The President of the Dangote Group, Alhaji Aliko Dangote, has said the Nigerian National Petroleum Company Limited has the opportunity to increase its 7.2 per cent stake in the Dangote refinery.

However, Dangote said this would happen after he must have proven to the state-owned company what the refinery can do.

Dangote stated this in a recent interview with S&P Global Commodity Insights.

“The door remains open for Nigerian National Petroleum Co. to boost its stake after the state oil company trimmed its interest to 7.2 per cent, but not before its next phase of growth is well underway.

“I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote was quoted as saying.

A close aide of Dangote was also reported to have said that the company would exert caution before inviting additional participation from NNPC.

Within the next year, he noted that the refining business will list 5–10 per cent of its shares on the Nigerian stock exchange.

“We don’t want to keep more than 65-70 per cent,” Dangote said, explaining that shares will be offered incrementally subject to investor appetite and market depth.

The NNPC had reduced its stake in the Dangote refinery from 20 per cent to 7.2 per cent.

The former spokesperson of the Nigerian National Petroleum Company Limited, Olufemi Soneye, disclosed last year that the state-owned energy firm reduced its stake in the Dangote refinery to invest in compressed natural gas.

Soneye revealed that the NNPC capped its stake at 7.2 per cent instead of 20 per cent to build CNG stations across the nation.

He stated this while featuring on Berekete Family Radio, a video of which was sighted by our correspondent.

He mentioned that the NNPC realised that CNG was more affordable as a better energy alternative for Nigerians, especially during the period of energy transition.

He added that Nigerians could fuel their vehicles with N10,000 when using CNG, compared to petrol.

“The reason for reducing our stake in the Dangote refinery is because we wanted to invest in CNG. We observed that CNG is very cheap, and all over the world, people are investing in clean and cheaper alternative energy.

“That is why the NNPC is building different CNG stations everywhere. We understand that with N10,000, Nigerians can fill their cars and use it for two weeks. We realised that gas is cheaper in Nigeria; why don’t we invest in it?” the former NNPC spokesman said in August 2024.

The new Group Chief Executive Officer of the NNPC, Bayo Ojulari, had recently told Argus Media that NNPC remains committed to increasing its stake in the 650,000-barrel-per-day Dangote refinery.

Many Nigerians were surprised to hear from Dangote in 2024 the the NNPC had trimmed its investment in the refinery to a paltry 7.2 per cent.

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The Nigeria Customs Service, Tin Can Island Command, has intercepted two containers of vehicles used to conceal illicit drugs worth over ₦5.3 billion.

The Customs Area Controller, Comptroller Frank Onyeka, confirmed the seizures in a statement issued in Lagos on Friday.

Onyeka said the operation reflected the command’s commitment to intelligence-led border enforcement and trade compliance.

He explained that the first container, numbered HLXU8500072, originated from Montreal, Canada, and was intercepted on Sept. 4 after intelligence analysis.

A joint physical examination uncovered 156 packets of Colorado Indica weighing 78 kilograms and 1.2 kilograms of Hashish Oil hidden inside four imported vehicles.

The second container, numbered FANU312876/9, was seized on Friday, Oct. 24, following actionable intelligence received by the command.

It contained 2,081 packages of Cannabis Indica weighing 1,093 kilograms and eight packages of Crystal Methamphetamine weighing eight kilograms, concealed in four vehicles.

The total value of the seized drugs was estimated at ₦5.304 billion, according to customs valuation reports.

Onyeka said the narcotics had been handed over to the National Drug Law Enforcement Agency for investigation and prosecution.

He commended the NDLEA, Navy, Police, and other agencies for their cooperation in the operation.

The controller stressed that the command would remain vigilant and uncompromising in enforcing Nigeria’s laws and trade conventions.

He urged importers and exporters to comply fully with customs regulations and ensure truthful documentation.

Onyeka thanked the Comptroller General of Customs, Bashir Adeniyi, for his support and appreciated the media’s role in public sensitisation.

Receiving the items, Commander of Narcotics, NDLEA Tin Can Strategic Command, Daniel Onyishi, praised Customs for its vigilance and professionalism.

Onyishi said the operation reflected a strong spirit of inter-agency collaboration against drug trafficking.

He assured all that the NDLEA would conduct a thorough investigation and ensure the legal disposal of the seized substances.

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President Bola Tinubu has described Nigeria’s removal from the Financial Action Task Force “grey list” as a strategic victory for the nation’s economy and financial governance.

The FATF, the global watchdog on money laundering and terrorist financing, announced Nigeria’s delisting at its October 2025 Plenary in Paris, France, on Friday.

This followed the country’s full implementation of a 19-point action plan aimed at strengthening its Anti-Money Laundering and Countering the Financing of Terrorism framework.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the development was “not just a technical accomplishment but a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”

Nigeria was placed on the grey list in February 2023 over weak enforcement, poor inter-agency coordination, and opaque financial practices.

The President said his administration treated the designation as a call to action rather than a setback as he directed key agencies to implement sweeping reforms.

Under his directive, the Nigerian Financial Intelligence Unit, in collaboration with the Offices of the Attorney-General, and the Ministers of Finance, Justice, and Interior, coordinated comprehensive legal, institutional, and operational reforms to meet FATF standards.

Tinubu praised the Director and Chief Executive Officer of the NFIU, Hafsat Bakari, and her team for their “diligent and timely implementation” of Nigeria’s commitments, earning international recognition for tackling serious financial crimes.

Bakari, who led the reform process, confirmed Nigeria’s delisting in a statement, describing it as “a true test of the country’s resilience, coordination, and unwavering commitment to reform.”

She said, “The FATF has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list. This milestone marks a historic moment in Nigeria’s fight against serious financial crimes and underscores our commitment to global standards in combating money laundering, terrorist financing, and proliferation financing.”

According to her, key reforms that led to the delisting include the enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022; the operationalisation of the Beneficial Ownership Register; and stronger supervision of designated non-financial businesses and professions.

Bakari noted that Nigeria had also enhanced the capacity of its intelligence and law enforcement agencies to detect, investigate, and prosecute financial crimes while deepening international cooperation and cross-border intelligence sharing.

She lauded President Tinubu for his leadership, as well as the National Assembly, judiciary, and private sector stakeholders, urging all parties to sustain the reform momentum to maintain compliance with global standards.

At the same plenary, the FATF also removed South Africa, Mozambique, and Burkina Faso from its grey list after acknowledging significant improvements in their financial integrity systems.

Analysts say Nigeria’s exit from the watchlist will ease cross-border transactions, attract capital inflows, and strengthen investor confidence in the country’s financial sector.

Tinubu, while welcoming the development, said it marked the beginning of a new chapter in Nigeria’s financial reform agenda.

“We will sustain the institutionalised reforms, deepen collaboration, and continue to build a financial system that Nigerians and the world can trust,” he stated.

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