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Dangote Industries Limited Again Emerges As the Most Valuable Brand in Nigeria for 7th

Dangote Industries Limited Again Emerges As the Most Valuable Brand in Nigeria for 7th

For the seventh consecutive years, Dangote Industries Limited, has again emerged as most valuable brand in Nigeria, leading other top brands like MTN, Airtel, Access Bank, Globacom and many others.

The latest report of the TOP 50 BRANDS NIGERIA® rankings, an annual celebration of the most influential and valuable brands in the country, revealed this.

Dangote is immediately followed by MTN Nigeria, which not only ranks second overall but also emerged as the Most Popular Brand in the country for the year, according to the Top-of-Mind (TOM) survey. MTN’s   strong consumer connection and widespread recognition highlight its significant impact on the telecommunications sector and beyond.

At the third place this year is Globacom Nigeria, a leading Nigerian multinational telecommunications company known for its innovative solutions and commitment to progress. Globacom’s consistent ranking among the top brands indicate its significant role in Nigeria’s digital and technological advancement. Airtel Nigeria, another key player in the telecommunications sector, secured the fourth position. Access Bank ranked in the fifth position, topping the Banking & Financial Services sector.

The organisers stated that: “This year’s list is a testament to the resilience, innovation, and enduring relevance of brands that continue to shape Nigeria’s economic, particularly in challenging times.

A significant highlight this year is that seven of the first 10 brands out of the 50 are Nigerian, emphasizing the resilience and global competitiveness of home-grown brands, most of which had spread abroad.

Additionally, it is impressive to note the consistency among the top brands, with seven of them maintaining their positions from last year. This stability reflects their continued relevance, strong market presence, and ability to navigate the complexities of the Nigerian business environment.

Nigerian brands account for 24 spots on the top brands list this year, while international brands hold 26 positions, representing 52% of the total.

The 2024 list also witnessed the entry of two new brands, these are Opay Nigeria and Flutterwave, which made their debut in the annual Top 50 evaluation. These new entrants highlight the growing influence of fintech and digital payment platforms in shaping Nigeria’s economic future.

Notably, 14 brands maintained their positions from the previous year, reflecting their consistent performance and consumer trust.

Another set of notes in the presentation are the 10 Brands to Watch – These are vibrant and upcoming brands, who, though not among the 50 Top Brands yet, but with significant visibility and promises. This year, 9 of the 10 Brands to Watch are Nigerian.

During the public presentation, Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA®, commended the       brands for their exceptional performance resilience, particularly in the face of the present economic challenges. “These brands deserve commendation, really, especially in times like this. The past year has been tough for many businesses, with some relocating out of Nigeria and others barely holding on. However, the majority of these brands have shown the resilient Naija spirit by weathering the storms and standing strong with positive projections into the future” He went on “As the saying goes, tough times never last, but tough people do. It’s in times like this that you differentiate between the boys and the men, as these brands have shown.” Concluded Oluboyede.

The 2024 TOP 50 BRANDS NIGERIA® list is a celebration of excellence, resilience, and the relentless pursuit of growth. As these brands continue to innovate and adapt, they set the standard for what it means to be a top brand in Nigeria. We look forward to witnessing their continued success and contribution to Nigeria’s economic development in the years to come.

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NASCON Allied Industries Handed Over a Borehole to Alayabiagba Host Community

NASCON Allied Industries Handed Over a Borehole to Alayabiagba Host Community
L--R, Ajeromi Ifelodun LGA, CDC, General Secretary, Abubakar Musa, Baale of Alayabiagba Town, in Ajeromi Ifelodun LGA, Dr. Y. Adeshina Ojora, Special Adviser on Special Duty to Chairman of Ajeromi Ifelodun LGA,Alh. Kudus Nurudeen, NASCON Allied Industries Plc, Managing Director, Thabo Mabe, NASCON Allied Industries Plc, Head of HR, Murtala Zubair, At the NASCON Allied Industries Plc, Handover/ Commissioning of Borehole Project to Alayabiagba Community Apapa Ajegunle Lagos during the week.

NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited, as part of its social investment initiatives, during the week commissioned and handed over a borehole to one of its host communities, Alayabiagba  Community Ajegunle, in Ajeromi Ifelodun LGA, Lagos during the week in a move to help solve the issue of water problem in the community.

