AFCON 2023 Finals
Nigeria vs Ivory Coast
Date: Sunday, February 11th. 2024
Time: 9:00pm
Venue: Alassane Ouattara Stadium, Abidjan, 8pm)
Super Eagles Observe Minute Silence In Honour Of Nigerians Who Died During AFCON
Moment a minute of silence was observed by the Super Eagles team in honour of the lives lost in the course of the semi final match against the Bafana Bafana of South Africa.
May Their Souls Rest In Peace Amen.
#wetindeyhappentv
Banks Dollar Sale Falls As Naira Weakens To 1,479/Dollar
The total value of transactions recorded at the official Nigerian Autonomous Foreign Exchange Market fell from $465.29m on Tuesday and $203.93m on Wednesday, data obtained from FMDQ Exchange showed on Thursday.
This indicates a 56 per cent drop in the value of transactions recorded on the FMDQ platform which records volume and value of transactions on NAFEM, the official FX market.
This drop in FX transaction came on the heels of a steady increase in the value of FX transactions on the platform, following a series of circulars issued by the Central Bank of Nigeria.
The CBN had last week issues circulars compelling banks to sell their excess dollar holdings, among others.
It also issued directives asking banks and FX dealers to report correct and transparent FX trading data.
Meanwhile, the naira fell by 1.4 per cent to the dollar at the parallel market on Thursday, following strong demand for dollars.
It traded at the rate of N1,480/$, N20 weaker than N1,460/$ quoted on Wednesday at the black market.
Bureau De Change operators speaking with The PUNCH said the rate had remained on a steady increase throughout the week.
Abdulahi Taura, a BDC operator, said the dollar was rising owing to a consistent demand for the greenback.
“The dollar has increased to N1,480. People are still demanding it and that’s why it’s increasing.”
Another BDC operator, Ibrahim Yahu, said the greenback was sold at the closing rate of N1,482.
“Today, we closed at the rate of N1,482 to the dollar. If there is no demand, prices will certainly come down but our consistent thirst for the dollar is making it to rise gradually against the naira.”
At the official market, the naira further weakened against the United States dollar, according to data posted on the FMDQ Exchange website.
Tinubu Fails To Replace Recalled Ambassadors, 5 Months After
Five months later, President Bola Tinubu is yet to appoint new ambassadors after recalling all those representing the country around the world.
Recall that President Tinubu on September 2, 2023, ordered the recall of all Nigeria’s ambassadors and envoys with immediate effect.
Daily Trust reports that Nigeria has 109 diplomatic missions worldwide comprising 76 embassies, 22 high commissions and 11 consulates.
Since independence in 1960, Nigeria has maintained diplomatic ties with many countries. Even though there have been reports of dearth of activities at some of Nigeria’s embassies, high commissions and consulates, experts who spoke to Daily Trust said countries were taken more seriously when they were visible diplomatically.
While asking Nigeria’s diplomats to come back in September, presidential spokesman, Ajuri Ngelale, in a statement, said, “The president is determined to ensure that world-class efficiency and quality will henceforth characterise foreign and domestic service delivery to citizens, residents and prospective visitors.”
He said the decision was sequel to a careful study of the present state of affairs at Nigerian consulates and embassies worldwide.
A former diplomat, who spoke to Daily Trust on condition of anonymity, said the long delay in appointing ambassadors could affect the relationship between Nigeria and some countries as some countries might not be open to deal with a lower diplomatic representation in their dealings with a country.
He said, “A Charge d Affairs may not be allowed to have meetings with a foreign minister of the host country because his position is just equivalent to that of a director. So, he may have limitations in handling serious issues which require higher authority from his host country.”
While speaking with a national daily recently, a Deputy Vice Chancellor (DVC) at the Afe Babalola University, Ado-Ekiti, Professor Damilola Olawuyi (SAN), recalled that President Tinubu took office with a vow to put international diplomacy at the centre of the country’s development strategy.
He said, “There have indeed been positive signs of such increased global engagements, with Nigeria playing key roles in landmark international summits such as the United Nations General Assembly in New York and the most recent COP-28 in Dubai, United Arab Emirates (UAE).
