Economy
IOCs frustrating rollout of petrol, says Dangote Refinery
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Dangote Group has accused International Oil Companies (IOCs) operating in the country of deliberately sabotaging Dangote Refinery’s plan to roll out petrol into the market.
According to the company, the IOCs are doing this to ensure that the country remains dependent on petrol imports perpetually.
It added that they have employed underhand tactics in crude pricing and deliberately stalling supply to frustrate Dangote Refinery.
Vice President of Oil and Gas, Dangote Industries Limited (DIL), Devakumar Edwin, made this known yesterday in Lagos.
He, however, added that despite these challenges, the refinery is on its last lap of testing ahead of roll out next month.
He explained that the IOCs have raised local crude prices above the international market price, forcing it to import crude from countries as far as the United States, with its attendant high costs.
He also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for granting licences indiscriminately to marketers, who, according to the firm, import “dirty refined products into the country”.
Edwin said: “The Federal Government issued 25 licences to build refineries and we are the only one that delivered on promise.
“In effect, we deserve every support from the government. It is good to note that from the start of production, more than 3.5 billion litres, which represents 90 per cent of our production, have been exported.
“We are calling on the Federal Government and regulators to give us the necessary support in order to create jobs and prosperity for the nation.”
According to him, while the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been trying its best to allocate crude to Dangote Refinery, such efforts are being frustrated by the IOCs.
Speaking further, Edwin said: “It seems that the IOCs’ objective is to ensure that our Petroleum Refinery fails.
“It is either they are deliberately asking for ridiculous/humongous premium or they simply state that crude is not available.
“At some point, we paid $6 over and above the market price. This has forced us to reduce our output as well as import crude from countries as far as the U.S., increasing our cost of production.
“It appears that the objective of the IOCs is to ensure that Nigeria remains a country which exports crude oil and imports refined petroleum products.
“They (IOCs) are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their GDP, and dumping the expensive refined products into Nigeria – thus making us dependent on imported products.
“It is the same strategy the multinationals have been adopting in every commodity, making Nigeria and Sub-Saharan Africa to be facing unemployment and poverty, while they create wealth for themselves at our expense. This is exploitation – pure and simple.
“Unfortunately, the country is also playing into their hands by continuing to issue import licences at the expense of our economy and at the cost of the health of Nigerians, who are exposed to carcinogenic products.
“In spite of the fact that we are producing and bringing out diesel into the market, complying with ECOWAS regulations and standards, licences are being issued, in large quantities, to traders who are buying the extremely high sulphur diesel from Russia and dumping it in the Nigerian Market.
“Since the U.S., EU and UK imposed a Price Cap Scheme from 5th February 2023 on Russian Petroleum Products, a large number of vessels are waiting near Togo with Russian ultra-high sulphur diesel and, they are being purchased and dumped into the Nigerian Market.
“In fact, some of the European countries were so alarmed about the carcinogenic effect of the extra high sulphur diesel being dumped into the Nigerian market that countries like Belgium and the Netherlands imposed a ban on such fuel being exported from its country, into West Africa.
“It is sad that the country is giving import licences for such dirty diesel to be imported into Nigeria when we have more than adequate petroleum refining capacity locally.”
According to him, the decision of the NMDPRA to grant licenses indiscriminately for the importation of dirty diesel and aviation fuel has made the Dangote Refinery expand into foreign markets.
He appealed to the Federal Government and the National Assembly to urgently intervene for the speedy implementation of the Petroleum Industry Act (PIA) 2021 and to ensure the interests of Nigeria and Nigerians are protected.
He added: “Recently, the Government of Ghana, through legislation, banned the importation of highly contaminated diesel and PMS into their county.
“It is regrettable that, in Nigeria, import licences are granted despite knowing that we have the capacity to produce nearly double the amount of products needed in Nigeria and even export the surplus.
“Since January 2021, ECOWAS regulations have prohibited the import of highly contaminated diesel into the region.
“The same industry players fought us for crashing the price of diesel and aviation fuel, but our aim is to grow our economy,” Edwin said.
He noted that because the refinery meets the international standard as well as complies with stringent guidelines and regulations to protect the local environment, it has been able to export its products to Europe and other parts of the world.
NMDPRA said it would respond to Dangote Refinery’s allegations today.
Asked for the Authority’s response, Corporate Communications General Manager, Mr. George Ene-Ita, texted: “We will respond in the morning, pls.”
