News
Dangote Refinery To Start Production With 350,000bpd Crude
The President/Chief Executive Officer, Dangote Group, Aliko Dangote, has said that the $20billion Dangote refinery in Lekki, Lagos would start with the refining of 350,000 barrels per day of crude oil.
Dangote, who disclosed this during an interview with the Financial Times, also stated that the refinery would receive about six million barrels of crude in December 2023.
“We’re starting with 350,000 barrels a day”, Dangote told the Financial Times, adding that a deal had already been clinched for the “first cargo of about 6mn barrels” for delivery next month.
Dangote said he believed the refinery could reach its capacity of 650,000 barrels a day by the end of 2024, although the IMF has said it doubts it will reach more than a third of that by 2025.
At full tilt, the refinery, the world’s largest “single train” facility with just one distillation unit, could save Nigeria billions in foreign exchange currently spent on imported fuel.
It was “shameful”, Dangote said, that Nigeria, a major oil producer for more than 50 years, could not refine its own crude in anything like sufficient quantity.
Dangote conceded there were times when he thought the massive project, long delayed and about $8billion over budget, might jeopardise his business empire.
“The challenges that we faced, I don’t know whether other people can face these challenges and even survive,” he said, adding that, “It’s either we sink or we sail through. And we thank the Almighty that at least we’ve arrived at the destination”.
Yet in what is supposed to be Dangote’s moment of triumph, he finds himself under intense pressure. A rival industrialist has accused him of underhand business practices and of gaining unfair access to foreign exchange from a central bank whose former governor is now being investigated by the authorities. Dangote has denied both allegations.
In addition, the Nigerian National Petroleum Corporation has been unable or unwilling to supply him with the crude his refinery needs, although Dangote insists it is only a matter of weeks before oil starts flowing.
Many even doubt the refinery will work at all, or predict that it will be inefficient. Rumours are also rife that Dangote, whom critics accuse of having unduly benefited from close relations with four successive administrations, has fallen out with Bola Tinubu, who became president in May.
In the interview, Dangote complained that rivals were complaining because they did not understand what it took to run a business that was the country’s biggest private-sector employer and its biggest taxpayer.
”Sometimes when people talk about us, it’s like the government is holding everybody down and allowing us alone to fly”, he said.
Dangote did not want to discuss in detail a tussle over the supply of crude with NNPC, which owns 20 per cent of the refinery after a $2.76bn equity purchase in 2021. Nigeria produces about 1.4 million barrels of oil a day, well short of its OPEC quota of 1.8 million barrels, with much pre-sold in forward contracts.
“Let’s not have the blame game here,” he said of NNPC’s reported difficulties in meeting the refinery’s requirements. “We have resolved all the issues of supply”, he added.
Dangote rejected suggestions that NNPC was playing hardball to negotiate a bigger share of the refinery, which he said would generate revenue of $25bn a year at full capacity.
“I don’t think NNPC needs to buy more shares. I think they’re okay with what we’ve given them”, he stated.
The Dangote Refinery would eventually be floated as a separate company, he said, initially on the Lagos stock exchange.
News
Nigerians Hit As Iran Rains Missiles On UAE
Nigerians were among more than 140 residents injured after Iran launched multiple ballistic missiles and unmanned aerial vehicles at the United Arab Emirates, at the weekend.
This raised fresh fears for thousands of Nigerians living and working in the Gulf nation.
The UAE Ministry of Defence disclosed last Saturday that its air defence systems intercepted several missiles and drones fired from Iran, describing the attack as a major escalation in the ongoing regional tensions.
In a statement posted on its official X handle, the ministry said its air defence units engaged nine ballistic missiles and 33 drones during the latest assault on March 14.
It added that the attacks left six people dead and 141 others injured, including foreign nationals.
“The UAE air defence systems on March 14 engaged nine ballistic missiles and 33 UAVs launched from Iran,” the ministry stated.
“Since the onset of this blatant Iranian aggression, UAE air defences have engaged 294 ballistic missiles, 15 cruise missiles, and 1,600 UAVs launched from Iran,” UAE added.
According to the ministry, those killed in the attacks included citizens of the UAE as well as foreign nationals from Pakistan, Nepal and Bangladesh.
“Although the authorities did not specify the exact locations where the casualties occurred, the ministry said the injured victims were from several countries, including Nigeria.
Others affected include residents from Egypt, Sudan, Ethiopia, the Philippines, Pakistan, Iran, India, Bangladesh and Sri Lanka.
The list also included Azerbaijan, Yemen, Uganda, Eritrea, Lebanon, Afghanistan, Bahrain, Comoros, Türkiye, Iraq, Nepal, Oman, Jordan, Palestine, Ghana, Indonesia and Sweden.
The Tide reports that this development has sparked concern among Nigerian communities in the UAE, where thousands of citizens live and work in sectors such as construction, hospitality, logistics and trade.
Data from Nigeria’s diaspora commission shows that the UAE remains one of the largest destinations for Nigerian migrants in the Middle East, particularly in the emirates of Dubai, Abu Dhabi and Sharjah.
The Nigerian government had in recent years raised concerns over the safety and welfare of its citizens in the country following diplomatic tensions and visa restrictions affecting Nigerians.
Saturday’s attacks have now heightened anxieties within the diaspora community, especially as the Gulf region faces growing military confrontations.
In its statement, the UAE Ministry of Defence said the country remained fully prepared to confront any threats to its security.