“However, 2023 was generally a slow and underwhelming start in terms of a clear and discernible foreign policy agenda. Early blunders such as the outrage and backlash that trailed the rushed recall of Nigerian ambassadors were a preventable embarrassment for a country of Nigeria’s stature.
“Furthermore, more than six months after taking office, many of our diplomatic missions have no clear leadership structure in place, while uncertainties also surround our representation in the UN bodies.
“This means that no matter the excellent progress the president makes when he embarks on foreign missions, there is little or no structure in place for clear and actionable follow-up.
“No country will feel confident to engage with an ambassador whose future is hanging in the balance. There is, therefore, an urgent need to resolve the appointment of new and returning ambassadors as soon as possible, including Nigeria’s representation at UN bodies such as WTO, WIPO and UNESCO.”
‘We do things upside down in Nigeria’
A former Nigerian Ambassador to the United States (US), Joe Keshi, expressed reservation over the rationale behind the recall of all the ambassadors at the same time considering the work that would go into trying to replace them at the same time.
Keshi said, “Nigeria is a unique country; we do things upside down. Now, replacing them is a headache. That is why under Gen Sani Abacha they didn’t make that mistake…”
On the implication of not naming new ambassadors some months after recalling the serving ones, the diplomat noted that it took a long time to replace an ambassador.
He explained that, “You don’t just call somebody and say, ‘You, go to America.’ When you agree on the person you want to send, you have to send his papers and every other thing to the country, and until they (the receiving country) accept, you don’t announce.
“It is when they have concluded all the work, the background and everything, because we do the same thing. When they want to nominate somebody, they send all the details and we tell our NIA and DSS to check on the person. This could take six months, some have taken one year.”
Meanwhile, a source at the Ministry of Foreign Affairs told Daily Trust that, “Meetings have been going on with stakeholders to ensure that the right people are appointed for the job in line with the president’s foreign policy direction.
“These people are going to be from all the 36 states, including the FCT. Some of them are career ambassadors and some are non-career ambassadors.”
‘New ones to be announced soon’
Corroborating what the foreign affairs ministry’s source said, Alkasim Abdulkadir, the spokesman to the Minister of Foreign Affairs, Yusuf Tuggar, said there was no cause for alarm as the government was working on the appointment of new ambassadors soon.
He said, “Their replacements are being worked on by President Tinubu. Very soon new ambassadors would be announced.”
He explained that there was no delay in the process of appointment of new ambassadors, adding that, “It is a natural process.”
He further said, “The task of selecting those who will represent Nigeria is not something that can be done in a day. You have to look at the track record of these people; you have to look at their loyalty and relationship to the government of Nigeria; you have to do security checks; you have to do background checks up to their primary schools, because these people will be representing Nigeria.”
Abdulkadir rejected the claim that activities had been on hold in Nigerian missions across the world as a result of the delay in the appointment of new ambassadors.
He said, “There are officers that have continued their work because they are staff of the Ministry of Foreign Affairs. In the last month, I have gone to about four missions and things are going on. The work is going on.
“I just came back from Saudi Arabia; all the meetings that the minister had were handled by the staff of the mission; the acting ambassador and the consul-general.
“The chargés d’affaires have taken on the work of the ambassadors very well and finely. There are no lapses anywhere.”
While assuring that the relationship between Nigeria and host governments was intact despite not having ambassadors in place in the foreign missions, he said, “That is why we have a mission or an embassy in the country. There are people who are working in those embassies. Like I told you, everything is going on fine.”
Daily Trust further reports that in December, 2022, a report published by this newspaper showed that Nigerian embassies and consulates were in a sorry state and soiled by corruption.
The report was anchored by #OurVotesCount (OVC), an initiative of the National Association of Seadogs (NAS).
The independently funded report on some selected Nigerian missions, titled: “State of Nigerian embassies and consulates, 2022”, was presented by a former Nigerian Ambassador to Mexico, Ogbole Amedu-Ode, at an event in Abuja.
