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Dangote refinery to import crude from Brazil – Report

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By Kayode Sanni-Arewa

Dangote Petroleum Refinery is set to import a cargo of Brazilian crude, Bloomberg reported on Friday.

It said this would add to the large number of overseas barrels of crude feedstock that the Nigerian firm was importing.

Indigenous crude oil refiners, including Dangote refinery and modular refineries, as well as local crude producers have repeatedly raised concerns about the low crude oil output from Nigeria.

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Although the government, through the Nigerian Upstream Petroleum Regulatory Commission, has been making efforts to tackle this, oil production from Nigeria has remained low.

This has made it tough for local refiners to get crude, as bulk of the oil produced in-country are exported due to earlier arranged contracts with International Oil Companies operating in Nigeria and the Nigerian National Petroleum Company Limited.

Bloomberg reported on Friday that traders with knowledge of the matter stated that Dangote refinery, which is still ramping up to full capacity, would receive a shipment of one million barrels of Tupi crude from Brazil for delivery in the second half of next month.

“The refinery, billed as pivotal in ending Nigeria’s dependence on foreign fuel, has already snapped up millions of barrels of American crude,” the report by the media organisation stated.

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It stated that the purchases of non-Nigerian barrels likely reflect the most competitively priced, suitable cargoes.

The traders said the cargo was sold by Petrobras, a state-owned Brazilian multinational corporation

Bloomberg said officials at the company, and one at Dangote, did not immediately respond to requests for comment.

Quoting data from the Latin American country’s commerce ministry, the publication said it was the first time that Brazil had exported oil to Nigeria.

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Dangote refinery recently purchased five million barrels of US crude scheduled for delivery next month and in September.

It was reported in May this year that the refinery planned a purchase of 24 million barrels of crude from the US for over a year.

Modular refiners had also stated that crude importation would linger until Nigeria produces enough barrels to meet both domestic demand and exports.

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Before final liquidation, NDIC set to auction Heritage bank properties

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In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.

According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.

This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.

Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.

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The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.

“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.

Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”

Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.

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“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”

Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.

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Naira slumps in parallel market

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The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.

According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.

The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.

As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.

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Sad! Body of COAS, Lt General Taoreed Lagbaja, ready to be airlifted to Abuja(Photos)

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Body of the Chief of Army Staff, Lt General Taoreed Lagbaja, ready to be airlifted to Abuja.

SEE PHOTOS BELOW:

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