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Delay in crude supply to Dangote Refinery Poses Risk to Nigeria’s economy – EIU Report

Delay in crude supply to Dangote Refinery Poses Risk to Nigeria’s economy – EIU Report

The Economist Intelligence Unit has issued a warning that further delays in crude oil feedstock to the Dangote Petroleum Refinery and Petrochemicals could jeopardise Nigeria’s economic recovery and put additional pressure on the naira.

The research and analysis division of the Economist Group said the Dangote refinery which began production in January has encountered setbacks in petrol production due to a shortage of crude oil feedstock.

It said the $20 billion facility has successfully exported various products, including fuel oil, naphtha, nitrogen fertilisers, gasoil, jet fuel, and diesel but has been able to ramp up petrol production due to challenges in sourcing adequate crude oil.

These delays are expected to have significant economic repercussions for Nigeria, potentially worsening the already strained relationship between public finances and the management of the naira, the country’s currency.

The report said though the government had previously scrapped the official petrol subsidy in June 2023, the practice of unofficially subsidizing petrol continues, with substantial implications for the national budget. It pointed out that this has led to increased currency losses, contributing to a widening budget deficit that has become increasingly difficult to manage and could force the Central Bank of Nigeria to revert to stronger management of the currency.

“As the federal government unofficially subsidises petrol (the official subsidy was scrapped in June 2023), currency losses feed into a widening budget deficit that is becoming more challenging to finance. This provides extra incentive for the central bank to revert to stronger management of the currency, as we already expect, but the degree of market intervention could become heavier. Meanwhile, ongoing fuel imports would reduce the current-account surplus from the 1.9% of GDP that we currently project for 2025, potentially leading to lower foreign reserves and the return to a more rigid and unstable foreign-exchange system,” it said.

The delay in securing a reliable pipeline of affordable crude oil feedstock was attributed to low crude production due to oil theft and underinvestment, as well as using crude oil to repay outstanding loans.

“The refinery has encountered a range of problems, both practical and political in nature. The most publicly discussed issue is how the refinery can secure a reliable pipeline of crude oil feedstock at affordable prices. NNPC, the state oil firm, has not been able to provide enough volume. The government has promised to deliver 450,000 b/d of oil to the refinery through NNPC in a pilot scheme, sold in naira, but the state oil company is not in a position to make this a reliable arrangement. Crude production in Nigeria is stubbornly low, as a result of oil theft and underinvestment. Output was 1.31m b/d in July, against an OPEC+ target of 1.38m b/d. NNPC receives a varying minority share of this and, moreover, a sizable quantity (about 90,000 b/d) is being committed as loan collateral,” it added.

The situation, it said, has been worsened by International Oil Companies (IOCs) operating in Nigeria, which demand a premium of $3-$4 per barrel over the prices they receive elsewhere. It noted that regulators are hesitant to enforce the Domestic Crude Supply Obligation (DCSO)—which requires IOCs to sell crude to local refineries—out of concern that such enforcement might lead to divestment.

The report emphasised that producing fuel locally would significantly benefit Nigeria’s fiscal position and currency, given that petroleum products account for 15% to 20% of the country’s goods import bill. The Dangote refinery, hailed as a transformative development, is expected to resolve the paradox of Nigeria being a major crude oil producer yet still dependent on fuel imports. With a capacity of 650,000 barrels per day (b/d), the refinery could potentially eliminate the need for fuel imports and shield local fuel prices from exchange-rate fluctuations.

“The Dangote fuel refinery is potentially transformational for Nigeria, which has always been an oil exporter and fuel importer. This fact is often regarded as a failure and an embarrassment by politicians, businesses and the media alike, but the new refinery has the ability to change this,” it said.

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Dangote Refinery Denies Fixing Petrol Price At ₦600 Per Litre

Dangote Refinery Denies Fixing Petrol Price At ₦600 Per Litre

The management of Dangote Refinery has dismissed reports in some quarters that the firm set the petrol price at ₦600 per liter, labeling the claims as “speculative announcements” without any foundation.

This was contained in a statement signed on Tuesday by the Group Chief Branding and Communications Officer of Dangote Industries Limited, Anthony Chiejina.