The report reads in part: “Although not in high proportion as with the case in most public institutions at home, the research found that some Nigerian embassies and consulates are also soiled by corruption.
“There are reported cases of visitors being asked to pay non-official fees for services that should either come for free or cheaper.”
The report also noted that Nigerian embassies and consulates were poorly funded, stressing that most of them were housed in unbefitting structures.
The report also noted non-digitisation of services, unavailability of courier services, outdated queuing procedures and biometric-related inefficiencies, lack of good physical infrastructure, poor internet and information technology facilities, limited level of interaction between embassy officials and Nigerians in the diaspora and poor staff attitude.
The report recommended the elimination of bureaucratic bottlenecks and delays that make it possible for corrupt tendencies, especially with regards to the imposition of extra charges for express services.
Policemen Reject N4 Million Bribe, Arrest Drug Peddlers In Lagos
Officers of Area K, Marogbo of the Lagos State Police Command have arrested one Esther Obiekezie for drug peddling alongside two others who attempted to bribe the police with N4 million for her release.
The Force Public Relations Officer, ACP Olumuyiwa Adejobi, disclosed this in a statement on Thursday.
The statement read, “The Inspector-General of Police, Kayode Egbetokun, has commended the officer in charge of the Police Tactical Team attached to Area K, Marogbo, Lagos State Command, SP Rilwan Kasumu, and team, for rejecting N4m bribe while investigating a case of drug peddling and unlawful possession of ammunition.
“The team had arrested one Esther Newman Obiekezie, f, 42 years, aka Candy, of No 6, Mojirade Street, Ilogbo Lagos, on February 6, 2024, at her base where she sells drugs called ICE, and recovered a large quantity of the substance and some AK47 live ammunition from her.
“In the cause of the investigation, the duo of Akete Esther, f, 43, and Oke Okebalam, m, 49 years, of Ajamgbadi Lagos, came to the station in Ijanikin to solicit for the release of the drug peddler, Esther, and offered N4m and pleaded that the police should stop disrupting the illegal business (drug peddling) of Esther, henceforth.
“The police officer who frowned at the offer siezed the cash and marked it exhibit and arrested the duo for further investigation and prosecution.”
PUNCH Online reported on Sunday that operatives of the National Drug Law Enforcement Agency intercepted large consignments of Ghanaian Loud smuggled into Lagos with a total weight of 14, 524.8Kg and arrested a 66-year-old Nasiru Ojomu, who works with wanted Akala, Mushin-based drug baron, Suleiman Jimoh.
Banks To Pay Customers Money Sent From Abroad In Naira
Nigerian banks have started the implementation of CBN’s new requirements for international money transfer operation Based on the new rule, commercial banks are now allowed to convert customers’ remittances from abroad to naira Also, CBN placed a ban on the dollar and other foreign currency payouts for international transactions received through IMTOs
Nigerian banks have begun full implementation of the Central Bank of Nigeria’s revised guidelines on International money transfer operations in the country. The CBN released revised guidelines for the operations of International money transfer operators (IMTOs) and instructed banks to begin paying dollars and other foreign currency payouts from abroad in naira to boost forex supply and starve the black market traders.
Part of the CBN circular reads:
“All inbound money transfers to Nigeria shall be paid to beneficiaries in Naira through a bank account, or cash. “Proceeds of IMTO more than the equivalent of $200 shall be paid through an account. Cash payments shall be made upon the provision of a satisfactory/acceptable means of identification. “Where the beneficiary does not have an account with the IMTO agent bank, the agent bank shall credit the beneficiary account in another bank.”
Banks begin full implementation In reaction to the new guidelines, Nigerian banks have issued statements to their customers explaining the changes. Ecobank message to customers seen by [/b]Legit.ng reads:
[b]”Dear Valued Customer, We would like to bring to your attention recent regulatory changes affecting international money transfers into Nigeria. “With regards to the Circular issued by the Central Bank of Nigeria (CBN) dated January 31, 2024, all in-bound money transfers to Nigeria will be paid only in Naira through a bank account or in cash at the prevailing rate in the Nigerian Foreign Exchange Market. “Furthermore, transfers exceeding the equivalent of $200 must be credited to the recipient’s bank account while cash payments for amounts below $200 will require an acceptable means of identification.
