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Nigerian Businessman, Aliko Dangote is willing to give up 650,000 bpd oil refinery to NNPC 

In an unexpected move, Africa’s richest man, Aliko Dangote, has announced his willingness to transfer ownership of his multibillion-dollar oil refinery to the state-owned NNPC Limited.

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In an unexpected move, Africa’s richest man, Aliko Dangote, has announced his willingness to transfer ownership of his multibillion-dollar oil refinery to the state-owned NNPC Limited.


Al Shabani at the acquisition of Dangote Cement by ICD in 2014 cropped

Nigerian Businessman, Aliko Dangote is willing to give up 650,000 bpd oil refinery to NNPC 

This decision comes amidst a fresh dispute with a major equity partner and ongoing tensions with regulatory authorities in Nigeria.

The 650,000 barrel-per-day refinery, which began operations last year after a decade of construction, cost $19 billion—more than double the initial estimate. The plant was designed to reduce Nigeria’s dependence on imported fuel and save up to 30% of the foreign exchange spent on crude importation.

Let NNPC buy me out and run the refinery as they see fit,” Dangote told PREMIUM TIMES in an exclusive interview.

They have unfairly labeled me a monopolist. If they buy me out, their so-called monopolist will be out of the picture.”

Dangote emphasized the potential of the refinery to address Nigeria’s longstanding fuel crisis but suggested that certain individuals are uncomfortable with his involvement.

I am ready to step aside and let NNPC take over to ensure the refinery can operate effectively,” he added.

Dangote’s foray into the oil and gas sector, after years of dominance in the cement, salt, and sugar industries, has faced significant challenges. Set to begin distributing petrol in August, the refinery has been operating at just over half capacity since January due to difficulties in sourcing crude oil.

International suppliers have either demanded exorbitant premiums or claimed unavailability of crude, forcing the refinery to look to countries like Brazil and the US to fill the gap. NNPC, previously a key supplier, had only delivered 6.9 million barrels of oil to the refinery as of May, well below the required amount.

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At 67, I am nearing 70 and need very little to live the rest of my life. I can’t take the refinery or any other assets to my grave. Everything I do is for my country’s benefit,” Dangote said.

He reiterated his willingness to let NNPC take over, believing it would ensure the production of high-quality products and job creation.

Dangote acknowledged that the challenges faced by his refinery validate the cautionary advice from friends and associates who urged him to invest cautiously.

Four years ago, a wealthy friend began investing abroad due to policy inconsistencies and vested interests. He now taunts me, saying he warned me about the difficulties I would face,” Dangote recounted.

Recently, Devakumar Edwin, Dangote Group’s vice president for oil and gas, accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of permitting the importation of substandard fuel.

In response, NMDPRA chief Farouk Ahmed claimed that diesel from Dangote’s refinery and others contained high sulfur levels, which are harmful to both vehicle engines and the environment.

During a tour of Dangote Petroleum Refinery and the Dangote Fertiliser Limited complex by members of the House of Representatives, tests showed that Dangote’s diesel had a sulfur content of 87.6 ppm, significantly lower than the 1800-2000 ppm found in imported diesel.

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These findings contradict Ahmed’s claims, suggesting a bias towards imported products.

In light of these controversies, Mr. Dangote announced his decision to halt investments in Nigeria’s steel industry to avoid further accusations of monopoly.

Our board has decided not to pursue the steel business to avoid being labeled as monopolists and to discourage imports,” he explained.

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Obi urges affluent Nigerians to fund the drilling of 200,000 boreholes in the nation.

Peter Obi, the 2023 presidential candidate of the Labour Party, is urging affluent Nigerians to install 200,000 boreholes nationwide to address the clean water issue.

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Peter Obi

Obi suggested that boreholes would act as a temporary fix for water issues in the nation.

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Obi urges affluent Nigerians to fund the drilling of 200,000 boreholes in the nation.


Peter Obi, the 2023 presidential candidate of the Labour Party, is urging affluent Nigerians to install 200,000 boreholes nationwide to address the clean water issue.
The former governor of Anambra State issued the appeal during a press briefing in Abuja, the capital of the nation, on Wednesday, April 24, 2024.

In his statement, he highlighted the persistent demand for clean water nationwide, a concern he observed during his recent countrywide tour.

He called upon the government to take necessary actions to ensure access to piped water, suggesting boreholes as a temporary measure to address the water challenges in the country.

He said, “To have a short-term solution that can impact greatly, there is a need to drill boreholes across the country. My appeal is to these 200,000 people to drill at least one borehole a year, just one, you could do more. This will cost between ₦5 to ₦10 million. That would be 200,000 boreholes scattered all over the country and it would go a long way in solving this problem while we wait for government to provide a pipe-borne water system.”

Obi encouraged esteemed Nigerians to back investments in the education and health sectors to benefit the general public, emphasizing that education is a crucial tool for development. He highlighted that the level of education in a nation directly correlates with its level of development and its ability to lift people out of poverty.

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E-Money Responds to Police Investigation Regarding N1.2bn Dispute With Lagos Firm

E-Money, a music executive, has addressed a recent report claiming that the police are seeking him in connection with a N1.2 billion disagreement with Autocrop Limited

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E-Money, a music executive, has addressed a recent report claiming that the police are seeking him in connection with a N1.2 billion disagreement with Autocrop Limited.


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Rewrite title E-Money Responds to Police Investigation Regarding N1.2bn Dispute With Lagos Firm

He used his Instagram platform to share his thoughts regarding the report.