The denial came following reports by some publications, that the refinery was in talks with oil marketers, and that petrol may sell for as low as ₦600 per litre.

The company, however, emphasised that it has not partnered with the Independent Petroleum Marketers Association of Nigeria (IPMAN), and will communicate through official channels.

It states, “Our attention has been drawn to headlines announcing “Marketers Project N600/litre for Dangote Petrol” published in Punch Newspapers on Tuesday, August 13, 2024.

“We would like to clarify that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is not our business partner yet.”

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Wema Bank Empowers 100,000 MSMEs in Ekiti State

Wema Bank Empowers 100,000 MSMEs in Ekiti State
L-R: Regional Manager, Ondo/Ekiti Region, Wema Bank, Niyi Owadugbe; Commissioner, Ministry of Wealth Creation and Employment, Ekiti State, Otunba Kayode Fasae; Head, SME, Wema Bank, Arthur Nkemeh and Commissioner for information Ekiti State, Hon Taiwo Olatunbosun at the Press Conference to launch the Ekiti-Wema MSME Empowerment Programme in Ekiti state

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has partnered with the Ekiti State Government through the Ministry of Wealth Creation and Employment to launch the Ekiti-Wema MSME Empowerment Programme for youth and businesses in Ekiti State.

Launched on Monday, August 5th, 2024, the Ekiti-Wema MSME Empowerment Programme is an initiative designed to train and empower 100,000 youth and Micro, Small and Medium Enterprises (MSMEs) operating within Ekiti State with business management, digital empowerment and finance management skills for success. Leveraging the immense potential of Nigerian youth and the economic opportunities presented by MSMEs, the Ekiti-Wema MSME Empowerment Programme is strategically curated to help the youth of Ekiti State maximise their potential while equipping businesses for sustainable growth and productivity, towards boosting the state’s macroeconomic conditions.

The Ekiti-Wema MSME Empowerment Programme is set to be executed through virtual and physical training sessions cutting across business management, digitalisation, and financial management, additionally providing access to mentorship support from experienced and successful entrepreneurs from within and outside Nigeria. These participants will also receive a certificate of participation upon completion of their training course. Beyond the trainings, participants will also gain access to market and assistance in securing finances to put their learnings to practice and scale their operations. This comprehensive approach ensures that the Programme not only enhances the capabilities of youth and MSMEs in Ekiti State but also facilitates their sustained growth and contribution to the economic development of Ekiti State.

Reiterating the Bank’s commitment to pioneering solutions, initiatives and partnerships for the growth and success of Nigerians, Wema Bank’s Executive Director of Retail and Digital Business, Tunde Mabawonku, encouraged youth and businesses in Ekiti State to seize this unique opportunity for their success.

“As Nigeria’s most innovative bank, we have committed to concerting efforts, pooling resources where ideal and going the extra mile in developing solutions that address the needs of our people and ultimately empower them to thrive. Our robust portfolio attests to this deep-rooted commitment and with the Ekiti-Wema MSME Empowerment Programme, we are extending the reach of our positive impact, positively enhancing the lives and businesses of the Ekiti State people and empowering them with the skills, knowledge, and expertise needed to thrive in today’s competitive market. Our approach is granular yet comprehensive, bringing tailored solutions for growth to the youth and businesses of Ekiti State right within their vicinity. We hope that through this initiative, Ekiti State will become a hub of productivity and economic buoyance, and the domino effect of this economic boost will translate on the national scale, improving our nation’s macroeconomic indicators for the best”, Mabawonku said.

The Ekiti State Honourable Commissioner for Wealth Creation and Employment, Otunba Kayode Fasae, added, “Our goal with this partnership with Wema Bank is to implement a two-pronged approach that contains two missing key ingredients of wealth creation and employment generation, which are skill development and finance. Wema Bank has been extremely supportive in working with the Ekiti State Government for the success of our people. You would recall that in 2020, the Bank collaborated with the State to sponsor the training of 2500 youth under the Central Bank of Nigeria’s AgriBusiness Small Medium Enterprise Investment Scheme (AGSMEIS) and now, four years later, we are proud to announce the birth of yet another groundbreaking partnership with the Bank, the Ekiti-Wema MSME Empowerment Programme. We reiterate our unwavering commitment to maximise the deliverables of this Programme to serve as a veritable intervention platform for skill development and panacea for employment and wealth creation”.