The acceptable means of identification is listed as follows: International passport, Driver’s license, National Identity card, INEC Permanent Voters Card (PVC)” .
Meanwhile, the Nigerian government and the Central Bank of Nigeria have responded to reports suggesting plans by the government to convert funds in domiciliary accounts to naira. Over $30 billion is reported to be sitting idle in accounts across Nigerian banks, including Access, GTB, UBA, Zenith, and others. The report claims the move will help the naira recover in the forex market and boost forex supply in Nigeria.
Civil Society Groups Accuse EFCC of Media Trial, Needless Harassment Against Ex-Governor Yahaya Bello
Coalition of Civil Society Organisations (CSOs) in the country have cautioned the Economic and Financial Crimes Commission (EFCC) against what they call unwarranted and needless harassment, as well as media trial against the immediate past governor of Kogi State, Alhaji Yahaya Bello, insisting that it is politically motivated.
The civil society organizations numbering about 73 accused the anti-graft agency of undermining Rule of Law and embarking on bizarre of abuse of human rights under the pretence of corruption fight.
At a press conference in Abuja on Thursday, convener of the coalition, Olabode Adeyemi said the alleged conspiracy against ex-governor Bello to convert the total sum of N80,246,470,089.88 belonging to the state government to personal use is fallacious, unfounded and a piece of concoction that has no bearing in the light of reality.
He wondered why the former governor was accused of siphoning the said sum in 2015, months before he became the governor of the state in January 2016.
While wondering why the former governor has not been invited for questioning, Adeyemi said EFCC by its mode of operation is becoming a reason for Nigerians to get worried, as it has repeatedly lack of professionalism in promoting the President Bola Tinubu’s anti-corruption campaign.
He said, “Another visible and disturbing inconsistency was the EFCC in its amended charge accused the former Governor of diverting Kogi State Government funds in September 2015. Ladies and gentlemen, we all know that Yahaya Bello never became the governor of Kogi State in 2015.
“The election that produced H.E Yahaya Bello, CON, as Governor of Kogi was only conducted in November 2015. Indeed, H.E. Captain Idris Wada of the PDP held sway as Governor of Kogi State at the material time until he handed over to H.E Yahaya Bello on the 27th day of January 2016.
“H.E Yahaya Bello could therefore not have as of September 2015 conspired with anyone, including Abdulsalami Hudu, a Kogi Government House Cashier to convert any money belonging to the Kogi State Government to his personal use. It is to be noted that H.E Yahaya Bello before becoming the Governor of Kogi State had no financial dealings with the Kogi State Government which could have permitted him to convert monies belonging to the Kogi State Government”.
Also speaking, on behalf of other 72 Civil Society Organizations, the Executive Secretary, Patriotic Nigerians, Dr Ben Oguche condemned the Commission for portraying ex-governor Bello of being at large in its amended charge, saying EFCC has demonstrated unseriousness by not getting its acts right.
He said the immediate past governor has no reason to be at large, accusing EFCC of dramatizing its anti-corruption fight
“In the same amended charge of EFCC that has been amended over and over again before the Federal High Court Abuja, the EFCC portrayed former governor Yahaya Bello as being ‘at large’.
“This is both ridiculous and laughable as no invitation has been extended to him and he refused to honour it, to describe a person of the calibre of Governor Yahaya Bello as being at large only describe how unserious and lacking in truth an Organisation like EFCC could descend to”, he stated.
He urged Nigerians to ignore the media trial against Bello, saying the EFCC is acting the script of powerful political actors who are in perpetual fear over the rising profile of the former governor.
Governor Adeleke Enrols Students of School for Persons with Special Needs into Osun Health Insurance Scheme
Osun state Government on Thursday, enroled not less than 300 vulnerable students, from School for Persons with Special Needs into Osun health insurance Scheme (O’HIS) in order to have access to free medical health care.
