NewStats: 3,262,933 , 8,178,561 topics. Date: Wednesday, 04 June 2025 at 06:29 AM 422h6

Image123:


hahahahahaha, wey they collecting it in dollars before? 70years old man oh.

I understand that you may lack the capacity to comprehend my comment, but it is also not my responsibility to educate you.

This is largely due to the devaluation of the Naira. If you convert the IGR from 2023 and 2024 to USD and compare, you’ll see there is little to no difference—or it may even have decreased.

NaijaNaWaa:
Here!

China produces around 80% of the world's batteries. Whether it's for an electric car, phone, laptop, or energy pack, the likelihood that it was manufactured in China is nearly 100% in regions like Africa, Europe, and Latin America.

Where is the data? That cannot be right. He is not even in the top 5 monthly listeners in Nigeria.

EmperorCaesar:


Nonsense action

How has the presence of French troops in those country hindered their technological advancement



Are they the reasons for their shortcomings?

Dumb actions

Just imagine, this is the thought process of a human being.

Kukutente23:
Chincos want to take over Lafarge
I pity the workers
Tinubulation don reach that side

At least the 'Chinco' people are still ing the business, and workers are able to keep their jobs for now. What happens if the company goes bankrupt and all the employees lose their jobs? Wouldn't that be an even worse outcome?

OkoEmm:



35 million barrels daily In Nigeria?

It's 35m Litres not barrels

Sorry litres of PMS

TheOldGods:
Nnpcc shouldr release their own at 900, let the competition begin

Even if NNPC is selling at N100, it won’t affect the demand from Dangote. Nigeria daily demand is between 35-40 million litres/day, PH refinery is only able to produce 1.4-2 million litres/day. It’s almost nothing really.

frog12:
dangote go get competition

That’s a tinny refinery, Dangote won’t even know it is there sef. Its maximum capacity is 60,000 barrels/day and will be working at 60% capacity. Also, it’s an old technology and the yield for PMS will usually be low.

It’s a good development but we are not yet there. When the other newer refinery in PH comes on board then we can start to talk.

RedScorpion:


That guy should not be allowed to monopolize the petrochemical processing business in Nigeria...

If not we are in big trouble...

News like this is very healthy for our economy.

We need more refineries to spring up and flood our market with petroleum products..

They way the price will remain down and stable for a while.

I just hate hearing all this monopoly thing. Who is stopping anyone from building a refinery and sell to the market. If they don’t want monopoly, the marketers can gather their money together and build a refinery.

ElevationD:


And you do not know that the Russians first ran away from Afghanistan?

Yes, I do know but we didn't expect this from a WORLD POWER and all the help from her allies. Not to talk of the billions of weapons and equipment they left behind.

According to WP "When U.S. forces withdrew from Afghanistan in 2021, approximately $7.2 billion worth of military equipment was left behind. This included aircraft, vehicles, weapons, ammunition, night-vision devices, biometric systems, and communication gear. The Taliban reportedly seized significant quantities, such as 300,000 light arms, 26,000 heavy weapons, and about 61,000 vehicles. Some of this equipment has also made its way into regional black markets, exacerbating security issues in neighboring countries​" https://www.washingtonexaminer.com/policy/defense/2714604/us-left-behind-more-than-7-billion-of-military-equipment-in-taliban-run-afghanistan/

TossTos:
Indeed noise , one thing I believe is America is aware of all of their weapons.

Yet, they ran away from Afghanistan leaving billions worth of weapons from some sandal wearing jihadist.

Same thing happened in Vietnam, they ran away leaving the poor south Vietnamese in the hands of the advancing communist.

🐥 No comment

jaxxy:


keep decieving urself. because they have small eyes doesn't mean they are innocent.

go and ask their neighbours and developed rivals about them not u Nigeria that is looking for handouts from everybody shamelessly.

Tell me one single war they have fought in the last 40 years? They haven’t even thrown a single bomb in another country since you were born. Think about that.

MadamExcellency:


I don't need your sympathy. It's my industry. I am a director in the oil and gas industry.

You just confirmed my comment. Very narrow minded and simple thinking.

MadamExcellency:


I don't need your sympathy. It's my industry. I am a director in the oil and gas industry.

You just confirmed my comment. Very narrow minded and simple thinking people.

MadamExcellency:
CBN should not give Dangote even $1. He should go to the black market like every one of us is doing.