Wema Bank continues to expand its network, partnering with reputable individuals, institutions, and entities on state and federal levels to provide viable solutions for Nigerians across the world, empowering them to thrive in both personal and professional endeavours. With the Ekiti-Wema MSME Empowerment Programme, Wema Bank is set to transform 100,000 lives and businesses across Ekiti State.

Interested Youth and Businesses in Ekiti State are to visit https://wema-ekitisme.alat.ng/register to register for the Ekiti-Wema MSME Empowerment Programme.

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GCR Affirms Dangote Industries Limited AA+(NG)/ A1+(NG)

GCR Affirms Dangote Industries Limited AA+(NG)/ A1+(NG)

GCR Ratings (GCR) has affirmed the national scale long-term and short-term issuer ratings of AA+(NG) and A1+(NG) respectively accorded to Dangote Industries Limited (DIL). GCR in its recent report also affirmed the national scale long-term issue rating of AA+(NG) accorded to each of Dangote Industries Funding Plc’s Series 1 NGN10.5Bn Tranche A and NGN177.1Bn Tranche B Bonds and Series 2 NGN112.4Bn Senior Unsecured Bond. The outlook on the ratings has been revised to Evolving from Stable previously.

According to GCR, “the ratings were affirmed on the prospects of significant growth in earnings following the commencement of operations at the new petrochemical refinery and robust earnings expectation from the other businesses.”

In the report, the rating agency decried the impact of naira devaluation on DIL performance stating that, “the ratings are constrained by the adverse impact of the currency devaluation on the profitability and financial position of the group, given its significant foreign debt exposure.”

GCR in recognition of the potential of the Dangote Group added, “the group’s business profile is bolstered by the commencement of refining operations in February 2024 (with the production of diesel, Naphtha, heavy fuel oil, and aviation fuel), which now complements the already well-diversified group businesses.

Accordingly, we expect the group’s business fundamentals to become increasingly tilted towards oil refining, given its size as the largest refinery in Africa and Europe. We also expect strong export sales potential given the recent debut exports of refined oil to Europe. The non-oil businesses continue to demonstrate strong earnings generating capacity and market leaderships in their respective sectors, underpinned by the above-peer production capacities and favourable demographics.”

“We have maintained a positive peer comparison consideration for DIL underpinned by the importance of the refinery to the Nigerian economy. However, we have lowered the extent of support applicable under this rating component because we expect the support factors to translate to substantive enhancements to the group’s business and financial profiles over the outlook period. In 2022, DIL raised a cumulative NGN300Bn in Series 1 (Tranches A and B) and Series 2 Senior Unsecured Bonds issued by its sponsored special purpose vehicle, Dangote Industries Funding Plc. Being senior unsecured debt sponsored by DIL, the Series 1 Tranches A and B Bonds and the Series 2 Bond rank pari passu with all other senior unsecured creditors of the group.

Therefore, the Bonds bear the same national scale long-term rating as that accorded to DIL and any change in DIL’s long-term corporate rating would impact the Bonds ratings. We have reviewed the draft trustees’ bond performance report dated 24 May 2024 and note that the coupons have been paid as and when due and there were no breaches to any covenants and pledges in the trust deeds.

However, the group remains highly exposed to volatile energy cost dynamics and is reliant on importation of gypsum for cement, raw sugar input, and crude oil for the refinery” GCR stated.

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Alhaji Mayaki Absent At Keshinro’s Murder Scene

Alhaji Mayaki Absent At Keshinro's Murder Scene

Alhaji Abubakar Sulaimon, also known as Mayaki, reaffirmed as innocent of the murder allegations made against him by the family of the late Idowu Keshinro.

Mayaki, a well-known real estate professional and philanthropist has been under scrutiny FCID Homicide Section Abuja following claims that he was involved in Keshinro’s death.

However, recent developments have shed light on his innocence.

The investigation has revealed that Mayaki was not present at the scene of the crime, as he was confirmed to be in seclutiion outside the state, during the time of the purported incident.

This fact has been supported by evidence provided during the investigation. Despite initial concerns, Mayaki’s alibi has been corroborated, and there is no substantial evidence linking him to the crime.