The capturing of the enrolment took place at Osun State Secondary School for Persons with Special Needs in Osogbo, the Osun state capital.
O’HIS Public relation officer, Mr Segun Odewumi in an interview with newsmen, explained that the program was organized by the state government to reduce the burden of cost of health care on vulnerable students.
“This is a very good initiative, because of what’s going on in the society now many parents cannot afford to take care of their children, but with this, they will go to the hospital and receive treatment free of charge.
“With this excercise, card will be given to them, and they will take it to hospital, with that they will enjoy free health care for the next 5 years
“About 300 students will be captured here today and the exercise will last for 5 years. The teachers and the students are very much happy, he said.
During an interview with some of the beneficiaries, Ajala Oluwadamilare Ezekiel, a student of the school expressed his appreciation to the state government for counting them worthy to enjoy free healthcare
He continued by pleading with Governor Adeleke to continue rendering assistance to all vulnerables in Osun state.
Adesola Kehinde who is also among the enroled students showered many prayers on Governor Adeleke.
“I pray that the Lord will continue to help Governor Adeleke, thank you for remembering us”, She said.
Forex Crisis: Our Crude Oil Sold In Advance – NGF
Kwara State Governor AbdulRahman AbdulRazaq and chairman of the Nigeria Governors’ Forum (NGF) has called for patience over the ongoing economic hardships being experienced in the country.
The governor said this during a briefing in Ilorin with different segments of the state on efforts of the government to ease things for the people.
The sessions, which lasted for hours, involved labour union leaders from the transport, artisans, market unions and students drawn from various backgrounds in the state.
In a statement signed by Rafiu Ajakaye, Chief Press Secretary to the Governor, AbdulRazaq said that different federal government committees are working round the clock to plug the spiraling fall in the value of the naira and its impacts on consumer goods.
According to him, “We (governors) held a meeting on Tuesday afternoon which I joined through zoom, and it is a continuation of previous meetings. The government is launching programmes to checkmate the rising food prices.
“Our major problem is foreign exchange. We are getting US dollars from sales of crude oil, whereas we have low sales at the moment. We used to experience pipeline vandalism.
“But since the assumption of Tinubu’s government, production of oil has increased. Not only that, the government realised recently that the crude oil we are, and will be getting in the next six months or so had been sold in advance. So, they don’t get value for whatever they are selling now. But gradually, things will change and we need your support to understand us,” he added.
AbdulRazaq said the government is immediately working to force down the cost of key staple foods by releasing grains from the strategic reserve and distributing the same to the people at intervals.
The devaluation of the naira, the Governor noted “meant that merchants from neighbouring countries are mopping up grains from Nigeria.
“This is because it is far cheaper to buy from the country and then resell at higher prices in their own countries, especially in the West African sub-region”.
Acknowledging the spike in inflation, he urged the people to be patient adding that the government’s investments in gas-powered vehicles will manifest after their distribution in the coming months.
Government Approval Delays Dangote Refinery Fuel
Indications have emerged that lingering regulatory approvals have stalled Dangote Petrochemical Refinery’s plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market in January, findings by The PUNCH have shown.
One week after the January 31 timeline set by the management of Africa’s largest refinery to begin sale of its petroleum product in the local market, the refinery is still battling to cross the hurdles of the several layers of regulatory approvals.
The development came almost a month after the refinery began the production of petroleum products at the expansive facility.
On January 12, 2024, Dangote refinery announced that it had commenced the production of Automotive Gas Oil, popularly called diesel, and aviation fuel or JetA1.
The President, Dangote Group, Aliko Dangote, in a statement issued by his firm at the time, thanked President Bola Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project.
Dangote also thanked the Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, NMDPRA and Nigerians for their support and belief in the historic project, as he revealed that the facility would pump out diesel and aviation fuel in January, subject to regulatory approvals.
He said, “We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to details.
“His intervention at various stages cleared all impediments thereby accelerating the actualisation of the project. We also thank the NNPC, NUPRC and NMDPRA for their support. These organisations have been our dependable partners in this historic journey.
