Dangote hints at major shake-up in Nigeria’s oil sector after Tinubu’s refinery visit

Speaking to journalists after President Bola Tinubu’s recent visit to the $20 billion refinery complex in Lekki, Lagos, Dangote described the coming change as a “major shakedown” that would impact the entire country.

While he did not provide full details, Dangote made it clear that this upcoming move would go beyond mere reductions in fuel prices.

Instead, he said it would involve a “total overhaul of the downstream sector,” indicating deep structural changes in how refined petroleum products are produced, distributed, and sold across Nigeria.

“Now that the President has visited and he has given us additional energy, we will inform you. You will hear from us soon, and that will be one of the major shakedowns in the entire country. It is not the reduction of price; it will be the total overhaul of the downstream,” Dangote said as quoted by The Punch

The comments come as the refinery, Africa’s largest, begins ramping up production to meet local fuel demands and reduce Nigeria’s historic dependence on imported petroleum products.

Dangote's impact on Nigeria's downstream sector

Nigeria’s downstream petroleum sector, responsible for refining, distributing, and retailing petroleum products, continues to face significant challenges that have hindered its growth, efficiency, and contribution to the broader economy.

Key issues such as limited refining capacity, persistent fuel subsidies, price volatility in an increasingly deregulated market, infrastructure deficits, rampant oil theft and smuggling, and ongoing foreign exchange constraints have collectively placed the sector in a precarious position

Analysts suggest that a full-scale shake-up of the downstream sector which has long been plagued by inefficiency, subsidy distortions, and opaque pricing mechanisms could redefine energy economics in Africa’s largest oil producer.

The Dangote Petroleum Refinery, a $20 billion mega-project located in Lekki, Lagos, is already reshaping Nigeria’s downstream oil sector even before reaching full operational capacity.

Traditionally dependent on fuel imports despite being a major crude oil producer, Nigeria’s downstream sector has long suffered from inefficiencies, under-capacity, and a crippling subsidy regime.

For years, efforts to revive state-owned refineries under the Nigerian National Petroleum Company (NNPC) yielded little success.

The Dangote Refinery is now positioned as a transformative force within this space, both economically and strategically.

President Tinubu’s visit to the refinery is widely seen as a sign of federal support for Dangote’s ambitious energy agenda, especially as the administration pushes for reforms under its post-subsidy policy era.

Industry stakeholders are now watching closely for what could be one of the most consequential shifts in Nigeria’s petroleum sector in decades.

By Solomon Ekanem, Business Insider Africa

Nigeria offers oil tax relief for cost-cutting measures

Nigerian President Bola Tinubu has signed an executive order introducing a performance-driven framework for oil sector operators, designed to link tax incentives directly to verifiable cost savings. Under the new Upstream Petroleum Operations Cost Efficiency Incentives Order 2025, operators who successfully implement industry-standard cost reductions in onshore, shallow water, and deep offshore fields will qualify for defined tax relief. These tax credits will be capped at 20% of an operator's annual tax liability.

"This Order is a signal to the world: we are building an oil and gas sector that is efficient, competitive, and works for all Nigerians," Tinubu said in a statement. "It is about securing our future, creating jobs, and making every barrel count."

Analysts say success will largely be dependent on implementation. "President Tinubu referred in the announcement to the importance of alignment between government agencies. Succeed there and this could be highly significant towards improving Nigeria's investment appeal," said Clementine Wallop, director for sub-Saharan Africa at Horizon Engage.

This order is a key component of the government's ongoing reforms aimed at boosting competitiveness within the sector.

Last year, Nigeria offered a 25% gas utilisation investment allowance for equipment and plant for new and ongoing projects, and began streamlining contracting processes as part of commercial enablers to make offshore drilling more attractive.

These incentives, while they haven't yielded investments in a new field, have spurred a few producers to return to existing fields.

By Isaac Anyaogu, Reuters

Dangote could have made $120b from big tech, but he chose to build for Nigeria

 

The Nigerian government has praised billionaire industrialist Aliko Dangote for prioritising national development over potential windfalls from global tech investments, in a tribute that stresses the importance of the $19 billion Dangote Refinery.

Speaking at the opening of the Taraba International Investment Summit 2025 in Jalingo, Vice President Kashim Shettima, who represented President Tinubu, stressed that business mogul Aliko Dangote could have chosen to channel his resources into lucrative international companies like Microsoft, Amazon, or Google.

“I want to celebrate the greatest black man in the last 300 years, who single-handedly established the largest single train refinery in the world..."

“He started this project in 2007/2008. If he had invested the $19 billion that it took him to set up the Dangote Refinery in Microsoft, in Amazon, in Google, he is going to be worth $120 billion now,"

“But he decided to invest in his own country. Alhaji Aliko Dangote, we are mightily proud of you,” he said.

He emphasised that Nigeria’s economic transformation must start at the grassroots level and be powered by locally sourced resources.

