Connect with us

News

High expectation as Dangote refinery begins operation next month, to produce petrol November 30, orders initial crude oil need

Published

on

Please Kindly Share This Story

The Dangote Petroleum Refinery is currently importing crude oil and expects its first crude cargo in two weeks’ time, the Executive Director, Dangote Group, Devakumar Edwin, has revealed.

Although the Nigerian National Petroleum Company Limited trades crude oil on behalf of Nigeria, Edwin in an interview with S&P Global Commodity Insights on Monday, said the NNPCL had committed its crude to other entities.

The Dangote refinery boss did not disclose the other entities receiving the oil company’s crude but NNPC disclosed last month it had entered into a $3bn crude oil-for-loan deal with African Export-Import Bank. The deal allowed the company to pledge future oil production to the bank as repayments for the loan.

As reported by the Punch, NNPC sources said on Tuesday the company had entered into crude oil contracts with a number of entities, a development that made it impossible for the organisation to meet Dangote’s need earlier.

A top official of the oil company was however quoted to have said plans were already underway to ensure Dangote’s refineries crude oil needs were met in November.

Also, Edwin pointed out that the importation of crude by Dangote refinery was temporary, as the firm would receive supply from NNPCL from November.

Edwin went ahead to state that the firm would begin the production of up to 370,000 barrels per day of crude that would give rise to Automotive Gas Oil, popularly called diesel, and jet fuel in October 2023.

For Premium Motor Spirit, popularly called petrol, the Dangote Group’s boss said the plant would produce it by November 30, 2023.

This came as oil marketers stated that the prices of diesel and jet fuel would only crash when the Dangote refinery starts receiving crude oil from Nigeria, and not by importing crude.

Meanwhile, Edwin stated in the interview that the Dangote Refinery would initiate a gradual increase in petrol production, aiming to reach an impressive 650,000 barrels per day by November 30.

He emphasised the refinery’s readiness to receive crude oil, stating, “Right now, I’m ready to receive crude. We are just waiting for the first vessel. And so, as soon as it comes in, we can start.”

Regarding the shift in the original timeline, Edwin clarified, during his conversation with S&P, that the NNPCL had already committed their crude oil to another entity on a forward basis, causing a temporary delay.

He said the setback was momentary, and the refinery would soon run exclusively on Nigerian crude oil as from November 2023.

It was also gathered on Tuesday in Abuja that the NNPCL had entered into crude oil supply commitments with other entities, but would ensure that it supplies the commodity to Dangote refinery in November.

In mid-August, the national oil firm announced that it had secured a $3bn emergency crude oil repayment loan from the African Export-Import Bank.

It had announced the acquisition of the loan in a brief statement titled, ‘Relief for the naira: NNPC Ltd secures $3bn emergency crude repayment loan from AFREXIM Bank.’

The statement read, “The NNPC Ltd and @afreximbank have jointly signed a commitment letter and term-sheet for an emergency $3bn crude oil repayment loan.

“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate market.”

Providing further explanation about the loan at the time, the Senior Special Assistant to President on Digital/New Media, O’tega Ogra, in several posts on X (formerly Twitter), explained that the $3bn was not a crude-for-refined products swap loan, but an upfront cash loan against proceeds from a limited amount of future crude oil production.

This confirmed that the national oil firm had really made commitments to other entities using the crude produced by Nigeria.

Ogra had said, “Is this loan risky for NNPCL or the Nigerian Treasury? No. The exposure for NNPCL is very limited, covering just a fraction of their entitlements. Additionally, there are no sovereign guarantees tied to this loan.”

 

 

 

 

Continue Reading
Click to comment

Leave a Reply

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

News

Ex-petroleum Minister Alison Madueke found not guilty by UK court

Published

on

Please Kindly Share This Story

Dezieani Allison Madueke, former Nigeria’s petroleum Minister, was on Wednesday, pronounced ‘not guilty’ ​by a London jury of six bribery charges.

Madueke who was faced excessive media trial during the administration of late Muhammad Buhari over allegation money laundering amounting to billions of dollars, was charged with five counts of accepting bribes and a ​charge of conspiracy to commit bribery, which she denied.

Prosecutors ⁠alleged Alison-Madueke, 65, was given “a life of luxury” in London ​from oil and gas industry figures seeking lucrative contracts in Nigeria, ​which has long grappled with mismanagement and corruption.

Madueke who served as petroleum Minister between 2010 and 2015 under then-president Goodluck Jonathan, was  well the president of the Organization of the Petroleum Exporting Countries.

She told the court that she never took any bribes and had no real ​influence over the awarding of lucrative government contracts.

After a trial at London’s Southwark ‌Crown ⁠Court, Alison-Madueke was acquitted by a jury of all six charges.

Alison-Madueke stood trial alongside oil industry executive Olatimbo Ayinde, 54, who was ​charged with one count of bribery relating to ​Alison-Madueke ⁠and a separate count of bribery of a foreign public official.

Alison-Madueke’s brother Doye Agama, 69, was charged with conspiracy to commit bribery ⁠with ​his sister relating to payments made to ​Agama’s church.

