Connect with us

Business

Nigerians Will Soon Be Able To Buy Dangote Refinery Shares Soon – Dangote Announces

Published

on

Dangote disclosed this while speaking with journalists during a tour of the refinery by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari.

President of the Dangote Group, Aliko Dangote, announced on Saturday that Nigerians will, within the next four to five months, have the opportunity to buy shares in the Dangote Refinery.

Dangote disclosed this while speaking with journalists during a tour of the refinery by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari.

‎“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” Dangote said.

‎He added that investors would have flexibility in receiving returns on their investments.

‎“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” he stated.

‎Highlighting what he described as the national ownership dimension of the project, Dangote revealed that NNPC currently holds a minority stake in the refinery on behalf of Nigerians.

‎“They are holding 7.25 per cent of the shares that we have here… and they are holding that on behalf of Nigerians,” he said.

‎Beyond public participation, Dangote said his company would deepen cooperation with NNPC to strengthen operations at the refinery and expand Nigeria’s energy and industrial capacity.

‎“I think the sky is the limit and we [NNPC and Dangote Refinery] will cooperate and also make sure that we work together to make sure that we make Nigerians proud,” he said.

See also  We want petroleum products at reasonable prices – DAPPMAN

‎He noted that discussions were ongoing on additional areas of collaboration, including possible joint ventures across the oil and gas value chain.

‎“Most likely, depending on our own discussions with them, we will partner with them, maybe in some of the upstream. They, too, will partner with us here because here is not a refinery. It’s an industrial hub,” Dangote explained.

‎The billionaire businessman also spoke about new industrial projects within the refinery complex, including the production of linear alkylbenzene, a key raw material used in detergents.

‎According to him, the facility is being positioned as a major supplier across the continent.

‎“That raw material for detergent will be sufficient for the entire African continent… and we will deliver all this in the next 30 months,” he added.

‎Dangote emphasised that both organisations share a common objective of advancing Nigeria’s energy security and boosting industrial development.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Customs dismiss smuggling, revenue leakage allegations

Published

on

The Nigeria Customs Service has dismissed allegations of increased smuggling, revenue leakage, recruitment impropriety and manipulation of succession within the service, describing them as a misrepresentation of its operations and administrative processes.

The service’s National Public Relations Officer, Deputy Comptroller Abdullahi Maiwada, stated this in a response released on Thursday to an investigative report published by a media outlet (not PUNCH) on August 7, 2026.

The report had alleged intensified smuggling along the Seme, Idiroko, Ilaro, Ipokia and Igbeti-Kishi corridors, as well as manipulation of the 846 valuation code at the Apapa, Tin Can Island and PTML Area Commands.

Maiwada said the claim of a surge in smuggling was inconsistent with the service’s enforcement activities, pointing to regular seizures recorded along the affected corridors.

“Our responsibility is to reduce smuggling to the barest minimum, not to claim that it can be completely eradicated,” he said.

On the 846 valuation code, the NCS explained that it was a digital tool designed for vehicles with non-standard or non-compliant Vehicle Identification Numbers, including specialised heavy equipment, classic vehicles and customised models.

“The 846 code is an established digital valuation code within the Customs portal, specifically designated for vehicles with non-standard or non-compliant Vehicle Identification Numbers,” Maiwada said.

He added that standard vehicles were assessed automatically through manufacturer-linked databases, while 846 applications were subjected to secondary approval by valuation officers and Area Controllers.

Maiwada said discrepancies discovered through post-clearance audits could lead to Demand Notices for the recovery of short-collected duties and sanctions against offending operators, adding that revenue collections at major ports had reached historic levels under the digital framework.

On the recruitment of Assistant Superintendents of Customs II, the Service said the exercise was conducted under the authorisation of the Nigeria Customs Service Board and in line with the NCS Act 2023 and Federal Character Commission guidelines.

See also  Marketers push N800/litre petrol, seek import licences

It said successful candidates were issued provisional offers subject to medical verification, background checks and formal acceptance.

The Service also rejected allegations of succession manipulation and favouritism among officers, saying promotions were determined by seniority, merit, promotion examinations and available vacancies in accordance with established regulations.

“Succession and promotion within the Service are governed by established rules and career progression structures, not personal preference,” the Service said.

Maiwada said leadership training for Deputy Comptrollers was part of the Service’s human capital development strategy, aimed at strengthening trade operations, intelligence management and executive leadership.

He explained that approved training programmes and international exposures were funded through budgetary allocations or formal technical assistance arrangements with partner institutions.

Responding to calls for independent investigations, the NCS said it remained subject to oversight by the Federal Ministry of Finance, National Assembly, Office of the Auditor-General for the Federation and anti-corruption agencies.

“The management maintains a firm, intolerant posture toward corruption, revenue leakage or administrative misconduct,” the Service stated.