Dangote Refinery

The Dangote Refinery, the largest single-train oil refinery globally and the biggest in Africa, marks Aliko Dangote’s most ambitious project yet. Dangote’s net worth doubled to $28 billion last year following the launch of the Refinery. This milestone not only boosted his wealth from about $13 billion but also solidified his position as Africa’s richest man.

Designed to process 650,000 barrels of crude oil per day, the refinery is expected to significantly reduce Nigeria’s dependence on imported refined petroleum products, a long-standing issue in Africa’s biggest oil-producing nation.

Although delayed for several years, the Dangote Refinery, Africa’s largest, built by the continent’s richest man, Aliko Dangote, officially began production of diesel, naphtha, and jet fuel in January last year, followed by petrol production in September.

The massive facility surpasses the capacity of Europe’s 10 largest refineries. According to the Organisation of the Petroleum Exporting Countries (OPEC), Dangote's oil push in Nigeria is already starting to disrupt the European oil market.

Economists suggest that the Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually.

By Adekunle Agbetiloye, Business Insider Africa

Related story: Dangote’s fight for Nigeria’s oil future continues as he vows to defeat the cabal

U.S. court dismisses $58 million Nigeria lawsuit in victory for Shell

Law firm Haynes Boone defended The Shell Petroleum Development Company of Nigeria Limited (SPDC), now known as Renaissance Africa Energy Company (RAEC), against a $58 million lawsuit, securing a complete dismissal in the U.S. District Court for the Southern District of New York.

Nigerian contractor Forstech Technical Nigeria Limited sued SPDC under the Alien Tort Claims Act (Case: 1:24-cv-07629), claiming SPDC owed over $58 million in processing fees related to a contract between Forstech and the Bayelsa State government.

The court dismissed the suit for lack of personal jurisdiction. The court found that the claims, which focused entirely on conduct in Nigeria, lacked a sufficient connection to New York to establish jurisdiction.

Haynes Boone Associate Rebecca Schwarz led the litigation team and crafted the successful motion to dismiss. Litigation Partner Michael Mazzone and Appellate Partner Mark Trachtenberg provided additional support.

“We’re proud to have secured a clean dismissal for our client,” Schwarz said. “The court's analysis reinforces important jurisdictional boundaries that prevent U.S. courts from becoming a forum for every international business dispute.”

World Oil

Nigeria seeks to boost cocoa exports as oil falters

 

Almost four decades after Nigeria dispensed with a cocoa-industry regulatory board in 1986, a new executive bill is working its way to the legislature to create a replacement. By the time it was scrapped, the cocoa marketing board, which fixed prices and regulated other industry practices, was so hated by farmers that it was seen as the primary obstacle to their progress.

Thirty-nine years later, the government is preparing for the launch of a new regulatory body. On 5 May agriculture minister Abubakar Kyari announced that President Bola Tinubu’s cabinet has approved a draft bill to create a National Cocoa Management Board that will have responsibility for regulating the industry, but without the power to fix prices.

“With this new framework, we will be competing directly with top global producers like Ghana and Côte d’Ivoire,” said Kyari.

For President Bola Tinubu’s government, this is a chance to boost the potential of an industry that has broken several price records in recent years, with prices rising 400% in three years to reach $12,000 per ton at point. The value of cocoa exports from Nigeria jumped more than sevenfold between 2023 and 2024 to 2.7 trillion naira ($1.7bn), driven by higher demand and naira depreciation. Cocoa thus offers Nigeria a viable opportunity to diversify away from faltering oil exports.

The Tinubu administration based its 2025 budget of 54.9 trillion naira on a daily oil output of 2.06m barrels of crude sold at $75 per barrel. While the year started with a January production of 1.53m barrels per day, it has remained below that number in the subsequent months, with prices closer to $60 a barrel. Thoughts are therefore turning to cocoa as a potential driver of export earnings.

Demands for better traceability

Though Nigerian cocoa farmers and the industry in general have enjoyed the freedom to set prices, Nigerian-origin cocoa has sometimes been sold at a discount due to quality inconsistency, an indicator of variable industry standards. But recent global developments demanding sustainable and ethical practices, particularly the introduction of the European Union Deforestation Regulation, made regulated standards a necessity.

The Regulation, passed by the European Parliament in 2023, requires all exporters of agricultural commodities to the EU to provide evidence that the crop is grown sustainably and is not causing deforestation. It requires that agricultural exports be traceable to where they are grown – and this requirement has made a regulator essential, according to Adeola Adegoke, president of the Cocoa Farmers Association of Nigeria. “The Nigerian cocoa industry cannot continue to be on autopilot,” said Adegoke. “There must be a deliberate plan to reposition it in order to regain the lost glory of the cocoa economy.” Nigeria slipped from its leadership in cocoa production as oil became the mainstay of the economy from the 1970s, and agricultural exports were sidelined by successive governments.

More support needed for farmers

In recent years, the trade has suffered from an absence of incentives and government support, especially in the years in which farmers were threatened by price volatility, said Adegoke. The major assignment of the board will be to fill that gap, he said.