“We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.”
The confirmed on Wednesday, February 7, 2024, the plant had yet to pump out diesel nor aviation fuel, amid an anxious wait by operators in the downstream sector and Nigerians consumers.
Findings showed major and independent oil marketers were keenly waiting for the sale of refined products from the $20bn Dangote Petroleum Refinery even though the January 2024 target for the release of fuel by the facility passed.
But multiple officials of regulatory agencies in the oil and gas sector revealed to The PUNCH on Wednesday that the facility had yet to complete the various stages of its regulatory processes.
It was gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were still assessing the products being produced by the plant before the agency would issue regulatory approvals for the products’ release into the market.
Approval delayed
Multiple sources at both the Abuja headquarters and Lagos regional office of the NMDPRA, the regulator of Nigeria’s midstream and downstream oil sector, confirmed that the process for the release of regulatory approvals was still ongoing.
“Definitely before any release of products is made, approvals must have been granted and this is being worked. The appropriate department is working out the approvals.
“We cannot tell you exactly what these approvals consist of. But the fact is that for Dangote refinery to release products, the requisite approvals must be granted, because the regulator needs to look at the quality of the products, whether they (products) meet specifications, etc, before they are being released to the market.
“So the approvals are being worked on. However, I cannot give you the date when it is going to be completed, but just know that the process is ongoing and I’ll brief you on an updated position,” an official, who pleaded not to be named due to lack of authorisation, stated.
Also, oil marketers told our correspondent that they had yet to receive the commercial terms for the supply of products from the facility, stressing that this was still being awaited.
“The commercial terms are still being sorted out and we are expecting that information from the refinery as well,” the Executive Secretary/Chief Executive Officer, Major Energies’ Marketers Association of Nigeria, Clement Isong, stated.
The PUNCH had reported on January 15, 2024 that the seven major oil marketers in Nigeria had registered with the Dangote Petroleum Refinery for the lifting and distribution of refined petroleum products produced by the $20bn plant.
The report stated that dealers under the aegis of the Major Oil Marketers Association of Nigeria (now MEMAN) confirmed that with the registration, they would commence the distribution of fuel produced from the facility once the commercial terms were sorted.
It further stated the Independent Petroleum Marketers Association of Nigeria also revealed that they met with the management of the Dangote refinery to discuss terms of product loading.
Similarly, the Petroleum Products Retail Outlets Owners Association of Nigeria stated that PETROAN had been engaging the management of the multi-billion dollar refinery for the supply of products from the facility.
The report outlined the seven major marketers to include 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc and NNPC Retail.
IPMAN awaits Dangote
When also contacted to provide updates on their engagements with Dangote refinery, the National President, IPMAN, Abubakar Maigandi, said independent marketers were still awaiting feedback from the management of the facility.
He said, “We are still expecting the products from them, but up till now they have not called us for the distribution of products. We heard that this is because they are still undergoing the regulatory approval processes.
“So we are waiting. They have also not given us the cost of their products. When they give us the cost, of course, we are going to let you know.”
Officials of Dangote refinery, however, preferred not to comment on the issue, as they have yet to provide responses to enquiries on the matter.
Requests for comments spanning days had yet to be responded to as of the time of filing this report on Wednesday.
Dangote refinery, Africa’s biggest oil giant is located at the Lekki Free Zone in Lagos, and was inaugurated on May 22, 2023. It has a 650,000 barrels per day refining capacity, making it the world’s largest single-train refinery
The facility is to produce diesel, jet fuel, Premium Motor Spirit, popularly called petrol, polypropylene, among others.
The facility aims to meet 100 per cent of Nigeria’s refined petroleum needs, create jobs, and boost exports, as it sits on a massive 6,180-acre site and boasts the world’s longest subsea pipeline infrastructure (1,100km).
More jobs
It has its own 435 megawatts power plant, capable of supplying electricity to a major Nigerian city and the project is expected to create 135,000 permanent jobs in the region.