Both Ayinde and Agama denied the charges against them and were also ​acquitted by the jury.

Continue Reading

News

NHRC boss Ojukwu condemns death of Gen. Rabe Abubakar, backs state police to address insecurity

Published

on

Please Kindly Share This Story

Dr. Tony Ojukwu, SAN, the Executive Secretary of the National Human Rights Commission (NHRC), has condemned in the strongest terms the abduction and subsequent death of Retired Major General Rabe Abubakar while in bandits’ captivity, describing it as a grave violation of the right to life and personal security that demands urgent and systemic responses.

Ojukwu said the incident represents a disturbing escalation of insecurity in the country and a direct assault on the dignity and sanctity of human life.

A statement signed by the Director Corporate Affairs and External Linkages Fatimah Agwai Mohammed, quoted Ojukwu as saying the Commission received with deep sorrow the news of the General’s death, which occurred while he was held captive, despite reported efforts by the Katsina State Government and security agencies to secure his release.

He noted that every person, regardless of status or background, is entitled to the protection of the right to life, liberty, and security of person under the Constitution of the Federal Republic of Nigeria and international human rights instruments to which Nigeria is a party.

He stressed that the abduction and death of a retired senior military officer underscores the extent to which insecurity has penetrated all levels of society, leaving citizens, including highly placed individuals, vulnerable to criminal violence.

The Executive Secretary expressed concern that schools, homes, and communities are no longer safe, and that the persistent threat of banditry and kidnapping continues to erode public confidence in the state’s duty to protect.

He stated that the Commission views the killing as not only a loss to the bereaved family and Katsina State, but a national tragedy that reflects the urgent need for a coordinated and rights-based response to insecurity.

The NHRC boss said the Commission believes that the conversation around the establishment of state police deserves serious and immediate consideration as part of a broader strategy to address insecurity.

He explained that decentralizing policing could bring security closer to communities, improve response time, and enhance local intelligence gathering, provided that such structures are created with strong legal frameworks, civilian oversight, and adherence to human rights standards to prevent abuse and ensure accountability.

The Learned Silk called on the Federal Government and security agencies to ensure that a thorough, independent, and transparent investigation is carried out to identify and bring to justice all those responsible for the heinous act.

He emphasized that accountability is essential to upholding the rule of law and to deter further violations, and urged authorities to strengthen measures for the protection of civilians while exploring structural reforms that can improve security outcomes nationwide.

The Commission extended its condolences to the family of the late General, the Government of Katsina State, and the Nigerian people. Dr. Ojukwu affirmed that the NHRC remains committed to monitoring the situation and to advocating for policies and actions that safeguard the right to life and security for all Nigerians.

 

 

Continue Reading

News

Rwandan dies in Kuje prison

Published

on

Please Kindly Share This Story

A Rwandan citizen identified as Benjamin Relasss has reportedly died in custody at the Kuje prison in Abuja, sparking allegations of medical neglect and misconduct within the facility.

According to Sahara Reports, sources alleged thatu Relasss died on Tuesday morning while awaiting trial in a financial-related case before Justice Emeka Nwite of the Federal High Court, Abuja.

Relasss had been in detention since 2023 after he was denied bail, reportedly on the grounds that he was not a Nigerian citizen. The sources further claimed that inmates requiring specialised medical attention outside the correctional facility often face difficulties in obtaining referrals for treatment. They alleged that some officials demand substantial sums of money before approving recommendations for treatment at external hospitals, despite the correctional centre’s purported lack of adequate medical equipment and specialist personnel to handle certain health conditions.

According to sources, the Kuje facility is short of adequate medical resources, with inmates requiring external treatment sometimes unable to access timely referrals. “Benjamin Relasss, a Rwandan citizen died inside Kuje Prison this morning (Tuesday) due to outright neglect and care by an overambitious and money mongering officer in the facility,” a source said. “The officer demands huge cash from inmates who are sick before allowing the patient to be recommended to hospitals outside because the Kuje facility lacks adequate equipment and medical specialists.”

“Today, the Rwandan citizen Benjamin Relasss is dead while awaiting trial on a financial-related case before Justice Emeka Nwite of the Federal High Court, Abuja,” the source added.

Another source, who spoke on condition of anonymity, alleged that inadequate access to medical care remains a serious concern at the Kuje Correctional Centre. “Yes, the Rwandan is dead. At Kuje prison, they request money before any sick person is taken to the hospital,” the source said. “In fact, there is another inmate who is critically ill and currently at the prison clinic.

They are allegedly demanding money before writing to the Chief Judge because he has only five months left on his sentence. Because there is no money, he is still lying in the clinic.” Efforts to obtain a response from the Nigerian Correctional Service on the allegations and the circumstances surrounding the death of Relasss were unsuccessful at the time of filing this report.

The National Spokesperson of the service, Chief Superintendent of Corrections (CSC) Jane Osuji, did not respond to phone calls or a text message sent to her.

Continue Reading

Trending