The move toward a new board started with the establishment of the National Cocoa Management Committee in August 2022. Made up of industry stakeholders and officials of the agriculture ministry, its primary task was to devise measures for the revitalisation of cocoa as a major export commodity.

The committee identified significant challenges, such as difficulties in dealing with cocoa pests and diseases, a growing preponderance of ageing plantations and farmers, lack of finance and the absence of national regulation.

In the draft bill, the National Cocoa Management Committee will be converted into the National Cocoa Management Board to tackle the identified problems facing the industry.

High prices bring opportunities

The more than threefold increase in cocoa prices between 2023 and 2024 seems to have been a wake-up call for the government. Nigeria has ranked fifth in recent years among global cocoa producers, behind Côte d’Ivoire, Ghana, Ecuador and Cameroon. While the two top producers, Côte d’Ivoire and Ghana, suffered significant output shortfalls due to unfavourable weather, Nigeria, which had a better crop, lacked the output scale to make the most of the opportunity.

Still, the country produced more than 300,000 tons of the crop in the 2023-24 season. Some expect an even better harvest in the current season due to improved weather. The government is keen to capitalise on this.

Prices for cocoa futures have started retreating from their record levels, and were ranging between $7,844 and $8,415 per ton in March, according to a market assessment published on 11 April by the International Cocoa Organization (ICCO).

Weighing on the market were weakening demand and an expectation that most of the West African producers, who account for 70% of global production, will have a better season than the 2023-24 season. The current season is the first in three years in which the ICCO is expecting a production surplus. But it is unlikely to result in a wholesale reset of prices, given the vagaries of the supply chain.

Indeed, with hedge funds betting on cocoa futures and driving the record prices of recent years, younger people in Nigeria are beginning to see a future in cocoa farms. Some are establishing new farms and planting early-maturing varieties that yield pods within three years, according to officials at the Cocoa Association of Nigeria (CAN).

Yet, even while the government has been applauded for initiating the return of an industry board, some stakeholders have their misgivings.

Sayanna Riman, a cocoa farmer and a former president of the CAN, which groups farmers, buyers and processors, says that a board could lead to creeping government interference that ultimately may not be in the interest of farmers. What the industry needs, rather than an interfering body, Riman says, is more sensitivity to the challenges that farmers face and targeted support to help them make the most of the era of high prices. “What the cocoa industry needs is investments and more standardisation,” Riman concludes.

By Dulue Mbachu, African Business

Shell paid more taxes to Nigeria than anywhere else in 2024

Shell paid $5.34 billion to Nigeria in 2024, the highest amount it paid to any country that year. The payments, which include taxes and other charges, rose compared to the previous year, according to figures released Thursday as part of a UK legal disclosure.

The increase comes as Shell prepares to exit its onshore oil operations in Nigeria after decades marked by controversy.

While the company will continue its offshore production in Nigeria, it is withdrawing from the Niger Delta, a region known for high emissions and persistent environmental pollution concerns.

Since 2021, the company has been seeking to sell its Nigerian oil and gas assets, which have faced ongoing challenges such as oil spills and theft.

Shell says the move aligns with its broader strategy to streamline its portfolio and reach net-zero emissions by 2050, Bloomberg reported.

Global tax contributions

Shell paid approximately $28.1 billion to governments worldwide in 2024 for taxes and other charges linked to its extractive operations, a nearly 5% drop from the previous year.

Nigeria remained the top recipient, followed by Oman, Brazil, and Norway, which collectively received around $11.7 billion.


In the UK, Shell received a $32 million refund from the government for decommissioning costs tied to the Brent field and other North Sea assets, a decrease from the $43 million refunded in 2023.


However, this figure only reflects charges related to extractive activities and does not capture Shell’s total UK tax bill. The company’s last disclosed payment to the UK government was approximately $6 billion in 2023, as reported at the end of 2024.


Despite the decline in payments, Shell reported full-year adjusted earnings of $23.7 billion in 2024, down roughly 17% from the previous year.

By Adekunle Agbetiloye, Business Insider Africa

Video - Nigeria on edge as falling oil prices raise economic fears

Nigeria’s economic managers are concerned over the continued drop in global oil prices, warning of potential impacts on the oil-dependent economy. Finance minister Wale Edun says the government is monitoring the situation and will act if the trend continues.

CGTN

Top officials barred from travel amid Nigeria's $2.9 billion oil refinery fraud

In a recent development, the Nigerian Immigration Service confiscated the passports of multiple officials accused of mismanaging funds set aside for the reconstruction of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Companies.

“We received 16 names some days ago with instructions to flag them. This means they should not be allowed to travel out of the country,” an anonymous source within the Nigerian Immigration Service revealed.

The repair of these facilities drew widespread attention last year after news surfaced that the government had made significant progress in restoring facilities that had been inoperable for decades.