Dangote Group’s president described his refinery as a game-changer for Nigeria’s oil industry and a significant infrastructure development in Africa.
“This is a big day for Nigeria. We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects.
“This is a game-changer for our country, and I am very fulfilled with the actualisation of this project,” Dangote stated in the statement issued by his firm on January 12, 2024.
The refinery has so far received six million barrels of crude oil at its two SPMs located 25km from the shore. The first crude delivery was done on December 12, 2023, and the 6th cargo was delivered on January 8, 2024.
On January 29, 2024, it was reported that the refinery was set to import crude oil from the United States in the coming months, as the $20bn facility intensifies moves to start pumping out refined products.
The report stated that Africa’s largest refinery’s move to import crude from the US was a sign of just how competitive American barrels had become in the global market.
The multi-billion dollar refinery, according to Bloomberg at the time, was also expecting two million barrels of crude oil from Trafigura Group in February.
The report stated that Trafigura Group sold two million barrels of WTI Midland to Dangote refinery for end-February delivery.
It said this was disclosed by traders with knowledge of the matter, adding that it was the first time that the giant refinery had purchased non-Nigerian crude.
Trafigura is a multinational commodity trading company headquartered in Singapore, with major hubs in various locations including Geneva, Houston, Montevideo and Mumbai. The group participates in the oil and petroleum products market.
They primarily trade in base metals and energy, including oil, and also other commodities like minerals and metals. They have activities involving US oil as a globally focused company.
Dangote refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the refinery will conform to Euro V specifications, according to its management.
“The refinery design complies with the World Bank, US EPA, European emission norms, and Department of Petroleum Resources emission/effluent norms, employing state-of-the-art technology,” the firm stated.
Since the announcement by Dangote that the refinery had started producing aviation fuel and diesel, operators in the downstream oil sector have to continued to declare their readiness to distribute the commodities across the country.
For instance, when contacted and asked in January whether major oil marketers would be involved in the lifting of refined products from the Dangote refinery, or whether the facility would distribute the fuel itself, Isong, the MEMAN CEO, replied, “I confirm that we (major marketers) have met with him (Dangote).
According to Isong, all MEMAN members have registered with Dangote Petroleum Refinery to become marketers of its products. He had told The PUNCH that MEMAN members would have the product in their stations the moment it was available for sale.
“We have all registered with Dangote so that we call buy and sell. All my members are registered with Dangote. Whenever the product is ready and starts coming out, you will see it in our filling stations,” he said.
“I confirm that my members have registered with them. We were waiting for the production to start and now it has started and they will start discussing the commercial terms. So yes, major marketers and other players will buy for the market. The important thing was the registration.
“So now the commercial terms will be agreed with each marketer and then they will buy from them. There are several ways you can buy from them. They have loading ranks, over 90, so you can take your truck to go and pick. You can also use vessels to pick. Those are the two ways you pick products.”
Asked at the time to state how soon marketers would start picking products from the plant, Isong said, “I don’t know, but I know we started registration last year. So as soon as they say they are ready we will pick the products. Also as soon as the commercial terms are set, my members will pick.”
Former President Muhammadu Buhari inaugurated the Dangote refinery in May 2023. The facility missed its crude oil refining target a number of times due to the non-supply of crude to the plant by oil producers.
It, however, started receiving crude oil batches of one million barrels each in December 2023 and got the 6th batch of one million barrels of crude last month. Officials at the plant had explained that the refinery required six million barrels of crude to commence production.
Meanwhile, the MEMAN CEO had expressed excitement about the coming onstream of the refinery but stated that he could not tell what the pricing policy of the refinery would be.
“It should be the market price because you need to recover your cost, and capital, and repay your loans. I don’t know what the market price will be, but I know that with my international experience in the economics of petroleum, nobody does this business to make a loss,” he stated.
The prices of diesel and aviation fuel are fully deregulated commodities, unlike that of PMS, which has been a subject of debate on whether it is being subsidised or not.
But operators explained that the cost of crude oil would play a major role in determining the cost of fuel from Dangote Refinery.