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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.

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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.

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“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.

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“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.

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“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.

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“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.

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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.

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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.”

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Economy

SEE NAIRA Rates Against The USD, GBP, EURO Today September 20, 2024

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By Mario Deepromoter

The USD was traded at ₦ at the beginning of this September on Monday, September 2, 2024. As at today with USD being traded at ₦1,665 we see a % for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1665 1657
Pounds to Naira 2227 2200
Euro to Naira 1839 1815
Canadian Dollar to Naira 1221 1213
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF)

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Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

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Economy

SEC wants govt agencies to list on NGX

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The Securities and Exchange Commission (SEC) says it will encourage government agencies and state owned enterprises to list on the Nigerian Exchange Ltd. (NGX).

Dr Emomotimi Agama, the Director-General (D-G) of SEC in an interview with newsmen in Abuja on Thursday, said the listing of the companies on the NGX would guarantee democratisation of their operations.

Agama said the listing would also guarantee inclusiveness and wealth creation for citizens.

He said the Commission would provide incentives that would encourage as much state owned enterprises to list.

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According to him, inclusivity is very critical, because in it, you have ownership and so we all build our industries and the country together.

The D-G said the SEC was also working towards inclusion via technology, adding that the use of technology would make the capital market more attractive, especially to the younger generation.

“That is why we encourage apps, we encourage fintech tools, and that is why we supported the inauguration of the electronic offering platform at the Nigerian exchange.

”We encourage everyone who wants to participate and is qualified to participate in this process, to turn around the way people see investing.

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“We want investors to have a beautiful experience, to make it so easy for them that each time they feel like investing, it brings happiness to them.

”We will continue to do that through encouragement of technology, through education,” Agama said.

He said the Commission would ensure that bottlenecks usually experienced in process of investing in the market were removed to rejuvenate the country’s capital market.

(NAN)

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Economy

SEE Naira To Dollar Exchange Rate In Black Market Today – 19th September 2024

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By Mario Deepromoter

The Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Here’s the exchange rate for today, 18th September 2024, based on information from Bureau De Change (BDC) operators

How much is a dollar to naira today in the black market?

As of today, in Lagos Parallel Market (Black Market), the exchange rate for buying a dollar is N1655, while selling is at N1660 on Wednesday, 18th September 2024.

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It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals to approach their banks for official Forex transactions.

### Dollar to Naira Black Market Rate Today:
– **Buying Rate**: N1655
– **Selling Rate**: N1660

### Dollar to Naira CBN Rate Today:
– **Buying Rate**: N1651
– **Selling Rate**: N1652

*Note*: These rates may vary slightly based on location and the specific Bureau De Change operator.

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### CBN’s Outlook on External Reserves and Economy:

The Central Bank of Nigeria (CBN) has raised concerns over factors that may hinder the growth of Nigeria’s external reserves in 2024/2025. The removal of fuel subsidies, rising import costs, and increased debt servicing are cited as potential threats to the reserves.

This was detailed in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024/2025. Despite these challenges, the CBN projects overall economic growth for Nigeria, driven by policies supporting agriculture, oil sector reforms, and foreign exchange market adjustments.

“The outlook for Nigeria’s external sector in 2024/2025 is optimistic,” the CBN noted, with expectations of favorable trade terms due to higher oil prices and improved domestic production. However, the bank also highlighted risks such as lower oil revenues, increased import bills, and rising external debt obligations.

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