In a statement released on Thursday, May 9, he emphasized that the online stories circulating are “misleading and do not accurately depict the true nature of the situation.”

“Our attention has been drawn to the Punch Newspaper publication affecting the person of E-Money, the CEO of Emy Cargo & Shipping Services Limited. The pieces of information contained in the said publication are misleading and do not represent the facts of the matter.

“Unequivocally, the news alleging a Police probe into a N1.2 billion dispute between E-Money and Autocorp Limited is not an accurate representation of facts. The Nigeria Police is investigating a report by Autocorp Limited against Emy Cargo & Shipping Services Limited on a business transaction regarding the clearing of vehicles in the year 2019/2020.’

“Unreservedly, E-money and Emy Cargo & Shipping Services Limited have visited the Police as a law-abiding citizen to give accurate details of the business dealings.

Accordingly, we urge the public to refrain from spreading unfounded rumors and sensationalized information. The truth of the situation is far more nuanced and does not warrant the sensationalism portrayed in recent reports. Thank you. #itistoolatetofailamen.”

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Current Exchange Rate: Black Market Dollar (USD) to Naira (NGN) on 30th May 2024

Dollar to Naira Exchange Rate at Black Market (Aboki fx) on 29th May 2024:

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Dollar USD to Naira NGN Black Market Exchange Rate Today

Dollar to Naira Exchange Rate at Black Market (Aboki fx) on 29th May 2024:

Buying Rate: N1470
Selling Rate: N1490

Dollar to Naira Exchange Rate Today in Black Market (Aboki dollar rate):

Buying Rate: N1470
Selling Rate: N1490

Dollar to Naira CBN Rate Today:

Buying Rate: N1329
Selling Rate: N1330

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Naira Appreciates in Parallel Market:

Naira strengthened to ₦1,500 per US dollar in the parallel market.
NAFEM indicative exchange rate dropped to ₦1,339.33 per dollar, marking an appreciation of ₦141.9.

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Current Exchange Rate: Black Market Dollar (USD) to Naira (NGN) on 30th May 2024

The recent appreciation in Naira value signifies positive changes in forex dynamics and investor confidence in the Nigerian economy.

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Sam Amadi attributes insecurity in the Southeast to bad governance.

Sam Amadi, Director of the Abuja School of Social and Political Thoughts, highlighted bad governance in Nigeria as the major cause of insecurity in the southeast.

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Summary of Sam Amadi’s Views on Insecurity in the Southeast: Read below…


Sam Amadi attributes insecurity in the Southeast to bad governance.

Sam Amadi attributes insecurity in the Southeast to bad governance.

Sam Amadi, Director of the Abuja School of Social and Political Thoughts, highlighted bad governance in Nigeria as the major cause of insecurity in the Southeast.

He suggested that addressing this issue requires quality community action.
Amadi emphasized that the government must take proactive measures to tackle the security challenges rather than being passive observers.

He stressed that the responsibility to address insecurity lies not only with the government but also with the people.
Amadi called for collective efforts from the citizens to combat insecurity in the southeast region.

According to him;

“Insecurity in Southeast. There is no good governance in Nigeria. That’s the major cause of insecurity in the country.

“But we can mitigate such through quality community action. We cannot fold our hands & allow the ugly situation. If government fails the people should fail too

“Igwe bu ike. Ibu anyi ndanda”

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“We shouldn’t relent. Let’s work together to end insecurity in the southeast. We cannot achieve our destiny as the pride of Africa if we are consumed by insecurity no matter the justification.”

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NIS States E-Border Solution Will Aid in Combating Transborder Crimes

Kemi Nandap, the Comptroller-General of the Nigeria Immigration Service (CGIS), mentioned that the e-border solution implemented at the country’s border posts would aid in combating transborder and other associated crimes.

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CG Immigration

Kemi Nandap, the Comptroller-General of the Nigeria Immigration Service (CGIS), mentioned that the e-border solution implemented at the country’s border posts would aid in combating transborder and other associated crimes.


Kemi Nandap

NIS States E-Border Solution Will Aid in Combating Transborder Crimes

This statement was made by Nandap during her visit to the border post in Kongolam, Mai’aduwa Local Government Area of Katsina State on Friday, where she addressed immigration officers as part of her assessment tour.

“I know the government has deployed an e-border solution and I am here to see how it is.

“The essence of e-border solution is to improve border management by ensuring that the way we manage our borders is intelligence-based.

“It will help us have accurate information in terms of monitoring who goes out and who comes in, thereby helping us in tackling transborder crimes such as smuggling of immigrants and other forms of insecurity,” she said.

She instructed the immigration officers to comprehend the purpose of their assignment and their responsibilities.

“And you must do the job professionally. The era of leaving your job to others is over,” she observed.
The comptroller-general further stressed the need for effective synergy with other agencies operating at various border posts.

“Synergy with other agencies is compulsory because security is a collective effort.

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“But your core mandate must be observed strictly and diligently by you.

“The mandate is to secure the country’s borders and the President has mandated us to ensure that our borders are secure.

“And I am determined to deliver. That is why I’m here,” she said.

Nandap highlighted that while each agency has its specific mandate;

“all agencies can collaborate to attain a common objective.”

She mentioned that the tour would allow her to address the identified challenges effectively and ensure efficient border management.

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Furthermore, she reaffirmed the service’s dedication to prioritizing the welfare of personnel by providing them with necessary attention, modern facilities, and logistics to improve their operational efficiency.

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