Business
IOCs Frustrating Nigerian Refineries, Dangote Declares
Worried by the crude price hike, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of plans to frustrate the survival of the new Dangote Oil Refinery and Petrochemicals, and other modular refineries.
He said the IOCs were deliberately and willfully frustrating the refinery’s efforts to buy local crude by hiking the cost above the market price, thereby forcing the refinery to import crude from countries as far as the United States, with its attendant high costs.
Speaking to journalists at a training programme organised by the Dangote Group, Edwin also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of granting licences indiscriminately to marketers to import dirty refined products into the country.
According to Edwin, the Federal Government issued 25 licences for the construction of refineries in Nigeria, but only the Dangote Group delivered on its promise.
While calling for the government’s support, the Vice President noted that more than 3.5 billion litres of diesel and aviation fuel had been exported to Europe by the refinery in the past few months.
The exported fuel, it was said, represented about 90 per cent of its production.
“The Federal Government issued 25 licences to build refineries and we are the only one that delivered on our 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 to create jobs and prosperity for the nation”, Edwin stated.
He added that though the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was trying its best to allocate crude oil for the 650,000-capacity refinery, “the IOCs are deliberately and willfully frustrating our efforts to buy the local crude”.
The Dangote official said the IOCs sometimes made the refinery pay $6 over and above the market price, saying this has forced the company to reduce its output and import crude from countries like the United States at a higher cost.
He said, “Recall that the NUPRC recently met with crude oil producers and refineries’ owners in Nigeria, in a bid to ensure full adherence to Domestic Crude Oil Supply Obligations as enunciated under section 109(2) of the Petroleum Industry Act.
“It seems that the IOCs’ objective is to ensure that our petroleum refinery fails. It is either they are deliberately asking for a 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 US, 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 Gross Domestic Product, and dumping the expensive refined products into Nigeria, thus making us to be 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 the Nigerians who are exposed to carcinogenic products”, Edwin explained.
It was said that even though Dangote is producing and bringing diesel into the market, complying with the regulations of the Economic Community of West African States, “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”.
Edwin continued that “Since the US, European Union and the United Kingdom imposed a price cap scheme from February 5, 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.
“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 recently.
“Sadly, 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”.
He recalled that in May, Belgium and the Netherlands adopted new quality standards to halt the export of cheap, low-quality fuels to West Africa, harmonising its standards with those of the European Union.
These measures, according to Edwin, synchronised fuel export standards with the European domestic market, specifically targeting diesel and petrol with high sulphur and chemical content.
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The trapatriate Unions conprising the National Union of Air Transport Employees (NUATE), and the Air Transport Service Senior Staff Association of Nigeria, (ATSSSAN), has given 72 hours Ultimatum to Federal Airport Authority of Nigeria FAAN, Omagwa Airport, Portharcourt to revise its recent decision on the concession of Tollgates and Parks to private hands.
The chairman of the Trapatriate Union, Comrade Felix Ohwoefe gave the Ultimatum yesterday immediately after the joint Unions meeting held at the Airport office of the union, Omagwa, Portharcourt.
Comrade Ohwoefe who double as the chairman of the National Union of NUATE said the two Unions have agreed to take drastic actions if the Authority of the Airport declined to step down it’s decision of concessioning the major revenue points to private hands.
According to the Union chairman, the two union was not aware of the concession plans, and that there were no due process to the procedures.
Comrade Ohwoefe said any attempt for the Airport Management to decline it’s demands towards the concession will result to barricading all entrance and access points of the Airport.
Expressing the the challenges associated to the concession, the Union Chairman said the gesture might resulted to massive sack of workers in the Airport.
The chairman also expressed foul play on the part of either individuals or government in the terms and conditions so given to the concessionaires, demanding the reasons of contracting the automated points to private hands for only 14 millions, when the FAAN is presently generating over 28 million naira monthly, even when the tariff was not reviewed upwards.
He describes the process to the procedures as fraud with intention to increase unemployment in the state.
“We are not against the concession of the Automated points, but due process must be followed. If government is concessioning the place, we are asking what will happen to our workers in the existing units.
“Secondly, if the concessionaires is taken over, they must pay higher than what the FAAN is generating presently, we are generating to the Management over 28 Millions monthly, but we had that the private company is required to pay only 14 Millions monthly, which is far below 5 percents of what we are generating presently, even when the tariff is increased, which means there is a foul play.
“The process is fraud either on the part of individual in the Government, or Government itself.
” The unions is saying no to the Concession until we come to a terms of understanding ourselves., we are afraid of loosing workers, we don’t want to loose any workers if due process is not followed in this hard of economy, we even demanding for employment of more workers in FAAN.” Comrade Ohwoefe said.
The Union used the opportunity to called on the minister of aviation, and the President of the Country, Bola Tinubu to intervene.
When contacting the Management of the Airport Authority through the head of Corporate Affairs, Dr Ngozi V. Onyeanwuna-Nwosu, she said the management has not given her the approval to say something.
The Federal Airports Authority of Nigeria (FAAN) has announced designated pick-up points for individuals wishing to obtain their Go-Cashless cards ahead of the March 1, 2026 deadline.
This was announced in a statement signed by the Director Public Affairs and Consumer protection, Henry Agbebire and made available to the Tide last Friday in Portharcourt.
According to the statement, Go-Cashless cards is at all FAAN commercial offices and access gates of Airports in the country .
The release further stated that cards will also be available at designated branches of Fidelity Bank Plc from March 16, 2026.
FAAN in the statement said the cashless policy followed the Federal Government directive mandating all Ministries, Departments and Agencies (MDAs) to transition to a cashless system to enhance transparency and reduce revenue leakages as well improve transaction traceability in the Aviation sector.
FAAN reiterated its commitment to full compliance with the directive, appealing to the public for their understanding and cooperation during the transition period.
FAAN also inform that the Go-Cashless cards can still be obtained at the designated points after the March 1, deadline.
The Authority assures airport users that the initiative will promote faster, safer, and more convenient transactions across its airports nationwide.
By: Enoch Epelle
Leading financial institution, Fidelity Bank Plc, has announced the launch of the second edition of its flagship women-empowerment initiative, the HerFidelity Apprenticeship Programme 2.0 (HAP 2.0).
According to the report, the programme is designed to equip women with practical, income?generating skills and structured pathways to entrepreneurship.
Accordingly, the HAP 2.0 will build on the success of its inaugural edition held in 2023.
During media chat with journalists to herald the launch of HAP 2.0, the Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, explained that the initiative has been enhanced to deliver greater impact.
He said HerFidelity Apprenticeship Programme 2.0 reflects their commitment to continuous improvement, having evaluated feedback from the first edition, they have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities.
Mr Ede, who said the programme is guided with real?world learning, also said that participants will undergo intensive apprenticeship training under reputable institutions and industry experts across selected fields such as hair styling, shoe making, auto mechatronics, and interior decoration.
Additionally, he said HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services.
These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women?focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.
Emphasizing the bank’s vision further, Ede said: “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities.
This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper”.
It is noteworthy that interested participants are encouraged to indicate their interest by visiting https://bit.ly/
It is important to note that Fidelity Bank Plc is ranked among the best banks in Nigeria, with a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, with 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
It is reported that the Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
By: Nkpemenyie mcdominic, Lagos
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