Headlines
Aftermath of Monopoly Allegation: Dangote Offers to Sell Refinery to NNPC
Africa’s wealthiest man Aliko Dangote said he is willing to give up ownership of his multibillion-dollar oil refinery to the state-owned energy company NNPC Limited.
The billionaire spoke as a new dispute with one of the key equity partners in the plant heats up in the latest phase of a bitter row with regulatory authorities in Nigeria.
The 650,000 barrel-per-day refinery, which came to life last year after a decade of prolonged construction, cost $19 billion, more than double the initial estimate, promising to help wean Africa’s biggest oil producer off its reliance on fuel from overseas and save up 30 per cent of the total foreign exchange spent on importing goods.
“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way,” Mr Dangote told PREMIUM TIMES in an exclusive interview on Sunday.
“We have been facing fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery.”
The multisectoral investor’s big bet on oil and gas, which he ventured into following years of relatively stress-free dominance of Nigeria’s cement, salt and sugar industries, is turning out problematic in its early days.
Set for its first roll-out of petrol to the Nigerian market in August, the mammoth plant has been operating just above half its capacity since the January start of refining operations, constrained in part by difficulties in sourcing crude from international producers.
Dangote Refinery said those companies are either demanding outrageous premiums before agreeing to supply crude or simply claiming the product is unavailable.
NNPC, once a sweetheart of the refiner before the current dispute soured relations, had delivered only 6.9 million barrels of oil to the plant as of May since last year, according to S&P Global Platts, a tracker of supply data.
NNPC Limited has a supply deal with the company dating back to the commencement of operations and previously agreed to a 20 per cent equity participation, the refinery saying only 7.2 per cent has been fully paid for before the deadline issued to the company to acquire the stake.
Starving the refinery of the feedstock required to keep it running at present capacity means it has turned to countries like Brazil and the US to bridge the gulf in supply.
“As you probably know, I am 67 years old, in less than three years, I will be 70. I need very little to live the rest of my life. I can’t take the refinery or any other property or asset to my grave. Everything I do is in the interest of my country,” Mr Dangote told PREMIUM TIMES.
“This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery. At least the country will have high-quality products and create jobs,” he added.
Mr Dangote said the obstacles his refinery is facing seem to have vindicated friends and associates who conselled him to tread with caution as he pumped billions of dollars into the Nigerian economy.
“Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his action in the interest of his country. He blamed his action on policy inconsistencies and shenanigans of interest groups. That friend has been taunting me in the past few days, saying he warned me and that he has been proven right,” the businessman said.
Culled from Premium Times
The Federal government has signed a $328.8 million contract with a Chinese firm – China Machinery Engineering Corporation (CMEC) – to rehabilitate and expand Nigeria’s electricity transmission network under Phase 1 of the Presidential Power Initiative (PPI).
The agreement covers Engineering, Procurement, Construction, and Financing (EPC+F) for the development of 330kV and 132kV transmission lines across the country, aimed at improving grid reliability and reducing stranded generation capacity.
The project will be coordinated by FGN Power Company, a special purpose vehicle established by the federal government to oversee implementation of the PPI.
The Minister of Power, Adebayo Adelabu, speaking at the contract signing ceremony in Abuja, said the agreement would cover 544 kilometres of transmission lines with a load capacity of 7,140 megawatts, spanning both brownfield and greenfield sites.
He explained that these critical infrastructure projects would act as the main arteries for delivering increased power from midstream transmission directly to homes, businesses, and industries, helping to strengthen the country’s economy.
The minister described it as a vital step toward resolving persistent bottlenecks in Nigeria’s power value chain.
He emphasized that enhancing the transmission network is essential to ensure that generated electricity is delivered efficiently to end-users.
He noted that the signing of the agreement demonstrated the federal government’s commitment, under the leadership of President Bola Tinubu, to providing stable and reliable electricity to Nigerians.
The Managing Director of FGN Power Company, Kenny Anuwe, described the partnership with China Machinery Engineering Corporation (CMEC) as a strategic move to develop a robust transmission network capable of supporting increased generation capacity.
He explained that CMEC’s involvement complements the ongoing collaboration with Siemens Energy, which focuses on generation and high-voltage transmission technologies.