However, the Economic Financial Crimes Commission (EFCC) recently made arrests in connection with the mismanagement of $2,956,872,622.36, which was intended to be used to restore the refineries to full operation.

As per a report by the Punch, the EFCC was looking into the distribution of $656,963,938 to the Warri refinery, $740,669,600 to the Kaduna refinery, and $1,559,239,084.36 to the Port Harcourt refinery.

“Some have been arrested already, and we are still on the lookout for others. Nigerians are interested in seeing our refineries work. We are asking: where is the money, and what has happened to the refineries?” an anonymous EFCC official stated.


Rehabilitation plans for Nigeria’s oil refineries in recent years

In August 2023, the Nigerian government disclosed that it planned to have all four of its oil refineries operational after being out of order for decades.

Many assessed that the move was in response to the Dangote refinery, which at the time threatened to control a monopoly of all locally refined fuel.

Prior to the inauguration of the Dangote Refinery, Nigeria, Africa's largest oil producer, imported almost all of its refined petroleum needs, owing to limited capacity and poor maintenance of its refineries.

The 110,000-barrel Kaduna plant in the north, as well as three facilities in the oil-rich Niger delta, including the 125,000-barrel Warri refinery, are among four dilapidated state-owned refineries that used to produce 4450,000 barrels per day in total.

The Port Harcourt refinery in 2023 was said to be undergoing a $1.5 billion makeover after Italy's Tecnimont was awarded the contract for the work.

The oil ministry estimated that the renovation would take 44 months to complete.

Fast forward to a year later, and the conversations had pivoted from rehabilitation to operational.

Several headlines, late last year, showed that the Warri and Port Harcourt refineries were fully operational and producing gasoline.

However, the operation of these refineries has been marred by poor output, constant shutdown for repairs, and dissatisfaction among workers.

Additionally, the Nigerian National Petroleum Company Limited revealed that N80bn was found in the account of one of the sacked MDs.

By Chinedu Okafor, Business Insider Africa

Dangote’s fight for Nigeria’s oil future continues as he vows to defeat the cabal

The Nigerian billionaire, alluded to again, his a fight against some individuals in Nigeria's long-standing oil importation system, who have reaped enormous benefits from government subsidies on imported petroleum.

He noted that they are still deliberately attempting to destroy his oil refinery, as he stated, “those groups have funded resistance to the Bola Tinubu government’s removal of petrol subsidies and are opposed to the refinery operating easily in the country.”

He, nonetheless, like he did a few months back, noted that he would eventually win.

“We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 per cent sure I will win at the end of the day,” Dangote added.

Alhaji Aliko Dangote, Africa's richest individual, has a history of taking large-scale risks, but even he admits that his $23 billion oil refinery project is the most daring and difficult enterprise of his life.

While the Dangote Refinery has been hailed as a game-changing project for Nigeria's energy sector, its journey from concept to reality has shown the country's oil industry's profound intricacies and vested interests, notably in refining.

The Dangote Refinery, located on a 6,200-acre site in the Lekki Free Zone, is the world’s largest single-train refinery.

The plant officially began operations in 2023, after more than a decade of construction and investment. However, the refinery's real challenge began after its launch.

Dangote's current remarks coincided with Nigeria's efforts to expand its capacity to store petroleum products in anticipation of shocks to the world oil market after US President Donald Trump disrupted international commerce by threatening to impose tariffs, as reported by the Punch newspaper.

Dangote refinery vs players in the oil market

One of Dangote's most notable conflicts has been with the Nigerian National Petroleum Corporation (NNPC). The NNPC initially offered to invest $1 billion for a 20% ownership interest in the refinery.

That offer was eventually reduced to 7%, with requests to reclaim a portion of the funds previously deposited.

Outside of this, the group had also complicated the process of the refinery sourcing crude as it initially mandated that the refinery purchase crude oil in dollars.

This was later mitigated by the Naira-for-Crude initiative, which allowed the refinery to purchase crude in the country’s local currency for six months, thereby reducing the cost of operation.

After six months, the initiative was halted again before being reintroduced, highlighting the complex market structure of the Nigerian oil sector.

Dangote is unreserved in his condemnation of the group, as he, in February, in an interview with Forbes, accused the group of being a part of the country's "oil mafia."

“The oil mafia is more deadly than the one in drugs because, with the oil mafia, there are so many people that are involved,” Dangote had said at the time.

“I’ve been fighting battles all my life, and I have not lost one yet.

You might be wining and dining with them, but these are the guys that are the masters of moving things around.”


Support from IPMAN

As Dangote stays ongoing fighting the 'cabal', the Independent Petroleum Marketers Association of Nigeria declared their support for him.

“Well, this is business. Competition abounds. There is no businessman whom people will not fight if he is doing well, especially when it is only your goods that are being produced, and the others are not being patronised because of the price.

So, it is evident that every businessman wants to survive. It’s not an issue. What we can do is encourage him,” IPMAN Publicity Secretary, Chinedu Udadike, stated.

