit.

    Also, the NMDPRA, in its counter affidavit deposed to by Idris Musa, a Senior Regulatory Officer in the office, prayed the court to dismiss the suit as it was misconceived, unmeritorious and incompetent.

    Musa argued that Dangote Refinery is not entitled to any of the reliefs sought.

    The official, in the application dated and filed Dec. 13, 2024, said the current production of Dangote Refinery

    is yet to meet the national daily petroleum products sufficiency requirement.

    He said based on this and in compliance with Section 317 [9] of the PIA (Petroleum Industry Act), NMDPRA issued licences to import petroleum products to bridge product shortfalls to companies with good track records of international products trading.

    Besides, he said the agency is also mandated to promote competition and prevent abuse of dominant market positions and unhealthy monopoly in the oil and gas sector.

    He denied the allegation that NMDPRA is partaking in any purported “grand conspiracy and concerted efforts” against the refinery, describing it as “an allegation for which the plaintiff has provided no facts or evidence in support.”

    The oil marketers, in a joint counter affidavit filed on Nov. 5, 2024, told the court that granting Dangote’s application would spell doom for the country’s oil sector.

    According to them, the plan to monopolise the oil sector is a recipe for disaster in the country.

    The three marketers; AYM Shafa Limited, A. A. Rano Limited and Matrix Petroleum Services Limited, in their response, said the plaintiff did not produce adequate petroleum products for the daily consumption of Nigerians.

    Besides, they argued that there was nothing placed before the court to prove the contrary