And you will be complaining that there are no jobs. How can you have jobs with this kind of mindset?

igbosarejews:

Then you're a terrorists as well.
Russia is number 1 sponsor of those terrorists, Hey Nigga, Russia recently supplied Houtis weapons

Russia has one of the highest number of Jewish people in the world outside Israel. Even outside Russia, there are many Russian-Jewish people like Abramovich the former owner of Chelsea that was sanctioned by the UK.

You on the other hand is claiming relationship. Jews just think you are funny.

Petrol production at Nigerian business tycoon Aliko Dangote’s $20bn (£15.5bn) state-of-the-art oil refinery ought to be some of the best business news Nigeria has had in years.

But many Nigerians will judge its success on two key questions - firstly: "Will I get cheaper petrol?"

Sorry, but probably no - unless the international price of crude drops.

And secondly: "Will I still have to spend hours watching my hair turn grey in a hypertension-inducing fuel queue?"

Hopefully those days are gone but it might partly depend on the behaviour of what Mr Dangote calls "the oil mafia".

For much of the time since oil was first discovered in Nigeria in 1956, the downstream sector, which includes the stage when crude is refined into petrol and other products, has been a cesspit of shady deals with successive governments heavily involved.

It has always been impossible to follow the money, but you know there is something dreadfully wrong when the headline "Nigeria’s state-owned oil firm fails to pay $16bn in oil revenues", pops up on your news feed, as it did in 2016.

It is only in the last five years that the state-owned Nigerian National Petroleum Company (NNPC) has been publishing s.

The Africa head at the Eurasia Group think-tank, Amaka Anku, hails the Dangote refinery, in which the NNPC has a 7% stake, as "a very significant moment" for the West African state.

"What you had in the downstream sector was an inefficient, corrupt monopoly," she says.

"What the local refinery allows you to do is have a truly competitive downstream sector with multiple players who will be more efficient, profit making and they’ll pay taxes."

To put it bluntly, the population of this oil-rich nation has been conned on a colossal scale for many years.

Oil revenue s for nearly 90% of Nigeria’s export earnings but a relatively small number of business people and politicians have gorged themselves on the oil wealth.

Aspects of the business model have been baffling, including that of Nigeria’s four previously existing oil refineries.

Built in the 1960s, 70s and 80s, they have fallen into disrepair.

Last year Nigeria’s parliament reported that over the previous decade the state had spent a staggering $25bn trying and failing to fix the moribund facilities.

So Africa’s largest oil producer has been exporting its crude which is then refined abroad, much to the delight of some well-connected traders.

It would be like a bakery with a broken oven. But rather than fix it, the owner sends balls of dough to another firm that shoves them in a working oven and sells the loaves back to the baker.
The NNPC swaps Nigeria’s crude oil for the refined products, including petrol, which are shipped back home.

Exactly how much money changes hands and who benefits from these "oil swaps" is just one of the unknowns in these deals.

"No-one has been able to nail down who exactly has benefited. It’s almost like a beer parlour gossip about who is getting what," says Toyin Akinosho of the Africa Oil+Gas Report.

The NNPC began subsidising the price of petrol in the 1970s to cushion the blow when global prices soared. Every year it clawed this money back by depositing lower royalty payments - the money it received for every barrel pumped out of the ground - with the Nigerian treasury.

In 2022 the subsidy cost the government $10bn, more than 40% of the total money it collected in taxes.

On his second day in office Nigeria’s Vice-President Kashim Shettima referred to "the fuel subsidy scam" being "an albatross around the neck of the economy".

Nigerian oil expert Kelvin Emmanuel says in 2019 the country’s official petrol consumption "jumped by 284% to 70m litres per day without empirical evidence to justify such a sharp increase in demand".

Parliament has previously reported that - at least on paper - importers were being paid to bring in far more petrol than the country consumed. There was a lot of money to be made exporting some of the subsidised petrol to neighbouring countries where prices were far higher.

The NNPC earned billions of dollars a year from the crude oil production. But for many years, under previous governments, some of its profits never reached the treasury as it was accused by state governors and federal lawmakers of including these inflated subsidy costs on its balance sheet.

The NNPC did not respond to a request for an interview or a response to these allegations but in June denied it had ever "inflated its subsidy claims with the federal government".

It may have been the main source of revenue for successive governments but for decades, until 2020, the board did not disclose its audited s. Its press release from March this year promised more transparency and ability.

After coming to power in May 2023, President Bola Tinubu said the subsidy was unsustainable and suddenly cut it - pump prices immediately tripled.

He also stopped the policy of artificially propping up the value of the local currency, the naira, and let market forces determine its value.

When he took over, the exchange rate was 460 naira to the US dollar. In November 2024 it was over 1,600.