“We independent marketers are happy with him for his price slashes, although sometimes it’s against our own business strategy and projections. But that is part of the business, it is profit and loss.

So, if he’s talking about how people want to sabotage him, he has told us that he’s ready to fight the oil cabals, and he is in this business to ensure that Nigerians don’t suffer.

So, we encourage him not to lose hope, and we independent marketers support him in all ramifications,” Ukadike added.

By Chinedu Okafor, Business Insider Africa

Related story: Nigeria's richest man Aliko Dangote takes on the 'oil mafia'

Nigerian National Petroleum Company sacks top officials

The Nigerian National Petroleum Company Limited (NNPC Ltd) has sacked the managing directors of the three state-owned refineries.

The company also directed management staff with less than a year to retirement to proceed on exit.

A source familiar with the matter told PREMIUM TIMES Tuesday night that the Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ibrahim Onoja; the Managing Director of Warri Refining and Petrochemical Company Limited (WRPC), Efifia Chu, and the Managing Director of Kaduna Refining and Petrochemical Company (KRPC), Mustafa Sugungun, have been removed.

“Replacements for their roles have yet to be officially announced. Bala Wunti, the former Chief Upstream Investment Officer at the National Petroleum Investment Management Services (NAPIMS), who was recently assigned the Chief Health, Safety, and Environment Officer at NNPC Ltd and Lawal Sade, the chief compliance officer and former managing director of NNPC Trading were affected,” a top official of the company told this newspaper.

He said the removals were part of a broader organisational shake-up, not a targeted effort to oust supporters of the previous Group Chief Executive Officer (GCEO) of the company.

Earlier in the month, President Bola Tinubu sacked the board of the NNPC Ltd, including its GCEO, Mele Kyari, and board chairperson Pius Akinyelure.

The president also approved Bayo Ojulari as the new GCEO of the NNPC and Ahmadu Kida as non-executive chairman.

NNPC also announced the appointment of a new 8-member senior management team.

The company at the time said the appointments take immediate effect, noting that the announcement follows the recent appointment of Mr Ojulari and the Board of Directors.

When PREMIUM TIMES contacted the NNPC Ltd spokesperson, Olufemi Soneye, he did not respond to calls and a text message as of press time.

By Mary Izuaka, Premium Times

Nigerian navy navy shuts down seven illegal refining sites in Delta

In support of ongoing efforts to boost Nigeria’s daily crude oil production, Nigerian Navy personnel attached to Forward Operating Base (FOB) ESCRAVOS have continued to sustain the fight against crude oil theft, pipeline vandalism, and other acts of economic sabotage in the Niger Delta region.

Specifically, on 29 March 2025, personnel of FOB ESCRAVOS discovered and deactivated three illegal refining sites at Obodo Omadino, Warri South West Local Government Area of Delta State.

The sites contained approximately 1,070 litres of stolen crude oil and 960 litres of illegally refined Automotive Gas Oil (AGO), concealed in two ovens, 19 dug-out pits, and 18 polythene sacks.

Subsequently, on 11 April 2025, two additional illegal refining sites were uncovered and dismantled in the same location.

During this operation, about 2,500 litres of stolen crude oil and 1,450 litres of illegally refined AGO were discovered, stored in three ovens, 12 dug-out pits, and 20 polythene sacks.

Continuing this momentum, on 16 April 2025, another two illegal refining sites were located and destroyed at Obodo Omadino.

The sites held approximately 2,410 litres of stolen crude oil and 1,400 litres of illegally refined AGO, contained in three ovens, 19 dug-out pits, and 29 polythene sacks.

Cumulatively, the three operations led to the deactivation of seven illegal refining sites, with the seizure of about 5,980 litres of stolen crude oil and 3,810 litres of illegally refined AGO.

These materials were found across eight ovens, 50 dug-out pits, and 67 polythene sacks.

These successful operations, carried out based on credible intelligence and in support of Operation DELTA SANITY II, underscore the commitment of FOB ESCRAVOS to the strategic directives of the Chief of the Naval Staff, Vice Admiral E.I. Ogalla, Admiralty Medal, aimed at eradicating all forms of illegalities within Nigeria’s maritime environment.

Nigerian Tribune

Nigeria cuts petrol imports as local production rises

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the importation of premium motor spirit (PMS), also known as petrol, into Nigeria, reduced by 29.9 million litres in over eight months.Farouk Ahmed, chief executive officer (CEO), NMDPRA, spoke during a press briefing organised by the presidential communications team (PTC) at the State House in Abuja on Tuesday.
According to the NMDPRA CEO, the country’s daily petrol importation decreased from 44.6 million litres in August 2024 to 14.7 million litres as of April 13.
He attributed the drop in imports to increased contributions from local refineries.