The Vice President of SINOMACH, Li Xiaoyu, expressed appreciation to the Nigerian government for its trust in CMEC, adding that the project would play a significant role in improving electricity delivery across the country.
The Retired Vice Admiral Ibok-Ete Ibas-led Rivers State Government has announced the appointment of Administrators for the 23 Local Government Areas (LGAs) in the state.
The decision, approved by the Administrator also includes the reconstitution of some Boards of Agencies, Commissions, and Parastatals that had earlier been suspended.
According to the statement by the Secretary to the State Government, Professor Ibibia Worika, the appointments are to take effect from Monday, April 7, 2025.
The administrators for the 23 Local Government Areas of Rivers State include:
1. Mr Okroiyobi Animiete – Abua/Odual LGA
2. Mr Goodluck M. Ihenacho – Ahoada East LGA
3. Mr Promise Jacob – Ahoada West LGA
4. Dr Tamunotonye Peters – Akuku Toru LGA
5. Surveyor Atajit Francis – Andoni LGA
6. Barrister Ibiapuve Charles – Asari Toru LGA
7. Mr Kingsley N. Banigo – Bonny LGA
8. Dr Sokari Ibifuro Francis – Degema LGA
9. Dr Gloria Obo Dibiah – Eleme LGA
10. Barr Franklin P. Ajinwon – Emohua LGA
11. Dr Onyemachi S. Nwankwor – Etche LGA
12. Prof. Gospel G. Kpee – Gokana LGA
13. Mr Isaiah Christian Nobuawu – Ikwerre LGA
14. Dr Barinedum Nwibere – Khana LGA
15. Dr Clifford Ndu Walter – Obio Akpor LGA
16. Dr Chukwuma Aje – Ogba/Egbema/Ndoni LGA
17. Eliel Owubokiri – Ogu/Bolo LGA
18. Mr Thompson Isodiki – Okrika LGA
19. Manager Ikechi Wala – Omuma LGA
20. Mr Fred Apiafi – Opobo /Nkoro LGA
21. Eletuuo Ihianacho – Oyigbo LGA
22. Dr Sam Kalagbor – Port Harcourt LGA
23. Mr Nuka O. S. Gbipah – Tai LGA
The following have also been appointed as Chairman and members of the Rivers State Electoral Commission:
1. Dr Micheal Ekpai Odey – Chairman
2. Mr Lezaasi Lenee Torbira – Member
3. Prof Author Nwafor – Member
4. Prof Godfrey Woke Mbgudiogha – Member
5. Prof Joyce Akaninwor – Member
6. Dr Olive A. Bruce – Member
7. .Prof Chidi Halliday – Member
This followed the judgment of the apex court, which declared the LG election conducted in the state on October 5, 2024, as invalid.
This development comes just hours after a Federal High Court in Port Harcourt scheduled April 14, 2025, to hear a suit filed by human rights lawyer, Courage Nsirimovu of Pilex Centre for Civic Education Initiative.
Nsirimovu is seeking to halt the appointment of LG Administrators in the state.
Justice Adamu Mohammed, presiding over the matter did not issue an explicit restraining order, instead directed that the Administrator of Rivers State be put on notice to appear and show cause why the request to stop the appointments should not be granted.
“I am of the view that it will serve the interest of justice to order the application to put the respondent on notice to appear and show cause why the application (to stop the appointment administrators in the 23 LGAs) should not be granted,” the judge stated.
Channels TV
Tesla CEO, Elon Musk, has vowed that those who financed the attacks against Tesla will go to prison.
Last month, multiple Tesla vehicles were set ablaze in Las Vegas.
Musk condemned the act, calling it an “evil attack.”
Eventually, U.S. Attorney General Pam Bondi announced charges against three people responsible for setting Tesla properties on fire in Las Vegas.
Bondi described the violent attacks on Tesla property as “nothing short of domestic terrorism.”
However, several weeks after the incident, Musk revealed in a tweet on X that those who financed the attacks against Tesla will go to jail.
“Those who financed the attacks against Tesla will go to prison,” Musk tweeted on Tuesday.