Mayaki was granted bail earlier after a thorough examination of his whereabouts, and claims of his attempts to evade justice have been debunked.

The accusations made by Keshinro’s family have been called into question, with some alleging that these claims might be driven by misunderstandings or personal grievances rather than concrete evidence.

In response to these developments, Mayaki ’s legal team has emphasized his commitment to cooperating with authorities and maintaining transparency. They have called for a fair and impartial investigation, urging the public to consider the evidence that supports Mayaki ’s innocence.

The case has highlighted the importance of verifying allegations with concrete proof before making accusations. Mayaki remains committed to continuing his business endeavors and contributing positively to his community as he clears his name of any wrongdoing.

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Wema Bank Clinches Multiple Awards at the Global Sustainable Finance Awards 2024

Wema Bank Clinches Multiple Awards at the Global Sustainable Finance Awards 2024

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received three prestigious awards at the 2024 Global Sustainable Finance Awards, which was hosted by The Digital Banker.

This prestigious event honors financial institutions leading in sustainable finance and responsible investment practices globally. The recognition underscores Wema Bank’s unwavering commitment to environmental, social, and governance (ESG) excellence across its operations and marks a significant milestone in the Bank’s commitment to sustainability and responsible banking.

The awards include:

  • Outstanding Sustainable Finance – SME Finance: Recognizing Wema Bank’s innovative solutions tailored to bolster SME growth and sustainability.
  • Best Digital Platform for Sustainable Finance: This award celebrates the success of ALAT, Wema Bank’s pioneering digital platform that champions financial inclusion and environmental sustainability.
  • Sustainable Finance Professional of the Year – Africa: This accolade was awarded to Abimbola Agbejule, lauding her leadership in sustainability initiatives at Wema Bank.
  • “Winning these awards is not just a recognition of our sustainable practices but also a testament to our role as pioneers in integrating sustainability into our core business strategies, we are proud to lead the charge in fostering sustainable development and demonstrating robust financial services leadership on a global scale,” said Moruf Oseni, Wema Bank’s MD/CEO.
  • “This recognition is a reaffirmation of our dedicated efforts at Wema Bank to weave sustainability into every facet of our operations. It propels us to continue driving impactful financial solutions that not only meet today’s needs but also secure a sustainable tomorrow,” added Abimbola Agbejule, Wema Bank’s Head of corporate Sustainability.
  • With over 200 entries from 87 banks across four continents, Wema Bank’s achievements signify its excellence and innovative approach to banking and places Wema Bank at the forefront of sustainable banking on a global scale, alongside notable institutions like HSBC, ING, and Caixa Bank.
  • The bank’s achievements at the Global Sustainable Finance Awards underscore its role as a leader in the global financial landscape, setting a benchmark for the industry and emphasizing its unwavering commitment to sustainability.
  • Wema Bank continues to pioneer initiatives that not only meet customer needs but also promote a more sustainable and inclusive future.
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Dangote Says His Refinery Is Having Repeated Orders From Abroad

Dangote Says His Refinery Is Having Repeated Orders From Abroad
L-R: Group Executive Director, Commercial Operations, Dangote Industries Limited, Fatima Aliko-Dangote; House Leader, House of Representatives, Hon. Julius Ihonvbere; Speaker, House of Representatives, Rt. Hon. Abbas Tajudeen; Deputy Speaker, House of Representatives, Hon. Benjamin Kalu; President/CE, Dangote Industries Limited, Aliko Dangote; Deputy Chief Whip. Rt. Hon Otunba Adewunmi Oriyomi Onanuga during the Honourable Members of House of Representatives delegates visit to Dangote Petroleum Refinery, Petrochemicals and Fertiliser Plant in Lekki, on Saturday, July 20, 2024.

President of Dangote Group, Aliko Dangote, over the weekend, revealed that Dangote Petroleum Refinery has continued to receive repeated orders for its products from all those who have purchased the same since the commencement of production. The refinery has so far exported its products to some European countries, Singapore, and offshore Lome.

Speaking during a tour of both Dangote Petroleum Refinery & Petrochemicals and the Dangote Fertiliser Limited complex by members of the House of Representatives, Dangote wondered why a regulatory authority like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that should protect local industries is castigating the latter and even lying in media reports to justify the need to continue importation of dirty fuel into the country.