“The Ministry of Defence remains fully prepared and ready to deal with any threats and will firmly confront any attempts to undermine state security in a manner that ensures the protection of its sovereignty, security and stability, and safeguards its national interests and capabilities,” the ministry said.
In a separate update, the ministry noted that its defence systems were still actively intercepting missiles and drones.
“UAE air defences are dealing with Iranian ballistic and cruise missiles and drones,” it said.
Regional media reports indicate that the attacks form part of a wider escalation of hostilities between Iran and Western-backed forces in the Middle East.
According to Al Jazeera, Iran has continued sustained missile and drone strikes across the Gulf despite protests from neighbouring states.
The strikes were said to be in retaliation for military operations launched by the United States and Israel against Iranian positions in the region.
Tehran targeted several Gulf countries, including Saudi Arabia, Qatar and the UAE, late on Friday and into Saturday.
The attacks also caused infrastructural damage in parts of the UAE.
Meanwhile, Iran’s elite military wing, the Islamic Revolutionary Guard Corps, warned that US interests in the UAE would remain legitimate targets.
Iranian state media reported that the group issued the warning after US forces attacked Iranian-controlled islands.
The IRGC specifically mentioned ports, docks and military installations linked to the United States as potential targets.
It also urged residents in the UAE to evacuate areas around ports and military facilities to avoid civilian casualties.
Security analysts say the growing exchange of threats and strike across the Gulf could destabilise the region’s economic and aviation activities if the conflict escalates further.
Nigeria’s Ministry of Foreign Affairs has yet to issue an official statement on the incident as of the time of filing this report.
News
Fubara Swears in Five New Commissioners …Says Their Best Is Needed for Rivers Dev
Rivers State Governor, Sir Siminalayi Fubara, has charged the five new commissioners sworn-in last Wednesday to put in their best for the development of the State.
Fubara gave the charge during the swearing-in of the commissioners at the Executive Council Chambers of the Government House, Port Harcourt, last Wednesday.
This followed the successful screening of the five commissioners by the Rivers State House of Assembly, last Tuesday.
The five commissioners are Tonye Bellgam, Prof. Temple Nwofor, Dr. Peters Nwagor, Mr. Lekue Kenneth, and Sir Amairigha Edward Hart.
The Tide reports that the governor had sent nine commissioner-nominees to the Assembly for screening, but the Assembly confirmed only five nominees and rejected the nomination of four over various allegations.
Those rejected by the Assembly are Prof. Dantonye Alasia, Mrs. Charity Demua, Mr. Tamuno Williams, and Otonye Amachree.
The governor congratulated the new commissioners on their appointment, noting that their thorough screening by the Rivers State House of Assembly was a proof of their capabilities.
He urged them to deploy their wealth of experience in various fields and put the State on a fast lane of development.
“Ordinarily, I am supposed to charge you on your responsibilities and how to operate. But that has been taken care of by the screening at the Assembly.
“I believe that going through one of the most rigorous screenings, it is enough to say that for those of you who succeeded, you are fit and ready to deliver to our dear State.
“So there is no further charge. The screening was the charge, so I wish you the best as I don’t expect anything less than the best from you,” Fubara said.
News
Navy Destroys Illegal Refinery In Rivers, Intercepts Stolen Fuel In C’ River
The Nigerian Navy has intensified its crackdown on crude oil theft and illegal bunkering, destroying a reactivated illegal refinery site in Rivers State and intercepting suspected stolen petroleum products in Calabar, Cross River State.
The Director of Naval Information, Capt Abiodun Folorunsho, disclosed this in a statement released in Abuja, yesterday.
Folorunsho said personnel of the Nigerian Navy Ship SOROH, operating under Operation DELTA SENTINEL, destroyed a reactivated illegal refinery site at Okolomade Community in Abua-Odual Local Government Area of Rivers State.
He said the action followed credible intelligence that a previously dismantled illegal refining site had resumed operations.
According to him, an Anti–Crude Oil Theft team deployed to the location discovered that the dismantled refining oven had been reconstructed.
“Further exploitation of the area led to the discovery of additional refining equipment and storage facilities containing about 3,000 litres of product suspected to be illegally refined Automotive Gas Oil (AGO),” he said.
Folorunsho added that the illegal refining infrastructure, including ovens, storage tanks, hoses, connected pipes and newly acquired metal components used for illegal refining, was destroyed in line with operational procedures.
He said personnel of the Nigerian Navy Ship Victory, in another operation, intercepted about 3,950 litres of suspected stolen petroleum products at the Nigerian Ports Authority area in Calabar, Cross River State.
He said the interception was based on credible intelligence on suspected siphoning of petroleum products from vessels berthed at the port.
The naval patrol team, according to him, swiftly deployed to the area and traced the illegally siphoned products to a trailer park within the port facility.
“On sighting the naval patrol team, the suspected perpetrators fled the scene, after which the area was cordoned off and the illegally siphoned products secured,” he said.
Folorunsho said further inspection led to the recovery of about 3,950 litres of Automotive Gas Oil stored in drums and jerrycans, which had been evacuated to the naval base for further necessary action in line with extant regulations.
He noted that the successes aligned with the directive of the Chief of the Naval Staff, Vice Adm. Idi Abbas, to intensify operations against crude oil theft and other maritime crimes across Nigeria’s maritime domain.
Folorunsho reiterated the Navy’s commitment to sustaining the operational tempo of Operation DELTA SENTINEL through intensified surveillance, patrols and intelligence-driven operations aimed at combating crude oil theft, illegal bunkering and other forms of economic sabotage.
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