Nigeria is making more of its own petrol

Nigeria is bringing in much less petrol from other countries because local refineries are making more. Daily imports dropped from 44.6 million litres last August to just 14.7 million litres by mid-April – that’s a huge decrease of 29.9 million litres.
At the same time, local petrol production has jumped by 670% – meaning Nigeria is now making about 7 times more of its own petrol than before. This big increase happened because the Port Harcourt Refinery started working again in November 2024, and small local refineries across the country are producing more.
Local refineries now make 26.2 million litres of petrol per day. This is a big change from August 2024, when they weren’t producing anything meaningful.

Even with fewer imports, Nigeria still has enough petrol. The government says the country needs about 50 million litres per day. The total supply (local production plus imports) has mostly stayed above this level, though it’s been dropping lately. In November 2024, supply reached 56 million litres per day, then 52.3 million litres in February 2025, followed by 51.5 million litres in March, and recently dropped to 40.9 million litres in early April 2025.

Mr. Ahmed called for everyone to help protect Nigeria’s oil and gas facilities. He said security agencies, political leaders, traditional rulers, young people, and oil companies all need to work together to keep these important assets safe.
“It takes all of us — government, traditional institutions, companies, and the youth—to collaborate and resist criminal activities that threaten our infrastructure,” he said.
He also stressed that the NMDPRA is committed to being transparent and accountable in how it regulates the oil industry.

By Oluwatosin Ogunjuyigbe, Business Day

Nigerian troops arrest dozens in week-long oil theft crackdown

Nigerian troops arrested 43 suspected oil thieves and seized more than 254,000 litres of stolen fuel in a series of operations across the oil-rich Niger Delta, the army said on Monday.

The week-long operations between March 31 and April 6 targeted illegal refining sites and transport networks used by oil thieves, acting army spokesperson Danjuma Jonah Danjuma said in a statement.

Troops also destroyed 14 artisanal refineries and demobilised 14 boats during the operations.

Oil theft and illegal refining are rife in Nigeria's oil-rich delta as impoverished locals and more sophisticated criminal gangs pilfer pipelines to make fuel to sell for profit.

Seizures were made in Rivers, Bayelsa, and Delta states. In a large, illegal bunkering site in the Sapele area of Delta, thousands of litres of stolen crude oil and refined products were recovered, along with vehicles and equipment, Danjuma said.

By Camillus Eboh, Reuters

Ex-Shell chief now heads Nigeria’s NNPC

President Bola Tinubu on Wednesday sacked the board of the state-oil firm, NNPC, including its Group Chief Executive Officer (GCED), Mele Kyari and board chairperson Pius Akinyelure.

The president also approved Bayo Bashir Ojulari as the new GCEO of the NNPC.

Mr Ojulari is an energy expert who describes himself as “a business leader with a proven track record in the global energy sector.”

According to his LinkedIn profile, he worked full-time at global oil giant, Shell, for over 24 years, rising to become the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) in November 2015, a position he held until July 2021.

His LinkedIn profile shows that he first joined Shell in November 1991 as an Associate Production Technologist at Shell Petroleum Development Company (SPDC), after he left Elf Petroleum Nigeria as a Fields and Process Engineer. He worked at Elf as a fresh graduate from September 1989 to October 1991.

Mr Ojulari joined Elf after graduating from Ahmadu Bello University, Zaria, where he studied Mechanical Engineering between 1985 and 1989.

After joining Shell in 1991, he rose to become a member of the Integrated Studies Team at Shell headquarters in the Netherlands in June 1994, a position he held till October 1995.


Between April 1997 and November 1999, he was the Head Planning Economics and Budgeting at SPDC Nigeria, from where he rose to become the Asset Leader and Head Production Technologist at Shell in Oman from December 1999 to September 2003.

He became the Sub-Saharan Africa Regional Planner at Shell headquarters in October 2003 and held the position till December 2004.

From January 2005 to October 2008, he was the Manager, Corporate Planning and Strategy at SPDC Nigeria during which time he also briefly held the position of Asset Production Technologist from November 2006 to March 2007.

At Shell, he remained in Nigeria from then on, becoming the Manager, Asset Development (Onshore and Shallow Water) SPDC Nigeria from October 2008 to October 2010.

From January 2010 to October 2015, he was the Development Director at SPDC Nigeria, after which he rose to become the Managing Director of SNEPCo from November 2015 to July 2021 when he left the company.

He established the BAT Advisory and Energy Company Nigeria Ltd in September 2021 and served as its board chairman. One of the main tasks of the company was to provide consultancy services to firms in the oil and gas/energy sector.

He was appointed the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company in January 2024, a position he held until his new appointment as NNPC chief. He only announced his appointment at Renaissance Africa on LinkedIn about a week ago, saying, “It’s been a while since I started my role at Renaissance Africa Energy Company as a Executive Vice President and Chief Operating Office, but I wanted to share this update with everyone.”

He joined Renaissance at a time when the company was concluding its purchase of a Shell asset in Nigeria.

“Renaissance now controls SPDC’s 30% stake in the SPDC JV, an unincorporated joint venture with the government-owned Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Ltd (10%) and Agip Energy and Natural Resources (Nigeria) Limited (5%),” Shell announced.