According to him: “I urge you to even set up a committee that will take samples at filling stations and take our own sample, because I must tell you that all the test certificates people are flaunting around are fake certificates. Where are the laboratories where those tests were conducted? By doing this, you will be able to tell Nigerians the very truth that they deserve to know. Demarketing of a company by a regulator that it is supposed to protect it, is very unfortunate.

“We didn’t know that you were going to ask us to stop by the road and take samples from other filling stations. I didn’t know what you wanted to do until we got here and you requested for a test. It is even good that it is your members that went directly to get our samples and I am sure you were shocked by the result. With the result, you can see that we produce the best diesel in Nigeria.”

Dangote openly challenged the regulator (NMDPRA) to compare the quality of refined products from his petroleum refinery with those imported, while advocating for an impartial assessment to determine what best serves the interests of Nigerians. “We produce the best diesel in Nigeria. It is disheartening that instead of safeguarding the market, the regulator is undermining it. Our doors are open for the regulator to conduct tests on our products anytime; transparency is paramount to us. It would be beneficial for the regulator to showcase its laboratory to the world so Nigerians can compare. Our interest is Nigeria first because if Nigeria doesn’t grow, we have limited capacity for growth.

“Right Honourable Speaker and esteemed members, you have witnessed the results of the credibility test. I appreciate your wise counsel in procuring samples from the filling stations alongside our refinery’s product. Ours shows a sulphur content of 87.6 ppm, approximately 88, whereas the others exceeded 1,800 ppm. Although the NMDPRA permits local refiners to produce diesel with sulphur content up to 650 ppm until January 2025, as approved by ECOWAS, ours is significantly lower. Next week, we aim to achieve 10 ppm, aligning with the Euro V standard. Imported diesel is capped at 50 ppm, but as you have seen, those from the stations, imported by major marketers, fall well outside this standard,” Dangote observed.

He pointed out that high-sulphur content diesel regularly imported into the country often comes with dubious certifications. He emphasised that the most effective method to verify the quality is to purchase the product directly from filling stations and conduct credibility tests. According to him, this issue has resulted in both health risks and financial losses for Nigerians.

“Dubious certifications often accompany the importation of high-sulphur diesel into Nigeria, causing both health risks and financial losses for Nigerians,” noted Dangote. “The best method to verify this is to purchase the product directly from filling stations where end-users obtain it. I believe Farouk Ahmed (Chief Executive of NMDPRA) speaks without sufficient knowledge of our refinery. We have successfully exported diesel and jet fuel to Europe and Asia without any complaints; in fact, we have received repeated orders, indicating satisfaction with our products.”

Supporting Dangote’s assertion, Vice President of Gas and Oil at Dangote Industries Limited, Devakumar Edwin, highlighted recent actions by European countries like Belgium and the Netherlands. “These countries have expressed concerns about the carcinogenic effects of high-sulphur diesel being dumped into the Nigerian market, prompting them to impose bans on such fuel exports to West Africa”, he said.

Edwin informed the visiting federal lawmakers that the Dangote Petroleum Refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Tight Oil, conforms to Euro V specifications. In addition, he said, it is designed to comply with US EPA (United States Environmental Protection Agency), European emission norms, Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.

Noting that products from the $20 billion facility are of high quality which meet international standards, Edwin said it has the capacity to meet 100% of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.

The Group’s Vice President, Olakunle Alake, expressed disappointment over accusations of monopoly against the Dangote Group. He stressed that there are multiple players in the industry, including the Nigerian National Petroleum Corporation (NNPC), which operates four refineries.

Expressing concern over the controversy surrounding the quality of imported refined products into Nigeria, the Reps Speaker, Rt. Hon. Abass stated that the Green Chamber would establish a committee to investigate the matter thoroughly. He emphasised that sampled products from various sources would undergo testing as part of this initiative.

The Speaker also expressed admiration for the infrastructure at the Dangote Oil Refinery, describing it as a significant asset in Nigeria’s quest for self-sufficiency in petroleum products. He noted that the refinery has positioned itself as a pivotal player, especially at a time when global concerns over energy security and sustainability are paramount.