It added that any officer or stakeholder found culpable would face disciplinary action and prosecution in accordance with the law, while assuring Nigerians that the Service would cooperate with any legitimate investigation by statutory authorities.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

Patience Jonathan revealed she mentored Azikel refinery boss Eruani from ‘small boy’ to big businessman

Published

on

Ex-President Goodluck Jonathan’s wife, Patience, has described the Group President of Azikel Group, Dr Azibapu Eruani, as a “small boy” she raised and mentored into the league of Nigeria’s biggest businessmen.

She said her guidance was behind his bold entry into big business at a relatively young age.

The former First Lady spoke on Tuesday in a video which went viral on Thursday during an inspection tour of the Azikel Refinery in Obunagha, Bayelsa State, alongside other dignitaries.

She said she personally introduced Eruani to billionaire businessmen, Aliko Dangote and Aminu Dantata, and pushed him to aspire to their level despite being the youngest among them.

“He’s a boy that I brought up. We are always together. Although he’s the little one among us when we are friends — Dangote, Seyi, Dantata, Eruani — among us, he’s the smallest. But I made sure he followed the Dangotes, he followed Dantata.

“Because I’m a woman in their midst, I made sure I told this small boy, ‘Go and follow them, and stop the grammar.’ But when he told me that one day he would be like Dangote, I said, ‘You’re thinking too high.’ I prayed to God to grant him his heart’s desire,” she said.

Group President of Azikel Group, Dr Azibapu Eruani

The former First Lady also recalled how the immediate past APC administration under Muhammadu Buhari initially failed to grant Eruani a refinery licence before eventually approving three.

“During the Buhari administration, he and others came to me and told me they were going to apply for a refinery. I told him, ‘Eruani, your brother, the President, did not give you a refinery.

See also  PENGASSAN backs NUPENG, threatens shutdown of Dangote refinery

“Is it the APC government that will give you one?’ I prayed it would happen. But later, they came back and told me they had been given three refineries,” she said.

The inspection coincided with the arrival of the refinery’s Crude Distillation Unit, a major milestone in the development of the $1bn facility.

The 25,000 barrels-per-day plant is a private hydro-skimming refinery designed to process condensate into petrol, diesel, aviation fuel, kerosene and other products.

It is set to become Nigeria’s second-largest full-slate refinery and the first major privately owned refinery in the Niger Delta.

The Managing Director/Chief Executive Officer of the Niger Delta Development Commission, Samuel Ogbuku, who joined the inspection tour, commended Eruani for his perseverance, noting that he had attended the project’s groundbreaking ceremony eight years ago.

Ogbuku described the refinery as an inspiration and a potential catalyst for investment, job creation and economic growth in Bayelsa State, and urged residents, particularly youths, to key into the opportunities it would create.

 

 

He also praised the Bayelsa State Government for improving road infrastructure leading to the refinery site and called for continued support for the project.

Governor Douye Diri, who was represented at the inspection by his deputy, Peter Akpe, has consistently backed the project, which is expected to employ hundreds of workers and drive industrialisation in the state.

Other dignitaries at the event included the Chairman of the Bayelsa State Council of Traditional Rulers, King Bubaraye Dakolo; Vice President of Azikel Group, Presley Asemota; and Isaac Yalah, among others.

See also  IMPORTANT NOTICE REGARDING MONEY TRANSFERS IN NIGERIA (2026)

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

Aiyedatiwa signs new Ondo electricity power sector law

Published

on

Ondo State Governor, Lucky Orimisan Aiyedatiwa, has assented to the Ondo State Electric Power Sector (Amendment) Law, 2026, establishing a stronger legal and regulatory framework for electricity generation, transmission and distribution across the state.

The new law establishes the State Electricity Regulatory Commission, which will oversee tariffs, licences, investments, mini-grids, renewable energy and other electricity-related activities in the state.

It also provides for the creation of the State Independent System Operator and State Market Operator to support the development of an efficient and competitive electricity market.

Key provisions of the legislation include compulsory metering, protection of community and privately funded electricity infrastructure, and penalties for the sabotage of power facilities.

The law further establishes the Equipment Standards and Competence Certification Agency to regulate electrical equipment and ensure that professionals operating in the sector meet required standards.

The legislation also strengthens the Ondo State Power Company and provides greater protection and regulatory certainty for investors in electricity generation, distribution, renewable energy and related infrastructure.

According to the state government on its X handle on Thursday, the new legal framework is designed to attract private investment and expand access to reliable electricity across the state.

The government said the law would “attract private investment, expand electricity access, promote renewable energy” and use reliable power supply to drive industrialisation and economic development.

The administration said the establishment of dedicated regulatory and market institutions would create a more structured electricity sector while improving confidence among investors and other stakeholders.

The government also said the provisions protecting electricity infrastructure and imposing penalties for sabotage would help safeguard investments and improve the reliability of power supply.

See also  PENGASSAN backs NUPENG, threatens shutdown of Dangote refinery

With the new law, the state government said Ondo was positioning its electricity sector to support industrial growth, expand economic opportunities and promote sustainable energy development.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Trending