Mr Ojulari will now head the NNPC, Nigeria’s main oil and gas firm, which has been dogged with allegations of corruption and inefficiency for decades. He also joins the NNPC at a time when his former firm, Shell, announced its divestment from some of its Nigerian operations, especially onshore operations in the oil-rich Niger Delta.

The oil and gas expert will now be expected to bring his experience into running the NNPC.

“President Tinubu also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives,” presidential spokesperson Bayo Onanuga wrote in a Wednesday statement announcing the new appointments.

By Idris Akinbajo, Premium Times

Nigerian Government, Dangote Could Begin Talks Over Naira-for-Crude Deal Renewal

The Nigerian government could reopen discussions with Dangote Petroleum Refinery on the naira-for-crude deal, as uncertainty lingers over its renewal. The initial six-month agreement, which allowed the refinery to purchase crude in naira, ended on March 31, 2025, and has yet to be extended.

Following the expiry of the deal, Dangote Refinery stopped selling refined petroleum products in naira, raising concerns about potential fuel price increases. According to reports, a senior government official, speaking anonymously, confirmed that authorities have not ruled out renewing the policy, given its impact on fuel prices and foreign exchange rates.

Meanwhile, a report by S&P Global revealed that the refinery has processed an estimated 400,000 barrels per day (bpd) in 2025, with around 35% of crude sourced from international markets. This translates to approximately 12.6 million barrels imported in three months, highlighting the refinery’s growing dependence on external suppliers.

The Nigerian National Petroleum Company (NNPC) had supplied 48 million barrels of crude in naira under the deal, but ongoing supply challenges have led to under-deliveries. While NNPC has allocated seven crude oil cargoes for April deliveries, payment terms remain unsettled.

The state oil firm also reduced its stake in the Dangote project from 20% to 7.2% last year, adding to uncertainty over its long-term supply commitments.

Human rights group HURIWA has urged President Bola Tinubu to ensure the continuation of the naira-for-crude arrangement. The group warned that terminating the deal could lead to fuel price hikes, worsening economic hardship for millions of Nigerians.

HURIWA’s National Coordinator, Emmanuel Onwubiko, emphasised that many businesses, particularly small and medium enterprises, depend on affordable fuel, and any disruption could trigger further job losses and push more Nigerians into poverty.

As the uncertainty continues, Dangote Refinery is expanding its crude sources. The refinery recently secured its first crude shipment from Brazil, with another expected soon from Equatorial Guinea. A company executive confirmed that Dangote has now added these countries to its list of global oil suppliers, alongside discussions with Senegal and Libya.

However, a Dangote executive admitted that the naira-for-crude arrangement was not commercially advantageous for the company due to foreign exchange risks. Pegging crude purchases and product sales to fluctuating exchange rates has created financial challenges for the refinery.

With the government and Dangote set for fresh talks, the fate of the naira-for-crude deal remains uncertain. While supporters argue it stabilises fuel prices and the economy, challenges related to supply consistency and exchange rate risks could complicate negotiations.

By Abdullahi Jimoh, News Central

Video - Nigeria's petrol import expenditure soars to all-time high in 2024

Nigeria spent $9.64 billion on petrol imports in 2024, a 105 percent increase from 2023. This sharp rise underscores the country’s continued reliance on imported fuel despite efforts to boost domestic refining capacity.

CGTN

Nigerian lawmakers back president's emergency rule in oil-rich state

Nigerian lawmakers approved on Thursday President Bola Tinubu's state of emergency measures and suspension of an opposition governor in oil-producing Rivers state in the Niger Delta region.

Tinubu announced the measures on Tuesday, saying they were aimed at halting vandalism of pipelines while a political crisis pitting factions of the opposition People's Democratic Party against each other threatens to disrupt oil production.

Police are investigating the cause of a blast in Rivers state that shut the Trans Niger Pipeline, a major oil artery transporting crude from onshore oilfields to the Bonny export terminal.

Some opposition parliamentarians had threatened to block the emergency measures but in the end both the upper Senate and House of Representatives gave their support.

The state of emergency in Rivers state will last six months.

Reuters

Bid by Nigeria's NNPC to halt Dangote refinery lawsuit rejected by judge

A Nigerian judge on Tuesday dismissed state oil company NNPC Ltd's objection to its inclusion in a lawsuit brought by Dangote Oil Refinery, which is seeking to halt imports of gasoline into the West African nation.

The 650,000-barrel-per-day refinery built by billionaire Aliko Dangote in Lagos has been touted as having the potential to secure energy independence for Nigeria, which, though a major oil producer, has long been forced to import refined products.

The refinery's lawsuit argues that sector regulator Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA) is violating the law by continuing to issue gasoline import permits to NNPC and other fuel traders.

It says in its suit, filed at Nigeria's Federal High Court, that the law allows only imports in order to address production shortfalls. It is seeking 100 billion naira ($65 million) in damages from NMDPRA, NNPC and five smaller fuel marketers.