“Today’s visit to the magnificent facilities of Dangote Industries Oil Refinery section has been nothing short of enlightening. It has afforded us a rare opportunity to witness first-hand the monumental strides that your organisation has made in transforming the landscape of petroleum production in Nigeria. The sheer scale and sophistication of this facility are awe-inspiring; it stands as a beacon of hope for our country as we navigate through the turbulent waters of energy supply challenges,” he said.

Commending the state-of-the-art technology implemented at the petroleum refinery, Abbas praised it as revolutionary and a shining example of engineering and innovation excellence.

“Each corner of this facility resonates with the echoes of hard work, dedication, and an unyielding pursuit of quality. It is evident that every drop produced here carries not just oil but also the hopes and dreams of millions who yearn for a brighter future. We are deeply impressed by what we have seen during this visit which confirms the rating of this industry as the single largest oil refinery in Africa. This remarkable achievement does not merely reflect corporate success; it symbolises national pride, a tribute to what can be accompanied when visionary leadership meets relentless determination,” he said.

Acknowledging the numerous challenges likely encountered during the construction of the refinery, the Speaker lauded Dangote for his steadfast commitment to achieving excellence.

“I would like to take this opportunity to acknowledge the myriad challenges that have beset this remarkable facility. The regulatory hurdles that often loom like dark clouds over progress, the complexities surrounding crude oil supplies that can stifle even the most ambitious endeavours, and the daunting economic landscape we navigate especially in these times when our economy grapples with foreign exchange constraints, are all formidable adversaries. Yet, despite these tribulations, your unwavering commitment to excellence shines through,” he attested.

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Dangote Challenges NMDPRA, Tests Diesel In The Presence Of House Reps Leadership

Dangote Challenges NMDPRA, Tests Diesel In The Presence Of House Reps Leadership

President of Dangote Group, Aliko Dangote, has asserted that products refined at the Dangote Petroleum Refinery & Petrochemicals, the world’s largest single train refinery, are of superior quality compared to imported equivalents and meet international standards. He expressed his confidence, after the House leadership insisted on testing other diesel products, alongside Dangote’s diesel at its state-of-the-art laboratory.

During a tour of both Dangote Petroleum Refinery and the Dangote Fertiliser Limited complex by members of the House of Representatives, the Speaker of the House of Representatives, Rt Hon. Tajudeen Abbas and other members who observed the testing of Automotive Gas Oil (diesel) from two petrol stations alongside Dangote Petroleum Refinery, praised the company for its significant investments and contributions to Nigeria’s development.

The diesel samples were procured from two well-known filling stations near Eleko junction along the Lekki Epe Expressway, by the honourable members. Chairman of the House Committee on Downstream, Hon. Ikeagwunon Ugochinyere, and Chairman of the House Committee on Midstream, Hon. Okojie Odianosen, oversaw the collection of samples from the Mild Hydro Cracking (MHC) unit of Dangote refinery for testing of all the samples.

Lab tests revealed that Dangote’s diesel had a sulphur content of 87.6 ppm (parts per million), whereas the other two samples showed sulphur levels exceeding 1800 ppm and 2000 ppm respectively.

Dangote emphasised that these findings debunked claims made by Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Authority, who recently asserted that imported diesel surpasses domestically refined products. Ahmed had alleged that Dangote refinery and other modular refineries like Waltersmith and Aradel produced diesel with sulphur content ranging from 650 to 1200 ppm—a statement criticised by many Nigerians as a tactic to favour imported products over local ones.

Dangote openly challenged the regulator to compare the quality of refined products from his refinery with those imported, advocating for an impartial assessment to determine what best serves the interests of Nigerians.

“We produce the best diesel in Nigeria. It’s disheartening that instead of safeguarding the market, the regulator is undermining it. Our doors are open for the regulator to conduct tests on our products anytime; transparency is paramount to us. It would be beneficial for the regulator to showcase its laboratory to the world so Nigerians can compare. Our interest is Nigeria first because if Nigeria doesn’t grow, we have limited capacity for growth.