The Nigeria Data Protection Commission (NDPC) has secured a legal victory confirming its authority to register data controllers and processors of major importance (DCPMIs).
In a judgment delivered by Justice Friday Ogazi of the Federal High Court, Lagos, in Emmanuel Harunna v. NDPC, the court dismissed a suit seeking to restrain the commission from registering point of sale (POS) agents and key data processors.
In a statement yesterday by the NDPC Head, Legal, Enforcement and Regulations, Babatunde Bamigboye, the court ruled that NDPC’s regulatory oversight strengthens data security and upholds citizens’ constitutional rights to privacy.
It further reaffirmed that the Nigeria Data Protection Act, 2023, overrides any conflicting laws concerning personal data handling.
Following the ruling, NDPC National Commissioner, Dr Vincent Olatunji, has ordered all unregistered major data controllers and processors to register forthwith or risk statutory penalties.
According to the court, “the Nigeria Data Protection Act was enacted to promote accountability, transparency and responsible data governance. Registration enables the respondent to identify entities engaged in significant data processing activities and monitor compliance.
“Far from undermining the constitutional right to privacy, the registration framework is one of the statutory mechanisms designed to safeguard that very right by subjecting data controllers and data processors to effective regulatory oversight.”
Among others, it noted that “There is every indication that the Guidance Notice is also aimed at protecting the privacy and security of data subjects, thus bringing the registration requirement of the Guidance Notice within the protective shield of section 45 of the 1999 Constitution.”
Meanwhile, to ensure full compliance with the judgment, the NDPC National Commissioner and Chief Executive Officer, Dr Vincent Olatunji, has directed all DCPMIs that are yet to register with the Commission to do so forthwith or face serious legal liabilities.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, will headline the 7th Africa Emerging Markets Forum scheduled to hold in Abuja on July 29 and 30, 2026.
The two global economic leaders are expected to feature in a high-level fireside dialogue that will focus on how African economies can navigate growing global uncertainties, sustain reform efforts, deepen regional integration and unlock long-term growth opportunities.
Hosted by the Central Bank of Nigeria in partnership with the Emerging Markets Forum (EMF) and the Centre for the Study of the Economies of Africa (CSEA), the forum will bring together senior policymakers, central bankers, ministers, economists, development partners and private-sector leaders from across Africa and beyond.
The event, which will take place at the CBN Headquarters in Abuja, is themed “Building Resilience Amidst Geoeconomic Uncertainties.”
Organisers said discussions will centre on practical policy responses to an increasingly fragmented and unpredictable global economic landscape.
The forum will also feature keynote addresses from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Minister of Science, Technology and Innovation, Dr Kingsley Udeh, highlighting the role of coordinated fiscal, monetary and innovation policies in driving Africa’s economic transformation.
Other notable participants expected at the gathering include Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group; Harinder Kohli, Founding Director and Chief Executive of the Emerging Markets Forum; and Professor Adamu Ahmed, Vice-Chancellor of Ahmadu Bello University.
Over the two-day event, participants will examine issues shaping the future of emerging economies, including macroeconomic stability, regional integration, cross-border payments, financial technology, infrastructure development, foreign direct investment, technology transfer and artificial intelligence.
Deliberations will also focus on food price volatility, inflation management and the effectiveness of monetary policy transmission in fragile and post-crisis economies.
According to the organisers, the forum is designed to encourage open dialogue on strategic economic challenges facing emerging markets while identifying practical and adaptable policy solutions.
They noted that the event reflects the commitment of the Central Bank of Nigeria and its partners to strengthening regional cooperation, promoting evidence-based policymaking and advancing innovative approaches that support sustainable and inclusive economic growth across Africa.
The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, PMS at its retail outlets for the second time in less than two days.
A market survey by DAILY POST showed that NNPCL raised its petrol price to N1,335 per litre on Wednesday from N1,270 per litre on Tuesday.
This means that the state-owned filling station increased its fuel price by N65 per litre.
The new price has been implemented at NNPCL filling stations in Wuse Zone 6 (Berger), Zone 4, and other outlets in Abuja and its environs.
Recall that on Tuesday, NNPCL increased its petrol pump price by N115 per litre to N1,270 per litre.
The latest increase comes amid continued petrol price volatility in the country’s downstream oil sector following Dangote Refinery’s resumption of the sale of refined petroleum products in U.S. dollars.
DAILY POST reports that crude oil prices rose by nearly 4 percent on Wednesday as airstrikes intensified in the Middle East.
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