The triple shock of higher fuel prices, sporadic shortages of supply and a depreciating currency has been a tough body blow for people across the country, many of whom are forced to run generators to keep the lights on and phones charged.

"Beyond the financial burden, the uncertainty and stress of constantly dealing with fuel shortages have added a layer of anxiety to everyday tasks," is how one Lagos resident summed it up.

"I feel like I’m always navigating through crisis mode. It’s exhausting."
As the naira plunged and pump prices increased several times, the government, aware of the potential danger of protests, continued to pipette some medicine to the masses.

In a move which could be likened to swallowing half a paracetamol for acute appendicitis, the government made sure people were paying slightly less than the market rate for a litre of petrol.

In other words, the NNPC was selling at a loss and the subsidy was still alive.

But with two recent increases in October, Nigerians are now paying market prices for fuel for the first time in three decades. In the main city Lagos it went up from 858 naira ($0.52) to 1,025 naira per litre.

One of the major factors in Nigeria’s economic crisis has been a limited supply of foreign currency. The country does not export enough products and services to bring in the dollars.

But lots of people, including fuel traders, have been chasing the same limited supply of foreign currency, which leads to the naira losing even more value.

The good news is that Mr Dangote’s facility is going to buy crude and sell refined fuels in Nigeria in the local currency, which will leave more dollars available for everyone else.

The bad news for those hoping this will mean cheaper fuel is that the price Mr Dangote pays for a barrel of local crude will still be the naira equivalent of the international cost in dollars.

So if the price of crude goes up on the world market, Nigerians will still be forced to fork out more naira. Refining locally will mean less freight costs but that’s a relatively small saving.
It is hoped that the arrival of Mr Dangote’s oil refinery will help bring a measure of transparency to the sector.

He knew he would be upsetting some of those who benefit from the murky status quo when the $20bn project began. But, he says, he underestimated the challenge.

"I knew there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs," Mr Dangote told an investment conference in June.

"They don’t want the trade to stop. It’s a cartel. Dangote comes along and he’s going to disrupt them entirely. Their business is at risk,” says Mr Emmanuel, the oil expert.

The fact that there have been some public disagreements with the regulator has only fuelled that suspicion.

Mr Dangote’s refinery near Lagos is thirsty, with a capacity of 650,000 barrels of crude a day.

You would have thought being located in Nigeria would make supply easy but then up pops this headline: "Nigeria’s Dangote buys Brazilian crude".

It follows a row over supply and pricing. The regulatory authority has complained about Mr Dangote’s negotiating tactics.

Nigeria’s crude oil is low in sulphur and, as one of the most prized in the world, fetches a higher price than many of its competitors.

When discussions over price began, Farouk Ahmed, the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), accused Mr Dangote of "wanting a Lamborghini for the price of a Toyota".

Mr Dangote has complained of not being allocated as much crude as earlier agreed but even when the price issue is resolved, he will still need to import some crude.

“NNPC doesn’t have enough crude for Dangote. Despite all this instruction to give ample supply of crude to the refinery, NNPC can’t supply Dangote with more than 300,000 barrels per day," says Mr Akinosho of the Africa Oil+Gas Report.

He says this is partly because the NNPC has pre-sold millions of barrels of oil for loans.

In August 2023 it secured a $3bn loan from the Afreximbank financial institution. In return it is due to supply 164 million barrels of crude.

In September the NNPC itted it was significantly in debt. It was reported to be owing its suppliers around $6bn for fuel brought into the country.

Nigeria’s oil production has plummeted in recent years from around 2.1 million barrels per day in 2018 to around 1.3 million barrels per day in 2023.

The NNPC has been stressing oil theft as the number one reason why production has dropped.

It says in just one week - from 28 September to 4 October - there were 161 incidents of oil theft across the Niger Delta and 45 illegal refineries were "discovered".

But Ms Anku believes that "the theft problem is overrated by the NNPC and the oil sector".

"It’s a convenient excuse,” she adds.

She points to other contributing factors causing the drop in production, including international oil companies selling their on-shore oil fields - some of which may no longer be viable having pumped oil for 60 years.

The 66-year-old Dangote, who is listed by the Bloomberg Billionaires Index as the second wealthiest person in Africa, made his fortune in cement and sugar.

He has always denied the suggestion that his empire benefitted from links to politicians in power who helped ensure he had a monopoly.

Today there are those who are critical of Mr Dangote’s tactics and amid tension with the regulatory authorities, the same accusation has resurfaced when it comes to the supply of fuel in Nigeria.