“Right Honourable Speaker and esteemed members, you’ve witnessed the results of the credibility test. I appreciate your wise counsel in procuring samples from the filling stations alongside our refinery’s product. Ours shows a sulphur content of 87.6 ppm, approximately 88, whereas the others exceeded 1,800 ppm. Although the NMDPRA permits local refiners to produce diesel with sulphur content up to 650 ppm until January 2025, as approved by ECOWAS, ours is significantly lower. Next week, we aim to achieve 10 ppm, aligning with the Euro V standard. Imported diesel is capped at 50 ppm, but as you’ve seen, those from the stations, imported by major marketers, fall well outside this standard.”

Dangote pointed out that high-sulphur content diesel regularly imported into the country often comes with dubious certifications. He emphasised that the most effective method to verify the quality is to purchase the product directly from filling stations and conduct credibility tests. According to him, this issue has resulted in both health risks and financial losses for Nigerians.

“Dubious certifications often accompany the importation of high-sulphur diesel into Nigeria, causing both health risks and financial losses for Nigerians,” noted Dangote. “The best method to verify this is to purchase the product directly from filling stations where end-users obtain it. I believe Farouk Ahmed speaks without sufficient knowledge of our refinery. We have successfully exported diesel and jet fuel to Europe and Asia without any complaints; in fact, we have received repeated orders, indicating satisfaction with our products.”

Supporting Dangote’s assertion, VP of Gas and Oil at Dangote Industries Limited, Devakumar Edwin, highlighted recent actions by European countries like Belgium and the Netherlands. “These countries have expressed concerns about the carcinogenic effects of high-sulphur diesel being dumped into the Nigerian market, prompting them to impose bans on such fuel exports to West Africa.”

Edwin informed the federal lawmakers that the Dangote Petroleum Refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Tight Oil, conforms to Euro V specifications. In addition, he said, it is designed to comply with US EPA, European emission norms, Department of Petroleum Resources (DPR) emission/effluent norms, and African Refiners and Distribution Association (ARDA) standards.

Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it has the capacity to meet 100% of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.

The Group’s VP, Olakunle Alake, expressed disappointment over accusations of monopoly against the Dangote Group. He stressed that there are multiple players in the industry, including the Nigerian National Petroleum Corporation (NNPC), which operates four refineries.

Expressing concern over the controversy surrounding the quality of imported refined products into Nigeria, Speaker Rt. Hon. Abass stated that the Green Chamber would establish a committee to investigate the matter thoroughly. He emphasised that sampled products from various sources would undergo testing as part of this initiative.

The Speaker also expressed admiration for the infrastructure at the Dangote Oil Refinery, describing it as a significant asset in Nigeria’s quest for self-sufficiency in petroleum products. He noted that the refinery has positioned itself as a pivotal player, especially at a time when global concerns over energy security and sustainability are paramount.

“Today’s visit to the magnificent facilities of Dangote Industries Oil Refinery section has been nothing short of enlightening. It has afforded us a rare opportunity to witness first-hand the monumental strides that your organisation has made in transforming the landscape of petroleum production in Nigeria. The sheer scale and sophistication of this facility are awe-inspiring; it stands as a beacon of hope for our country as we navigate through the turbulent waters of energy supply challenges,” he said.

Commending the state-of-the-art technology implemented at the petroleum refinery, Abbas praised it as revolutionary and a shining example of engineering and innovation excellence.

“Each corner of this facility resonates with the echoes of hard work, dedication, and an unyielding pursuit of quality. It is evident that every drop produced here carries not just oil but also the hopes and dreams of millions who yearn for a brighter future. We are deeply impressed by what we have seen during this visit which confirms the rating of this industry as the single largest oil refinery in Africa. This remarkable achievement does not merely reflect corporate success; it symbolises national pride, a tribute to what can be accompanied when visionary leadership meets relentless determination,” he said.

Acknowledging the numerous challenges likely encountered during the construction of the refinery, the Speaker lauded Dangote for his steadfast commitment to achieving excellence.

“I would like to take this opportunity to acknowledge the myriad challenges that have beset this remarkable facility. The regulatory hurdles that often loom like dark clouds over progress, the complexities surrounding crude oil supplies that can stifle even the most ambitious endeavours, and the daunting economic landscape we navigate especially in these times when our economy grapples with foreign exchange constraints are all formidable adversaries. Yet, despite these tribulations, your unwavering commitment to excellence shines through,” he attested.

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