The Dangote refinery, which began processing crude into diesel, naphtha and jet fuel in January last year and gasoline in September, says its output is sufficient to meet domestic demand.

NNPC had objected to the suit that domestic consumption still outstrips the refinery's production and gasoline imports remain necessary.

It also said Dangote's filing cited a non-existent company, Nigeria National Petroleum Corporation.
The state oil firm officially changed its name to Nigeria National Petroleum Company Limited in 2022 when it became a limited liability company.

Judge Inyang Ekwo, however, dismissed those objections, adjourning the case until May 6 when he is expected to weigh NMDPRA and NNPC's request that the suit be dismissed due to a lack of merit and their counter-argument that the refinery is seeking to create a monopoly.

NNPC, NMDPRA and Dangote Oil Refinery declined to comment on the case.

Nigeria has one of Africa's largest gasoline markets and last year spent 15.42 trillion naira ($10 billion) on imports, according to the statistics bureau.

The lawsuit is the latest row between Dangote, one of Africa's richest individuals, and Nigerian regulatory authorities.

The Dangote refinery has previously accused NMDPRA of allowing imports of substandard fuels and criticised the upstream regulator for not enforcing laws that mandate oil producers to prioritise crude to domestic refineries.

Both regulators have denied the accusations.

By Camillus Eboh, Reuters

President Tinubu suspends the governor of an oil-rich state in rare emergency rule

Nigeria’s leader declared an emergency in oil-rich Rivers state and suspended its governor and lawmakers Tuesday over a political crisis and vandalism to pipelines that contribute to the country’s status as Africa’s top oil producer.

A crisis in Rivers has brewed for months between incumbent Gov. Siminalayi Fubara and state lawmakers, many of whom are backed by his predecessor. This week, some lawmakers initiated an impeachment process against the governor, accusing him of various illegalities regarding the presentation of the state budget and the composition of the legislative chamber.

President Bola Tinubu said in a state broadcast he was suspending the governor and other elected officials, including the state lawmakers, for six months.

The Nigerian president criticized the governor for not “taking any action to curtail” fresh incidents of pipeline vandalism reported in the last 24 hours, including a blast that resulted in a fire on the Trans Niger Pipeline.

“With all these and many more, no good and responsible president will stand by and allow the grave situation to continue without taking remedial steps prescribed by the constitution to address the situation in the state,” Tinubu said.

Nigeria’s former navy chief Vice Admiral Ibokette Ibas, who is retired, will become the military administrator of Rivers state and the judiciary will continue to function, Tinubu said.

Military trucks were quickly deployed to the Rivers State Government House following Tinubu’s announcement.

The Nigerian Constitution allows emergency rule to maintain law and order in rare circumstances. This is the first such emergency declared in more than a decade in the country of more than 210 million people whose democracy has been tested by many years of military rule and instability.

The Nigerian Bar Association criticized the suspensions of the governor and other elected officials as illegal. “A declaration of emergency does not automatically dissolve or suspend elected state governments,” Afam Osigwe, the association’s president, said in a statement.

The last such emergency in Nigeria was declared under President Goodluck Jonathan in 2013, in the northeastern states of Adamawa, Borno and Yobe during the height of the Boko Haram insurgency. However, the state governors were not suspended at the time.

By Dyepkazah Shibayan, AP

Nigeria declares state of emergency in Rivers State over pipeline vandalism

Nigerian President Bola Tinubu declared a state of emergency on Tuesday in oil-producing Rivers State and suspended the state governor, his deputy and all lawmakers.

Tinubu, in a television broadcast, said he had received security reports in the last two days of "disturbing incidents of vandalization of pipelines by some militants without the governor taking any action to curtail them."

"With all these and many more, no good and responsible president will standby and allow the grave situation to continue without taking remedial steps prescribed by the constitution to address the situation in the state," added Tinubu.

Police said earlier they were investigating the cause of a blast in Rivers state that resulted in a fire on Nigeria's Trans Niger Pipeline, a major oil artery transporting crude from onshore oilfields to the Bonny export terminal.

Rivers, in the Niger Delta, is a major source of crude oil and militants have in the past blown up pipelines, hampering production and exports.

The state has been embroiled in a political crisis pitting factions of the opposition People's Democratic Party (PDP) against each other. The state lawmakers had also threatened to impeach the governor and his deputy.

Tinubu's state of emergency enables the federal government to make regulations to run the state and also allow authorities to easily deploy security forces to bring order if needed.

Tinubu nominated a retired vice admiral as caretaker to run the affairs of Rivers State for an initial six months.

The president said he had sent a copy of his proclamation to the National Assembly, which can endorse or reject his decision.

"For the avoidance of doubt, this declaration does not affect the judicial arm of Rivers State, which shall continue to function in accordance with their constitutional mandate," said Tinubu.

By Camillus Eboh, Reuters