"Mr Dangote asked me to stop issuing licences for importation and that everyone should buy from him. To which I said 'No' because it’s not good for the market. We have energy security interests," says Mr Ahmed of the regulatory authority.

Mr Dangote has not commented on the accusation but has said it makes business sense for the traders to buy from his refinery rather than from outside.

A feud between the regulator and Mr Dangote over supplies and pricing has rumbled on and morphed into another row with local fuel traders refusing to buy from the new refinery.

The mud slinging has also included allegations that some traders have been buying up substandard fuel from Russia which is then blended with other products before being shipped into Nigeria.

But not everyone is worried or surprised by the disagreements.

Ms Anku points to lessons learnt from US businessmen back in the 19th Century.

"The JP Morgans and the Stanfords – they didn’t have it easy either. That’s why they had to go and get government and subsidies to build their railways and so on.

"I see the drama as a very normal process as you’re changing the structure of the economy. There are losers, they lash out. There’s no chance they’ll stop the refinery from working or selling its products to the Nigerian markets… in my view."

The modern, local refinery has also led to a debate over the quality of fuel on the market. It is an important issue given the vast number of generators belching out fumes across Nigeria as a result of the woeful power supply.

"Every day I wake up to the smell of what I’m sure [could] kill me. It’s because of the quality of the diesel," says Mr Akinosho.

He sees Mr Dangote’s refinery as a real opportunity for higher quality petroleum products in Nigeria which would be better for both car engines and people’s lungs.

But right now, Nigerians being hit hard in the pocket may find it difficult to be optimistic.

Arguments between officials at the Dangote refinery, the oil marketers and the regulators are batted back and forth in the media. All sides have been accused of hiding some facts and figures which leaves people guessing what is going on inside this still somewhat opaque industry.

"Everyone is a villain. There are no heroes here," concludes Mr Akinosho.

Source: https://www.bbc.com/news/articles/cd7n3dp10w5o

docdes:

. Imagine if Tinubu was 'caught' eating at KFC Agege?!?

. Is KFC a Nigerian company?

Charly68:
This Effiong or whatever they call him lacks home training if not he won't be talking to an Elder in this manner. His education must be lopsided

When an elder is showing signs of stu.pidity, it is our responsibility to call it out.

kenex4ever:
why are u this vile and airheaded at thesame time. Next time talk like a responsible human.

To start with, Dangote does not have the capacity to supply the entire country. He was lying when he claimed they have enough. He is just a normal business man that will never tell a customer that his goods has finished.

Why do you think petrol price was deregulated?? It was done for market forces to determine price and not for Dangote to determine price like he has done in cement.
Nigerian masses need the cheapest fuel they can buy and if the importers say they can land it cheaper then allow them so that we know the actual price of the commodidty.

Some Nigerians thought that the Dangote refinery will crash pms price and stabilize the dollar but since he started the reverse has been the case.

I’m not vile, just telling you the truth. Simple thinking like that is the major problem with Africans, especially Nigerians. African leaders don’t think far, everything is for immediate consumption. Encouraging importation of anything in a country as poor as dirt, will only make your children jobless and poorer. That’s just the fact.

Dangote and Marketers are not the same in the eyes of the FG and even the world. Dangote is employing thousand of people and people with advanced degree to work refining petroleum products, paying taxes and producing other raw materials that serves as feedstock for other local industries or even for export. Marketers on the other hand? They just import products and get truckers to get them to their filling stations to sell. They contribute almost nothing to the economy.

Deregulation does not mean that anything goes and doesn’t mean people can just import things. The car industry is deregulated and if you want to import new car, you pay 70% tariff . The same goes for salt, wheat, sugar and rice. All these are done to protect the strategic local industries.

The local refining industries should and will be the price driver for PMS in Nigeria not some company in Malta or Russia.

Starpro87:



No comment is completely stupid here.
Dangote knows what he wants, and I bet you it's not in your interest.

Dangote wants to monopolize the oil industry, which will make him the regulator, by proxy.

Why should dangote not focus on refining and then selling to marketer via vessels?

Why did he build loading island?
To control the entire oil value chain?
That's monopolistic tendency.

I understand his refinery will boost the local economy, but the positive impacts might be minimal without a good leadership structure.

But anything that can bring the price of fuels down will benefit the people more.

Dangote has not got the capacity to service the whole country for now, so he should embrace the competition that comes with it.

All these are just speculations at best. There is no concrete evidence to back it up.

All I see here is a company trying to protect its interest against importers who are already used to status quo for many years and want it to continue. We can’t continue to do this, it’s just not sustainable.

