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Aftermath of Monopoly Allegation: Dangote Offers to Sell Refinery to NNPC
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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
Headlines
President Tinubu Addresses Wife, Remi, As ‘Iya Alakara’
President Bola Tinubu drew laughter at the Presidential Press Corps Dinner on Thursday, after playfully referring to First Lady Oluremi Tinubu as “Iya Alakara”, a Yoruba phrase meaning “the woman who sells bean cakes”
The light-hearted moment happened during the inaugural dinner at the State House Banquet Hall in Abuja as the President welcomed guests.
Addressing the audience, Tinubu said: “Good evening, gentlemen of the press, ladies and gentlemen, my dear wife, the First Lady, Iya Alakara.”
The audience laughed as the First Lady smiled.
The remark referred to recent online reactions to comments made by Oluremi Tinubu about small businesses.
At a recent event under the Renewed Hope Initiative, she encouraged women to consider small businesses such as selling akara, roasted corn and kuli-kuli, saying they need little start-up capital.
Her comments sparked debate on social media, with some Nigerians saying the advice did not reflect the country’s current economic situation.
Responding to the criticism days later, the First Lady said her remarks were misunderstood and explained that the programme supports different types of small traders and provides grants to help them grow.
The President’s remark was widely seen as a light joke about the online debate over the First Lady’s comments and public concerns about the country’s economic situation.
Headlines
Luka Modric’s World Cup Story Ends, Cristiano Ronaldo Gets Lifeline
By Eric Elezuo
It was an emotional encounter as two of world’s best footballers; Luca Modric and Cristiano Ronaldo squared against each other in a bid to lay their hands on the coveted World Cup trophy when Portugal met Croatia in the round of 32. But after about 97minutes of play time, the World Cup story of Modric came to am abrupt end while Ronaldo gets a lifeline, proceeding to the Round of 16.
Both Ronaldo and Modric are not likely to feature in another World Cup tournament.
Portugal battled into the last 16 of the World Cup with a drama-filled 2-1 victory over Croatia on Thursday to set up a titanic showdown with European champions Spain.
In another nerve-shredding World Cup classic, Goncalo Ramos headed Portugal into the lead in the fourth minute of stoppage time before Croatia saw a last-gasp equaliser agonisingly ruled out for offside in Toronto.
Portugal’s 41-year-old superstar captain Cristiano Ronaldo had helped haul his team back into the contest, burying a 68th-minute penalty to cancel out Croatia’s 53rd-minute opener from Ivan Perisic.
Ronaldo later joined frenzied celebrations after Ramos glanced home a sensational header deep into injury time to give Portugal the lead.
But Ronaldo and his Portugal team-mates were left stunned when Josko Gvardiol prodded home an apparent equaliser in stoppage time.
Yet there was one final twist when the goal was chalked off for offside after a lengthy VAR review to the disbelief of Croatia’s players and their large contingent of fans at Toronto’s BMO Field.
After the final whistle, an emotional Ronaldo held up and pulled on a Portugal shirt bearing the number 21, a tribute to late team-mate Diogo Jota, the Liverpool star who tragically died in a car crash almost a year to the day from Thursday’s win, on July 3 last year.
“We knew it before the game. It was a so special moment. We speak today, our group, about that, the coincidence of life, it’s unbelievable,” Ronaldo said afterwards of the tribute to Jota.
“I was amazed because the situation of today. It means a lot to us, not only because we won the game, but the also the way we won the game. It was a difficult game, we knew it.”
The result ensures that Ronaldo’s incredible World Cup career will be extended for at least one more match when the Portuguese face Iberian rivals Spain in the last 16 in Dallas on Monday.
Ronaldo’s second-half penalty made him the oldest man to score in a World Cup knockout match.
Spain romp past Austria
Spain had advanced to that meeting with a scintillating 3-0 win over Austria in Los Angeles earlier Friday that confirmed their status as one of the favourites for the title.
Two goals from Mikel Oyarzabal and a Pedro Porro header sealed victory for the Spaniards, who produced their most complete performance of the tournament to advance to the next round.
Spain opened their World Cup campaign with a faltering 0-0 draw against Cape Verde, but have subsequently built momentum with each match.
AFP
Headlines
GbajaGate: I’ve Done No Wrong, Govt Playing to Shut Me Up – Adeyemi Matthew Speaks from Hiding
Prince Adeniyi Adeyemi Matthew, the man alleged to have forged government appointment letters and falsely paraded himself as the Director-General of the alleged Presidential Foreign Intervention Promotion Council (PFIPC) and Presidential Economic Advisory Council, has denied the allegations against him, claiming the Presidency is attempting to silence him.
Speaking with PREMIUM TIMES from an undisclosed location on Thursday, Adeyemi insisted he had done nothing wrong and described the government’s actions as a “defence mechanism.”
“You know the government we have. They are just playing a defence mechanism to shut me up. My organisation was set up in 2024,” he said.
Adeyemi declined to disclose his whereabouts, saying he had gone into hiding because his life was under threat.
“They are now after my life. I have gone into hiding. I’m underground,” he said.
When asked whether he had fled the country, he declined to respond directly.
“I will not be able to disclose any information now. I don’t consider myself safe,” he added.
The embattled suspect also declined to provide his alleged appointment letter or any document to support his claim that he was legitimately appointed, saying his lawyers had advised him not to discuss the matter publicly.
“I just decided to speak to you out of respect. My lawyers are working on something. Whatever they say, I will let you know,” he said.
The Presidency has accused Adeyemi of forging appointment letters and other official documents while falsely presenting himself as Director-General of the Presidential Foreign Intervention Promotion Council and the Presidential Economic Advisory Council, agencies it insists do not exist.
Presidential spokesman, Bayo Onanuga, said Adeyemi and two others have been charged before the Federal High Court on an eight-count charge bordering on forgery, impersonation and related offences.
According to the Presidency, concerns first emerged after the Nigerian Investment Promotion Commission reported that another body appeared to be performing functions similar to its statutory responsibilities.
The Chief of Staff to the President, Femi Gbajabiamila, subsequently petitioned the Department of State Services and the Nigeria Police Force, alleging that forged appointment letters bearing fake signatures, official seals and reference numbers had been used to create the impression that the suspects were presidential appointees.
The Presidency said investigations revealed that Adeyemi and his associates allegedly operated from an office within the Federal Secretariat Complex in Abuja, held meetings with Nigerian and foreign officials and sought diplomatic support from the Ministry of Foreign Affairs for visa applications.
According to the Presidency, police arrested Adeyemi on October 27, 2025, after which searches conducted at his office and residence allegedly yielded forged government documents.
Investigators also alleged that financial intelligence uncovered 34 bank accounts linked to Adeyemi, including accounts allegedly opened in the names of purported government agencies.
The Presidency further claimed that Adeyemi used forged documents to open an account with the Central Bank of Nigeria in the name of the alleged agency, although investigators found that no public funds were paid into the account.
The case is scheduled to come up before the Federal High Court on July 27.