How can there be monopoly when the FG already has a combine refining capacity of over 400,000 barrels per day? All they need do is to make it work. Nothing is stopping them.

Let me ask you, why has no one built any refinery in Nigeria before now? OBJ approach multinationals, including Shell Petroleum to acquire and build a refinery in Nigeria but they refused and instead went and build one in South Africa. Investing $20 billions is no joke.

If I were Dangote and wants to monopolies the downstream sector of the oil industry, I will just build my own retail outlets and logistics across Nigeria and sell directly to the people. To get rid of all the peoples in retail, I will sell below market price for a few years, even at a loss. You don’t understand monopoly.

Dangote refinery has the capacity to fulfill the needs of Nigeria. Again, importation is not competition! Competition is when you build your own refinery Nigeria and hire Nigerians to refine products and sell to the Nigerian market. That’s competition, anything else is just nonsense.

Just so you know, this is an understandable teething problem. The marketers cannot win this. It just won’t happen. Dangote refinery won’t go anywhere, more refinery will also be built and the marketer’s old ways of doing things will just fade away. Just a matter of time.

skywalker240:

And it will shock you that Volkswagen car's will become cheaper over there

Your Dangote is selling petrol even above the price of imported one's

Does it make sense?

You don’t know what you are taking about. Tesla model 3 is at least $10,000 cheaper to produce in China and import to US. Volkswagen ID.7 is €26,000 cheaper to produce in China and import to . Even though these companies own by US and , these importation are not allow or discourage by heavy tariffs. You need to keep jobs in your country and don’t allow others with excess capacity to dump products in your country.

kenex4ever:
u missed the point.


How will Dangote use the name refiners association to fight pms import where the other people do not have business with pms. Fishy.

He claims imported products are substandard, we have been importing for years and we are okay with the products he is demonizing.

Let him allow competion for prize in the sector.

Can you please tell me what you mean by competition? It’s like the US telling its company to allow importation of steel from China to compete. That would be really stu.ipid

Just listening to yourself ‘we have been importing and we are okay with it’ it’s mor.onic thinking like this that ensure your country to remain poor and backward and why the future of your children will remain bleak.

skywalker240:

Building a refinery like the government monopolistic babysitting bastards won't fight against them, when he sees competitions?

You think other indigenous investors would've been granted scarce forex like dangote was granted? Or don't you know the kind of system been ran in this country?

FG gave out licenses to many companies to build refineries. Only Dangote built one. Countries babysits individual that build industries in the country and that’s what they should do. Giving favorable forex to companies that are building manufacturing capacity is what Nigeria should do and that’s not even enough. Tax breaks and more incentives needs to come into play. For example, Canada is giving upto $13 billion to Volkswagen to build a plant in the country. This is how you create good jobs, not importing what you can produce.

Lokostar01:
get your facts right imported solar s and electric vehicles are cheaper than locally produced in the US

And that is why US and Canada have tariffs on Solar s, car, steels and aluminum. China have excess capacity that they can export to anywhere, even a significant loss.

skywalker240:

Anybody ing a known monopolist that always fight competitions just to have his way in this dying economy is the real worst enemy of this nation

Nobody is stoping anyone from building a refinery in Nigeria and compete. It’s utterly mor.onic and makes no sense to say that people should be allowed to import to compete. That’s not competition, that’s destroying your manufacturing base.

iLoveYouToo:
Now they want FG to provide them with cover, same cover FG gave to local rice producers that are now choking us with price.

Local producers are just evil, especially the ones backed by FG’s local content promotion.

It’s only in Nigeria that imported goods are cheaper than the locally produced (often inferior) ones

If this is your thinking, so why should anybody invest in manufacturing in Nigeria? Everything should be imported because you can always get them cheap products somewhere as many country are looking for dum.b places to dump their excess capacity. Jobless and unemployment will just quadruple and poverty will be your future. No country can develop or even be sustainable by just consuming. You need to create a manufacturing base in Nigeria by protecting it and able to convince investors that they will be able to recoup their investment if the invest here. Africans don’t think far, just want to eat everything now and party.

crossbreedwears:
Until then sir

Just like I predicted. So much propaganda. Just too much.

SlavaUkraini:


😂😂😂😂😂😂😂

It's election season.... Let's debate na..

The propaganda during this election was a turnoff. It became so tiring and ridiculous and that is one of the reasons Harris will lose this election. People, including me, just stop believing the main stream media’s narrative.

SlavaUkraini:


Foxnews....

If you give Trumpees results from CNN dem go argue

So give them from their own source

Even CNN is very conservative in their results

You are very used to propaganda and it's pointless to debate you.